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Form 8.5 (EPT/RI)

RNS Number : 3884N

Bank of America Merrill Lynch

29 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:

28/09/2021

(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	791,853	2.594 GBP	2.492 GBP
5p ordinary	Sale	1,098,342	2.616 GBP	2.492 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	90,000	2.547 GBP
5p ordinary	Swaps	Increasing a Long Position	390	2.522 GBP
5p ordinary	Swaps	Reducing a Short Position	18,315	2.514 GBP
5p ordinary	Swaps	Reducing a Short Position	123	2.616 GBP
5p ordinary	Swaps	Increasing a Long Position	36,367	2.523 GBP
5p ordinary	Swaps	Reducing a Long Position	3,937	2.516 GBP
5p ordinary	Swaps	Reducing a Long Position	32,410	2.516 GBP
5p ordinary	Swaps	Reducing a Long Position	2,248	2.506 GBP
5p ordinary	Swaps	Reducing a Long Position	3,764	2.506 GBP
5p ordinary	Swaps	Increasing a Long Position	29	2.506 GBP
5p ordinary	Swaps	Reducing a Long Position	120	2.506 GBP
5p ordinary	Swaps	Increasing a Long Position	197,936	2.519 GBP
5p ordinary	Swaps	Increasing a Long Position	27,514	2.506 GBP
5p ordinary	Swaps	Reducing a Short Position	2,255	2.502 GBP
5p ordinary	Swaps	Increasing a Short Position	33	2.512 GBP
5p ordinary	Swaps	Increasing a Short Position	250	2.526 GBP
5p ordinary	Swaps	Reducing a Short Position	2,184	2.502 GBP
5p ordinary	Swaps	Opening a Short Position	7,267	2.527 GBP
5p ordinary	Swaps	Closing a Short Position	7,267	2.513 GBP
5p ordinary	Swaps	Closing a Long Position	15,384	2.527 GBP
5p ordinary	Swaps	Opening a Long Position	10,833	2.513 GBP
5p ordinary	Swaps	Opening a Long Position	12,078	2.522 GBP
5p ordinary	Swaps	Reducing a Long Position	857	2.576 GBP
5p ordinary	Swaps	Closing a Long Position	7,186	2.506 GBP
5p ordinary	Swaps	Increasing a Long Position	7,186	2.523 GBP
5p ordinary	Swaps	Reducing a Long Position	5,350	2.506 GBP
5p ordinary	Swaps	Reducing a Long Position	5,871	2.524 GBP
5p ordinary	Swaps	Opening a Long Position	10,269	2.523 GBP
5p ordinary	Swaps	Opening a Short Position	672	2.513 GBP
5p ordinary	Swaps	Increasing a Short Position	2,359	2.564 GBP
5p ordinary	Swaps	Increasing a Short Position	1,287	2.59 GBP
5p ordinary	Swaps	Increasing a Short Position	4,912	2.506 GBP
5p ordinary	Swaps	Reducing a Short Position	2,359	2.523 GBP
5p ordinary	Swaps	Increasing a Short Position	6,893	2.501 GBP
5p ordinary	Swaps	Reducing a Short Position	6,893	2.523 GBP
5p ordinary	Swaps	Closing a Short Position	672	2.523 GBP
5p ordinary	Swaps	Closing a Long Position	10,269	2.525 GBP
5p ordinary	Swaps	Reducing a Short Position	4,912	2.523 GBP
5p ordinary	Swaps	Reducing a Short Position	1,287	2.523 GBP
5p ordinary	Swaps	Increasing a Short Position	22,610	3.403 USD
5p ordinary	Swaps	Increasing a Long Position	18,751	2.524 GBP
5p ordinary	Swaps	Closing a Long Position	2,413	2.519 GBP
5p ordinary	Swaps	Closing a Long Position	21,780	2.519 GBP
5p ordinary	Swaps	Opening a Long Position	6,741	2.531 GBP
5p ordinary	Swaps	Closing a Short Position	2,036	2.531 GBP
5p ordinary	Swaps	Opening a Short Position	2,036	2.519 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:	29/09/2021
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

FERGCGDCGUDDGBC

RNS Number : 3884N

Bank of America Merrill Lynch

29 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:

