Press Release Details

BOSTON PIZZA ROYALTIES INCOME FUND ANNOUNCES INCREASE IN DISTRIBUTIONS

VANCOUVER, BC, JUNE 11, 2003  - The Boston Pizza Royalties Income Fund (the “Fund”) (TSX: BPF.UN) is pleased to announce that it is increasing monthly cash distributions.

The monthly distributions will increase 2.0% from $0.0833 per unit to $0.085 per unit beginning with the May, 2003 distributions. This increase in distributions is a result of Same Store Sales Growth (“SSSG”) of 2.8% in the first quarter and demonstrates the continued growth of the Boston Pizza brand in the face of a challenging industry environment.  The Fund will periodically review distribution levels based on its policy of smoothing the distribution flow to unitholders.  The distribution of $0.085 per unit will be paid to unitholders of record on June 21, 2003 and will be payable on or before June 30, 2003. 

Boston Pizza International Inc. (“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.  BPI continues to focus its efforts on improving and delivering strong SSSG.  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.

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 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.

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 June 11, 2003 to 168. Same store sales growth for the 12-month period ending April 30, 2003 was 4.9%.  This calculation is based on all locations in Canada that have been opened for a minimum of 24 months.

The trustees of the Fund have approved the contents of this press release.

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