TRADING SYMBOL:  TSX: AW.UN    VANCOUVER, BC, July 22, 2024 Royalty income increased by 1.5% in Q2 2024 and 1.3% year to date, as compared to the comparable periods in 2023. Royalty Pool Same Store Sales Growth(i) was +0.3% for Q2 2024 and +0.5% year to date. The Fund and A&W Food Services agreed to a strategic combination that will create a new publicly-traded company combining the Fund, A&W Food Services and certain holding companies, subject to customary closing conditions, including approval of the Fund's unitholders. SECOND QUARTER 2024 RESULTS A&W Revenue Royalties Income Fund (the "Fund") and A&W Food Services of Canada Inc. ("A&W Food Services or "A&W") today reported the Fund's results for the second quarter ended June 16, 2024. "We are pleased to report that the Fund has achieved positive growth for the first half of 2024," said Susan Senecal, President and CEO of A&W Food Services. "A&W is energized by the nine new A&W restaurants opened in the first two quarters and excited by the traction it is gaining from the marketing campaigns and promotions it is running. This is an industry leading pace of restaurant growth across the country and builds on our momentum as the fastest growing large-scale quick service burger brand in Canada." Royalty income for the second quarter of 2024 was $12,965,000 based on Gross sales reported by restaurants in the Royalty Pool(i) of $432,173,000, compared to royalty income of $12,773,000 and Gross sales reported by A&W restaurants in the Royalty Pool(i) of $425,768,000 for the second quarter of 2023. Year to date royalty income was $24,518,000 based on gross sales reported by restaurants in the Royalty Pool(i) of $817,270,000, compared to royalty income of $24,212,000 and gross sales reported by restaurants in the Royalty Pool(i) of $807,066,000 for the comparable period in 2023. The increase in royalty income is driven by the Royalty Pool Same Store Sales Growth and the gross sales from the 10 net new restaurants added to the Royalty Pool on January 5, 2024. The increase in the year to date period was partially offset by there being one less day in Q1 2024 than in Q1 2023. Royalty Pool Same Store Sales Growth is based on an equal number of days in the quarter and year. Royalty Pool Same Store Sales Growth is a function of changes in guest counts and check size, which are impacted by party size, menu prices and menu mix and changes in consumers discretionary spending. The Royalty Pool Same Store Sales Growth(i) of +0.3% for the second quarter and +0.5% for the year to date period was a product of an increase in average check size due in part to industry-wide inflation on goods, services, and labour, partially offset by a decline in guest traffic which A&W Food Services believes is attributable to increased interest rates and inflation, along with market uncertainty, which have impacted consumer discretionary spending. In response to these economic conditions, A&W Food Services continues to seek new and innovative ways to offer A&W's guests a delicious and affordable experience and in turn increase guest traffic.  Full quarterly results are expected to be filed today on SEDAR+ at www.sedarplus.ca. Strategic Combination of the Fund and A&W Food Services The Fund also today announced that it has agreed to combine with A&W Food Services to create a new publicly traded corporation. Under the terms of the proposed transaction, the Fund's unitholders can elect to exchange each unit of the Fund for $37.00 in cash or one common share in the new company, subject to proration in the event that unitholders elect, in the aggregate, to receive more or less than approximately $175.6 million in cash consideration, such that in all cases, the existing common shares of Food Services will represent approximately 59% of the common shares of the new public company. The proposed transaction is expected to close in October and is subject to customary closing conditions, including court approval, the approval of the Fund's unitholders, approval of the Toronto Stock Exchange and regulatory approval under the Competition Act (Canada). Details of this combination are included in a news release issued today by the Fund and A&W Food Services, and in presentations available on the Fund's website at www.awincomefund.ca. Conference Call The Fund will hold a conference call to discuss the results and the combination with A&W Food Services on Monday, July 22, 2024 at 7:30 a.m. Pacific Time (10:30 a.m. Eastern Time). The call will be webcast live and may be accessed at https://events.q4inc.com/attendee/905085111. Participants who wish to ask questions or are unable to join via webcast may dial-in by calling toll-free 1-800-225-9448 or 1-203-518-9708 and by quoting the conference ID "AWRRIF" when prompted by the operator. For those unable to participate in the live call, a replay will be made available for one year at https://events.q4inc.com/attendee/905085111. FINANCIAL RESULTS (dollars in thousands except per unit amounts) Period from Mar 25, 2024 to Jun 16, 2024 Period from Mar 27, 2023 to Jun 18, 2023 Period from Jan 1, 2024 to Jun 16, 2024 Period from Jan 1, 2023 to Jun 18, 2023 Royalty Pool Same Store Sales Growth(i) 0.3 % 2.5 % 0.5 % 4.1 % Number of restaurants in the Royalty      Pool 1,047 1,037 1,047 1,037 Gross sales reported by A&W restaurants      in the Royalty Pool(i) $432,173 $425,768 $817,270 $807,066 Royalty income $12,965 $12,773 $24,518 $24,212