RNS Number:1262E
ING Bank N.V. London Branch
21 November 2002

FOR IMMEDIATE RELEASE
                                                                21 November 2002



                 Clarification announcement re PizzaExpress PLC

                                ("PizzaExpress")

ING Barings announces on behalf of Twigway plc ("Twigway") that Twigway notes
yesterday's announcement by PizzaExpress and today's conflicting press
commentary making reference to the request by Twigway for an inducement fee as a
term of its indicative offer proposal.

In light of the recent speculation regarding potential competing offerors and
the time elapsed since the announcement by PizzaExpress that it was in
discussions, Twigway requested an inducement fee payable, inter alia, in the
event of a firm competing higher offer being announced, which is subsequently
declared wholly unconditional, whilst Twigway was performing its due diligence.
The sum proposed in this event was 0.5 per cent. of the value of Twigway's
indicative offer, a sum of c.#1.25 million. Both Twigway and ING Barings believe
that this was not unreasonable in the context of the proposed transaction.
Twigway is disappointed that the Board of PizzaExpress and its advisers could
not agree to this provision.


Enquiries:

Sun Capital Partners
Hugh Osmond                    020 7725 0800
Alan McIntosh                  020 7725 0800

ING Barings
Tom Quigley                    020 7767 1846
Adam Fraser-Harris             020 7767 5716

Gavin Anderson
Neil Bennett                   020 7554 1454
Halldor Larusson               020 7554 1443



Notes to editors

Twigway is a newly formed company established by the shareholders of Sun Capital
Partners Ltd ("SCP") and by Capricorn Ventures International Ltd ("CVI").

The investment banking arm of ING Bank N.V., London Branch ("ING Barings") is
acting for Twigway and for no one else in relation to the matters described in
this announcement and will not be responsible to anyone other than Twigway for
providing the protections afforded to clients of ING Barings.

This announcement does not constitute an offer or an invitation to purchase any
securities.


                      This information is provided by RNS
            The company news service from the London Stock Exchange
END

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