Trustees

Trustees of A&W Revenue Royalties Income Fund

John R. McLernon - Chairman

John McLernon is President of McLernon Consultants Ltd., a private consulting company. He is Honorary Chairman and Co-Founder of the Colliers Macaulay Nicolls Group of Companies, of which he was Chief Executive Officer and Chairman for 25 years. He is also Chairman of Village Farms International Inc., a public company, Chair of City Office REIT, a public company, and on Advisory Boards of Canadian Urban Limited and The Mark Anthony Group Inc.

Richard N. McKerracher - Trustee

Richard McKerracher held key leadership roles with Sauder Industries Limited and its affiliates from 1989 until his retirement in 2010, including Senior Vice President, Finance and six years as President. In such positions, Mr. McKerracher prepared, analyzed and evaluated financial statements. Mr. McKerracher is a former Director and Chair of the Audit Committee of NuHeat Industries Limited, a private company, a former Director and Chair of the Audit Committee of Pacific Insight Electronics Corp., a public company, and a former director of International Forest Products Limited, a public company. Mr. McKerracher is a Chartered Professional Accountant and a former partner of a predecessor firm of KPMG LLP. He holds a Bachelor of Commerce degree from the University of British Columbia.

Hugh R. Smythe - Trustee and Secretary

Hugh Smythe held key leadership roles, including 20 years as President of Resort Operations with Intrawest Corporation, a public company, from 1986 until his retirement in 2009.