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Boston Pizza Royalties Income Fund - Earnings 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. As of Dec-31-2014 there were 358 restaurants in the royalty pool compared to 390 at Dec-31-2017. Boston Pizza opened eight net new full service restaurants and completed 28 restaurant renovations in 2017. By location 28% of restaurants are in Alberta, Ontario-35%, BC -17%, Quebec -7%.

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. The two principal factors that affect SSSG are changes in customer traffic and changes in average guest cheque. BPI'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 their 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.

Increase in Royalty Rate

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