Mr. Jordan Holm reports

BOSTON PIZZA ROYALTIES INCOME FUND ANNOUNCES INTENTION TO MAKE NORMAL COURSE ISSUER BID

Boston Pizza Royalties Income Fund has received Toronto Stock Exchange approval of a notice of intention to make a normal course issuer bid through the facilities of the TSX and other Canadian marketplaces from Sept. 25, 2014, to no later than Sept. 24, 2015. The normal course issuer bid will permit the fund to repurchase for cancellation up to 1,385,023 units, being approximately 8.9 per cent of the fund's issued and outstanding units (as at Sept. 19, 2014) and approximately 10.0 per cent of its public float, currently comprising 13,850,231 units. The fund has 15,582,450 units issued and outstanding as at Sept. 19, 2014. The average daily trading volume of the fund's units for the period between March 1, 2014, and Aug. 31, 2014, was 23,978 units. In accordance with the rules of the TSX, the maximum number of units that can be purchased on a daily basis by the fund is 5,995 units, subject to the block purchase exception.

The board of trustees of the fund believes that, from time to time, market conditions provide opportunities for the fund to acquire units at attractive prices and that the purchases are an appropriate use of funds that will enhance unitholder value.

The fund intends to finance purchases under the normal course issuer bid by drawing on the remaining balance of the fund's credit facilities established on July 19, 2012, by a subsidiary of the fund, Boston Pizza Royalties LP, with a Canadian chartered bank, or using other future sources of financing. Full particulars of the fund's credit facilities, including applicable interest rates, security, guarantees, and other terms and conditions, are contained within the amended and restated credit agreement governing the credit facilities, a copy of which is available on SEDAR.

The fund has established an automatic securities purchase plan with its broker, BMO Nesbitt Burns Inc., to allow for the repurchase of fund units under the normal course issuer bid at any time, including when it ordinarily would not be active in the market due to its own internal trading blackout periods, insider trading rules or otherwise. The plan will terminate on the earliest of: (a) the date on which the purchase limits specified in the plan have been attained; (b) the date on which the normal course issuer bid terminates; (c) the fund terminates the plan in accordance with the terms of the plan, in which case the fund will issue a press release announcing such termination; and (d) Sept. 24, 2015. All purchases will be made on the open market through the facilities of the TSX in accordance with the requirements of the TSX or other Canadian marketplaces by registered investment dealers.

Under the normal course issuer bid established by the fund in 2013 and that expired on Sept. 15, 2014, the fund was permitted to repurchase for cancellation up to approximately 1.4 million units and actually acquired 237,100 units at an average price of $20.33 per unit. The fund paid the market price at the time of acquisition for units purchased through the facilities of the TSX or other Canadian marketplaces and all units acquired under that normal course issuer bid were cancelled.