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:	15 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%	14743	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%	14743	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	2780	2.66500 GBP
8 13/24p ordinary	Buy	1809	2.66700 GBP
8 13/24p ordinary	Buy	1180	2.67000 GBP
8 13/24p ordinary	Buy	23653	2.67100 GBP
8 13/24p ordinary	Buy	1938	2.67200 GBP
8 13/24p ordinary	Buy	2352	2.67300 GBP
8 13/24p ordinary	Buy	1638	2.67500 GBP
8 13/24p ordinary	Buy	353	2.67600 GBP
8 13/24p ordinary	Buy	1490	2.67700 GBP
8 13/24p ordinary	Buy	980	2.67800 GBP
8 13/24p ordinary	Buy	914	2.67900 GBP
8 13/24p ordinary	Buy	13755	2.68000 GBP
8 13/24p ordinary	Buy	3813	2.68100 GBP
8 13/24p ordinary	Buy	5139	2.68200 GBP
8 13/24p ordinary	Buy	3263	2.68300 GBP
8 13/24p ordinary	Buy	638	2.68500 GBP
8 13/24p ordinary	Buy	1569	2.68600 GBP
8 13/24p ordinary	Buy	3778	2.68700 GBP
8 13/24p ordinary	Buy	894	2.68800 GBP
8 13/24p ordinary	Buy	2574	2.68900 GBP
8 13/24p ordinary	Buy	9570	2.69000 GBP
8 13/24p ordinary	Buy	2535	2.69100 GBP
8 13/24p ordinary	Buy	3177	2.69200 GBP
8 13/24p ordinary	Buy	1336	2.69300 GBP
8 13/24p ordinary	Buy	595	2.69400 GBP
8 13/24p ordinary	Buy	3046	2.69500 GBP
8 13/24p ordinary	Buy	1022	2.69800 GBP
8 13/24p ordinary	Buy	1587	2.69900 GBP
8 13/24p ordinary	Buy	2737	2.70100 GBP
8 13/24p ordinary	Buy	310	2.70300 GBP
8 13/24p ordinary	Buy	528	2.70500 GBP
8 13/24p ordinary	Buy	1546	2.70600 GBP
8 13/24p ordinary	Buy	1901	2.70900 GBP
8 13/24p ordinary	Buy	788	2.71100 GBP
8 13/24p ordinary	Buy	1153	2.71400 GBP
8 13/24p ordinary	Buy	609	2.71800 GBP
8 13/24p ordinary	Sell	1394	2.64900 GBP
8 13/24p ordinary	Sell	1490	2.66800 GBP
8 13/24p ordinary	Sell	1770	2.66900 GBP
8 13/24p ordinary	Sell	4109	2.67000 GBP
8 13/24p ordinary	Sell	980	2.67100 GBP
8 13/24p ordinary	Sell	876	2.67300 GBP
8 13/24p ordinary	Sell	1697	2.67400 GBP
8 13/24p ordinary	Sell	365	2.67500 GBP
8 13/24p ordinary	Sell	3086	2.67600 GBP
8 13/24p ordinary	Sell	839	2.67700 GBP
8 13/24p ordinary	Sell	3079	2.67800 GBP
8 13/24p ordinary	Sell	1683	2.67900 GBP
8 13/24p ordinary	Sell	12848	2.68000 GBP
8 13/24p ordinary	Sell	2871	2.68100 GBP
8 13/24p ordinary	Sell	3645	2.68200 GBP
8 13/24p ordinary	Sell	3520	2.68300 GBP
8 13/24p ordinary	Sell	3892	2.68400 GBP
8 13/24p ordinary	Sell	2616	2.68600 GBP
8 13/24p ordinary	Sell	2716	2.68700 GBP
8 13/24p ordinary	Sell	3704	2.68800 GBP
8 13/24p ordinary	Sell	2376	2.68900 GBP
8 13/24p ordinary	Sell	3030	2.69000 GBP
8 13/24p ordinary	Sell	2419	2.69200 GBP
8 13/24p ordinary	Sell	2808	2.69300 GBP
8 13/24p ordinary	Sell	1308	2.69400 GBP
8 13/24p ordinary	Sell	5028	2.69500 GBP
8 13/24p ordinary	Sell	2097	2.69600 GBP
8 13/24p ordinary	Sell	821	2.69700 GBP
8 13/24p ordinary	Sell	260	2.69900 GBP
8 13/24p ordinary	Sell	8035	2.70000 GBP
8 13/24p ordinary	Sell	1814	2.70200 GBP
8 13/24p ordinary	Sell	637	2.70300 GBP
8 13/24p ordinary	Sell	2108	2.70500 GBP
8 13/24p ordinary	Sell	607	2.70600 GBP
8 13/24p ordinary	Sell	7872	2.70700 GBP
8 13/24p ordinary	Sell	1546	2.70800 GBP
8 13/24p ordinary	Sell	3447	2.71000 GBP
8 13/24p ordinary	Sell	2565	2.71200 GBP
8 13/24p ordinary	Sell	1153	2.71500 GBP
8 13/24p ordinary	Sell	1042	2.71900 GBP
8 13/24p ordinary	Sell	4372	2.72000 GBP
	TOTAL BUY :	106950
	TOTAL SALE :	112525

(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?

	16 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.

Form 8.5 (EPT/NON-RI)