Yellow Media Inc.

Yellow Pages Income Fund Announces Management Team for its Vertical Media Business

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Montreal (Quebec), June 16, 2006 - Yellow Pages Income Fund (TSX:YLO.UN) announces the creation of an executive team for its recently formed subsidiary, Trader Corporation. Trader Corporation was created from the combination of Classified Media (Canada) Holdings Inc. (Trader Canada) and Trader Media Corporation (TMC), both acquired earlier this year.

"We are very excited about the opportunity to create a national platform of vertical publications and Web sites through the newly formed company, Trader Corporation. The combination of Trader Canada and TMC gives us the chance to take these businesses to the next stage of their development and build new opportunities from the strengths of two market leaders ," stated Marc P. Tellier, President and Chief Executive Officer of YPG and Chief Executive Officer of Trader Corporation.

Management changes include:

• The appointment of Doug Clarke to President of Trader Corporation. Prior to this position, Mr. Clarke was Senior Group Publisher at TMC.
• The nomination of Geneviève LeBrun to the role of Vice President, Marketing of Trader Corporation. Ms. LeBrun was Vice President, Marketing of YPG.
• Both will report to Marc P. Tellier.

Reporting directly to Doug Clarke, President of Trader Corporation:

• Kirk Romero is appointed Chief Operating Officer of Trader Corporation. Mr. Romero will be responsible for all sales activities and operations across Canada.
• Jamie Blundell is appointed Vice President, Operations.
• Ian Cochrane, is appointed Vice President, Shared Services. Mr. Cochrane's team will lead the integration of Human Resources, Corporate Performance, Finance and Information Technology Services.

The Company is also pleased to announce that former presidents, Rob Svendsen (Trader Canada) and John Francis (TMC) will continue to provide their strong knowledge of the vertical business as advisors to the new company.

"We are confident that the executive team will bring the national vertical media platform to new performance levels", added Mr. Tellier. "We are ready to integrate the two businesses and capitalize on cross-selling opportunities, as well as drive supply chain efficiencies."

YPG's immediate focus will be to integrate the business over the next 12 to 18 months and to reinforce its capital structure. The Company also expects to improve its credit metrics through a broader EBITDA base and continuing strong momentum in directories.

About Yellow Pages Income Fund

Yellow Pages Income Fund indirectly holds an approximate 96% ownership interest in Yellow Pages Group (YPG) and Trader Corporation. YPG is Canada's largest telephone directories publisher. It publishes annually more than 330 Yellow Pages™ and residential directories. The Company owns and manages Canada's most visited online directories YellowPages.ca™, Canada411.ca, as well as the CanadaPlus.ca, a network of seven local city sites. Trader Corporation is a Canadian leader in print and online vertical media with over 200 publications and 20 web sites covering four product verticals: automotive, real estate, employment and general merchandise. Its main brands include Auto Trader™, Auto Hebdo™, The Bargain Finder™ and Home Renters' Guide™. For more information about the Fund, visit www.ypg.com.

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