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Boston Pizza Royalties Income Fund Announces 2016 Fourth Quarter and Annual Results Including Distributable Cash Per Unit of $1.388 for the Year, an Increase of 1.8%

Payout ratio of 98.9% for the Year despite weaker general economic conditions in regions affected by the oil and gas industry.

VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 02/16/17 -- Highlights

--  System-Wide Gross Sales(1) of $270.8 million for the Period and $1.08
    billion for the Year.
--  Franchise Sales(2) from royalty pool restaurants of $204.1 million for
    the Period and $828.6 million for the Year, representing a decrease of
    0.6% for the Period and an increase of 1.8% for the Year, versus the
    same periods one year ago.
--  Distributable Cash(3) per Unit decreased 2.6% for the Period and
    increased 1.8% for the Year.
--  Payout Ratio(4) of 101.1% for the Period and 98.9% for the Year. Fund's
    cash balance at the end of the Year was $3.5 million, an increase of
    $0.3 million from the prior year.
--  Same Store Sales Growth of negative 3.1% for the Period and negative
    0.3% for the Year.
--  Boston Pizza opened 11 net new full service restaurants and completed 50
    restaurant renovations in 2016.
--  On February 8, 2017, the Trustees declared January 2017 distributions to
    unitholders of 11.5 cents per Unit payable on February 28, 2017.

Boston Pizza Royalties Income Fund (the "Fund") (TSX: BPF.UN) and Boston Pizza International Inc. ("BPI") reported financial results today for the fourth quarter period from October 1, 2016 to December 31, 2016 (the "Period") and January 1, 2016 to December 31, 2016 (the "Year"). A copy of this press release, the annual consolidated financial statements and related Management's Discussion and Analysis ("MD&A") of the Fund and BPI are available at www.sedar.com and www.bpincomefund.com. The Fund will host a conference call to discuss the results on February 16, 2017 at 8:30 am Pacific Time (11:30 am Eastern Time). The call can be accessed by dialling 1-800-319-4610 or 604-638-5340. A replay will be available until March 16, 2017 by dialling 1-855-669-9658 or 604-674-8052 and entering the access code: 1134 followed by the # sign.

Same store sales growth ("SSSG"), a key driver of distribution growth for unitholders of the Fund, was negative 3.1% for the Period and negative 0.3% for the Year compared to positive 2.2% and positive 1.8%, respectively, for the same periods in 2015. Franchise Sales, the basis upon which Royalty(5) and Distribution Income(5 ) are paid to the Fund, exclude revenue from the sale of liquor, beer, wine and approved national promotions and discounts. On a Franchise Sales basis, SSSG was negative 3.1% for the Period and negative 0.5% for the Year compared to positive 1.8% and positive 1.7%, respectively, for the same periods in 2015. The negative SSSG for the Period and Year was principally due to the progressively weaker general economic conditions in regions directly connected to the Canadian oil and gas industry, partially offset by menu re-pricing and higher sales as a result of Boston Pizza's nachos promotion. Franchise Sales of restaurants in the Fund's royalty pool were $204.1 million for the Period and $828.6 million for the Year compared to $205.4 million and $814.0 million, respectively, for the same periods in 2015. The decrease in Franchise Sales for the Period was primarily due to negative SSSG partially offset by the additional Franchise Sales from six net new restaurants added to the royalty pool on January 1, 2016. The increase in Franchise Sales for the Year was primarily due to the additional Franchise Sales from six net new restaurants added to the royalty pool on January 1, 2016 partially offset by negative SSSG.

"We are pleased to have achieved an increase in Distributable Cash per Unit of 1.8% for the Year, a Payout Ratio of 98.9% for the Year, and an increase in System-wide Gross Sales of 2.0% to over $1.08 billion for the Year, despite the impact of weaker economic conditions in regions connected to the oil and gas industry. We also opened 13 new Boston Pizza restaurants and renovated 50 locations in 2016", said Mark Pacinda, President and CEO of BPI. "While the impact of progressively weaker general economic conditions in regions directly connected to the Canadian oil and gas industry has presented challenges, we saw strength in other parts of Canada, including Ontario and British Columbia".

