Yellow Pages Market Forecast 2006

• The state of the overall Yellow Pages & Directory Publishing industry in the United States, including number of books, circulation and revenue
• The emergence of syndicated usage research as an industry tool to combat other media battling for US advertising dollars
• Insight into the changing competitive landscape, from the impact of start-up directories on incumbent books to the growth in Internet-only and Hispanic directory markets
• Insider views of recent mergers & acquisitions, including AT&T's acquisition of BellSouth Corporation that created a $5.8 billion Yellow Pages titan
• And more

• Revenue broken out by Telco segment and Independent segment
• Three-year revenue/market share projections through 2008
• Advertising spending, rates and trends, including overall page volume, page billings, double half column (DHC) rates and more
• Over 40 charts and graphs
• 25+ company profiles that span RBOCs, independents, online-only directories and printers/suppliers

Executive Summary

Chapter 1: Overview of the U.S. Yellow Pages Publishing Market

Introduction

Industry Size and Growth

National and State Economy

Industry Trends and Analysis

Increased Competition

RBOC Companion Directories Generate Revenue -- For Now

Internet Directory Models

Market for Hispanic Directories Expands

Syndicated Usage Research Becomes Reality

Mergers, Acquisitions and Divestitures Run High in 2005 and 1Q 2006

Litigation in the Yellow Pages Industry

Table 1.1: Statistical Summary of the Yellow Pages Industry, 2000-2005

Table 1.2: Personal Income, by State, 3Q 2004 vs. 3Q 2005

Table 1.3: Fastest Growing States in Personal Income, 3Q 2004 vs. 3Q 2005

Table 1.4: Scheduled Startups, 2005-2007

Table 1.5: Participating Publishers, Syndicated YP Usage Research, 2005-2006

Table 1.6: Yellow Pages Usage, Yellow Book vs. Incumbents, Markets

Table 1.7: Financial Size of Selected Yellow Pages Acquisitions, 2005-1Q 2006

Table 1.8: Financial Size of Selected Historical Yellow Pages Acquisitions, 1988-2004

Table 1.9: Yellow Pages Industry Lawsuits, 1983-2005

Chapter 2: Yellow Pages Advertising and Publishing

Introduction

Total Advertising and Yellow Pages Advertising

Leading Certified Marketing Representatives (CMRs)

TMP Directional Marketing

Wahlstrom Group

Berry Network

Ketchum Directory Advertising

Yellow Pages Advertising Rates

Yellow Pages Advertising Revenue at Regional Bell Companies

The Shrinking of the RBOC World

AT&T Yellow Pages

Verizon Information Services

BellSouth Advertising & Publishing

Dex Media

Changing the Face of the Industry

Independent Non-Telco and Telco Publishers

Yellow Book USA

White Directory Publishers

Valley Yellow Pages

DataNational

Phone Directories Co.

User-Friendly Phone Book

Independents Confident in Metro Markets

Leading Independent Telco Publishers

R.H. Donnelley Publishing & Advertising

Alltel Publishing

CBD Media

CenturyTel

Independent Publishers vs. Non-Bell Publishers vs. RBOC Publishers

Employment in Directory Publishing

Forecast Industry Growth

Table 2.1: Yellow Pages Growth Rates, 1990-2005 and Forecast 2006

Table 2.2: Revenue Growth in All U.S. Advertising Media, 2003-2005 and Forecast 2006

Table 2.3: National vs. Local Advertising Revenue in All Major Media, 2003-2005 and Forecast 2006

Table 2.4: Yellow Pages Advertising Compared to Local Advertising and All Advertising, 2003-2005 and Forecast 2006

Table 2.5: Yellow Pages' Share of U.S. Advertising, 2002-2005 and Forecast 2006

Table 2.6: National vs. Local Yellow Pages Advertising, 2003-2005 and Forecast 2006

Table 2.7: Selected Largest Certified Marketing Representatives (CMRs), by Revenue, 2004-2005

Table 2.8: Average Advertising Rate Increases, 25 Top RBOC Directories, 1990-2006P

