A&W Revenue Royalties Income Fund is a Canada-based limited purpose trust. The Fund invests in A&W Trade Marks, which through its ownership interest in the 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 or below 10%. The Partnership has granted A&W Food Services of Canada Inc. (Food Services), a license to use the A&W trade marks in Canada. The Fund, through its investment in Trade Marks, receives royalties from Food Services in the amount of around 3% of the sales of the 790 A&W restaurants in the Royalty Pool. Food Services, is a franchisor of hamburger quick service restaurants in Canada. It operates A&W restaurants, which feature trade-marked menu items, such as The Burger Family, Chubby Chicken and A&W Root Beer. It operates around six restaurants in the Ottawa market. Food Services also markets A&W Root Beer in cans and bottles to the retail grocery trade.