1. YELLOWPAGES.COM

2. Privileged and Confidential2 (New Results Page) Where consumers go on the Web when they “need something” local… Need something? sm

3. Privileged and Confidential3 Local Online Opportunity ◆ More and more consumers are searching online for local information –Over 63% of the US online population conducted a “local search’ in July 2006 –83% of the sales impact of a local search happens after the search takes place Consumers research local purchases online ◦ Only 17% of local search results in a direct purchase ◦ 20% of local search purchases happen during a timeframe after the search is completed ◦ 63% of local search purchases take place offline –The majority of consumers conducting a local search are searching in their direct local market area Sources: Local search webinar 10/06 comScore

4. Privileged and Confidential4 Online Advertising Market U.S. Online Advertising Spending Source: The Kelsey Group; Feb. 2006 U.S. Internet Yellow Pages and Local Search Market Explosive Growth through 2010 U.S. Online Advertising projected to grow 22% per year IYP & Local Search expected to grow 42% per year Online share of ALL advertising to double over the next 4 years

5. Privileged and Confidential5 Industry Overview Difference between Internet Yellow Pages and Local search engines –Uniquely different, yet very similar: –Going after many of same dollars (more local $ for us) –YELLOWPAGES.COM provides content for key online players: Yahoo, AOL, Switchboard, etc. IYP competitive advantages: ◆ Deliver consumers “ready to buy” ◆ Provide faster, targeted search results ◆ Strong local content, which drives usage ◆ Sales force is differentiator ◆ Offer & manage simple, convenient solutions

6. Privileged and Confidential6 IYP Value Story IYP’s offer a more efficient local search experience than Search Engines: - While search engines take 7.6 clicks to find desired result, IYP’s take 4.6 clicks IYP searches are more likely to result in a purchase within 1 month when compared with local searches via search engines Users spend more online & offline with IYP’s than with local search engines: - Online: 15% higher on average - Offline: 10% higher on average YELLOWPAGES.COM delivers “ready to buy” consumers −73% of users who visit YELLOWPAGES.COM contact a business −45% make a purchase IYPs are Efficient Local Search Sites with Enhanced ROI Sources: YPA IYP vs. Local Search Study 2005; MORPACE International 12/04

7. Privileged and Confidential7 YELLOWPAGES.COM Joint Venture ◆ 11/04/04 - SBC and BellSouth Announce Partnership and Acquisition of YELLOWPAGES.COM ◆ Ownership –AT&T (66%) –BellSouth (34%) ◆ Joint management control JV Responsibilities ◆ Consumer Experience: Provide a leading search experience and destination site ◆ Organic Usage: Continue to invest in our brand to build organic usage ◆ Valuable Content: Acquire, organize & improve advertiser and consumer listing content ◆ Electronic Ad Products: Maximize ROI for our customers ◆ Distribution: Expand syndication through new interfaces & invest in consumer franchise ◆ Sales Execution: Increase our customer base and strengthen advertiser relationships Organization

8. Privileged and Confidential8 Internet Yellow Pages Search Engine Marketing Web site solutions YELLOWPAGES.COM Advertising Products

9. Privileged and Confidential9 YELLOWPAGES.COM Extended Distribution

10. Privileged and Confidential10 National Ad Campaign Launched National Ad Campaign SpillParking Garage Park DrivingRugAirplane Rooftop Exercise ◆ Campaign objective is to become the market leader in the Internet Yellow Pages and local search space by: –Establishing brand identity –Increasing brand awareness –Increasing use of the site ◆ Positioning: YELLOWPAGES.COM is where you go online when you “Need something” locally ◆ The Campaign utilizes a strong mix of media: –National Network –National Cable –Online Advertising

11. Privileged and Confidential11 YELLOWPAGES.COM Audience Growth YELLOWPAGES.COM Nationwide Network audience has doubled over same period (comScore Aug06) Over 1 billion annualized searches are projected through the YELLOWPAGES.COM Network in 2006 (Projection from Internal search stats from YELLOWPAGES.COM & Network partners) YELLOWPAGES.COM site audience has nearly doubled since the launch of the new platform (comScore Aug06) YELLOWPAGES.COM is the 84 th largest site in the U.S. (comScore Aug 06) YELLOWPAGES.COM on Rapid Growth Pace

12. Privileged and Confidential12 Focus on User Experience (UX) YELLOWPAGES.COM Site Strategy ◆ Be the consumer destination of choice for finding things locally on the Web ◆ Develop the design, content and functionality to support an unsurpassed user experience ◆ Leverage the traffic associated with the best user experience to provide maximum value to local and national advertisers ◆ Ensure advertiser solutions work in harmony with the consumer experience Support an ever increasing loyal user-base and traffic proposition, which can be effectively leveraged by local & National advertisers User Personalization Recent Activities Saved Listings Personal Notes User Notes

13. Privileged and Confidential13 More User Experience (UX) ◆ Initial launch April 6 ◆ Three map views –Road (Standard) –Aerial (Satellite and high- flying plane photo images) –Bird’s Eye – (45 degree photos) ◆ Smooth zoom, drag and pan ◆ Nearly 100 new markets planned for Bird’s Eye in 2006 ◆ July 2006 – Launched feature to plot multiple local businesses ◆ Ongoing roadmap advances Over 1/3 of Web users visited a mapping site in February (Comscore) New Next-Generation Mapping Multi-point Mapping Bird’s Eye Photos

14. Privileged and Confidential14 Cross Platform Accessibility “Device-Neutral” Consumer Accessibility –Wireless platform relaunch –Cingular relationship Enhanced promotion on the deck New enhanced WAP applications Deeper integration –Future initiatives, e.g. Wireless beyond WAP IPTV Leverage AT&T and BLS Strategies –Optimize the user experience for the application –Deliver value to advertisers IPTV Channel

15. Privileged and Confidential15 ◆ YELLOWPAGES.COM is the online directional advertising expert offering small- and medium-size businesses one- stop, complete solutions: –IYP (and future media, such as wireless and IPTV) –Web site design/hosting –Search engine marketing –Extended distribution across key internet sites We wrote the book on local search