Yellow Media Inc.

Yellow Pages Group Announces an Offering of $250 Million of Medium Term Notes by YPG Holdings Inc.

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Montreal (Quebec), February 22, 2006 – Yellow Pages Group announces today an offering by YPG Holdings Inc. (the "Company") of Medium Term Notes for combined gross proceeds of $250 million. The proceeds from the issuance of the Notes will be used to repay indebtedness and for general corporate purposes. This offering is scheduled to close on or about February 27, 2006.

Pursuant to this offering, the Company will issue Cdn.$150 million of 4.65% Series 6 Notes, which will be dated February 27, 2006, will mature on February 28, 2011 and will be issued at a price of Cdn.$99.841 for a yield to the investor of 4.686% compounded semi-annually. The Company will also increase the size of it's Cdn.$250 million offering of 6.25% Series 5 Notes, which were issued on November 23, 2005, by issuing a further Cdn.$100 million of 6.25% Series 5 Notes. The Series 5 Notes mature on February 15, 2036 and will be issued at a price of $100.933 for a yield to the investor of 6.181% compounded semi-annually.

The Series 5 Notes and Series 6 Notes will be guaranteed by Yellow Pages Income Fund (TSX: YLO.UN), YPG Trust, YPG LP and Yellow Pages Group Co. and Trader Media Corporation (the operating companies). The Notes have been assigned a rating of BBB (high) with a stable trend by Dominion Bond Rating Services Limited and a preliminary rating of BBB- with a stable outlook from Standard & Poor's Rating Service.

The offering of the Series 5 and Series 6 Notes is pursuant to the Short Form Base Shelf Prospectus dated March 11, 2005 of the Company and a prospectus and pricing supplement relating to the additional Series 5 Notes and Series 6 Notes which will be filed by the Company with the securities regulatory authorities in all provinces and territories of Canada. The offering is led by RBC Dominion Securities Inc. and Scotia Capital Inc. acting as co-book-runners, and TD Securities Inc. and BMO Nesbitt Burns Inc. acting as joint lead underwriters, with CIBC World Markets Inc., National Bank Financial Inc., HSBC Securities (Canada) Inc. and Casgrain & Company Limited participating as co-managers.

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. The units of the Fund are listed for trading on the Toronto Stock Exchange under the symbol YLO.UN.

About Yellow Pages Group
Yellow Pages Group is Canada's largest telephone directories publisher. Yellow Pages Group publishes annually more than 330 Yellow Pages(TM) directories and alphabetical pages, in markets that cover 93% of the Canadian population. The Company owns and manages Canada's most visited online directories YellowPages.ca (TM), Canada411.ca, as well as the CanadaPlus.ca network, a leader in the local city sites market. In addition, Yellow Pages Group is a leader in classified advertising in Ontario through Trader Media Corporation (TMC). TMC, Ontario's largest publisher of classified advertising and web sites, is an affiliated company of Yellow Pages Group. For more information about the Company, visit www.ypg.com.

This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

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