Yellow Pages Income Fund Announces the Declaration of the Quarterly Dividend on the First Preferred Shares Series 1 and Series 2 Issued by YPG Holdings Inc.

• Press Release
• Source: Yellow Pages Income Fund
• On Monday December 1, 2008, 9:00 am EST

MONTREAL, QUEBEC--(MARKET WIRE)--Dec 1, 2008 -- Yellow Pages Income Fund (Toronto:YLO-UN.TO - News) announced today that its subsidiary YPG Holdings Inc. has approved the following payments:

- Quarterly cash dividend of $0.26563 per first preferred shares, Series 1 (Toronto:YPG-PA.TO - News)

- Quarterly cash dividend of $0.31250 per first preferred shares, Series 2 (Toronto:YPG-PB.TO - News)

Both quarterly cash dividend payments are payable on December 29, 2008 to shareholders of record at the close of business on December 15, 2008.

The dividends are designated as eligible dividends for the purposes of section 89 of the Income Tax Act (Canada) and any provision of any similar provincial and territorial legislation.

About Yellow Pages Income Fund

Yellow Pages Income Fund indirectly holds an approximate 98% ownership interest in Yellow Pages Group and Trader Corporation. Yellow Pages Group is Canada's leading local commercial search provider. It publishes annually more than 340 Yellow Pages(TM) and residential directories. The Company owns and manages Canada's most visited online directories, YellowPages.ca(TM) and Canada411.ca(TM), as well as CanadaPlus.ca(TM), a network of seven local city sites. Trader Corporation is a Canadian leader in print and online vertical media with approximately 200 publications and 20 web sites covering four product verticals: automotive, real estate, general merchandise and employment. Its main brands include Auto Trader(TM), Auto Hebdo(TM), The Bargain Finder(TM), Buy&Sell(TM), Renters News(TM) and Home Renters' Guide(TM). For more information about the Fund, visit www.ypg.com.

     Contacts:
     Investor Relations
     Anne-Sophie Roy
     Director, Corporate Finance and Investor Relations
     514-934-2828
     anne-sophie.roy@ypg.com
      
     Media
     Annie Marsolais
     Director, Corporate Communications
     514-934-4016
     annie.marsolais@ypg.com