Yellow Pages Industry Monitor

Monitoring industry and company developments in the global yellow pages and local search Industries

| Monthly newsletter | Issue No. 15, Published 1st December 2009 | Published by Heernet Ventures Limited (heernet.com)
(heernet.c | Subscribe at G2Mi.com |

News

R.H. Donnelley (Q3 2009 results)
Yell Group – financial and operational data

Yellow Pages Income Fund declares financial results
Truvo – quarterly result
for Q3 2009

Seat Pagine – quarterly result

Marchex (Q3 2009 results)

Marchex – quarterly data

Idearc Inc. (Q3 2009 results)

Yell Group Plc declares

lares financial result for First Half
2010
follow yellow pages industry
news at twitter.com/g2mi

Eniro AB discontinues its directory assistance services
in Lulea and Boras

Truvo (Q3 2009 results)

Advisory Services on the Yellow

Local Insight Regatta Holdings announces financial Pages and local search industry
result for Q3 2009

Seat Pagine Gialle (Q3 2009 results)

Heernet Ventures publishes this newsletter as part of its research

Telegate declares financial results for Q3 2009 coverage off the yellow pages industry. You can access more
research on the yellow pages industry from our research website at

Call Genie Inc. announces financial result for Q3 2009 G2Mi.com.

Multiplied Media Corporation forms partnership with V-

V If you are in the local search industry or are a financial investor
Enable seeking market or company analysis, we can assist you. With
dedicated
edicated research analysts based in both Europe and Asia, we are

mobilepeople forms partnership with Trader well placed to provide ‘on the ground’ assistance and support in
most countries.
Corporation
Over the last five years, we have worked on a number of advisory

AskLaila.com
aila.com launches directory enquiry service in assignments in the industry on areas such as growth strategy,
India product benchmarking, competitor intelligence and acquisition
search.

Degulesider.dk forms partnership with MSN.dk
For an initial discussion, please contact us on +44 (0) 208 180
7223 or by email on harjinder@heernet.com.

Taptu Ltd forms partnership with OneRiot

Data

Share price performance

Deal sheet

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News

R.H. Donnelley (Q3 2009 results) Marchex (Q3 2009 results)

3 November 2009 5 November 2009

The US yellow pages publisher R.H. Donnelley has Marchex has published its financial results for the quarter
published its results for the quarter ended 30 September ended 30 September 2009. The company’s revenue declined
2009. The company’s revenue declined by 17.6% to to US$22.2 million (decrease of 40.3%) and net profit to
US$534 million and it generated a net profit of US$23.9 US$742,924 (decrease of 45.4%). The company generated
million. R.H. Donnelley publishes Dex yellow pages in US$15.9 million from local advertising services and US$6.3
more than 28 states. Its other search services include million from its publishing activities.
Dexknows.com, Business.com, Dex Pages, Dex Net and 1-
Marchex is a US based local search advertising company.
800-Call-Dex. The company also operates a business
The company has partnered with Yellow Pages Group
listings website, Business.com.
(YPG) to provide online advertising products and services to
Annual YPG customers.
Q3 Q3 9M
US$ million Change
2008 2009 2009
(%, Q3 2009) Annual
Q3 Q3 9M
US$ ‘000 Change
2008 2009 2009
Total Revenue 648.0 534.0 1,701.6 -17.6 (%, Q3 2009)
EBITDA 383.7 252.0 773.8 -34.3
Net Profit/Loss 26.1 23.9 -452.8 -8.4 Revenue 37,157 22,172 69,824 -40.3
Operating Profit 1,789 -620 -4,469 -
Net Profit/Loss 1,358 742 -2,098 -45.4
Source: Company data

Source: Company data

Yellow Pages Income Fund (Q3 2009 results)

