PIZ Pizzaexpress

    For immediate release
16 December 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 notes the recent share price movement and confirms that it has received approaches which may
or may not lead to an offer being made for the Company. One of these approaches involves the Executive Directors and
as a consequence the Board has formed a committee of Independent Directors comprising the Non-Executive Directors to
consider this and other approaches.

Shareholders should take no action at this time. A further announcement will be made in due course.



Enquiries:

PizzaExpress 
01895 618618
Nigel Colne, Chairman

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 Independent Directors of PizzaExpress accept responsibility for all the information contained in this announcement.
To the best of the knowledge and belief of the Independent 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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