Holding(s) in Company

TR-1: NOTIFICATION OF MAJOR INTEREST IN SHARESi

1. Identity of the issuer or the underlying issuer of existing shares to which voting rights are attached: ii

National Express Group PLC

2 Reason for the notification (please tick the appropriate box or boxes):

An acquisition or disposal of voting rights

Yes

An acquisition or disposal of qualifying financial instruments which may result in the acquisition of shares already issued to which voting rights are attached

No

An acquisition or disposal of instruments with similar economic effect to qualifying financial instruments

Yes

An event changing the breakdown of voting rights

No

Other (please specify):

No

3. Full name of person(s) subject to the notification obligation: iii

Elliott International, L.P, Liverpool Ltd Partnership

4. Full name of shareholder(s)  (if different from 3.):iv

N/A

5. Date of the transaction and date on which the threshold is crossed or reached: v

08 December 2009

6. Date on which issuer notified:

10 December 2009

7. Threshold(s) that is/are crossed or reached: vi, vii

Below 6% to 6%

8. Notified details:

A: Voting rights attached to shares viii, ix

Class/type of shares

if possible using the ISIN CODE

Situation previous to the triggering transaction

Resulting situation after the triggering transaction

Number of Shares

Number of Voting Rights

Number of shares

Number of voting rights

% of voting rights x

Direct

Direct xi

Indirect xii

Direct

Indirect

Ordinary Shares

GB0006215205

100

100

100

100

0.000019%

*see para. 13

B: Qualifying Financial Instruments

Resulting situation after the triggering transaction

Type of financial instrument

Expiration date xiii

Exercise/  Conversion Period xiv

Number of voting rights that may be acquired if the instrument is exercised/ converted.

% of voting rights

C: Financial Instruments with similar economic effect to Qualifying Financial Instruments xv, xvi

Resulting situation after the triggering transaction

Type of financial instrument

Exercise price

Expiration date xvii

Exercise/ Conversion period xviii

Number of voting rights instrument refers to

% of voting rights xix, xx

Nominal

Delta

CFD over Ordinary Shares

GB0006215205

10,209,063

2.0015%

*see para. 13

Rights under Rights Issue 

GB00B580JL02

15/12/09

21,577,945

4.2305% *see para. 13

Total (A+B+C)

Number of voting rights

Percentage of voting rights

31,787,108

6.232% *see para. 13

9. Chain of controlled undertakings through which the voting rights and/or the financial instruments are effectively held, if applicable: xxi

Holding consists of the following positions:

Shares - GB0006215205 

Ordinary shares - 100 shares

Ordinary shares (CFD) - 10,209,063 shares

Rights - GB00B580JL02

Rights - 21,577,945 Rights

Total equivalent ords (Post capital raising) = 31,787,108

Proxy Voting:

10. Name of the proxy holder:

11. Number of voting rights proxy holder will cease to hold:

12. Date on which proxy holder will cease to hold voting rights:

13. Additional information:

The attached disclosure has been made in accordance with Policy Statement PS 09/3 published in March 2009, and the associated Questions & Answers published on 11 June 2009 (the "Q&As").

The person making the notification acquired rights pursuant to the issuer's rights issue on 2/12/09.

In accordance with paragraph 19 of the Q&As, this acquisition will lead to their proportionate holding in the issuer to change from below 6% prior to the new shares being issued to [6.232%] following the issue of the new shares. (New Total shares in issue are 510,061,986)

Accordingly, following completion of the rights issue, the person making the notification will have an interest in [6.232%] of the issuer's shares.

If the disclosure made pursuant to this notification were to be made on the basis of the issuer's existing share capital (as notified by the issuer under DTR 5.6), then the person making the notification would have a disclosable interest of [20.77]% of the voting rights of the issuer. However, as this percentage figure will not reflect the actual position of such person upon completion of the rights issue, the person making the notification believes it would be misleading to the market to make a notification on this basis and has accordingly made the notification by reference to the issuer's share capital following completion of the rights issue

14. Contact name:

Barbara Lees

15. Contact telephone number:

020 7506 4302