Pizza Pizza to Report Financial Results for First Quarter on May 2, 2007

    TORONTO, April 18 /CNW/ - Pizza Pizza Royalty Income Fund (the "Fund")
(TSX: PZA.UN) today announced that it will issue its first quarter results via
news release at the close of business on May 2, 2007.
    The Fund invites analysts and portfolio managers to participate in a
conference call with Daniel Vukovich, Chief Operating Officer, Curtis Feltner,
Chief Financial Officer and Pat Finelli, Chief Marketing Officer to discuss
the results. The call will take place on Thursday, May 3, 2007 at 9:00 a.m.
Unitholders and media are also invited to listen to the call.

    Details of the Conference Call:

    Date:                       Thursday, May 3, 2007
    Time:                       9:00 a.m. EST
    Call in number:             416-642-5212 or 1-866-321-6651
    Recording call in number:   416-915-1028 or 1-866-244-4494 available
                                until midnight, Wednesday, May 16, 2007
    Reservation number:         775289

    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
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: 00022262E

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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