MONTREAL, QUEBEC--(MARKET WIRE)--Jul 15, 2008 -- Yellow Pages Income Fund (Toronto:YLO-UN.TO - News) announced today that its monthly cash distribution of $0.09417 per Fund unit will be paid on August 15, 2008 to unitholders of record at the close of business on July 31, 2008.

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

About Yellow Pages Income Fund

Yellow Pages Income Fund indirectly holds an approximate 98% 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