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:

11 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:

2,445,651

0.40%

9,300,714

1.51%

(2)

Cash-settled derivatives:

16,664,278

2.71%

2,060,346

0.34%

(3)

Stock-settled derivatives (including options)

and agreements to purchase/sell:

0

0.00%

0

0.00%

TOTAL:

19,109,929

3.11%

11,361,060

1.85%

(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

969

2.4947 GBP

5p ordinary

Purchase

1,005

2.4880 GBP

5p ordinary

Purchase

1,049

2.5002 GBP

5p ordinary

Purchase

1,414

2.4900 GBP

5p ordinary

Purchase

2,004

2.4959 GBP

5p ordinary

Purchase

2,010

2.4884 GBP

5p ordinary

Purchase

2,684

2.5020 GBP

5p ordinary

Purchase

3,894

2.5000 GBP

5p ordinary

Purchase

5,382

2.4913 GBP

5p ordinary

Purchase

5,405

2.5018 GBP

5p ordinary

Purchase

6,368

2.4899 GBP

5p ordinary

Purchase

9,059

2.4961 GBP

5p ordinary

Purchase

23,377

2.4918 GBP

5p ordinary

Purchase

37,156

2.4984 GBP

5p ordinary

Sale

415

2.4560 GBP

5p ordinary

Sale

489

2.5040 GBP

5p ordinary

Sale

504

2.4840 GBP

5p ordinary

Sale

549

2.4860 GBP

5p ordinary

Sale

636

2.4780 GBP

5p ordinary

Sale

871

2.4739 GBP

5p ordinary

Sale

924

2.4919 GBP

5p ordinary

Sale

1,063

2.5060 GBP

5p ordinary

Sale

1,377

2.4987 GBP

5p ordinary

Sale

1,761

2.4967 GBP

5p ordinary

Sale

2,250

2.5013 GBP

5p ordinary

Sale

2,349

2.4941 GBP

5p ordinary

Sale

3,179

2.4970 GBP

5p ordinary

Sale

3,894

2.5000 GBP

5p ordinary

Sale

6,019

2.4930 GBP

5p ordinary

Sale

7,445

2.4886 GBP

5p ordinary

Sale

8,328

2.4960 GBP

5p ordinary

Sale

9,216

2.5020 GBP

5p ordinary

Sale

14,418

2.5014 GBP

5p ordinary

Sale

18,418

2.4971 GBP

5p ordinary

Sale

134,593

2.4983 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

1,663

2.4835 GBP

5p ordinary

 SWAP

Long

2,250

2.5013 GBP

5p ordinary

 SWAP

Long

7,234

2.4940 GBP

5p ordinary

 SWAP

Long

8,370

2.5020 GBP

5p ordinary

 CFD

Long

8,439

2.4908 GBP

5p ordinary

 CFD

Long

9,739

2.4979 GBP

5p ordinary

 SWAP

Long

10,144

2.4969 GBP

5p ordinary

 SWAP

Long

14,418

2.5014 GBP

5p ordinary

 SWAP

Long

19,247

2.4864 GBP

5p ordinary

 SWAP

Long

25,174

2.4970 GBP

5p ordinary

 SWAP

Long

25,407

2.5024 GBP

5p ordinary

 CFD

Long

53,556

2.5017 GBP

5p ordinary

 SWAP

Short

340

2.5039 GBP

5p ordinary

 SWAP

Short

6,256

2.4862 GBP

5p ordinary

 SWAP

Short

6,949

2.4911 GBP

5p ordinary

 SWAP

Short

9,059

2.4961 GBP

5p ordinary

 SWAP

Short

17,597

2.4936 GBP

5p ordinary

 SWAP

Short

37,156

2.4984 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:

12 May 2022

Contact name:

Large Holdings Regulatory Operations

Telephone number:

020 3134 7213