Page 1

39 Boston Pizza For Immediate Release Toronto Stock Exchange : BPF.UN BOSTON PIZZA ROYALTIES INCOME FUND ANNOUNCES 2021 THIRD QUARTER RESULTS Easing of COVID - 19 related restrictions resulted in Same Restaurant Sales of positive 13.3 % for the Period . HIGHLIGHTS . By the end of the Period , approximately 380 or 98 % of Boston Pizza restaurants were providing on - premises dining services and take - out and delivery . • System - Wide Gross Sales¹ of $ 266.4 million for the Period and $ 586.0 million YTD , representing an increase of 12.3 % and a decrease of 1.0 % , respectively , versus the same periods one year ago . • Franchise Sales² from royalty pool restaurants of $ 213.0 million for the Period and $ 476.9 million YTD , representing an increase of 14.9 % and 2.2 % , respectively , versus the same periods one year ago . • Same Restaurant Sales³ of positive 13.3 % for the Period and positive 0.3 % YTD . 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 and YTD to gross sales in the same periods in 2019 , SRS would be negative 3.8 % and negative 28.1 % , respectively . SRS on a Franchise Sales basis of positive 15.1 % for the Period and positive 3.1 % YTD . If SRS were calculated comparing Franchise Sales in the Period and YTD to Franchise Sales in the same periods in 2019 , SRS would be negative 1.5 % and negative 24.7 % , respectively . Distributable Cash4 per Unit increased 22.5 % for the Period and 32.0 % YTD . Payout Ratio5 of 62.9 % for the Period and 117.6 % YTD , and 106.8 % on a trailing 12 - month basis . Cash balance at the end of the Period was $ 4.5 million . • The monthly distribution rate was increased from $ 0.065 per Unit to $ 0.085 per Unit beginning with the September 2021 distribution that was paid in October 2021 . On November 10 , 2021 , the trustees of the Fund declared the October 2021 distribution to unitholders of the Fund ( " Unitholders " ) of $ 0.085 per Unit . VANCOUVER , BC , November 11 , 2021 Boston Pizza Royalties Income Fund ( the " Fund " ) and Boston Pizza International Inc. ( " BPI " ) reported financial results today for the third quarter period from July 1 , 2021 to September 30 , 2021 ( the " Period " ) and January 1 , 2021 to September 30 , 2021 ( " YTD " ) . 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 November 11 , 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 December 11 , 2021 by dialling 1-800-319-6413 or 604-638-9010 and entering the access code : 7769 followed by the # sign . The replay will also be available at www.bpincomefund.com . " Boston Pizza restaurants across the country benefitted from the easing of regional operating restrictions due to improved COVID - 19 conditions during the quarter . We are pleased that the improved sales performance at our restaurants have supported an increase to the Fund's distribution rate . " said Jordan Holm , President of BPI . " However , we anticipate that COVID - 19 will continue to have a negative impact on our restaurants during the remainder of the year . We continue to focus on the safety of guests and staff in Boston Pizza restaurants and serving our communities with take - out , delivery and on - premise dining . " 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 and YTD . Various governmental authorities across Canada had imposed assorted restrictions on the operations of restaurants in an attempt to control the spread of COVID - 19 .