HispanicBusiness

The trustees of the Fund announced a cash distribution to unitholders of 9.8 cents per Unit for January 2013. The distribution will be payable to unitholders of record at the close of business on February 21, 2013 and will be paid on February 28, 2013. The Fund periodically reviews distribution levels based on its policy of stable and sustainable distribution flow to unitholders. Since the Fund's initial public offering in 2002, unitholders have received 15 distribution increases. The most recent distribution increase of 6.5% was effective for the February 2012 distribution payable in March 2012 and increased the monthly distribution amount from 9.2 cents per Unit to 9.8 cents per Unit. Including the January 2013 distribution, which will be paid in February 2013, the Fund will have paid out 127 consecutive monthly distributions totalling $159.1 million or $12.87 per Unit.

FINANCIAL SUMMARY

The tables below sets out selected information from the consolidated financial statements of the Fund together with other data and should be read in conjunction with the consolidated financial statements of the Fund.

----------------------------------------------------------------------------                                         Q4 2012  Q4 2011     2012     2011----------------------------------------------------------------------------(in thousands of dollars - except restaurants, SSSG, Payout Ratio(3) and per Unit items)----------------------------------------------------------------------------System-wide Gross Sales(4)               239,764  232,713  943,053  904,872Number of restaurants in Royalty Pool(5)     341      336      341      336Franchise Sales(1) reported by restaurants in the Royalty Pool         185,197  177,465  731,455  699,329Revenues----------------------------------------Royalty revenue - 4% of Franchise Sales(1)                                  7,408    7,098   29,258   27,973Interest income                              453      454    1,814    1,815----------------------------------------------------------------------------Total revenues                             7,861    7,552   31,072   29,788Expenses----------------------------------------Administrative expenses and interest on bank debt                                  (462)    (432)  (2,067)  (1,894)Interest expense on Class B Units and Class C Units(6)                         (1,978)  (2,042)  (6,295)  (5,814)Fair value adjustment on Class B Unit liability(7)                                633   (3,308) (14,867)    (731)Fair value adjustment on interest rate swap                                         69        -      136        -----------------------------------------------------------------------------Subtotal                                  (1,738)  (5,782) (23,093)  (8,439)Current income tax expense                (1,421)  (1,396)  (5,423)  (5,474)Deferred income tax expense                 (360)     (70)    (510)    (290)----------------------------------------------------------------------------Total expenses                            (3,519)  (7,248) (29,026) (14,203)----------------------------------------------------------------------------Net Income----------------------------------------Net income                                 4,342      304    2,046   15,585Basic earnings per Unit                     0.29     0.02     0.14     1.07Diluted earnings per Unit                   0.23     0.02     0.14     1.06Distributable Cash(2) / Distributions / Payout Ratio(3)----------------------------------------Cash flows from operating activities       6,006    7,037   18,175   27,490    Class C distributions to BPI            (450)    (450)  (1,800)  (1,800)    Class B entitlement to BPI              (986)  (1,099)  (4,495)  (4,130)  SIFT tax on Units(8)                       (31)  (1,396)   5,492   (5,474)----------------------------------------------------------------------------Distributable Cash(2)                      4,539    4,092   17,372   16,086Distributions payable(9)                   4,480    4,021   17,244   15,387Payout Ratio(3)                             98.7%    98.3%    99.3%    95.7%Distributable Cash per Unit(2)             0.303    0.281    1.184    1.104Distributions payable per Unit(9)          0.294    0.276    1.170    1.056Other----------------------------------------Same store sales growth (SSSG)               2.2%     6.4%     3.3%     4.9%Number of restaurants opened during the period                                        4        2        7        7Number of restaurants closed during the period                                        0        0        2        4----------------------------------------------------------------------------                                                           Dec 31,  Dec 31,                                                              2012     2011----------------------------------------------------------------------------Total assets                                               264,632  261,571Total liabilities                                           99,353   99,794--------------------------------------------------------------------------------------------------------------------------------------------------------                                              Q4       Q3       Q2       Q1                                            2012     2012     2012     2012----------------------------------------------------------------------------(in thousands of dollars - except restaurants, Payout Ratio(3) and per Unit items)System-wide Gross Sales(4)               239,764  239,269  237,955  226,065Number of restaurants in Royalty Pool(5)     341      341      341      342Franchise Sales(1) reported by