SAINT JOHN, NB,July 7 2006 --- Aliant Inc. (TSX: AIT) announced today
that the Plan of Arrangement creating the new Bell Aliant Regional
Communications Income Fund (Bell Aliant) has been completed. The transaction
has received all shareholder, board, court and regulatory approvals, and all
other closing conditions have been satisfied or waived.
    The new income trust combines Aliant's wireline operation in Atlantic
Canada, its information technology and other operations with Bell Canada's
wireline operation in its regional territories in Ontario and Quebec as well
as its indirect 63.4 per cent interest in Bell Nordiq Income Fund. Bell Aliant
is one of North America's largest regional telecommunications service
providers with over 3.4 million local access lines and over 400,000 high-speed
Internet subscribers in six provinces.
    As a result of the Arrangement, Aliant common shares held by the public
have been automatically exchanged for Bell Aliant units, effective at the
close of business today. A letter of transmittal will be sent to Aliant
shareholders shortly requesting the return of Aliant share certificates in
return for a certificate representing the applicable number of Bell Aliant
units. The Bell Aliant units will begin trading on the Toronto Stock Exchange
at the commencement of trading on July 10, 2006 with the trading symbol
"BA.UN".
    The completion of the Plan of Arrangement, which was described in the
management information circular of Aliant dated April 14, 2006, has resulted
in the acquisition by Bell Aliant of 100 per cent of the common shares of
Aliant and 100 per cent of the common shares of Bell Nordiq Group Inc., which
holds a 63.4 percent interest (56,575,000 units) in Bell Nordiq Income Fund
(assuming the exchange of the units of Télébec, Limited Partnership and
Northern Telephone, Limited Partnership into units of Bell Nordiq Income
Fund).
    Also effective today, Bell Aliant has in place a $3.5 billion credit
facility with a syndicate of financial institutions co-led by The Bank of Nova
Scotia and Royal Bank of Canada. The new facility will be used by Bell Aliant
to finance the Plan of Arrangement transactions, refinance existing long-term
debt, support an anticipated commercial paper program and for general working
capital purposes.


    About Aliant

    Aliant serves customers across Atlantic Canada with innovative and
traditional communications services, including local and long distance
telephony, wireless, Internet, e-commerce, interactive multimedia, data and
managed network services. In addition to serving residential, small-to-medium
sized business and enterprise customers in its home market, Aliant also serves
business customers located in other parts of North America. Aliant complements
its industry-leading telecommunications business with strengths in information
technology solutions and knowledge-services applications. Aliant's
approximately 8,400 employees build on its 100-plus year history by
collaborating to deliver the highest quality of customer service, choice and
convenience. Aliant has a market capitalization of approximately $4.5 billion.
    %SEDAR: 00012285EF



For further information: Media relations: Kelly Gallant, (902) 487-4642,
kelly.gallant@aliant.ca; Investor Relations: Ian
Chadsey, (506) 694-2220,
ian.chadsey@aliant.ca