Mr. Nick Dean reports

KEG RESTAURANTS LTD. ANNOUNCES RETIREMENT OF NEIL MACLEAN AND APPOINTMENT OF ERIN LEGGE IN CFO TRANSITION

Neil Maclean, the executive vice-president and chief financial officer of Keg Restaurants Ltd. (The Keg), and director of The Keg Royalties Income Fund (fund), has indicated his plans to retire. Mr. Maclean will remain with The Keg and continue to serve as a director of the fund through June, 2024, to ensure a smooth transition.

"It's been my absolute pleasure and privilege to have worked for one of Canada's best companies for over 40 years," said Mr. Maclean. "Our distinctive excellence has always been due to our people, whether it be our talented and dedicated employees, our franchisees, our business partners, or our suppliers, and I am confident that those people, working together with a common vision, will all help ensure the future success of The Keg."

"I would like to congratulate Neil on his pending retirement and want to extend our sincere appreciation and gratitude to him for his over 45 years of service and dedication to The Keg," said Nick Dean, President of The Keg.

Mr. Dean is also pleased to announce the appointment of Erin Legge as The Keg's new CFO effective January 2, 2024. "With over three decades of finance and strategic operations experience, Erin will be a tremendous addition to The Keg leadership team as we continue to grow our brand in Canada and the United States," added Mr. Dean. Most recently as CFO of Daiya Foods based in Burnaby, BC, and prior to that with George Weston Limited for over fifteen years in a variety of senior financial and operations roles, Ms. Legge has proven herself as a strategic leader that is able to successfully navigate complex and multi-stakeholder environments. Ms. Legge will be located in Vancouver and will report to Mr. Dean. Ms. Legge is a Chartered Professional Accountant and holds a Bachelor of Physical Education from McMaster University.

The Fund (TSX: KEG.UN) is a limited purpose, open-ended trust established under the laws of the Province of Ontario that, through The Keg Rights Limited Partnership, 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% 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 steakhouse 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 steakhouses. KRL has been named the number one 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.

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