Announced today that, effective January 5, 2023, the number of A&W restaurants for which royalties are paid to A&W Trade Marks Limited Partnership (the Partnership) will be increased by 29 new restaurants that were opened across Canada between September 10, 2021 and September 8, 2022, less seven restaurants that were permanently closed between November 8, 2021 and November 6, 2022 (the Reporting Period). The addition of these 22 net new restaurants brings the total number of A&W restaurants in the royalty pool (Royalty Pool) to 1,037. Since the inception of the Fund in 2002, the number of restaurants for which royalties are paid to the Fund (through the Partnership) has increased by 452 restaurants, from 585 to 1,037. A&W Revenue Royalties Income Fund shares T.AW.UN are trading unchanged at $36.40.