Yellow Pages Group

Investors

FAQ

1. What is Yellow Pages Income Fund’s current distribution payment?
2. Does YPIF have a Distribution Re-Investment Plan (“DRIP”)?
3. What is the tax treatment for YPIF’s cash distributions?
4. What are the Fund's and subsidiary's publicly traded securities and what are their tickers?
5. Are there any foreign ownership restrictions on YPIF units?
6. What is the current structure of the Fund
7. Where can I find the most recent financial results of the company?
8. What are the upcoming financial reporting dates?
9. Who is part of Yellow Pages Income Fund's executive leadership team?
10. Who are the financial research analysts covering YPIF?
11. What is the impact of changes to the Canadian Income Tax treatment of income trusts on distributable cash and distributions declared per unit? 
12. To contact us or our Transfer Agent

1. What is Yellow Pages Income Fund’s (“YPIF” or “the Fund”) current distribution payment?

The current cash distribution per unit paid to Unitholders is $0.80 per year or $0.0667 per month.

The Fund makes monthly cash distributions to unitholders of record on the last business day of each month, net of estimated cash amounts required for expenses and other obligations of the Fund, potential cash redemptions of units and any tax liability.

We periodically review cash distributions taking into account our current and prospective performance. Some of the factors considered in making decisions related to distributions include cash amounts to service debt obligations, maintenance capital expenditures, taxes and other items considered to be prudent.

For additional information on our cash distributions please refer to the following section of our website http://www.ypg.com/en/investors/cash-distribution/policy.

2. Does YPIF have a Distribution Re-Investment Plan (“DRIP”)?

We currently do not have a DRIP plan in place.

3. What is the tax treatment for YPIF’s cash distributions?

YPIF is an income trust and as such, the distributions from the Fund may generally consist of interest income, dividend income and/or return of capital depending on the nature of the income received from its subsidiaries.  All or substantially all of such distributions have historically been taxable to individual Canadian resident unitholders. Furthermore, the Fund expects that all or substantially all of its future distributions will be taxable to individual Canadian resident unitholders for the foreseeable future.

For additional information please refer to the following section of our website http://www.ypg.com/en/investors/cash-distribution/tax-treatment.

4. What are the Fund's and subsidiary's publicly traded securities and what are their tickers?

All units and securities are traded on the Toronto Stock Exchange under the following tickers:

• YLO.UN - Units 
• YPG.DB - Exchangeable Debentures 
• YPG.PR.A Series 1 - Cumulative Redeemable Preferred shares
• YPG.PR.B Series 2 - Cumulative Redeemable Preferred shares
• YPG.PR.C Series 3 - Cumulative Redeemable Preferred shares 
• YPG.PR.D Series 5 - Cumulative Redeemable Preferred shares 

5. Are there any foreign ownership restrictions on YPIF units?

In order for the Fund to maintain its status as a mutual fund trust under the Tax Act, the Fund must not be established or maintained primarily for the benefit of non-residents of Canada within the meaning of the Tax Act. Accordingly, the Fund Declaration of Trust provides that at no time may non-residents of Canada be the beneficial owners of more than 49.9% of the Units.

6. What is the current structure of the Fund

Yellow Pages Income Fund indirectly holds an approximate 97% ownership interest in Yellow Pages Group and Trader Corporation the two operating entities.

For additional information on the structure of the Fund you should consult our most recent Prospectus which can be found on www.SEDAR.com.

7. Where can I find the most recent financial results of the company?

For the latest published financial documents visit the Financial Reports section.

8. What are the upcoming financial reporting dates?

Visit the Investor Calendar section of our corporate website for the Fund’s reporting calendar and for other upcoming events:

• Investor Calendar 

For the latest published financial documents visit the Financial Reports section of this website.

9. Who is part of Yellow Pages Income Fund's executive leadership team?

Visit the Management Team and Board of Directors pages for detailed information.

10. Who are the financial research analysts covering YPIF?

Please visit the Analyst Coverage page for a complete list of analysts.

11. What is the impact of changes to the Canadian Income Tax treatment of income trusts on distributable cash and distributions declared per unit?

On October 31, 2006, the Federal Minister of Finance announced that income other than taxable dividends earned by existing publicly-traded income trusts (or other flow-through entities) such as the Fund, would be taxed beginning in 2011 (October 31, 2006 Announcement). To effect this, the Minister introduced Bill C-52 which received Royal Assent on June 22, 2007. The Bill contained what has become known as the “SIFT Rules” to bring these tax changes into force.

During the four-year interim period, income trusts will be subject to growth guidelines issued by the Federal Department of Finance (the Normal Growth Guidelines). Growth will be measured by the amount of equity issued by the Fund, to benefit from the deferred application of the new tax regime to 2011. Please refer to Section 7 – Risks and Uncertainties: Income Tax Matters of our MD&A for the year ended December 31, 2007 for more details on the SIFT Rules.

Following the October 31, 2006 Announcement, we reiterated periodically that these measures would not affect our business model or operating plans.

12. To contact us or our Transfer Agent

Yellow Pages Income Fund
16 Place du Commerce
Île des Soeurs
Verdun (Québec)
H3E 2A5

Investor Relations
Toll Free Number: 1 877 YLO-2003 (1 877 956-2003)
Email: IR.info@ypg.com

Transfer Agent
CIBC Mellon Trust Company
Answer Line: 1 800 387-0825
E-Mail Inquiries: inquiries@cibcmellon.com
Address:
2001 University Street, Suite 1600
Montreal, Québec H3A 2A6


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