Morgan Stanley Securities Limited 21 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 20 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 111,709 4.4775 4.3850 Total number of securities sold Highest price received (Note 3) GBP Lowest price received (Note 3) GBP 831,306 4.4550 4.3700 (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 LONG 2,881 4.4164 CFD SHORT 194,548 4.4200 CFD LONG 1,710 4.4037 CFD LONG 930 4.4047 CFD LONG 4,430 4.4047 CFD LONG 2,270 4.4047 CFD LONG 26,038 4.4047 CFD LONG 22,910 4.4047 CFD LONG 82,632 4.4047 CFD LONG 58,760 4.4047 CFD LONG 1,067 4.4102 CFD LONG 146 4.4102 CFD LONG 543 4.4102 CFD LONG 1,156 4.4102 CFD LONG 612 4.4102 CFD LONG 4,440 4.4207 CFD LONG 8,630 4.4207 CFD LONG 1,820 4.4207 CFD LONG 50,790 4.4207 CFD LONG 114,600 4.4207 CFD LONG 161,128 4.4207 CFD LONG 44,680 4.4207 CFD LONG 13,095 4.4275 CFD LONG 62,751 4.4311 CFD LONG 55,646 4.4311 CFD LONG 61,241 4.4413 CFD LONG 28,820 4.4413 CFD SHORT 7,700 4.3956 CFD SHORT 3,999 4.4166 CFD SHORT 16,463 4.4166 CFD SHORT 6,503 4.4166 CFD SHORT 860 4.4166 CFD SHORT 13,095 4.4257 CFD SHORT 7,000 4.4291 CFD SHORT 3,793 4.4327 CFD SHORT 25,136 4.4500 CFD SHORT 7,870 4.4500 CFD SHORT 1,710 4.4688 (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 21 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