YELLOW PAGES INCOME FUND
TSX : YLO.UN

YELLOW PAGES INCOME FUND

September 28, 2009 08:39 ET

Yellow Page Income Fund Issues Additional Cumulative Rate Reset Preferred Shares Pursuant to Exercise of Over Allotment Option

MONTREAL, QUEBEC--(Marketwire - Sept. 28, 2009) -

THIS MEDIA RELEASE IS NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

Yellow Pages Income Fund (the "Fund")(TSX:YLO.UN) announced today that its subsidiary, YPG Holdings Inc. (the "Issuer"), has issued an additional 800,000 Cumulative Rate Reset First Preferred Shares, Series 3 (the "Series 3 Preferred Shares") at a purchase price of $25.00 per share pursuant to the exercise of the over allotment option granted to the underwriters of its previously announced offering of such Series 3 Preferred Shares, under which 7,500,000 Series 3 Preferred Shares were issued on September 23, 2009. Including the Series 3 Preferred Shares issued today, the Issuer has issued 8,300,000 Series 3 Preferred Shares for aggregate gross proceeds of $207,500,000. The Series 3 Preferred Shares are listed on the Toronto Stock Exchange under the symbol YPG.PR.C-T.

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 leading local commercial search provider. It publishes annually more than 340 Yellow Pages™ and residential directories. The Company owns and manages Canada's most visited online directories, YellowPages.ca™ (http://www.yellowpages.ca/) and Canada411.ca™ (http://www.canada411.ca/), as well as CanadaPlus.ca™ (http://www.canadaplus.ca/canada/home), a network of seven local city sites. Trader Corporation is a Canadian leader in print and online vertical media with over 160 publications and 20 web sites covering four product verticals: automotive, real estate, generalist, as well as employment and other. Its main print brands include Auto Trader™, Auto Hebdo™, The Bargain Finder™, Buy&Sell™, Renters News™ and Home Renters' Guide™, and its online destinations, AutoTrader.ca™ ((http://www.autotrader.ca/), HomeTrader.ca™ (http://www.hometrader.ca/), and LesPAC.com (http://www.lespac.com/app/accueil.php?1=1). For more information about the Fund, visit www.ypg.com.

The Series 3 Preferred Shares have not been, nor will be, registered under the United States Securities Act of 1933, as amended, or any state securities laws and may not be offered or sold in the United States or to U.S. persons absent registration or applicable exemption from the registration requirement of such Act and applicable state securities laws. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to qualification under the securities laws of any such jurisdiction.

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