Morgan Stanley Securities Limited 28 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 27 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 373,391 4.6200 4.4675 Total number of securities sold Highest price received (Note 3) GBP Lowest price received (Note 3) GBP 175,295 4.6200 4.4725 (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 127,153 4.5475 CFD SHORT 18,535 4.5310 CFD SHORT 11,558 4.5570 CFD LONG 53,000 4.5015 CFD LONG 47,000 4.5015 CFD LONG 8,086 4.5108 CFD LONG 8,085 4.5159 CFD LONG 49,161 4.5364 CFD SHORT 2,000 4.5279 CFD SHORT 49,161 4.5449 CFD SHORT 13,730 4.5461 CFD SHORT 90,060 4.5524 CFD SHORT 3,500 4.5650 CFD SHORT 29,884 4.5726 (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 28 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