FORM 8.3 - NATIONAL EXPRESS GROUP PLC

FORM 8.3 - NATIONAL EXPRESS GROUP PLC

BARCLAYS PLC

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:				03 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

If there are positions or rights to subscribe to disclose in more than one class of relevant securities of the offeror or offeree named in 1(c), copy table 2(a) or (b) (as appropriate) for each additional class of relevant security.

(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:		1,023,641	0.17%	10,213,523	1.66%
(2)	Cash-settled derivatives:
			9,894,533	1.61%	656,699	0.11%
(3)	Stock-settled derivatives (including options)
	and agreements to purchase/sell:		0	0.00%	0	0.00%
(4)
	TOTAL:		10,918,174	1.78%	10,870,222	1.77%

All interests and all short positions should be disclosed.

Details of any open stock-settled derivative positions (including traded options), or agreements to purchase or sell relevant securities, should be given on a Supplemental Form 8 (Open Positions).

(b) Rights to subscribe for new securities (including directors’ and other employee 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

Where there have been dealings in more than one class of relevant securities of the offeror or offeree named in 1(c), copy table 3(a), (b), (c) or (d) (as appropriate) for each additional class of relevant security dealt in.

The currency of all prices and other monetary amounts should be stated.

(a) Purchases and sales

Class of relevant		Purchase/sale		Number of		Price per unit
security				securities
5p ordinary		Purchase		3		2.1986 GBP
5p ordinary		Purchase		15		2.2232 GBP
5p ordinary		Purchase		34		2.2600 GBP
5p ordinary		Purchase		78		2.2081 GBP
5p ordinary		Purchase		169		2.2060 GBP
5p ordinary		Purchase		502		2.2260 GBP
5p ordinary		Purchase		893		2.0837 GBP
5p ordinary		Purchase		1,042		2.1104 GBP
5p ordinary		Purchase		1,084		2.2079 GBP
5p ordinary		Purchase		1,358		2.0839 GBP
5p ordinary		Purchase		1,843		2.0938 GBP
5p ordinary		Purchase		2,019		2.0690 GBP
5p ordinary		Purchase		2,285		2.1721 GBP
5p ordinary		Purchase		2,290		2.0840 GBP
5p ordinary		Purchase		2,512		2.2140 GBP
5p ordinary		Purchase		3,147		2.1456 GBP
5p ordinary		Purchase		5,482		2.1288 GBP
5p ordinary		Purchase		5,835		2.0924 GBP
5p ordinary		Purchase		7,568		2.1206 GBP
5p ordinary		Purchase		10,689		2.1444 GBP
5p ordinary		Purchase		11,694		2.2088 GBP
5p ordinary		Purchase		11,849		2.1307 GBP
5p ordinary		Purchase		13,507		2.1148 GBP
5p ordinary		Purchase		14,509		2.1869 GBP
5p ordinary		Purchase		16,892		2.1560 GBP
5p ordinary		Purchase		17,485		2.0750 GBP
5p ordinary		Purchase		24,625		2.1396 GBP
5p ordinary		Purchase		38,860		2.1442 GBP
5p ordinary		Purchase		111,299		2.1170 GBP
5p ordinary		Purchase		124,233		2.1354 GBP
5p ordinary		Purchase		137,606		2.0898 GBP
5p ordinary		Purchase		156,686		2.1387 GBP
5p ordinary		Sale		8		2.2070 GBP
5p ordinary		Sale		11		2.1199 GBP
5p ordinary		Sale		55		2.2100 GBP
5p ordinary		Sale		71		2.2213 GBP
5p ordinary		Sale		457		2.0660 GBP
5p ordinary		Sale		502		2.2260 GBP
5p ordinary		Sale		581		2.2160 GBP
5p ordinary		Sale		671		2.0840 GBP
5p ordinary		Sale		1,005		2.0800 GBP
5p ordinary		Sale		1,367		2.2142 GBP
5p ordinary		Sale		2,493		2.2140 GBP
5p ordinary		Sale		2,561		2.1507 GBP
5p ordinary		Sale		2,603		2.2163 GBP
5p ordinary		Sale		3,236		2.2159 GBP
5p ordinary		Sale		4,275		2.2154 GBP
5p ordinary		Sale		4,997		2.0763 GBP
5p ordinary		Sale		5,332		2.1607 GBP
5p ordinary		Sale		7,256		2.1439 GBP
5p ordinary		Sale		10,471		2.1401 GBP
5p ordinary		Sale		11,257		2.0751 GBP
5p ordinary		Sale		11,286		2.1444 GBP
5p ordinary		Sale		11,635		2.2141 GBP
5p ordinary		Sale		18,907		2.0780 GBP
5p ordinary		Sale		25,664		2.2155 GBP
5p ordinary		Sale		29,063		2.1495 GBP
5p ordinary		Sale		29,203		2.2196 GBP
5p ordinary		Sale		35,543		2.1372 GBP
5p ordinary		Sale		91,139		2.1385 GBP
5p ordinary		Sale		100,000		2.1540 GBP
5p ordinary		Sale		114,540		2.1319 GBP
5p ordinary		Sale		119,880		2.0808 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	2.1199 GBP
5p ordinary		SWAP		Long		5,661	2.1788 GBP
5p ordinary		CFD		Long		7,588	2.0864 GBP
5p ordinary		SWAP		Long		9,087	2.1168 GBP
5p ordinary		SWAP		Long		10,225	2.1063 GBP
5p ordinary		SWAP		Long		10,707	2.1813 GBP
5p ordinary		CFD		Long		11,286	2.1444 GBP
5p ordinary		CFD		Long		45,531	2.2155 GBP
5p ordinary		SWAP		Long		57,163	2.1262 GBP
5p ordinary		SWAP		Short		614	2.2632 GBP
5p ordinary		SWAP		Short		2,651	2.1570 GBP
5p ordinary		SWAP		Short		3,463	2.1833 GBP
5p ordinary		CFD		Short		4,092	2.2142 GBP
5p ordinary		SWAP		Short		9,857	2.1575 GBP
5p ordinary		SWAP		Short		10,256	2.1840 GBP
5p ordinary		SWAP		Short		11,604	2.2116 GBP
5p ordinary		SWAP		Short		19,676	2.0877 GBP
5p ordinary		SWAP		Short		20,296	2.1865 GBP
5p ordinary		SWAP		Short		27,786	2.0800 GBP
5p ordinary		SWAP		Short		29,003	2.1397 GBP
5p ordinary		SWAP		Short		41,615	2.1739 GBP
5p ordinary		CFD		Short		46,784	2.0809 GBP
5p ordinary		SWAP		Short		96,005	2.1351 GBP

