With our recapitalization completed, our focus is now on making the investments necessary to execute and achieve our digital transformation. Moreover, we will also be focused on growing long-term value for our stakeholders through continued debt repayment.

Ginette Maillé Chief Financial Officer

financial review / financial and operational highlights /

Financial & Operational Highlights

(in millions of Canadian dollars)

2012
Revenues 1,107.7
EBITDA 570.6
Free Cash Flow 198.3
Advertiser Count 309,000
Advertiser Penetration -
Yellow Pages 360° Solution™
16.5%
Online Advertiser Penetration 61%
Online Unduplicated Unique Visitors 9M
Reach of Online Canadians 32%
Mobile Downloads Over 5M
$307 Million - Online revenues in 2012

Evolution of Online Revenues as a % of Total Revenues

21% in 2010 see note 1, 29% in 2011 see note 1, 38% in 2012 see note 1

Revenues

(in millions of Canadian dollars)

2011 = $1,328.9, 2012 = $1,107.7

Online Revenues2

(in millions of Canadian dollars)

2011 = $346.1, 2012 = $367.2

EBITDA

(in millions of Canadian dollars)

2011 = $679.7, 2012 = $570.6

Net Debt

(in millions of Canadian dollars)

2011 = $1,713.3, 2012 = $781.7
As of the fourth quarter
Online revenue growth on a comparable basis of 16%