Yellow Pages Group Acquires Trader Media

On February 14, 2006, Yellow Pages Group completed its acquisition of all the outstanding shares of Trader Media Corp. from Fraser Francis Limited for a total purchase price of $436 million paid in cash and YPG LP limited partnership units exchangeable for publicly traded units of Yellow Pages Income Fund. Trader Media is Ontario's largest publisher of print-based and online classified advertising publications, including AutoTrader, AutoMart, Renters News, Resale Homes and New Homes and Condos.

Yellow Pages Group was represented by a team led by François Ramsay, vice-president, general counsel and secretary of Yellow Pages Group, Martin Joyal and Corinne Pothier. Stikeman Elliott LLP represented Yellow Pages Group with a team comprised of Bill Braithwaite, David Weinberger, Martin Langlois and Adam Kline (M&A), André Roy, Nicolas Vanasse and Jason Streicher (securities), Robert Hogan, Frédéric Harvey and Christian Meighen (tax), Mario Paura (real estate) and Shana Ivall (employment). Brian Facey, Julie Soloway and Micah Wood of Blake, Cassels & Graydon LLP represented Yellow Pages Group in connection with competition law matters.

Fraser Francis and Trader Media were represented by Osler, Hoskin & Harcourt LLP with a team comprised of Clay Horner, Manny Pressman and Chad Bayne (M&A), Steve Suarez, Hemant Tilak and Joanna Barsky (tax), Michelle Lally and Paul Winton (competition), Jim Hassell and Damian Rigolo (employment) and Paul Morassutti and Stella Di Cresce (real estate). Richard Swan of Fasken Martineau DuMoulin LLP also represented Trader Media with respect to certain key commercial aspects of the transaction; and Ed Merringer, Dolores Di Felice and Emma Miller (corporate) and Larissa Tkachenko (tax) of Borden Ladner Gervais LLP acted as counsel to Trader Media with respect to certain corporate and restructuring aspects of the transaction. Donald MacOdrum and Alison Hayman of Lang Michener LLP also acted as counsel to Trader Media in connection with intellectual property matters.