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:

17 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:

3,292,720

0.54%

7,944,064

1.29%

(2)

Cash-settled derivatives:

7,321,612

1.19%

2,662,466

0.43%

(3)

Stock-settled derivatives (including options)

and agreements to purchase/sell:

0

0.00%

0

0.00%

TOTAL:

10,614,332

1.73%

10,606,530

1.73%

(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

71

2.3700 GBP

5p ordinary

Purchase

212

2.3640 GBP

5p ordinary

Purchase

222

2.3117 GBP

5p ordinary

Purchase

383

2.3659 GBP

5p ordinary

Purchase

545

2.3740 GBP

5p ordinary

Purchase

591

2.3550 GBP

5p ordinary

Purchase

702

2.3514 GBP

5p ordinary

Purchase

759

2.3750 GBP

5p ordinary

Purchase

892

2.3727 GBP

5p ordinary

Purchase

1,027

2.3691 GBP

5p ordinary

Purchase

1,066

2.3500 GBP

5p ordinary

Purchase

1,199

2.3670 GBP

5p ordinary

Purchase

1,305

2.3681 GBP

5p ordinary

Purchase

1,395

2.3690 GBP

5p ordinary

Purchase

1,703

2.3712 GBP

5p ordinary

Purchase

2,107

2.3744 GBP

5p ordinary

Purchase

2,169

2.3585 GBP

5p ordinary

Purchase

2,524

2.3658 GBP

5p ordinary

Purchase

6,579

2.3739 GBP

5p ordinary

Purchase

9,514

2.3647 GBP

5p ordinary

Purchase

51,607

2.3706 GBP

5p ordinary

Purchase

79,672

2.3661 GBP

5p ordinary

Sale

67

2.3558 GBP

5p ordinary

Sale

287

2.3724 GBP

5p ordinary

Sale

498

2.3740 GBP

5p ordinary

Sale

1,270

2.3700 GBP

5p ordinary

Sale

2,826

2.3739 GBP

5p ordinary

Sale

3,173

2.3663 GBP

5p ordinary

Sale

4,624

2.3735 GBP

5p ordinary

Sale

13,666

2.3696 GBP

5p ordinary

Sale

22,363

2.3717 GBP

5p ordinary

Sale

39,108

2.3641 GBP

5p ordinary

Sale

99,154

2.3640 GBP

(b)

Cash-settled derivative transactions

Class of

Product

Nature of dealing

Number of

Price per

relevant

description

reference

unit

security

securities

5p ordinary

 CFD

Long

67

2.3558 GBP

5p ordinary

 SWAP

Long

384

2.3616 GBP

5p ordinary

 SWAP

Long

1,010

2.3631 GBP

5p ordinary

 SWAP

Long

1,673

2.3522 GBP

5p ordinary

 SWAP

Long

1,990

2.3632 GBP

5p ordinary

 SWAP

Long

2,442

2.3758 GBP

5p ordinary

 SWAP

Long

2,628

2.3639 GBP

5p ordinary

 SWAP

Long

3,409

2.3757 GBP

5p ordinary

 SWAP

Long

3,502

2.3640 GBP

5p ordinary

 SWAP

Long

9,365

2.3743 GBP

5p ordinary

 SWAP

Long

10,061

2.3738 GBP

5p ordinary

 SWAP

Long

11,302

2.3717 GBP

5p ordinary

 CFD

Long

66,937

2.3640 GBP

5p ordinary

 SWAP

Short

2

2.3642 GBP

5p ordinary

 SWAP

Short

3

2.3689 GBP

5p ordinary

 SWAP

Short

3

2.3735 GBP

5p ordinary

 SWAP

Short

6

2.3671 GBP

5p ordinary

 SWAP

Short

13

2.3500 GBP

5p ordinary

 SWAP

Short

23

2.3729 GBP

5p ordinary

 SWAP

Short

27

2.3685 GBP

5p ordinary

 SWAP

Short

55

2.3679 GBP

5p ordinary

 SWAP

Short

120

2.3380 GBP

5p ordinary

 SWAP

Short

124

2.3686 GBP

5p ordinary

 SWAP

Short

130

2.3655 GBP

5p ordinary

 SWAP

Short

151

2.3542 GBP

5p ordinary

 SWAP

Short

192

2.3656 GBP

5p ordinary

 SWAP

Short

216

2.3507 GBP

5p ordinary

 SWAP

Short

220

2.3674 GBP

5p ordinary

 SWAP

Short

222

2.3117 GBP

5p ordinary

 SWAP

Short

301

2.3733 GBP

5p ordinary

 SWAP

Short

322

2.3506 GBP

5p ordinary

 SWAP

Short

425

2.3683 GBP

5p ordinary

 SWAP

Short

444

2.3734 GBP

5p ordinary

 SWAP

Short

591

2.3550 GBP

5p ordinary

 SWAP

Short

633

2.3682 GBP

5p ordinary

 SWAP

Short

759

2.3750 GBP

5p ordinary

 SWAP

Short

1,043

2.3743 GBP

5p ordinary

 SWAP

Short

1,203

2.3792 GBP

5p ordinary

 SWAP

Short

1,275

2.3720 GBP

5p ordinary

 SWAP

Short

1,556

2.3673 GBP

5p ordinary

 SWAP

Short

1,705

2.3712 GBP

5p ordinary

 SWAP

Short

5,536

2.3739 GBP

5p ordinary

 SWAP

Short

8,435

2.3652 GBP

5p ordinary

 SWAP

Short

21,993

2.3711 GBP

5p ordinary

 SWAP

Short

25,658

2.3640 GBP

5p ordinary

 CFD

Short

33,197

2.3641 GBP

5p ordinary

 SWAP

Short

51,607

2.3706 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:

18 Mar 2022

Contact name:

Large Holdings Regulatory Operations

Telephone number:

020 3134 7213