neg norton president yellow pages association bear stearns 2006 advertising marketing virtual summit delivering value for consumers advertisers and investors 2 key messages considerable investor interest continued strong industry fundamentals market characteristics large growing share of local commercial search well positioned to leverage strengths as evolves attractive investment opportunity 3 precedent transactions in the directories sector average transaction multiples are increasing 11 2x 8 5x8 8x 10 6x 2x10 3x 15 7x15 7x 12 0 4 6 14 16 18 20 vz can ybr 3i vss twp thl findexa dex 2001 2002 2003 2004 2005 ypg consortium yell eniro rhd target acquirer returns vs s&p 500 5 permission based directional media tv radio outdoor direct mail magazines newspapers internet not aware need considering making purchase 73 adults use a month 1 86 users intend buy meinform me interruptive knowledge networks sri crm associates newspaper classifieds 9
