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:

16 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:

2,467,724

0.40%

9,249,987

1.51%

(2)

Cash-settled derivatives:

16,619,945

2.71%

2,076,706

0.34%

(3)

Stock-settled derivatives (including options)

and agreements to purchase/sell:

0

0.00%

0

0.00%

TOTAL:

19,087,669

3.11%

11,326,693

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

414

2.4621 GBP

5p ordinary

Purchase

489

2.4543 GBP

5p ordinary

Purchase

860

2.4662 GBP

5p ordinary

Purchase

2,429

2.4654 GBP

5p ordinary

Purchase

2,979

2.4600 GBP

5p ordinary

Purchase

3,685

2.4743 GBP

5p ordinary

Purchase

7,387

2.4618 GBP

5p ordinary

Purchase

8,369

2.4660 GBP

5p ordinary

Purchase

14,995

2.4760 GBP

5p ordinary

Purchase

16,167

2.4541 GBP

5p ordinary

Purchase

20,747

2.4561 GBP

5p ordinary

Purchase

31,511

2.4664 GBP

5p ordinary

Purchase

50,000

2.4692 GBP

5p ordinary

Sale

1

2.4680 GBP

5p ordinary

Sale

38

2.4360 GBP

5p ordinary

Sale

70

2.4436 GBP

5p ordinary

Sale

79

2.4959 GBP

5p ordinary

Sale

135

2.4521 GBP

5p ordinary

Sale

318

2.4760 GBP

5p ordinary

Sale

348

2.4626 GBP

5p ordinary

Sale

480

2.4600 GBP

5p ordinary

Sale

840

2.4540 GBP

5p ordinary

Sale

875

2.4502 GBP

5p ordinary

Sale

981

2.4580 GBP

5p ordinary

Sale

1,055

2.4552 GBP

5p ordinary

Sale

1,613

2.4647 GBP

5p ordinary

Sale

1,871

2.4582 GBP

5p ordinary

Sale

2,368

2.4631 GBP

5p ordinary

Sale

2,979

2.4602 GBP

5p ordinary

Sale

5,543

2.4545 GBP

5p ordinary

Sale

6,599

2.4578 GBP

5p ordinary

Sale

11,403

2.4675 GBP

5p ordinary

Sale

12,388

2.4761 GBP

5p ordinary

Sale

14,909

2.4655 GBP

5p ordinary

Sale

16,400

2.4550 GBP

5p ordinary

Sale

33,031

2.4702 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

79

2.4959 GBP

5p ordinary

 SWAP

Long

429

2.4420 GBP

5p ordinary

 SWAP

Long

897

2.4701 GBP

5p ordinary

 SWAP

Long

2,350

2.4679 GBP

5p ordinary

 SWAP

Long

2,443

2.4709 GBP

5p ordinary

 SWAP

Long

2,605

2.4676 GBP

5p ordinary

 SWAP

Long

7,027

2.4652 GBP

5p ordinary

 SWAP

Long

8,182

2.4738 GBP

5p ordinary

 SWAP

Long

12,111

2.4760 GBP

5p ordinary

 CFD

Long

14,909

2.4655 GBP

5p ordinary

 SWAP

Long

17,448

2.4597 GBP

5p ordinary

 SWAP

Short

353

2.4959 GBP

5p ordinary

 SWAP

Short

489

2.4543 GBP

5p ordinary

 SWAP

Short

563

2.4649 GBP

5p ordinary

 SWAP

Short

2,453

2.4637 GBP

5p ordinary

 CFD

Short

3,704

2.4761 GBP

5p ordinary

 SWAP

Short

5,650

2.4626 GBP

5p ordinary

 SWAP

Short

5,729

2.4760 GBP

5p ordinary

 SWAP

Short

8,369

2.4660 GBP

5p ordinary

 SWAP

Short

11,427

2.4590 GBP

5p ordinary

 CFD

Short

18,600

2.4681 GBP

5p ordinary

 SWAP

Short

50,000

2.4692 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:

17 May 2022

Contact name:

Large Holdings Regulatory Operations

Telephone number:

020 3134 7213