Press Release Details

For Immediate Release                                                                           Toronto Stock Exchange: BPF.UN

BOSTON PIZZA ROYALTIES INCOME FUND & BOSTON PIZZA INTERNATIONAL ANNOUNCE 2002 ANNUAL RESULTS

VANCOUVER, BC, (April 30, 2003) - Boston Pizza Royalties Income Fund (the "Fund")(TSX: BPF.UN) and Boston Pizza International Inc. ("BPI") each reported today their annual financial results for 2002. The Fund's first fiscal year is for the period of July 17, 2002 (the IPO date) to December 31, 2002. BPI previously announced that it was changing its fiscal year-end from August 31 to December 31 to correspond with the Fund. On this basis, BPI is reporting on a 4-month period of September 1, 2002 to December 31, 2002. Synchronizing the year-ends will be beneficial to Unitholders and analysts in their review and analysis of the Fund and BPI. A copy of the combined 2002 Annual Report is available at www.sedar.com and www.bpincomefund.com.

The Fund is a limited purpose, open-ended trust established under the laws of British Columbia to acquire indirectly certain trade marks and trade names used by Boston Pizza International Inc. ("BPI") in its Boston Pizza restaurants in Canada. The trade marks are licensed to BPI for 99 years for which BPI pays the Fund 4% of franchise revenues of its 162 Boston Pizza restaurants in Canada as at January 1, 2003.

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.

Royalties paid to the Fund will be adjusted annually to include the franchise revenues of the new Boston Pizza restaurants opened prior to November 1 of each year. Since November 1, 2002, six new restaurants have been opened bringing the total number of restaurants open in Canada as of April 30, 2003 to 168. Same store sales growth for the 12-month period ending February 28, 2003 was 5.0%. This calculation is based on all locations in Canada that have been open for a minimum of 24 months.

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