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Press release from Marketwire

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

Thursday, September 12, 2013

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

08:30 EDT Thursday, September 12, 2013

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Sept. 12, 2013) - 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 and other Canadian marketplaces from September 16, 2013 to no later than September 15, 2014. The Normal Course Issuer Bid will permit the Fund to repurchase for cancellation up to 1,393,078 units, being approximately 9.3% of the Fund's issued and outstanding units (as at September 6, 2013) and approximately 10.0% of its public float, currently comprised of 13,930,780 units. The Fund has 15,029,544 units issued and outstanding as at September 6, 2013. The average daily trading volume of the Fund's units for the period between March 1, 2013 and August 31, 2013 was 16,680 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 4,170 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 Fund's $56 million 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 credit facilities, a copy of which is available on www.sedar.com.

The Fund previously established Normal Course Issuer Bids in 2008, 2009 and 2012, pursuant to which it was permitted to repurchase for cancellation up to approximately 3.0 million units through the facilities of the TSX. Under the Normal Course Issuer Bid established by the Fund in 2012 and that expired on August 31, 2013, the Fund acquired 541,100 units at an average price of $22.74 per unit. Under all three prior Normal Course Issuer Bids established by the Fund, the Fund acquired approximately 3.0 million units at an average price of $12.37 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:

Contact Information:
Boston Pizza Royalties Income Fund
Jordan Holm
Vice President of Investor Relations
604-303-6083
investorrelations@bostonpizza.com
www.bpincomefund.com

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