Mitchells & Butlers Regulatory News (MAB)

For filings with the FCA include the annex

For filings with issuer exclude the annex

TR-1: NOTIFICATION OF MAJOR INTEREST IN SHARESi

1. Identity of the issuer or the underlying issuerof existing shares to which voting rights areattached: ii

Mitchells & Butlers PLC

2 Reason for the notification (please tick the appropriate box or boxes):

An acquisition or disposal of voting rights

YES

An acquisition or disposal of qualifying financial instruments which may result in the acquisition of shares already issued to which voting rights are attached

An acquisition or disposal of instruments with similar economic effect to qualifying financial instruments

An event changing the breakdown of voting rights

Other (please specify):

3. Full name of person(s) subject to thenotification obligation: iii

Standard Life Investments (Holdings) Limited (Parent Company)

4. Full name of shareholder(s)  (if different from 3.):iv

5. Date of the transaction and date onwhich the threshold is crossed orreached: v

23/05/2017

6. Date on which issuer notified:

24/05/2017

7. Threshold(s) that is/are crossed orreached: vi, vii

Standard Life Investments (Holdings) Limited - 12%

8. Notified details:

A: Voting rights attached to shares viii, ix

Class/type ofshares

if possible usingthe ISIN CODE

Situation previousto the triggeringtransaction

Resulting situation after the triggering transaction

NumberofShares

NumberofVotingRights

Numberof shares

Number of votingrights

% of voting rights x

Direct

Direct xi

Indirect xii

Direct

Indirect

GB00B1FP6H53

49,892,752

49,892,752

50,903,735

50,903,735

12.09%

B: Qualifying Financial Instruments

Resulting situation after the triggering transaction

Type of financialinstrument

Expirationdate xiii

Exercise/Conversion Period xiv

Number of votingrights that may beacquired if theinstrument isexercised/ converted.

% of votingrights

C: Financial Instruments with similar economic effect to Qualifying Financial Instruments xv, xvi

Resulting situation after the triggering transaction

Type of financialinstrument

Exercise price

Expiration date xvii

Exercise/Conversion period xviii

Number of voting rights instrument refers to

% of voting rights xix, xx

Nominal

Delta

Total (A+B+C)

Number of voting rights

Percentage of voting rights

50,903,735

12.09%

9. Chain of controlled undertakings through which the voting rights and/or thefinancial instruments are effectively held, if applicable: xxi

Standard Life Investments (Holdings) Limited - 12.09%

Standard Life Investments Limited - 10.50%

Ignis Investment Services Limited - Below 5%

Proxy Voting:

10. Name of the proxy holder:

11. Number of voting rights proxy holder will ceaseto hold:

12. Date on which proxy holder will cease to holdvoting rights:

13. Additional information:

Total voting rights of 420,925,586 based upon company announcement as at 2nd May 2017

14. Contact name:

Regulatory Reporting Services

Regulatory_Reporting_Services@standardlife.com

15. Contact telephone number:

(0131) 245 0164