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Yellow Book Acquires National Directory Company

Press release from the issuing company

Jan. 6, 2003--Yellow Book USA announced today that it has completed the $69 million purchase of National Directory Company (NDC), based in Southern California, from NDC parent company Three Cities Research. Yellow Book USA publishes yellow pages directories in more states than any other publisher. With the NDC acquisition, its nearly 600 information-packed directories now reach 40 states plus the District of Columbia, serving some 71 million homes and businesses. Yellow Book's success has been based on providing more buying information to the consumer, the end user of its directories. Consumers in the Southwestern U.S. will enjoy the benefits of this same successful strategy. NDC, headquartered in Tustin, CA, 35 miles south of Los Angeles, is the 6th largest independent publisher of yellow pages directories in the United States. NDC currently publishes 48 directories throughout California, Arizona and New Mexico with revenue of $53 million. NDC and its predecessors have been publishing yellow pages directories in California for more than 20 years. NDC's staff of 340 will remain with Yellow Book. Joe Walsh, Chief Executive Officer of Yellow Book USA, states, "The Southwestern U.S. is a dynamic market area that Yellow Book has been looking at for a while, just waiting for the right vehicle. NDC provides an ideal platform for Yellow Book's entry into the Southwestern U.S." He goes on to say, "Yellow Book brings a national brand, product expertise, and deep resources. Add that to the local knowledge and customer relationships of NDC employees and the result will be a one-two punch to the competition, breaking the utility monopoly." Stephen C. Haberstick, NDC Yellow Pages CEO and Chairman said, "We are thrilled to become part of Yellow Book USA, the leading independent directory publisher in the nation. Everyone benefits from the acquisition. Like NDC, the Yellow Book is a first class company that focuses on the end user by putting out quality products that consumers know and use. Our employees benefit by having more career opportunities. Our advertisers benefit by getting more advertising value from the powerful Yellow Book brand name. Yellow Book will give us the resources and support we need to accelerate our growth in our existing and new markets." The NDC purchase is Yellow Book's second major acquisition in 2002. Earlier this year, Yellow Book acquired McLeodUSA Publishing, a leading yellow pages publisher located in the Midwest.