RNS Number:0247L
ISIS Asset Management PLC
13 May 2003

                                  Date of Disclosure 13/5/03

                    DISCLOSURE UNDER RULES 8.1(a), 8.1(b)(i) and 8.3 
                       OF THE CITY CODE ON TAKEOVERS AND MERGERS

Date of dealing 7TH MAY 03

Dealing in MITCHELLS & BUTLERS   (name of company)

1)  Class of securities (eg ordinary shares) ORD GBP0.05

2)  Amount bought                Amount sold             Price per unit
    506,421                                              2.1546
                                 1,179,660               2.1575
                                 10,793                  2.14

3)  Resultant total of the same class owned or controlled 
    (and percentage of class) 14,194,262  (1.93%)


4) Party making disclosure ISIS ASSET MANAGEMENT


5)  EITHER (a) Name of purchaser/vendor (Note 1)    
    OR     (b) if dealing for discretionary client(s), name of fund 
               management organisation

6)  Reason for disclosure (Note 2)                                     
    (a) associate of (i) offeror (Note 3)                       YES/NO
                    (ii) offeree company                        YES/NO

Specify which category or categories of associate (1-8 overleaf) 

If category (8), explain

     (b)  Rule 8.3 (ie disclosure because of ownership or control of 1% 
          or more of the class of relevant securities dealt in)  YES/NO

Signed, for and on behalf of the party named in (4) above  N/A  

(Also print name of signatory)     PETER J TAYLOR

Telephone and extension number     DOUGLAS STEWART (TEL 0131 465 1052)


Note 1.  Specify owner, not nominee or vehicle company.  If relevant, also 
         identify controller of owner, eg where an owner normally acts on 
         instructions of a controller

Note 2.  Disclosure might be made for more than one reason; if so, state all 
         reasons.

Note 3.  Specify which offeror if there is more than one.

Note 4.  When an arrangement exists with any offeror, with the offeree company 
         or which an associate of any offeror or of the offeree company 
         in relation to relevant securities, details of such arrangement must 
         be disclosed, as required by Note 6 on Rule 8

Note 5.  It may be necessary, particularly when disclosing derivative 
         transactions, to append a sheet to this disclosure form so that
         relevant information can be given.

Note 6.  In the case of an average price bargain, each underlying trade 
         should be disclosed.

For full details of disclosure requirements, see Rule 8 of the Code.  If in 
doubt, contact the Panel on Takeovers and Mergers, Tel No: 020 7382 9026



   ISIS Asset Management Holdings Transactions on Mitchells Butlers GBP0.05


                             Number of units  Total holding    % Issued
Trade date  Pur/Sale Price   traded           (running total)  share capital

07-May      Sale     2.14    (10,793)         14,194,262       1.93%
07-May      Sale     2.1575  (1,179,660)      14,205,055       1.93%
07-May      Pur      2.1546  506,421          15,384,715       2.09%
06-May      Pur      2.1664  250,000          14,878,294       2.03%
02-May      Pur      2.1592  700,000          14,628,294       1.99%
02-May      Sale     2.1637  (4,237)          13,928,294       1.90%
02-May      Pur      2.1637  4,237            13,932,531       1.90%
01-May      Pur      2.115   160,063          13,928,294       1.90%
30-Apr      Sale     2.125   (11,162)         13,768,231       1.87%
29-Apr      Pur      2.1633  2,991,249        13,779,393       1.88%
29-Apr      Pur      2.1526  1,025,163        10,788,144       1.47%
16-Apr      Sale     2.1196  (377,624)        9,762,981        1.33%

                         Original balance     10,140,605



                      This information is provided by RNS
            The company news service from the London Stock Exchange

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