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Form 8.5 (EPT/RI)

RNS Number : 7783M

Bank of America Merrill Lynch

23 September 2021

FORM 8.5 (EPT/RI)

PUBLIC DEALING DISCLOSURE BY AN EXEMPT PRINCIPAL TRADER WITH RECOGNISED INTERMEDIARY STATUS DEALING IN A CLIENT-SERVING CAPACITY
Rule 8.5 of the Takeover Code (the "Code")

1.	KEY INFORMATION

(a)	Name of exempt principal trader:

Merrill Lynch International

(b)	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

(c)	Name of the party to the offer with which exempt principal trader is connected:

National Express Group PLC

(d)	Date dealing undertaken:

22/09/2021

(e)	In addition to the company in 1(b) above, is the exempt principal trader making disclosures in respect of any other party to this offer? If it is a cash offer or possible cash offer, state "N/A"

YES

If YES, specify which:

(Stagecoach Group PLC)

2.	DEALINGS BY THE EXEMPT PRINCIPAL TRADER

Where there have been dealings in more than one class of relevant securities of the offeror or offeree named in 1(b), copy table 2(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 security	Purchases/ sales	Total number of securities	Highest price per unit paid/received	Lowest price per unit paid/received
5p ordinary	Purchase	426,709	2.432 GBP	2.318 GBP
5p ordinary	Sale	452,121	2.466 GBP	2.316 GBP

