Yellow Media Inc.

Yellow Pages Income Fund Announces Renewal of Yellow Media Inc.'s Normal Course Issuer Bid for its Series 1 and Series 2 Preferred Shares

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Montreal (Québec), June 8, 2010 – Yellow Pages Income Fund (TSX: YLO.UN) announced today that its subsidiary, Yellow Media Inc., has received approval from the Toronto Stock Exchange on its notice of intention to renew its normal course issuer bid for its first preferred shares, series 1 and first preferred shares, series 2 through the facilities of the Toronto Stock Exchange from June 11, 2010 to no later than June 10, 2011, in accordance with applicable rules and regulations of the Toronto Stock Exchange.

Under its normal course issuer bid, Yellow Media Inc. intends to purchase for cancellation up to but not more than 1,174,691 and 720,000 of its outstanding first preferred shares, series 1 and first preferred shares, series 2, respectively, representing 10% of the public float of each series of first preferred shares outstanding on June 8, 2010. Yellow Media Inc. currently has 11,746,914 first preferred shares, series 1 and 7,200,000 first preferred shares, series 2 issued and outstanding. The average daily trading volumes of Yellow Media Inc.'s first preferred shares, series 1 and first preferred shares, series 2 for the period between December 1, 2009 and May 31, 2010 were 12,934 and 8,672 respectively. In accordance with the rules of the Toronto Stock Exchange, the maximum number of first preferred shares, series 1 and first preferred shares, series 2 that can be purchased on a daily basis by Yellow Media Inc. are respectively 3,233 and 2,168, subject to the block purchase exception.

Yellow Media Inc. believes that the trading price of the series 1 and series 2 first preferred shares may from time to time not reflect the fundamentals and future prospects for the business of Yellow Media Inc. and the Fund. Yellow Media Inc.'s directors have authorized this normal course issuer bid and, in their opinion, such purchases are in the best interest of Yellow Media Inc. and its securityholders and constitute an appropriate use of Yellow Media Inc.'s funds. As at June 8, 2010, Yellow Media Inc. had acquired 253,086 first preferred shares, series 1 and 800,000 first preferred shares, series 2 by means of open market transactions pursuant to the normal course issuer bid that expires on June 10, 2010, at a weighted average price of $23.99 and $18.15, respectively.

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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