The Fund's net and comprehensive income was $8.7 million for the Period, relatively unchanged from the fourth quarter of 2015. The Fund's net and comprehensive income was $37.8 million for the Year compared to net and comprehensive income of $19.2 million in 2015. The $18.6 million increase in the Fund's net and comprehensive income for the Year compared to 2015 was primarily due to a net $19.4 million change in fair value adjustments and an increase in Distribution Income of $2.5 million and Royalty income of $0.5 million, partially offset by an increase in income taxes of $2.6 million and an increase in interest and financing expense of $1.3 million. For a detailed discussion on the Fund's net and comprehensive income, please see the "Operating Results - Net and Comprehensive Income / Basic and Diluted Earnings" section in the Fund's MD&A for the Period and the Year. The Fund's net income under International Financial Reporting Standards ("IFRS") contains non-cash items, such as the fair value adjustments on financial instruments and deferred income taxes, that do not affect the Fund's business operations or its ability to pay distributions to unitholders. In the Fund's view, net income is not the only or most meaningful measurement of the Fund's ability to pay distributions. Consequently, the Fund reports the non-IFRS metrics of Distributable Cash and Payout Ratio to provide investors with more meaningful information regarding the amount of cash that the Fund has generated to pay distributions and the extent to which the Fund has distributed that cash. Readers are cautioned that Distributable Cash and Payout Ratio are non-IFRS financial measures that do not have standardized meanings prescribed by IFRS and therefore may not be comparable to similar measures presented by other issuers. For a reconciliation between cash flow from operating activities (the most directly comparable IFRS measure) and Distributable Cash see the "Financial Summary" section of this press release. For a detailed discussion on the Fund's Distributable Cash and Payout Ratio, please see the "Operating Results - Distributable Cash / Payout Ratio" section in the Fund's MD&A for the Period and the Year.

The Fund's Distributable Cash was $6.9 million for the Period compared to $7.2 million for the same period in 2015. The decrease in Distributable Cash of $0.3 million, or 3.3% was primarily due to higher interest expense on Class B Unit and Class C Unit liabilities of $0.3 million. The Fund generated Distributable Cash of $28.2 million for the Year compared to $25.6 million in 2015. The increase in Distributable Cash of $2.6 million, or 10.2%, is primarily comprised of (a) a $2.5 million increase due to the Fund having completed the Transaction(6) and receiving $2.5 million more Distribution Income for the Year than in 2015, (b) a $0.9 million increase related to the Fund having incurred an initial change in working capital of $0.9 million (the "Initial Working Capital Change") in 2015 in connection with completing the Transaction with no corresponding change to working capital for the Year, (c) $0.5 million increase due to higher Royalty income of $0.5 million, partially offset by (d) $0.9 million of higher interest expense on Class B Units, and (e) $0.4 million of higher interest expense on long-term debt. Please see the "Distributable Cash / Payout Ratio" section in the Fund's MD&A for the Period and the Year for details regarding the Initial Working Capital Change.

The Fund's Distributable Cash per unit of the Fund ("Unit") was $0.341 for the Period and $1.388 for the Year compared to $0.350 and $1.364, respectively, for the same periods in 2015. The decrease in Distributable Cash per Unit of $0.009 or 2.6% for the Period was primarily attributable to the combined effects of lower Distributable Cash for the Period compared to the fourth quarter of 2015 and there being fewer Units issued and outstanding during the Period compared to the fourth quarter of 2015 due to the repurchase and cancellation of Units under the Fund's normal course issuer bids. The increase in Distributable Cash per Unit of $0.024 or 1.8% for the Year is primarily attributable to the accretive effects of the Transaction and the Fund having incurred the Initial Working Capital Change in 2015 with no corresponding change to working capital for the Year, partially offset by the Fund issuing 5,047,613 Units on May 6, 2015 in connection with the Transaction. The percentage increase in Distributable Cash for the Year was larger than the percentage increase in Distributable Cash per Unit for the Year due to the combined effect of the Fund receiving higher Distribution Income, the Initial Working Capital Change, and the Fund issuing 5,047,613 Units on May 6, 2015.

