Yellow Pages Income Fund Announces January 2008 Distribution

Yellow Pages Income Fund (TSX: YLO.UN) announced today that its monthly cash distribution of $0.09417 per Fund unit will be paid on February 15, 2008 to unitholders of record at the close of business on January 31, 2008.

This cash distribution covers the period from January 1, 2008 to January 31, 2008.

About Yellow Pages Income Fund

Yellow Pages Income Fund indirectly holds an approximate 97% ownership interest in Yellow Pages Group and Trader Corporation. Yellow Pages Group is Canada’s largest telephone directories publisher. It publishes annually more than 340 Yellow Pages(TM) and residential directories. The Company owns and manages Canada’s most visited online directories, YellowPages.ca(TM) and Canada411.ca, as well as CanadaPlus.ca(TM), a network of seven local city sites. Trader Corporation is a Canadian leader in print and online vertical media with approximately 200 publications and 20 web sites covering four product verticals: automotive, real estate, general merchandise and employment. Its main brands include Auto Trader(TM), Auto Hebdo(TM), The Bargain Finder(TM), Buy&Sell(TM), Renters News(TM) and Home Renters’ Guide(TM). For more information about the Fund, visit www.ypg.com.

 Contacts: Investor Relations: Anne-Sophie Roy Senior Manager, Corporate Finance 514-934-2828 anne-sophie.roy@ypg.com  Media: Annie Marsolais Director, Corporate Communications 514-934-4016 annie.marsolais@ypg.com

SOURCE: Yellow Pages Income Fund