Peet’s Coffee & Tea, Inc. (NASDAQ:PEET), a specialty coffee roaster and marketer, today announced that Jean-Michel Valette, an independent advisor to consumer companies, was elected to Peet’s Board of Directors at its most recent annual shareholders meeting. Valette fills the Board position vacated by Laurence B. Mindel, chairman of the board of Il Fornaio (America) Corporation.

H. William Jesse, Jr., chairman of the board of Peet’s Coffee & Tea, Inc., said, “We are extremely pleased that Jean-Michel Valette has joined Peet’s Board. With his extensive consumer goods and brand-building experience, Jean-Michel will bring strong strategic, financial and consumer marketing insight to the organization.”

From 1998 to 2000, Valette was president and chief executive officer of Franciscan Estates, one of California’s largest and most prestigious premium wine companies. Prior to joining Franciscan Estates, Valette was managing director of Hambrecht & Quist LLC (H&Q), a San Francisco-based investment bank and venture capital company. At H&Q, Valette led the investment research efforts and venture capital investing activities in the Branded Consumer practice, which focused on food and beverage companies.

Valette’s current and past board affiliations include America Hard Cider, The Boston Beer Company, Golden State Vintners, Hanna Andersson, Odwalla, Select Comfort and Smarte Carte.

About Peet’s Coffee & Tea, Inc.

Founded in Berkeley, Calif. in 1966, Peet’s Coffee & Tea, Inc. is a specialty coffee roaster and marketer of fresh, deep-roasted whole bean coffee for home and office enjoyment. Peet’s fresh-roasted coffee, hand-selected tea and related items are sold in several distribution channels including specialty grocery and gourmet food stores, online and mail order, office and restaurant accounts and 60 company-owned stores in four states. Peet’s is committed to strategically growing its business and to maintaining a unique culture and focus on customer satisfaction. For information about Peet’s Coffee & Tea, Inc. visit or call 1-800-999-2132. Peet’s Coffee & Tea, Inc. shares are traded under the symbol PEET.

This press release contains statements that are not based on historical fact and are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Because of the uncertainties inherent in these forward-looking statements, our actual results could differ materially form those set forth in forward-looking statements. The Company’s estimates regarding our operations and financial results are based on currently available operating, financial and competitive information. Actual future results and trends may differ materially depending on a variety of factors including but not limited to, coffee and other raw material prices and availability, successful execution of strategies and plans for expansion, competition, general economic conditions, the popularity of specialty coffee due to consumer trends, health factors or other issues, as well as other risk factors as described more fully in the Company’s filings with the Securities and Exchange Commission, including our final prospectus filed on January 25, 2001.