The Fund's Payout Ratio was 101.1% for the Period and 98.9% for the Year compared to 92.8% and 94.0%, respectively, for the same periods one year ago. The increase in the Fund's Payout Ratio for the Period compared to the same period in 2015 was due to the combined effects of Distributable Cash for the Period decreasing by $0.3 million, or 3.3%, and distributions paid during the Period increasing by $0.4 million, or 5.4%. The increase in distributions paid during the Period compared to the fourth quarter of 2015 was due to the Fund increasing the monthly distribution from 10.83 cents per Unit to 11.50 cents per Unit beginning with the January 2016 distribution, which was paid on February 29, 2016 (the "2016 Distribution Increase"). The increase in the Fund's Payout Ratio for the Year compared to 2015 was due to the increase in Distributable Cash for the Year, as discussed above, being less than the $3.8 million or 16.0% increase in distributions paid for the Year. The increase in distributions paid for the Year was due to the Fund increasing the monthly distribution from 10.20 cents per Unit to 10.83 cents per Unit beginning with the April 2015 distribution, which was paid on May 29, 2015 (the "2015 Distribution Increase"), the 2016 Distribution Increase and the Fund issuing 5,047,613 Units on May 6, 2015 in connection with the Transaction. The Fund was able to make the 2015 Distribution Increase and 2016 Distribution Increase because of the accretive effect of the Transaction. The Fund strives to provide unitholders with consistent monthly distributions, and as a result, the Fund will generally experience seasonal fluctuations in its Payout Ratio. The Fund's Payout Ratio is likely to be higher in the first and fourth quarters each year compared to the second and third quarters each year since Boston Pizza restaurants generally experience higher Franchise Sales during the summer months when restaurants open their patios and benefit from increased tourist traffic. Higher Franchise Sales generally result in increases in Distributable Cash. A key feature of the Fund is that it is a "top line" structure, in which BPI and BP Canada LP pay the Fund an amount based on Franchise Sales from restaurants in the Fund's royalty pool. Accordingly, Fund unitholders are not directly exposed to changes in the operating costs or profitability of BPI, BP Canada LP or individual Boston Pizza restaurants. Given this structure, and that the Fund has no current mandate to retain capital for other purposes, it is expected that the Fund will maintain a Payout Ratio close to 100% over time as the trustees of the Fund continue to distribute all available cash in order to maximize returns to unitholders.

On February 8, 2017 the trustees of the Fund approved a cash distribution to unitholders of 11.5 cents per Unit for January 2017. The distribution is payable to unitholders of record at the close of business on February 21, 2017 and will be paid on February 28, 2017. The Fund periodically reviews distribution levels based on its policy of stable and sustainable distribution flow to unitholders. Including the January 2017 distribution, which will be paid in February 2017, the Fund will have paid out 175 consecutive monthly distributions totalling $250.2 million or $18.00 per Unit since the Fund's initial public offering in 2002.

FINANCIAL SUMMARY

The tables below set out selected information from the Fund's annual consolidated financial statements together with other data and should be read in conjunction with the annual consolidated financial statements and MD&A of the Fund for the years ended December 31, 2016 and 2015.

