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:
11 October 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:
0
0.00%
13214
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:
0
0.00%
13214
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
922
2.47900 GBP
8 13/24p ordinary
Buy
1679
2.48400 GBP
8 13/24p ordinary
Buy
1048
2.48500 GBP
8 13/24p ordinary
Buy
6004
2.48600 GBP
8 13/24p ordinary
Buy
2757
2.49200 GBP
8 13/24p ordinary
Buy
1600
2.49300 GBP
8 13/24p ordinary
Buy
4208
2.49400 GBP
8 13/24p ordinary
Buy
3378
2.49800 GBP
8 13/24p ordinary
Buy
10463
2.49900 GBP
8 13/24p ordinary
Buy
6998
2.50000 GBP
8 13/24p ordinary
Buy
5004
2.50100 GBP
8 13/24p ordinary
Buy
6989
2.50200 GBP
8 13/24p ordinary
Buy
757
2.50300 GBP
8 13/24p ordinary
Buy
1563
2.50500 GBP
8 13/24p ordinary
Buy
475
2.50600 GBP
8 13/24p ordinary
Buy
5711
2.50900 GBP
8 13/24p ordinary
Buy
1438
2.51100 GBP
8 13/24p ordinary
Buy
9158
2.52000 GBP
8 13/24p ordinary
Sell
2022
2.47600 GBP
8 13/24p ordinary
Sell
7787
2.48000 GBP
8 13/24p ordinary
Sell
1297
2.48400 GBP
8 13/24p ordinary
Sell
1679
2.48600 GBP
8 13/24p ordinary
Sell
1000
2.49200 GBP
8 13/24p ordinary
Sell
3513
2.49300 GBP
8 13/24p ordinary
Sell
2133
2.49800 GBP
8 13/24p ordinary
Sell
19321
2.50000 GBP
8 13/24p ordinary
Sell
13359
2.50100 GBP
8 13/24p ordinary
Sell
8605
2.50200 GBP
8 13/24p ordinary
Sell
1770
2.50300 GBP
8 13/24p ordinary
Sell
659
2.50700 GBP
8 13/24p ordinary
Sell
1372
2.51100 GBP
8 13/24p ordinary
Sell
4220
2.51200 GBP
8 13/24p ordinary
Sell
1793
2.51800 GBP
8 13/24p ordinary
Sell
8383
2.52200 GBP
TOTAL BUY :
70152
TOTAL SALE :
78913

(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
12 October 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.