ACS MEDIA MAILS NOTICE OF SPECIAL MEETING AND MANAGEMENT INFORMATION CIRCULAR

TORONTO, October 26, 2006 – ACS Media Income Fund (TSX: AYP.UN) announced today that it has mailed to its unitholders a notice of special meeting, form of proxy and management information circular relating to a special meeting at which unitholders will be asked to consider, and if deemed appropriate, approve (i) the sale of substantially all of the assets of the Fund, and specifically its subsidiary ACS Media Canada Inc. (which holds a 99.9% limited liability company interest in ACS Media LLC, the Fund’s operating business) to Pendo Acquisition ULC, an indirect wholly owned subsidiary of Caribe Acquisition Holdings, LLC, and (ii) amendments to the Fund’s declaration of trust to (a) provide for the redemption of units held by unitholders for cash consideration equal to $9.40 per Unit and (b) allow for the termination of the Fund by its trustees, all as more fully described in the meeting materials. These materials are also available on the Company’s website at www.acsmedia.net.

The special meeting of unitholders will be held in Toronto at 8:30 a.m. local time on Monday, November 20, 2006 at the Gallery, TSX Broadcast Centre, 130 King St. West, Toronto, Ontario.

Provided the Fund’s unitholders approve the special resolution presented at the special meeting, and the proposed transaction is completed, the Fund will announce the date for redemption of its units, which is currently anticipated to occur on or about November 24, 2006.

About ACS Media Income Fund

ACS Media Income Fund is an open-ended, limited purpose trust established under the laws of the Province of Ontario, which indirectly holds a 99.9% interest in ACS Media LLC (“ACS Media”). ACS Media is the largest publisher of print and Internet advertising directories in the State of Alaska, producing 10 print directories that are distributed to approximately 95% of the State’s population. ACS Media’s online directory, www.acsyellowpages.com, extends the reach of advertisers’ content throughout Alaska and beyond.

This release includes certain forward-looking statements including, without limitation, statements concerning the Fund’s future financial position, business strategy, projected costs and plans and objectives of management for future operations. Forward-looking statements generally can be identified by the use of forward-looking terminology such as “may,” “will,” “expect,” “intend,” “estimate,” “anticipate,” “believe,” “should,” “plans,” or “continue” or the negative thereof or variations thereon or similar terminology. Although the Fund believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to be correct. These forward-looking statements are subject to a number of risks and uncertainties, and actual results could differ materially from those anticipated in these forward-looking statements.

Further information on ACS Media Income Fund can be found in its disclosure documents filed with the securities regulatory authorities, available at www.sedar.com.

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For further information:

Wayne Graham
Executive Vice President & CFO
Tel: (907) 297-3015
Email: investors@acsmedia.net

Website: www.acsmedia.net

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