Form 8.3 - National Express Group plc

FORM 8.3

PUBLIC OPENING POSITION DISCLOSURE/DEALING DISCLOSURE BY

A PERSON WITH INTERESTS IN RELEVANT SECURITIES REPRESENTING 1% OR

MORE

Rule 8.3 of the Takeover Code (the "Code")

1.

KEY INFORMATION

(a)

Full name of discloser:

Barclays PLC.

(b)

Owner or controller of interest and short

positions disclosed, if different from 1(a):

(c)

Name of offeror/offeree in relation to whose

NATIONAL EXPRESS GROUP PLC

relevant securities this form relates:

(d)

If an exempt fund manager connected with an

offeror/offeree, state this and specify identity of

offeror/offeree:

(e)

Date position held/dealing undertaken:

21 March 2022

(f)

In addition to the company in 1(c) above, is the discloser making

YES:

disclosures in respect of any other party to the offer?

STAGECOACH GROUP PLC

2.

POSITIONS OF THE PERSON MAKING THE DISCLOSURE

(a)

Interests and short positions in the relevant securities of the offeror or offeree

to which the disclosure relates following the dealing (if any)

Class of relevant security:

5p ordinary

Interests

Short Positions

Number

(%)

Number

(%)

(1)

Relevant securities owned

and/or controlled:

2,944,670

0.48%

7,904,734

1.29%

(2)

Cash-settled derivatives:

7,370,970

1.20%

2,446,808

0.40%

(3)

Stock-settled derivatives (including options)

and agreements to purchase/sell:

0

0.00%

0

0.00%

TOTAL:

10,315,640

1.68%

10,351,542

1.69%

(b)

Rights to subscribe for new securities (including directors and other executive

options)

Class of relevant security in relation to

which subscription right exists

Details, including nature of the rights

concerned and relevant percentages:

3.

DEALINGS (IF ANY) BY THE PERSON MAKING THE DISCLOSURE

(a)

Purchases and sales

Class of relevant

Purchase/sale

Number of

Price per unit

security

securities

5p ordinary

Purchase

122

2.2380 GBP

5p ordinary

Purchase

482

2.3550 GBP

5p ordinary

Purchase

490

2.2202 GBP

5p ordinary

Purchase

1,485

2.2200 GBP

5p ordinary

Purchase

1,507

2.2780 GBP

5p ordinary

Purchase

1,549

2.2837 GBP

5p ordinary

Purchase

1,916

2.2396 GBP

5p ordinary

Purchase

1,972

2.2340 GBP

5p ordinary

Purchase

1,972

2.2339 GBP

5p ordinary

Purchase

2,537

2.2900 GBP

5p ordinary

Purchase

3,398

2.2509 GBP

5p ordinary

Purchase

3,597

2.2771 GBP

5p ordinary

Purchase

4,758

2.2714 GBP

5p ordinary

Purchase

5,029

2.2358 GBP

5p ordinary

Purchase

5,712

2.2824 GBP

5p ordinary

Purchase

7,199

2.2360 GBP

5p ordinary

Purchase

9,328

2.2411 GBP

5p ordinary

Purchase

13,613

2.2414 GBP

5p ordinary

Purchase

13,766

2.2847 GBP

5p ordinary

Purchase

21,823

2.2393 GBP

5p ordinary

Purchase

37,691

2.2872 GBP

5p ordinary

Purchase

75,779

2.2896 GBP

5p ordinary

Sale

27

2.2600 GBP

5p ordinary

Sale

112

2.3380 GBP

5p ordinary

Sale

149

2.2369 GBP

5p ordinary

Sale

372

2.2673 GBP

5p ordinary

Sale

373

2.2240 GBP

5p ordinary

Sale

898

2.2813 GBP

5p ordinary

Sale

1,507

2.2780 GBP

5p ordinary

Sale

1,972

2.2340 GBP

5p ordinary

Sale

2,095

2.2992 GBP

5p ordinary

Sale

2,133

2.2697 GBP

5p ordinary

Sale

2,759

2.2759 GBP

5p ordinary

Sale

2,800

2.2482 GBP

5p ordinary

Sale

3,832

2.2745 GBP

5p ordinary

Sale

5,278

2.2379 GBP

5p ordinary

Sale

6,254

2.2497 GBP

5p ordinary

Sale

8,332

2.2892 GBP

5p ordinary

Sale

12,070

2.2364 GBP

5p ordinary

Sale

12,131

2.3168 GBP

5p ordinary

Sale

15,386

2.2348 GBP

5p ordinary

Sale

19,245

2.2624 GBP

5p ordinary

Sale

58,388

2.2360 GBP

(b)

