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Pizza Pizza Royalty Income Fund – Unitholders approve conversion to a Corporation Wednesday, May 30th, 2012

Toronto, Ontario, May 30, 2012 – Pizza Pizza Royalty Income Fund (the “Fund”) (TSX: PZA.UN) today announced that at the Fund´s annual and special meeting of unitholders held today in Toronto, Ontario, unitholders of the Fund approved the Fund’s conversion from an income trust to a corporation, to be named Pizza Pizza Royalty Corp., by way of a plan of arrangement (the “Conversion”). The special resolution was adopted with 99.7 per cent of the units voted at the meeting voting in favour.

Subject to the approval of the Ontario Superior Court of Justice, and regulatory approvals, the Conversion is expected to become effective on December 31, 2012. Pursuant to the Conversion, unitholders would receive, for each unit held, one common share of Pizza Pizza Royalty Corp. on the effective date of the Conversion.

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 (the “Company”) 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 the Company or the restaurants in the Royalty Pool. The success of the Fund depends primarily on the ability of the Company 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.

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

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

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