----------------------------------------------------------------------------
For the years ended December 31               2016        2015        2014
----------------------------------------------------------------------------
(in thousands of dollars - except restaurants, SSSG, Payout Ratio and per
 Unit items)
System-Wide Gross Sales                  1,080,559   1,059,549   1,011,966
Number of restaurants in royalty pool          372         366         358
Franchise Sales reported by restaurants
 in the royalty pool                       828,619     814,001     781,915

Royalty income                              33,145      32,560      31,277
Distribution Income                         10,700       8,173           -
Interest income                              1,808       1,844       1,811
----------------------------------------------------------------------------
Total revenue                               45,653      42,577      33,088
Administrative expenses                     (1,174)     (1,226)     (1,022)
Interest expense on debt                    (2,461)     (2,084)     (1,301)
Interest expense on Class B Unit and
 Class C Unit liabilities                   (6,392)     (5,492)     (5,023)
----------------------------------------------------------------------------
Profit before fair value adjustments and
 income taxes                               35,626      33,775      25,742
Fair value adjustment on investment in
 BP Canada LP                               24,733     (14,869)          -
Fair value adjustment on Class B Unit
 liability                                 (12,960)      8,546      (2,115)
Fair value adjustment on interest rate
 swaps                                         702        (613)       (401)
Current and deferred income tax expense    (10,336)     (7,685)     (6,773)
----------------------------------------------------------------------------
Net and comprehensive income                37,765      19,154      16,453
----------------------------------------------------------------------------

Basic earnings per Unit                       1.86        1.02        1.06
Diluted earnings per Unit                     1.86        0.59        1.06

Distributable Cash / Distributions /
 Payout Ratio
Cash flows from operating activities        36,858      33,151      25,557
    Class C Unit distributions to BPI       (1,800)     (1,800)     (1,800)
    BPI Class B Unit entitlement            (4,522)     (3,802)     (3,266)
  Interest paid on long-term debt           (2,394)     (1,961)     (1,355)
  SIFT Tax on Units                             37         (24)        (64)
----------------------------------------------------------------------------
Distributable Cash                          28,179      25,564      19,072
Distributions paid                          27,876      24,037      19,012
Payout Ratio                                  98.9%       94.0%       99.7%
Distributable Cash per Unit                  1.388       1.364       1.229
Distributions paid per Unit                  1.373       1.274       1.224

Other
Same store sales growth                       (0.3)%       1.8%        1.7%
Number of restaurants opened                    13          12          14
Number of restaurants closed                     2           6           6
----------------------------------------------------------------------------

As at December 31                             2016        2015        2014
----------------------------------------------------------------------------
Total assets                               444,332     413,174     278,821
Total liabilities                          181,120     157,151     123,153
----------------------------------------------------------------------------

Notes:

1) "System-Wide Gross Sales" means the gross revenue: (i) of the corporate
   Boston Pizza restaurants in Canada owned by BPI; and (ii) reported to BPI
   or BP Canada LP, as applicable, by franchised Boston Pizza restaurants in
   Canada, without audit or other form of independent assurance, and in the
   case of both (i) and (ii), including revenue from the sale of liquor,
   beer, wine and revenue from BPI or BP Canada LP, as applicable, approved
   national promotions and discounts and excluding applicable sales and
   similar taxes.
2) "Franchise Sales" is the basis upon which Royalty and Distribution Income
   are payable, and means the gross revenue: (i) of the corporate Boston
   Pizza restaurants in Canada owned by BPI; and (ii) reported to BPI or BP
   Canada LP, applicable, by franchised Boston Pizza restaurants in Canada,
   without audit or other form of independent assurance, and in the case of
   both (i) and (ii), after deducting revenue from the sale of liquor, beer,
   wine and revenue from BPI or BP Canada LP approved national promotions
   and discounts and excluding applicable sales and similar taxes.
   Nevertheless, BPI or BP Canada LP periodically conducts audits of the
   Franchise Sales reported to it by its franchisees, and the Franchise
   Sales reported herein include results from sales audits of earlier
   periods.
3) Distributable Cash is a non-IFRS financial measure that does not have a
   standardized meaning prescribed by IFRS and therefore may not be
   comparable to similar measures presented by other issuers. This non-IFRS
   financial measure provides useful information to investors regarding the
   amount of cash the Fund has generated for distribution on the Units. The
   preceding table provides a reconciliation from this non-IFRS financial
   measure to cash flows from operating activities, which is the most
   directly comparable IFRS measure. Investors are cautioned that this
   should not be construed as an alternative to cash flows from operating
   activities. For additional information regarding this financial metric,
   see the heading "Description of Non-IFRS and Additional IFRS Measures" in
   the Fund's MD&A for the Period and the Year.
4) Payout Ratio is calculated by dividing the distributions paid by the Fund
   during a period by the Distributable Cash generated in that period.
   Payout Ratio is a non-IFRS financial measure that does not have a
   standardized meaning prescribed by IFRS and therefore may not be
   comparable to similar measures presented by other issuers. This non-IFRS
   financial measure provides investors with useful information regarding
   the extent to which the Fund distributes cash on the Units. Investors are
   cautioned that this should not be construed as an alternative net income
   measure of profitability. As the Payout Ratio is calculated from a
   formula which includes Distributable Cash, which is a non-IFRS measure, a
   reconciliation of Payout Ratio to an IFRS measure is not possible. For
   additional information regarding this financial metric, see the heading
   "Description of Non-IFRS and Additional IFRS Measures" in the Fund's MD&A
   for the Period and the Year.
5) The Fund licenses BPI the right to use various Boston Pizza trademarks in
   return for BPI paying the Fund a royalty equal to 4% of Franchise Sales
   of Boston Pizza restaurants in the Fund's royalty pool ("Royalty").
   "Distribution Income" is income received by the Fund from the investment
   in BP Canada LP it completed on May 6, 2015. See the "General - Purpose
   of Fund / Sources of Revenue" section of the Fund's MD&A for the Period
   and the Year for more details.
6) "Transaction" means the transaction on May 6, 2015, where the Fund,
   indirectly through Holdings LP, completed an investment in BP Canada LP
   to effectively increase the Fund's interest in Franchise Sales of Boston
   Pizza restaurants in the royalty pool by 1.5%, from 4.0% to 5.5% less the
   pro rata portion payable to BPI in respect of its retained interest in
   the Fund.
7) Profit before fair value adjustments and income taxes is an additional
   IFRS measure. For additional information regarding these financial
   metrics, see the heading "Description of Non-IFRS and Additional IFRS
   Measures" in the Fund's MD&A for the Period and the Year.
8) Other capitalized terms used in these tables are defined in the Fund's
   MD&A for the Period and the Year.

SUMMARY OF QUARTERLY RESULTS

----------------------------------------------------------------------------
                               Q4 2016     Q3 2016     Q2 2016     Q1 2016
----------------------------------------------------------------------------
(in thousands of dollars -
 except restaurants, SSSG,
 Payout Ratio and per Unit
 items)
System-Wide Gross Sales        270,800     281,538     274,039     254,182
Number of restaurants in
 royalty pool                      372         372         372         372
Franchise Sales reported by
 restaurants in the royalty
 pool                          204,121     215,597     210,852     198,049

Royalty income                   8,165       8,624       8,434       7,922
Distribution Income              2,617       2,790       2,728       2,565
Interest income                    452         452         452         452
----------------------------------------------------------------------------
Total revenue                   11,234      11,866      11,614      10,939
Administrative expenses           (299)       (292)       (296)       (287)
Interest expense on debt          (620)       (619)       (612)       (610)
Interest expense on Class B
 Unit and Class C Unit
 liabilities                    (2,184)     (1,551)     (1,573)     (1,084)
----------------------------------------------------------------------------
Profit before fair value
 adjustments and income
 taxes                           8,131       9,404       9,133       8,958
Fair value adjustment on
 investment in BP Canada LP      5,098       9,237       6,511       3,887
Fair value adjustment on
 Class B Unit liability         (2,668)     (4,833)     (3,407)     (2,052)
Fair value adjustment on
 interest rate swaps               967         171           7        (443)
Current and deferred income
 tax expense                    (2,782)     (3,473)     (2,240)     (1,841)
----------------------------------------------------------------------------
Net and comprehensive income     8,746      10,506      10,004       8,509
----------------------------------------------------------------------------

Basic earnings per Unit           0.43        0.52        0.49        0.42
Diluted earnings per Unit         0.43        0.52        0.49        0.42

