Pizza Pizza Royalty Income Fund Announces Normal Course Issuer Bid

The Board of Trustees of the Fund believe that, in view of the changes to the tax treatment of income trusts announced by the Federal government in October 2006, and continuing market uncertainty affecting the income trust sector, the market price of the Fund's Units may not adequately reflect the current value of, and prospects for, the Fund's business. As a result, the Board of Trustees believe that the Fund's outstanding Units may, at such times, represent an attractive opportunity to realize additional unitholder value and that purchases of Units at such times would be an appropriate and desirable use of the Fund's available resources.

The Fund may commence purchases of Units on November 24, 2008, at times and in quantities determined by it. All purchases will be effected through the facilities of the TSX, and will comply with the regulations of a NCIB as defined by the TSX. Under the bid, up to 1,358,635 Units of the Fund may be purchased. This amount represents approximately 10% of the public float as of November 19, 2008. Until March 31, 2009, or as may otherwise be permitted by the TSX, the Fund may purchase up to 9,458 Units during any trading day, which represents 50% of the average daily trading volume for the most recently completed six calendar months prior to TSX acceptance of the notice of the NCIB. Thereafter, the Fund may purchase up to 4,729 Units during any trading day, which represents 25% of the average daily trading volume for the most recently completed six calendar months prior to TSX acceptance of the notice of the NCIB. This limitation does not apply to purchases made pursuant to block purchase exemptions. The Fund has 21,818,392 Units issued and outstanding as of November 19, 2008.

Forward Looking Statements

This document may contain "forward-looking" statements which involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward looking statements. When used in this document, such statements include such words as "may", "will", "expect", "believe", "plan", and other similar terminology. These statements reflect management's current expectations regarding future events and operating performance and speak only as of the date on which they are made. These forward-looking statements involve a number of risks and uncertainties. The following are some factors that could cause actual results to differ materially from those expressed in or underlying such forward-looking statements: competition; changes in demographic trends; changing consumer preferences and discretionary spending patterns; changes in national and local business and economic conditions; legislation and governmental regulation; accounting policies and practices; and the results of operations and financial condition of Pizza Pizza Limited. The foregoing list of factors is not exhaustive and should be considered in conjunction with the other risks and uncertainties described in the Fund's Annual Information Form. The Fund assumes no obligation to update these forward looking statements, except as required by applicable securities laws.

About 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 Limited (the "Company") in Pizza Pizza and Pizza 73 branded restaurants.

A key attribute of the Fund is that its royalty revenues are based on top-line, system sales of the Royalty Pool restaurants and not on the profitability of either the Company or the restaurants in the Royalty Pool. The success of the Fund depends primarily on the ability of the Company to maintain and increase system sales of the Royalty Pool and to meet its royalty obligations.

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

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