(b)	Cash-settled derivative transactions

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
5p ordinary	Swaps	Increasing a Long Position	257	2.326 GBP
5p ordinary	Swaps	Increasing a Short Position	182,274	2.324 GBP
5p ordinary	Swaps	Reducing a Short Position	2,042	2.322 GBP
5p ordinary	Swaps	Increasing a Short Position	6,116	2.322 GBP
5p ordinary	Swaps	Reducing a Short Position	475	2.339 GBP
5p ordinary	Swaps	Increasing a Short Position	24,535	2.344 GBP
5p ordinary	Swaps	Reducing a Short Position	23,020	2.339 GBP
5p ordinary	Swaps	Reducing a Long Position	2,529	2.324 GBP
5p ordinary	Swaps	Reducing a Long Position	4,625	2.348 GBP
5p ordinary	Swaps	Reducing a Long Position	539	2.348 GBP
5p ordinary	Swaps	Reducing a Long Position	772	2.324 GBP
5p ordinary	Swaps	Reducing a Long Position	2,557	2.348 GBP
5p ordinary	Swaps	Reducing a Long Position	4,067	2.348 GBP
5p ordinary	Swaps	Reducing a Long Position	2,882	2.348 GBP
5p ordinary	Swaps	Reducing a Long Position	983	2.348 GBP
5p ordinary	Swaps	Increasing a Long Position	3,764	2.324 GBP
5p ordinary	Swaps	Reducing a Long Position	2,961	2.348 GBP
5p ordinary	Swaps	Reducing a Short Position	83,362	2.336 GBP
5p ordinary	Swaps	Reducing a Short Position	22,953	2.336 GBP
5p ordinary	Swaps	Reducing a Long Position	18,505	2.324 GBP
5p ordinary	Swaps	Reducing a Long Position	16	2.326 GBP
5p ordinary	Swaps	Reducing a Long Position	600	2.347 GBP
5p ordinary	Swaps	Reducing a Long Position	680	2.33 GBP
5p ordinary	Swaps	Reducing a Long Position	109	2.346 GBP
5p ordinary	Swaps	Reducing a Long Position	5,591	2.328 GBP
5p ordinary	Swaps	Reducing a Long Position	178	2.32 GBP
5p ordinary	Swaps	Reducing a Long Position	8,842	2.326 GBP
5p ordinary	Swaps	Reducing a Long Position	198	2.346 GBP
5p ordinary	Swaps	Reducing a Long Position	350	2.322 GBP
5p ordinary	Swaps	Reducing a Long Position	1,373	2.334 GBP
5p ordinary	Swaps	Reducing a Long Position	234	2.33 GBP
5p ordinary	Swaps	Reducing a Long Position	1,178	2.326 GBP
5p ordinary	Swaps	Reducing a Long Position	759	2.353 GBP
5p ordinary	Swaps	Reducing a Long Position	5,299	2.334 GBP
5p ordinary	Swaps	Reducing a Long Position	1,050	2.323 GBP
5p ordinary	Swaps	Reducing a Long Position	992	2.33 GBP
5p ordinary	Swaps	Reducing a Short Position	1,835	2.357 GBP
5p ordinary	Swaps	Reducing a Short Position	2,152	2.385 GBP
5p ordinary	Swaps	Reducing a Short Position	2,066	2.385 GBP
5p ordinary	Swaps	Increasing a Short Position	7,823	2.366 GBP
5p ordinary	Swaps	Opening a Long Position	7,951	2.33 GBP
5p ordinary	Swaps	Closing a Long Position	7,951	2.326 GBP
5p ordinary	Swaps	Reducing a Short Position	7,833	2.33 GBP
5p ordinary	Swaps	Closing a Short Position	7,823	2.33 GBP
5p ordinary	Swaps	Reducing a Short Position	11,114	2.324 GBP
5p ordinary	Swaps	Reducing a Short Position	35,124	2.328 GBP
5p ordinary	Swaps	Reducing a Short Position	50,106	2.325 GBP
5p ordinary	Swaps	Reducing a Short Position	18,975	2.325 GBP
5p ordinary	Swaps	Reducing a Short Position	13,301	2.328 GBP
5p ordinary	Swaps	Reducing a Short Position	4,209	2.324 GBP
5p ordinary	Swaps	Reducing a Short Position	6,527	2.328 GBP
5p ordinary	Swaps	Reducing a Short Position	2,065	2.324 GBP
5p ordinary	Swaps	Reducing a Short Position	9,312	2.325 GBP
5p ordinary	Swaps	Closing a Long Position	4,272	2.354 GBP
5p ordinary	Swaps	Closing a Short Position	1,886	2.324 GBP
5p ordinary	Swaps	Opening a Long Position	4,272	2.324 GBP
5p ordinary	Swaps	Reducing a Short Position	3,688	2.348 GBP
5p ordinary	Swaps	Increasing a Short Position	14,926	2.324 GBP
5p ordinary	Swaps	Closing a Short Position	14,926	2.348 GBP
5p ordinary	Swaps	Opening a Short Position	1,886	2.418 GBP
5p ordinary	Swaps	Opening a Short Position	11,871	2.354 GBP
5p ordinary	Swaps	Reducing a Short Position	8,183	2.366 GBP
5p ordinary	Swaps	Increasing a Short Position	15,712	2.335 GBP
5p ordinary	Swaps	Reducing a Short Position	9,668	2.35 GBP
5p ordinary	Swaps	Reducing a Short Position	2,083	2.399 GBP
5p ordinary	Swaps	Reducing a Short Position	3,752	2.396 GBP
5p ordinary	Swaps	Reducing a Short Position	189	2.406 GBP
5p ordinary	Swaps	Reducing a Short Position	13,629	2.403 GBP
5p ordinary	Swaps	Closing a Short Position	8,015	2.403 GBP
5p ordinary	Swaps	Reducing a Short Position	15,586	2.35 GBP
5p ordinary	Swaps	Opening a Short Position	8,015	2.359 GBP
5p ordinary	Swaps	Reducing a Short Position	20	2.328 GBP
5p ordinary	Swaps	Increasing a Short Position	29,215	2.325 GBP
5p ordinary	Swaps	Opening a Short Position	1,329	3.177 USD
5p ordinary	Swaps	Opening a Long Position	6,791	2.323 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
N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

(ii)

Exercise

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

(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)
N/A	N/A	N/A	N/A

3.	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 exempt principal trader 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 exempt principal trader 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

Date of disclosure:	23/09/2021
Contact name:	Tolu Tade
Telephone number:	+44207 996 3410

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
dealing disclosure requirements on +44 (0)20 7638 0129.

