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BEST-IN-CLASS OPERATING AND FINANCIAL METRICS

FINANCIAL METRICS OF YELLOW PAGES INCOME FUND


(IN THOUSANDS OF CANADIAN DOLLARS, EXCEPT UNIT INFORMATION)

									CAGR
	2005		2004		2003	²	2002	⁴	2002-2005
INCOME STATEMENT
Adjusted Revenues¹	$952,530		$667,375		$640,216		$613,358		15.8	%
Adjusted operating costs	$404,482		$279,010		$267,869		$272,135		14.1	%
Adjusted EBITDA¹	$548,048		$388,365		$372,347		$341,223		17.1	%
Adjusted EBITDA margin	57.5	%	58.2	%	58.2	%	55.6	%

FINANCIAL POSITION
Long-term debt	$2,014,454		$1,191,731		$1,055,106		$2,143,688
Cash and cash equivalents	$49,420		$186,957		$45,545		$37,382
Total net debt (net of cash and cash equivalents)	$1,965,034		$1,004,774		$1,009,561		$2,106,306
Unitholders' equity	$4,995,644		$3,511,671		$1,774,730		$869,026

DISTRIBUTABLE CASH
Interest	$74,111		$42,432		$48,826		$63,720	⁵
Maintenance capital expenditures	$14,513		$7,949		$7,911		$10,000	⁵
Other	$5,225		$1,479		$599		$1,600	⁵
Distributable cash	$454,199		$336,505	³	$315,011		$265,903		19.5	%
Distributable cash per unit	$1.08		$0.98		$0.92		$0.80	⁶	10.5	%

¹Management defines EBITDA as revenues less operating costs which represents income from operations before depreciation and amortization. In addition, the terms Adjusted Revenues and Adjusted EBITDA are used to reflect revenues and EBITDA adjusted for certain items, which management believes are reflective of ongoing operations.
²The Fund accounted for its investment in YPG LP from August 1, 2003 to December 17, 2003 using the equity method. On December 17, 2003 the Fund increased its ownership in YPG LP to 67% and became the controlling unitholder. Consequently, for the period from December 17, 2003 to December 31, 2003, the results of operations of YPG LP were consolidated into those of the Fund. As such, the results of 2002 and 2003 are presented for YPG LP. The results of the Fund are presented for 2004 and 2005 as a full year of comparative information for the consolidated entity is available.
³Assumes the Fund owned 100% of YPG LP as of January 1, 2004 for comparability purposes with 2005. Yellow Pages Income Fund owned 70.28% of YPG LP until June 11, 2004, and 100% thereafter.
⁴Combines the historical results of the predecessor business for the eleven months ended November 29, 2002 and YPG LP's one-month period ended December 31, 2002.
⁵Estimated amounts for 2002.
⁶Based on 332,803,030 units assuming the Fund was in existence for the year ended December 31, 2002.

KEY PERFORMANCE INDICATORS

FROM INCEPTION TO 2005

GROWTH ON A COMPARABLE BASIS – YPG ON A STAND-ALONE BASIS


(IN THOUSANDS OF DOLLARS)

	Year ended		Year ended		Year ended		Year ended
	December 31,		December 31,		December 31,		December 31,
	2002	¹	2003	²	2004		2005		CAGR

Adjusted Revenues	$613,358		$640,216		$667,375		$708,019		4.9%
Adjusted EBITDA ($)	341,223		372,347		388,365		412,677		6.5%
Adjusted EBITDA Margin (%)	55.6	%	58.2	%	58.2	%	58.3	%

¹Combines the historical results of the predecessor business for the eleven-months ended November 29, 2002 and YPG LP's one-month period ended December 31, 2002.
²The Fund accounted for its investment in YPG LP from August 1, 2003 to December 31, 2003 using the equity method. On December 17, 2003, the Fund increased its ownership in YPG LP to 67% and became the controlling unitholder. Consequently, for the period from December 17, 2003 to December 31, 2003, the results of operations of YPG LP were consolidated into those of the Fund. As such, the results of 2002 and 2003 are presented for YPG LP. The results of the Fund are presented for 2004 and 2005 as a full year of comparative information for the consolidated entity is available.

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