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:

23 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:

2,764,665

0.45%

7,971,904

1.30%

(2)

Cash-settled derivatives:

7,465,348

1.22%

2,327,991

0.38%

(3)

Stock-settled derivatives (including options)

and agreements to purchase/sell:

0

0.00%

0

0.00%

TOTAL:

10,230,013

1.67%

10,299,895

1.68%

(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

1

2.2940 GBP

5p ordinary

Purchase

3

2.2993 GBP

5p ordinary

Purchase

6

2.2900 GBP

5p ordinary

Purchase

44

2.3107 GBP

5p ordinary

Purchase

478

2.2968 GBP

5p ordinary

Purchase

536

2.3000 GBP

5p ordinary

Purchase

1,094

2.2950 GBP

5p ordinary

Purchase

1,160

2.2899 GBP

5p ordinary

Purchase

1,160

2.2960 GBP

5p ordinary

Purchase

1,552

2.2942 GBP

5p ordinary

Purchase

2,156

2.3113 GBP

5p ordinary

Purchase

2,174

2.2987 GBP

5p ordinary

Purchase

2,364

2.2926 GBP

5p ordinary

Purchase

2,763

2.2986 GBP

5p ordinary

Purchase

2,813

2.2910 GBP

5p ordinary

Purchase

3,274

2.2924 GBP

5p ordinary

Purchase

3,551

2.2880 GBP

5p ordinary

Purchase

3,805

2.2982 GBP

5p ordinary

Purchase

5,421

2.3020 GBP

5p ordinary

Purchase

5,779

2.2891 GBP

5p ordinary

Purchase

13,184

2.3050 GBP

5p ordinary

Purchase

14,616

2.3108 GBP

5p ordinary

Purchase

17,235

2.3066 GBP

5p ordinary

Purchase

19,212

2.3140 GBP

5p ordinary

Purchase

27,759

2.3018 GBP

5p ordinary

Sale

11

2.3134 GBP

5p ordinary

Sale

11

2.2962 GBP

5p ordinary

Sale

21

2.3080 GBP

5p ordinary

Sale

389

2.3224 GBP

5p ordinary

Sale

425

2.3108 GBP

5p ordinary

Sale

487

2.2940 GBP

5p ordinary

Sale

487

2.2860 GBP

5p ordinary

Sale

1,134

2.2952 GBP

5p ordinary

Sale

1,792

2.3105 GBP

5p ordinary

Sale

1,962

2.2965 GBP

5p ordinary

Sale

2,088

2.2956 GBP

5p ordinary

Sale

2,228

2.2910 GBP

5p ordinary

Sale

3,325

2.2971 GBP

5p ordinary

Sale

3,551

2.2880 GBP

5p ordinary

Sale

4,066

2.3211 GBP

5p ordinary

Sale

4,135

2.3141 GBP

5p ordinary

Sale

4,813

2.2955 GBP

5p ordinary

Sale

5,451

2.3048 GBP

5p ordinary

Sale

5,779

2.2893 GBP

5p ordinary

Sale

7,048

2.3140 GBP

5p ordinary

Sale

7,398

2.3079 GBP

5p ordinary

Sale

12,013

2.3126 GBP

5p ordinary

Sale

51,299

2.3010 GBP

5p ordinary

Sale

72,322

2.3115 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

4

2.3150 GBP

5p ordinary

 SWAP

Long

122

2.2907 GBP

5p ordinary

 SWAP

Long

185

2.2939 GBP

5p ordinary

 SWAP

Long

340

2.2959 GBP

5p ordinary

 SWAP

Long

389

2.3224 GBP

5p ordinary

 SWAP

Long

425

2.3108 GBP

5p ordinary

 SWAP

Long

487

2.2860 GBP

5p ordinary

 SWAP

Long

1,792

2.3105 GBP

5p ordinary

 SWAP

Long

3,313

2.2971 GBP

5p ordinary

 SWAP

Long

4,066

2.3211 GBP

5p ordinary

 SWAP

Long

4,628

2.2956 GBP

5p ordinary

 SWAP

Long

5,815

2.3034 GBP

5p ordinary

 SWAP

Long

6,297

2.3030 GBP

5p ordinary

 SWAP

Long

6,719

2.3139 GBP

5p ordinary

 SWAP

Long

10,448

2.3074 GBP

5p ordinary

 CFD

Long

10,637

2.2964 GBP

5p ordinary

 SWAP

Long

20,294

2.3141 GBP

5p ordinary

 SWAP

Long

34,132

2.2965 GBP

5p ordinary

 SWAP

Long

39,452

2.3140 GBP

5p ordinary

 SWAP

Short

601

2.3061 GBP

5p ordinary

 SWAP

Short

4,447

2.3094 GBP

5p ordinary

 SWAP

Short

5,421

2.3020 GBP

5p ordinary

 SWAP

Short

7,326

2.3085 GBP

5p ordinary

 SWAP

Short

7,365

2.2966 GBP

5p ordinary

 SWAP

Short

19,212

2.3140 GBP

5p ordinary

 SWAP

Short

23,009

2.3001 GBP

5p ordinary

 SWAP

Short

24,930

2.3082 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:

24 Mar 2022

Contact name:

Large Holdings Regulatory Operations

Telephone number:

020 3134 7213