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:
Nomura International Plc
Mitchells & Butlers Plc
(c) Name of the party to the offer with which exempt principal trader is connected:
Mitchells & Butlers Plc
(d) Date position held/dealing undertaken:
27 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:
8 13/24p ordinary shares
Interests
Short positions
Number
%
Number
%
(1) Relevant securities owned and/or controlled:
195,977
0.048%
134,415
0.033%
(2) Derivatives (other than options):
(3) Options and agreements to purchase/sell:
TOTAL:
195,977
0.048%
134,415
0.033%

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
Ordinary Shares
Purchase
1278
2.458
Ordinary Shares
Purchase
357
2.459
Ordinary Shares
Purchase
719
2.461
Ordinary Shares
Purchase
5090
2.462
Ordinary Shares
Purchase
5166
2.463
Ordinary Shares
Purchase
596
2.464
Ordinary Shares
Purchase
71828
2.464
Ordinary Shares
Purchase
2952
2.465
Ordinary Shares
Purchase
406
2.466
Ordinary Shares
Purchase
7585
2.467
Ordinary Shares
Purchase
8932
2.468
Ordinary Shares
Purchase
2681
2.469
Ordinary Shares
Purchase
4060
2.470
Ordinary Shares
Purchase
809
2.471
Ordinary Shares
Purchase
4310
2.472
Ordinary Shares
Purchase
1037
2.473
Ordinary Shares
Purchase
16283
2.474
Ordinary Shares
Purchase
159
2.475
Ordinary Shares
Purchase
4438
2.476
Ordinary Shares
Purchase
1067
2.477
Ordinary Shares
Purchase
11386
2.478
Ordinary Shares
Purchase
2427
2.479
Ordinary Shares
Purchase
619
2.480
Ordinary Shares
Purchase
414
2.481
Ordinary Shares
Purchase
5291
2.482
Ordinary Shares
Purchase
1197
2.484
Ordinary Shares
Purchase
2389
2.486
Ordinary Shares
Purchase
5270
2.490
Ordinary Shares
Purchase
206
2.494
Ordinary Shares
Purchase
1354
2.495
Ordinary Shares
Purchase
348
2.497
Ordinary Shares
Purchase
1477
2.499
Ordinary Shares
Purchase
2896
2.500
Ordinary Shares
Purchase
472
2.503
Ordinary Shares
Purchase
213
2.506
Ordinary Shares
Purchase
714
2.509
Ordinary Shares
Purchase
28649
2.510
Ordinary Shares
Purchase
304
2.511
Ordinary Shares
Purchase
812
2.513
Ordinary Shares
Purchase
132
2.517
Ordinary Shares
Purchase
3008
2.535
Ordinary Shares
Purchase
222
2.537
Ordinary Shares
Purchase
152
2.539
Ordinary Shares
Purchase
3347
2.541
Ordinary Shares
Purchase
2190
2.542
Ordinary Shares
Purchase
1678
2.543
Ordinary Shares
Purchase
758
2.545
Ordinary Shares
Purchase
3557
2.549
Ordinary Shares
Purchase
2446
2.551
Ordinary Shares
Sale
2,513
2.457
Ordinary Shares
Sale
5,506
2.458
Ordinary Shares
Sale
805
2.459
Ordinary Shares
Sale
9,724
2.460
Ordinary Shares
Sale
2,247
2.461
Ordinary Shares
Sale
8,789
2.462
Ordinary Shares
Sale
1,966
2.464
Ordinary Shares
Sale
66,485
2.465
Ordinary Shares
Sale
453
2.466
Ordinary Shares
Sale
1,126
2.467
Ordinary Shares
Sale
2,137
2.469
Ordinary Shares
Sale
7,084
2.470
Ordinary Shares
Sale
3,468
2.471
Ordinary Shares
Sale
20,594
2.472
Ordinary Shares
Sale
7,608
2.472
Ordinary Shares
Sale
478
2.473
Ordinary Shares
Sale
3,754
2.474
Ordinary Shares
Sale
6,241
2.475
Ordinary Shares
Sale
10,531
2.476
Ordinary Shares
Sale
562
2.477
Ordinary Shares
Sale
2,100
2.478
Ordinary Shares
Sale
4,935
2.479
Ordinary Shares
Sale
3,582
2.480
Ordinary Shares
Sale
672
2.482
Ordinary Shares
Sale
303
2.485
Ordinary Shares
Sale
262
2.486
Ordinary Shares
Sale
1,374
2.495
Ordinary Shares
Sale
1,490
2.496
Ordinary Shares
Sale
1,450
2.500
Ordinary Shares
Sale
11,171
2.505
Ordinary Shares
Sale
1,269
2.506
Ordinary Shares
Sale
924
2.508
Ordinary Shares
Sale
1,410
2.511
Ordinary Shares
Sale
1,006
2.515
Ordinary Shares
Sale
102
2.517
Ordinary Shares
Sale
271
2.518
Ordinary Shares
Sale
825
2.519
Ordinary Shares
Sale
1,310
2.528
Ordinary Shares
Sale
7,155
2.529
Ordinary Shares
Sale
661
2.531
Ordinary Shares
Sale
680
2.532
Ordinary Shares
Sale
1,030
2.533
Ordinary Shares
Sale
4,227
2.535
Ordinary Shares
Sale
353
2.536
Ordinary Shares
Sale
2,304
2.537
Ordinary Shares
Sale
2,392
2.538
Ordinary Shares
Sale
1,883
2.539
Ordinary Shares
Sale
6,414
2.543
Ordinary Shares
Sale
3,923
2.544
Ordinary Shares
Sale
575
2.545
Ordinary Shares
Sale
2,303
2.546
Ordinary Shares
Sale
492
2.547
Ordinary Shares
Sale
2,369
2.548
Ordinary Shares
Sale
1,055
2.549
Ordinary Shares
Sale
298
2.551
Ordinary Shares
Sale
1,351
2.553

TOTAL BUY - 223,681

TOTAL SELL - 235,992

(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
28 September 2011
Kyere Tabiri
020 7102 1267

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.