1013488--3/17/2006--BJs_RESTAURANTS

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{financial, litigation, operation}

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{cost, regulation, environmental}

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{customer, product, revenue}

{property, intellectual, protect}

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If we do not successfully expand our restaurant operations, our growth rate and results of operations would be adversely affected. Our ability to open new restaurants on schedule in accordance with our projected growth rate may be adversely affected by delays or problems associated with securing suitable restaurant locations and leases and by other factors, some of which are beyond our control and the timing of which is difficult to forecast accurately. Our growth may strain our infrastructure and resources, which could slow our development of new restaurants and adversely affect our ability to manage our existing restaurants. Our expansion into new markets may present increased risks due to our unfamiliarity with the areas. You should not rely on past increases in our average restaurant revenues or our comparable restaurant sales as an indication of future operating results because they may fluctuate significantly. Our future operating results may fluctuate significantly due to our limited number of existing restaurants and the expenses required to open new restaurants. Our inability to renew existing leases on favorable terms may adversely affect our results of operations. A significant number of our restaurants are concentrated in California, which makes us particularly sensitive to economic, regulatory, weather and other conditions in that state. We are dependent upon consumer trends and upon high visitor rates at the sites where our restaurants are located, and any adverse change in such consumer trends or visitor rates could adversely affect our business, revenues and results of operations. Our success depends on our ability to compete effectively in the restaurant industry. Negative publicity surrounding our restaurants or the consumption of beef, seafood, poultry/produce, beer or alcoholic beverages generally could adversely affect the popularity of our restaurants, our revenues and our results of operations. Our operations are susceptible to changes in food and supply costs, which could adversely affect our margins. If our distributors or suppliers do not provide food and beverages to us in a timely fashion, particularly our ingredients for our beer, we may experience short-term supply shortages, increased food and beverage costs and quality control problems. Failure to protect our trademarks, service marks, trade secrets or other intellectual property could adversely affect our business. Federal, state and local beer, liquor and food service regulations may have a significant adverse impact on our operations. Other government laws and regulations affecting the operation of our restaurants could increase our operating costs and restrict our growth. Limitations in our insurance coverage or rising insurance costs could adversely affect our business or financial condition in certain circumstances. Labor shortages or increases in labor costs could slow our growth or adversely affect our business. Litigation could have a material adverse effect on our business. Our ability to raise capital in the future may be limited, which could adversely affect our business. The occurrence or threat of extraordinary events, including terrorist attacks, could cause consumer spending to decline, which would adversely affect our sales and results of operations. Future changes in financial accounting standards may cause adverse unexpected operating results and affect our reported results of operations. The market price of our common stock could be subject to significant fluctuations. Among the factors that could affect our stock price are:

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1013488--3/17/2006--BJs_RESTAURANTS_INC