Form 8.5 (EPT/NON-RI)

FORM 8.5 (EPT/NON-RI)

PUBLIC OPENING POSITION DISCLOSURE/DEALING DISCLOSURE BY AN

EXEMPT PRINCIPAL TRADER WITHOUT RECOGNISED INTERMEDIARY ("RI") STATUS (OR WHERE RI STATUS IS NOT APPLICABLE)

Rule 8.5 of the Takeover Code (the "Code")

1. KEY INFORMATION

(a) Name of exempt principal trader:	UBS AG London Branch
	Mitchells and Butlers Plc
(c) Name of the party to the offer with which exempt principal trader is connected:	Mitchells and Butlers Plc
(d) Date position held/dealing undertaken:	14 September 2011
(e) Has the EPT previously disclosed, or is it today disclosing, under the Code in respect of any other party to this offer?	NO

2. POSITIONS OF THE EXEMPT PRINCIPAL TRADER

(a) Interests and short positions in the relevant securities of the offeror or offeree to which the disclosure relates following the dealing (if any)

Class of relevant security:
	Interests	Short positions
Number	%	Number	%
(1) Relevant securities owned and/or controlled:	0	0.00%	9168	0.00%
(2) Derivatives (other than options):	0	0.00%	0	0.00%
(3) Options and agreements to purchase/sell:	0	0.00%	0	0.00%
TOTAL:	0	0.00%	9168	0.00%

All interests and all short positions should be disclosed.

Details of any open derivative or option positions, or agreements to purchase or sell relevant securities, should be given on a Supplemental Form 8 (Open Positions).

(b) Rights to subscribe for new securities (including directors' and other executive options)

Class of relevant security in relation to which subscription right exists:
Details, including nature of the rights concerned and relevant percentages:

If there are positions or rights to subscribe to disclose in more than one class of relevant securities of the offeror or offeree named in 1(b), copy table 2(a) or (b) (as appropriate) for each additional class of relevant security.

