Press Release Details

For Immediate Release                                                                           The Toronto Stock Exchange: BPF.UN

BOSTON PIZZA ROYALTIES INCOME FUND ANNOUNCES
INTENTION TO MAKE NORMAL COURSE ISSUER BID

VANCOUVER, B.C., December 22, 2015 - 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 December 29, 2015 to no later than December 28, 2016.  The Normal Course Issuer Bid will permit the Fund to repurchase for cancellation up to 500,000 units of the Fund (the “Units”), being approximately 2.4% of the Fund’s issued and outstanding Units (as at December 21, 2015).  The Fund has 20,441,763 Units issued and outstanding as at December 21, 2015.  The average daily trading volume of the Units for the period between June 1, 2015 and November 30, 2015 was 29,082 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 7,270 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 remaining balance of the Fund’s credit facilities established on May 5, 2015 by subsidiaries of the Fund, Boston Pizza Royalties Limited Partnership and Boston Pizza Holdings Limited Partnership, with a Canadian Chartered Bank, or using other future sources of financing.  Full particulars of the Fund’s credit facilities, including applicable interest rates, security, guarantees and other terms and conditions are contained within the credit agreement governing the credit facilities, a copy of which is available on www.sedar.com.

 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 date on which the Normal Course Issuer Bid automatically terminates in accordance with the plan, (c) 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 (d) December 28, 2016.  All purchases will be made on the open market through the facilities of the TSX in accordance with the requirements of the TSX or other Canadian marketplaces by registered investment dealers.

Under the Normal Course Issuer Bid established by the Fund in 2014 and that expired on September 24, 2015, the Fund was permitted to repurchase for cancellation up to approximately 1.4 million Units and actually acquired 188,300 Units at a volume weighted average price of $19.86 per unit.  The Fund paid the market price at the time of acquisition for units purchased through the facilities of the TSX or other Canadian marketplaces and all Units acquired under that Normal Course Issuer Bid were cancelled.

The trustees of the Fund approved the contents of this news release.

FOR FURTHER INFORMATION PLEASE CONTACT:

Boston Pizza Royalties Income Fund
Jordan Holm - Senior Vice President of Investor Relations
Tel: 604-303-6083
investorrelations(at)bostonpizza.com
www.bpincomefund.com