Trustees

Trustees of A&W Revenue Royalties Income Fund

John R. McLernon - Chairman

John McLernon is President of McLernon Consultants Ltd., a private consulting company. He is Honorary Chairman and Co-Founder of the Colliers Macaulay Nicolls Group of Companies, of which he was Chief Executive Officer and Chairman for 25 years. He is also Chairman of Village Farms International Inc., a public company, Chair of City Office REIT, a public company, and on the Advisory Board of Canadian Urban Limited. In such positions, Mr. McLernon supervised individuals engaged in preparing, analyzing and evaluating financial statements. This experience provides Mr. McLernon with an understanding of accounting principles, an ability to assess the general application of accounting principles in connection with the accounting for estimates, accruals and provisions, and an understanding of internal controls and procedures for financial reporting.

Richard N. McKerracher - Trustee

Richard McKerracher held key leadership roles with Sauder Industries Limited (now called Metrie Ltd.) and its affiliates from 1989 until his retirement in 2010, including Senior Vice President, Finance and six years as President. In such positions, Mr. McKerracher prepared, analyzed and evaluated financial statements. Mr. McKerracher is a former Director and Chair of the Audit Committee of NuHeat Industries Limited, a private company, a former Director and Chair of the Audit Committee of Pacific Insight Electronics Corp., a public company, and a former director of International Forest Products Limited, a public company. In such positions, Mr. McKerracher supervised individuals engaged in preparing, analyzing and evaluating financial statements. Mr. McKerracher is a Chartered Professional Accountant and a former partner of a predecessor firm of KPMG LLP. He holds a Bachelor of Commerce degree from the University of British Columbia. This experience and education provides Mr. McKerracher with an understanding of accounting principles, an ability to assess the general application of accounting principles in connection with accounting for estimates, accruals and provisions, and an understanding of internal controls and procedures for financial reporting.

Hugh R. Smythe - Trustee and Secretary

Hugh Smythe held key leadership roles, including 20 years as President of Resort Operations with Intrawest Corporation, a public company, from 1986 until his retirement in 2009. In such positions, Mr. Smythe supervised individuals engaged in preparing, analyzing and evaluating financial statements. This experience provides Mr. Smythe with an understanding of accounting principles, an ability to assess the general application of accounting principles in connection with the accounting for estimates, accruals and provisions, and an understanding of internal controls and procedures for financial reporting.