3. DEALINGS (IF ANY) BY THE EXEMPT PRINCIPAL TRADER

(a) Purchases and sales

Class of relevant security	Purchase/sale	Number of securities	Price per unit
8 13/24p ordinary	Buy	615	2.48000 GBP
8 13/24p ordinary	Buy	630	2.48900 GBP
8 13/24p ordinary	Buy	1600	2.49000 GBP
8 13/24p ordinary	Buy	833	2.49400 GBP
8 13/24p ordinary	Buy	1086	2.49900 GBP
8 13/24p ordinary	Buy	865	2.51100 GBP
8 13/24p ordinary	Buy	828	2.51700 GBP
8 13/24p ordinary	Buy	6000	2.52400 GBP
8 13/24p ordinary	Buy	2863	2.52700 GBP
8 13/24p ordinary	Buy	812	2.53400 GBP
8 13/24p ordinary	Buy	766	2.54400 GBP
8 13/24p ordinary	Buy	1571	2.56200 GBP
8 13/24p ordinary	Buy	1501	2.56400 GBP
8 13/24p ordinary	Buy	7346	2.56600 GBP
8 13/24p ordinary	Buy	1765	2.56700 GBP
8 13/24p ordinary	Buy	2476	2.56800 GBP
8 13/24p ordinary	Buy	1103	2.57500 GBP
8 13/24p ordinary	Buy	2631	2.57800 GBP
8 13/24p ordinary	Buy	1138	2.57900 GBP
8 13/24p ordinary	Buy	3476	2.58000 GBP
8 13/24p ordinary	Buy	870	2.58100 GBP
8 13/24p ordinary	Buy	1677	2.58300 GBP
8 13/24p ordinary	Buy	10174	2.58400 GBP
8 13/24p ordinary	Buy	23388	2.58500 GBP
8 13/24p ordinary	Buy	8981	2.58600 GBP
8 13/24p ordinary	Buy	2824	2.58700 GBP
8 13/24p ordinary	Buy	600	2.58800 GBP
8 13/24p ordinary	Buy	907	2.58900 GBP
8 13/24p ordinary	Buy	655	2.59100 GBP
8 13/24p ordinary	Buy	604	2.59400 GBP
8 13/24p ordinary	Buy	2672	2.59600 GBP
8 13/24p ordinary	Buy	16567	2.60000 GBP
8 13/24p ordinary	Buy	11720	2.60100 GBP
8 13/24p ordinary	Buy	1941	2.60200 GBP
8 13/24p ordinary	Buy	654	2.60300 GBP
8 13/24p ordinary	Buy	6394	2.60400 GBP
8 13/24p ordinary	Buy	1137	2.60600 GBP
8 13/24p ordinary	Sell	700	2.48600 GBP
8 13/24p ordinary	Sell	833	2.49500 GBP
8 13/24p ordinary	Sell	3740	2.52600 GBP
8 13/24p ordinary	Sell	219	2.52900 GBP
8 13/24p ordinary	Sell	3872	2.53500 GBP
8 13/24p ordinary	Sell	491	2.53600 GBP
8 13/24p ordinary	Sell	247	2.53700 GBP
8 13/24p ordinary	Sell	515	2.54400 GBP
8 13/24p ordinary	Sell	1026	2.55800 GBP
8 13/24p ordinary	Sell	1495	2.56400 GBP
8 13/24p ordinary	Sell	2817	2.56700 GBP
8 13/24p ordinary	Sell	1428	2.56900 GBP
8 13/24p ordinary	Sell	939	2.57100 GBP
8 13/24p ordinary	Sell	30803	2.57500 GBP
8 13/24p ordinary	Sell	2632	2.57900 GBP
8 13/24p ordinary	Sell	2236	2.58000 GBP
8 13/24p ordinary	Sell	1628	2.58100 GBP
8 13/24p ordinary	Sell	871	2.58300 GBP
8 13/24p ordinary	Sell	916	2.58400 GBP
8 13/24p ordinary	Sell	4711	2.58500 GBP
8 13/24p ordinary	Sell	1860	2.58600 GBP
8 13/24p ordinary	Sell	3035	2.58700 GBP
8 13/24p ordinary	Sell	12024	2.58800 GBP
8 13/24p ordinary	Sell	4644	2.59200 GBP
8 13/24p ordinary	Sell	604	2.59500 GBP
8 13/24p ordinary	Sell	8624	2.59900 GBP
8 13/24p ordinary	Sell	22477	2.60000 GBP
8 13/24p ordinary	Sell	610	2.60100 GBP
8 13/24p ordinary	Sell	2059	2.60200 GBP
8 13/24p ordinary	Sell	610	2.60400 GBP
8 13/24p ordinary	Sell	3253	2.60500 GBP
8 13/24p ordinary	Sell	3926	2.60600 GBP
8 13/24p ordinary	Sell	2446	2.60700 GBP
	TOTAL BUY :	131670
	TOTAL SALE :	128291

(b) Derivatives transactions (other than options)

Class of relevant security			Number of reference securities	Price per unit

(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		Expiry date	Option money paid/ received per unit

(ii) Exercising

Class of relevant security		Number of securities	Exercise price per unit

(d) Other dealings (including subscribing for new securities)

Class of relevant security		Details	Price per unit (if applicable)

The currency of all prices and other monetary amounts should be stated.

Where there have been dealings in more than one class of relevant securities of the offeror or offeree named in 1(b), copy table 3(a), (b), (c) or (d) (as appropriate) for each additional class of relevant security dealt in.

4. OTHER INFORMATION

(a) Indemnity and other dealing arrangements

None

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

None

Is a Supplemental Form 8 (Open Positions) attached?

	15 September 2011
	Gemma Crewdson
	+44 (0)20 7568 1245

Public disclosures under Rule 8 of the Code must be made to a Regulatory Information Service and must also be emailed to the Takeover Panel at [email protected]. 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.