Pizza Pizza Royalty Income Fund Announces Board Change

    TORONTO, Dec. 5 /CNW/ - Pizza Pizza Royalty Income Fund (the "Fund")
(TSX: PZA.UN) today announced that Robert J. Nobes, CA has been appointed as a
Trustee of the Pizza Pizza Royalty Income Fund, replacing Ronald Rogers who
has resigned.
    Robert Nobes is a retired senior partner of KPMG whose 41 year career
included exposure to large retail clients, both public and private. At KPMG,
Mr. Nobes was the partner in charge of the Greater Toronto Area professional
practice, with responsibility for quality control and risk management, and was
also a securities reviewing partner. He was a Trustee of the E.D. Smith Income
Fund for two years until that trust was taken private in November 2007.
    Elizabeth Wright, Board Chair of Pizza Pizza Royalty Income Fund, said,
"Bob Nobes brings an excellent skill set to the board with his public
practice, audit and securities experience. Bob's retail experience and his
transaction experience at E.D. Smith Income Fund will be an added benefit for
the Fund. Ron Rogers was a pleasure to work with and provided the Board
valuable business insight since the Fund's inception in July 2005. We thank
Ron for his service and dedication to the Board."

    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. 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,; Christine
D'Sylva, Investor Relations, Pizza Pizza Limited, Telephone: (416) 967-1010,, Web:, and or

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