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Boston Pizza Royalties Income Fund Announces February 2003 Distribution

March 10, 2003

For Immediate Release                                                                           Toronto Stock Exchange: BPF.UN

Boston Pizza Royalties Income Fund Announces February, 2003 Distribution

VANCOUVER, BC, MARCH 10, 2003  - Boston Pizza Royalties Income Fund (the “Fund”) (TSX: BPF.UN) announced today a cash distribution of $0.0833 per unit for the period from February 1, 2003 to February 28, 2003.  The distribution will be paid to unitholders of record at the close of business on March 21, 2003 and will be payable on or before March 31, 2003.

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 November 1, 2002. 

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, two new restaurants have been opened bringing the total number of restaurants open in Canada as of March 10, 2003 to 164. Same store sales growth for the 12-month period ending January 31, 2003 was 6.23%.  This calculation is based on all locations in Canada that have been opened for a minimum of 24 months.

Robert Groom
Director, Investor Relations
Tel: 604-270-1108


Boston Pizza Royalties Income Fund
Jordan Holm - Vice President of Investor Relations
Tel: 604-303-6083

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