SIR Royalty Income Fund and SIR Corp. Announce Closing of Secondary Offering of Units

NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE
UNITED STATES


SIR Royalty Income Fund (TSX:SRV.UN) (the "Fund") and SIR Corp. ("SIR")
announced today the closing of the previously announced secondary offering of
895,000 units (the "Units") of the Fund (the "Offering") in connection with an
agreement with a syndicate of underwriters led by BMO Capital Markets and
including CIBC, RBC Capital Markets and Raymond James Ltd. (collectively, the
"Underwriters"). The Underwriters purchased 895,000 Units from SIR at a purchase
price of $12.30 per Unit for gross proceeds of approximately $11 million. The
Offering was made pursuant to a short form prospectus filed with securities
regulators in each of the provinces and territories of Canada other than the
Province of Quebec. 


Prior to closing of the Offering, SIR held 3,082,951 Class A GP Units of SIR
Royalty Limited Partnership, which were exchangeable for 3,082,951 Units of the
Fund, representing a 34.4% indirect interest in the Fund. SIR exchanged 895,000
Class A GP Units for 895,000 Units to be sold pursuant to the Offering.
Following the closing of the Offering, SIR now beneficially owns an aggregate of
2,187,951 Class A GP Units, representing an equivalent beneficial ownership of
2,187,951 Units, or approximately a 24.4% indirect interest in the Fund (on a
fully diluted basis). 


The Fund did not receive any proceeds from the Offering.

The first distribution that purchasers of Units acquired under the offering will
be entitled to receive is the distribution expected to be paid on March 28, 2013
to holders of record on March 18, 2013.


This press release does not constitute an offer to sell or the solicitation of
an offer to buy the offered Units. There will not be any sale or any acceptance
of an offer to buy the offered Units until a receipt for the final prospectus
has been issued.


This press release does not constitute an offer to sell or a solicitation of an
offer to sell units of the Fund in the United States. These securities have not
been and will not be registered under the United States Securities Act of 1933,
as amended (the "U.S. Securities Act") or any state securities laws and may not
be offered or sold in the United States except in compliance with the
registration requirements of the U.S. Securities Act and applicable state
securities laws or pursuant to an exemption therefrom.


About SIR Corp.

SIR is a privately held Canadian corporation that owns and operates a portfolio
of 52 restaurants in Canada, 49 of which are included in the pool of restaurants
against which SIR pays a 6% royalty to the SIR Royalty Limited Partnership.
SIR's Concept brands include: Jack Astor's Bar and Grill(R), with 35 locations;
Alice Fazooli's(R), with four locations; and Canyon Creek Chop House(R), with
eight locations. SIR also operates one-of-a-kind "Signature" brands in downtown
Toronto, which comprise the upscale Reds(R) Wine Tavern, Far
Niente(R)/FOUR(R)/Petit Four(R), and the Loose Moose Tap & Grill(R). All
trademarks related to the Concept and Signature brands noted above are used by
SIR under a License and Royalty Agreement with SIR Royalty Limited Partnership
in consideration for the royalty.


About SIR Royalty Income Fund

The Fund is a trust governed by the laws of the province of Ontario that
receives distribution income from its indirect investment in the SIR Royalty
Limited Partnership and interest income from its loan to SIR.


Cautionary Statement Regarding Forward-Looking Statements

This press release contains forward-looking statements. The statements that are
concerning the Offering are forward-looking statements. The words "may", "will"
and similar expressions and the negative of such expressions are intended to
identify forward-looking statements, although not all forward-looking statements
contain these identifying words. These forward-looking statements are subject to
important assumptions, including general market conditions at the time of the
Offering. The Offering may not be completed or may not be completed on the same
terms as previously announced. While the Fund considers these factors and
assumptions to be reasonable based on the information currently available, they
may prove to be incorrect.


FOR FURTHER INFORMATION PLEASE CONTACT: 
SIR Corp.
Peter Fowler
President & CEO
905-681-2997

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