Pizza Pizza Royalty Income Fund Announces March Dividend

Marketwired

TORONTO, ONTARIO--(Marketwire -03/21/12)- Attention Business Editors:

Pizza Pizza Royalty Income Fund (the "Fund") (TSX: PZA.UN) today announced a cash dividend of $0.0584 per unit for the month of March 2012. The deemed dividend, a portion of which is return of capital, will be eligible for the enhanced dividend tax credit if paid or allocated to a resident of Canada. The dividend will be payable to unitholders of record at the close of business on March 30, 2012, and will be paid on April 13, 2012.

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 ("PPL") in its Pizza Pizza and Pizza 73 branded restaurants.

A key attribute of the Fund is that royalty revenues are based on top-line, system sales of the Royalty Pool restaurants and not on the profitability of either PPL or the restaurants in the Royalty Pool. The success of the Fund depends primarily on the ability of PPL 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.

Contact:

Pizza Pizza Limited
Curt Feltner
Chief Financial Officer
(416) 967-1010
cfeltner@pizzapizza.ca
Pizza Pizza Limited
Christine D'Sylva
Investor Relations Director
(416) 967-1010
cdsylva@pizzapizza.ca
www.pizzapizza.ca and www.pizza73.com or www.sedar.com.

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