Morgan Stanley Secs - EPT Disclosure

RNS Number:0751S
Morgan Stanley Securities Limited
10 April 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 09 April 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

257,660 5.8100 5.5500

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

264,927 5.8100 5.5450

(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 54 5.6200
CFD LONG 198 5.6200
CFD SHORT 962 5.7090
CFD LONG 91,000 5.5477
CFD LONG 22,161 5.5697
CFD LONG 1,832 5.5697
CFD LONG 28,580 5.6796
CFD LONG 39,896 5.7373
CFD LONG 714 5.7546
CFD LONG 66,939 5.7731
CFD LONG 831 5.7763
CFD SHORT 10,437 5.5718
CFD SHORT 250 5.5948
CFD SHORT 3,023 5.5948
CFD SHORT 2,600 5.6440
CFD SHORT 1,000 5.6445
CFD SHORT 27,243 5.6541
CFD SHORT 67,412 5.6555
CFD SHORT 859 5.6617
CFD SHORT 36,332 5.6617
CFD SHORT 27,686 5.6860
CFD SHORT 30,746 5.6869
CFD SHORT 9,600 5.7046
CFD SHORT 2,718 5.7195
CFD SHORT 421 5.7195
CFD SHORT 18,000 5.7249
CFD SHORT 18,000 5.7249
CFD SHORT 2,000 5.7446
CFD SHORT 3,451 5.8068

(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 10 April 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
END

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