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:

17 May 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:

2,611,085

0.43%

9,392,163

1.53%

(2)

Cash-settled derivatives:

17,393,473

2.83%

2,218,809

0.36%

(3)

Stock-settled derivatives (including options)

and agreements to purchase/sell:

0

0.00%

0

0.00%

TOTAL:

20,004,558

3.26%

11,610,972

1.89%

(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

470

2.5039 GBP

5p ordinary

Purchase

881

2.4960 GBP

5p ordinary

Purchase

1,112

2.4928 GBP

5p ordinary

Purchase

5,275

2.4934 GBP

5p ordinary

Purchase

6,203

2.4930 GBP

5p ordinary

Purchase

11,704

2.5260 GBP

5p ordinary

Purchase

29,231

2.4939 GBP

5p ordinary

Purchase

35,620

2.4980 GBP

5p ordinary

Purchase

36,280

2.4970 GBP

5p ordinary

Purchase

55,124

2.5224 GBP

5p ordinary

Purchase

100,000

2.4912 GBP

5p ordinary

Purchase

115,000

2.5235 GBP

5p ordinary

Sale

363

2.4980 GBP

5p ordinary

Sale

417

2.4780 GBP

5p ordinary

Sale

423

2.4960 GBP

5p ordinary

Sale

470

2.5040 GBP

5p ordinary

Sale

529

2.5020 GBP

5p ordinary

Sale

759

2.4905 GBP

5p ordinary

Sale

845

2.4869 GBP

5p ordinary

Sale

1,422

2.4887 GBP

5p ordinary

Sale

1,765

2.4988 GBP

5p ordinary

Sale

2,865

2.4932 GBP

5p ordinary

Sale

3,754

2.4946 GBP

5p ordinary

Sale

3,972

2.5105 GBP

5p ordinary

Sale

5,103

2.4934 GBP

5p ordinary

Sale

5,492

2.4877 GBP

5p ordinary

Sale

6,355

2.4925 GBP

5p ordinary

Sale

9,699

2.5034 GBP

5p ordinary

Sale

9,734

2.4953 GBP

5p ordinary

Sale

10,369

2.4928 GBP

5p ordinary

Sale

42,382

2.5088 GBP

5p ordinary

Sale

46,306

2.5261 GBP

5p ordinary

Sale

113,712

2.5238 GBP

5p ordinary

Sale

128,979

2.5182 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

74

2.4853 GBP

5p ordinary

 SWAP

Long

632

2.5259 GBP

5p ordinary

 SWAP

Long

845

2.4869 GBP

5p ordinary

 SWAP

Long

1,345

2.4990 GBP

5p ordinary

 SWAP

Long

3,564

2.4865 GBP

5p ordinary

 SWAP

Long

3,754

2.4946 GBP

5p ordinary

 CFD

Long

5,856

2.5257 GBP

5p ordinary

 SWAP

Long

7,254

2.5014 GBP

5p ordinary

 CFD

Long

7,495

2.4986 GBP

5p ordinary

 SWAP

Long

9,663

2.4907 GBP

5p ordinary

 SWAP

Long

9,734

2.4953 GBP

5p ordinary

 SWAP

Long

17,467

2.4903 GBP

5p ordinary

 SWAP

Long

42,382

2.5088 GBP

5p ordinary

 SWAP

Long

42,655

2.5174 GBP

5p ordinary

 SWAP

Long

63,320

2.5248 GBP

5p ordinary

 SWAP

Short

417

2.4780 GBP

5p ordinary

 SWAP

Short

424

2.4820 GBP

5p ordinary

 CFD

Short

2,420

2.4885 GBP

5p ordinary

 SWAP

Short

5,786

2.4941 GBP

5p ordinary

 SWAP

Short

8,421

2.4978 GBP

5p ordinary

 SWAP

Short

11,704

2.5260 GBP

5p ordinary

 SWAP

Short

21,382

2.4964 GBP

5p ordinary

 SWAP

Short

27,859

2.4967 GBP

5p ordinary

 SWAP

Short

47,012

2.4961 GBP

5p ordinary

 SWAP

Short

100,000

2.4912 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:

18 May 2022

Contact name:

Large Holdings Regulatory Operations

Telephone number:

020 3134 7213