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:

12 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:

2,433,905

0.40%

9,262,476

1.51%

(2)

Cash-settled derivatives:

16,630,158

2.71%

2,049,578

0.33%

(3)

Stock-settled derivatives (including options)

and agreements to purchase/sell:

0

0.00%

0

0.00%

TOTAL:

19,064,063

3.10%

11,312,054

1.84%

(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

4

2.4317 GBP

5p ordinary

Purchase

30

2.4820 GBP

5p ordinary

Purchase

71

2.4905 GBP

5p ordinary

Purchase

117

2.4460 GBP

5p ordinary

Purchase

298

2.4503 GBP

5p ordinary

Purchase

446

2.4720 GBP

5p ordinary

Purchase

827

2.4372 GBP

5p ordinary

Purchase

1,832

2.4647 GBP

5p ordinary

Purchase

4,163

2.4613 GBP

5p ordinary

Purchase

4,231

2.4602 GBP

5p ordinary

Purchase

4,631

2.4921 GBP

5p ordinary

Purchase

4,888

2.4170 GBP

5p ordinary

Purchase

5,320

2.4134 GBP

5p ordinary

Purchase

5,517

2.4060 GBP

5p ordinary

Purchase

9,605

2.4670 GBP

5p ordinary

Purchase

14,113

2.4565 GBP

5p ordinary

Purchase

33,470

2.5020 GBP

5p ordinary

Purchase

43,679

2.4749 GBP

5p ordinary

Sale

1

2.4180 GBP

5p ordinary

Sale

3

2.4366 GBP

5p ordinary

Sale

189

2.4720 GBP

5p ordinary

Sale

218

2.4657 GBP

5p ordinary

Sale

260

2.4240 GBP

5p ordinary

Sale

298

2.4503 GBP

5p ordinary

Sale

477

2.4811 GBP

5p ordinary

Sale

655

2.4577 GBP

5p ordinary

Sale

1,134

2.4260 GBP

5p ordinary

Sale

2,860

2.4319 GBP

5p ordinary

Sale

3,193

2.4898 GBP

5p ordinary

Sale

4,115

2.4300 GBP

5p ordinary

Sale

4,186

2.4100 GBP

5p ordinary

Sale

4,888

2.4170 GBP

5p ordinary

Sale

5,878

2.4975 GBP

5p ordinary

Sale

8,652

2.4339 GBP

5p ordinary

Sale

14,026

2.5021 GBP

5p ordinary

Sale

14,577

2.4643 GBP

5p ordinary

Sale

15,268

2.4918 GBP

5p ordinary

Sale

25,872

2.4638 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

435

2.4202 GBP

5p ordinary

 SWAP

Long

737

2.4605 GBP

5p ordinary

 SWAP

Long

952

2.4198 GBP

5p ordinary

 SWAP

Long

2,758

2.5008 GBP

5p ordinary

 SWAP

Long

2,860

2.4319 GBP

5p ordinary

 SWAP

Long

2,911

2.4627 GBP

5p ordinary

 SWAP

Long

3,430

2.4409 GBP

5p ordinary

 SWAP

Long

3,782

2.5020 GBP

5p ordinary

 CFD

Long

5,371

2.4233 GBP

5p ordinary

 SWAP

Long

5,878

2.4975 GBP

5p ordinary

 SWAP

Long

6,427

2.5021 GBP

5p ordinary

 SWAP

Long

13,258

2.4368 GBP

5p ordinary

 SWAP

Long

14,316

2.4965 GBP

5p ordinary

 CFD

Long

14,577

2.4643 GBP

5p ordinary

 SWAP

Short

3,130

2.4241 GBP

5p ordinary

 SWAP

Short

4,163

2.4613 GBP

5p ordinary

 SWAP

Short

4,231

2.4602 GBP

5p ordinary

 SWAP

Short

4,631

2.4921 GBP

5p ordinary

 SWAP

Short

5,920

2.4257 GBP

5p ordinary

 SWAP

Short

10,675

2.4529 GBP

5p ordinary

 SWAP

Short

12,446

2.5020 GBP

5p ordinary

 SWAP

Short

18,255

2.4627 GBP

5p ordinary

 CFD

Short

37,593

2.4788 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:

13 May 2022

Contact name:

Large Holdings Regulatory Operations

Telephone number:

020 3134 7213