RNS Number:5614L
Lazard Asset Management
27 May 2003

                                  Date of Disclosure     27TH MAY 2003.

                    DISCLOSURE UNDER RULES 8.1(a), 8.1(b)(i) and 8.3 
                       OF THE CITY CODE ON TAKEOVERS AND MERGERS

Date of dealing     23RD MAY 2003.

Dealing in          PIZZA EXPRESS PLC                    (name of company)

1)  Class of securities (eg ordinary shares)     ORD 10P 

2)  Amount bought                Amount sold             Price per unit
                                 
    SEE LIST BELOW


3)  Resultant total of the same class owned or controlled 
    (and percentage of class)            (0.00%)


4) Party making disclosure     LAZARD ASSET MANAGEMENT LIMITED


5)  EITHER (a) Name of purchaser/vendor (Note 1)    
    OR     (b) if dealing for discretionary client(s), name of fund 
               management organisation

               LAZARD ASSET MANAGEMENT LIMITED

6)  Reason for disclosure (Note 2)                                     
    (a) associate of (i) offeror (Note 3)                       NO
                    (ii) offeree company                        NO

Specify which category or categories of associate (1-8 overleaf) 

If category (8), explain

     (b)  Rule 8.3 (ie disclosure because of ownership or control of 1% 
          or more of the class of relevant securities dealt in)  YES

Signed, for and on behalf of the party named in (4) above  N/A  

(Also print name of signatory)     RITA COOKEY

Telephone and extension number     020 7448 2590


Note 1.  Specify owner, not nominee or vehicle company.  If relevant, also 
         identify controller of owner, eg where an owner normally acts on 
         instructions of a controller

Note 2.  Disclosure might be made for more than one reason; if so, state all 
         reasons.

Note 3.  Specify which offeror if there is more than one.

Note 4.  When an arrangement exists with any offeror, with the offeree company 
         or which an associate of any offeror or of the offeree company 
         in relation to relevant securities, details of such arrangement must 
         be disclosed, as required by Note 6 on Rule 8

Note 5.  It may be necessary, particularly when disclosing derivative 
         transactions, to append a sheet to this disclosure form so that
         relevant information can be given.

Note 6.  In the case of an average price bargain, each underlying trade 
         should be disclosed.

For full details of disclosure requirements, see Rule 8 of the Code.  If in 
doubt, contact the Panel on Takeovers and Mergers, Tel No: 020 7382 9026


AMOUNT SOLD               PRICE(#)

29,730                    All prices are #3.8362
67,420
1,950
6,840
43,490
17,010
8,320
321,303
72,900
8,800
33,550
80,580
14,810
53,900
304,380
25,380
6,320
4,630
12,750
126,830
2,398
81,702
6,618
3,850
21,580
22,000
120,311
29,427
1,100
135,490
36,120
294,870
25,750                             
75,850                   
6,100
16,340
11,030
71,020
40,200
112,540
316,930
1,362,620
309,790

Total sold = 4,344,529



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