Morgan Stanley Secs - EPT Disclosure

RNS Number:5731S
Morgan Stanley Securities Limited
17 April 2008

AMENDMENT TO ANNOUNCEMENT 3745S RELEASED AT 12:15 ON 15 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 03 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

1,507,747 5.9100 5.6900

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

937,491 5.9250 5.6751

(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 200,000 5.6739
CFD LONG 436 5.7141
CFD LONG 40,869 5.7147
CFD LONG 3,379 5.7147
CFD LONG 14,543 5.7284
CFD LONG 285,742 5.7300
CFD LONG 275,000 5.7485
CFD LONG 16,826 5.7487
CFD LONG 39,953 5.7631
CFD LONG 2,647 5.9243
CFD LONG 4,120 7.2784 EUR
CFD SHORT 8,699 5.6984
CFD SHORT 285,742 5.7300
CFD SHORT 39,953 5.7423
CFD SHORT 172,824 5.7429
CFD SHORT 16,797 5.7531
CFD SHORT 256,300 5.7670
CFD SHORT 55,800 5.7670
CFD SHORT 88,600 5.7670
CFD SHORT 71,600 5.7670
CFD SHORT 577,700 5.7670
CFD SHORT 8,000 5.7712
CFD SHORT 74,772 5.8031
CFD SHORT 7,563 5.8198
CFD SHORT 4,270 5.8384
CFD SHORT 2,647 5.8557
CFD SHORT 7,500 5.8646
CFD LONG 3,138 5.8024
CFD SHORT 78 5.7300
CFD SHORT 25,893 5.7300
CFD SHORT 1,858 5.7300
CFD SHORT 15,824 5.7300
CFD SHORT 4,120 7.2806 EUR
CFD LONG 57,363 5.7640
CFD LONG 194,710 5.7640

(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 17 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

EMMSFSFDWSASEDL