1. YellowPages.com Charles Stubbs September 29, 2005

2. 2 Agenda Market Strategy Execution

3. 3 Online Advertising Market U.S. Online Advertising Spending ($B) Source: The Kelsey Group; Feb. 2005  Explosive growth ◆ 24% per year growth through 2009 ◆ Online share of total advertising to double over the next 4 years

4. 4 Online Local Advertising U.S. Internet Yellow Pages and Local Search Markets ($B) Internet Yellow Pages Local Internet Search Source: The Kelsey Group; Feb. 2005  Forecasted growth almost 50% per year over the next several years

5. 5 IYP & Local Search Usage Market Share (Searches) Q2 2005  Fragmented Usage  Traditional Yellow Pages Publishers and New Internet Businesses  Dynamic and Competitive Marketplace source: comScore Media Metrix Q2 2005 Internet Yellow Pages Search Report

6. 6 Agenda Market Strategy Execution

7. 7 Dual Aggregation Strategy Print Yellow Pages Indexed Content

8. 8 Print Yellow Pages Indexed Content Local Sales Dual Aggregation Strategy

9. 9 Print Yellow Pages Print & Distribute Indexed Content Dual Aggregation Strategy

10. 10 Print & Distribute Indexed Content End-to-end Solution Resulting in ~50% Operating Margins Local Sales Print Yellow Pages Dual Aggregation Strategy

11. 11  Core Pieces ◆ Technology ◆ User Interface ◆ Content ◆ Advertising Products ◆ Business Model ◆ Reporting ◆ Cross-Platform Indexed Content Dual Aggregation Strategy Electronic Yellow Pages

12. 12  Maximize Revenue ◆ Local Coverage ◆ National Sales ◆ Business Model ◆ Subscription ◆ PFP ◆ Prioritization Local Sales Dual Aggregation Strategy Electronic Yellow Pages

13. 13  Direct ◆ Organic Use ◆ Advertising & Promotion ◆ SEO  Syndication ◆ AOL ◆ Switchboard ◆ Yahoo! ◆ Search Products Publish & Distribute Dual Aggregation Strategy Electronic Yellow Pages

14. 14 Publish & Distribute Indexed Content Local Sales Dual Aggregation Strategy Electronic Yellow Pages

15. 15 Dual Aggregation Strategy Fixed Monthly (Placement) Cost Per Click Cost Per Click Cost Per Call Cost Per Call Business Model Options % of Transactions % of Transactions Yellow PagesSearchE-CommerceService / Broker  5000 Business Segments Across 500+ MSAs A A A A C C D D B B

16. 16 Agenda Market Strategy Execution

17. 17 Areas of Focus to Win ConsumersProductAdvertisers  Advertising & Promotion of YellowPages.com  Partners/ Syndication  Best-of-Breed Technology  Great User Interface  Robust Content  Fast Results  Right Product Mix  Multiple Platforms  Complete Coverage ◆ Local ◆ National  Right Business Model

18. 18 Common Vision  Joint Venture formed in November, 2004  Ownership apportioned between SBC (66%) and BellSouth (34%) with joint management control JV ObjectivesParent Objectives Single Brand / URL Common Distribution Common Platform/ Products National Sales Local Sales in Whitespace Local Sales in Territory Fulfillment Customer Care Billing Local Content

19. 19 Common National Brand Goal  Direct Consumer Relationship  Simple Intuitive URL  Existing Usage  Complement Print Business  Leverage Parents’ Assets ◆ 150M Books Published ◆ DSL/IPTV ◆ Cingular

20. 20 Common National Brand Goal  Direct Consumer Relationship  Simple Intuitive URL  Existing Usage  Complement Print Business  Leverage Parents’ Assets ◆ 150M Books Published ◆ DSL/IPTV ◆ Cingular Execution  Acquired YellowPages.com  5.4% of IYP Market share with no advertising or promotion  Incredible monthly growth  Stick to our roots  Potential

21. 21 Common Distribution Must partner to have greatest audience

22. 22 Consumer Reach

23. 23 Common Platform/Products

24. 24 Common Platform/Products Flash Demo ◆ YellowPages.com

25. 25 Dual Product Strategy IYPSearch  Subscription Model  Placement  Broadest Reach  Category Based  “Performance” Model  Clicks  Broadest Reach  Keyword Based

26. 26 Common Platform/Products REAL SEARCH ENGINE SOLUTIONS Connecting Buyers and Sellers ◆ 85% of all Search Engine traffic ◆ Annual Performance Guarantees ◆ Monthly e-Mail Reports

27. 27 Combined Networks Source: comScore Media Metrix, Q2 2005 Internet Yellow Pages Search Share report Disaggregated Usage National Aggregation IYP & Local Search

28. 28 Content Strength  Combined Local Sales Force -  “Feet on the Ground” in 22 States: 4000+ sales reps  Print relationships provides unmatched depth of content  Enhanced Sales Capability Through National Account Teams and Familiar URL

29. 29  Largest Audience ◆ Direct Consumer Franchise ◆ Syndicate through Partnerships ◆ Deliver Advertiser ROI Conclusion

30. 30  Largest Audience ◆ Direct Consumer Franchise ◆ Syndicate through Partnerships ◆ Deliver Advertiser ROI  Standard and Rational Product Set ◆ Logical and Simple ◆ Right Pricing/Business Model Conclusion

31. 31  Largest Audience ◆ Direct Consumer Franchise ◆ Syndicate through Partnerships ◆ Deliver Advertiser ROI  Standard and Rational Product Set ◆ Logical and Simple ◆ Right Pricing/Business Model  Robust National and Local Sales Force ◆ Monetize Usage ◆ Geographically and Category Conclusion

32. 32 Conclusion  Largest Audience ◆ Direct Consumer Franchise ◆ Syndicate through Partnerships ◆ Deliver Advertiser ROI  Standard and Rational Product Set ◆ Logical and Simple ◆ Right Pricing/Business Model  Robust National and Local Sales Force ◆ Monetize Usage ◆ Geographically and Category  Result: Long term Profitability ◆ Value enhancement for SBC & BLS publishers and shareholders

33. 33 Thank You! Q & A