In c4474 sent on Tuesday, March 21, 2006, an error occurred at the end of the first paragraph. April 14, 2006 should have been April 13, 2006. Corrected copy follows: Pizza Pizza Royalty Income Fund Announces March Distribution TORONTO, March 21 /CNW/ - Pizza Pizza Royalty Income Fund (the "Fund") (TSX: PZA.UN) today announced a cash distribution of $0.0695 per unit for the month of March, 2006. The distribution will be payable to unitholders of record at the close of business on March 31, 2006, and will be paid on April 13, 2006. For those unitholders holding units outside a tax deferred plan, the 2005 distributions will be treated as 46.20% taxable income and 53.80% return of capital. The Fund The Fund is a limited purpose, open-ended trust established under the laws of Ontario to indirectly acquire certain trademarks and trade names used by Pizza Pizza in its restaurants. The trademarks are licensed to Pizza Pizza for 99 years, for which Pizza Pizza pays the Fund a royalty equal to 6% of the system sales of its 501 Pizza Pizza restaurants in Canada as at January 1, 2006 (the "Royalty Pool"). A key attribute of the Fund is that it is based on top-line, system sales of the Royalty Pool restaurants and not on the profitability of either Pizza Pizza or the restaurants in the Royalty Pool. The success of the Fund depends primarily on the ability of Pizza Pizza to maintain and increase system sales of the Royalty Pool and to meet its royalty obligations. The Company Pizza Pizza Limited, a privately held-Canadian corporation, is one of Canada's most successful players in the quick service restaurant industry. 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. The Fund's trust units are listed on the Toronto Stock Exchange under the symbol PZA.UN. %SEDAR: 00022262EF