Yellow Pages & Directory Publishing Industry: Online or Print It’s the Right Place to Be

Lead Presenter:

David GoddardSenior Analyst, Simba Information

Guest Speakers:

Denny PaynePresident & CEO, SBC Yellow Pages

Sieg FischerPresident & CEO, Valley Yellow Pages

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Trends in the Yellow Pages Industry

• Yellow Pages: A valuable resource• RBOCs have stemmed the tide (AT&T monopoly)• Coming to grips with the Internet• IYP Group: A bold Internet move by SBC, BellSouth• YP overall market share continues slide• The independents grow, the RBOCs don’t• Recognizing the strength of the Hispanic Market• Syndicated usage research

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The Revenue Growth of the U.S. Yellow Pages Market in 2004

• Telcos grow; RBOCs stem the tide• The independents? Double-digit growth

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Focus on 2005

• Slight drop in growth rate

• Independents: double-digit

• Telcos: single-digit

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Yellow Pages Share of Advertising Market

• Decreases, are small but continue• Turnaround hinges on Internet and syndicated usage

research

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Internet Yellow Pages Advertising Revenues

• Strong growth, limited revenues• Possibilities for enhancement on horizon

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The Internet: The Enemy or a Tool for Success?

• Denny Payne, President & CEO,SBC Yellow Pages

Perspective: How the Internet relates to the Yellow Pages in 2005 & Beyond.

BFO 1: Make it easy.BFO 2: Offer a comprehensive, effective mix of services.BFO 3: Help consumers to reach advertisers.BFO 4: Find good partners.BFO 5: Offer good ROI and tell that value story.BFO 6: Offer total solutions.

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Yellow Pages Ownership: The Right Place at the Right Time

• Investors compete for the lucrative businesses• Carlyle: Dex Media and Hawaii• Bain: Verizon in Canada• Hearst Corp.• Gannett • And as we speak: TransWestern Publishing

• Or, talk about collateral!

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The Independents’ Revenue Grows

Two national Independents dominate the markets:• Yellow Book• TransWestern

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RBOC Billings Increase

• More big directories, more yellow pages sold

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RBOCs’ Average Price Increases Stabilize

• Sign of maturity• Dealing with the competition• Getting creative

Average Independent Rates in Major Metro Markets

• Independents raise rates in metro markets

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RBOC Directory Circulation Declines

• Circulation is down, but it’s not all bad news

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Independents’ Directory Circulation Increases

• While the RBOC circulation drops, the independents’climbs.

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National Yellow Pages Billings & Syndicated Usage Reports

• An opportunity for the entire industry

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Syndicated Usage Reports: Industry Effects?

• Sieg Fischer, President & CEOValley Yellow Pages

Perspective:Impact of syndicated usage research on the industry.

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What Makes Simba’s Data Unique?

• The Yellow Pages Group – a team of veteran, industry journalist

• Independent of any vested interest within the industry

• Yellow Pages & Directory Report

• Research databank of 20 years of independent information for analysis and projections

Simba’s Methodology

Primary• Interviews with key executives• Current and archived content from Simba’s original, targeted research reports•Yellow Pages & Directory Report

Secondary• Annual reports, SEC filings• Financial analysts• Industry associations and Conferences

Yellow Pages & Directory Publishing Products

Information concerning Simba Information products:Greg LoxtonPhone: (908) 219-0134 Email: Greg.Loxton@bowker.com

Questions concerning this presentation:David GoddardPhone: 203.325.8193, ext. 105Email: David_Goddard@Simbanet.com