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Pizza Pizza Royalty Income Fund Announces April Distribution and Timing Of Earnings Conferance Call Tuesday, April 17th, 2012

PIZZA PIZZA ROYALTY INCOME FUND ANNOUNCES APRIL DISTRIBUTION and
TIMING OF EARNINGS CONFERENCE CALL

Toronto, Ontario, April 17, 2012 – Pizza Pizza Royalty Income Fund (the “Fund”) (TSX: PZA.UN) today announced a cash dividend of $0.0584 per unit for the month of April 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 April 30, 2012, and will be paid on May 15, 2012.

The Fund also announced that its financial results for the quarter ended March 31, 2012 will be issued at the close of market on May 2, 2012. The Fund invites analysts and portfolio managers to participate in a conference call with members of Pizza Pizza´s management team. The call will take place on Thursday, May 3, 2012 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, 2012
Time:                                           9:00 a.m. EST
Call-in number:                       416-640-5925 or 1-800-711-9538
Recording call in number:    647-436-0148 or 1-888-203-1112
                                                      available until midnight, Thursday, May 17, 2012
Reservation number:             9005246

The Fund´s trust units are listed on the Toronto Stock Exchange under the symbol PZA.UN.

For further information:

Curt Feltner, Chief Financial Officer, Pizza Pizza Limited
(416) 967-1010
cfeltner@pizzapizza.ca

Christine D´Sylva, Investor Relations Director, Pizza Pizza Limited
(416) 967-1010
cdsylva@pizzapizza.ca

www.pizzapizza.ca and www.pizza73.com or www.sedar.com.