Barclays Regulatory News (BARC)

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:

25 April 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:

2,161,385

0.35%

7,643,059

1.24%

(2)

Cash-settled derivatives:

7,331,848

1.19%

2,088,292

0.34%

(3)

Stock-settled derivatives (including options)

and agreements to purchase/sell:

0

0.00%

0

0.00%

TOTAL:

9,493,233

1.55%

9,731,351

1.58%

(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

362

2.2680 GBP

5p ordinary

Purchase

426

2.2640 GBP

5p ordinary

Purchase

440

2.2360 GBP

5p ordinary

Purchase

483

2.2460 GBP

5p ordinary

Purchase

487

2.2838 GBP

5p ordinary

Purchase

635

2.2503 GBP

5p ordinary

Purchase

1,104

2.2713 GBP

5p ordinary

Purchase

1,433

2.2600 GBP

5p ordinary

Purchase

1,621

2.2553 GBP

5p ordinary

Purchase

2,288

2.2944 GBP

5p ordinary

Purchase

3,317

2.2860 GBP

5p ordinary

Purchase

5,498

2.2593 GBP

5p ordinary

Purchase

6,100

2.2839 GBP

5p ordinary

Purchase

6,100

2.2840 GBP

5p ordinary

Purchase

6,552

2.2786 GBP

5p ordinary

Purchase

6,573

2.2616 GBP

5p ordinary

Purchase

13,115

2.2638 GBP

5p ordinary

Purchase

24,614

2.2820 GBP

5p ordinary

Purchase

33,161

2.2562 GBP

5p ordinary

Purchase

55,169

2.2803 GBP

5p ordinary

Purchase

155,671

2.2597 GBP

5p ordinary

Sale

27

2.2700 GBP

5p ordinary

Sale

40

2.2802 GBP

5p ordinary

Sale

41

2.2621 GBP

5p ordinary

Sale

188

2.3460 GBP

5p ordinary

Sale

432

2.2760 GBP

5p ordinary

Sale

483

2.2460 GBP

5p ordinary

Sale

663

2.2862 GBP

5p ordinary

Sale

820

2.2340 GBP

5p ordinary

Sale

869

2.2718 GBP

5p ordinary

Sale

903

2.2358 GBP

5p ordinary

Sale

1,099

2.2740 GBP

5p ordinary

Sale

1,144

2.2567 GBP

5p ordinary

Sale

1,528

2.2747 GBP

5p ordinary

Sale

1,555

2.2758 GBP

5p ordinary

Sale

1,633

2.2850 GBP

5p ordinary

Sale

1,760

2.2611 GBP

5p ordinary

Sale

1,818

2.2858 GBP

5p ordinary

Sale

2,187

2.2609 GBP

5p ordinary

Sale

2,204

2.2689 GBP

5p ordinary

Sale

2,716

2.2906 GBP

5p ordinary

Sale

2,834

2.2663 GBP

5p ordinary

Sale

2,866

2.2600 GBP

5p ordinary

Sale

2,953

2.2723 GBP

5p ordinary

Sale

3,177

2.2733 GBP

5p ordinary

Sale

3,700

2.2732 GBP

5p ordinary

Sale

3,969

2.2506 GBP

5p ordinary

Sale

4,970

2.2550 GBP

5p ordinary

Sale

6,100

2.2840 GBP

5p ordinary

Sale

7,059

2.2798 GBP

5p ordinary

Sale

10,371

2.2570 GBP

5p ordinary

Sale

12,188

2.2736 GBP

5p ordinary

Sale

16,083

2.2629 GBP

5p ordinary

Sale

25,821

2.2583 GBP

5p ordinary

Sale

35,624

2.2500 GBP

5p ordinary

Sale

35,922

2.2643 GBP

5p ordinary

Sale

112,884

2.2601 GBP

5p ordinary

Sale

118,409

2.2523 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

27

2.2700 GBP

5p ordinary

 SWAP

Long

40

2.2802 GBP

5p ordinary

 SWAP

Long

41

2.2620 GBP

5p ordinary

 SWAP

Long

769

2.2518 GBP

5p ordinary

 SWAP

Long

3,177

2.2733 GBP

5p ordinary

 CFD

Long

10,371

2.2569 GBP

5p ordinary

 SWAP

Long

12,188

2.2736 GBP

5p ordinary

 CFD

Long

19,260

2.2498 GBP

5p ordinary

 SWAP

Long

23,017

2.2594 GBP

5p ordinary

 SWAP

Long

25,713

2.2500 GBP

5p ordinary

 SWAP

Long

54,741

2.2520 GBP

5p ordinary

 SWAP

Short

67

2.3203 GBP

5p ordinary

 SWAP

Short

420

2.2780 GBP

5p ordinary

 SWAP

Short

1,800

2.2673 GBP

5p ordinary

 SWAP

Short

4,125

2.2680 GBP

5p ordinary

 SWAP

Short

6,573

2.2616 GBP

5p ordinary

 SWAP

Short

13,115

2.2638 GBP

5p ordinary

 SWAP

Short

14,388

2.2754 GBP

5p ordinary

 SWAP

Short

22,939

2.2931 GBP

5p ordinary

 SWAP

Short

28,199

2.2746 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:

26 Apr 2022

Contact name:

Large Holdings Regulatory Operations

Telephone number:

020 3134 7213