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Boston Pizza Royalties Income Fund Announces April 2004 Distribution

May 10, 2004

For Immediate Release                                                                           Toronto Stock Exchange: BPF.UN

BOSTON PIZZA ROYALTIES INCOME FUND ANNOUNCES APRIL, 2004 DISTRIBUTION

VANCOUVER, BC, MAY 10, 2004  - - Boston Pizza Royalties Income Fund (the “Fund”) (TSX: BPF.UN) announced today a cash distribution of $0.09 per unit for the period from April 1, 2004 to April 30, 2004.  The distribution will be paid to unitholders of record at the close of business on May 21, 2004 and will be payable on or before May 31, 2004.

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 177 Boston Pizza restaurants in Canada as at November 1, 2003. 

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, 2003, five new restaurants have opened, bringing the total number of restaurants open in Canada as of May 10, 2004 to 182.  

Same Store Sales Growth for the period January 1, 2004 through March 31, 2004 was 8.8%, 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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