Yellow Pages Group
TSX : YLO.UN

Yellow Pages Group
Bell Aliant Regional Communications Income Fund
TSX : BA.UN

Bell Aliant Regional Communications Income Fund

April 30, 2007 14:51 ET

Yellow Pages Group Completes the Acquisition of Aliant Directory Services from Bell Aliant

MONTREAL, QUEBEC AND HALIFAX, NOVA SCOTIA--(CCNMatthews - April 30, 2007) - Yellow Pages Group ("YPG"), through Yellow Pages Income Fund (TSX:YLO.UN) and Bell Aliant Regional Communications Income Fund (TSX:BA.UN), announced today that they have completed their directory business transaction in accordance with the terms previously announced on February 19, 2007.

With this acquisition, YPG becomes the sole owner of the business of Aliant Directory Services after being its managing partner for the last 10 years with a 12.86% ownership interest. YPG will continue to publish the 35 different residential and Yellow Pages™ directories previously issued across the four Atlantic Provinces by Aliant Directory Services.

"We are ready and excited to take full advantage of our in-depth knowledge of the business and work directly with our Atlantic Canadian colleagues," said Marc P. Tellier, President and CEO of Yellow Pages Group.

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, YellowPages.ca™ and Canada411.ca, as well as CanadaPlus.ca™, 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 www.ypg.com.

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 www.bell.aliant.ca.

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