Morgan Stanley Securities Limited 17 March 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 14 March 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 325,589 4.0075 3.7700 Total number of securities sold Highest price received (Note 3) GBP Lowest price received (Note 3) GBP 1,185,137 3.9975 3.7624 (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 1,229 3.8242 CFD LONG 14,211 3.9447 CFD SHORT 6,720 3.7700 CFD SHORT 6,073 3.8242 CFD LONG 541,594 3.7625 CFD LONG 142,802 3.7625 CFD LONG 15,604 3.7625 CFD LONG 350,000 3.9516 CFD LONG 34,366 3.9808 CFD SHORT 45,555 3.7705 CFD SHORT 10,000 3.8424 CFD SHORT 84,727 3.8510 CFD SHORT 37,700 3.8769 CFD SHORT 5,720 3.9333 CFD SHORT 1,000 3.9541 CFD SHORT 37,211 3.9648 CFD SHORT 5,552 3.9818 (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 17 March 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