Morgan Stanley Securities Limited 20 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 19 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 1,008,087 3.5000 2.8725 Total number of securities sold Highest price received (Note 3) GBP Lowest price received (Note 3) GBP 3,263,250 3.5000 2.8875 (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 448 2.8900 CFD SHORT 76,403 3.3500 CFD SHORT 28,521 3.4000 CFD SHORT 1,841 3.4000 CFD LONG 7,717 3.0336 CFD LONG 138,160 3.2281 CFD LONG 92,362 3.2281 CFD LONG 1,433,574 3.2527 CFD LONG 981,281 3.2914 CFD LONG 26,194 3.2914 CFD LONG 10,000 3.3286 CFD LONG 26,055 3.4079 CFD LONG 200,000 3.4210 CFD SHORT 92,362 3.2424 CFD SHORT 138,160 3.2424 CFD SHORT 43,294 3.2466 CFD SHORT 44,634 3.2506 CFD SHORT 200,000 3.2993 CFD SHORT 10,000 3.3705 CFD SHORT 17,800 3.4000 CFD SHORT 7,717 3.5006 (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 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