8-K

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

Date of Report (Date of Earliest Event Reported):

July 27, 2010

SUPERMEDIA INC.

(Exact name of Registrant as specified in its charter)

Delaware	1-32939	20-5095175
(State of Incorporation)	(Commission File Number)	(I.R.S. Employer
		Identification Number)

2200 West Airfield Drive, P.O. Box 619810, DFW Airport, Texas 75261

(Address of Principal Executive Offices)

(972) 453-7000

(Registrant’s telephone number, including area code)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the Registrant under any of the following provisions:

oWritten communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

oSoliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

oPre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

oPre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 2.02Results of Operations and Financial Condition.

On July 27, 2010, SuperMedia Inc. (the “Company”) issued a press release announcing its financial results for the six months ended June 30, 2010.  A copy of the press release is furnished as part of this Current Report on Form 8-K as Exhibit 99.1 and is incorporated herein by reference.

Non-GAAP Measures

The Company’s press release and financial schedules include financial information prepared in conformity with accounting principles generally accepted in the United States (“GAAP”) as well as non-GAAP financial information.  The non-GAAP financial information includes:

·EBITDA, which is earnings before interest, taxes, depreciation and amortization;

·EBITDA margin, which is EBITDA divided by total operating revenue;

·adjusted pro forma consolidated statements of operations;

·adjusted pro forma EBITDA;

·adjusted pro forma EBITDA margin; and

·free cash flow.

EBITDA is determined by adjusting net income for interest, taxes, reorganization items, depreciation and amortization.  EBITDA margin is calculated by dividing EBITDA by total operating revenue.  Management believes that EBITDA and EBITDA margin are useful to investors and other users of our financial information in evaluating our operating performance.  EBITDA and EBITDA margin are used internally to evaluate current operating expense efficiency and operating profitability by excluding interest, tax, reorganization, depreciation and amortization items. In addition, EBITDA is used internally for incentive compensation purposes.

The adjusted pro forma consolidated statements of operations represent our consolidated statements of operations prepared in accordance with GAAP as modified to adjust for the impacts of certain unique costs including reorganization items, restructuring costs, certain stock-based compensation costs, other non-recurring costs and pro forma fresh start accounting items.  Descriptions of the adjustments made to prepare our adjusted pro forma consolidated statements of operations are provided in the financial schedules accompanying the press release attached as Exhibit 99.1 to this Current Report.

Management believes the presentations of adjusted pro forma operating performance assist readers in better understanding our results of operations and trends from period to period, consistent with management’s evaluation of the Company’s consolidated results of operations for a variety of internal measures including strategic business planning, capital allocation and incentive compensation.  Management believes that the adjusted pro forma consolidated statements of operations and adjusted pro forma EBITDA are more indicative of future operating results than GAAP results of operations because of the non-operational and/or non-recurring nature of the items adjusted.

Free cash flow is defined as cash from operations minus capital expenditures, including software capitalization. Management believes that free cash flow is useful to investors and other users of our

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financial information because management regularly reviews free cash flow as an important indicator of how much cash is generated by normal business operations.

As a result of these factors, management provides this information externally, along with a reconciliation to their comparable GAAP amounts, so readers have access to the detail and general nature of adjustments made to GAAP results to arrive at non-GAAP measures.

Management provides non-GAAP financial information to enhance the understanding of the Company’s GAAP consolidated financial statements and readers should consider the information in addition to, but not instead of, the Company’s financial statements prepared in accordance with GAAP.  This non-GAAP financial information may be determined or calculated differently by other companies.

Item 7.01.              Regulation FD Disclosure.

The Company is furnishing herewith additional information in conjunction with the July 27, 2010 earnings release. This additional information includes Company information and highlights of 2010 second quarter results.  The additional information, attached as Exhibit 99.2 to this Current Report on Form 8-K, is being furnished and will not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that Section.

The information in this Current Report on Form 8-K will not be incorporated by reference into any registration statement or other document filed by the Company under the Securities Act of 1933, as amended, or the Exchange Act, unless specifically identified therein as being incorporated by reference.

Item 9.01               Financial Statements and Exhibits.

