Director/PDMR Shareholding

Punch Taverns plc (the "Company")

13 October 2010

NOTIFICATION OF DIRECTOR / PDMR SHAREHOLDING

RECRUITMENT AWARD

On 13 October 2010, the Company granted an award (the "Award") over 2,412,150 ordinary shares in the Company to Ian Dyson (Chief Executive) to compensate him for share awards which lapsed upon resigning from his previous employer. The Award, which was granted in accordance with Listing Rule 9.4.2(2), will normally be released between 5 May 2013 and 4 May 2020 subject to continued employment and to the extent that Total Shareholder Return ("TSR") targets are met.

The TSR targets will measure the performance of the Company relative to two relevant comparators: a pub sector peer group and the FTSE 250 Index (excluding investment trusts). The TSR performance will be measured over a three year period, starting from 5 May 2010. The vesting of the award is split equally according to the TSR performance of the company against the two different comparators. 12.5% of the award will be released for achievement of the median position against the pub sector group, and 12.5% for matching the TSR of the FTSE 250 Index. The award will vest in full if the Company's annualised TSR exceeds the median of the pub sector group, and the FTSE 250 Index TSR, by five percentage points per annum. Straight line vesting will occur between these two points.

No consideration was paid for the grant of the Award or will be payable on release.

In addition to the ordinary shares subject to this grant, Ian Dyson is also interested in 200,000 ordinary shares that he acquired following the announcement of his appointment. The issued share capital of the Company is currently 642,836,781 ordinary shares of 0.04786p each.

The above notification is intended to satisfy the Company's obligations under the Disclosure and Transparency Rule 3.1.4.

Date of Notification: 13 October 2010

Ed Bashforth

Company Secretary

Punch Taverns plc

01283 501 685