Mitchells & Butlers PLC 04 February 2008 4 February 2008 Mitchells & Butlers plc ("Mitchells & Butlers" or the "Company") Re Press speculation -------- The Board of Mitchells & Butlers notes recent press speculation and confirms that it has recently received a proposal from Punch Taverns plc together with continued expressions of interest in the Company from third parties. The Board has commenced its strategic review process and will give careful consideration to all proposals as part of this process. At this preliminary stage, there can be no assurance that any offer for the Company or transaction will be forthcoming. The Board will keep shareholders informed as appropriate. For further information, please contact: Investor Relations: Erik Castenskiold 0121 498 6513 Media: Kathryn Holland 0121 498 4526 James Murgatroyd (Finsbury Group) 0207 251 3801 Citigroup Global Markets Limited ("Citi") which is authorised and regulated in the United Kingdom by the Financial Services Authority, is acting for Mitchells & Butlers and no one else in connection with this announcement and will not be responsible to anyone other than Mitchells & Butlers for providing the protections afforded to clients of Citi or for providing advice in relation to the contents of this announcement, or for any other transaction, arrangement or matters referred to in this announcement. Dealing Disclosure Requirements Under the provisions of Rule 8.3 of the Takeover Code (the "Code"), if any person is, or becomes, "interested" (directly or indirectly) in 1% or more of any class of "relevant securities" of Mitchells & Butlers, all "dealings" in any "relevant securities" of that company (including by means of an option in respect of, or a derivative referenced to, any such "relevant securities") must be publicly disclosed by no later than 3.30 pm (London time) on the London business day following the date of the relevant transaction. This requirement will continue until the date on which the offer becomes, or is declared, unconditional as to acceptances, lapses or is otherwise withdrawn or on which the "offer period" otherwise ends. If two or more persons act together pursuant to an agreement or understanding, whether formal or informal, to acquire an "interest" in "relevant securities" of Mitchells & Butlers, they will be deemed to be a single person for the purpose of Rule 8.3. Under the provisions of Rule 8.1 of the Code, all "dealings" in "relevant securities" of Mitchells & Butlers by the offeror or Mitchells & Butlers, or by any of their respective "associates", must be disclosed by no later than 12.00 noon (London time) on the London business day following the date of the relevant transaction. A disclosure table, giving details of the companies in whose "relevant securities" "dealings" should be disclosed, and the number of such securities in issue, can be found on the Takeover Panel's website at "Interests in securities" arise, in summary, when a person has long economic exposure, whether conditional or absolute, to changes in the price of securities. In particular, a person will be treated as having an "interest" by virtue of the ownership or control of securities, or by virtue of any option in respect of, or derivative referenced to, securities. Terms in quotation marks are defined in the Code, which can also be found on the Panel's website. If you are in any doubt as to whether or not you are required to disclose a "dealing" under Rule 8, you should consult the Panel. This information is provided by RNS The company news service from the London Stock Exchange