SIR Royalty Income Fund announced that SIR Corp. ("SIR" or the "Company"), the operating entity from which the Fund's equity income is ultimately derived, has completed a Tenth amending agreement (the "Tenth Amending Agreement") to its credit agreement with its senior lender (the "Lender"). The Tenth Amending Agreement, among other things, extends the maturity date of the credit agreement from July 6, 2023 to July 6, 2026, with the exception of the guaranteed facility from Export Development Canada (the "EDC-Guaranteed Facility"), which has a new maturity date of July 6, 2024.

Interest rates have been reduced under the Tenth Amending Agreement, with the exception of the interest rate on the guaranteed facility with Business Development Bank of Canada (the "BDC-Guaranteed Facility"), which remains fixed at 4% per annum. Bankers' acceptance fees have also been reduced on Credit Facility 1 and Credit Facility 2. Credit Facility 2 reverts to a revolving term facility. The Tenth Amending Agreement provides certainty and availability of funding over the next three years, enabling SIR to continue to invest in restaurant renovations and new restaurants to drive growth in revenue and same store sales.

The following is a current summary of SIR's credit facilities under the Tenth Amending Agreement: Credit Facility 1 - a $20.0 million revolving facility, bearing interest at the prime rate plus 2.75% or the bankers' acceptance rate plus 3.75%, with principal to be repaid on July 6, 2026. As of the current date, SIR has drawn $0 on Facility 1. Credit Facility 2 - a $10.7 million revolving facility, bearing interest at the prime rate plus 2.75% or the bankers' acceptance rate plus 3.75%. Each advance under Credit Facility 2 is repayable in equal quarterly instalments based on a seven-year amortization.

Facility 2 is currently fully drawn. The $6.25 million EDC-Guaranteed Facility, bearing interest at the prime rate plus 3%. The EDC- Guaranteed Facility is a 364-day revolving term facility that can be extended annually at the Lender's sole discretion.

The EDC-Guaranteed Facility is currently fully drawn. The $6.25 million BDC-Guaranteed Facility, bearing interest at a fixed rate of 4%. The BDC-Guaranteed Facility is a fully drawn, non-revolving term credit facility.

As of the current date, SIR has drawn $5.44 million on the BDC-Guaranteed Facility. As part of the Tenth Amending Agreement, the Fund and the SIR Royalty Limited Partnership (the "Partnership") also entered into an acknowledgement agreement (the "Acknowledgement Agreement") with the Lender acknowledging, among other things: receipt of a copy of the Tenth Amending Agreement, and that none of either: entering the agreement, borrowing under the agreement, or performing any of the obligations under the agreement shall breach any of the terms or constitute an event of default under any of the Fund's or the Partnership's existing agreements with the Company.