Yellow Pages Industry Monitor
Monitoring industry and company developments in the global yellow pages and local search Industries
| Fortnightly newsletter | Issue No. 6, Published 29h June 2009 | Published by Heernet Ventures Limited (heernet.com) | Subscribe at G2Mi.com |
News
Zoodango forms partnership with Citysearch to launch local search engine
MapQuest launches local search application for mobiles
Yellow Pages Group launches Yellow Pages ecoGuide
Multiplied Media Corporation launches Poynt local search application in UK
Elysium Internet launches LocalPhysician.com
Canpages acquires ZipLocal
11850 Directory Enquiries appoints new CEO
Beyond Commerce launches LocalAdlink in Australia
Eniro forms partnership with Navteq
Herold Business acquires Tupalo.com
Data
Share price performance
Deal sheet (Feb - June 09)
The view from Europe….North America…..Asia……Latin America……Middle East…………...
Heernet Ventures publishes this newsletter as part of its research coverage of the yellow pages industry. You can
access more research on the yellow pages industry from our research website at G2Mi.com.
If you are in the local search industry or are a financial investor seeking market or company analysis, we can assist
you. With dedicated research analysts based in both Europe and Asia, we are well placed to provide ‘on the ground’
assistance and support in most countries.
Over the last five years, we have worked on a number of advisory assignments in the industry on areas such as
growth strategy, product benchmarking, competitor intelligence and acquisition search.
For an initial discussion, please contact us on +44 (0) 208 180 7223 or by email on service@g2mi.com.
© Heernet Ventures Limited. All Rights Reserved

News
Zoodango forms partnership with Citysearch to Multiplied Media Corporation launches Poynt local
launch local search engine search application in UK
16th June 2009 18th June 2009
Zoodango Inc., a US communications company, has Canadian local search service provider Multiplied Media
launched GeoPages, a local search engine (geopages.com). Corporation has launched Poynt, a local search application
The company has partnered with Citysearch, an online local for BlackBerry smartphones in the UK. It is also available
guide in the US, to provide search content for the website. in the US, Canada and Europe through agreements with
GeoPages also has GeoBlog, an additional feature whereby vertical content providers. Multiplied Media Corporation is
users can share their ideas and experiences regarding a mobile local search services provider in Calgary.
searches. GeoPages features 15.5 million business listings
and more than 600,000 user reviews.
Elysium Internet launches LocalPhysician.com
22nd June 2009
MapQuest launches local search application for
mobiles Elysium Internet Inc., a next-generation local Internet
16th June 2009
advertising and media company based in Florida, has
launched LocalPhysician.com, an online directory. The
MapQuest has launched local search application MapQuest company operates in directory and media services and builds
4 Mobile. The application has been developed for iPhone direct navigation online directories and portals.
and iPod Touch and helps users with maps and directions.
MapQuest Inc. is an Internet, mobile and business solutions
provider and has more than 43 million users (April 2009). It Canpages acquires ZipLocal
is a wholly owned subsidiary of AOL.
22nd June 2009
ZipLocal Inc. has entered into an agreement with JLA CP
Yellow Pages Group launches Yellow Pages Holding Inc. to sell its assets and subsidiary Zip411
ecoGuide Enterprise Inc. for $2.4 million. JLA CP Holding Inc. will
17th June 2009
further sell all assets acquired from ZipLocal to Canpages
Inc. Canpages also plans to acquire ZipLocal.ca, a local
Yellow Pages Group, a Canadian directory publisher, has online business search directory. Canpages is one of the
launched a yellow pages ecoGuide in collaboration with a largest local search and directory publishers in Canada. The
number of environmental organisations such as Earth Day company has more than 3.5 million unique visitors every
Canada, Equiterre and Green Communities Canada, and month and a reach of more than 8 million households and
local municipalities and recycling councils. Yellow pages businesses in Canada. ZipLocal Inc. is a local search
ecoGuide will be included in the front section of all new engine based in Canada.
yellow pages directories and will include municipal
environmental services, a 3R directory for households and
many more environmental searches. Yellow Pages Group 11850 Directory Enquiries appoints new CEO
generated $1.7 billion in revenue in 2008.
22nd June 2009
11850 Directory Enquiries, based in Ireland, has appointed
Susan Branchflower as its new CEO. Branchflower was
previously director of marketing at 3 Ireland, a
© Heernet Ventures Limited. All Rights Reserved