restaurants in the Royalty Pool         185,197  186,081  183,593  176,581Revenues----------------------------------------Royalty revenue - 4% of Franchise Sales    7,408    7,443    7,344    7,063Interest income                              453      453      453      455----------------------------------------------------------------------------Total revenues                             7,861    7,896    7,797    7,518Expenses----------------------------------------Administrative expenses and interest on bank debt                                  (462)    (616)    (512)    (477)Interest on Class B Units and Class C Units(6)                                 (1,978)  (1,628)  (1,628)  (1,061)Fair value adjustment on Class B Unit liability(7)                                633   (5,890)   1,953  (11,563)Fair value adjustment on interest rate swap                                         69       67        -        -----------------------------------------------------------------------------Subtotal                                  (1,738)  (8,067)    (187) (13,101)Current income tax expense                (1,421)  (1,350)  (1,351)  (1,301)Deferred income tax expense                 (360)     (60)     (70)     (20)----------------------------------------------------------------------------Total expenses                            (3,519)  (9,477)  (1,608) (14,422)----------------------------------------------------------------------------Net Income (loss)----------------------------------------Net income (loss)                          4,342   (1,581)   6,189   (6,904)Basic earnings (loss) per Unit              0.29    (0.11)    0.42    (0.47)Diluted earnings (loss) per Unit            0.23    (0.11)    0.24    (0.47)Distributable Cash(2) / Distributions / Payout Ratio(3)----------------------------------------Cash flows from operating activities       6,006    6,189    5,903       77    Class C distributions to BPI            (450)    (450)    (450)    (450)    Class B entitlement to BPI              (986)  (1,211)  (1,178)  (1,154)  SIFT tax on Units(8)                       (31)       -       (1)   5,524----------------------------------------------------------------------------Distributable cash(2)                      4,539    4,528    4,274    3,997Distributions payable(9)                   4,480    4,284    4,284    4,196Payout Ratio(3)                             98.7%    94.6%   100.2%   105.0%Distributable cash per Unit(2)             0.303    0.311    0.293    0.274Distributions payable per Unit(9)          0.294    0.294    0.294    0.288--------------------------------------------------------------------------------------------------------------------------------------------------------                                              Q4       Q3       Q2       Q1                                            2011     2011     2011     2011----------------------------------------------------------------------------(in thousands of dollars - except restaurants, Payout Ratio(3) and per Unit items)System-wide Gross Sales(4)               232,713  235,911  228,766  207,482Number of restaurants in Royalty Pool(5)     336      336      338      339Franchise Sales(1) reported by restaurants in the Royalty Pool         177,465  183,163  175,568  163,133Revenues----------------------------------------Royalty revenue - 4% of Franchise Sales    7,098    7,327    7,023    6,525Interest income                              454      454      455      452----------------------------------------------------------------------------Total revenues                             7,552    7,781    7,478    6,977Expenses----------------------------------------Administrative expenses and interest on bank debt                                  (432)    (449)    (511)    (502)Interest expense on Class B Units and Class C Units(6)                         (2,042)  (1,447)  (1,388)    (937)Fair value adjustment on Class B Unit liability(7)                             (3,308)   1,148    2,707   (1,278)----------------------------------------------------------------------------Subtotal                                  (5,782)    (748)     808   (2,717)Current income tax expense                (1,396)  (1,449)  (1,366)  (1,263)Deferred income tax expense                  (70)    (100)     (70)     (50)----------------------------------------------------------------------------Total expenses                            (7,248)  (2,297)    (628)  (4,030)----------------------------------------------------------------------------Net Income----------------------------------------Net income                                   304    5,484    6,850    2,947Basic earnings per Unit                     0.02     0.38     0.47     0.20Diluted earnings per Unit                   0.02     0.24     0.23     0.20Distributable Cash(2) / Distributions / Payout Ratio(3)----------------------------------------Cash flows from operating activities       7,037    7,266    6,922    6,265    Class C distributions to BPI            (450)    (450)    (450)    (450)    Class B entitlement to BPI            (1,099)  (1,077)  (1,023)    (952)  SIFT tax on Units(8)                    (1,396)  (1,449)  (1,366)  (1,263)----------------------------------------------------------------------------Distributable cash(2)                      4,092    4,290    4,083    3,600Distributions payable(9)                   4,021    4,021    3,672    3,672Payout Ratio(3)                             98.3%    93.7%    89.9%   102.0%Distributable cash per Unit(2)             0.281    0.294    0.280    0.247Distributions payable per Unit(9)          0.276    0.276    0.252    0.252----------------------------------------------------------------------------