Mr. Kelly Blankstein reports

A&W REVENUE ROYALTIES INCOME FUND ANNOUNCES MARCH 2024 CASH DISTRIBUTION

A&W Revenue Royalties Income Fund has declared a cash distribution of 16 cents per trust unit for the period from Feb. 1 to Feb. 29, 2024. The distribution will be paid to unitholders of record at the close of business March 15, 2024, and will be payable on March 29, 2024. 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 $1-million 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.

About A&W Revenue Royalties Income 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 1,047 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.