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:

18 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:

2,611,351

0.43%

9,458,524

1.54%

(2)

Cash-settled derivatives:

17,465,221

2.84%

2,221,048

0.36%

(3)

Stock-settled derivatives (including options)

and agreements to purchase/sell:

0

0.00%

0

0.00%

TOTAL:

20,076,572

3.27%

11,679,572

1.90%

(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

62

2.5583 GBP

5p ordinary

Purchase

93

2.5560 GBP

5p ordinary

Purchase

113

2.5680 GBP

5p ordinary

Purchase

250

2.5720 GBP

5p ordinary

Purchase

398

2.5578 GBP

5p ordinary

Purchase

416

2.5442 GBP

5p ordinary

Purchase

635

2.5604 GBP

5p ordinary

Purchase

3,102

2.5618 GBP

5p ordinary

Purchase

3,414

2.5580 GBP

5p ordinary

Purchase

5,800

2.5320 GBP

5p ordinary

Purchase

6,224

2.5420 GBP

5p ordinary

Purchase

11,568

2.5653 GBP

5p ordinary

Purchase

16,620

2.5616 GBP

5p ordinary

Sale

250

2.5720 GBP

5p ordinary

Sale

2,035

2.5541 GBP

5p ordinary

Sale

2,414

2.5589 GBP

5p ordinary

Sale

3,928

2.5570 GBP

5p ordinary

Sale

4,822

2.5618 GBP

5p ordinary

Sale

4,993

2.5581 GBP

5p ordinary

Sale

5,620

2.5558 GBP

5p ordinary

Sale

5,800

2.5320 GBP

5p ordinary

Sale

7,600

2.5451 GBP

5p ordinary

Sale

12,355

2.5632 GBP

5p ordinary

Sale

15,063

2.5024 GBP

5p ordinary

Sale

16,783

2.5584 GBP

5p ordinary

Sale

33,127

2.5591 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

95

2.5459 GBP

5p ordinary

 SWAP

Long

155

2.5585 GBP

5p ordinary

 CFD

Long

1,461

2.5583 GBP

5p ordinary

 SWAP

Long

2,035

2.5541 GBP

5p ordinary

 SWAP

Long

5,620

2.5554 GBP

5p ordinary

 SWAP

Long

7,600

2.5451 GBP

5p ordinary

 SWAP

Long

7,747

2.5606 GBP

5p ordinary

 SWAP

Long

8,253

2.5602 GBP

5p ordinary

 CFD

Long

13,272

2.5584 GBP

5p ordinary

 SWAP

Long

13,468

2.5576 GBP

5p ordinary

 CFD

Long

15,063

2.5024 GBP

5p ordinary

 CFD

Long

16,623

2.5590 GBP

5p ordinary

 SWAP

Short

62

2.5582 GBP

5p ordinary

 SWAP

Short

113

2.5680 GBP

5p ordinary

 SWAP

Short

336

2.5800 GBP

5p ordinary

 SWAP

Short

398

2.5578 GBP

5p ordinary

 SWAP

Short

2,489

2.5496 GBP

5p ordinary

 SWAP

Short

2,766

2.5596 GBP

5p ordinary

 SWAP

Short

4,151

2.5377 GBP

5p ordinary

 SWAP

Short

4,230

2.5700 GBP

5p ordinary

 SWAP

Short

7,338

2.5626 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:

19 May 2022

Contact name:

Large Holdings Regulatory Operations

Telephone number:

020 3134 7213