11 88 0 Solutions AG — Investor Presentation 2009

Dec 8, 2009

telegate Group: Company Presentation

Transformation towards Local Search Provider

based on 9-months results 2009

Agenda

• Business Model & Strategy
• Financials

telegate at a glance

Company history

• Founded in 1996, historically grown in the Directory Assistance business after liberalization of thesemarkets
• Since 2000 part of the Seat Pagine Gialle Group (holding 77,4%)
• European expansion and liberalization 2003-2006
• Since 2006 company transformation: expansion of product portfolio to online & mobile together with entering the advertising sales business (Media)
• 2008 acceleration of transformation strategy with the acquisition of klickTel

Customers

• approx. 240 m local searches p.a. across all platforms (in Germany)
• Main channels are online (>60%), then voice, mobile, others

• 10 m "non-voice-searches" from mobile platforms, rapidly growing

• about 500.000 installed telegate mobile apps Æmarket leadership in mobile local search in Germany

• 50.000 SME customers already advertise via telegate brand

Market Position

Germany (core market)

• No. 2 in telephone directory assistance
• Media business: biggest challenger of DTAG in local search-Media, inhouse-sales force

Spain

• No. 3 in telephone directory assistance
• Media business: with Partner QDQ in start-up phase

Italy

• Seat No. 1 in telephone directory assistance
• telegate as full-service provider

Employees

• approx. 3,000 employees (60% in Germany)
• approx. 400 own employees in direct sales to SME customers.

Value play with growth potential in an industry facing a paradigm shift

Strategic focus consistent with industry's paradigm shift

• A paradigm shift from traditional directories to digital local search is fact. telegate is well positioned with established brands & with a strong sales force
• One-stop advertising for SME's local advertising offers a significant long-term market potential thanks to above mentioned shift

Value play investment

• Cash generative ("normalized" FCF about 20 m€ p.a.) and high margin business
• Attractive dividend policy (dividend yield ca. 8%) as stable basis for a recurring return on investment
• Current Net Financial Position > 60 m€ & significant cash flow expected from data cost claims (approx. 60 m€ net of tax to add in case of success)

Business strategy: Multichannel-approach – Local Search in all modern media

Local Search market – market size & share(German market)

Medium	Market share user 1	Trend 1	Advertising sales 2 Market share advertising
Print	34%		$\epsilon$ 1.0 billion 77% (advertising-financed) significant shift expected
Internet	51%		€ 300 million 23% (advertising-financed)
Telephone directory assistance	9%		€ 250 million n/a (user-financed)
Software	6%		€ 10 million n/a (user-financed)
Market share telegate: approx. 15%			Market share telegate: approx. 2% sales-based

Business model telegate MEDIA – one-stop-advertising for B2B-customers

Transformation towards Local Search provider: Long-term perspective

A. User-mix Germany

• Searches constantly growing with digital media as key driver
• Of all searches, 75 % are expected to be online and via mobile-internet in 2012

Æ Transformation towards digital media

B. Revenue-mix Germany

• Advertising generated revenues to account for about 50 % of total revenues by 2012
• Advertising revenues are expected to overcompensate reduction in directory service revenues by 2012

Æ Transformation towards advertising generated revenues

Solid operational performance despite difficult economic environment in 2009

1 with segment France as discontinued operations accordingly to IFRS

2 non-recurring effects are: a) in 2009 cost for integration and CC-merger -1.9 m€ and income from settlement agreement of 1.7 m€, net -0.2 m€ b) in 2008 integration costs of -2.3 m€ and data cost litigation of +5.5 m€, net +3.2 m€

Visible progress in company transformation in Germany, whilst Italy/Spain is hurt by difficult economic environment

* In m€

Solid free cash flow generation underlines robust business model

• •Operating cash flow: Additional tax payment in 2009 from previous year: final installment expected Q4 '09
• •Investing cash flow: Investments in system integration following integration of klickTel
• •0,8 m€ cash-out (M&A) in '09 for the increase of the stake in tg MEDIA AG to now 100% & escrow account
• •Net financial position (30.09.09): 60 m€ despite dividend payment of 14.9 m€ in May '09

Status: Data cost-proceedings DTAG

Reclamation claims

Federal Court decision on October 13

• As expected the court has referred the case back to OLG Düsseldorf
• The court confirmed in the oral hearings the indicative court order from February, which confirmed telegate's claim on the merits
• OLG Düsseldorf will have to take further evidence on the relevance of additional data which DTAG delivered and if tg was forced to accept a "bundle product"

