Completion of Demerger

1 August 2011

Punch Taverns plc

Completion of Demerger

Punch Taverns plc ("Punch") is pleased to announce the completion of the demerger of its "Spirit" business to Spirit Pub Company plc ("Spirit").

Accordingly, Spirit's ordinary shares (ticker "SPRT") were admitted earlier today to the premium section of the Official List and to trading on the London Stock Exchange's main market for listed securities.

CREST accounts were credited with Spirit shares at 8.00 a.m. (BST) today.

It is expected that Punch shareholders will be sent share certificates in respect of their holdings of Spirit shares by 16 August 2011.

Enquiries:

Punch Taverns plc Tel: 01283 502215Ed Bashforth, Company Secretary

Brunswick Group LLP Tel: 020 7404 5959Mike Smith, Nina Coad, Alison Kay

This announcement does not contain or constitute an offer for sale or the solicitation of an offer to purchase securities in any jurisdiction, including the United States. The securities referred to in this announcement have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the "U.S. Securities Act") and may not be offered or sold in the United States absent registration under the U.S. Securities Act or pursuant to an available exemption from, or in a transaction not subject to, the registration requirements of the U.S. Securities Act.