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:

22 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:

2,807,384

0.46%

7,954,528

1.30%

(2)

Cash-settled derivatives:

7,442,058

1.21%

2,361,935

0.38%

(3)

Stock-settled derivatives (including options)

and agreements to purchase/sell:

0

0.00%

0

0.00%

TOTAL:

10,249,442

1.67%

10,316,463

1.68%

(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

67

2.3020 GBP

5p ordinary

Purchase

203

2.3131 GBP

5p ordinary

Purchase

219

2.3440 GBP

5p ordinary

Purchase

850

2.3640 GBP

5p ordinary

Purchase

930

2.3089 GBP

5p ordinary

Purchase

1,021

2.3502 GBP

5p ordinary

Purchase

1,184

2.3119 GBP

5p ordinary

Purchase

1,806

2.3423 GBP

5p ordinary

Purchase

2,319

2.3508 GBP

5p ordinary

Purchase

2,562

2.3160 GBP

5p ordinary

Purchase

2,663

2.2969 GBP

5p ordinary

Purchase

2,663

2.2970 GBP

5p ordinary

Purchase

2,685

2.3226 GBP

5p ordinary

Purchase

3,937

2.3288 GBP

5p ordinary

Purchase

4,894

2.3334 GBP

5p ordinary

Purchase

4,920

2.3294 GBP

5p ordinary

Purchase

5,864

2.3614 GBP

5p ordinary

Purchase

7,545

2.3398 GBP

5p ordinary

Purchase

9,261

2.3265 GBP

5p ordinary

Purchase

14,689

2.3218 GBP

5p ordinary

Purchase

57,365

2.3190 GBP

5p ordinary

Sale

21

2.3018 GBP

5p ordinary

Sale

659

2.3474 GBP

5p ordinary

Sale

742

2.3464 GBP

5p ordinary

Sale

937

2.3436 GBP

5p ordinary

Sale

972

2.3100 GBP

5p ordinary

Sale

1,069

2.3380 GBP

5p ordinary

Sale

1,423

2.3321 GBP

5p ordinary

Sale

2,117

2.3609 GBP

5p ordinary

Sale

2,500

2.3160 GBP

5p ordinary

Sale

2,503

2.2972 GBP

5p ordinary

Sale

2,660

2.3150 GBP

5p ordinary

Sale

2,663

2.2970 GBP

5p ordinary

Sale

2,672

2.3253 GBP

5p ordinary

Sale

3,824

2.2535 GBP

5p ordinary

Sale

4,684

2.3600 GBP

5p ordinary

Sale

5,334

2.3395 GBP

5p ordinary

Sale

5,741

2.3320 GBP

5p ordinary

Sale

9,019

2.3665 GBP

5p ordinary

Sale

10,875

2.3660 GBP

5p ordinary

Sale

11,173

2.3306 GBP

5p ordinary

Sale

11,654

2.3430 GBP

5p ordinary

Sale

15,648

2.3300 GBP

5p ordinary

Sale

17,863

2.3435 GBP

5p ordinary

Sale

48,633

2.3422 GBP

5p ordinary

Sale

68,903

2.3400 GBP

5p ordinary

Sale

80,438

2.3354 GBP

(b)

Cash-settled derivative transactions

Class of

Product

Nature of dealing

Number of

Price per

relevant

description

reference

unit

security

securities

5p ordinary

 CFD

Long

21

2.3019 GBP

5p ordinary

 SWAP

Long

250

2.3020 GBP

5p ordinary

 SWAP

Long

281

2.3180 GBP

5p ordinary

 SWAP

Long

304

2.2506 GBP

5p ordinary

 SWAP

Long

821

2.2420 GBP

5p ordinary

 SWAP

Long

1,181

2.2871 GBP

5p ordinary

 SWAP

Long

1,582

2.3128 GBP

5p ordinary

 SWAP

Long

2,180

2.3488 GBP

5p ordinary

 SWAP

Long

2,672

2.3252 GBP

5p ordinary

 SWAP

Long

2,699

2.2573 GBP

5p ordinary

 SWAP

Long

4,283

2.3637 GBP

5p ordinary

 SWAP

Long

4,392

2.3609 GBP

5p ordinary

 CFD

Long

4,934

2.3665 GBP

5p ordinary

 SWAP

Long

6,603

2.3384 GBP

5p ordinary

 SWAP

Long

8,500

2.3115 GBP

5p ordinary

 CFD

Long

9,690

2.3310 GBP

5p ordinary

 SWAP

Long

18,851

2.3319 GBP

5p ordinary

 CFD

Long

21,076

2.3400 GBP

5p ordinary

 SWAP

Long

29,595

2.3440 GBP

5p ordinary

 SWAP

Long

47,827

2.3400 GBP

5p ordinary

 SWAP

Long

78,258

2.3350 GBP

5p ordinary

 SWAP

Short

62

2.3160 GBP

5p ordinary

 SWAP

Short

219

2.3440 GBP

5p ordinary

 SWAP

Short

281

2.3180 GBP

5p ordinary

 SWAP

Short

1,193

2.3273 GBP

5p ordinary

 SWAP

Short

2,059

2.3013 GBP

5p ordinary

 CFD

Short

3,106

2.3401 GBP

5p ordinary

 SWAP

Short

4,773

2.3119 GBP

5p ordinary

 SWAP

Short

4,894

2.3334 GBP

5p ordinary

 SWAP

Short

7,408

2.3267 GBP

5p ordinary

 SWAP

Short

12,707

2.3201 GBP

5p ordinary

 SWAP

Short

19,953

2.3249 GBP

5p ordinary

 SWAP

Short

33,384

2.3171 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:

23 Mar 2022

Contact name:

Large Holdings Regulatory Operations

Telephone number:

020 3134 7213