4 November 2009 Idearc Inc. (Q3 2009 results)

Yellow Pages Income Fund has published its financial 6 November 2009
results for the quarter ended 30 September 2009. The
The US-based yellow pages publisher Idearc Inc has
company’s revenue declined 3% to C$408 million and
published financial results for Q3 2009. The company’s
EBIDTA by 5% to C$226 million. Yellow Pages Income
revenue decreased by 77.2% to US$611 million and it
Fund owns the Yellow Pages Group, a Canadian local
generated a net profit of US$ 101 million.
search provider and print and online media company.
Idearc is a US based directory publishing company. The
The company generated approximately C$347 million, 85%
company generated US$543 million, approximately 90%,
of total revenue, from the directories business; the remainder
from print services and the remaining from online and other
is from its classified directories and magazines.
services. Superpages.com, an online yellow pages directory
Annual Change (%) of Idearc Inc., has recently launched a local search service
Q3 Q3 9M
C$ million Q3 2009 9M 2009 sp411 through Twitter.
2008 2009 2009
Annual
Q3 Q3 9M
Revenue 426 408 1,234 -4.2 -2.9 US$ million Change
2008 2009 2009
EBITDA 238 226 - -5.0 - (%, Q3 2009)
Net Profit 146 -169 80 - -80.4
Revenue 735 611 1,936 -16.9
Operating Profit 279 186 587 -33.3
Source: Company data
Net Profit 73 101 - 38.4

Source: Company data

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YELLOW PAGES INDUSTRY MONITOR

Annual
Q3 Q3 9M
€ million Change
2008 2009 2009
(%, Q3 2009)
Yell Group Plc (H1 2010 results)

10 November 2009 Revenue 120.8 95.1 211.7 -21.3

EBITDA 57.7 38.7 67.9 -32.9
The UK-based directory publisher Yell Group plc has Net Profit/Loss -33.5 -37.8 -277.4 -
published it results for quarter ended 30 September 2009
(and for 6 month period). Revenues decreased by 3.9% to Source: Company data

£982 million, EBITDA by 11% to £296.9 million and net

profit by 69.7% to £25.8 million. Full breakdown in
provided in the data section. Yell Group operates directories Local Insight Regatta Holdings (Q3 2009 results)
businesses in the UK, US, Spain and Latin America.

12 November 2009
% Change
£ million H1 2008 H1 2009
(y-o-y) The US yellow pages and online search company Local
Insight Regatta Holdings increased revenues by 6% to US$
Revenue 1,023.2 982.8 -3.9 144.2 million and it generated EBITDA of US$ 25.2
EBITDA 333.7 296.9 -11.0
million.
Net Profit 85.2 25.8 -69.7
Local Insight Yellow Pages Inc. publishes print and online
Source: Company data directories for Windstream Corporation and a number of
other telecoms companies. Through its subsidiary The
Berry Company, the company provides local search
Eniro AB discontinues its directory assistance solutions in the US. The Berry Company publishes close to
services in Lulea and Boras 900 print directories and is an authorized reseller of
10 November 2009 yellowpages.com.
Annual
Eniro, the Nordic directories company has discontinued its Q3 Q3 9M
US$ million Change
2008 2009 2009
directory assistance service, Eniro 118118 in Lulea and (%, Q3 2009)
Boras region of Sweden. Eniro is a directory and search
Revenue 135.9 144.2 434.2 6.1
provider in the Nordic media market. The company EBITDA - 25.2 68.3 -
generated SEK6.6 billion of revenue in 2008. Net Profit/Loss -21.8 -1.1 -12.4 -

Source: Company data

Truvo (Q3 2009 results)

10 November 2009
European directory publisher Truvo has published it
financial result for quarter ended 30 September 2009. The
company’s revenue declined to €95.1 million (decrease of
21.3%) and it generated EBITDA of €38.7 million. Full
breakdown in provided in the data section.
Truvo provides local search and advertising solutions in the
Belgium, Ireland, Romania and Portugal. Ireland
contributed 42% to the company’s total revenue. The
company generated €67 million of revenue from print
business and the remaining from the online services.
Seat Pagine Gialle (Q3 2009 results)
13 November 2009
The Italian directory publisher Seat Pagine saw declines in
revenue of 13.1% to €345.7 million, EBITDA by 12.3% to
€185.4 million and generated a net loss of €24.7 million.
Italian Directories Seat Pagine Gialle S.p.A. generated
€669.9 million of revenue. Full breakdown in provided in
the data section.
Seat Pagine has also appointed Elio Schiavo as a new CEO
of its directories subsidiary in the UK, Thompson
Directories Ltd. The company is considering the sale of its
German directory publishing subsidiary, Telegate AG. Seat

