TR-1: NOTIFICATION OF MAJOR INTEREST IN SHARESⁱ

1. Identity of the issuer or the underlying issuer
of existing shares to which voting rights are
attached: ii

National Express Group PLC

2 Reason for the notification (please tick the appropriate box or boxes):

An acquisition or disposal of voting rights

Yes

An acquisition or disposal of qualifying financial instruments which may result in the acquisition of shares already issued to which voting rights are attached

No

An acquisition or disposal of instruments with similar economic effect to qualifying financial instruments

Yes

An event changing the breakdown of voting rights

No

Other (please specify):

No

3. Full name of person(s) subject to the
notification obligation: iii

Elliott International, L.P, Liverpool Ltd Partnership

4. Full name of shareholder(s) 
 (if different from 3.):iv

N/A

5. Date of the transaction and date on
which the threshold is crossed or
reached: v

14 December 2009

6. Date on which issuer notified:

16 December 2009

7. Threshold(s) that is/are crossed or
reached: vi, vii

7% to 8%

8. Notified details:

A: Voting rights attached to shares viii, ix

Class/type of
shares

if possible using
the ISIN CODE

Situation previous
to the triggering
transaction

Resulting situation after the triggering transaction

Number
of
Shares

Number
of
Voting
Rights

Number
of shares

Number of voting
rights

% of voting rights x

Direct

Direct xi

Indirect xii

Direct

Indirect

Ordinary Shares

GB0006215205

100

100

26,838,987

26,838,987

5.2619%

B: Qualifying Financial Instruments

Resulting situation after the triggering transaction

Type of financial
instrument

Expiration
date xiii

Exercise/ 
Conversion Period xiv

Number of voting
rights that may be
acquired if the
instrument is
exercised/ converted.

% of voting
rights

C: Financial Instruments with similar economic effect to Qualifying Financial Instruments xv, xvi

Resulting situation after the triggering transaction

Type of financial
instrument

Exercise price

Expiration date xvii

Exercise/
Conversion period xviii

Number of voting rights instrument refers to

% of voting rights xix, xx

Nominal

Delta

CFD over Ordinary Shares

GB0006215205

14,933,046

2.927%

Total (A+B+C)

Number of voting rights

Percentage of voting rights

41,772,033

8.189%

9. Chain of controlled undertakings through which the voting rights and/or the
financial instruments are effectively held, if applicable: xxi

Holding consists of the following positions:

Shares - GB0006215205 

Ordinary shares - 26,838,987 shares

Ordinary shares (CFD) - 14,933,046 shares

Total equivalent ords (Post capital raising) = 41,772,033

Proxy Voting:

10. Name of the proxy holder:

11. Number of voting rights proxy holder will cease
to hold:

12. Date on which proxy holder will cease to hold
voting rights:

13. Additional information:

14. Contact name:

Dianne Robinson 

15. Contact telephone number:

0207 506 4334

Note: Annex should only be submitted to the FSA not the issuer

Annex: Notification of major interests in share

A: Identity of the persons or legal entity subject to the notification obligation

Full name 

(including legal form of legal entities)

National Express Group PLC

Contact address 

(registered office for legal entities)

7 Triton Square

London  NW1 3HG

Phone number & email

Other useful information 

(at least legal representative for legal persons)

B: Identity of the notifier, if applicable

Full name

Dianne Robinson 

Contact address

7 Triton Square 

London  NW1 3HG

Phone number & email

0207 506 4334 

dianne.robinson@nationalexpress.com

Other useful information

(e.g. functional relationship with the person or legal entity subject to the notification obligation)

C: Additional information

For notes on how to complete form TR-1 please see the FSA website.