Glossary of Selected Terms
| PPL or Pizza Pizza | Pizza Pizza Limited |
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| Pizza 73 | Flying Pizza 73 and it's affiliated companies |
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| Partnership | Pizza Pizza Royalty Limited Partnership |
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| Fund | Pizza Pizza Royalty Income Fund (TSE symbol “pza.un”) |
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| IPO | The Fund’s initial public offering closing date: July 6, 2005 |
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| Fiscal Year | As it applies to the Fund and Partnership, for 2005, it means July 6 to December 31; after January 1, 2006, it means January 1 to December 31. As it applies to PPL, prior to 2005, it means a 52-week reporting period ending on the Sunday closest to September 30. Every five or six years PPL’s fiscal year includes an extra (or 53rd) week. Fiscal 2005 consisted of 53 weeks, while fiscal 2004 consisted of 52 weeks. After October 2, 2005, it means the remainder of calendar 2005 to December 31, at which time PPL will switch its year end to the Sunday closest to December 31. |
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| Pizza Pizza Limited Consolidated | As it applies to the fiscal year ended October 2, 2005, it means the 53 weeks of operations of PPL and its subsidiary consolidated with the Partnership’s operations from July 6 to September 30, 2005. After January 1, 2006, PPL and the Partnership will be consolidated quarterly and annually and will have co-terminus quarter end and year end dates with the Fund. |
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| System Sales | Gross sales generated from Pizza Pizza and Pizza 73 restaurants in Canada. |
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| SSSG | The increase in gross sales generated from Pizza Pizza and Pizza 73 restaurants in Canada that have been open 12 months. |
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| Royalty Pool | In any period, those Pizza Pizza restaurants on which a royalty equating to 6% of their System Sales is to be paid to the Partnership and those Pizza 73 restaurants on which a royalty equating to 9% of their system sales is paid to the partnership. |
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| Quick Service Restaurants (QSR) | The QSR segment of the Canadian commercial foodservice industry usually contains establishments having counter service and emphasizes take-out and delivery. |
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| Non-Controlling Interest | The Fund’s indirect interest in the Partnership |
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| PPL Rights | The Fund used the proceeds of the initial public offering to indirectly acquire, through the Partnership, the trademarks, trade names, operating procedures and systems and other intellectual property and proprietary rights and all goodwill associated therewith owned by PPL and used in connection with the operation of all restaurants operated by Pizza Pizza, its subsidiaries and its franchisees (collectively, the “PPL Rights”). |
| P73 Rights | The Fund used the proceeds of the private placement to indirectly acquire, through the partnership, the trademarks and other intellectual property and proprietary rights and all good will associated there with owned by Pizza 73 and it's affiliates. |