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Commerzbank AG (CZB)

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Wednesday 02 December, 2009

Commerzbank AG

Disclosure of Short Position - TR3

Form TR-3. FSA Version 1.0 June 2008

TR-3:    Disclosure of Disclosable Short Position relating to Securities which 
         are the subject of a rights issue                                     

1. Full name of person(s) holding the    Commerzbank AG                        
disclosable short position:                                                    
2: Name of the issuer of the relevant    National Express plc                  
3: Disclosable short position            0.251%                                
4. Date that disclosable short position  1 December 2009                       
was reached or exceeded                                                        

This form, or the information contained within it, should be disclosed via an
RIS using the short code DSP. Issuers should conform the commencement of the
rights issuer period with a disclosure, via an RIS, using the short code ARI.

This form relates to the disclosure of short positions in compliance with
amendments to MAR 1.9 market abuse (misleading behaviour) and market abuse
(distortion) of the Market Conduct Sourcebook (MAR). Further material on this
can be found in the FSA's press release of 13 June 2008,
pages/Library/Communication/PR/2008/057.shtml and the related FAQ document on
the FSA's website.

Specify the owner or controller of the interest. The naming of nominees or
vehicle companies is insufficient. In the case of positions held by fund
managers on behalf of discretionary clients, the clients need not be named.
Market makers as defined in the Glossary of Definitions in the FSA Handbook and
acting in their capacity as such may be exempt from disclosure of own account
positions: see the definition of "disclosable short position". Positions may be
aggregated in some cases. See FAQ document for further details.

Figure to be expressed as a percentage of issued share capital. Disclosable
short position is defined in the Glossary of Definitions in the FSA Handbook.
Positions must be disclosed on a net basis of all holdings. All financial
instruments that represent a direct interest or direct economic interest in the
relevant issuer must be included within such holdings.