Idearc Overview Dee Jones Senior Vice President – Investor Relations Bear Stearns 2007 Global Credit Conference May 15-16, 2007 Welcome and thank you Lehman Brothers for having me. Share with you today: O How we did in 2006. O 3 priorities we are focusing on in 2007. O What is fueling our growth & how we are building on momentum to deliver total shareholder return.

Proprietary and Confidential Safe Harbor Statement This presentation contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and 21E of the Securities Exchange Act of 1934. You should not place undue reliance on these statements. These forward-looking statements include statements that reflect the current views of our senior management with respect to our financial performance and future events with respect to our business and industry in general. Statements that include the words may, could, should, would, believe, anticipate, forecast, estimate, expect, intend, plan, project, outlook and similar statements of a future or forward-looking nature identify forward-looking statements. Forward-looking statements address matters that involve risks and uncertainties. Accordingly, there are or will be important factors that could cause our actual results to differ materially from those indicated in these statements. We believe that these factors include, but are not limited to, the following: risks inherent in our spin‑off from our former parent corporation, Verizon Communications Inc., which we refer to a Verizon, including increased costs and reduced profitability associated with operating as an independent company; risks related to borrowings made in connection with our spin-off; risks associated with our dependence on key agreements entered into with Verizon in connection with our spin-off; risks associated with our ability to replicate services provided to us by Verizon prior to our spin-off and currently under the transition services agreement; increased demands on our management team as a result of operating as an independent company; changes in our competitive position due to competition from other yellow pages publishers and search engines and/or our ability to anticipate or respond to changes in technology and user preferences; changes in the availability and cost of printing raw materials and third-party printers and distributors; changes in U.S. labor, business, political and/or economic conditions; changes in governmental regulations and policies and actions of regulatory bodies; changes in operating performance; and access to capital markets and changes in credit ratings. The foregoing factors should not be construed as exhaustive and should be read together with the other cautionary statements included in this report, including the information in Item 1A. “Risk Factors” of Part I to our Annual Report on Form 10-K for the year ended Dec. 31, 2006. If one or more events related to these or other risks or uncertainties materialize, or if our underlying assumptions prove to be incorrect, actual results may differ materially from what we anticipate. This presentation includes certain non-GAAP financial measures as defined under SEC rules. As required by those rules, we have provided a reconciliation of those measures to the most directly comparable GAAP measure in materials on our website at http://ir.idearc.com. Proprietary and Confidential

Key Spin-off Success Factors Deliver solid return to our stockholders Declared second dividend Performed in line with guidance Q1 results reflected continued improvement Maintain excellent financial position Adjusted Pro forma OIBITDA margins over 47% Strong cash flow Continuing to drive both print and internet revenues Key to successful spin-off: “Do what you say you are going to do.” We committed to providing solid total return to shareholders & advertisers. We did just that. Strong cash flow resulted in first dividend. Financial guidance was in line with what we laid out to investors. And, our fourth-quarter and year-end results reflect improving trends. We closed 2006 and delivered what we said we were going to do. Strong cash flow that means we can pay a dividend and invest back into the company. Strong cash flow enables us to service debt, pay dividends and make prudent investments Proprietary and Confidential

Key Spin-off Success Factors, cont. Continue improving print sales Full-year 2006 270 bps over 2005 Q1 2007 showed continued improvement 280 bps over Q1 2006 Gaining momentum; Positioned to deliver on our promises Our full-year 2006 results were 270 basis points over 2005. And, our fourth quarter 2006 print sales were 580 basis points over fourth quarter 2005. I will get into the financial detail shortly. The take-away here is: we delivered on our objectives because we executed well on our competitive advantages: O a solid-value generating portfolio O a resilient multi-platform business model O a national base of diverse markets and customers Proprietary and Confidential

Internet Fueled Growth $230M Superpages.com® revenue in 2006 16.8% increase over 2005 Incremental $33M Superpages.com revenue growth accelerated 30.8% increase over Q1 2006 36 percent increase in overall network searches An integral part of our multi-platform strategy is Superpages.com. Our Internet product is growing at a rapid pace each quarter. For the full-year, we increased Superpages.com revenue by 16.8 percent. More impressive headline here is that – due to the Inceptor acquisition - we increased fourth quarter 2006 revenue growth by 26 percent, over fourth quarter 2005. We are very pleased with our full-year results for both our print and Internet products. We are exceptionally pleased with the trends we saw in fourth quarter results. This tells us we have the right strategy in place. Our strategy is working; Capitalizing on growth opportunities Proprietary and Confidential

Deliver Solid Total Return to Shareholders Continue driving double-digit Internet sales Continue improving print sales Maintain healthy margins 2007 Idearc Focus Areas Let’s talk about what we are going to do in 2007. There are three priorities for us – O Continue driving double-digit Internet sales O Continue improving print sales O Maintain healthy margins As we execute on those priorities, we meet the objective of generating free cash flow to continue paying a dividend and investing back into the business. (STIP Measures; these priorities are what we’ll be measured) We are all focused on bringing in revenues – profitably and efficiently. Generate free cash flow to service debt, pay dividend and invest in the business Proprietary and Confidential