Table 2.9: DHC Rates in 25 Top RBOC Directories, 2006 vs. 2005 Table 2.10: Yellow Pages Revenue for Regional Bell Publishers, 2004-2006P

Table 2.11: Largest U.S. Yellow Pages Directory Publishers, 2005

Table 2.12: Estimated Revenue of Select Non-Telco Publishers, 2004-2005

Table 2.13: DHC Rates, Major Competitive Yellow Pages Markets, 2006 vs. 2005

Table 2.14: Yellow Pages Revenue vs. Total Revenue, Top 6

Telco Publishers, 2005

Table 2.15: Forecast Yellow Pages Revenue Growth by Publisher Category, 2005-2008

Table 2.16: Select Telco-Affiliate Publishers Ranked by Employee Headcount, 2002-2005

Table 2.17: Yellow Pages Revenue vs. Telco Revenue vs. Advertising in All Media, 1985-2005

Chapter 3: Internet Yellow Pages

Introduction

Top Publishers in the Internet Yellow Pages Arena

AT&T-BellSouth's YellowPages.com

Verizon's SuperPages.com

DexOnline.com

YellowBook.com

Internet-Only Yellow Pages Providers

Infospace Inc.

infoUSA

Superior Business Network

Partnerships Extend Reach

Online Directory Listings and Enhancements

Table 3.1: Internet Yellow Pages Advertising as a Share of All Internet Advertising, 2003-2006P

Table 3.2: Internet Yellow Pages Advertising Revenue, 2003-2005 and Forecast 2006

Table 3.3: Revenue Growth, Internet-Only Yellow Pages Publishers, 2003-2005

Table 3.4: Key Internet Alliances in the Yellow Pages Industry

Table 3.5: Major Internet Sites and the Internet Yellow Pages Publishers That Power Them, 2005

Table 3.6: Sources of RBOC Online Directory Listings

Chapter 4: Markets for Printers and Suppliers

Introduction

Directory Unit Production by Publisher

Billings in RBOCs' 50,000+ Circulation Directories Increased in 2005

Leading Directory Printers

R.R. Donnelley

Quebecor World

Verizon Information Services Printing

Stevens Graphics

College Publishing

Paper Consumption by Directory Publishers

The Pre-Media Market

Amdocs

Volt Information Sciences

Summary and Conclusions

Table 4.1: RBOC Directory Publishers Ranked by Circulation, 2003-2005

Table 4.2: Large Independent Telco and Non-Telco Directory Publishers Ranked by Circulation, 2003-2005

Table 4.3: Number of Titles and Yellow Pages Volume in RBOC Directories with Circulation More Than 50,000, 2004 vs. 2005

Table 4.4: Circulation in RBOC Books over 50,000 Circulation vs. Total RBOC Circulation, 2004-2005

Table 4.5: Summary of Leading Directory Printers, Major Customers and Print Runs, 2004-2005

Table 4.6: Capacity and Consumption, Total Uncoated Groundwood Paper, 2004-2005

Table 4.7: U.S. Demand for Directory Paper, 2004-2005 9

Table 4.8: Outlays for Printing, Paper, Other Production and Distribution, Directory Publishing Industry, 2001-2005

Chapter 5: Profiles of RBOC Publishers

AT&T Communications

BellSouth Corp.

Dex Media Inc.

Verizon Communications

Chapter 6: Profiles of Leading Independent Telco Publishers

Alltel Corp.

CBD Media

CenturyTel

Citizens Communications

EATEL

R.H. Donnelley

Chapter 7: Profiles of Leading Independent Publishers

DataNational

Phone Directories Co.

User-Friendly Phone Book

Valley Yellow Pages

White Directory Publishers

Yellow Book USA

Chapter 8: Profiles of Leading Printers and Suppliers

Amdocs Ltd.

The Berry Co. Inc.

College Publishing

Quebecor World Inc.

R.R. Donnelley & Sons

Stevens Graphics Inc.

Volt Information Sciences Inc.

Chapter 9: Profiles of Leading Internet-Only Directories

InfoSpace Inc.

infoUSA Inc.

Superior Business Network Inc.