Ms. Kelly Blankstein reports

A&W REVENUE ROYALTIES INCOME FUND ANNOUNCES JUNE 2023 CASH DISTRIBUTION

A&W Revenue Royalties Income Fund has declared a cash distribution of 16 cents per trust unit for the period May 1 to May 31, 2023. The distribution will be paid to unitholders of record at the close of business June 15, 2023, and will be payable on June 30, 2023. This distribution will be taxed as a non-eligible dividend, as the source of funds to pay the distribution is a dividend from A&W Trade Marks Inc.

A&W Food Services of Canada Inc. will also receive a similar dividend from Trade Marks on its investment in Trade Marks.

Food Services also announced today that it has declared a dividend in the amount of $900,000 to its shareholder. The dividend will be paid out of Food Services' available working capital and is separate and distinct from distributions declared by the fund to unitholders of the fund.

On May 31, 2023, Food Services also paid an eligible dividend in the amount of $9.0-million to its shareholders. The dividend was paid out of Food Services' available working capital and is separate and distinct from distributions declared by the fund to unitholders of the fund.

Launched on Feb. 15, 2002, the fund, through its investment in Trade Marks, is entitled to receive royalties from Food Services 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.