Yellow Media Inc.

Yellow Pages Income Fund Files Preliminary Shelf Prospectus

Print Version

Montreal (Quebec), May 1, 2006 – Yellow Pages Income Fund (TSX: YLO.UN) announces the filing with Canadian securities regulators of a preliminary short form base shelf prospectus relating to units, subscription receipts, debt securities and convertible securities of the Fund and debt securities, medium term notes and convertible securities of YPG Holdings Inc, an indirect subsidiary of the Fund, for aggregate proceeds of up to $1.5 billion.  These securities may be offered from time to time, during a 25-month period for which the short form base shelf prospectus remains valid.

The dealer group includes (listed alphabetically) BMO Nesbitt Burns Inc., CIBC World Markets Inc., HSBC Securities (Canada) Inc., National Bank Financial Inc., RBC Dominion Securities Inc., Scotia Capital Inc. and TD Securities Inc., and also includes (listed alphabetically) Blackmont Capital Inc., Canaccord Capital Corporation, Casgrain & Company Limited, Desjardins Securities Inc., Dundee Securities Corporation, Genuity Capital Markets G.P., UBS Securities Canada Inc. and Westwind Partners Inc.

This press release does not constitute an offer to sell or the solicitation of any offer to buy nor will there be any sale of these securities in any province, state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such province, state or jurisdiction.

About Yellow Pages Income Fund
Yellow Pages Income Fund is an unincorporated, open-ended, limited purpose trust established to invest in Yellow Pages Group. The Fund indirectly holds an approximate 96% ownership interest in Yellow Pages Group.

About Yellow Pages Group
Yellow Pages Group is Canada's largest telephone directories publisher. Yellow Pages Group publishes annually more than 330 Yellow Pages™ directories and alphabetical pages. 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. In addition, Yellow Pages Group is a leader in print and online vertical media in Ontario through Trader Media Corporation (TMC). TMC is an affiliate of Yellow Pages Group. For more information about the Company, visit www.ypg.com.

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