Ms. Kelly Blankstein reports

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

A&W Revenue Royalties Income Fund has declared a cash distribution of 16 cents per trust unit for the period March 1 to March 31, 2024. The distribution will be paid to unitholders of record at the close of business April 15, 2024, and will be payable on April 30, 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 has also 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.