A&W Revenue Royalties Income Fund (the Fund) is a Canada-based limited purpose trust. The Fund invests in A&W Trade Marks Inc. (Trade Marks), which through its ownership interest in the A&W Trade Marks Limited Partnership (Partnership), owns the A&W trade-marks used in the A&W quick service restaurant business in Canada. The Fund's objective is to maintain an annual payout ratio at approximately 100%. The Fund's capital management objectives are to have cash and cash equivalents to pay unit holders, after its debt service and income tax obligations, provisions for general and administrative expenses, and retention of working capital reserves. The Fund licenses A&W trade-marks to A&W Food Services of Canada, Inc. (Food Services). Food Services is a franchisor of hamburger quick service restaurants in Canada. Trade Marks has approximately 840 A&W restaurants in Canada.