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Boston Pizza Royalties Income Fund Announces Increase in Distributions

July 12, 2004

For Immediate Release                                                                           Toronto Stock Exchange: BPF.UN


Increase is the fourth in 14 months VANCOUVER, BC, JULY 12, 2004 - Boston Pizza Royalties Income Fund (the "Fund") (TSX: BPF.UN) is pleased to announce that it is increasing its monthly cash distributions for the fourth time since May 2003.

The monthly distributions will increase 5.6% from $0.09 per unit to $0.095 per unit beginning with the June 2004 distributions. Strong Same Store Sales Growth of 8.1% for the period January 1, 2004 through May 31, 2004 is largely responsible for the distributions increase. Over the past 10 years, Boston Pizza has reported positive Same Store Sales Growth every year at an average of 6.3%.

"This is the Fund’s fourth and largest distribution increase since its inception in July 2002," said Mike Cordoba, Chief Executive Officer of Boston Pizza International Inc. "and clearly demonstrates that the Boston Pizza business model -- one that encourages franchisee success and Same Store Sales Growth -- is very well suited for the income fund model." Since November 1, 2003, nine Boston Pizza restaurants have opened with no restaurants closing, bringing the total number of restaurants open in Canada to 186, as at July 12, 2004. "The fact that Boston Pizza continues to open restaurants while not closing any testifies to the stability of the Fund's royalty stream," Cordoba went on to further say.

The Fund periodically reviews distribution levels based on its policy of smoothing the distribution flow to Unitholders. The distribution of $0.095 per unit will be paid to Unitholders of record at the close of business on July 21, 2004 and will be payable on or before July 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.

The trustees of the Fund have approved the contents of this news 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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