Morgan Stanley Securities Limited 20 February 2008 DEALINGS BY CONNECTED EXEMPT PRINCIPAL TRADERS WITH RECOGNISED INTERMEDIARY STATUS DEALING IN A CLIENT-SERVING CAPACITY (Rule 38.5(a) of the Takeover Code) 1. KEY INFORMATION Name of exempt principal trader Morgan Stanley Securities Limited Company dealt in Mitchells & Butlers Plc Class of relevant security to which the Ordinary Shares dealings being disclosed relate (Note 1) Date of dealing 19 February 2008 2. DEALINGS (Note 2) (a) Purchases and sales Total number of securities purchased Highest price paid (Note 3) GBP Lowest price paid (Note 3) GBP 123,088 4.5200 4.3950 Total number of securities sold Highest price received (Note 3) GBP Lowest price received (Note 3) GBP 1,434,242 4.5300 4.3825 (b) Derivatives transactions (other than options) Product name, Long/short (Note 4) Number of securities (Note 5) Price per unit (Note 3) GBP e.g. CFD CFD SHORT 114,641 4.4900 CFD SHORT 16,518 4.4934 CFD SHORT 3,181 4.4950 CFD LONG 43,355 4.4138 CFD LONG 148,490 4.4172 CFD LONG 140,000 4.4461 CFD LONG 494,950 4.4495 CFD LONG 13,730 4.4644 CFD LONG 415,723 4.4712 CFD LONG 3,788 4.4808 CFD LONG 34,989 4.4854 CFD LONG 74,352 4.4854 CFD LONG 4,685 4.4998 CFD LONG 5,596 8.7441 CFD SHORT 15,000 4.4230 CFD SHORT 3,788 4.4296 CFD SHORT 10,000 4.4319 CFD SHORT 10,500 4.4882 (c) Options transactions in respect of existing securities (i) Writing, selling, purchasing or varying Product name, Writing, selling, Number of securities Exercise Type, e.g. Expiry Option money purchasing, to which the option American, e.g. call option varying etc. relates (Note 5) price European etc. date paid/received per unit (Note 3) N/A N/A N/A N/A N/A N/A N/A (ii) Exercising Product name, e.g. call option Number of securities Exercise price per unit (Note 3) N/A N/A N/A 3. OTHER INFORMATION Agreements, arrangements or understandings relating to options or derivatives Full details of any agreement, arrangement or understanding between the person disclosing and any other person relating to the voting rights of any relevant securities under any option referred to on this form or relating to the voting rights or future acquisition or disposal of any relevant securities to which any derivative referred to on this form is referenced. If none, this should be stated. NONE Date of disclosure 20 February 2008 Contact name Zafrhan Fahmy Telephone number 020 7677 1871 Name of offeree/offeror with which connected Punch Tavern Plc Nature of connection (Note 6) Advisor Notes The Notes on Form 38.5(a) can be viewed on the Takeover Panel's website at www.thetakeoverpanel.org.uk This information is provided by RNS The company news service from the London Stock Exchange