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:

19 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:

2,596,518

0.42%

9,505,875

1.55%

(2)

Cash-settled derivatives:

17,516,245

2.85%

2,207,759

0.36%

(3)

Stock-settled derivatives (including options)

and agreements to purchase/sell:

0

0.00%

0

0.00%

TOTAL:

20,112,763

3.28%

11,713,634

1.91%

(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

100

2.4520 GBP

5p ordinary

Purchase

242

2.4640 GBP

5p ordinary

Purchase

250

2.4620 GBP

5p ordinary

Purchase

451

2.4209 GBP

5p ordinary

Purchase

632

2.4517 GBP

5p ordinary

Purchase

2,129

2.4680 GBP

5p ordinary

Purchase

2,269

2.4678 GBP

5p ordinary

Purchase

3,090

2.4501 GBP

5p ordinary

Purchase

8,538

2.4594 GBP

5p ordinary

Purchase

9,603

2.4670 GBP

5p ordinary

Purchase

29,299

2.4675 GBP

5p ordinary

Sale

206

2.4579 GBP

5p ordinary

Sale

250

2.4621 GBP

5p ordinary

Sale

851

2.4686 GBP

5p ordinary

Sale

1,359

2.4331 GBP

5p ordinary

Sale

1,520

2.4438 GBP

5p ordinary

Sale

3,923

2.4529 GBP

5p ordinary

Sale

5,294

2.4581 GBP

5p ordinary

Sale

6,023

2.4582 GBP

5p ordinary

Sale

6,388

2.4644 GBP

5p ordinary

Sale

9,883

2.4492 GBP

5p ordinary

Sale

14,543

2.4571 GBP

5p ordinary

Sale

20,518

2.4486 GBP

5p ordinary

Sale

48,029

2.4601 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

206

2.4579 GBP

5p ordinary

 SWAP

Long

1,359

2.4331 GBP

5p ordinary

 SWAP

Long

3,923

2.4529 GBP

5p ordinary

 SWAP

Long

4,970

2.4630 GBP

5p ordinary

 SWAP

Long

6,023

2.4582 GBP

5p ordinary

 SWAP

Long

8,638

2.4601 GBP

5p ordinary

 SWAP

Long

12,958

2.4559 GBP

5p ordinary

 SWAP

Long

13,389

2.4523 GBP

5p ordinary

 CFD

Long

14,543

2.4571 GBP

5p ordinary

 SWAP

Long

20,518

2.4486 GBP

5p ordinary

 SWAP

Long

29,741

2.4606 GBP

5p ordinary

 SWAP

Short

100

2.4520 GBP

5p ordinary

 SWAP

Short

451

2.4209 GBP

5p ordinary

 SWAP

Short

1,702

2.4648 GBP

5p ordinary

 SWAP

Short

3,090

2.4501 GBP

5p ordinary

 CFD

Short

3,184

2.4501 GBP

5p ordinary

 CFD

Short

6,385

2.4681 GBP

5p ordinary

 SWAP

Short

8,538

2.4594 GBP

5p ordinary

 SWAP

Short

9,603

2.4670 GBP

5p ordinary

 SWAP

Short

18,902

2.4699 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:

20 May 2022

Contact name:

Large Holdings Regulatory Operations

Telephone number:

020 3134 7213