The Yellow Pages Income Fund ("the Fund") intends to make distributions of its available cash to the maximum extent possible to the Unitholders. The Fund intends to make equal monthly cash distributions to Unitholders of record on the last business day of each month, less estimated cash amounts required for expenses and other obligations of the Fund and cash redemptions of Units and any tax liability. The distributions will be paid within 30 days following the end of each month.

While the distributions from the Fund may generally consist of interest income, dividend income and/or return of capital components, 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.