Brazil Fast Food Corp. (OTC Bulletin Board: BOBS.OB) (“Brazil Fast Food”, or the “the Company”) the second largest fast-food restaurant chain with 598 points of sale, operating under the Bob’s and KFC brands in Brazil, reported today financial results for the first quarter ended on March 31, 2008.

First Quarter 2008 Highlights

• System-wide sales reached R$ 129.3 million, up 7.7% from the first quarter of 2007
• Total revenue reached R$29.5 million, up 6.4% from the first quarter of 2007
• Operating income totaled R$2.3 million, down from R$3.9 million in the first quarter of 2007
• Net income was R$2.0 million, or R$0.25 per diluted share in the first quarter 2008

“We are pleased with the execution of our strategy to focus on growing our franchise activities and adding other fast food restaurant brands to diversify our business and increase our operating leverage,” said Mr. Ricardo Bomeny, Chairman and CEO of Brazil Fast Food. “In the first quarter we added 14 new points of sale under the Bob’s brand, increasing system-wide store count by 56 in the last twelve months to 594. In addition we improved the operations of the four KFC restaurants which we acquired last year and expect these stores to reach breakeven during 2008.”

First Quarter 2008 Results

System-wide sales grew 7.7% in the first quarter to R$ 129.3 million, driven by the increase in the number of franchised points of sales.

Total revenue for the first quarter 2008 increased 6.4% to R$29.4 million driven by the continued expansion of Brazil Fast Food’s franchisee network, although off-set by lower revenues from company-owned outlets.

Net revenue for company-owned and operated retail outlets was down 2.9% to R$20.6 million year-over-year as the Company reduced the number of stores it owns and operates from 63 to 58 in the same period. Same store sales, which measure the performance of stores open for more than a year, were down 6.2% year over year in part as a result of reduced retail sales affecting the Company’s segments.

Net revenue from franchisees increased 11.2% year-over-year to R$5.0 million, driven by an increase in number of franchised retail outlets to 532, up from 475 in the same period a year ago. Other income totaled R$1.0 million.

Operating expenses were up 14.3% to R$27.2 million driven by higher costs of operating the Company’s own restaurants, as well as higher franchise, marketing and administrative costs to manage the growth of the Company’s fast food restaurant network. Company-owned store costs were affected by higher salaries and food prices that were not passed on to consumer prices on account of the intense competitive environment, while franchise, marketing and administrative costs were impacted by higher salaries and the increased level of activity associated with the increase in store count.

Operating income for the first quarter of 2008 was R$2.3 million, compared to R$3.9 million during first quarter of 2007. Operating margin in the first quarter of 2008 was 7.7% down from 14.1% in the same period last year, as commodity and labor costs increased faster than revenues.

Net income for the first quarter of 2008 was R$2.0 million or R$0.25 per basic and diluted share, as compared to net income of R$3.7, or R$0.45 per basic and diluted share, during the first quarter of 2007.

Financial Condition

Cash flows from operations for the three months ended March 31, 2008 totaled R$4.4 million, up from R$1.5 million during the three months ended March 31, 2007. Capital expenditures totaled R$628 thousand for the three months ended March 31, 2008 and shareholders' equity was R$24.8 million, as compared to R$23.5 million at the end of 2007.

Business Outlook

Despite a recent slow down in retail spending for hyper-markets, supermarkets, food products, beverage and cigarettes, according to the IBGE - Brazilian Institute of Geography and Statistics (a governmental institution), that are comparable to the Company’s business, the long term fundamentals for the Brazilian economy remain solid, with inflation under control, foreign reserves at record levels and with GDP growth expected in the 4.0-5.0% range in the foreseeable future. The positive economic outlook has been further reinforced by the upgrade of Brazil by Standard and Poor's on April 30, which should lead, over time, to a decline in the cost of capital in the country, providing access to finance on better terms to businesses and consumers.

“The current economic environment remains very favorable to the growth of our business in the quarters and years ahead,” said Ricardo Bomeny, Chief Executive Officer of Brazil Fast Food. “Our pipeline of prospective franchisees remains healthy, and returns on investment for our existing franchisee are strong. We are also continuing to evaluate opportunities to add new brands to diversify our business and accelerate our growth.”

Brazil Fast Food is on target to add 80 points of sale in 2008 to end the year with 660 outlets, including five additional KFC restaurants which are expected to open during 2008. In addition the Company will continue to evaluate adding additional brands and concepts to its mix of restaurants and to assess opportunities for expansion into other countries in Latin America.

In addition, the Company plans to make the necessary adjustments to its organization structure in order to meet the requirements to re-list its shares on the NASDAQ stock market in the months ahead.

Dividend

On February 28, 2008, the Company’s Board of Directors met and discussed the intention to pay back to the Company’s shareholders the amount of $0.05 per share either as a one-time dividend or as return of capital. Accordingly, the company accrued R$717,000 on its balance sheet as of March 31, 2008. The Company has set May 27, 2008 as its record date and June 9, 2008 as its payback date.

ABOUT BRAZIL FAST FOOD CORP.

Brazil Fast Food Corp. owns and operates, both directly and through franchisees, the second largest fast-food restaurant chain in Brazil. The “Bob’s” trade name is used by Venbo Comércio de Alimentos Ltda., a subsidiary of Brazil Fast Food’s holding company, BFFC do Brasil Participações Ltda. (formerly 22N Participações Ltda.). The “KFC” trade name is used by CFK Comércio de Alimentos Ltda. (formerly Clematis Industria e Comércio de Alimentos e Participações Ltda.), also a holding company subsidiary. As of Mar. 31, 2008, the Company had 598 points of sale, which includes traditional restaurants, kiosks and re-locatable trailers.

Safe Harbor Statement

This press release contains forward-looking statements within the meanings of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities and Exchange Act of 1934, as amended, and within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such statements involve known or unknown risks, uncertainties and other factors that may cause the actual results to differ materially from those expressed or implied by such forward-looking statements. For a discussion of such risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see the disclosures in the Company's filings with the Securities and Exchange Commission, including the risk factors contained in the Company's Annual Report on Form 10-K for the year ended December 31, 2007, filed with the Securities and Exchange Commission on March 31, 2008.

Note: As of March 31, 2008 the US dollar exchange rate was offered at R$1.74.