telecommunications company. 11850 was established by Beyond Commerce launches LocalAdlink in
Conduit, the Ireland-based directory enquiries company. Australia
24th June 2009
Geodeli launches Sherpa local application Beyond Commerce Inc., an e-commerce solutions, local
advertising and social networking company, has launched
22nd June 2009
LocalAdLink in Australia. LocalAdLink is a local search
Geodelic, a mobile technology company based in California, directory and advertising network. The company has
has launched Sherpa, a local search application, in partnered with more than 100 search engines, including
partnership with T-Mobile USA Inc. Sherpa is a local Google, Yahoo and MSN, for search content.
application for T-Mobile’s myTouch 3G. The application
uses a bespoke search engine, GENIE (Geodelic ENgine for
Interest Evaluation) which automatically learns users’ Eniro forms partnership with Navteq
favourite locations and lifestyle behaviour to customise its
24th June 2009
search. T-Mobile USA is a US subsidiary of T-Mobile
International AG, the mobile communications subsidiary of Eniro, the Nordic directories company has formed a
Deutsche Telecom AG. partnership with the digital maps provider, Navteq, whereby
Eniro’s local content will be made available on navigation
devices using Navteq maps. Eniro will provide local
Local.com partners with The Dallas Morning News information about more than 30,000 SMEs in the Nordic
region through Navteq. Eniro is a directory and search
24th June 2009
provider in the Nordic media market. The company
US local search engine Local.com has formed a partnership generated SEK6.6 billion in revenue in 2008.
with The Dallas Morning News to provide local search on
www.dallasnews.com. The Dallas Morning News, a
subsidiary of A.H. Belo Corporation, is one of the largest Herold Business acquires Tupalo.com
newspapers in Texas with an online readership of more than
25th June 2009
1.5 million. A.H. Belo Corp. is a newspaper and online
content publisher. Austrian yellow pages publisher Herold Business Data
GmbH has acquired a 24% stake in Tupalo.com, an
Austrian local search website built around user generated
content; it was launched in 2007. Herold Business Data
publishes Austrian telephone and yellow pages directories in
print, online and via mobiles. The company also offers lead
generation services and direct and search engine marketing.
© Heernet Ventures Limited. All Rights Reserved

Share price data
Company name Reuters Bloomberg Currency Current % Change
Code Code price
1 mth 6 mth 12 mth
Eniro AB ENIRO.ST ENRO.SS SEK 7.15 -30.2 54.8 -33.0
Pages Jaunes PAJ.PA PAJ.FP EUR 6.99 -16.2 -2.9 -26.7
Seat Pagine Gialle PGIT.MI PG:IM EUR 0.17 -19.0 -64.9 -71.0
Telegate TGTG.DE TGT:GR EUR 7.75 -13.4 23.8 -31.4
Yell Group YELL.L YELL:LN GBP 28.00 -15.8 -40.4 -63.4
Yellow Pages Income Fund YLO_u.TO YLO-U:CN CAD 5.40 -8.5 -2.0 -41.8
Yellow Pages (Singapore) YELP.SI YPG:SP SGD 0.35 -1.4 81.58 -50.71
th
updated: 26 June 2009
© Heernet Ventures Limited. All Rights Reserved

Deal Sheet
A summary of key deals and joint ventures over the last 5 months.
Date Sub Sector Investor Investee Terms Details
February Directories Yellow Pages New APN News and N.A. APN News and Media disinvested online business directory
2009 Zealand Media Ltd FindA.co.nz to Yellow Pages New Zealand.
February Directories Helion Venture GETIT Infoservices INR200 Helion Venture Partners invested in GETIT Infoservices (p) Ltd, a
2009 Partners (P) Ltd million yellow pages and directories publisher, to expand GETIT's
services across the country.
March Directories Eniro AB Oreo AB SEK6.6 Swedish search and directory services provider Eniro AB acquired
2009 million Oreo AB, a local public procurement services company.
March Directories Yellow Pages Insis (IE Singapore US$6.0 Yellow Pages (Singapore) acquired a stake in Insis, a wholly
2009 (Singapore) Holdings) million owned subsidiary of IE Singapore Holdings.
April Directories LocalTel Shamrock Media NA LocalTel, a directory publisher, acquired Shamrock Media
2009 Incorporated Incorporated, another directory publisher.
June Mobile local Multiplied Media UnoMobi Group NA Multiplied Media Corporation Group is a mobile local search
2009 search services provider in Calgary. UnoMobi is a mobile software
development company.
June Directories Herold Business Tupalo.com NA Herold Business Data GmbH acquired a 24% stake in
2009 Data GmbH Tupalo.com. Herold Business Data GmbH is a yellow pages
publisher in Austria. Tupalo.com offers international social yellow
pages.
June Directories Canpages ZipLocal Inc. $2.4 million ZipLocal is a Canadian local search engine.
2009
© Heernet Ventures Limited. All Rights Reserved

Published by:
Heernet ventures limited
London UK
Tel: +44 (0) 208 180 7223
Fax: +44 (0) 870 762 3014
Web: heernet.com, G2Mi.com
© Heernet ventures limited 2009. All Rights Reserved.
All corporate logos, images and brands are copyright of the respective companies.
TERMS & CONDITIONS OF USE
Every attempt has been made to ensure that the information in this report is correct at the time of publication. Heernet ventures limited
and its directors do not accept any liability for any errors or omissions within this report. Unless specified, the views expressed in this
report are purely those of the author. The content of this report does not in anyway constitute investment advice or investment
recommendations. Heernet ventures limited does not provide investment advice or investment advisory services and is not regulated by
the Financial Services Authority (FSA) in the UK or any other financial services regulator in any other country. The content of this report
can not be reproduced without the written permission of the author. This copy must not be circulated in either electronic or print format
outside of the purchasing organisation.
© Heernet Ventures Limited. All Rights Reserved