European Directories S.A. to acquire leading Nordic directories business, TDC Forlag A/S

14 October 2005

European Directories S.A. today announced it has agreed to acquire TDC Forlag A/S (TDC Directories) for €650 million. TDC Directories is a leading Nordic directories business with key market positions in Denmark and Sweden as well as a niche presence in Finland.

European Directories S.A. is owned by a consortium led by Macquarie Capital Alliance Group, which acquired YBR Group (now known as European Directories) in July 2005.

European Directories S.A. has entered into an agreement with TDC A/S, the parent company of TDC Directories and the incumbent telecommunications provider in Denmark, under which it will acquire 100% of TDC Directories for €650 million.

Lex Cohen, Chief Executive Officer of European Directories, commented that “TDC Directories is an attractive follow-on acquisition for the group. Together under single ownership, the companies of European Directories and TDC Directories will have significant opportunities to share management expertise and best practice across the enlarged group.

“The acquisition will enable European Directories to build on its strong position in Europe, with exposure to new geographic markets and an enhanced portfolio of leading brands and products. There is wide scope for operational enhancements that will benefit all of the business, including product innovation.

We understand the importance of continuing to work with TDC A/S as we transition the ownership of TDC Directories. We have acquired other businesses within European Directories from national telecom companies and have a strong track record of building excellent long-term working relationships”.

European Directories S.A. was advised by Macquarie Bank Limited and Alfred Berg ABN AMRO.

About TDC Directories

TDC Directories is a leading Nordic directories business with key market positions in Denmark and Sweden as well as a niche presence in Finland. Its products and services include printed directories, online, directory assistance and data sales. In 2004, TDC Directories derived normalised EBITDA of €61 million on revenues of €192 million. Key information includes:

• Clear market leader in the Danish market with a 61% market share in print including national, regional and local directories. TDC is also a leader in online directory services with a 36% market share¹
• A strong no.2 position in Sweden with 17% print and 7% online market share and with market leading positions in local directories and B2B books

¹TDC Directories’ estimates

About European Directories S.A and European Directories

European Directories S.A. is owned by a consortium led by Macquarie Capital Alliance Group (MCAG). The consortium was formed to acquire YBR Group (now known as European Directories) in July 2005. Other shareholders in European Directories S.A. include Macquarie Bank Limited, Caisse de dépôt et placement du Québec, Nikko Principal Investments Limited and clients of Macquarie’s Private Bank.

European Directories is a pan-European directories services group, operating in printed directories, online and mobile searches and directory assistance in the Netherlands, Finland, Austria, the Czech Republic and Slovakia. It was created in 2004 through the merger of De Telefoongids, Fonecta, Meditatel and Herold and has leading market positions with strong regional brands.

With the addition of TDC Directories, European Directories’ 2004 pro-forma total revenue would have been €573 million, with EBITDA of €210 million.

For more information, please contact:

Karen Smith
Corporate Communications Manager
Macquarie Bank
Tel: (44) (0) 20 7065 2420