Cazenove Capital Management Ltd 14 March 2006 FORM 38.5 DEALINGS BY CONNECTED EXEMPT PRINCIPAL TRADERS (Rule 38.5 of the City Code on Takeovers and Mergers) 1. KEY INFORMATION Name of exempt principal trader Cazenove Company dealt in Mitchells & Butlers Class of relevant security to which the Ordinary 0.070833p dealings being disclosed relate (Note 1) Date of dealing 13th March 2006 2. DEALINGS (Note 2) (a) Purchases and sales Total number of securities purchased Highest price paid (Note 3) Lowest price paid (Note 3) 3,068 £4.4025p £4.4025p Total number of securities sold Highest price received (Note 3) Lowest price paid received (Note 3) 147,381 £4.955p £4.44p (b) Derivatives transactions (other than options) Product name, Long/short (Note 4) Number of securities (Note 5) Price per unit (Note 3) e.g. CFD (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) (ii) Exercising Product name, e.g. call option Number of securities Exercise price per unit (Note 3) 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. Date of disclosure 14th March 2006 Contact name Barry Page Telephone number 0207 155 5907 Name of offeree/offeror with which connected Mitchells & Butlers Nature of connection (Note 6) Cazenove are Broker to Mitchells & Butlers Notes The Notes on Form 38.5 can be viewed on the Takeover Panel's website at www.thetakeoverpanel.org.uk This information is provided by RNS The company news service from the London Stock Exchange