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YELLOW PAGES INDUSTRY MONITOR

Pagine Gialle is the largest yellow pages publisher in Italy, Multiplied Media Corporation forms partnership
the number two publisher in the UK and one of the largest with V-Enable
directory enquiry providers in Europe.
18 November 2009
Annual
Q3 Q3 9M
€ million
2008 2009 2009
Change Canadian local search service provider Multiplied Media
(%, Q3 2009)
Corporation has partnered with V-Enable Inc. to provide
Revenue 397.8 345.7 853.0 -13.1 Poynt2It for mobile phone users in the USA.
US Poynt2It is a
EBITDA 211.4 185.4 364.6 -12.3 new version of Poynt, a mobile local search application,
application for
EBIT 153.5 57.2 106.1 -62.7 feature phones.
Net Profit/Loss 57.4 -24.7 -74.8
74.8 -
Multiplied Media Corporation is a mobile local search
Source: Company data service provider in Calgary. V-Enable
V provides local search
and advertising technology solutions for mobile and internet
users.
Telegate (Q3 2009 results)

13 November 2009
mobilepeople forms partnership with Trader
The company’s revenue declined by 10.2$ to €38.8 million Corporation
and EBITDA by 16.7% to €9.0 million. Telegate operates in
19 November 2009
Germany, Austria, France, Spain and Italy.
Denmark-based mobile local search company mobilepeople
The company has sold its France subsidiary Telegate
entered into an agreement with Trader
T Corporation to
118000 to the local management as it has increasingly
provide mobile local search application to Trader
focused on expanding its online local search presence.
Corporation’s AutoTrader.ca.
AutoTrader.ca
Annual
€ million Q3 2008 Q3 2009 9M 2009 Change mobilepeople provides local search services in Denmark.
(%, Q3 2009)
The company also operates in the US, UK and Norway.
Revenue 43.2 38.8 117.2 -10.2 Trader Corporation is Canada-based
Canada Media Company.
EBITDA 10.8 9.0 28.3 -16.7
EBIT 7.5 8.0 20.2 6.7
Net Profit 4.3 5.9 12.5 37.2 AskLaila.com launches directory enquiry service in
India
Source: Company data
20 November 2009

An India-based
based local search service provider AskLaila.com
Call Genie Inc. (Q3 2009 results)
has launched directory assistance service, 080-33555555
080 in
16 November 2009 Bangalore.. The company has plans to expand the service to
another 13 cities in future.
Call Genie’s revenue increased to C$$954,076 (annual
increase of 9%) and it generated a net loss of C$2.8 million. AskLaila.com is an online local search service of Four
Call Genie Inc provides local mobile search and advertising Interactive Pvt Ltd. The company also has strategic
services. partnership with Airtel.
Annual Change (%)
Q3 Q3 9M
C$ ‘000 Q3 2009 9M 2009
2008 2009 2009 follow yellow pages industry
Revenue 875 954 2,727 9.0 -17.1 news at twitter.com/g2mi
Operating
-4,831 -2,701 -9,047 - -
Profit/Loss
Net Profit/
-4,771 -2,803 -9,146 - -
Loss

