Yellow Pages Group Considering An Offer Of Bonds

Media Release

9 August 2007

Yellow Pages Group Considering An Offer Of Bonds To New Zealand Investors

Yellow Pages Group (YPG) today announced it was considering an offer of up to $300 million of six-year secured, subordinated bonds to New Zealand investors.

The bonds, to be issued by YPG Bond Finance Limited, would be secured, subordinated and cumulative debt securities, carrying a fixed rate of interest to be paid on a semi-annual basis until maturity on 31 October 2013.

The minimum interest rate and applicable margin for the proposed offer, which is expected to open in September, will be set following a bookbuild process.

On 30 April 2007, CCMP Capital Asia Pte and Teachers’ Private Capital – the private investment arm of Ontario Teachers’ Pension Plan – acquired YPG from Telecom Corporation of New Zealand Limited. It is intended that proceeds from the issue of bonds would be used to repay part of the acquisition funding.

Joint Lead Managers for the proposed offer are ABN AMRO Securities NZ Limited, Deutsche Securities New Zealand Limited, Forsyth Barr Limited (acting on behalf of Barclays Capital Asia Limited) and Goldman Sachs JBWere (NZ) Limited.

The offer is expected to be underwritten by ABN AMRO New Zealand Limited, Barclays Capital and Deutsche Bank AG.

No money is currently being sought, and no applications for the bonds will be accepted or money received unless the subscriber has received a combined investment statement and prospectus. It is envisaged that this offer document will be publicly available from late August.

ENDS

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