Pizza Pizza Royalty Income Fund Announces Third Distribution

TORONTO, Sept. 21 /CNW/ - Pizza Pizza Royalty Income Fund (the "Fund")
(TSX: PZA.UN) announced today a cash distribution of $0.0667 per unit for the
period from September 1, 2005 to September 30, 2005. The distribution will be
payable to unitholders of record at the close of business on September 30,
2005 and will be paid on October 14, 2005.

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 ("Pizza
Pizza") in consideration for a royalty equal to 6% of system sales from the
Pizza Pizza restaurants included in the royalty pool from time to time.
%SEDAR: 00022262EF