MANAGEMENT'S DISCUSSION AND ANALYSIS
February 14, 2005
Management's Discussion and Analysis (MD&A) is intended to assist in the understanding and assessment of the trends and significant changes in the results of operations and financial condition of YPG LP (“YPG”), for the years ended December 31, 2004 and 2003 and of Yellow Pages Income Fund (the “Fund”) for the year ended December 31, 2004 and for the period from commencement of operations, August 1, 2003 to December 31, 2003.
This MD&A contains forward-looking statements about YPG and the Fund's objectives, strategies, financial condition, results of operations and businesses. These statements are “forward-looking” as they are based on our current expectations about our business and the markets we operate in, and on various estimates and assumptions.
- Forward-looking statements in this MD&A describe our expectations on February 14, 2005.
- Our actual results could be materially different from what we expect if known or unknown risks affect our business, or if our estimates or assumptions turn out to be inaccurate. As a result, we cannot guarantee that any forward-looking statement will materialize.
- Forward-looking statements do not take into account the effect that transactions or non-recurring items announced or occurring after the statements are made may have on our business.
- We disclaim any intention and assume no obligation to update any forward-looking statement even if new information becomes available, as a result of future events or for any other reason.
- Risks that could cause our actual results to materially differ from our current expectations are discussed under risks and uncertainties which refer the reader to the risk factors section of the Fund's Annual Information Form.
This review should be read in conjunction with our audited consolidated financial statements and accompanying notes. In this MD&A, “we”, “us”, “our” and “YPG” mean YPG LP and its subsidiaries, and the “Fund” means Yellow Pages Income Fund and its subsidiaries. Quarterly reports, the annual report and supplementary information can be found under “financial reports” on our corporate Web site at www.ypg.com. Additional information can be found on SEDAR at www.sedar.com.
The MD&A is presented in the following sections:
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