Distributable Cash /
 Distributions / Payout
 Ratio
Cash flows from operating
 activities                      9,128       9,718       9,323       8,689
    Class C Unit
     distributions to BPI         (450)       (450)       (450)       (450)
    BPI Class B Unit
     entitlement                (1,134)     (1,108)     (1,119)     (1,161)
  Interest paid on long-term
   debt                           (612)       (560)       (617)       (605)
  SIFT Tax on Units                 (7)         27         (20)         37
----------------------------------------------------------------------------
Distributable Cash               6,925       7,627       7,117       6,510
Distributions paid               6,999       6,999       6,998       6,880
Payout Ratio                     101.1%       91.8%       98.3%      105.7%
Distributable Cash per Unit      0.341       0.376       0.351       0.320
Distributions paid per Unit      0.345       0.345       0.345       0.338

Other
Same store sales growth           (3.1%)      (0.5%)       2.1%        0.6%
Number of restaurants opened         5           4           4           0
Number of restaurants closed         0           0           0           2
----------------------------------------------------------------------------

SUMMARY OF QUARTERLY RESULTS (continued)

----------------------------------------------------------------------------
                               Q4 2015     Q3 2015     Q2 2015     Q1 2015
----------------------------------------------------------------------------
(in thousands of dollars -
 except restaurants, SSSG,
 Payout Ratio and per Unit
 items)
System-Wide Gross Sales        272,017     275,009     263,852     248,671
Number of restaurants in
 royalty pool                      366         366         366         366
Franchise Sales reported by
 restaurants in the royalty
 pool                          205,365     212,367     202,860     193,409

Royalty income                   8,215       8,494       8,115       7,736
Distribution Income              2,708       2,799       2,666           -
Interest income                    452         452         488         452
----------------------------------------------------------------------------
Total revenue                   11,375      11,745      11,269       8,188
Administrative expenses           (298)       (395)       (283)       (250)
Interest expense on debt          (596)       (590)       (527)       (371)
Interest expense on Class B
 Unit and Class C Unit
 liabilities                    (1,862)     (1,339)     (1,358)       (933)
----------------------------------------------------------------------------
Profit before fair value
 adjustments and income
 taxes                           8,619       9,421       9,101       6,634
Fair value adjustment on
 investment in BP Canada LP      3,584     (18,453)          -           -
Fair value adjustment on
 Class B Unit liability         (1,634)      8,356       2,878      (1,054)
Fair value adjustment on
 interest rate swaps                47        (287)        172        (545)
Current and deferred income
 tax expense                    (1,954)     (1,908)     (2,307)     (1,516)
----------------------------------------------------------------------------
Net and comprehensive income
 (loss)                          8,662      (2,871)      9,844       3,519
----------------------------------------------------------------------------

Basic earnings (loss) per
 Unit                             0.42       (0.14)       0.53        0.23
Diluted earnings (loss) per
 Unit                             0.42       (0.45)       0.39        0.23

Distributable Cash /
 Distributions / Payout
 Ratio
Cash flows from operating
 activities                      9,259       9,472       8,351       6,069
    Class C Unit
     distributions to BPI         (450)       (450)       (450)       (450)
    BPI Class B Unit
     entitlement                (1,011)       (947)       (895)       (949)
  Interest paid on long-term
   debt                           (617)       (543)       (474)       (327)
  SIFT Tax on Units                (23)          9         (94)         84
----------------------------------------------------------------------------
Distributable Cash               7,158       7,541       6,438       4,427
Distributions paid               6,642       6,655       6,014       4,726
Payout Ratio                      92.8%       88.3%       93.4%      106.8%
Distributable Cash per Unit      0.350       0.368       0.347       0.287
Distributions paid per Unit      0.325       0.325       0.319       0.306

Other
Same store sales growth            2.2%        2.7%        0.1%        2.1%
Number of restaurants opened         5           3           2           2
Number of restaurants closed         2           2           0           2
----------------------------------------------------------------------------

OUTLOOK

Boston Pizza is well positioned for future growth and should continue to strengthen its position as the number one casual dining brand in Canada by achieving positive SSSG and opening new Boston Pizza locations across Canada.

