Mr. Michael Harbinson reports

BOSTON PIZZA ROYALTIES INCOME FUND ANNOUNCES MAY 2023 DISTRIBUTION

Boston Pizza Royalties Income Fund has declared a cash distribution to unitholders of 10.7 cents per unit for May, 2023. The distribution will be paid on June 30, 2023, to unitholders of record at the close of business on June 21, 2023. The fund periodically reviews distribution levels based on its policy of stable and sustainable distribution flow to unitholders.

About Boston Pizza Royalties Income Fund

The fund is a limited-purpose open-ended trust with an excellent record for investors since its initial public offering in 2002. Including the May, 2023, distribution, which is payable on June 30, 2023, the fund will have paid out 245 monthly distributions and two special distributions totalling $406.8-million or $25.27 per unit. The fund earns revenue based on the franchise system sales of the 377 Boston Pizza restaurants in the fund's royalty pool.

Boston Pizza International Inc. (BPI) is Canada's No. 1 casual dining brand. The Boston Pizza brand has served communities from coast to coast for 59 years since opening its first restaurant in Edmonton, Alta., in 1964. Today, Boston Pizza proudly remains a Canadian company with its hundreds of local franchise owners, operating more dining rooms, sports bars and patios than any other single brand in the country, along with takeout and delivery.

BPI has been recognized both as a Franchisees' Choice Designation winner and a platinum member of Canada's 50 best managed companies for many years.