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:

24 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:

2,729,029

0.44%

7,877,250

1.28%

(2)

Cash-settled derivatives:

7,377,463

1.20%

2,311,004

0.38%

(3)

Stock-settled derivatives (including options)

and agreements to purchase/sell:

0

0.00%

0

0.00%

TOTAL:

10,106,492

1.65%

10,188,254

1.66%

(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

14

2.2860 GBP

5p ordinary

Purchase

69

2.2753 GBP

5p ordinary

Purchase

72

2.2802 GBP

5p ordinary

Purchase

80

2.2925 GBP

5p ordinary

Purchase

147

2.2882 GBP

5p ordinary

Purchase

222

2.2600 GBP

5p ordinary

Purchase

223

2.2520 GBP

5p ordinary

Purchase

421

2.2800 GBP

5p ordinary

Purchase

441

2.2749 GBP

5p ordinary

Purchase

442

2.2480 GBP

5p ordinary

Purchase

445

2.2742 GBP

5p ordinary

Purchase

454

2.2604 GBP

5p ordinary

Purchase

659

2.2812 GBP

5p ordinary

Purchase

702

2.2746 GBP

5p ordinary

Purchase

714

2.2811 GBP

5p ordinary

Purchase

1,366

2.2619 GBP

5p ordinary

Purchase

1,751

2.2698 GBP

5p ordinary

Purchase

2,265

2.2861 GBP

5p ordinary

Purchase

2,428

2.2622 GBP

5p ordinary

Purchase

2,517

2.2686 GBP

5p ordinary

Purchase

2,652

2.2668 GBP

5p ordinary

Purchase

3,080

2.2583 GBP

5p ordinary

Purchase

3,127

2.2725 GBP

5p ordinary

Purchase

3,370

2.2680 GBP

5p ordinary

Purchase

4,201

2.2720 GBP

5p ordinary

Purchase

4,211

2.2660 GBP

5p ordinary

Purchase

4,468

2.2713 GBP

5p ordinary

Purchase

4,850

2.2637 GBP

5p ordinary

Purchase

8,271

2.2621 GBP

5p ordinary

Purchase

9,096

2.2694 GBP

5p ordinary

Purchase

11,504

2.2689 GBP

5p ordinary

Purchase

13,424

2.2635 GBP

5p ordinary

Purchase

19,075

2.2690 GBP

5p ordinary

Purchase

72,659

2.2687 GBP

5p ordinary

Sale

221

2.2640 GBP

5p ordinary

Sale

442

2.2480 GBP

5p ordinary

Sale

444

2.2595 GBP

5p ordinary

Sale

511

2.2580 GBP

5p ordinary

Sale

661

2.2758 GBP

5p ordinary

Sale

681

2.2724 GBP

5p ordinary

Sale

1,084

2.2620 GBP

5p ordinary

Sale

1,179

2.2668 GBP

5p ordinary

Sale

1,386

2.2680 GBP

5p ordinary

Sale

1,510

2.2599 GBP

5p ordinary

Sale

1,853

2.2661 GBP

5p ordinary

Sale

2,662

2.2690 GBP

5p ordinary

Sale

2,907

2.2723 GBP

5p ordinary

Sale

4,201

2.2720 GBP

5p ordinary

Sale

4,418

2.2660 GBP

5p ordinary

Sale

5,750

2.2693 GBP

5p ordinary

Sale

6,276

2.2772 GBP

5p ordinary

Sale

7,475

2.2677 GBP

5p ordinary

Sale

9,332

2.2657 GBP

5p ordinary

Sale

13,571

2.2691 GBP

5p ordinary

Sale

15,926

2.2687 GBP

5p ordinary

Sale

18,249

2.2600 GBP

5p ordinary

Sale

19,663

2.2788 GBP

(b)

Cash-settled derivative transactions

Class of

Product

Nature of dealing

Number of

Price per

relevant

description

reference

unit

security

securities

5p ordinary

 SWAP

Long

2

2.3000 GBP

5p ordinary

 CFD

Long

6

2.2666 GBP

5p ordinary

 SWAP

Long

153

2.2630 GBP

5p ordinary

 SWAP

Long

521

2.2787 GBP

5p ordinary

 SWAP

Long

734

2.2806 GBP

5p ordinary

 SWAP

Long

1,179

2.2668 GBP

5p ordinary

 SWAP

Long

1,202

2.2786 GBP

5p ordinary

 CFD

Long

5,304

2.2576 GBP

5p ordinary

 SWAP

Long

5,668

2.2683 GBP

5p ordinary

 SWAP

Long

12,288

2.2728 GBP

5p ordinary

 SWAP

Long

18,408

2.2788 GBP

5p ordinary

 SWAP

Long

19,606

2.2599 GBP

5p ordinary

 SWAP

Short

14

2.2860 GBP

5p ordinary

 SWAP

Short

32

2.2601 GBP

5p ordinary

 SWAP

Short

69

2.2753 GBP

5p ordinary

 SWAP

Short

72

2.2802 GBP

5p ordinary

 SWAP

Short

80

2.2924 GBP

5p ordinary

 SWAP

Short

147

2.2882 GBP

5p ordinary

 SWAP

Short

251

2.2626 GBP

5p ordinary

 SWAP

Short

360

2.2582 GBP

5p ordinary

 SWAP

Short

421

2.2800 GBP

5p ordinary

 SWAP

Short

422

2.2604 GBP

5p ordinary

 SWAP

Short

445

2.2742 GBP

5p ordinary

 SWAP

Short

1,140

2.2752 GBP

5p ordinary

 SWAP

Short

1,333

2.2661 GBP

5p ordinary

 SWAP

Short

1,500

2.2710 GBP

5p ordinary

 SWAP

Short

2,428

2.2622 GBP

5p ordinary

 SWAP

Short

2,720

2.2583 GBP

5p ordinary

 SWAP

Short

6,377

2.2703 GBP

5p ordinary

 SWAP

Short

6,938

2.2614 GBP

5p ordinary

 SWAP

Short

9,096

2.2694 GBP

5p ordinary

 SWAP

Short

9,241

2.2728 GBP

5p ordinary

 SWAP

Short

11,559

2.2711 GBP

5p ordinary

 SWAP

Short

16,446

2.2679 GBP

5p ordinary

 SWAP

Short

24,880

2.2693 GBP

5p ordinary

 CFD

Short

39,998

2.2648 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:

25 Mar 2022

Contact name:

Large Holdings Regulatory Operations

Telephone number:

020 3134 7213