Press Release Details

For Immediate Release                                                                           Toronto Stock Exchange: BPF.UN

BOSTON PIZZA ROYALTIES INCOME FUND ANNOUNCES OCTOBER, 2003 DISTRIBUTION

VANCOUVER, BC, NOVEMBER 12, 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 October 1, 2003 to October 31, 2003.  The distribution will be paid to unitholders of record at the close of business on November 21, 2003 and will be payable on or before November 28, 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 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, 15 new restaurants have opened, bringing the total number of restaurants open in Canada as of November 12, 2003 to 177. As a result 15 new Boston Pizza locations will be added to the Royalty Pool on January 1, 2004. 

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