Next steps

• Written reasoning of decision of Federal Court to be released by end of the year
• New hearing at OLG Düsseldorf during 2010

105 m € (incl. interest)2 140 m € (incl. interest)

1 incl. telegate MEDIA AG

2 74 m€ net of tax; 12.3 m€ already paid by DTAG in 2007, no P&L impact yet

Damage claims

Proceedings:

• 1st instance: 2nd oral hearing in February 2008 confirms our confidence in a positive ruling
• Expert opinion (causality & amount) currently in drafting due to assignment by court

Business transformation & data claims as key drivers to company value Coverage share price targets • Unicredit 15.00 Euro buy • Sal. Oppenheim 14.00 Euro buy • DZ Bank 11.00 Euro buy • Intermonte 13.20 Euro buy Seat Pagine Gialle, IT Free FloatShareholder StructureMarket capitalization as of Oct. 31, 2008 191 m EuroMarket capitalization as of Oct. 30, 2009 190 m Euro77%23%6080100120140160Okt. 08 Dez. 08 Feb. 09 Apr. 09 Jun. 09 Aug. 09 Okt. 09 6080100120140160telegate Xetra Prime All Share Perf. Index TecDAX

Business dynamics and profit guidance 2009

Contact telegate AG

Financial calendar

C O E	D A d A l b h t r. n r e a s a
C O F	f G ß R l ü h b a r a e r
B d M b o a r e m e r	G D P l r. a o o o n a n o
I R l i t t n e s o r e a o n s v	F P W b t r a n e e r e e r z
G l A t t e e g a e	f ß F h 1 2 t r a n o e r s r a e a u G 8 2 1 2 M i i d 5 t a r n s r e e r m a n y ,
P h o n e	4 9 ( 0 ) 8 9 8 9 4 1 0 5 7 5 + - -
F a x	( ) 4 9 0 8 9 8 9 5 4 1 7 1 0 + - -
E i l m a	@ I l i l t t t t n e s o r. r e a o n s e e g a e c o m v
H o m e p a g e	l t t w w w e e g a e c o m

J 9 2 0 1 0 u n e ,	A G M

N 1 1 2 0 0 9 o v ,	G E i F t e r m a n q o r m u y u
M h 1 1 2 0 1 0 a r c ,	A l l 2 0 0 9 t n n a r e s s u u
M 6 2 0 1 0 a y ,	h l 3 2 0 1 0 t t -m o n s r e s s u
J 9 2 0 1 0 u n e ,	A G M

Disclaimer

This presentation contains "forward looking statements" regarding telegate Group (telegate), including opinions, estimates and projections regarding telegate's financial position, business strategy, plans and objectives of management and future operations. Such forward looking statements involve known and unknown risks, uncertainties and other important factors that could cause the actual results, performance or achievements of telegate to be materially different from future results, performance and achievements expressed or implied by such forward looking statements. These forward looking statements speak only as of the date of this presentation and are based on numerous assumptions which may or may not prove to be correct.

Whilst all reasonable care has been taken to ensure that the information and facts stated herein are accurate and that the opinions and expectations contained herein are fair and reasonable, no representation or warranty, express or implied, is made by telegate with respect to fairness, completeness, correctness, reasonableness or accuracy of any information and opinions contained herein. The information in this presentation is subject to change without a prior notice, it may be incomplete or condensed, and it may not contain all material information concerning telegate. telegate undertakes no obligation to publicly update or revise any forward looking statements or other information stated herein, whether as a result of new information, future events or otherwise.

Backup

ISIN DE0005118806

O d i h t t u s a n n g s a r e s	2 1, 2 3 4, 5 4 5
( ) D i i d d 2 0 0 8 i d i 2 0 0 9 e n p a n v	/ 0. 7 0 E h r o s a r e u
5 W h i h 2 g	5 5 E 9. u r o
5 2 W l o w	6. 0 E r o u
h t C i i i ( f ) M k l 3 0 O b 2 0 0 9 t t t t a r e a p a s a o n o c o e r	1 9 0 E m u r o
d 5 2 W t a v e r a g e u r n o v e r p e r a y	8 4 k E u r o
T S d d t r a n s p a r e n c y a n a r	P i S d d t r m e a n a r
I d i n c e s	C S S D A X P i A l l h T h l A l l h r m e a r e, e c n o o g y a r e ,
O f f i i l M k t c a a r e	F k f d X t t r a n u r a n e r a
C L i i d i l t q a s s u y	2
M k k t a r e m a e r s	C l B h S d l t o s e r o e r e y e r

