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:
Nomura International Plc
Mitchells & Butlers Plc
(c) Name of the party to the offer with which exempt principal trader is connected:
Mitchells & Butlers Plc
(d) Date position held/dealing undertaken:
26 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:
8 13/24p ordinary shares
Interests
Short positions
Number
%
Number
%
(1) Relevant securities owned and/or controlled:
195,724
0.048%
121,851
0.030%
(2) Derivatives (other than options):
(3) Options and agreements to purchase/sell:
TOTAL:
195,724
0.048%
121,851
0.030%

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
Ordinary Shares
Purchase
880
2.4880
Ordinary Shares
Purchase
204
2.4890
Ordinary Shares
Purchase
470
2.4940
Ordinary Shares
Purchase
1,218
2.4950
Ordinary Shares
Purchase
383
2.4970
Ordinary Shares
Purchase
2,397
2.5010
Ordinary Shares
Purchase
294
2.5020
Ordinary Shares
Purchase
1,398
2.5030
Ordinary Shares
Purchase
588
2.5050
Ordinary Shares
Purchase
1,777
2.5060
Ordinary Shares
Purchase
4,821
2.5070
Ordinary Shares
Purchase
3,035
2.5080
Ordinary Shares
Purchase
11,611
2.5100
Ordinary Shares
Purchase
3,441
2.5103
Ordinary Shares
Purchase
558
2.5110
Ordinary Shares
Purchase
100
2.5130
Ordinary Shares
Purchase
3,064
2.5140
Ordinary Shares
Purchase
2,305
2.5150
Ordinary Shares
Purchase
2,190
2.5160
Ordinary Shares
Purchase
2,777
2.5180
Ordinary Shares
Purchase
2,830
2.5190
Ordinary Shares
Purchase
2,171
2.5210
Ordinary Shares
Purchase
3,511
2.5220
Ordinary Shares
Purchase
3,380
2.5230
Ordinary Shares
Purchase
8,824
2.5240
Ordinary Shares
Purchase
65,441
2.5250
Ordinary Shares
Purchase
51,552
2.5256
Ordinary Shares
Purchase
2,979
2.5270
Ordinary Shares
Purchase
1
2.5290
Ordinary Shares
Purchase
1,744
2.5300
Ordinary Shares
Purchase
443
2.5360
Ordinary Shares
Purchase
463
2.5400
Ordinary Shares
Purchase
1,803
2.5410
Ordinary Shares
Purchase
3,663
2.5430
Ordinary Shares
Purchase
1,539
2.5450
Ordinary Shares
Purchase
1,021
2.5490
Ordinary Shares
Purchase
1,253
2.5510
Ordinary Shares
Purchase
440
2.5520
Ordinary Shares
Purchase
751
2.5530
Ordinary Shares
Purchase
1,044
2.5550
Ordinary Shares
Purchase
2,354
2.5560
Ordinary Shares
Purchase
5,656
2.5590
Ordinary Shares
Purchase
6,047
2.5600
Ordinary Shares
Purchase
5,906
2.5620
Ordinary Shares
Purchase
5,863
2.5630
Ordinary Shares
Purchase
3,424
2.5730
Ordinary Shares
Purchase
379
2.5750
Ordinary Shares
Sale
1,621
2.4890
Ordinary Shares
Sale
2,448
2.4900
Ordinary Shares
Sale
3,200
2.4930
Ordinary Shares
Sale
2,641
2.4940
Ordinary Shares
Sale
147
2.4960
Ordinary Shares
Sale
2,499
2.4980
Ordinary Shares
Sale
824
2.4990
Ordinary Shares
Sale
1,224
2.5000
Ordinary Shares
Sale
1,614
2.5020
Ordinary Shares
Sale
3,255
2.5030
Ordinary Shares
Sale
4,801
2.5040
Ordinary Shares
Sale
3,361
2.5060
Ordinary Shares
Sale
2,776
2.5070
Ordinary Shares
Sale
5,931
2.5080
Ordinary Shares
Sale
2,860
2.5090
Ordinary Shares
Sale
7,395
2.5100
Ordinary Shares
Sale
673
2.5110
Ordinary Shares
Sale
4,429
2.5120
Ordinary Shares
Sale
1,686
2.5130
Ordinary Shares
Sale
660
2.5140
Ordinary Shares
Sale
2,381
2.5150
Ordinary Shares
Sale
8,556
2.5160
Ordinary Shares
Sale
2,267
2.5170
Ordinary Shares
Sale
3,697
2.5180
Ordinary Shares
Sale
2,208
2.5200
Ordinary Shares
Sale
1,928
2.5210
Ordinary Shares
Sale
731
2.5230
Ordinary Shares
Sale
550
2.5240
Ordinary Shares
Sale
1,000
2.5250
Ordinary Shares
Sale
4,113
2.5260
Ordinary Shares
Sale
3,199
2.5280
Ordinary Shares
Sale
630
2.5290
Ordinary Shares
Sale
7,738
2.5300
Ordinary Shares
Sale
1,814
2.5310
Ordinary Shares
Sale
91,606
2.5319
Ordinary Shares
Sale
2,511
2.5360
Ordinary Shares
Sale
1,353
2.5380
Ordinary Shares
Sale
4,481
2.5390
Ordinary Shares
Sale
1,944
2.5400
Ordinary Shares
Sale
2,545
2.5410
Ordinary Shares
Sale
733
2.5420
Ordinary Shares
Sale
1,771
2.5430
Ordinary Shares
Sale
2,223
2.5440
Ordinary Shares
Sale
1,041
2.5480
Ordinary Shares
Sale
1,383
2.5510
Ordinary Shares
Sale
31
2.5520
Ordinary Shares
Sale
1,242
2.5530
Ordinary Shares
Sale
3,921
2.5540
Ordinary Shares
Sale
7,198
2.5560
Ordinary Shares
Sale
600
2.5570
Ordinary Shares
Sale
999
2.5580
Ordinary Shares
Sale
3,299
2.5590
Ordinary Shares
Sale
4,007
2.5620
Ordinary Shares
Sale
311
2.5700
Ordinary Shares
Sale
1,272
2.5720
Ordinary Shares
Sale
1,541
2.5730
Ordinary Shares
Sale
1,124
2.5740
Ordinary Shares
Sale
1,883
2.5780
Ordinary Shares
Sale
500
2.5810

TOTAL BUY - 227,993

TOTAL SELL - 234,376

(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
27 September 2011
Kyere Tabiri
020 7102 1267

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.