Mr. Michael Harbinson reports

BOSTON PIZZA ROYALTIES INCOME FUND ANNOUNCES INTENTION TO MAKE A 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 from June 20, 2023, to no later than June 19, 2024. The normal course issuer bid will permit the fund to repurchase for cancellation up to 400,000 units of the fund, being approximately 1.86 per cent of the fund's issued and outstanding units (as at June 6, 2023). The fund has 21,521,463 units issued and outstanding as at June 15, 2023. The average daily trading volume of the units for the period between Dec. 1, 2022, and May 31, 2023, was 35,095 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 8,773 units, subject to the block purchase exception.

"We are implementing a normal course issuer bid to capitalize on potential buying opportunities that may arise," said Marc Guay, chair of the board of trustees. "The recent solid financial performance of Boston Pizza International Inc. and the fund, coupled with the fund's growing cash balance and strong yield, have motivated the trustees of the fund to consider opportunistic share repurchases. This demonstrates our ongoing confidence in the long-term prospects of the business and our commitment to delivering sustainable returns to the fund's unitholders."

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 from cash on hand.

The fund has established an automatic securities purchase plan with its broker, BMO Nesbitt Burns Inc., to allow for the repurchase of 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 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 (c) June 19, 2024. Purchases will be made on the open market through the facilities of the Toronto Stock Exchange, other designated exchanges and/or alternative Canadian trading systems.

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 that 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 (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.