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

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

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END

FERBGGDCLGDDGBX

RNS Number : 7783M

Bank of America Merrill Lynch

23 September 2021

FORM 8.5 (EPT/RI)

PUBLIC DEALING DISCLOSURE BY AN EXEMPT PRINCIPAL TRADER WITH RECOGNISED INTERMEDIARY STATUS DEALING IN A CLIENT-SERVING CAPACITY
Rule 8.5 of the Takeover Code (the "Code")

1.	KEY INFORMATION

(a)	Name of exempt principal trader:

Merrill Lynch International

(b)	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

(c)	Name of the party to the offer with which exempt principal trader is connected:

National Express Group PLC

(d)	Date dealing undertaken:

22/09/2021

(e)	In addition to the company in 1(b) above, is the exempt principal trader making disclosures in respect of any other party to this offer? If it is a cash offer or possible cash offer, state "N/A"

YES

If YES, specify which:

(Stagecoach Group PLC)

2.	DEALINGS BY THE EXEMPT PRINCIPAL TRADER

(a)	Purchases and sales

Class of relevant security	Purchases/ sales	Total number of securities	Highest price per unit paid/received	Lowest price per unit paid/received
5p ordinary	Purchase	426,709	2.432 GBP	2.318 GBP
5p ordinary	Sale	452,121	2.466 GBP	2.316 GBP

