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

(c) Options transactions in respect of existing securities

(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

(c) Attachments

Is a Supplemental Form 8 (Open Positions) attached?
NO
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.