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:

07 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:

1,170,307

0.19%

10,450,413

1.70%

(2)

Cash-settled derivatives:

10,144,982

1.65%

801,471

0.13%

(3)

Stock-settled derivatives (including options)

and agreements to purchase/sell:

0

0.00%

0

0.00%

TOTAL:

11,315,289

1.84%

11,251,884

1.83%

(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

859

1.9050 GBP

5p ordinary

Purchase

2,604

1.9579 GBP

5p ordinary

Purchase

2,861

1.9832 GBP

5p ordinary

Purchase

2,879

1.9000 GBP

5p ordinary

Purchase

3,811

1.9553 GBP

5p ordinary

Purchase

4,823

1.9375 GBP

5p ordinary

Purchase

5,952

1.9915 GBP

5p ordinary

Purchase

7,207

1.9581 GBP

5p ordinary

Purchase

8,493

1.9834 GBP

5p ordinary

Purchase

9,446

1.9638 GBP

5p ordinary

Purchase

10,439

1.9954 GBP

5p ordinary

Purchase

12,126

1.9900 GBP

5p ordinary

Purchase

17,168

1.9799 GBP

5p ordinary

Purchase

18,830

1.9712 GBP

5p ordinary

Purchase

22,492

1.9677 GBP

5p ordinary

Purchase

32,005

1.9583 GBP

5p ordinary

Purchase

36,068

1.9312 GBP

5p ordinary

Purchase

39,219

1.9760 GBP

5p ordinary

Purchase

54,602

1.9646 GBP

5p ordinary

Purchase

135,785

1.9007 GBP

5p ordinary

Purchase

306,156

1.9733 GBP

5p ordinary

Purchase

374,235

1.8932 GBP

5p ordinary

Sale

86

1.9940 GBP

5p ordinary

Sale

139

1.9390 GBP

5p ordinary

Sale

164

1.9350 GBP

5p ordinary

Sale

169

1.9920 GBP

5p ordinary

Sale

586

1.9016 GBP

5p ordinary

Sale

859

1.9050 GBP

5p ordinary

Sale

1,143

1.9385 GBP

5p ordinary

Sale

1,325

1.9544 GBP

5p ordinary

Sale

2,605

1.9138 GBP

5p ordinary

Sale

2,667

1.9011 GBP

5p ordinary

Sale

3,139

1.8945 GBP

5p ordinary

Sale

3,469

1.9525 GBP

5p ordinary

Sale

3,738

1.9012 GBP

5p ordinary

Sale

4,306

2.0111 GBP

5p ordinary

Sale

4,608

1.9645 GBP

5p ordinary

Sale

4,915

1.9103 GBP

5p ordinary

Sale

5,952

1.9915 GBP

5p ordinary

Sale

13,115

1.9708 GBP

5p ordinary

Sale

13,853

1.9000 GBP

5p ordinary

Sale

24,631

1.9909 GBP

5p ordinary

Sale

28,414

1.9124 GBP

5p ordinary

Sale

35,745

1.8868 GBP

5p ordinary

Sale

47,973

1.9259 GBP

5p ordinary

Sale

60,438

1.9798 GBP

5p ordinary

Sale

95,533

1.9143 GBP

5p ordinary

Sale

109,058

1.8941 GBP

5p ordinary

Sale

112,157

1.9494 GBP

5p ordinary

Sale

217,367

1.8940 GBP

5p ordinary

Sale

596,389

1.9580 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

33

1.9910 GBP

5p ordinary

 CFD

Long

67

1.9707 GBP

5p ordinary

 SWAP

Long

1,210

1.9610 GBP

5p ordinary

 SWAP

Long

4,306

2.0111 GBP

5p ordinary

 SWAP

Long

6,811

1.9290 GBP

5p ordinary

 CFD

Long

8,948

1.9492 GBP

5p ordinary

 SWAP

Long

9,160

1.9847 GBP

5p ordinary

 CFD

Long

13,048

1.9708 GBP

5p ordinary

 SWAP

Long

15,471

1.9946 GBP

5p ordinary

 SWAP

Long

20,717

1.9976 GBP

5p ordinary

 SWAP

Long

39,721

1.9705 GBP

5p ordinary

 SWAP

Long

44,542

1.9567 GBP

5p ordinary

 SWAP

Long

52,369

1.9551 GBP

5p ordinary

 SWAP

Long

594,013

1.9580 GBP

5p ordinary

 SWAP

Short

711

1.9511 GBP

5p ordinary

 SWAP

Short

861

1.8641 GBP

5p ordinary

 SWAP

Short

3,962

1.9534 GBP

5p ordinary

 SWAP

Short

6,790

1.8980 GBP

5p ordinary

 CFD

Short

7,207

1.9581 GBP

5p ordinary

 SWAP

Short

8,339

1.9497 GBP

5p ordinary

 CFD

Short

8,493

1.9834 GBP

5p ordinary

 CFD

Short

22,492

1.9677 GBP

5p ordinary

 CFD

Short

32,005

1.9583 GBP

5p ordinary

 CFD

Short

39,219

1.9760 GBP

5p ordinary

 SWAP

Short

42,836

1.9645 GBP

5p ordinary

 SWAP

Short

47,590

1.9742 GBP

5p ordinary

 SWAP

Short

47,943

1.9680 GBP

5p ordinary

 CFD

Short

49,662

1.9983 GBP

5p ordinary

 SWAP

Short

56,260

1.9870 GBP

5p ordinary

 SWAP

Short

72,117

1.9553 GBP

5p ordinary

 SWAP

Short

78,297

1.9791 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:

8 Mar 2022

Contact name:

Large Holdings Regulatory Operations

Telephone number:

020 3134 7213