Trustees of the Fund_fr

The following are brief profiles of the Independent Trustees of the Fund, who will also serve as the directors of Pizza Pizza GP.

Arnold Cader, Trustee of the Fund and of the Trust, Director, Pizza Pizza GP

Mr. Cader is the President of The Delphi Corporation, a real estate and business consulting firm he established in 1986. Prior to that, he served as the Executive Vice President of Four Seasons Hotels Inc. for seven years. Mr. Cader serves as an independent trustee on several family trusts and estates. In addition, he has served on numerous public and private corporate and charitable Boards, and currently serves on the Board of Acetex Corporation, KCP Income Fund and the Global Business and Economic Roundtable. Mr. Cader holds B.Comm and LLB degrees from the University of Toronto.

Richard McCoy, Trustee of the Fund and of the Trust, Director, Pizza Pizza GP

Richard McCoy has been in the investment business for over 35 years. Prior to retiring in October 2003, Mr. McCoy was Vice Chairman, Investment Banking at TD Securities Inc. Prior to joining TD Securities Inc. in May 1997, Mr. McCoy was Deputy Chairman of CIBC Wood Gundy Securities. Mr. McCoy holds an MBA from the Richard Ivey School of Business Administration, University of Western Ontario.

Robert Nobes, Trustee of the Fund and of the Trust, Director, Pizza Pizza GP

Robert Nobes is a retired senior partner of KPMG whose 41 year career included exposure to large retail clients, both public and private. At KPMG, Mr. Nobes was the partner in charge of the Greater Toronto Area professional practice, with responsibility for quality control and risk management, and was also a securities reviewing partner. He was a Trustee of the E.D. Smith Income Fund for two years until that trust was taken private in November 2007.

Terence Reid, Trustee of the Fund and of the Trust, Director, Pizza Pizza GP

Prior to retiring in December 2003, Terence Reid was President, Laketon Investment Management. Prior to joining Laketon in March 2001, Mr. Reid was the Vice Chairman at Baystreetdirect.com. Prior to joining Baystreetdirect.com in November 1999, Mr. Reid was the Vice Chairman of CIBC World Markets Inc. Mr. Reid holds a diploma in law from the University of the Witswatersrand and an MBA from the University of Toronto.

Elizabeth Wright, Chairperson and Trustee of the Fund and of the Trust, Director, Pizza Pizza GP

Elizabeth Wright started Wright Consulting in January 2005 as Principal. Prior to Wright Consulting, she was a Partner in the executive search firm, Ray&Berndtson/Lovas Stanley. Prior to joining Ray&Berndtson in 1999, she was Senior Vice President Corporate Development and Director of Midland Walwyn Capital Inc. Prior to that she held executive positions at financial institutions, including two Canadian chartered banks and a Canadian trust company. She serves as a director of a number of corporate and not-for-profit boards. Ms. Wright holds an MBA from the University of Toronto and a B.A. from Smith College.

Non-independent Board Members who are employed by Pizza Pizza Limited

Paul Goddard, Chief Executive Officer

Paul Goddard became Chief Executive Officer on March 31, 2010 upon the passing of Michael Overs, the founder of Pizza Pizza. Paul is a licensed professional engineer, and holds an honours engineering degree from Queen’s University and an MBA from London Business School, UK.

Paul has over 20 years of international experience in Canada, the US and the UK, and has extensive expertise in general management, sales, marketing, IT, operations, business development, strategy and portfolio management. He has worked for market-leading firms such as Imperial Oil (Esso), Morgan Stanley, and Just Energy (formerly Energy Savings Income Fund), where he was Senior Vice President, Sales & Marketing.

Paul is also a member of the Board of Governors for Excellence Canada, an independent, not-for-profit, organization that is committed to advancing organizational excellence across Canada.

Curt Feltner, Vice President, Finance and Chief Financial Officer

Curtis Feltner holds a B.Sc. degree from Indiana University. He became a certified public accountant in 1983, and worked in a financial capacity in the real estate industry for ten years prior to joining Pizza Pizza as Controller in 1993. He was promoted to Chief Financial Officer in 1999 and Vice President, Finance in 2005; he also is a member of the Board of Directors of Pizza Pizza Royalty Income Fund.