Form 8.5 (EPT/NON-RI)

FORM 8.5 (EPT/NON-RI)

PUBLIC OPENING POSITION DISCLOSURE/DEALING DISCLOSURE BY AN

EXEMPT PRINCIPAL TRADER WITHOUT RECOGNISED INTERMEDIARY ("RI") STATUS (OR WHERE RI STATUS IS NOT APPLICABLE)

Rule 8.5 of the Takeover Code (the "Code")

1. KEY INFORMATION

(a) Name of exempt principal trader:	UBS AG London Branch
	Mitchells and Butlers Plc
(c) Name of the party to the offer with which exempt principal trader is connected:	Mitchells and Butlers Plc
(d) Date position held/dealing undertaken:	22 September 2011
(e) Has the EPT previously disclosed, or is it today disclosing, under the Code in respect of any other party to this offer?	NO

2. POSITIONS OF THE EXEMPT PRINCIPAL TRADER

(a) Interests and short positions in the relevant securities of the offeror or offeree to which the disclosure relates following the dealing (if any)

Class of relevant security:
	Interests	Short positions
Number	%	Number	%
(1) Relevant securities owned and/or controlled:	1168	0.00%	4980	0.00%
(2) Derivatives (other than options):	0	0.00%	0	0.00%
(3) Options and agreements to purchase/sell:	0	0.00%	0	0.00%
TOTAL:	1168	0.00%	4980	0.00%

All interests and all short positions should be disclosed.

Details of any open derivative or option positions, or agreements to purchase or sell relevant securities, should be given on a Supplemental Form 8 (Open Positions).

(b) Rights to subscribe for new securities (including directors' and other executive options)

Class of relevant security in relation to which subscription right exists:
Details, including nature of the rights concerned and relevant percentages:

If there are positions or rights to subscribe to disclose in more than one class of relevant securities of the offeror or offeree named in 1(b), copy table 2(a) or (b) (as appropriate) for each additional class of relevant security.

3. DEALINGS (IF ANY) BY THE EXEMPT PRINCIPAL TRADER

(a) Purchases and sales

Class of relevant security	Purchase/sale	Number of securities	Price per unit
8 13/24p ordinary	Buy	860	2.48300 GBP
8 13/24p ordinary	Buy	855	2.49000 GBP
8 13/24p ordinary	Buy	861	2.49100 GBP
8 13/24p ordinary	Buy	851	2.49200 GBP
8 13/24p ordinary	Buy	6691	2.49400 GBP
8 13/24p ordinary	Buy	734	2.49500 GBP
8 13/24p ordinary	Buy	92	2.49600 GBP
8 13/24p ordinary	Buy	1369	2.49800 GBP
8 13/24p ordinary	Buy	1080	2.49900 GBP
8 13/24p ordinary	Buy	402	2.50000 GBP
8 13/24p ordinary	Buy	903	2.50100 GBP
8 13/24p ordinary	Buy	1172	2.50800 GBP
8 13/24p ordinary	Buy	1388	2.51400 GBP
8 13/24p ordinary	Buy	1379	2.52100 GBP
8 13/24p ordinary	Sell	1700	2.48600 GBP
8 13/24p ordinary	Sell	950	2.48700 GBP
8 13/24p ordinary	Sell	1020	2.48800 GBP
8 13/24p ordinary	Sell	1627	2.49000 GBP
8 13/24p ordinary	Sell	868	2.49200 GBP
8 13/24p ordinary	Sell	2517	2.49400 GBP
8 13/24p ordinary	Sell	2893	2.49900 GBP
8 13/24p ordinary	Sell	755	2.50100 GBP
8 13/24p ordinary	Sell	520	2.50200 GBP
8 13/24p ordinary	Sell	1100	2.50600 GBP
8 13/24p ordinary	Sell	1362	2.50900 GBP
8 13/24p ordinary	Sell	1704	2.52200 GBP
8 13/24p ordinary	Sell	1550	2.52400 GBP
8 13/24p ordinary	Sell	3067	2.52500 GBP
	TOTAL BUY :	18637
	TOTAL SALE :	21633

(b) Derivatives transactions (other than options)

Class of relevant security			Number of reference securities	Price per unit

(i) Writing, selling, purchasing or varying

Class of relevant security	Product description e.g. call option	Writing, purchasing, selling, varying etc.	Number of securities to which option relates	Exercise price per unit		Expiry date	Option money paid/ received per unit

(ii) Exercising

Class of relevant security		Number of securities	Exercise price per unit

(d) Other dealings (including subscribing for new securities)

Class of relevant security		Details	Price per unit (if applicable)

The currency of all prices and other monetary amounts should be stated.

Where there have been dealings in more than one class of relevant securities of the offeror or offeree named in 1(b), copy table 3(a), (b), (c) or (d) (as appropriate) for each additional class of relevant security dealt in.

4. OTHER INFORMATION

(a) Indemnity and other dealing arrangements

None

(b) Agreements, arrangements or understandings relating to options or derivatives

None

Is a Supplemental Form 8 (Open Positions) attached?

	23 September 2011
	Gemma Crewdson
	+44 (0)20 7568 1245

Public disclosures under Rule 8 of the Code must be made to a Regulatory Information Service and must also be emailed to the Takeover Panel at [email protected]. The Panel's Market Surveillance Unit is available for consultation in relation to the Code's dealing disclosure requirements on +44 (0)20 7638 0129.

The Code can be viewed on the Panel's website at www.thetakeoverpanel.org.uk.