(b)	Cash-settled derivative transactions

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
5p ordinary	Swaps	Increasing a Long Position	257	2.326 GBP
5p ordinary	Swaps	Increasing a Short Position	182,274	2.324 GBP
5p ordinary	Swaps	Reducing a Short Position	2,042	2.322 GBP
5p ordinary	Swaps	Increasing a Short Position	6,116	2.322 GBP
5p ordinary	Swaps	Reducing a Short Position	475	2.339 GBP
5p ordinary	Swaps	Increasing a Short Position	24,535	2.344 GBP
5p ordinary	Swaps	Reducing a Short Position	23,020	2.339 GBP
5p ordinary	Swaps	Reducing a Long Position	2,529	2.324 GBP
5p ordinary	Swaps	Reducing a Long Position	4,625	2.348 GBP
5p ordinary	Swaps	Reducing a Long Position	539	2.348 GBP
5p ordinary	Swaps	Reducing a Long Position	772	2.324 GBP
5p ordinary	Swaps	Reducing a Long Position	2,557	2.348 GBP
5p ordinary	Swaps	Reducing a Long Position	4,067	2.348 GBP
5p ordinary	Swaps	Reducing a Long Position	2,882	2.348 GBP
5p ordinary	Swaps	Reducing a Long Position	983	2.348 GBP
5p ordinary	Swaps	Increasing a Long Position	3,764	2.324 GBP
5p ordinary	Swaps	Reducing a Long Position	2,961	2.348 GBP
5p ordinary	Swaps	Reducing a Short Position	83,362	2.336 GBP
5p ordinary	Swaps	Reducing a Short Position	22,953	2.336 GBP
5p ordinary	Swaps	Reducing a Long Position	18,505	2.324 GBP
5p ordinary	Swaps	Reducing a Long Position	16	2.326 GBP
5p ordinary	Swaps	Reducing a Long Position	600	2.347 GBP
5p ordinary	Swaps	Reducing a Long Position	680	2.33 GBP
5p ordinary	Swaps	Reducing a Long Position	109	2.346 GBP
5p ordinary	Swaps	Reducing a Long Position	5,591	2.328 GBP
5p ordinary	Swaps	Reducing a Long Position	178	2.32 GBP
5p ordinary	Swaps	Reducing a Long Position	8,842	2.326 GBP
5p ordinary	Swaps	Reducing a Long Position	198	2.346 GBP
5p ordinary	Swaps	Reducing a Long Position	350	2.322 GBP
5p ordinary	Swaps	Reducing a Long Position	1,373	2.334 GBP
5p ordinary	Swaps	Reducing a Long Position	234	2.33 GBP
5p ordinary	Swaps	Reducing a Long Position	1,178	2.326 GBP
5p ordinary	Swaps	Reducing a Long Position	759	2.353 GBP
5p ordinary	Swaps	Reducing a Long Position	5,299	2.334 GBP
5p ordinary	Swaps	Reducing a Long Position	1,050	2.323 GBP
5p ordinary	Swaps	Reducing a Long Position	992	2.33 GBP
5p ordinary	Swaps	Reducing a Short Position	1,835	2.357 GBP
5p ordinary	Swaps	Reducing a Short Position	2,152	2.385 GBP
5p ordinary	Swaps	Reducing a Short Position	2,066	2.385 GBP
5p ordinary	Swaps	Increasing a Short Position	7,823	2.366 GBP
5p ordinary	Swaps	Opening a Long Position	7,951	2.33 GBP
5p ordinary	Swaps	Closing a Long Position	7,951	2.326 GBP
5p ordinary	Swaps	Reducing a Short Position	7,833	2.33 GBP
5p ordinary	Swaps	Closing a Short Position	7,823	2.33 GBP
5p ordinary	Swaps	Reducing a Short Position	11,114	2.324 GBP
5p ordinary	Swaps	Reducing a Short Position	35,124	2.328 GBP
5p ordinary	Swaps	Reducing a Short Position	50,106	2.325 GBP
5p ordinary	Swaps	Reducing a Short Position	18,975	2.325 GBP
5p ordinary	Swaps	Reducing a Short Position	13,301	2.328 GBP
5p ordinary	Swaps	Reducing a Short Position	4,209	2.324 GBP
5p ordinary	Swaps	Reducing a Short Position	6,527	2.328 GBP
5p ordinary	Swaps	Reducing a Short Position	2,065	2.324 GBP
5p ordinary	Swaps	Reducing a Short Position	9,312	2.325 GBP
5p ordinary	Swaps	Closing a Long Position	4,272	2.354 GBP
5p ordinary	Swaps	Closing a Short Position	1,886	2.324 GBP
5p ordinary	Swaps	Opening a Long Position	4,272	2.324 GBP
5p ordinary	Swaps	Reducing a Short Position	3,688	2.348 GBP
5p ordinary	Swaps	Increasing a Short Position	14,926	2.324 GBP
5p ordinary	Swaps	Closing a Short Position	14,926	2.348 GBP
5p ordinary	Swaps	Opening a Short Position	1,886	2.418 GBP
5p ordinary	Swaps	Opening a Short Position	11,871	2.354 GBP
5p ordinary	Swaps	Reducing a Short Position	8,183	2.366 GBP
5p ordinary	Swaps	Increasing a Short Position	15,712	2.335 GBP
5p ordinary	Swaps	Reducing a Short Position	9,668	2.35 GBP
5p ordinary	Swaps	Reducing a Short Position	2,083	2.399 GBP
5p ordinary	Swaps	Reducing a Short Position	3,752	2.396 GBP
5p ordinary	Swaps	Reducing a Short Position	189	2.406 GBP
5p ordinary	Swaps	Reducing a Short Position	13,629	2.403 GBP
5p ordinary	Swaps	Closing a Short Position	8,015	2.403 GBP
5p ordinary	Swaps	Reducing a Short Position	15,586	2.35 GBP
5p ordinary	Swaps	Opening a Short Position	8,015	2.359 GBP
5p ordinary	Swaps	Reducing a Short Position	20	2.328 GBP
5p ordinary	Swaps	Increasing a Short Position	29,215	2.325 GBP
5p ordinary	Swaps	Opening a Short Position	1,329	3.177 USD
5p ordinary	Swaps	Opening a Long Position	6,791	2.323 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
N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

(ii)

Exercise

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

(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)
N/A	N/A	N/A	N/A

3.	OTHER INFORMATION

(a)	Indemnity and other dealing arrangements

None

(b)	Agreements, arrangements or understandings relating to options or derivatives

None

Date of disclosure:	23/09/2021
Contact name:	Tolu Tade
Telephone number:	+44207 996 3410

END

FERBGGDCLGDDGBX

Date	23 Sept 2021
Time	11:07:57
Category	Holding(s) in company
ID	7783M

Date	23 Sept 2021
Time	11:07:57
Category	Holding(s) in company
ID	7783M

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RNS Metadata

Form 8.5 (EPT/RI)

RNS Metadata