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Press release from Marketwire

Boston Pizza Royalties Income Fund Announces Intention to Make Normal Course Issuer Bid

Wednesday, August 22, 2012

Boston Pizza Royalties Income Fund Announces Intention to Make Normal Course Issuer Bid08:00 EDT Wednesday, August 22, 2012VANCOUVER, BRITISH COLUMBIA--(Marketwire - Aug. 22, 2012) - Boston Pizza Royalties Income Fund (the "Fund") (TSX:BPF.UN) announced today that it has received Toronto Stock Exchange ("TSX") approval of a Notice of Intention to Make a Normal Course Issuer Bid through the facilities of the TSX from September 4, 2012 to no later than August 31, 2013. The Normal Course Issuer Bid will permit the Fund to repurchase for cancellation up to 1,442,522 units, being approximately 9.9% of the Fund's issued and outstanding units (as at August 17, 2012) and approximately 10.0% of its public float, currently comprised of 14,452,221 units. The Fund has 14,570,644 units issued and outstanding as at August 17, 2012. The average daily trading volume of the Fund's units for the period between February 1, 2012 and July 31, 2012 was 28,699 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 7,174 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 $26 million available debt capacity that was included as part of the Fund's $56 million credit facilities (the "New Credit Facilities") established on July 19, 2012 by a subsidiary of the Fund, Boston Pizza Royalties Limited Partnership, with a Canadian Chartered Bank. 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 New Credit Facilities, a copy of which is available on www.sedar.com. See also our press release dated July 23, 2012.The Fund previously established Normal Course Issuer Bids in 2008 and 2009 (the "PriorNCIBs"), pursuant to which it was permitted to repurchase for cancellation up to approximately 2.5 million units through the facilities of the TSX. Under the Prior NCIBs the Fund acquired approximately 2.5 million units at an average price of $10.10 per unit. The Fund paid the market price at the time of acquisition for units purchased through the facilities of the TSX and all units acquired under the Prior NCIBs were cancelled. The trustees of the Fund approved the contents of this news release.FOR FURTHER INFORMATION PLEASE CONTACT: Jordan HolmBoston Pizza Royalties Income FundVice President of Investor Relations604-303-6083investorrelations@bostonpizza.comwww.bpincomefund.com