Morgan Stanley Securities Limited 18 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 17 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 546,934 3.6825 3.3400 Total number of securities sold Highest price received (Note 3) GBP Lowest price received (Note 3) GBP 324,582 3.7025 3.3425 (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 448 3.3575 CFD LONG 64,370 3.4298 CFD SHORT 397 3.3575 CFD SHORT 7,067 3.3575 CFD LONG 115,000 3.3727 CFD LONG 45,555 3.4279 CFD LONG 63,550 3.4478 CFD LONG 873,000 3.9475 CFD SHORT 11,000 3.3676 CFD SHORT 28,000 3.3823 CFD SHORT 17,795 3.3914 CFD SHORT 23,374 3.4272 CFD SHORT 55,955 3.4281 CFD SHORT 22,400 3.4330 CFD SHORT 321,906 3.4617 CFD SHORT 30,000 3.5066 CFD SHORT 873,000 3.9475 (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 18 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