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:

09 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:

2,531,561

0.41%

9,104,919

1.48%

(2)

Cash-settled derivatives:

15,811,246

2.57%

2,125,687

0.35%

(3)

Stock-settled derivatives (including options)

and agreements to purchase/sell:

0

0.00%

0

0.00%

TOTAL:

18,342,807

2.99%

11,230,606

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

355

2.4680 GBP

5p ordinary

Purchase

662

2.4320 GBP

5p ordinary

Purchase

1,009

2.4780 GBP

5p ordinary

Purchase

1,010

2.4760 GBP

5p ordinary

Purchase

1,011

2.4740 GBP

5p ordinary

Purchase

1,015

2.4640 GBP

5p ordinary

Purchase

1,479

2.3900 GBP

5p ordinary

Purchase

1,802

2.4721 GBP

5p ordinary

Purchase

1,936

2.4715 GBP

5p ordinary

Purchase

3,819

2.4540 GBP

5p ordinary

Purchase

3,981

2.4642 GBP

5p ordinary

Purchase

5,567

2.4443 GBP

5p ordinary

Purchase

8,897

2.3800 GBP

5p ordinary

Purchase

14,162

2.4478 GBP

5p ordinary

Purchase

60,016

2.4439 GBP

5p ordinary

Sale

47

2.4540 GBP

5p ordinary

Sale

180

2.4639 GBP

5p ordinary

Sale

331

2.4797 GBP

5p ordinary

Sale

381

2.4750 GBP

5p ordinary

Sale

394

2.5098 GBP

5p ordinary

Sale

470

2.4279 GBP

5p ordinary

Sale

1,007

2.4836 GBP

5p ordinary

Sale

1,009

2.4780 GBP

5p ordinary

Sale

1,011

2.4740 GBP

5p ordinary

Sale

1,015

2.4640 GBP

5p ordinary

Sale

1,159

2.4541 GBP

5p ordinary

Sale

1,324

2.4320 GBP

5p ordinary

Sale

1,479

2.3902 GBP

5p ordinary

Sale

1,854

2.4760 GBP

5p ordinary

Sale

2,440

2.4700 GBP

5p ordinary

Sale

2,897

2.5141 GBP

5p ordinary

Sale

3,399

2.4616 GBP

5p ordinary

Sale

3,645

2.5002 GBP

5p ordinary

Sale

4,132

2.4548 GBP

5p ordinary

Sale

4,353

2.4709 GBP

5p ordinary

Sale

5,936

2.4638 GBP

5p ordinary

Sale

7,783

2.4724 GBP

5p ordinary

Sale

8,201

2.4751 GBP

5p ordinary

Sale

9,978

2.4353 GBP

5p ordinary

Sale

13,344

2.4098 GBP

5p ordinary

Sale

13,788

2.4580 GBP

5p ordinary

Sale

15,099

2.4801 GBP

5p ordinary

Sale

19,038

2.4655 GBP

5p ordinary

Sale

20,031

2.4845 GBP

5p ordinary

Sale

23,996

2.4757 GBP

5p ordinary

Sale

66,090

2.4808 GBP

5p ordinary

Sale

74,440

2.4917 GBP

5p ordinary

Sale

122,027

2.4644 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

47

2.4538 GBP

5p ordinary

 SWAP

Long

180

2.4639 GBP

5p ordinary

 SWAP

Long

323

2.4680 GBP

5p ordinary

 SWAP

Long

394

2.5098 GBP

5p ordinary

 CFD

Long

470

2.4279 GBP

5p ordinary

 SWAP

Long

1,001

2.4484 GBP

5p ordinary

 CFD

Long

1,007

2.4836 GBP

5p ordinary

 SWAP

Long

2,470

2.4311 GBP

5p ordinary

 SWAP

Long

2,897

2.5141 GBP

5p ordinary

 CFD

Long

4,191

2.4718 GBP

5p ordinary

 SWAP

Long

5,066

2.4711 GBP

5p ordinary

 SWAP

Long

7,357

2.4869 GBP

5p ordinary

 CFD

Long

8,201

2.4751 GBP

5p ordinary

 CFD

Long

9,978

2.4353 GBP

5p ordinary

 SWAP

Long

12,674

2.4831 GBP

5p ordinary

 CFD

Long

15,099

2.4801 GBP

5p ordinary

 CFD

Long

18,242

2.4668 GBP

5p ordinary

 CFD

Long

19,038

2.4655 GBP

5p ordinary

 CFD

Long

23,996

2.4757 GBP

5p ordinary

 CFD

Long

39,004

2.4647 GBP

5p ordinary

 SWAP

Long

52,546

2.5040 GBP

5p ordinary

 SWAP

Long

60,516

2.4754 GBP

5p ordinary

 SWAP

Long

61,511

2.4535 GBP

5p ordinary

 CFD

Long

66,090

2.4808 GBP

5p ordinary

 SWAP

Short

355

2.4680 GBP

5p ordinary

 SWAP

Short

3,577

2.4575 GBP

5p ordinary

 SWAP

Short

16,804

2.4155 GBP

5p ordinary

 SWAP

Short

27,994

2.4572 GBP

5p ordinary

 SWAP

Short

35,351

2.4495 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:

10 May 2022

Contact name:

Large Holdings Regulatory Operations

Telephone number:

020 3134 7213