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:

23 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:

2,858,563

0.47%

9,567,363

1.56%

(2)

Cash-settled derivatives:

17,584,265

2.86%

2,246,368

0.37%

(3)

Stock-settled derivatives (including options)

and agreements to purchase/sell:

0

0.00%

0

0.00%

TOTAL:

20,442,828

3.33%

11,813,731

1.92%

(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

79

2.6016 GBP

5p ordinary

Purchase

577

2.6098 GBP

5p ordinary

Purchase

676

2.6056 GBP

5p ordinary

Purchase

1,169

2.6001 GBP

5p ordinary

Purchase

1,325

2.5943 GBP

5p ordinary

Purchase

1,597

2.5975 GBP

5p ordinary

Purchase

2,137

2.6213 GBP

5p ordinary

Purchase

2,287

2.5730 GBP

5p ordinary

Purchase

4,519

2.5998 GBP

5p ordinary

Purchase

6,865

2.6000 GBP

5p ordinary

Purchase

18,623

2.6015 GBP

5p ordinary

Purchase

27,335

2.5964 GBP

5p ordinary

Purchase

28,921

2.5765 GBP

5p ordinary

Purchase

32,606

2.5786 GBP

5p ordinary

Purchase

187,894

2.5700 GBP

5p ordinary

Sale

27

2.6040 GBP

5p ordinary

Sale

63

2.6030 GBP

5p ordinary

Sale

194

2.5830 GBP

5p ordinary

Sale

362

2.5980 GBP

5p ordinary

Sale

386

2.5990 GBP

5p ordinary

Sale

609

2.5900 GBP

5p ordinary

Sale

1,527

2.6206 GBP

5p ordinary

Sale

1,618

2.5940 GBP

5p ordinary

Sale

1,767

2.6007 GBP

5p ordinary

Sale

2,287

2.5730 GBP

5p ordinary

Sale

2,891

2.5821 GBP

5p ordinary

Sale

3,447

2.5770 GBP

5p ordinary

Sale

3,883

2.6133 GBP

5p ordinary

Sale

4,047

2.5970 GBP

5p ordinary

Sale

4,222

2.6240 GBP

5p ordinary

Sale

4,233

2.5978 GBP

5p ordinary

Sale

5,404

2.6001 GBP

5p ordinary

Sale

6,341

2.5760 GBP

5p ordinary

Sale

15,575

2.5720 GBP

5p ordinary

Sale

17,653

2.6029 GBP

5p ordinary

Sale

62,826

2.6011 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

27

2.6019 GBP

5p ordinary

 SWAP

Long

27

2.6039 GBP

5p ordinary

 SWAP

Long

129

2.5981 GBP

5p ordinary

 SWAP

Long

1,330

2.5851 GBP

5p ordinary

 SWAP

Long

1,500

2.6209 GBP

5p ordinary

 SWAP

Long

2,183

2.5980 GBP

5p ordinary

 SWAP

Long

2,891

2.5821 GBP

5p ordinary

 SWAP

Long

4,093

2.6248 GBP

5p ordinary

 SWAP

Long

11,556

2.5995 GBP

5p ordinary

 SWAP

Long

17,653

2.6029 GBP

5p ordinary

 SWAP

Long

23,810

2.6049 GBP

5p ordinary

 SWAP

Long

32,343

2.5988 GBP

5p ordinary

 SWAP

Short

28

2.5600 GBP

5p ordinary

 SWAP

Short

1,597

2.5975 GBP

5p ordinary

 SWAP

Short

2,171

2.6062 GBP

5p ordinary

 SWAP

Short

2,348

2.5938 GBP

5p ordinary

 SWAP

Short

2,366

2.5943 GBP

5p ordinary

 SWAP

Short

6,352

2.6007 GBP

5p ordinary

 SWAP

Short

7,275

2.5865 GBP

5p ordinary

 SWAP

Short

7,532

2.6056 GBP

5p ordinary

 SWAP

Short

8,725

2.6000 GBP

5p ordinary

 CFD

Short

14,435

2.6002 GBP

5p ordinary

 SWAP

Short

32,606

2.5787 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:

24 May 2022

Contact name:

Large Holdings Regulatory Operations

Telephone number:

020 3134 7213