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:

16 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:

3,344,378

0.54%

7,974,930

1.30%

(2)

Cash-settled derivatives:

7,344,345

1.20%

2,641,779

0.43%

(3)

Stock-settled derivatives (including options)

and agreements to purchase/sell:

0

0.00%

0

0.00%

TOTAL:

10,688,723

1.74%

10,616,709

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

74

2.3360 GBP

5p ordinary

Purchase

536

2.3140 GBP

5p ordinary

Purchase

952

2.3029 GBP

5p ordinary

Purchase

1,222

2.3085 GBP

5p ordinary

Purchase

2,296

2.2880 GBP

5p ordinary

Purchase

5,000

2.2920 GBP

5p ordinary

Purchase

5,319

2.3121 GBP

5p ordinary

Purchase

7,741

2.3221 GBP

5p ordinary

Purchase

8,009

2.3153 GBP

5p ordinary

Purchase

11,824

2.3100 GBP

5p ordinary

Purchase

18,182

2.3145 GBP

5p ordinary

Purchase

25,723

2.3187 GBP

5p ordinary

Purchase

28,172

2.3207 GBP

5p ordinary

Purchase

31,257

2.3116 GBP

5p ordinary

Purchase

37,253

2.3013 GBP

5p ordinary

Purchase

46,171

2.3214 GBP

5p ordinary

Purchase

137,638

2.3164 GBP

5p ordinary

Purchase

151,430

2.2982 GBP

5p ordinary

Purchase

183,682

2.3176 GBP

5p ordinary

Purchase

234,682

2.3220 GBP

5p ordinary

Purchase

1,241,557

2.3198 GBP

5p ordinary

Sale

26

2.3060 GBP

5p ordinary

Sale

50

2.2980 GBP

5p ordinary

Sale

69

2.3288 GBP

5p ordinary

Sale

585

2.3120 GBP

5p ordinary

Sale

677

2.3110 GBP

5p ordinary

Sale

797

2.3180 GBP

5p ordinary

Sale

1,107

2.3020 GBP

5p ordinary

Sale

2,089

2.3168 GBP

5p ordinary

Sale

2,161

2.3173 GBP

5p ordinary

Sale

2,270

2.3233 GBP

5p ordinary

Sale

2,305

2.3052 GBP

5p ordinary

Sale

3,064

2.3255 GBP

5p ordinary

Sale

3,614

2.3200 GBP

5p ordinary

Sale

5,348

2.3231 GBP

5p ordinary

Sale

5,492

2.3234 GBP

5p ordinary

Sale

6,117

2.3240 GBP

5p ordinary

Sale

7,015

2.3077 GBP

5p ordinary

Sale

7,153

2.3219 GBP

5p ordinary

Sale

7,296

2.2907 GBP

5p ordinary

Sale

14,380

2.3185 GBP

5p ordinary

Sale

19,997

2.3135 GBP

5p ordinary

Sale

23,356

2.3178 GBP

5p ordinary

Sale

23,792

2.3216 GBP

5p ordinary

Sale

29,420

2.3010 GBP

5p ordinary

Sale

34,527

2.3188 GBP

5p ordinary

Sale

41,668

2.3221 GBP

5p ordinary

Sale

47,689

2.3186 GBP

5p ordinary

Sale

49,923

2.3195 GBP

5p ordinary

Sale

55,983

2.3161 GBP

5p ordinary

Sale

60,509

2.3140 GBP

5p ordinary

Sale

116,321

2.3150 GBP

5p ordinary

Sale

119,566

2.3220 GBP

5p ordinary

Sale

465,723

2.3214 GBP

5p ordinary

Sale

576,010

2.3197 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

12

2.3179 GBP

5p ordinary

 SWAP

Long

26

2.3059 GBP

5p ordinary

 CFD

Long

69

2.3288 GBP

5p ordinary

 SWAP

Long

600

2.3319 GBP

5p ordinary

 SWAP

Long

7,141

2.3219 GBP

5p ordinary

 CFD

Long

9,259

2.3027 GBP

5p ordinary

 SWAP

Long

12,162

2.3091 GBP

5p ordinary

 SWAP

Long

19,898

2.3183 GBP

5p ordinary

 SWAP

Long

37,874

2.3220 GBP

5p ordinary

 CFD

Long

41,792

2.3218 GBP

5p ordinary

 SWAP

Long

116,321

2.3150 GBP

5p ordinary

 SWAP

Short

2,505

2.3130 GBP

5p ordinary

 SWAP

Short

7,213

2.3138 GBP

5p ordinary

 SWAP

Short

8,009

2.3153 GBP

5p ordinary

 CFD

Short

11,824

2.3100 GBP

5p ordinary

 SWAP

Short

15,164

2.3157 GBP

5p ordinary

 SWAP

Short

15,880

2.2863 GBP

5p ordinary

 CFD

Short

18,182

2.3145 GBP

5p ordinary

 SWAP

Short

21,081

2.3177 GBP

5p ordinary

 SWAP

Short

21,373

2.3123 GBP

5p ordinary

 CFD

Short

25,723

2.3187 GBP

5p ordinary

 SWAP

Short

28,172

2.3207 GBP

5p ordinary

 CFD

Short

41,509

2.3228 GBP

5p ordinary

 SWAP

Short

43,683

2.3087 GBP

5p ordinary

 SWAP

Short

56,517

2.3179 GBP

5p ordinary

 SWAP

Short

107,747

2.2940 GBP

5p ordinary

 SWAP

Short

108,861

2.3141 GBP

5p ordinary

 SWAP

Short

207,406

2.3220 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 Mar 2022

Contact name:

Large Holdings Regulatory Operations

Telephone number:

020 3134 7213