Press Release

For Immediate Release                                                                           Toronto Stock Exchange: BPF.UN

Boston Pizza International Announces First Quarter Results

VANCOUVER, BC, (January 29, 2003) - Boston Pizza International Inc. ("BPI") reported today the financial results for the period September 1, 2002 through November 30, 2002. A copy of the financial statements, with management discussion and analysis, is available at www.sedar.com.

BPI also announced today that BPI will be changing its fiscal year-end from August 31 to December 31 to correspond with the Boston Pizza Royalties Income Fund’s (the "Fund") reporting period. Synchronizing the year-ends will be beneficial to unitholders and analysts in their review and analysis of the Fund and BPI. This change will take effect when the Fund reports its first fiscal year-end dated December 31, 2002. At that time, BPI will be filing audited financial statements for the 4-month period from September 1, 2002 to December 31, 2002 due to the change in its fiscal year end.

BPI continues to operate the Boston Pizza franchise system, develop new Boston Pizza restaurants in Canada, and has emerged as one of Canada’s leading restaurant companies. The organization continues to grow based on its "Three Pillars of Success": a commitment to franchisee profitability, a commitment to the growth and development of the Boston Pizza brand, and a commitment to the constant improvement of the guest experience.

FOR FURTHER INFORMATION PLEASE CONTACT:
Robert Groom
Director, Investor Relations
Tel: 604-270-1108