Form 8.5 (EPT/RI)

RNS Number : 7896L

Bank of America Merrill Lynch

17 May 2022

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:

16/05/2022

(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	153,946	2.476 GBP	2.442 GBP
5p ordinary	Sale	56,863	2.476 GBP	2.449 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 - Equity Swaps	Reducing a Long Position	313	2.462 GBP
5p ordinary	Swaps - Equity Swaps	Reducing a Long Position	341	2.462 GBP
5p ordinary	Swaps - Equity Swaps	Reducing a Long Position	5,986	2.466 GBP
5p ordinary	Swaps - Equity Swaps	Increasing a Long Position	1,208	2.448 GBP
5p ordinary	Swaps - Equity Swaps	Reducing a Long Position	16,170	2.466 GBP
5p ordinary	Swaps - Equity Swaps	Reducing a Long Position	2,831	2.46 GBP
5p ordinary	Swaps - Equity Swaps	Reducing a Long Position	21,086	2.46 GBP
5p ordinary	Swaps - Equity Swaps	Reducing a Long Position	12,751	2.468 GBP
5p ordinary	Swaps - Equity Swaps	Reducing a Long Position	6,583	2.46 GBP
5p ordinary	Swaps - Equity Swaps	Reducing a Long Position	6,187	2.457 GBP
5p ordinary	Swaps - Equity Swaps	Reducing a Long Position	416	2.46 GBP
5p ordinary	Swaps - Equity Swaps	Reducing a Long Position	1,428	2.455 GBP
5p ordinary	Swaps - Equity Swaps	Reducing a Long Position	999	2.468 GBP
5p ordinary	Swaps - Equity Swaps	Reducing a Long Position	2,656	2.46 GBP
5p ordinary	Swaps - Equity Swaps	Reducing a Long Position	3,677	2.455 GBP
5p ordinary	Swaps - Equity Swaps	Reducing a Long Position	26,581	2.46 GBP
5p ordinary	Swaps - Equity Swaps	Reducing a Long Position	9,425	2.455 GBP
5p ordinary	Swaps - Equity Swaps	Reducing a Long Position	8,810	2.468 GBP
5p ordinary	Swaps - Equity Swaps	Increasing a Long Position	2,721	2.468 GBP
5p ordinary	Swaps - Equity Swaps	Reducing a Long Position	1,418	2.45 GBP
5p ordinary	Swaps - Equity Swaps	Reducing a Short Position	370	2.47 GBP
5p ordinary	Swaps - Equity Swaps	Reducing a Short Position	3,000	2.47 GBP
5p ordinary	Swaps - Equity Swaps	Reducing a Short Position	15,142	2.47 GBP
5p ordinary	Swaps - Equity Swaps	Increasing a Short Position	3,700	2.465 GBP
5p ordinary	Swaps - Equity Swaps	Reducing a Long Position	1,295	2.462 GBP
5p ordinary	Swaps - Equity Swaps	Opening a Short Position	4,605	2.458 GBP
5p ordinary	Swaps - Equity Swaps	Closing a Long Position	520	2.458 GBP
5p ordinary	Swaps - Equity Swaps	Reducing a Short Position	4,435	2.468 GBP
5p ordinary	Swaps - Equity Swaps	Reducing a Short Position	1,246	2.476 GBP
5p ordinary	Swaps - Equity Swaps	Reducing a Short Position	3,260	2.476 GBP
5p ordinary	Swaps - Equity Swaps	Reducing a Short Position	380	2.476 GBP
5p ordinary	Swaps - Equity Swaps	Increasing a Long Position	14,316	2.467 GBP
5p ordinary	Swaps - Equity Swaps	Increasing a Long Position	316	2.468 GBP
5p ordinary	Swaps - Equity Swaps	Reducing a Long Position	567	2.466 GBP
5p ordinary	Swaps - Equity Swaps	Reducing a Long Position	777	2.466 GBP
5p ordinary	Swaps - Equity Swaps	Opening a Short Position	4,259	2.476 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:	17/05/2022
Contact name:	Zainab Tarteel
Telephone number:	+44207 996 1993

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.

