Morgan Stanley Securities Limited 02 April 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 01 April 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 65,407 3.6000 3.4825 Total number of securities sold Highest price received (Note 3) GBP Lowest price received (Note 3) GBP 165,473 3.5950 3.4025 (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 4,621 3.4021 CFD LONG 1,222 3.4579 CFD LONG 975 3.5023 CFD LONG 4,500 3.5150 CFD LONG 24,255 3.5378 CFD LONG 25,335 3.5414 CFD LONG 7,100 3.5544 CFD LONG 46,868 3.5821 CFD LONG 106,951 3.5825 CFD LONG 33,439 3.5825 CFD LONG 11,614 3.5825 CFD LONG 9,951 3.5834 CFD LONG 400 3.5834 CFD SHORT 2,000 3.4884 CFD SHORT 4,900 3.5112 CFD SHORT 4,621 3.5141 CFD SHORT 19,001 3.5412 CFD SHORT 25,335 3.5432 CFD SHORT 106,951 3.5825 CFD SHORT 33,439 3.5825 CFD SHORT 3,029 3.5825 CFD LONG 6,379 3.5582 CFD LONG 15,732 3.5825 CFD LONG 432,610 3.5825 (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 02 April 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