Pizza Pizza to Report Third Quarter 2006 Results October 31, 2006

TORONTO, Oct. 20 /CNW/ - Pizza Pizza Royalty Income Fund (the "Fund")
(TSX: PZA.UN) today announced that it will issue its Third Quarter 2006
results via news release at the close of business on October 31, 2006.
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 Wednesday, November 1, 2006 at
9:00 a.m. Unitholders and media are also invited to listen to the call.

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Details of the Conference Call:

Date:                       Wednesday, November 1, 2006
Time:                       9:00 a.m. EST
Call in number:             416-642-5213 or 1-866-321-8231
Recording call in number:   416-915-1028 or 1-866-244-4494
                            available until midnight,
                            Tuesday, November 14, 2006

Reservation number:         241104
>>

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 certain trademarks and trade names used
by Pizza Pizza Limited ("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 Pizza Pizza restaurants in the
Royalty Pool. As of January 1, 2006, there were 501 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.

The Company
Pizza Pizza Limited, a privately held-Canadian corporation, is one of
Canada's most successful operators 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