Pizza Pizza Royalty Income Fund Announces November Distribution



    TORONTO, Nov. 19 /CNW/ - Pizza Pizza Royalty Income Fund (the "Fund")
(TSX: PZA.UN) today announced a cash distribution of $0.076 per unit for
November 2007. The distribution will be payable to unitholders of record at
the close of business on November 30, 2007, and will be paid on December 14,
2007.

    About the Fund

    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 Pizza Pizza and Pizza 73 branded
restaurants. The Pizza Pizza 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. Effective
July 24, 2007, the Fund acquired the Pizza 73 trademarks and licensed them to
Pizza Pizza, for which Pizza Pizza pays the Fund a royalty equal to 9% of the
system sales of the 41 Pizza 73 restaurants added to the Royalty Pool.
    Since its initial public offering in 2005, the Fund has increased
distributions five times while maintaining an average of 5% same restaurant
sales growth. The last distribution increase was in September 2007 when
monthly distributions were increased from $0.073 per unit to $0.076 per unit.
    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.

    %SEDAR: 00022262EF




For further information:

For further information: Curtis Feltner, Chief Financial Officer, Pizza
Pizza Limited, Telephone: (416) 967-1010, cfeltner@pizzapizza.ca; Christine
D'Sylva, Investor Relations, Pizza Pizza Limited, Telephone: (416) 967-1010,
cdsylva@pizzapizza.ca; Web: www.pizzapizzaroyaltyincomefund.com,
www.pizzapizza.ca and www.pizza73.com or www.sedar.com.

Organization Profile

PIZZA PIZZA ROYALTY INCOME FUND

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