Document:

<PAGE>   1
                                                                     Exhibit 4.3

                  THIS NOTE IS A GLOBAL NOTE WITHIN THE MEANING OF THE INDENTURE
HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITORY OR A
NOMINEE OF A DEPOSITORY. THIS NOTE IS NOT EXCHANGEABLE FOR NOTES REGISTERED IN
THE NAME OF A PERSON OTHER THAN THE DEPOSITORY OR ITS NOMINEE EXCEPT IN THE
LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE, AND NO TRANSFER OF THIS NOTE
(OTHER THAN A TRANSFER OF THIS NOTE AS A WHOLE BY THE DEPOSITORY TO A NOMINEE OF
THE DEPOSITORY OR BY A NOMINEE OF THE DEPOSITORY TO THE DEPOSITORY OR ANOTHER
NOMINEE OF THE DEPOSITORY) MAY BE REGISTERED EXCEPT IN THE LIMITED CIRCUMSTANCES
DESCRIBED IN THE INDENTURE.

                  UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED
REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (A NEW YORK CORPORATION) ("DTC")
TO THE ISSUERS OR THEIR AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE, OR
PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR
IN SUCH OTHER NAME AS IT REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND
ANY PAYMENT IS MADE TO CEDE & CO. OR SUCH OTHER ENTITY AS IS REQUESTED BY AN
AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR
VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED
OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.
<PAGE>   2
THIS NOTE HAS NOT BEEN REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933, AS
AMENDED (THE "ACT"), AND, ACCORDINGLY, MAY NOT BE OFFERED OR SOLD WITHIN THE
UNITED STATES OR TO, OR FOR THE ACCOUNT OR BENEFIT OF, U.S. PERSONS, EXCEPT AS
SET FORTH BELOW. BY ITS ACQUISITION HEREOF, THE HOLDER AGREES THAT IT WILL NOT
PRIOR TO THE DATE (THE "RESALE RESTRICTION TERMINATION DATE") THAT IS TWO YEARS
AFTER THE LATER OF THE ORIGINAL ISSUE DATE OF THIS NOTE AND THE LAST DATE ON
WHICH THE ISSUERS OR ANY AFFILIATE OF THE ISSUERS, WAS THE OWNER OF THIS NOTE
(OR ANY PREDECESSOR OF SUCH NOTE), RESELL OR OTHERWISE TRANSFER THIS NOTE EXCEPT
(A) TO AN ISSUER OR ANY SUBSIDIARY THEREOF, (B) PURSUANT TO AN EFFECTIVE
REGISTRATION STATEMENT UNDER THE ACT, (C) INSIDE THE UNITED STATES TO A
QUALIFIED INSTITUTIONAL BUYER IN COMPLIANCE WITH RULE 144A UNDER THE ACT, (D)
INSIDE THE UNITED STATES TO AN ACCREDITED INVESTOR THAT, PRIOR TO SUCH TRANSFER,
FURNISHES (OR HAS FURNISHED ON ITS BEHALF BY A U.S. BROKER-DEALER) TO THE
COMPANY AND THE TRUSTEE A SIGNED LETTER CONTAINING CERTAIN REPRESENTATIONS AND
AGREEMENTS RELATING TO THE RESTRICTIONS ON TRANSFER OF THIS NOTE (THE FORM OF
WHICH LETTER CAN BE OBTAINED FROM THE TRUSTEE), (E) OUTSIDE THE UNITED STATES IN
AN OFFSHORE TRANSACTION IN COMPLIANCE WITH RULE 904 UNDER THE ACT OR (F)
PURSUANT TO THE EXEMPTION FROM REGISTRATION PROVIDED BY RULE 144 UNDER THE ACT
(IF AVAILABLE) AND (2) AGREES THAT IT WILL GIVE TO EACH PERSON TO WHOM THIS NOTE
IS TRANSFERRED A NOTICE SUBSTANTIALLY TO THE EFFECT OF THIS LEGEND. IN
CONNECTION WITH ANY TRANSFER OF THIS NOTE PRIOR TO THE RESALE RESTRICTION
TERMINATION DATE, IF THE PROPOSED TRANSFEREE IS AN ACCREDITED INVESTOR, THE
HOLDER MUST, PRIOR TO SUCH TRANSFER, FURNISH TO THE TRUSTEE AND THE COMPANY SUCH
CERTIFICATIONS, LEGAL OPINIONS OR OTHER INFORMATION AS EITHER OF THEM MAY
REASONABLY REQUIRE TO CONFIRM THAT SUCH TRANSFER IS BEING MADE PURSUANT TO AN
EXEMPTION FROM OR IN A TRANSACTION NOT SUBJECT TO THE REGISTRATION REQUIREMENTS
OF THE ACT. AS USED HEREIN, THE TERMS "OFFSHORE TRANSACTION," "UNITED STATES"
AND "U.S. PERSON" HAVE THE MEANINGS GIVEN TO THEM BY REGULATION S UNDER THE ACT.
<PAGE>   3
Number R-1                                                    CUSIP  894063 A J5

