TORONTO, July 20 /CNW/ - Pizza Pizza Royalty Income Fund (the "Fund") (TSX: PZA.UN) announced today in accordance with the Prospectus dated June 24, 2005 a cash distribution of $0.0559 per unit for the period from July 6, 2005 to July 31, 2005. The distribution will be payable to unitholders of record at the close of business on July 29, 2005 and will be paid on August 15, 2005. This is the Fund's first distribution for the Fund, and reflects only a 26 day period from the closing of its initial public offering. The Fund is an open-ended trust established under the laws of Ontario. The Fund will make monthly distributions of its available cash to holders of units. The Fund indirectly owns the trade marks, trade names and other intellectual property used in connection with the Pizza Pizza(R) restaurants in Canada, and has licensed these rights to Pizza Pizza Limited in consideration for a royalty equal to 6% of system sales. Pizza Pizza Limited is a privately owned corporation, headquartered in Toronto, Ontario. It is "Ontario's No. 1 Pizza" and operates 500 restaurants, including 340 traditional restaurants and 160 non-traditional restaurants, the majority of which are owned and operated by franchisees, under the brand name Pizza Pizza(R). Pizza Pizza Limited operates primarily in Ontario, where it has the leading market share in the pizza quick services segment of the food industry. %SEDAR: 00022262EF