Morgan Stanley Securities Limited 03 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 02 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 321,010 3.6800 3.5700 Total number of securities sold Highest price received (Note 3) GBP Lowest price received (Note 3) GBP 348,935 3.6725 3.5875 (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 8,506 3.6119 CFD LONG 433 3.6194 CFD LONG 3,459 3.6239 CFD LONG 2,876 3.6249 CFD LONG 2,119 3.6249 CFD LONG 9,535 3.6249 CFD LONG 7,090 3.6249 CFD LONG 1,211 3.6249 CFD LONG 1,777 3.6249 CFD LONG 202 3.6249 CFD LONG 347 3.6249 CFD LONG 114 3.6249 CFD LONG 156 3.6249 CFD LONG 9,631 3.6249 CFD LONG 14,495 3.6249 CFD LONG 25,580 3.6249 CFD LONG 36,908 3.6249 CFD LONG 2,237 3.6249 CFD LONG 1,626 3.6249 CFD LONG 5,442 3.6253 CFD LONG 32,087 3.6312 CFD LONG 6,362 3.6314 CFD LONG 52,705 3.6430 CFD SHORT 6,858 3.5831 CFD SHORT 55 3.5931 CFD SHORT 21,216 3.5977 CFD SHORT 12,705 3.5977 CFD SHORT 378 3.6071 CFD SHORT 13,045 3.6089 CFD SHORT 4,000 3.6162 CFD SHORT 32,087 3.6180 CFD SHORT 18,804 3.6260 CFD SHORT 46,201 3.6405 CFD LONG 1,724 3.6650 CFD SHORT 15,716 3.6325 CFD SHORT 20,416 3.6385 CFD SHORT 5,904 3.6400 CFD SHORT 1,312 3.6650 (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 03 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 www.thetakeoverpanel.org.uk This information is provided by RNS The company news service from the London Stock Exchange