(d) Exhibits

Exhibit No.	Description
99.1	SuperMedia Inc. press release, dated July 27, 2010
99.2	Additional Information from Investor Conference Call on July 27, 2010

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this Current Report to be signed on its behalf by the undersigned hereunto duly authorized.

	SUPERMEDIA INC.
	By:	/s/ Cody Wilbanks
		Name:	Cody Wilbanks
		Title:	Executive Vice President —
			General Counsel and Secretary
Date:  July 27, 2010

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EXHIBIT INDEX

Exhibit No.	Description
99.1	SuperMedia Inc. press release, dated July 27, 2010
99.2	Additional Information from Investor Conference Call on July 27, 2010

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EX-99.1

Exhibit 99.1

FOR IMMEDIATE RELEASE

July 27, 2010

Media Relations Contact:

Andrew Shane

972/453-6473

andrew.shane@supermedia.com

Investor Relations Contact:

Cliff Wilson

972/453-6188

cliff.wilson@supermedia.com

SuperMedia Announces Q2 2010 Results

DALLAS — SuperMedia (NASDAQ:SPMD), a leading advertising agency for local small- to medium-sized businesses across the United States, today announced its financial results for the second quarter 2010.

Second quarter highlights:

·Improvement in second quarter ad sales trends to a rate of decline of 16.9 percent, versus the first quarter rate of decline of 20.6 percent;

·Debt principal payments of $177 million during the quarter, in accordance with the mandatory cash sweep provisions of the Company’s loan agreement, $122 million related to second quarter cash flows and $55 million related to first quarter cash flows;

·Continued aggressive cost management; and

·Cash on hand of $300 million at the end of the quarter.

“Today we stand almost a full seven months removed from exiting Chapter 11 and emerging as SuperMedia,” said Scott W. Klein, chief executive officer of SuperMedia. “We continue to be encouraged by what we are seeing in the business as reflected in second quarter results, despite the fact that the overall economic climate remains uncertain.

“This view is based on the indicators we are seeing from the plans we have implemented thus far that are designed ultimately to drive revenue, reduce expenses, improve margins and continue to foster a high-performance culture.”

Klein continued, “We believe the fundamentals of our business model remain sound. Small- to medium-sized businesses need advertising-agency-like services for the Internet, direct mail and of course the print yellow pages to help them get consumers to click on their websites, make their phones ring and to get them to knock on their doors. We remain committed to improving our ability to deliver on our ‘click-ring-knock’ promise to our clients. ”

“We continue to be laser-focused on introducing new revenue-generating opportunities and achieving expense reductions.” Klein continued. “That said, because of the nature and timing of the way we sell, publish and amortize revenue, there is a lag time between the implementation of changes and the impact of those changes on our financial results.”

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Financial Summary

SuperMedia reports financial results on a generally accepted accounting principles (“GAAP”) and non-GAAP basis, referred to as “adjusted pro forma”. The adjusted pro forma basis measures are described and reconciled to the corresponding GAAP measures in the accompanying financial schedules. These results were adjusted for the impacts of fresh start accounting and certain unique costs including reorganization items, restructuring costs and other non-recurring costs.

Reported GAAP operating revenue for Q2 2010 was $247 million.  Adjusted pro forma operating revenue for Q2 2010 was $512 million, versus $651 million for Q2 2009, a decline of 21.4 percent.

Reported GAAP year-to-date operating revenue for 2010 was $401 million. Adjusted pro forma year-to-date operating revenue for 2010 was $1,045 million, versus $1,325 million for the same period in 2009, a decline of 21.1 percent.

Reported Q2 2010 earnings before interest, taxes, depreciation and amortization (“EBITDA”) was a loss of $14 million.  On an adjusted pro forma basis, Q2 2010 EBITDA was $165 million with an EBITDA margin of 32.2 percent compared to 2Q 2009 EBITDA of $236 million with an EBITDA Margin of 36.3 percent.

Reported year-to-date 2010 EBITDA was a loss of $110 million. On an adjusted pro forma basis, year-to-date 2010 EBITDA was $328 million with an EBITDA margin of 31.4 percent compared to year-to-date 2009 EBITDA of $452 million with an EBITDA margin of 34.1 percent.