                       TRANSWESTERN PUBLISHING COMPANY LLC
                              TWP CAPITAL CORP. II

                9 5/8% SENIOR SUBORDINATED NOTE DUE 2007 SERIES E

                  TransWestern Publishing Company LLC, a Delaware limited
liability company (the "Company", which term includes any successor
corporation), and TWP Capital Corp. II, a Delaware corporation (jointly and
severally, together with the Company, the "Issuers"), for value received promise
to pay to CEDE & Co. or registered assigns the principal sum of seventy-four
million two hundred fifty thousand dollars ($74,250,000), on November 15, 2007.

                  Interest Payment Dates: May 15 and November 15, commencing
November 15, 2001

                  Record Dates: May 1 and November 1

                  This Note shall not be valid or obligatory for any purpose
until the certificate of authentication shall have been executed by the Trustee
by its manual signature.

                  Reference is made to the further provisions of this Security
contained herein, which will for all purposes have the same effect as if set
forth at this place.
<PAGE>   4
                                      -2-

                  IN WITNESS WHEREOF, the Issuers have caused this Note to be
signed manually or by facsimile by their duly authorized Officers.

                       TRANSWESTERN PUBLISHING COMPANY LLC

                                 By:
                                      ------------------------------------------
                                      Name:    Joan M. Fiorito
                                      Title:   Vice President
                                               Chief Financial Officer

                                 By:
                                      ------------------------------------------
                                      Name:    Laurence H. Bloch
                                      Title:   Chairman

                                 TWP CAPITAL CORP. II

                                 By:
                                      ------------------------------------------
                                      Name:    Joan M. Fiorito
                                      Title:   Vice President
                                               Chief Financial Officer

                                 By:
                                      ------------------------------------------
                                      Name:    Laurence H. Bloch
                                      Title:   Chairman

Certificate of Authentication:
This is one of the 9 5/8% Senior
Subordinated Notes due 2007 Series E
referred to in the within-mentioned
Indenture

Dated:

WILMINGTON TRUST COMPANY, as Trustee

By:
     -------------------------------
     Authorized Signatory
<PAGE>   5
                                      -3-

                       TRANSWESTERN PUBLISHING COMPANY LLC
                              TWP CAPITAL CORP. II

                9 5/8% SENIOR SUBORDINATED NOTE DUE 2007 SERIES E

1.       INTEREST.

                  TRANSWESTERN PUBLISHING COMPANY LLC, a Delaware limited
liability company (the "Company"), and TWP Capital Corp. II, a Delaware
corporation (together with the Company, the "Issuers"), jointly and severally
promise to pay interest on the principal amount of this Note semiannually on May
15 and November 15 of each year (each an "Interest Payment Date"), commencing on
November 15, 2001, at the rate of 9 5/8% per annum. Interest will be computed on
the basis of a 360-day year of twelve 30-day months. Interest on the Notes will
accrue from the most recent date to which interest has been paid or, if no
interest has been paid, from May 15, 2001.

                  The Issuers shall pay interest on overdue principal, and on
overdue premium, if any, and overdue interest, to the extent lawful, at the rate
equal to 2% per annum in excess of the rate borne by the Notes.