(c) Stock-settled derivative transactions (including options)

(i) Writing, selling, purchasing or varying

Class of relevant security	Product description e.g. call option	Writing, purchasing, selling, varying etc.	Number of securities to which option relates	Exercise price per unit	Type e.g. American, European etc.	Expiry date	Option money paid/ received per unit

(ii) Exercise

Class of relevant security	Product description e.g. call option	Exercising/ exercised against	Number of securities	Exercise price per unit

(d) Other dealings (including subscribing for new securities)

Class of relevant security	Nature of dealing e.g. subscription, conversion	Details	Price per unit (if applicable)

4. OTHER INFORMATION

(a) Indemnity and other dealing 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: Irrevocable commitments and letters of intent should not be included. If there are no such agreements, arrangements or understandings, state “none”

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 or future acquisition or disposal of any relevant securities to which any derivative is referenced: If there are no such agreements, arrangements or understandings, state “none”

None

(c) Attachments

Is a Supplemental Form 8 (Open Positions) attached?				NO
Date of disclosure:				4 Mar 2022
Contact name:				Large Holdings Regulatory Operations
Telephone number:				020 3134 7213

Public disclosures under Rule 8 of the Code must be made to a Regulatory Information Service.

The Panel’s Market Surveillance Unit is available for consultation in relation to the Code’s disclosure requirements on [phone].

*If the discloser is a natural person, a telephone number does not need to be included, provided contact information has been provided to the Panel’s Market Surveillance Unit.

The Code can be viewed on the Panel’s website at www.thetakeoverpanel.org.uk.

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