Brazil Fast Food Corp. (NASDAQ SmallCap: BOBS), the second largest fast-food chain operator in Brazil with more than 200 restaurant locations, today reported that it has signed an agreement with Petrobras Distribuidora (BR), the largest gas station chain in Brazil and subsidiary of Petrobras BA, South America's leading oil company.

Under terms of the agreement, Brazil Fast Food will, over the next 24 months, commit to opening a store-within-a-store in BR Mania convenience stores or stand-alone drive-thru restaurants at 30 Petrobras gas stations located predominantly in Rio de Janeiro and Sao Paulo. The first location, which will be company-operated and situated near the Maracana Stadium, the world's largest soccer stadium, will be opened within the next six weeks. In addition, Brazil Fast Food and BR agreed to study the possible expansion of the agreement to additional gas stations in Brazil operated by BR.

Peter van Voorst Vader, president and CEO of Brazil Fast Food Corp., commented, "This agreement is a major achievement for our Company. It not only will increase our point-of-sales locations by 15 percent, but it also materially enhances our projected revenue growth rate. In addition, it will allow us to greatly expand our presence in Brazil, while increasing public recognition and the value of the Bob's brand."

Petrobras Distribuidora (BR), with more than 7,200 service stations located in all the states of Brazil, is a subsidiary of BR Petrobras, one of the world's leading oil companies.

Brazil Fast Food currently has more than 200 restaurant locations in its chain. Brazil Fast Food Corp., through its wholly owned subsidiary, Venbo Comercio de Alimentos Ltda., a limited liability company that conducts business under the trade name "Bob's," owns and operates (both directly and through franchisees) the second largest chain of hamburger fast food restaurants in Brazil.

This press release may contain certain forward-looking statements, which are subject to change. Actual results may differ from those described in any forward-looking statements. Additional information concerning potential factors that could affect the Company's financial results are included in the Company's Form 10-K for the year ended December 31, 1999.