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 the Advisory Board of Canadian Urban Limited. In such positions, Mr. McLernon supervised individuals engaged in preparing, analyzing and evaluating financial statements. This experience provides Mr. McLernon with an understanding of accounting principles, an ability to assess the general application of accounting principles in connection with the accounting for estimates, accruals and provisions, and an understanding of internal controls and procedures for financial reporting.

Richard N. McKerracher - Trustee

Richard McKerracher held key leadership roles with Sauder Industries Limited (now called Metrie Ltd.) 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., and a former director of Interfor, a public company. In such positions, Mr. McKerracher supervised individuals engaged in preparing, analyzing and evaluating financial statements. 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. This experience and education provides Mr. McKerracher with an understanding of accounting principles, an ability to assess the general application of accounting principles in connection with accounting for estimates, accruals and provisions, and an understanding of internal controls and procedures for financial reporting.

Fern Glowinsky - Trustee

Fern Glowinsky is President, Chief Executive Officer and a Director of Merrco Payments Inc., a payment processing provider that develops and delivers technology, financial services and innovative payment solutions tailored to the cannabis industry. Ms. Glowinsky was formerly Chief Executive Officer and a Director of Cliffside Capital, investing in the alternative lending sector. Ms. Glowinsky spent 15 years with Moneris, an RBC and BMO joint venture, in senior executive roles, including Chief Operations Officer. Ms. Glowinsky holds the ICD.D designation and serves on the Baycrest Foundation Board, formerly serving on the Board of Sinai Health Foundation. Ms. Glowinsky is a graduate of the MBA/JD program at the Schulich School of Business and Osgoode Hall Law School, and earned a Bachelor of Arts (Economics) degree from Western University. She began her career practicing law at Torys LLP, having been called to the Bar in Ontario. Ms. Glowinsky's experience and education provide her with an understanding of accounting principles, an ability to assess the general application of accounting principles in connection with accounting for estimates, accruals and provisions, and an understanding of internal controls and procedures for financial reporting. Ms. Glowinsky is the Chair of the Governance Committee.