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YELLOW PAGES INDUSTRY MONITOR
Degulesider.dk forms partnership with MSN.dk
25 November 2009
European yellow pages publisher De Gule Sider has formed
partnership with Microsoft’s MSN.dk to provide search
services to MSN’s users. Degulesider.dk is Denmark-based
yellow pages subsidiary of European Directories SA.
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Taptu Ltd forms partnership with OneRiot
25 November 2009
Taptu has partnered with OneRiot, US-based search engine
to launch a local search service for mobile users in the UK.
Currently, the search service would be available through
Taptu.com on iPhone, iPod touch, and Nokia and Blackberry
mobile phones. The result would be in five languages
including English, Spanish, Italian, French and German.
Taptu Ltd is UK-based mobile search engine. The company
has more than 3.2 million users (June 2009).
 YELLOW PAGES INDUSTRY MONITOR

Share price performance

Company name Reuters Bloomberg Currency Current % Change

Code Code price
1 mth 6 mth 12 mth

Eniro AB ENIRO.ST ENRO.SS SEK 33.23 -7.8 -17.0 37.5

Pages Jaunes PAJ.PA PAJ.FP EUR 7.80 -9.4 -8.1 10.2

Seat Pagine Gialle PGIT.MI PG:IM EUR 0.16 -20.5 -23.3 -67.2

Telegate TGTG.DE TGT:GR EUR 9.05 -1.6 13.0 29.7

Yell Group YELL.L YELL:LN GBP 37.35 -23.4 14.7 -32.2

Yellow Pages Income Fund YLO_u.TO YLO-U:CN CAD 5.34 -4.5 -6.0 -27.4

Global Yellow Pages Limited* YELP.SI YPG:SP SGD 0.16 -6.1 -15.8 53.7

Date updated: 30th November 2009 *Yellow Pages (Singapore) has changed its name to Global Yellow Pages Limited (July 2009)

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 YELLOW PAGES INDUSTRY MONITOR

Deal Sheet

A summary of recent key deals and joint ventures

Date Sub Sector Investor Investee Terms Details

February Directories Yellow Pages New APN News and N.A. APN News and Media sold online business directory FindA.co.nz to
2009 Zealand Media Ltd Yellow Pages New Zealand.

February Directories Helion Venture GETIT INR200 Helion Venture Partners invested in GETIT Infoservices (p) Ltd, a
2009 Partners Infoservices (P) million yellow pages and directories publisher, to expand GETIT's services
Ltd across the country.

March Directories Eniro AB Oreo AB SEK6.6 Swedish search and directory services provider Eniro AB acquired
2009 million Oreo AB, a local public procurement services company.

March Directories Yellow Pages Insis (IE Singapore US$6.0 Yellow Pages (Singapore) acquired a stake in Insis, a wholly owned
2009 (Singapore) Holdings) million subsidiary of IE Singapore Holdings.

April 2009 Directories LocalTel Shamrock Media NA LocalTel, a directory publisher, acquired Shamrock Media Incorporated,
Incorporated another directory publisher.

May 2009 Directories Nexus India Capital OLX Inc. INR240 OLX Inc. is a New York-based classified company. Nexus India Capital
Advisors Pvt. million Advisors Pvt. is a venture capital company in India.

June 2009 Mobile local Multiplied Media UnoMobi Group NA Multiplied Media Corporation Group is a mobile local search service
search provider in Calgary. UnoMobi is a mobile software development
company.

June 2009 Directories Herold Business Tupalo.com NA Herold Business Data GmbH acquired a 24% stake in Tupalo.com.
Data GmbH Herold Business Data GmbH is a yellow pages publisher in Austria.
Tupalo.com offers international social yellow pages services.

June 2009 Directories JLA CP Holding ZipLocal Inc. US$2.4 billion JLA CP Holding Inc. is a private Ontario corporation. ZipLocal is a
Inc. Canadian local search engine.

July 2009 Directories LB2 Group Ltd. Ketchum Directory NA Ketchum Directory Advertising, a wholly owned subsidiary of Omnicom
Advertising Group Inc., is a directory advertising agency in the US.

July 2009 Directories Local Insight The Berry NA Local Insight Yellow Pages Inc. publishes directories in print and online.
Yellow Pages Inc. Company The Berry Company provides local search solutions. Both companies
are subsidiaries of Local Insight Regatta Holdings.