2.       METHOD OF PAYMENT.

                  The Issuers will pay interest on this Note provided for in
Paragraph 1 above (except defaulted interest) to the person who is the
registered Holder of this Note at the close of business on the May 1 or November
1 preceding the Interest Payment Date (whether or not such day is a Business
Day). The Holder must surrender this Note to a Paying Agent to collect principal
payments. The Issuers will pay principal, premium, if any, and interest in money
of the United States that at the time of payment is legal tender for payment of
public and private debts; provided, however, that the Issuers may pay principal,
premium, if any, and interest by check payable in such money. They may mail an
interest check to the Holder's registered address.
<PAGE>   6
                                      -4-

3.       PAYING AGENT AND REGISTRAR.

                  Initially, Wilmington Trust Company (the "Trustee") will act
as Paying Agent and Registrar. The Issuers may change any Paying Agent or
Registrar without notice to the Holders of the Notes. Neither the Issuers nor
any of their Subsidiaries or Affiliates may act as Paying Agent but may act as
Registrar.

4.       INDENTURE; RESTRICTIVE COVENANTS.

                  The Issuers issued this Note under an Indenture dated as of
May 23, 2001 (the "Indenture") among the Issuers, the Guarantors and the
Trustee. The terms of this Note include those stated in the Indenture and those
made part of the Indenture by reference to the Trust Indenture Act of 1939 (15
U.S. Code Sections 77aaa-77bbbb) as in effect on the date of the Indenture. This
Note is subject to all such terms, and the Holder of this Note is referred to
the Indenture and said Trust Indenture Act for a statement of them. All
capitalized terms in this Note, unless otherwise defined, have the meanings
assigned to them by the Indenture.

                  The Notes are general unsecured obligations of the Issuers
limited to $215,000,000 aggregate principal amount; provided however, that no
more than (i) $75,000,000 in aggregate principal amount of Exchange Notes may be
authenticated in exchange for the cancellation of up to $75,000,000 of the
Initial Notes and no more that (ii) $140,000,000 in Exchange Notes shall be
reserved and may be authenticated for the Series D Notes (as defined in the
Registration Rights Agreement (as defined herein)). The Indenture imposes
certain restrictions on, among other things, the incurrence of indebtedness, the
incurrence of liens and the issuance of capital stock by Subsidiaries of the
Issuers, mergers and sale of assets, the payments of dividends on, or the
repurchase of, capital stock of the Issuers and their Restricted Subsidiaries,
certain other restricted payments by the Issuers and their Restricted
Subsidiaries, certain transactions with, and investments in, their affiliates,
certain sale and lease-back transactions and a provision regarding
change-of-control transactions.
<PAGE>   7
                                      -5-

5.       SUBORDINATION.

                  The Indebtedness evidenced by the Notes is, to the extent and
in the manner provided in the Indenture, subordinated and subject in right of
payment to the prior payment in full of all Senior Indebtedness as defined in
the Indenture, and this Note is issued subject to such provisions. Each Holder
of this Note, by accepting the same, (a) agrees to and shall be bound by such
provisions, (b) authorizes and directs the Trustee, on behalf of such Holder, to
take such action as may be necessary or appropriate to effectuate the
subordination as provided in the Indenture and (c) appoints the Trustee
attorney-in-fact of such Holder for such purpose; provided, however, that the
Indebtedness evidenced by this Note shall cease to be so subordinate and subject
in right of payment upon any defeasance of this Note referred to in Paragraph 18
below.

6.       OPTIONAL REDEMPTION.

                  The Issuers, at their option, may redeem the Notes, in whole
or in part, at any time on or after November 15, 2002 upon not less than 30 nor
more than 60 days' notice, at the redemption prices (expressed as percentages of
principal amount), set forth below, together, in each case, with accrued and
unpaid interest to the Redemption Date, if redeemed during the twelve month
period beginning on November 15 of each year listed below:

<TABLE>
<CAPTION>
           Year                                      Redemption Price
           ----                                      ----------------
<S>                                                  <C>
           2002...................................       104.813%
           2003...................................       103.208%
           2004...................................       101.604%
           2005 and thereafter....................       100.000%
</TABLE>

7.       NOTICE OF REDEMPTION.

                  Notice of redemption will be mailed via first class mail at
least 30 days but not more than 60 days prior to the redemption date to each
Holder of Notes to be redeemed at its registered address as it shall appear on
the register of the Notes maintained by the Registrar. On and after any
Redemption
<PAGE>   8
                                      -6-

Date, interest will cease to accrue on the Notes or portions thereof called for
redemption unless the Issuers shall fail to redeem any such Note.

