Press Release Details

For Immediate Release                                                                           Toronto Stock Exchange: BPF.UN

BOSTON PIZZA INTERNATIONAL FILES NOTICE OF INTENTION TO SELL UP TO 378,052 UNITS
OF BOSTON PIZZA ROYALTIES INCOME FUND

VANCOUVER, BC, July 4, 2003 – Boston Pizza International Inc. (“BPI”) announced today that it has filed with securities regulatory authorities a notice of intention to sell up to 378,052 units of Boston Pizza Royalties Income Fund (TSX:  BPF.UN) (the “Fund”).  BPI may commence selling these units on or about July 14, 2003.

BPI currently holds securities convertible into 2,395,065 units of the Fund, or 23.75% of the outstanding units of the Fund on a fully diluted basis. The proposed sale is consistent with BPI’s current investment strategy to maintain a 20% interest in the Fund.  At the time of the Fund’s initial public offering, BPI agreed to retain a 20% interest in the Fund until such time as there are 275 Boston Pizza restaurants open and included in the restaurant royalty pool.   

BPI  operates the Boston Pizza franchise system, developing 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.   Since November 1, 2002, six new restaurants have been opened bringing the total number of restaurants open in Canada as of July 4, 2003 to 168. Same store sales growth for the 12-month period ending May 31, 2003 was 4.8%.  This calculation is based on all locations in Canada that have been opened for a minimum of 24 months.

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