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:

13 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:

2,430,017

0.40%

9,257,988

1.51%

(2)

Cash-settled derivatives:

16,628,502

2.71%

2,046,406

0.33%

(3)

Stock-settled derivatives (including options)

and agreements to purchase/sell:

0

0.00%

0

0.00%

TOTAL:

19,058,519

3.10%

11,304,394

1.84%

(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

26

2.4780 GBP

5p ordinary

Purchase

32

2.4886 GBP

5p ordinary

Purchase

97

2.4852 GBP

5p ordinary

Purchase

347

2.4905 GBP

5p ordinary

Purchase

371

2.4837 GBP

5p ordinary

Purchase

385

2.4720 GBP

5p ordinary

Purchase

579

2.4879 GBP

5p ordinary

Purchase

647

2.4790 GBP

5p ordinary

Purchase

1,675

2.4755 GBP

5p ordinary

Purchase

1,848

2.4787 GBP

5p ordinary

Purchase

2,017

2.4897 GBP

5p ordinary

Purchase

3,018

2.4818 GBP

5p ordinary

Purchase

3,391

2.4740 GBP

5p ordinary

Purchase

4,841

2.4956 GBP

5p ordinary

Purchase

5,297

2.4839 GBP

5p ordinary

Purchase

6,718

2.4857 GBP

5p ordinary

Purchase

11,985

2.4758 GBP

5p ordinary

Purchase

42,977

2.4743 GBP

5p ordinary

Purchase

74,731

2.4980 GBP

5p ordinary

Sale

259

2.4800 GBP

5p ordinary

Sale

404

2.4799 GBP

5p ordinary

Sale

429

2.4960 GBP

5p ordinary

Sale

493

2.4740 GBP

5p ordinary

Sale

624

2.4727 GBP

5p ordinary

Sale

810

2.4739 GBP

5p ordinary

Sale

1,170

2.4855 GBP

5p ordinary

Sale

1,526

2.4772 GBP

5p ordinary

Sale

2,266

2.4808 GBP

5p ordinary

Sale

2,664

2.4817 GBP

5p ordinary

Sale

3,300

2.4793 GBP

5p ordinary

Sale

3,878

2.4761 GBP

5p ordinary

Sale

4,032

2.4884 GBP

5p ordinary

Sale

4,414

2.4981 GBP

5p ordinary

Sale

5,322

2.4746 GBP

5p ordinary

Sale

7,152

2.4767 GBP

5p ordinary

Sale

8,498

2.4899 GBP

5p ordinary

Sale

14,828

2.4845 GBP

5p ordinary

Sale

32,251

2.4980 GBP

5p ordinary

Sale

66,062

2.4933 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

1,934

2.4869 GBP

5p ordinary

 SWAP

Long

2,664

2.4817 GBP

5p ordinary

 SWAP

Long

3,095

2.4839 GBP

5p ordinary

 CFD

Long

3,438

2.4977 GBP

5p ordinary

 SWAP

Long

5,064

2.4770 GBP

5p ordinary

 SWAP

Long

5,322

2.4746 GBP

5p ordinary

 SWAP

Long

5,845

2.4885 GBP

5p ordinary

 CFD

Long

14,828

2.4845 GBP

5p ordinary

 SWAP

Long

25,354

2.4896 GBP

5p ordinary

 SWAP

Long

39,155

2.4937 GBP

5p ordinary

 SWAP

Short

1,857

2.4838 GBP

5p ordinary

 SWAP

Short

3,776

2.4800 GBP

5p ordinary

 SWAP

Short

5,297

2.4839 GBP

5p ordinary

 SWAP

Short

11,985

2.4758 GBP

5p ordinary

 SWAP

Short

39,411

2.4980 GBP

5p ordinary

 SWAP

Short

42,857

2.4742 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:

16 May 2022

Contact name:

Large Holdings Regulatory Operations

Telephone number:

020 3134 7213