Yellow Pages Income Fund Announces March 2005 Distribution

Montreal (Quebec), March 21, 2005 – Yellow Pages Income Fund (TSX: YLO.UN) announced today that its monthly cash distribution of $0.08 per Fund unit will be paid on April 15, 2005 to unitholders of record at the close of business on March 31, 2005.

This cash distribution covers the period from March 1, 2005 to March 31, 2005.

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 Yellow Pages Group.

About Yellow Pages Group
Yellow Pages Group is Canada’s largest telephone directories publisher and the official publisher of Bell Canada’s directories.  Yellow Pages Group publishes annually more than 200 print Yellow Pages directories and alphabetical pages reaching approximately 70% of the Canadian population. The Company also manages Canada’s most visited commercial online directories YellowPages.ca, Canada411.ca, CanadaTollFree.ca, as well as the CanadaPlus.ca network, a leader in the local city sites market. Information about Yellow Pages Group can be found at www.ypg.com.

- 30 -

Contacts:

Investor Relations
Claire Lanctôt
Vice President, Corporate Finance
Tel: (514) 934-6509
claire.lanctot@ypg.com
     Media
Annie Marsolais
Senior Manager, Corporate Communications
Tel: (514) 934-4016
annie.marsolais@ypg.com