Pizza Pizza Royalty Income Fund Announces March Distribution



    TORONTO, March 13 /CNW/ - Pizza Pizza Royalty Income Fund (the "Fund")
(TSX: PZA.UN) today announced a cash distribution of $0.073 per unit for the
month of March, 2007. The distribution will be payable to unitholders of
record at the close of business on March 30, 2007, and will be paid on
April 13, 2007.

    About the Fund, a publicly-traded entity

    The Fund is a limited purpose, open-ended trust established under the
laws of Ontario to indirectly acquire the trademarks and trade names used by
Pizza Pizza Limited ("Pizza Pizza") in its restaurants. The trademarks were
licensed to Pizza Pizza in 2005 for 99 years, for which Pizza Pizza pays the
Fund a royalty equal to 6% of the system sales of its Pizza Pizza restaurants
in the Royalty Pool. As of January 1, 2007, there were 531 Pizza Pizza
restaurants in the Royalty Pool.
    A key attribute of the Fund is that it is based on top-line, system sales
of the Royalty Pool restaurants and not on the profitability of either Pizza
Pizza or the restaurants in the Royalty Pool. The success of the Fund depends
primarily on the ability of Pizza Pizza to maintain and increase system sales
of the Royalty Pool and to meet its royalty obligations.
    The Fund's trust units are listed on the Toronto Stock Exchange under the
symbol PZA.UN.

    About Pizza Pizza Limited, the privately-owned operating company

    Pizza Pizza Limited, a privately-held Canadian corporation, is one of
Canada's most successful operators in the quick service restaurant industry.
Founded in 1967, Pizza Pizza is guided by a mission to provide the "best food,
made especially for you" and a focus on quality ingredients, customer service,
community contribution and continual innovation.

    %SEDAR: 00022262EF




For further information:

For further information: Media: Daniel Vukovich, Chief Operating
Officer, Pizza Pizza Limited, Telephone: (416) 967-1010,
dvukovich@pizzapizza.ca; Investors: Curtis Feltner, Chief Financial Officer,
Pizza Pizza Limited, Telephone: (416) 967-1010, cfeltner@pizzapizza.ca; Web:
www.pizzapizzaroyaltyincomefund.com and www.pizzapizza.ca or www.sedar.com

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PIZZA PIZZA ROYALTY INCOME FUND

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