REMINDER/Yellow Pages Income Fund Announces 2008 First Quarter Results Release Date

Market Wire, May, 2008

Yellow Pages Income Fund (TSX: YLO.UN) announces that it will issue its 2008 first quarter results on May 8, 2008, for the period covering January 1 to March 31, 2008. A conference call will be held on the same day at 11:30 a.m. (Eastern Time) to discuss the results.

The investment community is invited to listen to the conference call and will have the opportunity to ask questions. Members of the media are welcome to join the call which will also be broadcast live on Yellow Pages Group's website, at the following address: http://www.ypg.com/page.php/en/1/498.html

To participate in the conference call:

- Toronto and overseas, dial (416) 641-6105

- North America, dial 1 866 696-5895

To access the replay facility (between May 8 and May 16, 2008):

- Toronto and overseas, dial (416) 695-5800

- North America, dial 1 800 408-3053

Enter access code 3259895.

The replay of the conference call will also be available in the Investor Center of the Company's Web site at www.ypg.com .

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: Yellow Pages Income Fund Annie Marsolais Director, Corporate Communications 514-934-4016 annie.marsolais@ypg.com Yellow Pages Income Fund Anne-Sophie Roy Senior Manager, Corporate Finance 514-934-2828 anne-sophie.roy@ypg.com