Rule 8.3 - National Express Group

Rule 8.3 - National Express Group

JGD Management Corp.

FORM 8.3

DEALINGS BY PERSONS WITH INTERESTS IN SECURITIES REPRESENTING 1% OR MORE

(Rule 8.3 of the City Code on Takeovers and Mergers)

1. KEY INFORMATION

Name of person dealing (Note 1)	Â	JGD Management Corp.
Company dealt in		National Express Group Plc
Class of relevant security to which the dealings being disclosed relate (Note 2)		ORD 5 pence
Date of dealing		20 July 2009

2. INTERESTS, SHORT POSITIONS AND RIGHTS TO SUBSCRIBE

(a) Interests and short positions (following dealing) in the class of relevant security dealt in (Note 3)

Â	Â	Long	Â	Short
Â		Number (%)		Number (%)
(1) Relevant securities		Â		Â
(2) Derivatives (other than options)		1,180,000 0.77%		Â
(3) Options and agreements to purchase/sell		Â		Â
Total		1,180,000 0.77%		Â

(b) Interests and short positions in relevant securities of the company, other than the class dealt in (Note 3)

Class of relevant security:	Â	Long	Â	Short
Â		Number (%)		Number (%)
(1) Relevant securities		Â		Â
(2) Derivatives (other than options)		Â		Â
(3) Options and agreements to purchase/sell		Â		Â
Total		Â		Â

(c) Rights to subscribe (Note 3)

Class of relevant security:

Details

3. DEALINGS (Note 4)

(a) Purchases and sales

Purchase/sale

Number of securities

Price per unit (Note 5)

(b) Derivatives transactions (other than options)

Product name, e.g. CFD	Â	Long/short (Note 6)	Â	Number of securities (Note 7)	Â	Price per unit (Note 5)
CFD		Sell		550,000		3.0719 GBP

(c) Options transactions in respect of existing securities

(i) Writing, selling, purchasing or varying

Product name,	Writing,	Number of	Exercise	Type, e.g.	Expiry	Option money
e.g. call option	selling,	securities to	price	American,	date	paid/received
	purchasing,	which the option		European		per unit (Note
Â	varying etc.	relates (Note 7)	Â	etc.	Â	5)

(ii) Exercising

Product name, e.g. call option

Number of securities

Exercise price per unit (Note 5)

(d) Other dealings (including new securities) (Note 4)

Nature of transaction (Note 8)

Details

Price per unit (if applicable) (Note 5)

4. OTHER INFORMATION

Agreements, arrangements or understandings relating to options or derivatives

Full details of any agreement, arrangement or understanding between the person disclosing and any other person relating to the voting rights of any relevant securities under any option referred to on this form or relating to the voting rights or future acquisition or disposal of any relevant securities to which any derivative referred to on this form is referenced. If none, this should be stated.

Is a Supplemental Form 8 attached? (Note 9) NO

Date of disclosure	Â	21 July 2009
Contact name		George Kim
Telephone number		001 212-300-1300
If a connected EFM, name of offeree/offeror with which connected		N/A
If a connected EFM, state nature of connection (Note 10)		N/A

Notes

The Notes on Form 8.3 can be viewed on the Takeover Panel’s website at www.thetakeoverpanel.org.uk