1. Prime Restaurants Royalty Income Fund 2007 Annual Meeting

2. Prime Restaurants Royalty Income Fund Douglas Black Chairman

3. Prime Restaurants Royalty Income Fund 2007 Annual Meeting

4. Prime Restaurants Royalty Income Fund John Rothschild President and CEO Prime Restaurants of Canada Inc.

5. 2007: A Year of Progress Solid progress in 2007 New look Casey’s a success Pubs posting very strong results East Side Mario’s making the turn An exciting future

6. Casey’s Re-Energized Re-focused brand 3% SSSG in 2007 Continued progress in 2008  1.3% SSSG in Q1 2008

7. Casey’s in 2007 Four locations renovated in 2007  SSSG up 2.2% post-renovation 10 locations enhanced since brand reposition 11 consecutive quarters of solid growth Increased revenues per location Out-pacing the industry

8. Looking Ahead Doubled advertising and media spend  Print, radio, outdoor programs New menus, price increases, promotions Renovating three location in 2008 Opening three new locations in 2008  Target of twenty-three over next five years

9. Pubs Business is Booming Increased guest traffic & return visits SSSG up 12% in 2007 Success continues in 2008  SSSG up 7.3% in Q1 2008 Out-pacing overall industry

10. Pubs in 2008 New menus  focused on culinary skills  exciting beverage offerings Accelerated advertising programs  New agency brings fresh new look Opening three new pubs in 2008 New BierMarkt location in Toronto

11. Looking Ahead Next five years:  25 new Irish pubs  5 new BierMarkt’s  Focused in Ontario & Québec  Moving into Western Canada

12. East Side Mario’s 109 locations 88% brand loyalty factor Launched new, high-energy concept “Back to Our Roots”  New York’s Little Italy  New menus, uniforms, restaurant décor Full input from our franchisees and front- line team members

13. 2007: Our Turnaround Year Improved results through 2007  Q4 impacted by weather Momentum building  New look attracting new and repeat visits Positive SSSG of 0.3% in Q1 2008

14. East Side Mario’s in 2008 25 locations renovated by year-end 8 new locations to open New guest touch points New menus, uniforms, service standards, focused ad campaign

15. Looking Ahead Target over next five years:  48 new locations  Grow presence in West and Québec Increased media spend New training initiatives Grow lunch, take-home & delivery business

16. 2008 - A Milestone Year Celebrating Twenty Years of Great Food & Great Hospitality

17. ESM New Ad Campaign

18. Prime Restaurants Royalty Income Fund Looking Ahead

19. Expect key growth metrics to improve SSSG to accelerate 15 new restaurants / pubs in 2008 Cash distributions to remain stable  66 consecutive months

20. Prime Restaurants Royalty Income Fund Competitive Strengths

21. 1. Multi-Brand Approach Complete spectrum of casual dining Strong guest relationships Wide range of price points  Mitigates Unitholder risk

22. 2. Solid Franchise Network No significant capital outlay Lower risk profile Focus on building sales, quality control Entrepreneurs that live the business every day

23. 3. Realigned Management Structure Two distinct units:  East Side Mario’s  Casey’s and Pubs Single brand focus / multi-brand strategy Strengthened team in western Canada

24. Prime Restaurants Royalty Income Fund 2007 Annual Meeting