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39 Boston Pizza For Immediate Release Toronto Stock Exchange : BPF.UN BOSTON PIZZA ROYALTIES INCOME FUND ANNOUNCES 2021 FIRST QUARTER RESULTS COVID - 19's continued impact on Boston Pizza resulted in Same Restaurant Sales of negative 29.3 % for the Period and negative 40.3 % if compared to the first quarter of 2019 . HIGHLIGHTS Throughout the Period , approximately 375 Boston Pizza restaurants were providing take - out and delivery services , with a low of approximately 100 Boston Pizza restaurants , and a high of approximately 350 Boston Pizza restaurants , also having either their dining rooms and sports bars and / or patios open with reduced seating capacity . • System - Wide Gross Sales¹ of $ 156.7 million for the Period , representing a decrease of 30.3 % versus the same period one year ago . • Franchise Sales2 from royalty pool restaurants of $ 129.0 million for the Period , representing a decrease of 25.9 % versus the same period one year ago . • Same Restaurant Sales³ of negative 29.3 % for the Period . As COVID - 19 began to adversely affect sales in Boston Pizza restaurants in March of 2020 , the Fund believes that it is also useful to calculate and report SRS comparing 2021 gross sales to 2019 gross sales . If SRS were calculated comparing gross sales in the Period to gross sales in the first quarter of 2019 , SRS would be negative 40.3 % . • SRS on a Franchise Sales basis of negative 24.9 % for the Period . If SRS were calculated comparing Franchise Sales in the Period to Franchise Sales in the first quarter of 2019 , SRS would be negative 36.7 % . Distributable Cash 4 per Unit decreased 52.1 % for the Period . • Payout Ratio5 of 231.8 % for the Period , and 103.5 % on a trailing 12 - month basis . Payout Ratio for the Period factors in the Special Distribution that was paid on January 29 , 2021 even though the cash generated to fund the Special Distribution was generated during 2020. If the Special Distribution was excluded in the calculation of Payout Ratio for the Period , it would be 114.5 % . Cash balance at the end of the Period was $ 1.9 million . • On May 11 , 2021 , the trustees of the Fund declared the April 2021 distribution to unitholders of $ 0.065 per Unit . VANCOUVER , BC , May 12 , 2021 Boston Pizza Royalties Income Fund ( the " Fund " ) and Boston Pizza International Inc. ( " BPI " ) reported financial results today for the first quarter period from January 1 , 2021 to March 31 , 2021 ( the " Period " ) . A copy of this press release , the condensed consolidated interim 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 May 12 , 2021 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 June 12 , 2021 by dialling 1-800-319-6413 or 604-638-9010 and entering the access code : 6481 followed by the # sign . The replay will also be available at www.bpincomefund.com . " The first quarter continued to present challenges brought on by COVID - 19 adversely affecting the business of Boston Pizza restaurants across Canada , " said Jordan Holm , President of BPI . " Overall guest traffic remains weakened by various local regulations and changes in guest behaviour . With the rise in COVID - 19 cases due mainly to COVID - 19 variants , and the resulting increase in local government restrictions , we anticipate that the business of Boston Pizza restaurants will continue to be negatively impacted during the first half of 2021. Our focus continues to be the safety of our guests and staff in restaurants , serving our communities with take - out , delivery and on - premise dining where permitted , and helping our franchisees manage effectively during these challenging times . " ONGOING EFFECTS OF COVID - 19 COVID - 19 had significant adverse effects on the business of the Fund , BPI and Boston Pizza Canada Limited Partnership ( " BP Canada LP " ) during the Period . Various governmental authorities across Canada imposed