Mr. Tim Kerr reports

THE KEG ROYALTIES INCOME FUND ANNOUNCES TRUSTEE ELECTION RESULTS FOR ITS 2023 UNITHOLDER MEETING

All of the nominees listed in The Keg Royalties Income Fund's information circular dated March 27, 2023, were elected as trustees of the trust at its annual meeting of unitholders held on May 9, 2023. The results of the voting for each nominee are as shown in the attached table.

In addition, the fund reports that the appointment of KPMG LLP as the fund's auditor for the 2023 fiscal year was passed by a majority of the votes represented at the meeting.

About The Keg Royalties Income Fund

The fund is a limited-purpose, open-ended trust established under the laws of the Province of Ontario that, through The Keg Rights Limited Partnership, a subsidiary of the fund, owns certain trademarks and other related intellectual property used by Keg Restaurants Ltd. (KRL). In exchange for use of those trademarks, KRL pays the fund a royalty of 4 per cent of gross sales of Keg restaurants included in the royalty pool.

With approximately 10,000 employees, over 100 restaurants and annual system sales approaching $700-million, Vancouver-based KRL is the leading operator and franchisor of steak house restaurants in Canada and has a substantial presence in select regional markets in the United States. KRL continues to operate The Keg restaurant system and expand that system through the addition of both corporate and franchised Keg steak houses. KRL has been named the No. 1 restaurant company to work for in Canada in the latest edition of Forbes Canada's best employers 2023 survey, securing third place in the overall ranking across all industries in the country.