TMX group

MONCTON, Nov. 14 /CNW/ - PDM Royalties Income Fund (the "Fund") (TSX:
PDM.UN) announced today a cash distribution of $0.12 per unit for the month of
October, 2005, this reflects an annual distribution of $1.44 per unit. The
distribution will be paid to unitholders of record at the close of business on
November 21, 2005 and will be payable on or before November 30, 2005.
For those unitholders holding units outside a tax deferred plan, the Fund
estimates that the 2005 distributions will be treated approximately as 78%
taxable income and 22% as a return of capital. The proportion of these figures
may change when the actual results for the fiscal year are calculated.
Royalties paid to the Fund will be adjusted annually to include the
franchise revenues of the new Pizza Delight, Mikes, and Scores restaurants
opened prior to October 2 of each year.
The Fund is a limited purpose 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 and intellectual
property for the Pizza Delight, Mikes, and Scores brands and has licensed them
to Pizza Delight in consideration for a royalty equal to 4% percent of system
sales, and in the case of Scores, the royalty rate is 6%.

Pizza Delight is a privately owned corporation, headquartered in Moncton,
New Brunswick. It operates franchised and corporate restaurants under the
brand names Pizza Delight(R), Mikes(R), and Scores(R) restaurants. Pizza
Delight(R) operates primarily in Atlantic Canada, where it dominates the
family/mid-scale segment. Mikes(R) and Scores(R) restaurants operate primarily
in Quebec in the family and casual dining segments and the take-out and
delivery segments.
%SEDAR: 00018600E