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:

30 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:

2,227,850

0.36%

7,806,925

1.27%

(2)

Cash-settled derivatives:

7,637,132

1.24%

2,152,281

0.35%

(3)

Stock-settled derivatives (including options)

and agreements to purchase/sell:

0

0.00%

0

0.00%

TOTAL:

9,864,982

1.61%

9,959,206

1.62%

(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

100

2.3980 GBP

5p ordinary

Purchase

279

2.3640 GBP

5p ordinary

Purchase

299

2.3756 GBP

5p ordinary

Purchase

501

2.3620 GBP

5p ordinary

Purchase

1,113

2.3652 GBP

5p ordinary

Purchase

1,444

2.3835 GBP

5p ordinary

Purchase

1,603

2.3720 GBP

5p ordinary

Purchase

1,780

2.3717 GBP

5p ordinary

Purchase

3,212

2.3752 GBP

5p ordinary

Purchase

5,119

2.3764 GBP

5p ordinary

Purchase

8,486

2.3680 GBP

5p ordinary

Purchase

10,608

2.3690 GBP

5p ordinary

Purchase

26,182

2.3889 GBP

5p ordinary

Purchase

45,767

2.3658 GBP

5p ordinary

Sale

293

2.3480 GBP

5p ordinary

Sale

597

2.3611 GBP

5p ordinary

Sale

688

2.3660 GBP

5p ordinary

Sale

939

2.3791 GBP

5p ordinary

Sale

998

2.3556 GBP

5p ordinary

Sale

1,096

2.3652 GBP

5p ordinary

Sale

1,264

2.3617 GBP

5p ordinary

Sale

1,778

2.3685 GBP

5p ordinary

Sale

2,158

2.3599 GBP

5p ordinary

Sale

3,206

2.3720 GBP

5p ordinary

Sale

3,924

2.3699 GBP

5p ordinary

Sale

6,245

2.3608 GBP

5p ordinary

Sale

9,475

2.3627 GBP

5p ordinary

Sale

16,338

2.3701 GBP

5p ordinary

Sale

19,673

2.3662 GBP

5p ordinary

Sale

21,949

2.3787 GBP

5p ordinary

Sale

30,225

2.3700 GBP

5p ordinary

Sale

84,827

2.3746 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

300

2.3659 GBP

5p ordinary

 SWAP

Long

388

2.3660 GBP

5p ordinary

 CFD

Long

662

2.4678 GBP

5p ordinary

 SWAP

Long

767

2.3719 GBP

5p ordinary

 SWAP

Long

942

2.4167 GBP

5p ordinary

 CFD

Long

2,969

2.3489 GBP

5p ordinary

 SWAP

Long

4,737

2.3997 GBP

5p ordinary

 SWAP

Long

6,245

2.3608 GBP

5p ordinary

 CFD

Long

10,527

2.3700 GBP

5p ordinary

 SWAP

Long

12,091

2.3858 GBP

5p ordinary

 SWAP

Long

13,782

2.3699 GBP

5p ordinary

 SWAP

Long

17,845

2.3800 GBP

5p ordinary

 SWAP

Long

75,812

2.3700 GBP

5p ordinary

 SWAP

Short

100

2.3980 GBP

5p ordinary

 SWAP

Short

299

2.3756 GBP

5p ordinary

 SWAP

Short

1,113

2.3652 GBP

5p ordinary

 SWAP

Short

1,588

2.3769 GBP

5p ordinary

 SWAP

Short

2,097

2.4280 GBP

5p ordinary

 SWAP

Short

2,453

2.3951 GBP

5p ordinary

 SWAP

Short

3,509

2.3859 GBP

5p ordinary

 SWAP

Short

6,051

2.3696 GBP

5p ordinary

 SWAP

Short

9,483

2.3773 GBP

5p ordinary

 SWAP

Short

24,223

2.3789 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:

31 Mar 2022

Contact name:

Large Holdings Regulatory Operations

Telephone number:

020 3134 7213