RNS Number:3265H
Deutsche Bank AG London
11 February 2003

                                 EMM DISCLOSURE

                                                             FORM 38.5 (SUMMARY)

Lodge with a RIS and the Takeover Panel. Use a separate form for each class of
securities in which dealings have been made.



CONNECTED EXEMPT MARKET- MAKERS:
DISCLOSURE UNDER RULE 38.5 OF THE CITY CODE ON TAKEOVERS AND MERGERS


Name of EMM Deutsche Bank AG London


Date of disclosure 11/02/03


Contact name Kelly-Jade Ledwich


Telephone number 0207 545 7804


Please see attached disclosure of dealings under Rule 38.5 in the securities
of the following companies:

PizzaExpress plc



AMENDMENT

If the attached Rule 38.5 disclosure is to amend a previous disclosure, please
state which element(s) of previous disclosure was incorrect:



In the case of option business or dealings in derivatives full details should be
given on a separate sheet so that the nature of the dealings can be fully
understood. For options this should include the number of securities under
option, the exercise period (or in the case of exercise, the exercise date), the
exercise price and any option money paid or received. For derivatives this
should include, at least, the number of reference securities to which they
relate (when relevant), the maturity date (or if applicable the closing out
date) and the reference price.

For full details of the disclosure requirements see Rules 8 and 38 of the Code.
If in doubt contact the Monitoring Section of the Panel, Tel. No: 020 7638 0129.
Email: monitoring@disclosure.org.uk

                                                                       FORM 38.5

CONNECTED EXEMPT MARKET-MAKERS:

DISCLOSURE UNDER RULE 38.5 OF THE CITY CODE ON TAKEOVERS AND MERGERS

Dealing in (name of company) PizzaExpress plc


Class of security Ordinary


Date of disclosure 11/02/03


Date of dealing 10/02/03


Name of EMM Deutsche Bank AG London


Name of offeree/offeror with whom connected PizzaExpress plc


Total number of securities purchased 12,000


Highest price paid* #3.09


Lowest price paid* #3.09


Total number of securities sold 58,470


Highest price received* #3.075


Lowest price received*#3.00


*Currency must be stated




                        CONNECTED EXEMPT MARKET-MAKERS:

      DISCLOSURE UNDER RULE 38.5 OF THE CITY CODE ON TAKEOVERS AND MERGERS





Dealing in (name of company) PizzaExpress plc



Class of security CONTRACT FOR DIFFERENCE

..............................................................................


Expiry 24/11/03

        ........................................................................


Client          Bought to Open

...............................................................................


Date of disclosure 11/02/03

..............................................................................


Date of dealing 10/02/03

..............................................................................


Name of EMM Deutsche Bank AG London

..............................................................................


Name of offeree/offeror with whom connected PizzaExpress plc

.................................................................


Total Number of securities bought


Highest price paid* #


                ...............................................................

Lowest price paid* #
                        ......................................................



Total number of securities sold 12,000

..............................................................................


Highest price received*           #3.0452


                        ......................................................


Lowest price received*           #3.0452


                        ......................................................


Signed ...................................date......11/02/03..................



(printed name of signatory) Kelly-Jade Ledwich

For and on behalf of Deutsche Bank AG London

Telephone and extension number 00 44 207 545 7804


  * currency must be stated





                        CONNECTED EXEMPT MARKET-MAKERS:

      DISCLOSURE UNDER RULE 38.5 OF THE CITY CODE ON TAKEOVERS AND MERGERS





Dealing in (name of company) PizzaExpress plc



Class of security CONTRACT FOR DIFFERENCE

..............................................................................


Expiry 16/02/03


        ........................................................................


Client          Sold to Close

...............................................................................


Date of disclosure 11/02/03

..............................................................................


Date of dealing 10/02/03

..............................................................................


Name of EMM Deutsche Bank AG London

..............................................................................


Name of offeree/offeror with whom connected PizzaExpress plc

.................................................................



Total Number of securities bought 32,000


Highest price paid* # 3.075


                ...............................................................


Lowest price paid* #3.075


                        ......................................................



Total number of securities sold

..............................................................................


Highest price received*


                        ......................................................


Lowest price received*


                        ......................................................




Signed ................................date......11/02/03.....................



(printed name of signatory) Kelly-Jade Ledwich


For and on behalf of Deutsche Bank AG London

Telephone and extension number 00 44 207 545 7804


  * currency must be stated




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