Pre-emption Offer to Shareholders

MITCHELLS & BUTLERS PLC

(Company Number 04551498)

Countries where registered: Registered in England and Wales

This notice is given under section 562(3) of the Companies Act 2006 to each registered holder of ordinary shares of 8 13/24 pence each (the "Shares") in Mitchells & Butlers plc (the "Company") on the register of members as at the close of business on 17 February 2021 (the "Record Date") who has no registered address in the United Kingdom or an EEA State and who has not given to the Company an address in the United Kingdom or an EEA State for the service of notices on them (each a "Relevant Shareholder").

This notice is given in connection with the open offer (the “Open Offer”) of up to 166,937,606 new Shares (the "New Shares") at a price of 210 pence per New Share on the basis of 7 New Shares for every 18 Shares held by the Company’s shareholders on the register of members as at the Record Date. The New Shares, when fully paid, will rank pari passu in all respects with all other Shares in the Company, including the right to receive all dividends or other distributions made, paid or declared after completion of the Open Offer.

The following documents (being copies of documents despatched to holders of Shares (other than certain Relevant Shareholders)) issued in connection with, and constituting, the Open Offer, may be obtained or inspected (subject as provided below), on personal application by or on behalf of a Relevant Shareholder, from Equiniti Limited at Aspect House, Spencer Road, Lancing, West Sussex, BN99 6DA during usual business hours on any weekday (public holidays excepted) until 11.00 a.m. (London Time) on 10 March 2021:

(a) a document, dated 22 February 2021, comprising (i) a circular prepared in accordance with the Listing Rules of the Financial Conduct Authority (the "FCA") and (ii) a prospectus prepared in accordance with the Prospectus Regulation Rules of the FCA made under section 73A of the Financial Services and Markets Act 2000 (together, the "Prospectus"); and

(b) an application form (the "Application Form") (whether or not the Relevant Shareholder holds Shares in certificated form) in respect of Open Offer Entitlements (as defined in the Prospectus) of each Relevant Shareholder under the Open Offer, provided that an Application Form may only be obtained on the production of evidence of entitlement. In addition, if for any reason a Relevant Shareholder has received an original Application Form, the Application Form may only be obtained if the original so despatched is first surrendered to Equiniti Limited at the above address.

The Open Offer is conditional upon the matters set out in the Prospectus (so far as not already satisfied or waived).

Relevant Shareholders' attention is drawn to paragraph 8 of Part III of the Prospectus relating to overseas shareholders and their ability to acquire New Shares pursuant to the Open Offer.

Due to the ongoing public health restrictions in relation to Covid-19, in order that appropriate arrangements can be made for Relevant Shareholders wishing to obtain or inspect documents we request that Relevant Shareholders contact Equiniti Limited on 0333 207 6535 (or +44 333 207 6535 if calling from outside the United Kingdom) in advance to ensure that access can be arranged. Any such access will be subject to health and safety requirements and any limits on gatherings, social distancing or other measures imposed or recommended by the Government.

By order of the board

Greg McMahon

Company Secretary and General Counsel

Registered Office:

27 Fleet Street

Birmingham

B3 1JP

This notice is an advertisement and does not constitute a prospectus or prospectus equivalent document. Nothing in this notice should be interpreted as a term or condition of the Open Offer. Any decision to purchase, otherwise acquire, subscribe for, sell or otherwise dispose of any New Shares must be made only on the basis of the information contained in, and incorporated by reference into, the Prospectus. This notice is not for distribution, directly or indirectly, in or into any jurisdiction in which it would be unlawful to do so. Copies of the Prospectus are available at the Company’s website at www.mbplc.com, provided that the Prospectus is not available through the website, subject to certain exceptions, to Relevant Shareholders in Australia, Canada, the Republic of Ireland, Japan, New Zealand, the Republic of South Africa, the United States and any other jurisdictions where the extension and availability of the Open Offer would breach any applicable law (the "Excluded Territories").

This notice does not constitute an offer for sale of securities of the Company in the United States or any of the other Excluded Territories. The securities to be offered in the Open Offer have not been and will not be registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent an applicable exemption from registration thereunder.