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:
23 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:
1355
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:
1355
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
678
2.45000 GBP
8 13/24p ordinary
Buy
1184
2.45200 GBP
8 13/24p ordinary
Buy
910
2.45400 GBP
8 13/24p ordinary
Buy
827
2.45600 GBP
8 13/24p ordinary
Buy
1810
2.45700 GBP
8 13/24p ordinary
Buy
4062
2.45800 GBP
8 13/24p ordinary
Buy
9159
2.45900 GBP
8 13/24p ordinary
Buy
388
2.46000 GBP
8 13/24p ordinary
Buy
1227
2.46300 GBP
8 13/24p ordinary
Buy
610
2.46500 GBP
8 13/24p ordinary
Buy
1909
2.46900 GBP
8 13/24p ordinary
Buy
483
2.47500 GBP
8 13/24p ordinary
Buy
1470
2.47600 GBP
8 13/24p ordinary
Buy
874
2.47800 GBP
8 13/24p ordinary
Buy
1722
2.48100 GBP
8 13/24p ordinary
Buy
1605
2.48600 GBP
8 13/24p ordinary
Buy
1209
2.48800 GBP
8 13/24p ordinary
Buy
784
2.48900 GBP
8 13/24p ordinary
Buy
2760
2.49300 GBP
8 13/24p ordinary
Buy
818
2.49400 GBP
8 13/24p ordinary
Buy
738
2.49500 GBP
8 13/24p ordinary
Buy
610
2.49600 GBP
8 13/24p ordinary
Buy
2899
2.49800 GBP
8 13/24p ordinary
Buy
1596
2.50100 GBP
8 13/24p ordinary
Buy
720
2.50200 GBP
8 13/24p ordinary
Buy
2214
2.50300 GBP
8 13/24p ordinary
Buy
2840
2.50400 GBP
8 13/24p ordinary
Buy
1835
2.50500 GBP
8 13/24p ordinary
Buy
935
2.51200 GBP
8 13/24p ordinary
Sell
1861
2.45200 GBP
8 13/24p ordinary
Sell
910
2.45500 GBP
8 13/24p ordinary
Sell
1337
2.46500 GBP
8 13/24p ordinary
Sell
980
2.46600 GBP
8 13/24p ordinary
Sell
1207
2.47000 GBP
8 13/24p ordinary
Sell
600
2.47200 GBP
8 13/24p ordinary
Sell
1549
2.47300 GBP
8 13/24p ordinary
Sell
1884
2.47700 GBP
8 13/24p ordinary
Sell
414
2.47900 GBP
8 13/24p ordinary
Sell
725
2.48200 GBP
8 13/24p ordinary
Sell
1209
2.49000 GBP
8 13/24p ordinary
Sell
610
2.49100 GBP
8 13/24p ordinary
Sell
3339
2.49400 GBP
8 13/24p ordinary
Sell
1604
2.49500 GBP
8 13/24p ordinary
Sell
826
2.49600 GBP
8 13/24p ordinary
Sell
818
2.49700 GBP
8 13/24p ordinary
Sell
1912
2.49800 GBP
8 13/24p ordinary
Sell
3754
2.49900 GBP
8 13/24p ordinary
Sell
705
2.50000 GBP
8 13/24p ordinary
Sell
5868
2.50200 GBP
8 13/24p ordinary
Sell
2878
2.50300 GBP
8 13/24p ordinary
Sell
1806
2.50400 GBP
8 13/24p ordinary
Sell
2878
2.50500 GBP
8 13/24p ordinary
Sell
1065
2.50600 GBP
8 13/24p ordinary
Sell
780
2.50700 GBP
8 13/24p ordinary
Sell
2264
2.51000 GBP
8 13/24p ordinary
Sell
4906
2.51600 GBP
TOTAL BUY :
48876
TOTAL SALE :
48689

(b) Derivatives transactions (other than options)

Class of relevant security
Number of reference securities
Price per unit

(c) Options transactions in respect of existing securities

(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

(c) Attachments

Is a Supplemental Form 8 (Open Positions) attached?
NO
26 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.