Strategies Successfully Implemented Sharpen sales force skills Strengthen training, deployment Drives revenue and competitiveness Distribute more multiple directory products Approximately 130 million in 2006; with expected increase in 2007 Drives usage, retention and advertiser ROI Bolster in-house search engine technology Develop industry-leading Internet ad programs Drive efficiency and scale We already have the right strategies in place. Sales: In 2006: hired 500 sales reps; total sales force to more than 3,000. In 2007, we advance on that: strengthen training to further increase productivity and deploy the right reps to the right markets. With progressive training, our sales force can be aggressive and successful in selling multi-media products. This drives more revenue and makes us more competitive. Distribution: Also in 2006: more books in more consumers’ homes; allows advertisers’ content to get through to more consumers who are ready to buy. In 2007: distribute more books on the street. More books mean more consumer usage and advertiser retention. In-house technology: In 2006: acquired Inceptor and brought search engine technology in-house; immediately integrated & increased revenues. In 2007: continue to look at acquisitions and partnerships with Internet players. Building on the momentum Proprietary and Confidential

Strong Market Expansion Continues 9 new directories in 2006 100+ titles in more than 40 expansion markets Generates more advertising sales Enhances Superpages.com content Strengthens appeal to large national advertisers Evaluating additional markets in 2007 and beyond Targeting additional markets in Northern California footprint Opened Stockton, Calif. sales office Improving print sales means growing the business and one area where we do this exceptionally well is in our expansion markets. We have expanded into 40 new markets. These markets: O Generate more advertising sales O Enhance Superpages.com content O Strengthen appeal to large national advertisers. We are evaluating more markets and are currently targeting 5 markets in Silicon Valley to complete our footprint. Just opened a sales office in Stockton, California. Go into these markets with Verizon national brand recognition – which is a major competitive advantage. Market Expansion strategy to drive profitable growth; supplement Internet initiatives; Appeal to large national advertisers Proprietary and Confidential

Investing in Product Innovation Verizon Yellow Pages Companion DirectoriesTM More than 160 titles as of 2006 – more than any other publisher Doubled number of directories since 2005 2007 focus: increased penetration Solutions at HandTM magazine and Solutions DirectTM advertising postcards Launched in Northeast in 2006 2007 focus: Expand number of markets Improving print sales also means investing in product innovation. This is another area that we excel in. 3 year cycle: First year is product launch Second year is expanding into all markets and Third year becomes so successful we focus on customer penetration and selling more into existing customer base. With our Companion directories we are in year three; focusing on 40% penetration. Solutions at Hand magazine and Solutions Direct postcards - successful launch in 2006 and now our second year will be expanding into markets across the country. Drive increased usage, references and advertiser value by getting content to more consumers in more ways Proprietary and Confidential

Superpages.com® www.superpages.com #1 Internet Yellow Pages 2.8 billion network searches in 2006 36% increase in Q1 2007 network searches Unique mix: fixed fee & performance-based products Appeals to broad set of advertisers Performance-Based Advertising Products Enables us to further monetize local search Launched new packages first quarter 2007 Demand for more robust online packages Simplified sale for reps Increased commission for reps To be successful: (3-legged stool) – content, distribution and technology Content: Two thirds of our business listings have enhanced content; we also have rich consumer features, including User Reviews. Just added map-based search. Distribution: We get our advertisers content on Google, Yahoo, MSN and 200 other Internet sites. Just signed an agreement with Local.com to place our advertisers on their site. Technology: Mentioned earlier we acquired Inceptor. One of the applications we got from this acquisition was the ability to return more relevant leads to our advertisers faster. Recently launched a new package of products. Our sales reps have been trained on these new products and we are pleased at the early response in the marketplace. This is a simplified sale for our reps resulting in selling more volume. Drive growth and references by bringing online local search to consumers and advertisers Proprietary and Confidential

Positive Recent Results High revenue visibility Multi-Product Ad Sales is the leading indicator for revenue Multi-Product Ad Sales – combination of published revenue and internet revenue Advertising Sales results continue to improve 2006 shows an improvement of 260 basis points over 2005 Q1 2007 reflected improvement of over 400 basis points Multi-Product Advertising Sales1, 2 Q1 2007 FY 2006 260 bps YOY Improvement FY 2005 Notes: 1. Reflects combination of print published results and internet revenues. Management uses the results of print directories as they publish (i.e. published view) as a leading indicator of revenues. 2. Revenue adjusted to reflect commercial printing operations that were discontinued in March 2006. Strategic Initiatives Now in Place and Taking Effect Proprietary and Confidential

Strong Cash Flow Highly profitable Adjusted Pro Forma Revenue1 ($M) Highly profitable Adjusted Pro Forma OIBITDA margins over 47% High volume of recurring revenue Strong cash flow Opportunities for growth Full Year 2006 = $3,214 Adjusted Pro Forma OIBITDA2 ($M) Adjusted Pro Forma OIBITDA2 less Capex ($M) Full Year 2006 = $1,537 Full Year 2006 = $1,473 $399 $381 $386 $371 1 Revenue adjusted to reflect commercial printing operations that were discontinued in March 2006. 2 OIBITDA adjusted to reflect impact of one-time stock-based compensation change and non-recurring separation costs, the transfer of pension assets on a fully funded basis and the impact of entering into a new printing contract, which resulted in a reduction of printing cost rates. Cash flow and margins create stable base to service debt, pay dividends and invest in the future Proprietary and Confidential

Proprietary and Confidential 2007 Guidance Multi-product revenues will be close to flat in 2007 Slight contraction in adjusted pro forma OIBITDA margin %, due to change in mix of revenues Reiterated as of May 3, 2007 Proprietary and Confidential

Idearc Strengths Recurring revenue Strong cash flow Aggressive sales force Market expansion momentum Product innovation Internet leadership As I open the floor to questions, keep in mind: O We delivered on what we told you we would do in 2006. O We are very focused and positioned to deliver on our 3 key priorities for 2007. O We are confident in our strategy and prospects for the future. Idearc business model is resilient and provides a solid foundation for growth Proprietary and Confidential