• $0.80 annual distribution to be maintained until December 2010
• Starting in January 2011, initial dividend set at $0.65 per year to be paid monthly
• Conversion to take place by the end of 2010, subject to unitholders’ vote
• Dividend policy intended to provide shareholders a sustainable source of income

Montreal (Quebec), February 11, 2010 – Yellow Pages Income Fund (TSX: YLO.UN) announced details on its path to conversion from an income trust to a traditional corporate structure (the “Conversion”). In light of past legislative changes to the business income trust market, the Conversion is expected to provide a more attractive environment for YPG’s securities while broadening the potential investor base.

Dividend Policy Post Conversion
The Company will continue to distribute $0.80 annually until December 2010. YPG’s Board of Trustees has approved the dividend policy post conversion. Commencing with the January 31, 2011 dividend (record date), the dividend policy will initially be set at $0.0542 per share on a monthly basis or $0.65 annually. This level of dividend is consistent with the preliminary dividend policy communicated last May and reflects a payout ratio of 60% to 70% of cash earnings per share. Please refer to Exhibit 1 below for detailed monthly payments.

“Today’s specifics on YPG’s conversion to a traditional corporate structure should provide investors the clarity they are looking for. We believe the initial dividend will enable us to offer a sustainable return to our investors. Furthermore, our new product initiatives should allow us to re-acquire growth in the future as we extend our market leadership to new segments”, said Marc P. Tellier, President and Chief Executive Officer of Yellow Pages Group.

Corporate Conversion
It is contemplated that the Conversion will be undertaken pursuant to a statutory plan of arrangement under the Canada Business Corporations Act, and will require the approval of YPG unitholders, as well as all required regulatory stock exchange and court approvals. A management information circular and proxy statement outlining the details of the Conversion is expected to be mailed to YPG unitholders by the end of March 2010. To be implemented, the Conversion must be approved by not less than 66 2/3 percent of the votes cast by unitholders voting in person or by proxy at the related special unitholders’ meeting which will be held on May 6, 2010, concurrently with the Company’s annual general meeting.