Pick your Ponzi scheme: Manulife's earnings down 50%, Yellow Pages up 19.6%

Yellow Pages Income Fund Reports Third Quarter Financial Results

Strong EBITDA margin performance in both platforms
Targeted initiatives to position 2009

Montreal (Québec), November 6, 2008 – Yellow Pages Income Fund (TSX: YLO.UN) reported third quarter results today highlighted by gains in EBITDA margin performance in both Directories and Vertical Media. The company continues to strengthen its leading position through investments to expand its product portfolio and improve its market coverage.

For the third quarter ending September 30, 2008, consolidated net earnings increased 19.6% to $146.1 million compared to $122.1 million for the same period in 2007. Income from operations during the quarter reached $204.4 million, a 24.8% increase over the $163.8 million reported last year. Cash flow from operating activities amounted to $187.5 million during the quarter.

Consolidated Adjusted Revenues1 and revenues in the third quarter of 2008 reached $426 million. Consolidated Adjusted EBITDA1 grew by 4.3% to $237.5 million. EBITDA (income from operations before depreciation and amortization) increased by 4.1% to reach $237.8 million.

“We continue to deliver best-in-class financial and operational results, which enable us to grow distributable cash, offering investors a solid current distribution,” said Marc P. Tellier, President and Chief Executive Officer of Yellow Pages Group. “Our long-term strategy has been and remains to position our various assets for sustained growth.”