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Boston Pizza Royalties Income Fund Annual Information

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Boston Pizza Royalties Income Fund Annual Information BOSTON PIZZA ROYALTIES INCOME FUND ANNUAL INFORMATION FORM For the year ended December 31, 2020 February 9, 2021 TABLE OF CONTENTS Page GLOSSARY ................................................................................................................................................................... 1 INTERPRETATION ...................................................................................................................................................... 16 OVERVIEW .................................................................................................................................................................. 16 Royalty Income ........................................................................................................................................................ 17 Distribution Income .................................................................................................................................................. 17 CORPORATE STRUCTURE ....................................................................................................................................... 17 Boston Pizza Royalties Income Fund ...................................................................................................................... 17 Boston Pizza Holdings Trust .................................................................................................................................... 17 Boston Pizza Holdings GP Inc. ................................................................................................................................ 17 Boston Pizza Holdings Limited Partnership ............................................................................................................. 18 Boston Pizza GP Inc. ............................................................................................................................................... 18 Boston Pizza Royalties Limited Partnership ............................................................................................................ 18 Boston Pizza International Inc. ................................................................................................................................ 18 Boston Pizza Canada Limited Partnership .............................................................................................................. 19 Boston Pizza Canada Holdings Inc. ......................................................................................................................... 19 Boston Pizza Canada Holdings Partnership ............................................................................................................ 19 Intercorporate Relationships .................................................................................................................................... 19 GENERAL DEVELOPMENT OF THE BUSINESS ...................................................................................................... 20 Three Year History ................................................................................................................................................... 20 Recent Developments ............................................................................................................................................. 22 Credit Facilities .................................................................................................................................................... 22 BPI Credit Facilities ............................................................................................................................................. 22 January 1, 2021 Roll-in of New Boston Pizza Restaurants ................................................................................. 23 2021 Audit of 2020 Roll-in of New Boston Pizza Restaurants ............................................................................. 24 COVID-19 Pandemic ............................................................................................................................................... 24 Early Effects of COVID-19 Pandemic on Boston Pizza ....................................................................................... 24 Comprehensive COVID-19 Recovery Plan and Refinancing of the Fund’s and BPI’s Credit Facilities ............... 25 Effects of COVID-19 Pandemic on Boston Pizza during the Second Half of 2020 .............................................. 27 2015 Transaction ..................................................................................................................................................... 27 BPI’s 2017 Reorganization ...................................................................................................................................... 28 Normal Course Issuer Bids ...................................................................................................................................... 29 2018/2019 NCIB .................................................................................................................................................. 29 2020/2021 NCIB .................................................................................................................................................. 29 DESCRIPTION OF THE BUSINESS ........................................................................................................................... 30 Boston Pizza Royalties Income Fund ...................................................................................................................... 30 Boston Pizza Royalties Limited Partnership ............................................................................................................ 30 Boston Pizza International Inc. and Boston Pizza Canada Limited Partnership ...................................................... 30 Industry Overview ................................................................................................................................................ 30 Trends in the Foodservice Industry ..................................................................................................................... 32 Overview of the Business of BPI and BP Canada LP .......................................................................................... 32 The Boston Pizza Concept .................................................................................................................................. 33 BPI’s Director and Senior Officers ....................................................................................................................... 33 Franchise Support Systems ................................................................................................................................ 35 Competitive Strengths ......................................................................................................................................... 37 Growth Strategy .................................................................................................................................................. 38 Government Regulation....................................................................................................................................... 41 Competition ......................................................................................................................................................... 42 Seasonality .......................................................................................................................................................... 42 BPI Credit Facilities, BCAP Loan, BDC Facilities and F&J Credit Facility ............................................................... 42 BPI Credit Facilities ............................................................................................................................................. 42 BCAP Loan .......................................................................................................................................................... 42 BDC Facilities ...................................................................................................................................................... 43 - i - F&J Credit Facility ............................................................................................................................................... 43 Security and Covenants ...................................................................................................................................... 43 LICENSE AND ROYALTY ........................................................................................................................................... 45 The License ............................................................................................................................................................. 45 The Royalty.............................................................................................................................................................. 45 Operating Covenants of BPI in the License and Royalty Agreement ....................................................................... 45 Adjustments of the Royalty ...................................................................................................................................... 46 Guarantee and Security for the Royalty ..................................................................................................................
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