Morgan Stanley Securities Limited 25 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 20 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 1,402,044 3.3400 3.2425 Total number of securities sold Highest price received (Note 3) GBP Lowest price received (Note 3) GBP 699,907 3.3925 3.2300 (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 83,648 3.2878 CFD LONG 873,000 3.3200 CFD SHORT 72,894 3.2778 CFD SHORT 1,591,348 3.3200 CFD LONG 63,985 3.2677 CFD LONG 1,300 3.2817 CFD LONG 75,447 3.2817 CFD LONG 20,786 3.2940 CFD LONG 5,435 3.2940 CFD LONG 30,762 3.2940 CFD LONG 8,671 3.2940 CFD LONG 29,178 3.2940 CFD LONG 4,765 3.2940 CFD LONG 177,941 3.2954 CFD LONG 39,027 3.3239 CFD LONG 1,009 3.3239 CFD LONG 1,605 3.3332 CFD LONG 5,157 3.3332 CFD SHORT 873,000 3.2700 CFD SHORT 11,462 3.2759 CFD SHORT 65,285 3.2759 CFD SHORT 80,900 3.3204 (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) FUTURE 126 3.4006 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 25 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 This information is provided by RNS The company news service from the London Stock Exchange