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:

10 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:

2,490,256

0.41%

9,228,397

1.50%

(2)

Cash-settled derivatives:

15,935,069

2.59%

2,080,231

0.34%

(3)

Stock-settled derivatives (including options)

and agreements to purchase/sell:

0

0.00%

0

0.00%

TOTAL:

18,425,325

3.00%

11,308,628

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

296

2.4635 GBP

5p ordinary

Purchase

425

2.4500 GBP

5p ordinary

Purchase

580

2.4649 GBP

5p ordinary

Purchase

675

2.4803 GBP

5p ordinary

Purchase

743

2.4615 GBP

5p ordinary

Purchase

969

2.4489 GBP

5p ordinary

Purchase

983

2.4764 GBP

5p ordinary

Purchase

1,206

2.4526 GBP

5p ordinary

Purchase

1,896

2.4400 GBP

5p ordinary

Purchase

3,945

2.4770 GBP

5p ordinary

Purchase

7,374

2.4616 GBP

5p ordinary

Purchase

20,153

2.4398 GBP

5p ordinary

Purchase

83,681

2.4477 GBP

5p ordinary

Sale

107

2.4794 GBP

5p ordinary

Sale

189

2.4820 GBP

5p ordinary

Sale

363

2.4558 GBP

5p ordinary

Sale

677

2.4536 GBP

5p ordinary

Sale

842

2.4763 GBP

5p ordinary

Sale

939

2.4797 GBP

5p ordinary

Sale

978

2.4764 GBP

5p ordinary

Sale

994

2.4773 GBP

5p ordinary

Sale

3,945

2.4770 GBP

5p ordinary

Sale

5,029

2.4778 GBP

5p ordinary

Sale

6,880

2.4740 GBP

5p ordinary

Sale

21,088

2.4410 GBP

5p ordinary

Sale

23,760

2.4742 GBP

5p ordinary

Sale

43,065

2.4669 GBP

5p ordinary

Sale

57,798

2.4400 GBP

5p ordinary

Sale

121,055

2.4714 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

623

2.4482 GBP

5p ordinary

 SWAP

Long

677

2.4536 GBP

5p ordinary

 SWAP

Long

842

2.4763 GBP

5p ordinary

 SWAP

Long

978

2.4764 GBP

5p ordinary

 SWAP

Long

2,280

2.4722 GBP

5p ordinary

 SWAP

Long

2,745

2.4777 GBP

5p ordinary

 SWAP

Long

4,600

2.4749 GBP

5p ordinary

 CFD

Long

8,824

2.4766 GBP

5p ordinary

 SWAP

Long

9,591

2.4399 GBP

5p ordinary

 SWAP

Long

17,653

2.4733 GBP

5p ordinary

 SWAP

Long

20,788

2.4776 GBP

5p ordinary

 SWAP

Long

20,907

2.4767 GBP

5p ordinary

 SWAP

Long

51,569

2.4762 GBP

5p ordinary

 SWAP

Long

57,798

2.4400 GBP

5p ordinary

 SWAP

Long

62,765

2.4655 GBP

5p ordinary

 CFD

Short

1

2.4400 GBP

5p ordinary

 SWAP

Short

983

2.4764 GBP

5p ordinary

 CFD

Short

6,595

2.4401 GBP

5p ordinary

 SWAP

Short

7,002

2.4475 GBP

5p ordinary

 SWAP

Short

7,374

2.4616 GBP

5p ordinary

 SWAP

Short

11,681

2.4400 GBP

5p ordinary

 SWAP

Short

14,357

2.4399 GBP

5p ordinary

 SWAP

Short

15,679

2.4811 GBP

5p ordinary

 SWAP

Short

29,689

2.4392 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:

11 May 2022

Contact name:

Large Holdings Regulatory Operations

Telephone number:

020 3134 7213