Ms. Kelly Blankstein reports

A&W REVENUE ROYALTIES INCOME FUND ANNOUNCES VOTING RESULTS FROM THE ANNUAL GENERAL MEETING

A&W Revenue Royalties Income Fund has released voting results from the annual general meeting of unitholders of the fund held on May 2, 2023.

Appointment of trustees

Kevin Mahoney, Fern Glowinsky and Andrew W. Dunn were appointed as trustees for a term expiring at the close of the next annual general meeting of unitholders.

The appointment of trustees was conducted by show of hands of unitholders and proxyholders present at the meeting. In accordance with the requirements of the Toronto Stock Exchange, the attached table reflects the votes represented by proxy that would have been voted for and withheld from each trustee nominee had a ballot been called, as a percentage of votes represented at the meeting by proxy.

Appointment of auditor

PricewaterhouseCoopers LLP was reappointed as auditor of the fund, and the trustees are authorized to fix the remuneration to be paid to the auditor.

About A&W Revenue Royalties Income Fund

Launched on Feb. 15, 2002, the fund, through its investment in A&W Trade Marks Inc., is entitled to receive royalties from A&W Food Services of Canada Inc. in the amount of 3 per cent of the sales of the 1,037 A&W restaurants in the royalty pool. Cash distributions are paid monthly. A&W is the second-largest quick-service hamburger restaurant chain in Canada. Operating coast to coast, A&W restaurants feature famous trademarked menu items such as the Burger Family, Chubby Chicken and A&W root beer.