8.       OFFERS TO PURCHASE.

                  The Indenture requires that certain proceeds from Asset Sales
be used, subject to further limitations contained therein, to make an offer to
purchase certain amounts of Notes in accordance with the procedures set forth in
the Indenture. The Issuers are also required to make an offer to purchase Notes
upon the occurrence of a Change of Control in accordance with procedures set
forth in the Indenture.

9.       REGISTRATION RIGHTS.

                  Pursuant to the Registration Rights Agreement among the
Issuers, First Union Securities, Inc. and CIBC World Markets Corp., as initial
purchasers of the Notes, the Issuers will be obligated to consummate an exchange
offer pursuant to which the Holder of this Note shall have the right to exchange
this Note for Notes of a separate series issued under the Indenture (or a trust
indenture substantially identical to the Indenture in accordance with the terms
of the Registration Rights Agreement) which have been registered under the
Securities Act, in like principal amount and having substantially identical
terms as the Notes. The Holders shall be entitled to receive certain additional
interest payments in the event such exchange offer is not consummated and upon
certain other conditions, all pursuant to and in accordance with the terms of
the Registration Rights Agreement.

10.      DENOMINATIONS, TRANSFER, EXCHANGE.

                  The Notes are in registered form without coupons in
denominations of $1,000 and integral multiples thereof. A Holder may register
the transfer or exchange of Notes in accordance with the Indenture. The
Registrar may require a Holder, among other things, to furnish appropriate
endorsements and transfer documents and to pay any taxes and fees required by
law or permitted by the Indenture. The Registrar need not register the transfer
of or exchange any Note selected for redemption or register the transfer of or
exchange any Note for a pe-
<PAGE>   9
                                      -7-

riod of 15 days before the mailing of notice of redemption of Notes to be
redeemed or any Note after it is called for redemption in whole or in part,
except the unredeemed portion of any Note being redeemed in part.

11.      PERSONS DEEMED OWNERS.

                  The registered Holder of this Note may be treated as the owner
of it for all purposes.

12.      UNCLAIMED MONEY.

                  If money for the payment of principal, premium or interest on
any Note remains unclaimed for two years, the Trustee or Paying Agent will pay
the money back to the Issuers at their written request. After that, Holders
entitled to money must look to the Issuers for payment as general creditors
unless an "abandoned property" law designates another person.

13.      AMENDMENT, SUPPLEMENT AND WAIVER.

                  Subject to certain exceptions, the Indenture or the Notes may
be modified, amended or supplemented by the Issuers, the Guarantors and the
Trustee with the consent of the Holders of at least a majority in principal
amount of the Notes then outstanding and any existing default or compliance with
any provision may be waived in a particular instance with the consent of the
Holders of a majority in principal amount of the Notes then outstanding. Without
the consent of Holders, the Issuers, the Guarantors and the Trustee may amend
the Indenture or the Notes or supplement the Indenture for certain specified
purposes including providing for uncertificated Notes in addition to
certificated Notes, and curing any ambiguity, defect or inconsistency, or making
any other change that does not materially and adversely affect the rights of any
Holder.

14.      SUCCESSOR ENTITY.

                  When a successor corporation assumes all the obligations of
its predecessor under the Notes and the Indenture and immediately before and
thereafter no Default exists and certain other conditions are satisfied, the
predecessor corporation will be released from those obligations.
<PAGE>   10
                                      -8-

15.      DEFAULTS AND REMEDIES.

                  Events of Default are set forth in the Indenture. If an Event
of Default (other than an Event of Default pursuant to Section 6.01(6) or (7) of
the Indenture with respect to either of the Issuers) occurs and is continuing,
the Trustee by notice to the Issuers, or the Holders of not less than 25% in
aggregate principal amount of the Notes then outstanding, may declare to be
immediately due and payable the entire principal amount of all the Notes then
outstanding plus accrued but unpaid interest to the date of acceleration and (i)
such amounts shall become immediately due and payable or (ii) if there are any
amounts outstanding under or in respect of the Senior Credit Facility, such
amounts shall become due and payable upon the first to occur of an acceleration
of amounts outstanding under or in respect of the Senior Credit Facility or five
Business Days after receipt by the Company and the Representative of notice of
the acceleration of the Notes; provided, however, that after such acceleration
but before judgment or decree based on such acceleration is obtained by the
Trustee, the Holders of a majority in aggregate principal amount of the
outstanding Notes may, under certain circumstances, rescind and annul such
acceleration and its consequences if all existing Events of Default, other than
the nonpayment of principal, premium or interest that has become due solely
because of the acceleration, have been cured or waived and if the rescission
would not conflict with any judgment or decree. No such rescission shall affect
any subsequent Default or impair any right consequent thereto. In case an Event
of Default specified in Section 6.01(6) or (7) of the Indenture with respect to
either of the Issuers occurs, such principal amount, together with premium, if
any, and interest with respect to all of the Notes, shall be due and payable
immediately without any declaration or other act on the part of the Trustee or
the Holders of the Notes.

