An anonymous director reports

A&W FOOD SERVICES OF CANADA INC. ANNOUNCES COMMENCEMENT OF NORMAL COURSE ISSUER BID

A&W Food Services of Canada Inc. has received approval from the Toronto Stock Exchange of its normal course issuer bid.

Under the NCIB, A&W's board of directors has authorized for purchase and subsequent cancellation up to 600,000 common shares (representing approximately 2.5 per cent of its issued and outstanding shares, being 24,007,769 shares as of March 16, 2026) over a 12-month period commencing on March 20, 2026. The NCIB will conclude on the earlier of the date on which A&W has purchased the maximum number of shares permitted under the NCIB, or March 19, 2027. Purchases made pursuant to the NCIB will be made in the open market through the facilities of the TSX and/or alternative Canadian trading systems at the market price at the time of the purchases in accordance with the rules of the TSX and applicable securities laws. On any trading day, A&W will not purchase more than 1,910 shares, representing 25 per cent of the average daily trading volume for the six months ended Feb. 28, 2026 (being 7,642 shares), except where such purchases are made in accordance with block purchase exemptions under the TSX rules.

A&W's board of directors has authorized the NCIB because the board believes that, from time to time, the market price of the shares may not reflect A&W's intrinsic value and that their purchase may be an attractive and appropriate use of corporate funds. The NCIB will provide A&W with the flexibility to purchase shares as part of its disciplined capital management strategy, which is designed to enhance shareholder value while maintaining a strong balance sheet. The actual number of shares repurchased under the NCIB and the timing of future purchases of shares will be based on market conditions, the price of shares, capital needs and other factors and shall be subject to the limitations set out in the TSX company manual.

In connection with the NCIB, A&W has entered into an automatic securities purchase plan (ASPP) with its designated broker to facilitate the purchase of Shares during times when A&W would ordinarily not be permitted to purchase shares due to regulatory restrictions or self-imposed blackout periods. Before entering a black-out period, A&W may, but is not required to, instruct the broker to make purchases under the NCIB based on parameters set by A&W in accordance with the ASPP, TSX rules and applicable securities laws. The ASPP has been precleared by the TSX. Outside of predetermined blackout periods, shares may be purchased under the NCIB based on management's discretion, in compliance with TSX rules and applicable securities laws.