The two principal factors that affect SSSG are changes in customer traffic and changes in average guest cheque. BPI's and BP Canada LP's strategies to drive higher guest traffic include attracting a wide variety of guests into the restaurant, sports bar and take-out/delivery parts of each location, offering a compelling value proposition to guests and leveraging a larger marketing budget versus the previous year along with a revised calendar of national and local store promotions. Increased average cheque levels are expected to be achieved through a combination of culinary innovation and annual menu re-pricing. In addition, the franchise agreement governing each Boston Pizza Restaurant requires a complete store renovation every seven years. Restaurants typically close for two to three weeks to complete the renovation and experience an incremental sales increase in the year following the re-opening.

Boston Pizza remains well positioned for future expansion as evidenced by the 11 net new restaurants that opened in 2016 and the two new locations currently under construction. BPI's management believes that Boston Pizza will continue to serve more guests in more locations than any other casual dining brand in Canada by pursuing further restaurant development opportunities across the country.

Certain information in this press release constitutes "forward-looking information" that involves known and unknown risks, uncertainties, future expectations and other factors which may cause the actual results, performance or achievements of the Fund, Boston Pizza Holdings Trust, Boston Pizza Royalties Limited Partnership, Boston Pizza Holdings Limited Partnership, BP Canada LP, Boston Pizza Holdings GP Inc., Boston Pizza GP Inc., BPI, Boston Pizza restaurants, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information. All statements, other than statements of historical facts, included in this press release that address activities, events or developments that the Fund or management of BPI expects or anticipates will or may occur in the future, including such things as, seasonal fluctuations in the Payout Ratio, the Payout Ratio is likely to be higher in the first and fourth quarters, higher Franchise Sales generally result in increases in Distributable Cash, a Payout Ratio close to 100% will be maintained, trustees of the Fund will continue to distribute all available cash in order to maximize returns to unitholders, Boston Pizza being well positioned for future growth, the strengthening of Boston Pizza's position as the number one casual dining brand in Canada, the achievement of positive SSSG, opening of new restaurants, increases in average guest cheques levels, incremental sales increasing after store renovations, plans to pursue restaurant development opportunities and other such matters are forward-looking information. When used in this press release, forward-looking information may include words such as "anticipate", "estimate", "may", "will", "expect", "believe", "plan", "should", "continue" and other similar terminology.

The material factors and assumptions used to develop the forward-looking information contained in this press release include the following: future results being similar to historical results, expectation related to future general economic conditions, business plans, receipt of franchise fees and other amounts, franchisees access to financing, pace of commercial real estate development, protection of intellectual property rights of Boston Pizza Royalties Limited Partnership and absence of changes of laws. Risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from any future results, performance or achievement expressed or implied by the forward-looking information contained herein, relate to (among others) competition, demographic trends, consumer preferences and discretionary spending patterns, business and economic conditions, legislation and regulation, Distributable Cash and reliance on operating revenues, accounting policies and practices, the results of operations and financial condition of BPI, BP Canada LP and the Fund, as well as those factors discussed under the heading "Risks and Uncertainties" in the most recent Annual Information Form of the Fund. This information reflects current expectations regarding future events and operating performance and speaks only as of the date of this press release. Except as required by law, the Fund and BPI assume no obligation to update previously disclosed forward-looking information. For a complete list of the risks associated with forward-looking information and the Fund's business, please refer to the "Risks and Uncertainties" and "Note Regarding Forward-Looking Information" sections included in the Fund's MD&A for the Period and the Year available at www.sedar.com and www.bpincomefund.com.

