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:

04 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:

2,225,048

0.36%

7,678,125

1.25%

(2)

Cash-settled derivatives:

7,492,840

1.22%

2,143,489

0.35%

(3)

Stock-settled derivatives (including options)

and agreements to purchase/sell:

0

0.00%

0

0.00%

TOTAL:

9,717,888

1.58%

9,821,614

1.60%

(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

192

2.3108 GBP

5p ordinary

Purchase

250

2.2960 GBP

5p ordinary

Purchase

290

2.2840 GBP

5p ordinary

Purchase

297

2.3030 GBP

5p ordinary

Purchase

709

2.2949 GBP

5p ordinary

Purchase

1,186

2.3129 GBP

5p ordinary

Purchase

1,873

2.2939 GBP

5p ordinary

Purchase

2,471

2.3053 GBP

5p ordinary

Purchase

2,690

2.2830 GBP

5p ordinary

Purchase

4,330

2.2962 GBP

5p ordinary

Purchase

4,494

2.2984 GBP

5p ordinary

Purchase

5,516

2.3074 GBP

5p ordinary

Purchase

6,140

2.3160 GBP

5p ordinary

Purchase

8,218

2.3120 GBP

5p ordinary

Purchase

8,438

2.2966 GBP

5p ordinary

Purchase

9,298

2.3012 GBP

5p ordinary

Purchase

20,219

2.3021 GBP

5p ordinary

Purchase

28,927

2.2940 GBP

5p ordinary

Purchase

32,436

2.3133 GBP

5p ordinary

Sale

269

2.3019 GBP

5p ordinary

Sale

1,573

2.3033 GBP

5p ordinary

Sale

2,690

2.2830 GBP

5p ordinary

Sale

3,028

2.3004 GBP

5p ordinary

Sale

3,380

2.3070 GBP

5p ordinary

Sale

3,685

2.3161 GBP

5p ordinary

Sale

6,288

2.3002 GBP

5p ordinary

Sale

7,405

2.2936 GBP

5p ordinary

Sale

8,299

2.2948 GBP

5p ordinary

Sale

16,437

2.3064 GBP

5p ordinary

Sale

21,213

2.3061 GBP

5p ordinary

Sale

26,598

2.3013 GBP

5p ordinary

Sale

131,601

2.3160 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

970

2.2825 GBP

5p ordinary

 SWAP

Long

1,117

2.2797 GBP

5p ordinary

 SWAP

Long

1,559

2.2896 GBP

5p ordinary

 SWAP

Long

2,544

2.2970 GBP

5p ordinary

 SWAP

Long

3,266

2.3159 GBP

5p ordinary

 CFD

Long

3,501

2.3118 GBP

5p ordinary

 SWAP

Long

3,525

2.3143 GBP

5p ordinary

 SWAP

Long

3,642

2.3153 GBP

5p ordinary

 SWAP

Long

4,729

2.3037 GBP

5p ordinary

 SWAP

Long

5,685

2.3004 GBP

5p ordinary

 SWAP

Long

6,216

2.3018 GBP

5p ordinary

 CFD

Long

7,405

2.2936 GBP

5p ordinary

 SWAP

Long

22,215

2.3002 GBP

5p ordinary

 CFD

Long

131,601

2.3160 GBP

5p ordinary

 SWAP

Short

192

2.3108 GBP

5p ordinary

 SWAP

Short

300

2.2940 GBP

5p ordinary

 SWAP

Short

709

2.2949 GBP

5p ordinary

 SWAP

Short

1,156

2.3014 GBP

5p ordinary

 CFD

Short

2,471

2.3053 GBP

5p ordinary

 SWAP

Short

3,283

2.2812 GBP

5p ordinary

 SWAP

Short

4,726

2.3058 GBP

5p ordinary

 SWAP

Short

5,516

2.3074 GBP

5p ordinary

 SWAP

Short

5,587

2.2900 GBP

5p ordinary

 SWAP

Short

6,139

2.2981 GBP

5p ordinary

 CFD

Short

6,140

2.3160 GBP

5p ordinary

 SWAP

Short

7,203

2.2867 GBP

5p ordinary

 SWAP

Short

11,752

2.3015 GBP

5p ordinary

 CFD

Short

23,340

2.3001 GBP

5p ordinary

 CFD

Short

32,436

2.3133 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:

5 Apr 2022

Contact name:

Large Holdings Regulatory Operations

Telephone number:

020 3134 7213