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Boston PIzza Royalties Income Fund Q2-2017 Earnings & Price Target Update

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BPI is a privately controlled company and is the franchisor of the Boston Pizza restaurants in Canada. BPI competes in the casual dining sector of the restaurant industry and Boston Pizza is among the top casual dining brands in Canada. The Boston Pizza Royalties LP was initially entitled to a 4% royalty fee on franchise sales of Boston Pizza restaurants in the royalty pool as payment for use of trademark rights. On Mar-23-2015, the Fund's interest in Franchise Sales of Boston Pizza Restaurants in the Royalty Pool was increased by 1.5%, from 4% to 5.5%, less the pro rata portion payable to BPI in respect of its retained interest in the Fund. By location 28% of restaurants are in Alberta, Ontario-35%, BC -17%, Quebec -7%.

During the 1H-2017 two new Boston Pizza Restaurants was opened, one was closed and four Boston Pizza Restaurants were renovated. 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. Subsequent to Jun-30-2017, two additional restaurants were renovated.

BPI receives approximately 60% of the revenues from the Boston Pizza Royalties LP and the Boston Pizza Royalties Income Fund receives 40%. The income fund is also entitled to loan interest on a 7.6%, $24M note due from to BPI. Expenses at the income fund level are primarily administration costs, management fees and interest. BPI Inc. owns 12.5% of the Boston Pizza Revenue Royalties LP and the Boston Pizza Income Fund owns the balance. The Boston Pizza Royalties Income Fund receives income from the operating entities and distributes most all the income received. As of Dec-31-2014 there were 358 restaurants in the royalty pool, compared to 383 at Jun-30-2017.

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