Morgan Stanley Secs - EPT Disclosure

RNS Number:1472R
Morgan Stanley Securities Limited
31 March 2008

DEALINGS BY CONNECTED EXEMPT PRINCIPAL TRADERS

WITH RECOGNISED INTERMEDIARY STATUS

DEALING IN A CLIENT-SERVING CAPACITY

(Rule 38.5(a) of the Takeover Code)

1. KEY INFORMATION

Name of exempt principal trader Morgan Stanley Securities Limited

Company dealt in Punch Tavern Plc

Class of relevant security to which the Ordinary Shares
dealings being disclosed relate (Note 1)

Date of dealing 28 March 2008

2. DEALINGS (Note 2)

(a) Purchases and sales

Total number of securities purchased Highest price paid (Note 3) GBP Lowest price paid (Note 3) GBP

2,608,722 5.7200 5.3250

Total number of securities sold Highest price received (Note 3) GBP Lowest price received (Note 3) GBP

2,505,699 5.7350 5.3400

(b) Derivatives transactions (other than options)

Product name, Long/short (Note 4) Number of securities (Note 5) Price per unit (Note 3) GBP
e.g. CFD

CFD LONG 21,321 5.4158
CFD SHORT 1,926 5.5400
CFD LONG 700,000 5.3760
CFD LONG 75,000 5.3760
CFD LONG 61,964 5.3760
CFD LONG 85,637 5.3859
CFD LONG 64,434 5.3922
CFD LONG 82,217 5.4065
CFD LONG 10,012 5.4065
CFD LONG 213,000 5.4653
CFD LONG 6,000 5.5154
CFD LONG 6,798 5.5390
CFD LONG 13,000 5.5723
CFD SHORT 92,000 5.3520
CFD SHORT 5,000 5.3523
CFD SHORT 78,363 5.3602
CFD SHORT 200 5.3633
CFD SHORT 3,300 5.3633
CFD SHORT 19,100 5.3633
CFD SHORT 10,900 5.3633
CFD SHORT 73,200 5.3633
CFD SHORT 179,300 5.3633
CFD SHORT 19,300 5.3633
CFD SHORT 15,200 5.3633
CFD SHORT 500 5.3633
CFD SHORT 64,434 5.3856
CFD SHORT 4,039 5.3908
CFD SHORT 6,798 5.4046
CFD SHORT 130,500 5.4072
CFD SHORT 39,167 5.4137
CFD SHORT 1,975 5.4160
CFD SHORT 51,530 5.4160
CFD SHORT 140,000 5.4371
CFD SHORT 472,655 5.5363
CFD SHORT 4,000 5.6659
CFD SHORT 35,000 5.6913
CFD SHORT 5,622 5.5400

(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)

N/A N/A N/A N/A N/A N/A N/A

(ii) Exercising

Product name, e.g. call option Number of securities Exercise price per unit (Note 3)

N/A N/A N/A

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.

NONE

Date of disclosure 31 March 2008

Contact name Zafrhan Fahmy

Telephone number 020 7677 1871

Name of offeree/offeror with which connected Punch Tavern Plc

Nature of connection (Note 6) Advisor

Notes

The Notes on Form 38.5(a) 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
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