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Montreal, Quebec February 10, 2004 – Yellow Pages Income Fund announced today that Bell Canada has exchanged all of its 11,111,100 units of YPG LP and 11,111,100 common shares in YPG General Partner Inc. (“YPG GP”) for 11,111,100 units of the Yellow Pages Income Fund, in accordance with its pre-existing exchange right provided for in agreements entered into at the time of the Fund’s initial public offering. Bell Canada’s indirect ownership in Yellow Pages Group remains unchanged following this exchange.
As a result, Bell Canada now owns its 3.24%, on a fully-diluted basis, directly in the Fund while it previously held limited partnership units of YPG LP and common shares of YPG GP. After giving effect to the transaction, the Fund has increased its interest from 67% to a 70.2% interest in YPG LP and YPG GP, which indirectly own 100% of Yellow Pages Group Co. The balance of the units of YPG LP and common shares of YPG GP are held by subsidiaries of funds managed by Kohlberg Kravis Roberts & Co. and Ontario Teachers Pension Plan Board.
About Yellow Pages Income Fund
Yellow Pages Income Fund is an unincorporated, open-ended, limited purpose trust established to invest in Yellow Pages Group. After giving effect to the exchange, the Fund indirectly holds an approximate 70.2% ownership interest in Yellow Pages Group. The Fund units are listed on the Toronto Stock Exchange under the symbol YLO.UN.
About Yellow Pages Group
Yellow Pages Group is Canada’s largest telephone directories publisher and the official publisher of Bell Canada’s directories. Yellow Pages Group markets and distributes print Yellow PagesTM directories and the alphabetical pages. The Company also manages Canada’s most visited commercial online directories YellowPages.ca TM, Canada411.ca, CanadaTollFree.ca, as well as the CanadaPlus.ca network, a leader in the local city sites market. Yellow Pages Group is one of Canada’s leading media companies. The Company publishes 235 directories annually. Yellow Pages directories reach approximately 70% of the Canadian population and provide one of the highest returns on investment for advertisers. Yellow Pages Group employs approximately 1,400 people.
Information about the Company and the Yellow Pages Income Fund can be found at www.ypg.com.
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