July 2009 Search Telekom Slovenije Najdi NA Telekom Slovenije is a communications company in Slovenia. Najdi, a
engine subsidiary of Interseek, offers a network of local search engines in
Southeast Europe through Pogodak.

July 2009 Local search Sequoia Capital Just Dial INR400 Sequoia Capital is a US private equity firm. Just Dial is a local
service million telephone and web-based search provider in India.

July 2009 Search Matrix Partners and Quikr Mauritius INR200 Quikr Mauritius is an online classified service. Matrix Partners is a
engine Omidyar Networks million private equity investment firm in the US. Omidyar Networks is a private
equity and venture capital firm that invests in profit and non-profit
organisations.

August Directories Canpages PhoneGuide NA Canpages acquired ypOne Publishing’s PhoneGuide print and online
2009 directories. Canpages is Canada-based local search company.

August Local search Canpages GigPark NA Canpages is a Canada-based local search and directory publisher.
2009 service GigPark is a Canada-based online local search company.

September Directories Yellowbook ypOne Publishing NA Yellowbook is a leading local search and advertising company in the
2009 US. ypOne Publishing is a print and online directory publisher in the US
and Canada.

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 YELLOW PAGES INDUSTRY
STRY MONITOR

Information and analysis on the

global media industry
We publish a wide range of reports and market data on the global media industry. Details on the publications can be
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 YELLOW PAGES INDUSTRY MONITOR

Data

Yell Group – Financial Result and Operational Data (H1 2009)

H1 2008 H1 2009 % Change

GROUP REVENUES (£ million) 1,023.2 982.8 -3.9

EBITDA
Yell UK 139.5 121.2 13.1
Yellow Book US 136.1 129.4 -4.9
Yell Publicidad 68.7 46.3 -32.6
Total adjusted EBITDA 333.7 296.9 -11.0

Yell UK
Revenues (£ millions) 350.0 305.3 -12.8
Total UK print directories 257.2 206.6 -19.7
Other services (online directory) 80.3 87.3 8.7
Total UK Revenues 350.0 305.3 -12.8
Total UK EBITDA 139.5 121.2 13.1

Yellow Book (USA)

Revenues (US$ million) 921.2 798.8 -13.3
Online - total 101.6 130.2 28.1
Print 819.6 668.6 -18.4
Total US Revenues 480.8 496.6 3.3
Total US EBITDA 68.7 46.3 -32.6

Yell Publicidad (SPAIN, LatAm)

Total Yell Publicidad Revenues (£ millions) 192.4 180.9 -6.0
Total Yell Publicidad EBITDA 68.7 46.3 -32.6

UK Information
Print:
Unique advertisers 204,000 174,000 -14.7
Directory editions published 57 55
ARPA (£) 1,261 1,187
Online:
Yell.com searchable advertisers (Year-end) 213,000 211,000 -0.9
No. of unique visitors (millions) for September 9.9 10.1 2.0
AR per Searchable Advertisers (£) 737 798

USA Information
Unique advertisers 346,000 291,000 -15.9
Directory editions published 449 445
ARPA (US$) 2,369 2,298 -3.0
Renewal rate (%) 71 67
YellowBook.com
Searchable advertisers 394,000 361,000 -8.4
Unique visitors (millions) for September 13.7 14.1 2.9

Spain Information
Unique advertisers 143,000 127,000 -11.2
Directory editions published 39 39
Revenue per unique advertiser (€) 782 639 -18.3
Internet
Searchable advertisers 137 137
Unique visitors (million) for September 5.6 6.4 14.3
Revenue per average searchable advertiser (€) 210 433 106.2

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 YELLOW PAGES INDUSTRY MONITOR

Data

Truvo – Financial Result (Q3 2009)

€ million Q3 2008 Q3 2009 % Change 9M 2008 9M 2009 % Change

GROUP DATA
Total Revenues 120.8 95.1 -21.3 254.4 211.7 16.8

By Revenue Type
Print 92.9 67.0 -27.9 176.2 127.0 -27.9
Online 24.8 26.0 4.8 71.5 79.4 11.0

