Morgan Stanley Securities Limited 16 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 15 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 51,440 3.4300 3.3800 Total number of securities sold Highest price received (Note 3) GBP Lowest price received (Note 3) GBP 268,362 3.4150 3.3675 (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 6,582 3.3825 CFD SHORT 3,890 3.3825 CFD SHORT 11,687 3.3891 CFD SHORT 873,000 3.4150 CFD LONG 1,569 3.2950 CFD LONG 29,821 3.3300 CFD LONG 131,661 3.3575 CFD LONG 5,564 3.3575 CFD LONG 783 3.3821 CFD LONG 48,256 3.3882 CFD LONG 7,703 3.3910 CFD LONG 19,489 3.3930 CFD LONG 21,192 3.3943 CFD LONG 23,403 3.3985 CFD LONG 80,808 3.4031 CFD LONG 50,307 3.4033 CFD LONG 4,311 3.4175 CFD LONG 7,846 3.4300 CFD LONG 3,029 3.5825 CFD SHORT 1,569 3.2950 CFD SHORT 29,821 3.3300 CFD SHORT 131,661 3.3575 CFD SHORT 5,564 3.3575 CFD SHORT 7,619 3.4020 CFD SHORT 5,000 3.4032 CFD SHORT 17,295 3.4039 CFD SHORT 4,311 3.4175 CFD SHORT 7,846 3.4300 CFD SHORT 3,029 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 16 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