Boston Pizza Royalties Income Fund (the “Fund”) and Boston Pizza International Inc. (“BPI”) each reported today financial results for the period from January 1, 2012 to March 31, 2012 (the “Period”). A copy of this press release, the consolidated interim financial statements for the Period and related Management’s Discussion and Analysis of the Fund and BPI are available at www.sedar.com and www.bpincomefund.com. The Fund will host a conference call to discuss the results on May 9, 2012 at 8:30 a.m. Pacific Time (11:30 a.m. Eastern Time). The call can be accessed by dialling 1-800-319-4610 or 604-638-5340. A replay will be available until June 8, 2012 by dialling 1-800-319-6413 or 604-638-9010 and entering the pin code: 4452 followed by the # sign.

Same store sales growth (“SSSG”), a key driver of distribution growth for unitholders of the Fund, was positive 7.5% for the Period, compared to positive 1.4% for the same period in 2011. Franchise sales, the basis upon which royalties are paid by BPI to the Fund, exclude revenue from the sale of liquor, beer, wine, tobacco and approved national promotions and discounts. On a franchise sales basis, SSSG was positive 6.9% for the Period, compared to positive 2.1% for the same period in 2011. The increase in SSSG for the Period was principally due to higher takeout and delivery sales resulting from continued promotion of Boston Pizza’s online ordering system, higher chicken wing sales resulting from successful marketing campaigns launched in 2011 and the extra day of sales in February as 2012 is a leap year. Other key sales initiatives in the Period included the 20th anniversary of “Heart-Shaped Pizzas” and a “Pizza Hobbyists” feature menu promotion. Franchise sales of restaurants in the royalty pool were a record $176.6 million for the Period compared to $163.1 million in the same period in 2011. The increase in franchise sales for the Period was principally due to the increase in SSSG.