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Boston Pizza Royalties Income Fund Announces Increase in Distributions

April 12, 2004

For Immediate Release                                                                           Toronto Stock Exchange: BPF.UN


VANCOUVER, BC, APRIL 12, 2004  - 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 3.8% from $0.0867 per unit to $0.09 per unit beginning with the March 2004 distributions.  This increase in distributions is a result of strong Same Store Sales Growth and is the third increase in distributions since the Fund’s inception in July 2002.  The Fund previously increased distributions in May 2003 from $0.0833 per unit to $0.085 per unit and in September 2003 from $0.085 per unit to $0.0867 per unit.  "We've had a strong start to 2004 and this increase in distributions is reflective of the strong Same Store Sales Growth our restaurants have experienced across the country,” said Mike Cordoba, Chief Executive Officer of Boston Pizza International Inc.  The Fund will periodically review distribution levels based on its policy of smoothing the distribution flow to Unitholders.  The distribution of $0.09 per unit will be paid to Unitholders of record at the close of business on April 21, 2004 and will be payable on or before April 30, 2004.

The Fund will hold its Annual General Meeting on Tuesday June 8, 2004 at 2:00 pm P.S.T. at The Fairmont Waterfront Hotel, Malaspina Room, 900 Canada Way, Vancouver, BC.

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 April 8, 2004 to 181.  

Same Store Sales Growth for the period January 1, 2004 through February 29, 2004 was 9.7%, compared to the same period last year.  February 2004 sales benefited from one extra day of sales, Sunday February 29, compared to February 2003.

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

Robert Groom
Director, Investor Relations
Tel: 604-270-1108


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

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