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A&W Revenue Royalties Income Fund -Q1-2019 Results, Price Target Forecast

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A&W Food Services' better ingredients marketing strategy is focused on 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. Consistent with their better ingredients program $5M was donated towards the University of Saskatchewan's Livestock and Forage Centre of Excellence - an investment that will be used to develop new approaches for healthy, sustainable agricultural practices. This donation was made by A&W Food Services Inc. and not borne by the A&W Revenue Royalties Income Fund.

In addition they have several franchise models to drive future growth in the number of restaurants. By location as of Dec-31-2018 - 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. In Jan-2019, 38 restaurants were added to the royalty pool.

A&W is the second-largest quick service burger chain in Canada with 896 restaurants in the royalty pool as of Dec-31-2018 and 918 restaurants in total. A total of 45 new locations were opened in 2017 and 35 were added to the royalty pool. With a larger restaurant footprint in Western Canada, the expansion strategy will focus predominantly on Ontario, Atlantic Canada and Quebec. 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 from 585 to 896.

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