About Boston Pizza Royalties Income Fund

Boston Pizza Royalties Income Fund operates as a limited purpose open-ended trust. The company owns 100% of the issued and outstanding Trust Units, 100% of the Series 1 Trust Notes and indirectly through the Boston Pizza Holdings Trust (Trust) and by indirect ownership of Holdings LP through the Trust and Boston Pizza Holdings GP Inc. (Holdings GP), 100% of the Class 1 LP Units and Class 2 LP Units of Boston Pizza Canada Limited Partnership (BP Canada LP); and the LP Units, Class A Units and Class D Units of Boston Pizza Royalties Limited Partnership (Royalties LP). The company owns 100% of the issued and outstanding common shares of Holdings GP. The company also owns 80% of the issued and outstanding common shares of Boston Pizza GP Inc. (Royalties GP). As of February 12, 2020, there are 395 Boston Pizza Restaurants in the Royalty Pool. Trust The Trust is a limited purpose open-ended trust established under the laws of the Province of British Columbia. The Trust is the sole limited partner of Holdings LP, owning 100% of the Holdings LP Units and 100% of the non-interest bearing promissory notes issued from time to time by Holdings LP, and, with Holdings GP and indirectly through Boston Pizza Holdings Limited Partnership (Holdings LP), owns 100% of the Class 1 LP Units and Class 2 LP Units of BP Canada LP; and the LP Units, the Class A Units and the Class D Units of Royalties LP. Holdings GP Holdings GP is a company incorporated under the laws of the province of British Columbia. Holdings GP owns 100% of the general partner units of Holdings LP and is the sole general partner of Holdings LP. Holdings LP Holdings LP is a limited partnership formed under the laws of the Province of British Columbia pursuant to the Holdings Limited Partnership Agreement. The Trust is the sole limited partner of Holdings LP. Holdings GP is the sole general partner of Holdings LP. Holdings LP owns 100% of the Class 1 LP Units and Class 2 LP Units of BP Canada LP; and the LP Units, Class A Units, Class C Units and Class D Units of Royalties LP. Royalties GP Royalties GP is a corporation incorporated under the Canada Business Corporations Act (CBCA). Royalties GP owns 99% of the Royalties GP Units and is the managing general partner of Royalties LP. Pursuant to the Governance Agreement, the Fund is entitled to elect three of the five directors of Royalties GP and Boston Pizza International Inc. (BPI) is entitled to elect two of the five directors of Royalties GP. Royalties LP Royalties LP is a limited partnership formed under the laws of the Province of British Columbia pursuant to the Royalties Limited Partnership Agreement. Holdings LP is the sole limited partner of Royalties LP. Royalties GP is the managing general partner and BPI is the general partner of Royalties LP. Royalties LP is the owner of the BP Rights. Royalties LP licenses the BP Rights to BPI, who in turn sublicenses the BP Rights to BP Canada LP, for use in the business of franchising Boston Pizza Restaurants. BPI BPI is a corporation amalgamated under the CBCA. BPI licenses the BP Rights from Royalties LP under the License and Royalty Agreement, and in turn, sublicenses the BP Rights to BP Canada LP under the BP Licensed Marks Sublicense Agreement. In connection with the 2015 Transaction, BP Canada LP acquired the Transferred Assets from BPI and became the exclusive franchisor of Boston Pizza Restaurants. BP Canada LP BP Canada LP is a limited partnership formed under the laws of the Province of British Columbia that is operated and controlled by BPI pursuant to the BP Canada Limited Partnership Agreement. Holdings LP is the sole limited partner of BP Canada LP and BPI and Boston Pizza Canada Holdings Partnership (BPCHP) are the general partners of BP Canada LP. As part of the 2015 Transaction, BP Canada LP acquired the Transferred Assets from BPI and became the exclusive franchisor of Boston Pizza Restaurants. BP Canada LP sublicenses the BP Rights from BPI under the BP Licensed Marks Sublicense Agreement for use in the business of franchising Boston Pizza Restaurants. Boston Pizza Canada Holdings Inc. Boston Pizza Canada Holdings Inc. is a company incorporated under the CBCA. It is a wholly-owned subsidiary of BPI and a general partner of BPCHP. BPCHP BPCHP is a general partnership formed under the laws of the Province of British Columbia. BPI and Boston Pizza Canada Holdings Inc. are the two general partners of BPCHP. BPCHP owns all of the Class B Units of Royalties LP and the Class 2 GP Units of BP Canada LP. History Boston Pizza Royalties Income Fund was founded in 2002.