RNS Number:8102M
Deutsche Bank AG London
26 June 2003



                                                    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 ............26/06/03........................................

Date of dealing ...............23/06/03........................................

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



CFD reference price between .................................and...............
..........................







Closing Out of CFD

Number of Ordinary Shares to which the CFD is referenced.........89,000.........
......................



CFD closing out price .........#3.87................................






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


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