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:

05 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:

2,547,072

0.41%

8,742,472

1.42%

(2)

Cash-settled derivatives:

15,442,649

2.51%

2,130,390

0.35%

(3)

Stock-settled derivatives (including options)

and agreements to purchase/sell:

0

0.00%

0

0.00%

TOTAL:

17,989,721

2.93%

10,872,862

1.77%

(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

9

2.5180 GBP

5p ordinary

Purchase

94

2.5220 GBP

5p ordinary

Purchase

138

2.5029 GBP

5p ordinary

Purchase

189

2.5160 GBP

5p ordinary

Purchase

253

2.4443 GBP

5p ordinary

Purchase

271

2.4600 GBP

5p ordinary

Purchase

434

2.5280 GBP

5p ordinary

Purchase

493

2.5080 GBP

5p ordinary

Purchase

813

2.5000 GBP

5p ordinary

Purchase

1,009

2.4520 GBP

5p ordinary

Purchase

1,988

2.5199 GBP

5p ordinary

Purchase

2,087

2.4902 GBP

5p ordinary

Purchase

2,696

2.4736 GBP

5p ordinary

Purchase

2,996

2.5063 GBP

5p ordinary

Purchase

3,186

2.4968 GBP

5p ordinary

Purchase

3,845

2.4852 GBP

5p ordinary

Purchase

9,253

2.4742 GBP

5p ordinary

Purchase

10,300

2.4995 GBP

5p ordinary

Purchase

29,133

2.4400 GBP

5p ordinary

Purchase

70,219

2.4538 GBP

5p ordinary

Sale

446

2.5040 GBP

5p ordinary

Sale

472

2.4880 GBP

5p ordinary

Sale

493

2.4800 GBP

5p ordinary

Sale

579

2.5200 GBP

5p ordinary

Sale

840

2.5100 GBP

5p ordinary

Sale

1,015

2.4714 GBP

5p ordinary

Sale

1,033

2.5071 GBP

5p ordinary

Sale

1,101

2.4713 GBP

5p ordinary

Sale

1,623

2.4990 GBP

5p ordinary

Sale

1,663

2.4696 GBP

5p ordinary

Sale

1,846

2.5026 GBP

5p ordinary

Sale

2,183

2.5103 GBP

5p ordinary

Sale

2,347

2.4818 GBP

5p ordinary

Sale

2,814

2.4791 GBP

5p ordinary

Sale

3,907

2.5020 GBP

5p ordinary

Sale

4,252

2.4400 GBP

5p ordinary

Sale

4,651

2.5032 GBP

5p ordinary

Sale

5,144

2.4997 GBP

5p ordinary

Sale

6,001

2.4982 GBP

5p ordinary

Sale

6,035

2.4745 GBP

5p ordinary

Sale

8,718

2.4971 GBP

5p ordinary

Sale

10,721

2.4820 GBP

5p ordinary

Sale

27,730

2.5047 GBP

5p ordinary

Sale

43,439

2.5028 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

885

2.5099 GBP

5p ordinary

 CFD

Long

1,101

2.4713 GBP

5p ordinary

 SWAP

Long

2,183

2.5103 GBP

5p ordinary

 SWAP

Long

2,214

2.5153 GBP

5p ordinary

 CFD

Long

4,252

2.4400 GBP

5p ordinary

 SWAP

Long

7,115

2.4797 GBP

5p ordinary

 CFD

Long

7,878

2.4890 GBP

5p ordinary

 SWAP

Long

9,422

2.4981 GBP

5p ordinary

 SWAP

Long

15,251

2.4975 GBP

5p ordinary

 SWAP

Long

16,243

2.5150 GBP

5p ordinary

 SWAP

Long

26,845

2.5046 GBP

5p ordinary

 SWAP

Short

27

2.5080 GBP

5p ordinary

 SWAP

Short

248

2.5366 GBP

5p ordinary

 SWAP

Short

2,087

2.4902 GBP

5p ordinary

 CFD

Short

4,488

2.4401 GBP

5p ordinary

 SWAP

Short

7,626

2.4996 GBP

5p ordinary

 SWAP

Short

7,739

2.4401 GBP

5p ordinary

 SWAP

Short

8,543

2.4989 GBP

5p ordinary

 SWAP

Short

48,877

2.4471 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:

6 May 2022

Contact name:

Large Holdings Regulatory Operations

Telephone number:

020 3134 7213