Pizza Pizza to Report Financial Results for Second Quarter on August 1, 2007

TORONTO, July 16 /CNW/ - Pizza Pizza Royalty Income Fund (the "Fund")
(TSX: PZA.UN) today announced that it will issue its second quarter results
via news release at the close of business on August 1, 2007.
    The Fund invites analysts and portfolio managers to participate in a
conference call with Daniel Vukovich, Chief Operating Officer, Curtis Feltner,
Chief Financial Officer and Pat Finelli, Chief Marketing Officer to discuss
the results. The call will take place on Thursday, August 2, 2007 at 9:00 a.m.
Unitholders and media are also invited to listen to the call.

    <<
    Details of the Conference Call:

    Date:                       Thursday, August 2, 2007
    Time:                       9:00 a.m. EST
    Call in number:             416-642-5212 or 1-866-321-6651
    Recording call in number:   416-915-1028 or 1-866-244-4494
                                available until midnight, Wednesday,
                                August 15, 2007
    Reservation number:         786640
    >>

    About the Fund, a publicly-traded entity

    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 in its restaurants. The trademarks were licensed to Pizza Pizza in
2005 for 99 years, for which Pizza Pizza pays the Fund a royalty equal to 6%
of the system sales of its Pizza Pizza restaurants in the Royalty Pool. As of
January 1, 2007, there were 531 Pizza Pizza restaurants in the Royalty Pool.
    A key attribute of the Fund's structure is the fact that it is a
"top-line" fund. Royalty income of the Fund is based on top-line system sales
of the royalty pool restaurants and is not determined by the profitability of
either Pizza Pizza or the Pizza Pizza restaurants in the royalty pool. Given
this structure, the success of the Fund depends primarily on the ability of
Pizza Pizza to maintain and increase system sales of the royalty pool.
    The Fund's trust units are listed on the Toronto Stock Exchange under the
symbol PZA.UN.

    About Pizza Pizza Limited, the privately-owned operating company

    Pizza Pizza Limited, a privately-held Canadian corporation, is one of
Canada's most successful operators in the quick service restaurant industry
and is celebrating its 40th anniversary this year. Founded in 1967, Pizza
Pizza is guided by a mission to provide the "best food, made especially for
you" and a focus on quality ingredients, customer service, community
contribution and continual innovation.

For further information: Media: Daniel Vukovich, Chief Operating
Officer, Pizza Pizza Limited, Telephone: (416) 967-1010,
dvukovich@pizzapizza.ca; Investors: Curtis Feltner, Chief Financial Officer,
Pizza Pizza Limited, Telephone: (416) 967-1010, cfeltner@pizzapizza.ca; Web:
www.pizzapizzaroyaltyincomefund.com and www.pizzapizza.ca or www.sedar.com.