Treasury Stock

Mitchells & Butlers PLC
31 December 2004


                                TREASURY SHARES

Mitchells & Butlers announces that following the exercise of share options by
non-directors over 41,475 shares, it now holds 773,869 ordinary shares as
treasury shares. The total number of Mitchells & Butlers shares in issue,
excluding treasury shares, is now 522,725,171.

For reporting purposes under Section 198 of the Companies Act 1985, the market
should exclude any shares held in treasury.

Victoria M Penrice
Assistant Company Secretary
0121 498 4189






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