Punch Taverns Strategic Review Update - Interview With CEO

LONDON, March 22, 2011 - Punch Taverns plc unveiled the results of its strategic review today
which sees the proposed demerger of the existing business into two separate
managed and leased entities to be known as Spirit and Punch respectively.

The company says it looked at all options to put the business on a more
sustainable footing including walking away from its bondholders, but in a
video interview with www.cantos.com Ian Dyson, CEO, commented that "we
didn't think walk-away was at all an appropriate option for our shareholders
nor for our other stakeholders."

He says the company has yet to finalise details of the new management
team but that the prospects for both business would be enhanced by the move -
in the case of the managed side by realising immediate value through growth
and development, and on the leased side by cutting the size of the estate to
3000 high quality pubs.

He says the separation is to some extent already underway inside the
business and that the aim is for the demerger to be completed by the end of
the summer.

The interview and transcript are available now on
www.cantos.com/company/Punch+Taverns.

Cantos.com, the online financial broadcaster, features in-depth
interviews, documentaries and webcasts with senior company executives. If you
would like to contact us, please email prnsupport@cantos.com or phone
+44-207-936-1372.

If you would like to contact us, please email prnsupport at cantos.com or phone
+44-207-936-1372.