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Yellow Pages Group Acquires Telephone Directories Business of Aliant Directory Services

CLIENT

Yellow Pages Group Co.

DATE

April 30, 2007

Ogilvy Renault assisted Yellow Pages Group Co. (YPG), a wholly-owned subsidiary of Yellow Pages Income Fund, in its acquisition of the telephone directories business of Aliant Directory Services, a partnership between YPG and majority partner Bell Aliant Regional Communications Inc. ("Bell Aliant"), a subsidiary of Bell Aliant Regional Communications Income Fund. The purchase price paid by YPG for Bell Aliant's interest in the business was $330 million.

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