On June 11, 2004, Yellow Pages Income Fund completed a public offering of units of the fund for aggregate gross proceeds of $743,332,590 and net proceeds to the fund of $713,599,286. The offering was underwritten by a syndicate of underwriters that was jointly led by RBC Capital Markets, Scotia Capital Inc. and CIBC World Markets Inc. The units were distributed by the underwriters to subscribers as either fully-paid units, at an offering price of $11.15 per unit, or as instalment receipts at an offering price of $11.35 per unit, of which $6.85 was paid upon closing and $4.50 is payable on or before June 10, 2005.

Financing for the portion of the purchase price for the instalment receipt units not payable by subscribers on closing was provided to the underwriters by Royal Bank of Canada, The Bank of Nova Scotia, Canadian Imperial Bank of Commerce and Bank of Montreal.

The banks were represented by Brian Wright and Thomas Meagher of Fasken Martineau.