PIZ Pizzaexpress

    For immediate release
20 November 2002
 
Not for release, publication or distribution in or into the United States, Canada, Japan or Australia.
 
                                  PizzaExpress PLC ("PizzaExpress" or the "Company")                                   
 
The Board of PizzaExpress PLC ("PizzaExpress" or the "Company") notes the announcement released today by Twigway plc ("
Twigway") that discussions concerning a possible offer for the Company have ceased.
 
Since Twigway made an approach to PizzaExpress, the Company has held discussions to understand the basis upon which
Twigway was prepared to commence due diligence and the pre-conditions to its making an offer for PizzaExpress at 350p
or above.  However, the Board and its advisers were unable to accept the proposed terms, in particular the unusually
onerous nature of the requested inducement fee.
 
Enquiries:
 
PizzaExpress                                                                           01895 618618
Nigel Colne, Chairman
David Page, Chief Executive
 
Credit Suisse First Boston (Europe) Limited                           020 7888 8888
Stuart Upcraft
Alastair Cochran
 
Citigate Dewe Rogerson                                                          020 7638 9571
Sue Pemberton
 
This announcement has been approved solely for the purposes of Section 21 of the Financial Services and Markets Act
2000 by Credit Suisse First Boston (Europe) Limited.
 
Credit Suisse First Boston (Europe) Limited is acting for PizzaExpress and for no one else in relation to the matters
described in this announcement and will not be responsible to anyone other than PizzaExpress for providing the
protections afforded to clients of Credit Suisse First Boston (Europe) Limited or for providing advice in relation to
the matters described in this announcement.
 
This announcement does not constitute an offer or an invitation to purchase any securities.
 
The Directors of PizzaExpress accept responsibility for all the information contained in this announcement. To the best
of the knowledge and belief of the Directors (who have taken all reasonable care to ensure that such is the case), the
information contained in this announcement is in accordance with the facts and does not contain anything likely to
affect the import of such information.

                                                                
                                                                
                                                                

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