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:	21 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:	4164	0.00%	4980	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:	4164	0.00%	4980	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	1446	2.57500 GBP
8 13/24p ordinary	Buy	651	2.57700 GBP
8 13/24p ordinary	Buy	1572	2.57900 GBP
8 13/24p ordinary	Buy	1193	2.58000 GBP
8 13/24p ordinary	Buy	400	2.58500 GBP
8 13/24p ordinary	Buy	1323	2.58600 GBP
8 13/24p ordinary	Buy	891	2.58700 GBP
8 13/24p ordinary	Buy	1217	2.58900 GBP
8 13/24p ordinary	Buy	2324	2.59000 GBP
8 13/24p ordinary	Buy	84	2.59100 GBP
8 13/24p ordinary	Buy	2503	2.59200 GBP
8 13/24p ordinary	Buy	5183	2.59300 GBP
8 13/24p ordinary	Buy	3477	2.59500 GBP
8 13/24p ordinary	Buy	1178	2.59700 GBP
8 13/24p ordinary	Buy	610	2.60000 GBP
8 13/24p ordinary	Buy	608	2.60100 GBP
8 13/24p ordinary	Buy	3064	2.60200 GBP
8 13/24p ordinary	Buy	2773	2.60300 GBP
8 13/24p ordinary	Buy	2340	2.60400 GBP
8 13/24p ordinary	Buy	807	2.60500 GBP
8 13/24p ordinary	Buy	1735	2.60800 GBP
8 13/24p ordinary	Buy	374	2.61000 GBP
8 13/24p ordinary	Buy	609	2.61500 GBP
8 13/24p ordinary	Sell	758	2.57600 GBP
8 13/24p ordinary	Sell	1046	2.57700 GBP
8 13/24p ordinary	Sell	651	2.57800 GBP
8 13/24p ordinary	Sell	3655	2.58100 GBP
8 13/24p ordinary	Sell	2582	2.58600 GBP
8 13/24p ordinary	Sell	973	2.58700 GBP
8 13/24p ordinary	Sell	1483	2.58800 GBP
8 13/24p ordinary	Sell	610	2.59000 GBP
8 13/24p ordinary	Sell	7268	2.59100 GBP
8 13/24p ordinary	Sell	3745	2.59300 GBP
8 13/24p ordinary	Sell	1803	2.59400 GBP
8 13/24p ordinary	Sell	892	2.59500 GBP
8 13/24p ordinary	Sell	2781	2.59600 GBP
8 13/24p ordinary	Sell	98	2.59700 GBP
8 13/24p ordinary	Sell	1047	2.59800 GBP
8 13/24p ordinary	Sell	610	2.60100 GBP
8 13/24p ordinary	Sell	4613	2.60200 GBP
8 13/24p ordinary	Sell	261	2.60300 GBP
8 13/24p ordinary	Sell	2531	2.60400 GBP
8 13/24p ordinary	Sell	1009	2.60600 GBP
8 13/24p ordinary	Sell	780	2.60700 GBP
8 13/24p ordinary	Sell	154	2.61000 GBP
8 13/24p ordinary	Sell	297	2.61200 GBP
8 13/24p ordinary	Sell	170	2.61700 GBP
	TOTAL BUY :	36362
	TOTAL SALE :	39817

(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?

	22 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.