A&W Revenue Royalties Income Fund (the Fund) is a limited purpose trust. The Fund is established to invest in A&W Trade Marks Inc. (Trade Marks), which through its ownership interest in A&W Trade Marks Limited Partnership (the Partnership) owns the A&W trade-marks used in the A&W quick service restaurant business in Canada. The business of the Partnership is the ownership of the A&W trade-marks and, through the license and royalty agreement with A&W Food Services of Canada Inc. (Food Services), exploitation of the A&W trademarks, including the development of new A&W restaurants by Food Services. Food Services is a franchisor of hamburger quick service restaurants in Canada. Trade Marks licenses these trade-marks to A&W Food Services of Canada Inc. in exchange for a royalty of 3% of the sales of 700 A&W restaurants in Canada.