Yellow Media Inc.

Yellow Pages Income Fund Clarifies Terms Related to its Conversion to a Corporate Structure

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Montreal (Quebec), April 23, 2010 – Yellow Pages Income Fund (the "Fund") (TSX: YLO.UN) today clarified certain terms related to its Plan of Arrangement for conversion to a traditional corporate structure, as described in the Fund's Management Proxy Circular dated March 24, 2010 (the "Circular").

In their role to support certain investors by providing proxy voting analysis and recommendations, RiskMetrics Group, ISS Governance Services has reviewed the Circular and recommended that the Fund clarify certain aspects of its expected post conversion structure. Specifically, RiskMetrics has requested that the successor public corporation to be named "Yellow Media Inc." (which is referred to as "Amalco" in the Circular) limit the number of preferred shares that may be issued in the future and acknowledge that it is not the intention that such preferred shares be used to block any takeover.

Having considered the requests from RiskMetrics, the Fund confirms that the number of new preferred shares that Yellow Media Inc. could issue after the effective date of the conversion will be limited to a maximum of 175,000,000 and that such preferred shares are not intended to be used to block any takeover.

With these clarifications, RiskMetrics will recommend voting FOR all resolutions at the Fund's unitholder meeting being held on May 6, 2010, including voting FOR the conversion from an income trust structure to a corporate structure.

About Yellow Media Inc.
Yellow Media Inc., a subsidiary of Yellow Pages Income Fund, owns Yellow Pages Group and Trader Corporation.  Yellow Pages Group (YPG) is Canada’s leading performance media and marketing solutions company.  The Company brings consumers and businesses together locally through its network of print, digital and mobile properties. YPG enables consumers to make smarter decisions, helping people find what they need wherever and whenever.  YPG partners with businesses to build successful marketing and lead generation programs, helping them grow their business.  Trader Corporation (Trader) is a leader in print and digital vertical media and offers a broad set of services such as inventory management, web solutions, optimization of media spend, and lead generation campaigns.  Trader caters to the automotive, real estate and generalist verticals.  Yellow Media Inc. owns and operates some of Canada’s leading properties and publications including Yellow Pages™ directories, YellowPages.ca™, Canada411.ca™, Auto Trader™(.ca), Home Trader™(.ca), and LesPAC.com. For more information, www.ypg.com.

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