By Region
Belgium 38.1 35.5 -6.8 136.4 118.5 -13.1
Portugal 20.5 16.3 -20.5 58.5 43.6 -25.5
Ireland 55.1 39.6 -28.1 7.1 3.7 -47.9
Romania 4.0 1.6 -60.0 45.7 40.6 -11.2

EBITDA
Belgium 17.6 16.6 -5.7 63.0 51.1 -18.9
Portugal 30.8 18.2 -40.9 23.5 13.9 -40.9
Ireland 0.4 -1.0 -350.0 -0.3 -1.9 533.3
Romania 2.1 1.2 -42.9 4.9 2.5 -49.0
HQ EBITDA 6.8 3.7 -45.6 5.0 2.3 -54.0
TOTAL EBITDA 57.7 38.7 -32.9 96.1 67.9 -29.3

By Geography

Belgium
Print 21.3 16.9 -20.7 87.1 64 -26.5
Online 16.8 18.6 10.7 49.3 54.5 10.5
Total Belgium Revenues 38.1 35.5 -6.8 136.4 118.5 -13.1

Ireland
Print 53.2 37.6 -29.3 53.2 37.6 -29.3
Online 1.9 2.0 5.3 5.3 6.0 13.2
Total Ireland Revenues 55.1 39.6 -28.1 58.5 43.6 -25.5

Romania
Print 14.4 10.9 -24.3 28.9 22.1 -23.5
Online 6.1 5.4 -11.5 16.8 18.5 10.1
Total Romanian Revenues 20.5 16.3 -20.5 45.7 40.6 -11.2

Portugal
Print 4.0 1.6 -60.0 7.0 3.3 -52.9
Online 0.0 0.0 - 0.1 0.4 300.0
Total Portugal Revenues 4.0 1.6 -60.0 7.1 3.7 -47.9

Source: Company data

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 YELLOW PAGES INDUSTRY MONITOR

Data

Seat Pagine – Financial Result (Q3 2009)

€ million 9M 2008 9M 2009 % Change

GROUP REVENUE

Italian Operations
Seat S.p.A. 739.3 669.9 -9.4
Other Italian Operations 38.3 32.3 -15.7
Total Italian Revenue 777.6 702.2 -9.7

International Operations
Thompson 77.0 54.6 -29.1
Telegate 121.9 117.2 -3.9
Europages 14.8 14.1 -4.7
Total International Revenue 213.7 185.9 -13.0

Total Revenue 949.0 853.0 -10.1

EBITDA
Seat Pagine 360.9 331.3 -8.2
Thompson 7.6 5.8 -23.7
Telegate 37.8 28.5 -24.6
Europages -1.7 -0.2 -88.2
Other Services 2.7 -0.8 -129.6
Total EBITDA 407.2 364.6 -10.5

Seat S.p.A.
Directories 647.1 602.1 -7.0
Online advertising 87.1 113.3 30.1
Voice Advertising 31.2 30.0 -3.8
B2B 14.7 2.5 -83.0
Others 74.5 65.2 -12.5
Total Seat S.p.A. Revenue 739.3 669.9 -9.4

Source: Company data

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 YELLOW PAGES INDUSTRY MONITOR

Data

Marchex – Financial Result (Q3 2009)

US$ million Q3 2008 Q3 2009 % Change 9M 2008 9M 2009 % Change

GROUP REVENUE

By Product
Local Advertising Service 19.7 15.9 -19.3 60.6 45.3 -25.2
Publishing 17.4 6.3 -63.8 51.0 24.6 -51.8

By Geography
United States 36.1 22.0 -39.1 108.3 67.7 -37.5
Canada 0.7 0.1 -82.1 1.1 0.4 -62.5
Other Countries 0.4 0.1 -76.1 2.2 0.3 -87.5

Total Revenue 37.2 22.2 -40.3 111.6 69.8 -37.5

Source: Company data

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 YELLOW PAGES INDUSTRY MONITOR

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