The above results include a $16 million general and administrative expense reduction related to a favorable non-recurring non-cash resolution of state tax claims.

Advertising sales in Q2 2010 declined 16.9 percent.  Ad sales for Q2 2010 reflect activity primarily from the last quarter of 2009 and first quarter of 2010.

Free cash flow, a non-GAAP measure, year to date 2010 was $265 million representing cash from operating activities of $286 million, less capital expenditures (including capitalized software) of $21 million.  This includes a net federal income tax refund of $94 million relative to 2009.

SuperMedia made debt principal payments of $177 million in the second quarter, in accordance with the mandatory cash sweep provisions of the Company’s loan agreement, $122 million related to second quarter cash flows and $55 million related to first quarter cash flows. Cash on hand at the end of the quarter totaled $300 million, reflecting the net cash benefits of the items noted above.

Webcast Information

Individuals within the United States can access the earnings call by dialing 888/603-6873. International participants should dial 973/582-2706. The pass code for the call is: 82225485. In order to ensure a prompt start time, please dial into the call by 9:50 a.m. (Eastern). A replay of the teleconference will be available at 800/642-1687.  International callers can access the replay by calling 706/645-9291. The replay pass code is 82225485. The replay will be available through August 10, 2010. In addition, a live Web cast will be available on SuperMedia’s Web site in the Investor Relations section at www.supermedia.com.

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Basis of Presentation and Non-GAAP Measures

In connection with SuperMedia’s emergence from bankruptcy on December 31, 2009, and the application of fresh start accounting, the post-emergence results of the successor company and the pre-emergence results of the predecessor company are presented separately as successor and predecessor results in the financial statements presented in accordance with GAAP. This presentation is required by GAAP as the successor company is considered to be a new entity and the results of the new entity reflect the application of fresh start accounting. For the readers’ convenience, the financial information accompanying this release provides a reconciliation of GAAP to non-GAAP results.

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Forward-Looking Statements

Certain statements included in this press release constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and the federal securities laws. Statements that include the words “may,” “will,” “could,” “should,” “would,” “believe,” “anticipate,” “forecast,” “estimate,” “expect,” “preliminary,” “intend,” “plan,” “project,” “outlook” and similar statements of a future or forward-looking nature identify forward-looking statements. You should not place undue reliance on these statements.  These forward-looking statements include statements that reflect the current views of our senior management with respect to our financial performance and future events with respect to our business and industry in general.  Forward-looking statements address matters that involve risks and uncertainties. Accordingly, there are or will be important factors that could cause our actual results to differ materially from those indicated in these statements. We believe that these factors include, but are not limited to, the risks related to the following:

·our post-restructuring financial condition, financing requirements and cash flow;

·the inability to provide assurance for the long-term continued viability of our business;

·limitations on our operating and strategic flexibility and the ability to operate our business, finance our capital needs or expand business strategies under the terms of our debt agreements;

·results from any failure to comply with the financial covenants and other restrictive covenants in our debt agreements;

·limited access to capital markets and increased borrowing costs resulting from our leveraged capital structure and recent debt ratings;

·reduced advertising spending by our clients and contract cancellations resulting from the current economic environment, which drives reduced revenues;

·competition from other yellow pages directory publishers and other traditional and new media and our ability to anticipate or respond to changes in technology and user preferences;

·declining use of print yellow pages directories by consumers;

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·our ability to complete the implementation of our plan of reorganization and the discharge of our Chapter 11 bankruptcy cases, including successfully resolving any remaining claims;

·any negative client, vendor, carrier and third-party responses resulting from the implementation of our confirmed plan of reorganization;

·the impact that the filing for and emerging from Chapter 11 bankruptcy has had and could continue to have on our business operations, financial condition, liquidity or cash flow;

·changes in the availability and cost of paper and other raw materials used to print our directories and our reliance on third-party providers for printing and distribution services;

·increased credit risk associated with our reliance on small- and medium-sized businesses as clients, in the current economic environment;

·changes in our operating performance;

·our ability to attract and retain qualified key personnel;

·our ability to maintain good relations with our unionized employees;

·changes in labor, business, political and economic conditions;

·changes in governmental regulations and policies and actions of regulatory bodies; and

·the outcome of pending or future litigation and other claims.