Cash-settled derivative transactions

Class of

Product

Nature of dealing

Number of

Price per

relevant

description

reference

unit

security

securities

5p ordinary

 CFD

Long

27

2.2600 GBP

5p ordinary

 CFD

Long

149

2.2369 GBP

5p ordinary

 SWAP

Long

266

2.3020 GBP

5p ordinary

 SWAP

Long

584

2.3640 GBP

5p ordinary

 SWAP

Long

697

2.2229 GBP

5p ordinary

 SWAP

Long

1,151

2.2400 GBP

5p ordinary

 SWAP

Long

1,176

2.2420 GBP

5p ordinary

 CFD

Long

2,095

2.2992 GBP

5p ordinary

 CFD

Long

2,133

2.2697 GBP

5p ordinary

 SWAP

Long

2,355

2.3122 GBP

5p ordinary

 CFD

Long

2,759

2.2759 GBP

5p ordinary

 SWAP

Long

3,106

2.3240 GBP

5p ordinary

 CFD

Long

3,604

2.2379 GBP

5p ordinary

 CFD

Long

3,832

2.2745 GBP

5p ordinary

 SWAP

Long

6,665

2.2588 GBP

5p ordinary

 SWAP

Long

7,344

2.2379 GBP

5p ordinary

 CFD

Long

8,332

2.2892 GBP

5p ordinary

 CFD

Long

12,131

2.3168 GBP

5p ordinary

 SWAP

Long

12,807

2.2524 GBP

5p ordinary

 CFD

Long

38,184

2.2359 GBP

5p ordinary

 SWAP

Short

360

2.2663 GBP

5p ordinary

 SWAP

Short

503

2.2256 GBP

5p ordinary

 SWAP

Short

769

2.2357 GBP

5p ordinary

 SWAP

Short

1,100

2.3012 GBP

5p ordinary

 SWAP

Short

1,151

2.2400 GBP

5p ordinary

 SWAP

Short

1,176

2.2420 GBP

5p ordinary

 SWAP

Short

1,455

2.2292 GBP

5p ordinary

 SWAP

Short

2,712

2.2661 GBP

5p ordinary

 SWAP

Short

3,106

2.3240 GBP

5p ordinary

 SWAP

Short

3,597

2.2771 GBP

5p ordinary

 SWAP

Short

3,724

2.2360 GBP

5p ordinary

 SWAP

Short

4,303

2.2397 GBP

5p ordinary

 SWAP

Short

5,209

2.2879 GBP

5p ordinary

 SWAP

Short

6,830

2.3098 GBP

5p ordinary

 SWAP

Short

7,738

2.2740 GBP

5p ordinary

 SWAP

Short

8,500

2.2276 GBP

5p ordinary

 SWAP

Short

9,772

2.2341 GBP

5p ordinary

 SWAP

Short

12,112

2.3355 GBP

5p ordinary

 SWAP

Short

15,366

2.2521 GBP

5p ordinary

 CFD

Short

21,033

2.2973 GBP

5p ordinary

 SWAP

Short

35,230

2.2828 GBP

5p ordinary

 SWAP

Short

36,236

2.2895 GBP

(c)

Stock-settled derivative transactions (including options)

(i)

Writing, selling, purchasing or varying

Class

Product

Writing,

Number

Exercise

Type

Expiry

Option

of

description

purchasing,

of

price

date

money

relevant

selling,

securities

per unit

paid/

security

varying etc

to which

received

option

per unit

relates

(ii)

Exercising

Class of relevant

Product description

Exercising/ exercised against

Number of

Exercise price per

security

securities

unit

(d)

Other dealings (including subscribing for new securities)

Class of relevant

Nature of Dealings

Details

Price per unit (if

security

applicable)

4.

OTHER INFORMATION

(a)

Indemnity and other dealings arrangements

Details of any indemnity or option arrangement, or any agreement or understanding,

formal or informal, relating to relevant securities which may be an inducement to deal

or refrain from dealing entered into by the person making the disclosure and any party

to the offer or any person acting in concert with a party to the offer:

NONE

(b)

Agreements, arrangements or understandings relating to options or derivatives

Details of any agreement, arrangement or understanding, formal or informal, between

the person making the disclosure and any other person relating to:

(i) the voting rights of any relevant securities under any option; or

(ii) the voting rights of future acquisition or disposal of any relevant securities to which

any derivative is referenced:

NONE

(c)

Attachments

Is a Supplemental Form 8 (Open Positions) attached?

NO

Date of disclosure:

22 Mar 2022

Contact name:

Large Holdings Regulatory Operations

Telephone number:

020 3134 7213