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yellow pages advised by Alexander Capital as it consolidates Aliant Directories

Yellow Pages Group to Acquire Aliant Directory Services from Bell Aliant

Montréal (Quebec) and Halifax (Nova Scotia), February 19, 2007 – Yellow Pages Group (YPG) through Yellow Pages Income Fund (TSX: YLO.UN) and Bell Aliant Regional Communications Income Fund (Bell Aliant) (TSX: BA.UN) announced today that they have entered into a memorandum of understanding for YPG to acquire the assets of Aliant Directory Services, a partnership currently held 87.14 per cent by Bell Aliant and the balance by YPG.  The $330 million purchase price consideration for Bell Aliant’s interest in the business is payable in cash at closing. This transaction is subject to the satisfaction of certain conditions, including the execution of a definitive purchase agreement, the parties entering into certain long term commercial agreements, and the satisfaction of regulatory requirements.

“We have been a motivated buyer for this asset over the past few years as part of our strategy to further strengthen our core directory business in Canada. The time has come for us to take full advantage of our in-depth knowledge of this business,” stated Marc P. Tellier, President and CEO of Yellow Pages Group. “As managing partner of this business for the last 10 years, YPG is very pleased to become the sole owner and welcome our Aliant Directory Services colleagues to the YPG family.”

“We are very pleased with the transaction we have negotiated with YPG,” said Stephen Wetmore, President and CEO of Bell Aliant. “Our divestiture of this asset will allow us to focus on growth opportunities in our core businesses and increased value for our unitholders, with a seamless transition for our customers.”
Aliant Directory Services is the incumbent directory publisher in the four Atlantic Provinces. The partnership publishes 35 directories with a total circulation of 1.8 million copies.  Including these assets, YPG publishes more than 340 directories annually with a total circulation of 30 million copies.

In 2006, Aliant Directory Services generated revenues and EBITDA of approximately $65 million and $37 million respectively. It is anticipated that the transaction will close in early April, subject to satisfaction of the applicable conditions.

For further information, consult the Aliant Directory Services acquisition fact sheet.

About Bell Aliant
Bell Aliant (TSX: BA.UN) is one of North America's largest regional communications providers. Through its operating entities it serves customers in six Canadian provinces with innovative information, communication and technology services including voice, data, Internet, video and value-added business solutions. Through its xwave offices, Bell Aliant also provides IT professional services in Canada and the US. Bell Aliant's 10,000 employees are committed to deliver the highest quality of customer service, choice and convenience.  For more information about Bell Aliant, visit

About Yellow Pages Income Fund
Yellow Pages Income Fund indirectly holds an approximate 97% 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™ and residential directories. The Company owns and manages Canada's most visited online directories,™ and, as well as™, 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™, Auto Hebdo™, The Bargain Finder™, Buy & Sell™, Renters News™ and Home Renters’ Guide™. For more information about the Fund, visit

Source: Yellow Pages Group

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