16.      TRUSTEE DEALINGS WITH THE ISSUERS

                  The Trustee under the Indenture, in its individual or any
other capacity, may make loans to, accept deposits from, and perform services
for the Issuers, any Guarantor or their Affiliates, and may otherwise deal with
the Issuers any Guarantor or their Affiliates, as if it were not Trustee.
<PAGE>   11
                                      -9-

17.      NO RECOURSE AGAINST OTHERS.

                  As more fully described in the Indenture, a director, officer,
employee or stockholder, as such, of the Issuers, any Guarantor or
Communications shall not have any liability for any obligations of the Issuers
or any Guarantor under the Notes or the Indenture or for any claim based on, in
respect or by reason of, such obligations or their creation. The Holder of this
Note by accepting this Note waives and releases all such liability. The waiver
and release are part of the consideration for the issuance of this Note.

18.      DEFEASANCE AND COVENANT DEFEASANCE.

                  The Indenture contains provisions for defeasance of the entire
indebtedness on this Note and for defeasance of certain covenants in the
Indenture upon compliance by the Issuers with certain conditions set forth in
the Indenture.

19.      ABBREVIATIONS.

                  Customary abbreviations may be used in the name of a Holder of
a Note or an assignee, such as: TEN COM (= tenants in common), TEN ENT (=
tenants by the entireties), JT TEN (joint tenants with right of survivorship and
not as tenants in common), CUST (= Custodian), and U/G/M/A (Uniform Gifts to
Minors Act).

20.      CUSIP NUMBERS.

                  Pursuant to a recommendation promulgated by the Committee on
Uniform Note Identification Procedures, the Issuers have caused CUSIP Numbers to
be printed on the Notes and have directed the Trustee to use CUSIP numbers in
notices of redemption as a convenience to Holders of the Notes. No
representation is made as to the accuracy of such numbers either as printed on
the Notes or as contained in any notice of redemption and reliance may be placed
only on the other identification numbers placed thereon.

21.      GOVERNING LAW.

                  THIS NOTE SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE
WITH THE LAWS OF THE STATE OF NEW YORK, AS APPLIED
<PAGE>   12
                                      -10-

TO CONTRACTS MADE AND PERFORMED WITHIN THE STATE OF NEW YORK, WITHOUT REGARD TO
PRINCIPLES OF CONFLICTS OF LAW. EACH OF THE PARTIES HERETO AGREES TO SUBMIT TO
THE JURISDICTION OF THE COURTS OF THE STATE OF NEW YORK IN ANY ACTION OR
PROCEEDING ARISING OUT OF OR RELATING TO THIS NOTE.

                  THE ISSUERS WILL FURNISH TO ANY HOLDER OF A NOTE UPON WRITTEN
REQUEST AND WITHOUT CHARGE A COPY OF THE INDENTURE. REQUESTS MAY BE MADE TO:
TRANSWESTERN PUBLISHING COMPANY LLC, 8344 Clairemont Mesa Boulevard, San Diego,
California 92111, Attention: Vice President - Chief Financial Officer.

