Form 8.3 - The Vanguard Group, Inc.: National Express Group plc

(a) Full name of discloser:

The Vanguard Group, Inc.

(b) Owner or controller of interests and short positions disclosed, if different from 1(a):

 The naming of nominee or vehicle companies is insufficient.  For a trust, the trustee(s), settlor and beneficiaries must be named.

(c) Name of offeror/offeree in relation to whose relevant securities this form relates:

 Use a separate form for each offeror/offeree

National Express Group plc

(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:

 For an opening position disclosure, state the latest practicable date prior to the disclosure

10 November 2021

(f) In addition to the company in 1(c) above, is the discloser making disclosures in respect of any other party to the offer?

 If it is a cash offer or possible cash offer, state "N/A"

Stagecoach Group plc

Class of relevant security:

5p ordinary

Interests

Short positions

Number

%

Number

%

(1) Relevant securities owned and/or controlled:

24,090,300

3.92%

(2) Cash-settled derivatives:

(3) Stock-settled derivatives (including options) and agreements to purchase/sell:

 TOTAL:

24,090,300

3.92%

Class of relevant security in relation to which subscription right exists:

Details, including nature of the rights concerned and relevant percentages:

Class of relevant security

Purchase/sale

Number of securities

Price per unit

5p ordinary

Sale

13,776

2.36 GBP

Class of relevant security

Product description

e.g. CFD

Nature of dealing

e.g. opening/closing a long/short position, increasing/reducing a long/short position

Number of reference securities

Price per unit

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

Class of relevant security

Product description

e.g. call option

Exercising/ exercised against

Number of securities

Exercise price per unit

Class of relevant security

Nature of dealing

e.g. subscription, conversion

Details

Price per unit (if applicable)

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"

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"

Is a Supplemental Form 8 (Open Positions) attached?

NO

Date of disclosure:

12 November 2021

Contact name:

Shawn Acker

Telephone number:

001-610-669-8989