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END

FERBGGDUSGBDGDR

RNS Number : 7896L

Bank of America Merrill Lynch

17 May 2022

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:

16/05/2022

(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	153,946	2.476 GBP	2.442 GBP
5p ordinary	Sale	56,863	2.476 GBP	2.449 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 - Equity Swaps	Reducing a Long Position	313	2.462 GBP
5p ordinary	Swaps - Equity Swaps	Reducing a Long Position	341	2.462 GBP
5p ordinary	Swaps - Equity Swaps	Reducing a Long Position	5,986	2.466 GBP
5p ordinary	Swaps - Equity Swaps	Increasing a Long Position	1,208	2.448 GBP
5p ordinary	Swaps - Equity Swaps	Reducing a Long Position	16,170	2.466 GBP
5p ordinary	Swaps - Equity Swaps	Reducing a Long Position	2,831	2.46 GBP
5p ordinary	Swaps - Equity Swaps	Reducing a Long Position	21,086	2.46 GBP
5p ordinary	Swaps - Equity Swaps	Reducing a Long Position	12,751	2.468 GBP
5p ordinary	Swaps - Equity Swaps	Reducing a Long Position	6,583	2.46 GBP
5p ordinary	Swaps - Equity Swaps	Reducing a Long Position	6,187	2.457 GBP
5p ordinary	Swaps - Equity Swaps	Reducing a Long Position	416	2.46 GBP
5p ordinary	Swaps - Equity Swaps	Reducing a Long Position	1,428	2.455 GBP
5p ordinary	Swaps - Equity Swaps	Reducing a Long Position	999	2.468 GBP
5p ordinary	Swaps - Equity Swaps	Reducing a Long Position	2,656	2.46 GBP
5p ordinary	Swaps - Equity Swaps	Reducing a Long Position	3,677	2.455 GBP
5p ordinary	Swaps - Equity Swaps	Reducing a Long Position	26,581	2.46 GBP
5p ordinary	Swaps - Equity Swaps	Reducing a Long Position	9,425	2.455 GBP
5p ordinary	Swaps - Equity Swaps	Reducing a Long Position	8,810	2.468 GBP
5p ordinary	Swaps - Equity Swaps	Increasing a Long Position	2,721	2.468 GBP
5p ordinary	Swaps - Equity Swaps	Reducing a Long Position	1,418	2.45 GBP
5p ordinary	Swaps - Equity Swaps	Reducing a Short Position	370	2.47 GBP
5p ordinary	Swaps - Equity Swaps	Reducing a Short Position	3,000	2.47 GBP
5p ordinary	Swaps - Equity Swaps	Reducing a Short Position	15,142	2.47 GBP
5p ordinary	Swaps - Equity Swaps	Increasing a Short Position	3,700	2.465 GBP
5p ordinary	Swaps - Equity Swaps	Reducing a Long Position	1,295	2.462 GBP
5p ordinary	Swaps - Equity Swaps	Opening a Short Position	4,605	2.458 GBP
5p ordinary	Swaps - Equity Swaps	Closing a Long Position	520	2.458 GBP
5p ordinary	Swaps - Equity Swaps	Reducing a Short Position	4,435	2.468 GBP
5p ordinary	Swaps - Equity Swaps	Reducing a Short Position	1,246	2.476 GBP
5p ordinary	Swaps - Equity Swaps	Reducing a Short Position	3,260	2.476 GBP
5p ordinary	Swaps - Equity Swaps	Reducing a Short Position	380	2.476 GBP
5p ordinary	Swaps - Equity Swaps	Increasing a Long Position	14,316	2.467 GBP
5p ordinary	Swaps - Equity Swaps	Increasing a Long Position	316	2.468 GBP
5p ordinary	Swaps - Equity Swaps	Reducing a Long Position	567	2.466 GBP
5p ordinary	Swaps - Equity Swaps	Reducing a Long Position	777	2.466 GBP
5p ordinary	Swaps - Equity Swaps	Opening a Short Position	4,259	2.476 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:	17/05/2022
Contact name:	Zainab Tarteel
Telephone number:	+44207 996 1993

END

FERBGGDUSGBDGDR

Date	17 May 2022
Time	11:06:05
Category	Holding(s) in company
ID	7896L

Date	17 May 2022
Time	11:06:05
Category	Holding(s) in company
ID	7896L

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Form 8.5 (EPT/RI)