RNS Number:2119M
Deutsche Bank AG London
11 June 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 11/06/03




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 11/06/03




Date of dealing 10/06/03




Name of EMM Deutsche Bank AG London




Name of offeree/offeror with whom connected PizzaExpress Plc




Total number of securities purchased 25,000




Highest price paid* #3.75




Lowest price paid*#3.75




Total number of securities sold



Highest price received*#




Lowest price received* #




*Currency must be stated






                                                    Rule 38.5 (CFD)



            CONNECTED EXEMPT MARKET-MAKERS/EXEMPT PRINCIPAL TRADERS:

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



Dealing in Contract for Differences ("CFD") referenced to ......PizzaExpress Plc
...........................(Company)

(Class of security) ....................Ordinary....................



Date of disclosure .........11/06/03...........................................

Date of dealing ............10/06/03...........................................

Name of EMM/EPT...Deutsche Bank AG London.........

Name of offeree/offeror with whom connected ...............PizzaExpress Plc...
.....................................

Product Type ..................Long CFD.......................................
........................................

Maturity Date ..................Open Ended....................................
...........................







Writing of CFD

Number of Ordinary Shares to which the CFD is referenced .........25,000......
........................



CFD reference price ............#3.75..........................................
........







Closing Out of CFD

Number of Ordinary Shares to which the CFD is referenced........................
................



CFD closing out price ............................... ........................
....................






Further disclosure should be made where necessary so that the nature of the
dealings can be fully understood.










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