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

Contacts:
Boston Pizza Royalties Income Fund
Wes Bews
Chief Financial Officer
Tel: 604-270-1108
E-mail: [email protected]
www.bpincomefund.com

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SYS-CON Events announced today that SourceForge has been named “Media Sponsor” of SYS-CON's 21st International Cloud Expo, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. SourceForge is the largest, most trusted destination for Open Source Software development, collaboration, discovery and download on the web serving over 32 million viewers, 150 million downloads and over 460,000 active development projects each and every month.
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What You Need to Know You know you need the cloud, but you’re hesitant to simply dump everything at Amazon since you know that not all workloads are suitable for cloud. You know that you want the kind of ease of use and scalability that you get with public cloud, but your applications are architected in a way that makes the public cloud a non-starter. You’re looking at private cloud solutions based on hyperconverged infrastructure, but you’re concerned with the limits inherent in those technolog...
SYS-CON Events announced today that DXWorldExpo has been named “Global Sponsor” of SYS-CON's 21st International Cloud Expo, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Digital Transformation is the key issue driving the global enterprise IT business. Digital Transformation is most prominent among Global 2000 enterprises and government institutions.
One of the biggest challenges with adopting a DevOps mentality is: new applications are easily adapted to cloud-native, microservice-based, or containerized architectures - they can be built for them - but old applications need complex refactoring. On the other hand, these new technologies can require relearning or adapting new, oftentimes more complex, methodologies and tools to be ready for production. In his general session at @DevOpsSummit at 20th Cloud Expo, Chris Brown, Solutions Marketi...
SYS-CON Events announced today that Nihon Micron will exhibit at the Japan External Trade Organization (JETRO) Pavilion at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Nihon Micron Co., Ltd. strives for technological innovation to establish high-density, high-precision processing technology for providing printed circuit board and metal mount RFID tags used for communication devices. For more inf...
SYS-CON Events announced today that Ryobi Systems will exhibit at the Japan External Trade Organization (JETRO) Pavilion at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Ryobi Systems Co., Ltd., as an information service company, specialized in business support for local governments and medical industry. We are challenging to achive the precision farming with AI. For more information, visit http:...
SYS-CON Events announced today that mruby Forum will exhibit at the Japan External Trade Organization (JETRO) Pavilion at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. mruby is the lightweight implementation of the Ruby language. We introduce mruby and the mruby IoT framework that enhances development productivity. For more information, visit http://forum.mruby.org/.
SYS-CON Events announced today that Mobile Create USA will exhibit at the Japan External Trade Organization (JETRO) Pavilion at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Mobile Create USA Inc. is an MVNO-based business model that uses portable communication devices and cellular-based infrastructure in the development, sales, operation and mobile communications systems incorporating GPS capabi...
SYS-CON Events announced today that Fusic will exhibit at the Japan External Trade Organization (JETRO) Pavilion at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Fusic Co. provides mocks as virtual IoT devices. You can customize mocks, and get any amount of data at any time in your test. For more information, visit https://fusic.co.jp/english/.
SYS-CON Events announced today that Keisoku Research Consultant Co. will exhibit at the Japan External Trade Organization (JETRO) Pavilion at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Keisoku Research Consultant, Co. offers research and consulting in a wide range of civil engineering-related fields from information construction to preservation of cultural properties. For more information, vi...
SYS-CON Events announced today that MIRAI Inc. will exhibit at the Japan External Trade Organization (JETRO) Pavilion at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. MIRAI Inc. are IT consultants from the public sector whose mission is to solve social issues by technology and innovation and to create a meaningful future for people.
SYS-CON Events announced today that Daiya Industry will exhibit at the Japan External Trade Organization (JETRO) Pavilion at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Daiya Industry specializes in orthotic support systems and assistive devices with pneumatic artificial muscles in order to contribute to an extended healthy life expectancy. For more information, please visit https://www.daiyak...
SYS-CON Events announced today that Interface Corporation will exhibit at the Japan External Trade Organization (JETRO) Pavilion at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Interface Corporation is a company developing, manufacturing and marketing high quality and wide variety of industrial computers and interface modules such as PCIs and PCI express. For more information, visit http://www.i...