Revenue Royalties Income Fund

Highlights

The following chart shows the growth in same store gross sales by A&W restaurants in the years 2016 to 2023.

Royalty Pool Same Store Sales Growth(1)

Chart showing A&W's royalty pool same store sales growth from 2016 to 2023

With over restaurants, A&W ranks second in the Canadian hamburger segment(2).

A&W has shown steady overall system sales growth over a long period, achieving compound annual growth of 6.7% since 2000.

(1) “Royalty Pool Same Store Sales Growth” is a non-IFRS supplementary financial measure. Refer to the “Non-IFRS Measures” section of the Fund’s MD&A for the fourth quarter ended December 31, 2023 for further details on how Royalty Pool Same Store Sales Growth is calculated and used to assess the Fund’s performance. View the Fund's MD&A for the fourth quarter ended December 31, 2023.

(2) Based on 2023 Gross Sales as reported by Circana, Inc. (Circana Crest, trailing 12 Months ending Dec ‘23)

Royalty Pool Same Store Sales Growth(1)

Chart showing A&W's royalty pool same store sales growth from 2017 to 2021

(1) “Royalty Pool Same Store Sales Growth” is a non-IFRS supplementary financial measure. Refer to the “Non-IFRS Measures” section of the Fund’s MD&A for the fourth quarter ended December 31, 2023 for further details on how Royalty Pool Same Store Sales Growth is calculated and used to assess the Fund’s performance. View the Fund's MD&A for the fourth quarter ended December 31, 2023.

Franchised and Owned A&W Restaurants

Annual System Sales

(1) “System Sales” is a non-IFRS financial measure of A&W Food Services of Canada Inc. and is reported in respect of all A&W restaurants. Refer to the “Selected Information" section of Food Services’ Report to Unitholders of A&W Revenue Royalties Income Fund for the year ended December 31, 2023 (the “2023 Report to Unitholders”) for a reconciliation of System Sales to Revenue from Corporate Restaurants, the most comparable IFRS measure, and the “Non-IFRS Measures” section of 2023 Report to Unitholders for further details on how System Sales is calculated and used to assess Food Service's performance. View the 2023 Report to Unitholders.