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:

18 March 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:

2,929,017

0.48%

7,948,693

1.29%

(2)

Cash-settled derivatives:

7,375,817

1.20%

2,379,070

0.39%

(3)

Stock-settled derivatives (including options)

and agreements to purchase/sell:

0

0.00%

0

0.00%

TOTAL:

10,304,834

1.68%

10,327,763

1.68%

(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

19

2.3740 GBP

5p ordinary

Purchase

36

2.3579 GBP

5p ordinary

Purchase

355

2.3560 GBP

5p ordinary

Purchase

657

2.3800 GBP

5p ordinary

Purchase

680

2.3540 GBP

5p ordinary

Purchase

758

2.3620 GBP

5p ordinary

Purchase

767

2.3582 GBP

5p ordinary

Purchase

938

2.3728 GBP

5p ordinary

Purchase

941

2.3635 GBP

5p ordinary

Purchase

1,189

2.3587 GBP

5p ordinary

Purchase

1,389

2.3612 GBP

5p ordinary

Purchase

1,455

2.3660 GBP

5p ordinary

Purchase

1,711

2.3743 GBP

5p ordinary

Purchase

1,906

2.3651 GBP

5p ordinary

Purchase

2,226

2.3682 GBP

5p ordinary

Purchase

2,253

2.3627 GBP

5p ordinary

Purchase

2,800

2.3559 GBP

5p ordinary

Purchase

4,292

2.3617 GBP

5p ordinary

Purchase

4,806

2.3637 GBP

5p ordinary

Purchase

5,000

2.3720 GBP

5p ordinary

Purchase

6,060

2.3572 GBP

5p ordinary

Purchase

6,179

2.3616 GBP

5p ordinary

Purchase

6,803

2.3645 GBP

5p ordinary

Purchase

6,969

2.3594 GBP

5p ordinary

Purchase

14,293

2.3762 GBP

5p ordinary

Purchase

27,590

2.3602 GBP

5p ordinary

Purchase

67,315

2.3908 GBP

5p ordinary

Purchase

108,006

2.4002 GBP

5p ordinary

Purchase

139,859

2.4040 GBP

5p ordinary

Sale

10

2.3600 GBP

5p ordinary

Sale

49

2.4017 GBP

5p ordinary

Sale

86

2.3542 GBP

5p ordinary

Sale

355

2.3560 GBP

5p ordinary

Sale

902

2.3840 GBP

5p ordinary

Sale

2,590

2.3606 GBP

5p ordinary

Sale

3,083

2.3707 GBP

5p ordinary

Sale

5,000

2.3720 GBP

5p ordinary

Sale

6,760

2.4041 GBP

5p ordinary

Sale

14,183

2.3892 GBP

5p ordinary

Sale

18,848

2.3660 GBP

5p ordinary

Sale

105,354

2.3930 GBP

5p ordinary

Sale

126,994

2.4040 GBP

5p ordinary

Sale

501,370

2.4016 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

11

2.3559 GBP

5p ordinary

 CFD

Long

59

2.3944 GBP

5p ordinary

 SWAP

Long

86

2.3542 GBP

5p ordinary

 SWAP

Long

1,155

2.3673 GBP

5p ordinary

 SWAP

Long

2,571

2.3820 GBP

5p ordinary

 SWAP

Long

3,083

2.3707 GBP

5p ordinary

 SWAP

Long

3,304

2.3611 GBP

5p ordinary

 SWAP

Long

3,982

2.4039 GBP

5p ordinary

 SWAP

Long

9,238

2.3652 GBP

5p ordinary

 SWAP

Long

14,855

2.3558 GBP

5p ordinary

 CFD

Long

93,790

2.4040 GBP

5p ordinary

 SWAP

Long

118,042

2.4033 GBP

5p ordinary

 CFD

Long

125,895

2.4006 GBP

5p ordinary

 SWAP

Long

247,228

2.4028 GBP

5p ordinary

 SWAP

Short

2

2.3598 GBP

5p ordinary

 SWAP

Short

19

2.3742 GBP

5p ordinary

 SWAP

Short

34

2.3578 GBP

5p ordinary

 SWAP

Short

48

2.3585 GBP

5p ordinary

 SWAP

Short

73

2.3596 GBP

5p ordinary

 SWAP

Short

111

2.3636 GBP

5p ordinary

 SWAP

Short

132

2.3588 GBP

5p ordinary

 SWAP

Short

144

2.3540 GBP

5p ordinary

 SWAP

Short

536

2.3621 GBP

5p ordinary

 SWAP

Short

653

2.3560 GBP

5p ordinary

 SWAP

Short

758

2.3620 GBP

5p ordinary

 SWAP

Short

767

2.3582 GBP

5p ordinary

 SWAP

Short

830

2.3635 GBP

5p ordinary

 SWAP

Short

1,393

2.3616 GBP

5p ordinary

 SWAP

Short

1,638

2.3749 GBP

5p ordinary

 SWAP

Short

1,774

2.3656 GBP

5p ordinary

 SWAP

Short

2,334

2.3622 GBP

5p ordinary

 SWAP

Short

2,571

2.3820 GBP

5p ordinary

 SWAP

Short

4,244

2.3617 GBP

5p ordinary

 SWAP

Short

5,131

2.4040 GBP

5p ordinary

 SWAP

Short

6,440

2.3641 GBP

5p ordinary

 SWAP

Short

6,969

2.3594 GBP

5p ordinary

 SWAP

Short

8,164

2.3915 GBP

5p ordinary

 CFD

Short

12,742

2.3609 GBP

5p ordinary

 CFD

Short

14,293

2.3762 GBP

5p ordinary

 SWAP

Short

14,328

2.3603 GBP

5p ordinary

 SWAP

Short

67,315

2.3908 GBP

5p ordinary

 CFD

Short

132,255

2.4040 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:

21 Mar 2022

Contact name:

Large Holdings Regulatory Operations

Telephone number:

020 3134 7213