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Boston Pizza Royalties Income Fund Announces November 2003 Distribution

December 10, 2003

For Immediate Release                                                                           Toronto Stock Exchange: BPF.UN

BOSTON PIZZA ROYALTIES INCOME FUND ANNOUNCES NOVEMBER, 2003 DISTRIBUTION

VANCOUVER, BC, DECEMBER 10, 2003  - Boston Pizza Royalties Income Fund (the “Fund”) (TSX: BPF.UN) announced today a cash distribution of $0.0867 per unit for the period from November 1, 2003 to November 30, 2003.  The distribution will be paid to unitholders of record at the close of business on December 21, 2003 and will be payable on or before December 30, 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. 

Royalties paid to the Fund are adjusted annually to include the franchise revenues of the new Boston Pizza restaurants opened prior to November 1 of each year.  From November 1, 2002, to October 31, 2003 Boston Pizza opened 15 new restaurants across Canada.  As a result, 15 new Boston Pizza locations will be added to the Royalty Pool on January 1, 2004.  Same Store Sales Growth for the period January 1, 2003 through October 31, 2003 was 3.6%, compared to the same period last year.

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

FOR FURTHER INFORMATION PLEASE CONTACT:

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

www.bpincomefund.com

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