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Pizza Pizza Royalty Corp. Announces May Dividend and Annual Meeting of Shareholders Tuesday, May 23rd, 2017

Toronto, Ontario, May 23, 2017 – Pizza Pizza Royalty Corp. (the “Company”) (TSX: PZA) today announced that its Annual Meeting of Shareholders will be held at the TMX Broadcast Centre, The Exchange Tower, 130 King Street West, Toronto, Ontario on Wednesday, May 31, 2017 at 10:00 a.m. E.T. Shareholders and media are invited to attend.

The Company also announced its monthly cash dividend of $0.0713 per share for May 2017. The dividend will be payable to shareholders of record at the close of business on May 31, 2017, and will be paid on June 15, 2017.

For tax purposes, the 2017 dividend will be considered a taxable eligible dividend.

For further information:

Christine D’Sylva, Vice President of Finance and Investor Relations, Pizza Pizza Royalty Corp.

(416) 967-1010 x393 cdsylva@pizzapizza.ca

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