28/09/2021

(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	791,853	2.594 GBP	2.492 GBP
5p ordinary	Sale	1,098,342	2.616 GBP	2.492 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	90,000	2.547 GBP
5p ordinary	Swaps	Increasing a Long Position	390	2.522 GBP
5p ordinary	Swaps	Reducing a Short Position	18,315	2.514 GBP
5p ordinary	Swaps	Reducing a Short Position	123	2.616 GBP
5p ordinary	Swaps	Increasing a Long Position	36,367	2.523 GBP
5p ordinary	Swaps	Reducing a Long Position	3,937	2.516 GBP
5p ordinary	Swaps	Reducing a Long Position	32,410	2.516 GBP
5p ordinary	Swaps	Reducing a Long Position	2,248	2.506 GBP
5p ordinary	Swaps	Reducing a Long Position	3,764	2.506 GBP
5p ordinary	Swaps	Increasing a Long Position	29	2.506 GBP
5p ordinary	Swaps	Reducing a Long Position	120	2.506 GBP
5p ordinary	Swaps	Increasing a Long Position	197,936	2.519 GBP
5p ordinary	Swaps	Increasing a Long Position	27,514	2.506 GBP
5p ordinary	Swaps	Reducing a Short Position	2,255	2.502 GBP
5p ordinary	Swaps	Increasing a Short Position	33	2.512 GBP
5p ordinary	Swaps	Increasing a Short Position	250	2.526 GBP
5p ordinary	Swaps	Reducing a Short Position	2,184	2.502 GBP
5p ordinary	Swaps	Opening a Short Position	7,267	2.527 GBP
5p ordinary	Swaps	Closing a Short Position	7,267	2.513 GBP
5p ordinary	Swaps	Closing a Long Position	15,384	2.527 GBP
5p ordinary	Swaps	Opening a Long Position	10,833	2.513 GBP
5p ordinary	Swaps	Opening a Long Position	12,078	2.522 GBP
5p ordinary	Swaps	Reducing a Long Position	857	2.576 GBP
5p ordinary	Swaps	Closing a Long Position	7,186	2.506 GBP
5p ordinary	Swaps	Increasing a Long Position	7,186	2.523 GBP
5p ordinary	Swaps	Reducing a Long Position	5,350	2.506 GBP
5p ordinary	Swaps	Reducing a Long Position	5,871	2.524 GBP
5p ordinary	Swaps	Opening a Long Position	10,269	2.523 GBP
5p ordinary	Swaps	Opening a Short Position	672	2.513 GBP
5p ordinary	Swaps	Increasing a Short Position	2,359	2.564 GBP
5p ordinary	Swaps	Increasing a Short Position	1,287	2.59 GBP
5p ordinary	Swaps	Increasing a Short Position	4,912	2.506 GBP
5p ordinary	Swaps	Reducing a Short Position	2,359	2.523 GBP
5p ordinary	Swaps	Increasing a Short Position	6,893	2.501 GBP
5p ordinary	Swaps	Reducing a Short Position	6,893	2.523 GBP
5p ordinary	Swaps	Closing a Short Position	672	2.523 GBP
5p ordinary	Swaps	Closing a Long Position	10,269	2.525 GBP
5p ordinary	Swaps	Reducing a Short Position	4,912	2.523 GBP
5p ordinary	Swaps	Reducing a Short Position	1,287	2.523 GBP
5p ordinary	Swaps	Increasing a Short Position	22,610	3.403 USD
5p ordinary	Swaps	Increasing a Long Position	18,751	2.524 GBP
5p ordinary	Swaps	Closing a Long Position	2,413	2.519 GBP
5p ordinary	Swaps	Closing a Long Position	21,780	2.519 GBP
5p ordinary	Swaps	Opening a Long Position	6,741	2.531 GBP
5p ordinary	Swaps	Closing a Short Position	2,036	2.531 GBP
5p ordinary	Swaps	Opening a Short Position	2,036	2.519 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:	29/09/2021
Contact name:	Tolu Tade
Telephone number:	+44207 996 3410

END

FERGCGDCGUDDGBC

Date	29 Sept 2021
Time	10:51:31
Category	Holding(s) in company
ID	3884N

Date	29 Sept 2021
Time	10:51:31
Category	Holding(s) in company
ID	3884N

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Form 8.5 (EPT/RI)

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