A&W Closes Bought Deal Offering

On March 2, 2011, A&W Food Services of Canada Inc. (“Food Services”) completed a secondary bought deal offering of units of A&W Revenue Royalties Income Fund (the “Fund”) in connection with an agreement with a syndicate of underwriters led by CIBC and National Bank Financial Inc. and including BMO Capital Markets, RBC Capital Markets, Scotia Capital Inc., TD Securities Inc., Canaccord Genuity Corp., HSBC Securities (Canada) Inc. and Raymond James Ltd.

The underwriters purchased 2,997,000 units of the Fund from Food Services at a purchase price of $23.35 per unit for gross proceeds of $69,979,950.

Farris, Vaughan, Wills & Murphy LLP acted as counsel to A&W, with a team that included Mitchell Gropper QC, Trevor Scott, Mohammad Manki (corporate/securities) and Mark Chu (tax).

Blake, Cassels & Graydon LLP acted as counsel to the underwriters, with a team that included Peter Kalbfleisch, Kathleen Keilty, Denis Silva and Jamie Kariya (corporate/securities) and Bruce Sinclair (tax).

Cameron Belsher and Adam Wanke of McCarthy Tétrault LLP acted as special counsel to the trustees of the Fund.


Peter C. Kalbfleisch Denis Silva Mitchell H. Gropper Mark W. Chu Mohammad A. Manki Jamie Kariya Kathleen P. Keilty Bruce R. Sinclair Trevor R. Scott