The foregoing factors should not be construed as exhaustive and should be read together with the other cautionary statements included in this and other reports we file with the Securities and Exchange Commission, including the information in “Item 1A. Risk Factors” in Part I of our Annual Report on Form 10-K for the year ended December 31, 2009. If one or more events related to these or other risks or uncertainties materialize, or if our underlying assumptions prove to be incorrect, actual results may differ materially from what we anticipate. All forward-looking statements included in this report are expressly qualified in their entirety by these cautionary statements.  The forward-looking statements speak only as of the date made and, other than as required by law, we undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

About SuperMedia Inc.

SuperMedia (NASDAQ:SPMD) is the advertising agency for local small- to medium-sized businesses across the United States. SuperMedia specializes in results. Click-here results. Ring-the-phone results. Knock-on-the-door results.

SuperMedia’s advertising products and services include: the SuperGuarantee® and SuperTradeExchange® programs, Verizon® SuperYellowPages, FairPoint® SuperYellowPages and Frontier® SuperYellowPages, Superpages.com®, EveryCarListed.comSM, Switchboard.comSM, LocalSearch.comSM, Superpages MobileSM and SuperpagesDirect® direct mail products. For more information, visit www.supermedia.com.

SPMD-G

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SuperMedia Inc.

Consolidated Statements of Operations

Reported (GAAP)

Six Months Ended June 30, 2010 Compared to Six Months Ended June 30, 2009 (2)

(dollars in millions, except per share amounts)

	Successor Company			Predecessor Company
	6 Mos. Ended			6 Mos. Ended
Unaudited	6/30/10			6/30/09			% Change
Operating Revenue	$	401		$	1,325		(69.7	)
Operating Expense
Selling	222			361			(38.5	)
Cost of sales (exclusive of depreciation and amortization)	192			299			(35.8	)
General and administrative	97			230			(57.8	)
Depreciation and amortization	95			34			179.4
Total Operating Expense	606			924			(34.4	)
Operating Income (Loss)	(205		)	401			NM
Interest expense, net	143			151			(5.3	)
Income (Loss) Before Reorganization Items and Provision (Benefit) for Income Taxes	(348		)	250			NM
Reorganization items	3			405			(99.3	)
Income (Loss) Before Provision (Benefit) for Income Taxes	(351		)	(155		)	126.5
Provision (benefit) for income taxes	(125		)	(54		)	131.5
Net Income (Loss)	$	(226	)	$	(101	)	123.8
Basic and Diluted Earnings (Loss) per Common Share (1)	$	(15.10	)	$	(0.69	)	NM
Basic and diluted weighted-average common shares outstanding (in millions)	15			147

These schedules are preliminary and subject to change pending the Company’s filing of its Form 10-Q. As a result of our adoption of fresh start accounting in December 2009, our Successor Company financial results are not comparable to our Predecessor Company financial results.

Note:

(1)Equity based awards granted in 2010 and 2009 had no impact on the calculation of diluted earnings per common share.

(2)Results for the six months ended June 30, 2010 include a $16 million general and administrative expense reduction related to the favorable non-recurring non-cash resolution of state tax claims.

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SuperMedia Inc.

Consolidated Statements of Operations

Reported (GAAP)

Three Months Ended June 30, 2010 Compared to Three Months Ended June 30, 2009 (2)

(dollars in millions, except per share amounts)

	Successor Company			Predecessor Company
	3 Mos. Ended			3 Mos. Ended
Unaudited	6/30/10			6/30/09			% Change
Operating Revenue	$	247		$	651		(62.1	)
Operating Expense
Selling	113			164			(31.1	)
Cost of sales (exclusive of depreciation and amortization)	103			148			(30.4	)
General and administrative	45			106			(57.5	)
Depreciation and amortization	47			17			176.5
Total Operating Expense	308			435			(29.2	)
Operating Income (Loss)	(61		)	216			NM
Interest expense (income), net	71			(3		)	NM
Income (Loss) Before Reorganization Items and Provision (Benefit) for Income Taxes	(132		)	219			NM
Reorganization items	1			9			(88.9	)
Income (Loss) Before Provision (Benefit) for Income Taxes	(133		)	210			NM
Provision (benefit) for income taxes	(50		)	68			NM
Net Income (Loss)	$	(83	)	$	142		NM
Basic and Diluted Earnings (Loss) per Common Share (1)	$	(5.55	)	$	0.97		NM
Basic and diluted weighted-average common shares outstanding (in millions)	15			147

Note:

(1)Equity based awards granted in 2010 and 2009 had no impact on the calculation of diluted earnings per common share.

