Press Release Details

For Immediate Release                                                                           Toronto Stock Exchange: BPF.UN

BOSTON PIZZA ROYALTIES INCOME FUND ANNOUNCES FEBRUARY, 2004 DISTRIBUTION

VANCOUVER, BC, MARCH 10, 2004  - Boston Pizza Royalties Income Fund (the “Fund”) (TSX: BPF.UN) announced today a cash distribution of $0.0867 per unit for the period from February 1, 2004 to February 29, 2004.  The distribution will be paid to unitholders of record at the close of business on March 21, 2004 and will be payable on or before March 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, four new restaurants have opened, bringing the total number of restaurants open in Canada as of March 9, 2004 to 181.

Same Store Sales Growth for the period January 1, 2004 through January 31, 2004 was 6.5%, 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