22.      GUARANTEES BY SUBSIDIARIES.

The Notes will be entitled to the benefits of certain Guarantees by subsidiaries
made for the benefit of the Holders. Reference is hereby made to the Indenture
for a statement of the respective rights, limitations of rights, duties and
obligations thereunder of the Guarantors, the Trustee and the Holders.
<PAGE>   13
                       OPTION OF HOLDER TO ELECT PURCHASE

                  If you want to elect to have all or any part of this Note
purchased by the Company pursuant to Section 4.10 or Section 4.19 of the
Indenture, check the appropriate box:

               [ ]   Section 4.10               [ ]   Section 4.19

                  If you want to have only part of the Note purchased by the
pursuant to Section 4.10 or Section 4.19 of the Indenture, state the amount you
elect to have purchased:

$ ___________________________

Date: _______________________

                              Your Signature: _______________________________
                                              (Sign exactly as your name appears
                                              on the face of this Note)

______________________________
Signature Guaranteed

                                      A-1
<PAGE>   14
I or we assign and transfer this Note to:

             (Insert assignee's social security or tax I.D. number)
________________________________________________________________________________
________________________________________________________________________________
________________________________________________________________________________
(Print or type name, address and zip code of assignee)

and irrevocably appoint:
________________________________________________________________________________
________________________________________________________________________________

Agent to transfer this Note on the books of the Issuers. The Agent may
substitute another to act for him.

                                   [Check One]

                  [ ] (a) this Note is being transferred in compliance with the
                  exemption from registration under the Securities Act provided
                  by Rule 144A thereunder.

                                       or

                  [ ] (b) this Note is being transferred other than in
                  accordance with (a) above and documents are being furnished
                  which comply with the conditions of transfer set forth in this
                  Note and the Indenture.

If none of the foregoing boxes is checked, the Trustee or Registrar shall not be
obligated to register this Note in the name of any person other than the Holder
hereof unless and until the conditions to any such transfer of registration set
forth herein and in Sections 2.16 and 2.17 of the Indenture shall have been
satisfied.

Date: __________________         Your Signature: _____________________
                                                 (Sign exactly as your name
                                                 appears on the other side of
                                                 this Note)

                  Signature Guarantee: ____________________________________

                                      A-1
<PAGE>   15
              TO BE COMPLETED BY PURCHASER IF (a) ABOVE IS CHECKED

                             The undersigned represents and warrants that it is
purchasing this Note for its own account or an account with respect to which it
exercises sole
investment discretion and that it and any such account is a "qualified
institutional buyer" within the meaning of Rule 144A under the Securities Act
and is aware that the sale to it is being made in reliance on Rule 144A and
acknowledges that it has received such information regarding the Issuers as the
undersigned has requested pursuant to Rule 144A or has determined not to request
such information and that it is aware that the transferor is relying upon the
undersigned's foregoing representations in order to claim the exemption from
registration provided by Rule 144A.

Dated: __________________                       ________________________________
                                                NOTICE:  To be executed by
                                                         an executive officer

                                       B-1
<PAGE>   16
                                                                       EXHIBIT B<PAGE>   1
                                                                     Exhibit 4.4

                                    GUARANTEE

                  The undersigned, Target Directories of Michigan, Inc. (the
"Guarantor") hereby unconditionally guarantees, on a senior subordinated basis,
jointly and severally with all other guarantors under the Indenture dated as of
May 23, 2001 by and among TransWestern Publishing Company LLC, a Delaware
limited partnership (the "Company"), TWP Capital Corp. II, a Delaware
corporation ("Capital" and, together with the Company, the "Issuers"), the
Guarantor named therein and Wilmington Trust Company, as trustee (as amended,
restated or supplemented from time to time, the "Indenture"), to the extent set
forth in the Indenture and subject to the provisions of the Indenture, (a) the
due and punctual payment of the principal of and premium, if any, and interest
on the Notes, whether at maturity, by acceleration or otherwise, the due and
punctual payment of interest on overdue principal of, and premium, if any, and
interest on the Notes, to the extent lawful, and the due and punctual
performance of all other obligations of the Issuers to the Noteholders or the
Trustee, all in accordance with the terms set forth in Article 10 of the
Indenture, and (b) in case of any extension of time of payment or renewal of any
Notes or any of such other obligations, that the same will be promptly paid in
full when due or performed in accordance with the terms of the extension or
renewal, whether at stated maturity, by acceleration or otherwise.

                  The obligations of the Guarantor to the Noteholders and to the
Trustee pursuant to this Guarantee and the Indenture are expressly set forth in
Article 10 of the Indenture and reference is hereby made to the Indenture for
the precise terms and limitations of this Guarantee.

                                        Target Directories of Michigan, Inc.,
                                            as Guarantor

                                        By:         /s/ Joan M. Fiorito
                                            ------------------------------------
                                            Name:   Joan M. Fiorito
                                            Title:  Vice President - Chief
                                                    Financial Officer

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