Punch Taverns plc (the "Company")
16 January 2014

TR-1 NOTIFICATION OF MAJOR INTERESTS IN SHARES

1. Identity of the issuer or the underlying issuer of existing shares to which voting rights are attached:

Punch Taverns plc

2. Reason for the notification (please tick the appropriate box or boxes)

An acquisition or disposal of voting rights:

X

An acquisition or disposal of financial instruments which may result in the acquisition of shares already issued to which voting rights are attached:

An acquisition or disposal of instruments with similar economic effect to qualifying financial instruments:

An event changing the breakdown of voting rights:

Other (please specify):

3. Full name of person(s) subject to the notification obligation:

Alchemy Special Opportunities LLP as manager of Alchemy Special Opportunities Fund II L.P.

4. Full name of shareholder(s) (if different from 3):

Alchemy Special Opportunities Fund II L.P.

5. Date of the transaction (and date on which the threshold if crossed or reached if different):

14 January 2014

6. Date on which issuer notified:

16 January 2014

7. Threshold(s) that is/are crossed or reached:

7%

8. Notified details:

A:    Voting rights attached to shares

Class/type of shares if possible using the ISIN CODE

Situation previous to the triggering transaction

Number of shares

Number of voting rights

GB0031552861

46.699m

46.699m

Resulting situation after the triggering transaction

Number of shares

Number of voting rights

% of voting rights

Direct

Direct

Indirect

Direct

Indirect

40.699m

40.699m

-

6.11%

-

B:    Qualifying Financial Instruments

Resulting situation after the triggering transaction

Type of financial instrument

Expiration date

Exercise/Conversion/Period Date

Number of voting rights that may be acquired if the instrument is exercised/ converted

% of voting rights

C:    Financial Instruments with similar economic effect to Qualifying Financial Instruments

Resulting situation after the triggering transaction

Type of financial instrument

Exercise price

Expiration date

Exercise/Conversion/Period Date

Number of voting rights that may be acquired if the instrument is exercised/ converted

% of voting rights

Nominal

Delta

Total (A+B+C)

Number of voting rights

% of voting rights

40.699m

6.11%

9. Chain of controlled undertakings through which the voting rights and/or the financial instruments are effectively held, if applicable:

Alchemy Special Opportunities LLP as manager via an exclusive management agreement whereby it controls 100% of Alchemy Special Opportunities Fund II L.P.

Proxy Voting:

10. Name of the proxy holder:

11. Number of voting rights proxy holder will cease to hold:

12. Date on which proxy holder will cease to hold voting rights:

13. Additional information:

14. Contact name:

Ed Bashforth, Company Secretary

15. Contact telephone number:

01283 501 685


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