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A&W Revenues Royalties Income Fund - Q1-2017 Earnings, Price Target Update

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A&W has more than 860 restaurants across the country and is Canada's second-largest quick service burger chain. With a larger restaurant footprint in Western Canada, the expansion strategy will focus predominantly on Ontario, Atlantic Canada and Quebec, while still exploring new opportunities in western provinces.

A&W is the second largest quick-service hamburger restaurant chain in Canada. Operating coast-to-coast, A&W trade-marked menu items include The Burger Family, Chubby Chicken and A&W Root Beer. Since 2002, the number of A&W restaurants for which royalties are paid to the Fund has increased by 205 restaurants, from 585 to 860. A&W Food Services' better ingredients marketing strategy focused beef raised without the use of hormones or steroids, eggs from hens fed only a vegetarian diet without animal by-products, chicken raised without the use of antibiotics, and organic and Fair Trade coffee. In addition they have several franchise models to drive future growth in the number of restaurants. By location 50% are in Western Canada, 28% in Ontario, Quebec-15% and Atlantic Canada 7%. Their plan is to open 150-175 new locations in the next 5 years, in various formats with growth mainly targeted for Ontario. This is the 15th increase in the number of restaurants in the Royalty Pool since the inception of the Fund in 2002.

Varied Franchise Models

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