Pizza Pizza Royalty Income Fund Announces June Distribution

    TORONTO, June 19 /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 June, 2007. The distribution will be payable to unitholders of record
at the close of business on June 29, 2007, and will be paid on July 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 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's structure is the fact that it is a
"top-line" fund. Royalty income of the Fund is based on top-line system sales
of the royalty pool restaurants and is not determined by the profitability of
either Pizza Pizza or the Pizza Pizza restaurants in the royalty pool. Given
this structure, the success of the Fund depends primarily on the ability of
Pizza Pizza to maintain and increase system sales of the royalty pool.
    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
and is celebrating its 40th anniversary this year. 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,; Investors: Curtis Feltner, Chief Financial Officer,
Pizza Pizza Limited, Telephone: (416) 967-1010,; Web: and or

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