Pizza Pizza Royalty Income Fund Announces July Dividend and Timing of Second Quarter Earnings Conference Call

TORONTO, ONTARIO--(Marketwire - July 16, 2012) -

Attention Business Editors:

Pizza Pizza Royalty Income Fund (the "Fund") (TSX:PZA.UN) today announced a cash dividend of $0.06 per unit for the month of July 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 July 31, 2012, and will be paid on August 15, 2012.

The Fund also announced that its financial results for the quarter ended June 30, 2012 will be issued at the close of market on August 1, 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, August 2, 2012 at 9:00 a.m. Unitholders and media are also invited to listen to the call.

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