Consolidated balance sheet

i k E U R n	S 3 0 2 0 0 9 t e p ,	S 3 0 2 0 0 8 t e p ,
A t s s e s
C h & h i l t a s c a s e q a e n s u v	6 0 1 0 5	5 3 0 2 0
f T i b l i i b l & i i l t t a n g e n a n g e n a n c a a s s e s ,	5 2 0 4 2	6 0 9 3 1
T d i b l t r a e a c c o n s r e c e a e u v	6 9 6 9 5	6 0 8 3 1
O h t t e r a s s e s	1 6 4 5 9	1 0 1 0 7
T l A t t o a s s e s	1 8 5 5 7 5	1 8 4 8 8 9
i i i i S i L b l & h h l d ' t t a e s a r e o e r s e q u y
C l i b i l i i t t r r e n a e s u	3 9 0 7 7	6 0 6 7 7
N l i b i l i i t t o n -c u r r e n a e s	1 4 5 6 4	1 5 0 5 7
S h h l d ' i i b b l h t t t t t t t a r e o e r s e q a r a e o e p a r e n u y u	9 3 6 2 1	9 3 1 2 6
i i i i i T l l b l & h h l d ' t t t o a a e s s a r e o e r s e q u y	1 8 5 5 7 5	1 8 4 8 8 9

Consolidated cash flow statement

i k E U R n	S 3 0, 2 0 0 9 t e p	S 3 0, 2 0 0 8 t e p
f N i b i t t e n c o m e e o r e n c o m e a x	1 8. 9 0 8	2 9. 9 0 2
D i i & i i t t t e p r e c a o n a m o r s a o n	1 1. 4 9 7	7. 5 2 7
C h i i & l i b i l i i t t t a n g e s n o p e r a n g a s s e s a e s	1. 1 6 5	1. 3 5 7
I i d t n c o m e a e s p a x	-7 3 1 5	-2 6 2 4
O h i t t e r e m s	1. 4 0 4	-6 0 0 5
C f f i i i i h l t t t a s o s r o m o p e r a n g a c e s w v	2 5. 6 5 9	3 0. 1 1 2
C i l d i t t a p a e x p e n u r e s	-4 2 2 7	-1 7 9 9
A i i i / h f b i d i f h i d / h d t t c q u s o n p u r c a s e o a s u s a r y, n e o c a s a c q u r e p u r c a s e	1 8 5	-2 8 2 1 7.
f A i i i i i i t t t t c q u s o n o m n o r y n e r e s s	-9 5 2	-9 9 6
C h f l d i i i i i i t t t a s o w s u s e n n v e s n g a c v e s	-5 0 2 1	-3 0. 6 1 6
D i i d d i d e n p a v	-1 4. 8 6 4	-1 4. 8 6 4
I i d t t n e r e s s r e c e v e	1. 6 1 4	1. 8 1 6
I i d t t n e r e s s p a	-7 5	-2 0 6
C h f l i d d b ( d i ) f i i i i i t t a s o w s p r o v e y u s e n n a n c n g a c v e s	-1 3. 3 2 5	-1 3. 2 5 4
I i h d h i l t n c r e a s e n c a s a n c a s e q u v a e n s	3 1 3 7.	-1 3. 5 8 7
C h d h i l b i i f i i d t t t a s a n c a s e q u v a e n s a e g n n n g o r e p o r n g p e r o	5 3. 4 6 1	6 6. 7 7 8
C h d h i l d f i i d t t t a s a n c a s e q u v a e n s a e n o r e p o r n g p e r o	6 0. 4 7 7	5 3. 0 2 0

Locations Germany

Local Search – Competitive Landscape Directories & Search-Engines (example: Germany) • Sales-Force• Long established user & • Sales Force • Traffic/Searches• BrandIncumbent Directory-Player Æ DeTeMedien telegate is "The Alternative Player" Search-Engines ÆGoogle with 90 % market shareKey

• Established user brand & multi-channel offer
• Technical know-how & flexibility

payment

• Performance-based

• Product innovation• Threat: online + mobile due to cannibalisation of print • Performance-based payment not possible

Long established customer

advertiser brand

relationship

•

• Advertiser brand not yet established

• No access to SME's due to lack of sales-force
• Proximity to customer
• High complexity of effective campaign management.

Strenghts

Key Weakness