Mr. Michael Harbinson reports

BOSTON PIZZA ROYALTIES INCOME FUND ANNOUNCES DECEMBER 2023 DISTRIBUTION

Boston Pizza Royalties Income Fund today declared a cash distribution to unitholders of 10.7 cents per unit for December, 2023. The distribution will be paid on Jan. 31, 2024, to unitholders of record at the close of business on Dec. 31, 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 IPO (initial public offering) in 2002. Including the December, 2023, distribution which is payable on Jan. 31, 2024, the fund will have paid out 252 monthly distributions and two special distributions totalling $422.8-million or $26.02 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.