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Pizza Pizza Royalty Income Fund

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Pizza Pizza Royalty Income Fund PIZZA PIZZA ROYALTY INCOME FUND ANNUAL INFORMATION FORM For the year ended December 31, 2010 March 29, 2011 10620890.2 33778-2001 - 2 - TABLE OF CONTENTS GLOSSARY OF TERMS ................................................................................................. 5 NON-GAAP MEASURES .............................................................................................. 13 FORWARD-LOOKING STATEMENTS ......................................................................... 13 GENERAL ..................................................................................................................... 13 STRUCTURE OF THE FUND ........................................................................................ 13 The Fund ................................................................................................................... 13 The Trust.................................................................................................................... 14 The Partnership .......................................................................................................... 14 Pizza Pizza GP Inc. .................................................................................................... 14 The Company ............................................................................................................ 14 Organizational Structure ............................................................................................. 15 GENERAL DEVELOPMENT OF THE BUSINESS ........................................................ 16 Three Year History, including the 2007 Acquisition of the Pizza 73 Rights ................ 16 Closing of the Initial Public Offering and the Acquisition of the Pizza Pizza Rights, July 2005 ........................................................................................................................... 17 Closing of the Subscription Receipts Offering and the Acquisition of the Pizza 73 Rights, July 2007 ........................................................................................................ 17 The Royalty – Pizza Pizza ......................................................................................... 18 The Royalty – Pizza 73 .............................................................................................. 19 PPL Loan and Acquisition of the PPL Loan, July 2005 .............................................. 19 DESCRIPTION OF THE BUSINESS ............................................................................. 20 The Fund ................................................................................................................... 20 The Partnership ......................................................................................................... 20 BUSINESS OF THE COMPANY ................................................................................... 23 Overview .................................................................................................................... 23 Brand-Based Business Model .................................................................................... 24 Restaurant Format ..................................................................................................... 24 Restaurant Locations ................................................................................................. 24 System Sales ............................................................................................................. 24 Same Restaurant Sales Growth ................................................................................ 25 Competitive Strength .................................................................................................. 27 Growth Strategy in Existing and New Markets ............................................................ 27 Pizza Pizza Franchise Operations ............................................................................. 28 Pizza 73 Ownership Structure .................................................................................... 30 Marketing and Advertising .......................................................................................... 31 Suppliers .................................................................................................................... 32 Competition ................................................................................................................ 32 Directors and Officers of the Company ....................................................................... 33 DESCRIPTION OF THE FUND ..................................................................................... 35 Declaration of Trust ................................................................................................... 35 Units........................................................................................................................... 35 Issuance of Units ........................................................................................................ 35 Cash Distributions ...................................................................................................... 36 Redemption Right ...................................................................................................... 38 - 3 - Meetings of Unitholders .............................................................................................. 39 Limitation on Non-Resident Ownership ...................................................................... 40 Takeover Bids ............................................................................................................ 41 Exercise of Certain Voting Rights Attached to Certain Securities ................................ 41 Rights of Unitholders .................................................................................................. 42 Book-Entry Only System ............................................................................................ 43 Fund Administration ................................................................................................... 43 DESCRIPTION OF THE TRUST ................................................................................... 43 Holdings Declaration of Trust ..................................................................................... 43 Trust Units .................................................................................................................. 44 Issuance of Trust Units ............................................................................................... 44 Redemption Right ...................................................................................................... 44 Trust Notes ................................................................................................................ 45 Trust Unit Certificates ................................................................................................. 46 Holdings Trustees ...................................................................................................... 46 Cash Distributions ...................................................................................................... 47 Trust Administration ................................................................................................... 47 DESCRIPTION OF THE PARTNERSHIP ...................................................................... 47 Partners and Partnership Securities ........................................................................... 47 Distributions ............................................................................................................... 48 Allocation of Net Income and Loss ............................................................................. 49 The Pizza Pizza Retained Interest and Exchange Rights ........................................... 50 LICENCE AND ROYALTY ............................................................................................. 51 The Licence ............................................................................................................... 51 The Pizza Pizza and Pizza 73 Royalty ....................................................................... 51 Security for the Royalty .............................................................................................. 52 Operating Covenants of the Company in the Pizza Pizza and Pizza 73 Licence and Royalty Agreements ................................................................................................... 54 Adjustments to the Royalty Pools and Payments Made Under the Licence and Royalty Agreements ................................................................................................................ 55 MANAGEMENT AND CORPORATE GOVERNANCE OF PIZZA PIZZA GP ................. 62 Capital of Pizza Pizza GP ........................................................................................... 63 Management and Control of Pizza Pizza GP .............................................................. 63 Restrictive Covenants ................................................................................................ 63 Restrictions on the Transfer of Partnership Securities ................................................ 63 Rights of Offer ............................................................................................................ 64 Other Matters ............................................................................................................
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