Royal LePage Franchise Services Fund (the "Fund") (TSX:RSF.UN) announced record operating results for the quarter and year ended December 31, 2005.

Royalty revenue for the fourth quarter totalled $6.5 million and $27.2 million for the year, representing respective increases of 17.9% and 14.6% over the same period in 2004. Distributable cash before reserves totalled $4.8 million for the quarter and $20.7 million for the year, up 19.3% and 13.2%, respectively over the same periods in 2004. During 2005, the Fund met its target annual distribution of $1.10 per unit and generated distributable cash of $1.55 per unit, which exceeded the target distributions by 41%.

"Our solid fourth quarter and year-end results were driven by an increase in the Fund's underlying network of agents and sales representatives and continued strength in the Canadian residential resale housing market, commented Philip Soper," president and chief executive officer.