Pizza Pizza Royalty Income Fund (the Fund) is an open-ended, limited purpose trust. The Fund was established to acquire, through the Pizza Pizza Royalty Limited Partnership (the Partnership), the trademarks, trade names, operating procedures, systems and other property and proprietary rights associated therewith owned by Pizza Pizza Limited (PPL) used in connection with the operation of all restaurants operated by PPL, its subsidiaries and its franchisees (collectively, the Pizza Pizza Rights and Marks). The Fund owns a 73.5% interest in the Partnership. As of December 31, 2011, there were 607 Pizza Pizza restaurants and 88 Pizza 73 restaurants in the Royalty Pool. PPL, a privately-owned corporation, operates in the food service industry primarily throughout Ontario and Alberta, and primarily franchises and operates quick-service restaurant businesses under the Pizza Pizza and Pizza 73 brands.