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:

25 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:

2,687,859

0.44%

7,848,293

1.28%

(2)

Cash-settled derivatives:

7,347,896

1.20%

2,269,224

0.37%

(3)

Stock-settled derivatives (including options)

and agreements to purchase/sell:

0

0.00%

0

0.00%

TOTAL:

10,035,755

1.63%

10,117,517

1.65%

(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

5

2.3072 GBP

5p ordinary

Purchase

681

2.3008 GBP

5p ordinary

Purchase

865

2.3030 GBP

5p ordinary

Purchase

1,107

2.3032 GBP

5p ordinary

Purchase

1,186

2.2942 GBP

5p ordinary

Purchase

1,324

2.3039 GBP

5p ordinary

Purchase

1,404

2.3052 GBP

5p ordinary

Purchase

1,711

2.3041 GBP

5p ordinary

Purchase

1,861

2.2992 GBP

5p ordinary

Purchase

1,875

2.3020 GBP

5p ordinary

Purchase

2,478

2.2990 GBP

5p ordinary

Purchase

4,052

2.3067 GBP

5p ordinary

Purchase

6,650

2.3062 GBP

5p ordinary

Purchase

10,754

2.3012 GBP

5p ordinary

Purchase

12,536

2.2993 GBP

5p ordinary

Purchase

25,484

2.2980 GBP

5p ordinary

Purchase

57,420

2.3034 GBP

5p ordinary

Sale

296

2.3068 GBP

5p ordinary

Sale

1,316

2.3044 GBP

5p ordinary

Sale

7,633

2.2981 GBP

5p ordinary

Sale

7,824

2.3049 GBP

5p ordinary

Sale

7,928

2.2975 GBP

5p ordinary

Sale

8,420

2.3055 GBP

5p ordinary

Sale

20,020

2.2980 GBP

5p ordinary

Sale

90,169

2.3005 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

15

2.2980 GBP

5p ordinary

 SWAP

Long

1,069

2.3037 GBP

5p ordinary

 SWAP

Long

2,486

2.3159 GBP

5p ordinary

 SWAP

Long

2,843

2.3073 GBP

5p ordinary

 SWAP

Long

5,018

2.2940 GBP

5p ordinary

 SWAP

Long

5,338

2.2997 GBP

5p ordinary

 SWAP

Long

9,030

2.3044 GBP

5p ordinary

 SWAP

Long

10,071

2.2979 GBP

5p ordinary

 SWAP

Long

16,739

2.3009 GBP

5p ordinary

 SWAP

Long

63,359

2.3008 GBP

5p ordinary

 SWAP

Short

11

2.3014 GBP

5p ordinary

 SWAP

Short

16

2.2983 GBP

5p ordinary

 SWAP

Short

45

2.3084 GBP

5p ordinary

 SWAP

Short

47

2.3005 GBP

5p ordinary

 SWAP

Short

56

2.3030 GBP

5p ordinary

 SWAP

Short

62

2.2988 GBP

5p ordinary

 SWAP

Short

63

2.3087 GBP

5p ordinary

 SWAP

Short

67

2.3086 GBP

5p ordinary

 SWAP

Short

77

2.3040 GBP

5p ordinary

 SWAP

Short

78

2.3037 GBP

5p ordinary

 SWAP

Short

85

2.3021 GBP

5p ordinary

 SWAP

Short

93

2.3019 GBP

5p ordinary

 SWAP

Short

200

2.3020 GBP

5p ordinary

 SWAP

Short

201

2.2974 GBP

5p ordinary

 SWAP

Short

243

2.3034 GBP

5p ordinary

 SWAP

Short

301

2.2975 GBP

5p ordinary

 SWAP

Short

402

2.3025 GBP

5p ordinary

 SWAP

Short

443

2.3062 GBP

5p ordinary

 SWAP

Short

449

2.3090 GBP

5p ordinary

 SWAP

Short

456

2.2992 GBP

5p ordinary

 SWAP

Short

570

2.3029 GBP

5p ordinary

 SWAP

Short

706

2.3017 GBP

5p ordinary

 SWAP

Short

1,046

2.3042 GBP

5p ordinary

 SWAP

Short

1,186

2.2942 GBP

5p ordinary

 SWAP

Short

1,404

2.3052 GBP

5p ordinary

 SWAP

Short

2,324

2.3071 GBP

5p ordinary

 SWAP

Short

2,478

2.2990 GBP

5p ordinary

 CFD

Short

3,361

2.3058 GBP

5p ordinary

 SWAP

Short

3,643

2.3059 GBP

5p ordinary

 CFD

Short

4,945

2.2981 GBP

5p ordinary

 SWAP

Short

5,479

2.2980 GBP

5p ordinary

 SWAP

Short

5,481

2.3018 GBP

5p ordinary

 SWAP

Short

6,757

2.3036 GBP

5p ordinary

 SWAP

Short

10,754

2.3012 GBP

5p ordinary

 SWAP

Short

15,664

2.3026 GBP

5p ordinary

 SWAP

Short

16,003

2.3044 GBP

5p ordinary

 SWAP

Short

18,559

2.3047 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:

28 Mar 2022

Contact name:

Large Holdings Regulatory Operations

Telephone number:

020 3134 7213