(2)Results for the three months ended June 30, 2010 include a $16 million general and administrative expense reduction related to the favorable non-recurring non-cash resolution of state tax claims.

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SuperMedia Inc.

Consolidated Statements of Operations

Adjusted Pro Forma and Adjusted (Non-GAAP) (1)

Six Months Ended June 30, 2010 Compared to Six Months Ended June 30, 2009 (3)

(dollars in millions, except per share amounts)

	Successor Company		Predecessor Company
	6 Mos. Ended		6 Mos. Ended
Unaudited	6/30/10		6/30/09		% Change
Operating Revenue	$	1,045	$	1,325	(21.1	)
Operating Expense
Selling	298		361		(17.5	)
Cost of sales (exclusive of depreciation and amortization)	274		299		(8.4	)
General and administrative	145		213		(31.9	)
Depreciation and amortization	95		34		179.4
Total Operating Expense	812		907		(10.5	)
Operating Income	233		418		(44.3	)
Interest expense, net	143		153		(6.5	)
Income Before Reorganization Items and Provision for Income Taxes	90		265		(66.0	)
Reorganization items	—		—		NM
Income Before Provision for Income Taxes	90		265		(66.0	)
Provision for income taxes	32		101		(68.3	)
Net Income	$	58	$	164	(64.6	)
Basic and Diluted Earnings per Common Share (2)	$	3.84	$	1.12	242.9
Basic and diluted weighted-average common shares outstanding (in millions)	15		147

Notes:

(1)These consolidated statements of operations provide a comparison of the six months ended June 30, 2010 adjusted pro forma results to the six months ended June 30, 2009 adjusted results.  The following schedules provide reconciliations from our reported GAAP results to adjusted pro forma and adjusted non-GAAP results for the periods shown above.

(2)Equity based awards granted in 2010 and 2009 had no impact on the calculation of diluted earnings per common share.

(3)Results for the six months ended June 30, 2010 include a $16 million general and administrative expense reduction related to the favorable non-recurring non-cash resolution of state tax claims.

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SuperMedia Inc.

Consolidated Statements of Operations

Adjusted Pro Forma and Adjusted (Non-GAAP) (1)

Three Months Ended June 30, 2010 Compared to Three Months Ended June 30, 2009 (3)

(dollars in millions, except per share amounts)

	Successor Company		Predecessor Company
	3 Mos. Ended		3 Mos. Ended
Unaudited	6/30/10		6/30/09			% Change
Operating Revenue	$	512	$	651		(21.4	)
Operating Expense
Selling	146		164			(11.0	)
Cost of sales (exclusive of depreciation and amortization)	136		148			(8.1	)
General and administrative	65		103			(36.9	)
Depreciation and amortization	47		17			176.5
Total Operating Expense	394		432			(8.8	)
Operating Income	118		219			(46.1	)
Interest expense (income), net	71		(3		)	NM
Income Before Reorganization Items and Provision for Income Taxes	47		222			(78.8	)
Reorganization items	—		—			NM
Income Before Provision for Income Taxes	47		222			(78.8	)
Provision for income taxes	14		84			(83.3	)
Net Income	$	33	$	138		(76.1	)
Basic and Diluted Earnings per Common Share (2)	$	2.15	$	0.94		128.7
Basic and diluted weighted-average common shares outstanding (in millions)	15		147

Notes:

(1)These consolidated statements of operations provide a comparison of the three months ended June 30, 2010 adjusted pro forma results to the three months ended June 30, 2009 adjusted results.  The following schedules provide reconciliations from our reported GAAP results to adjusted pro forma and adjusted non-GAAP results for the periods shown above.

(2)Equity based awards granted in 2010 and 2009 had no impact on the calculation of diluted earnings per common share.

(3)Results for the three months ended June 30, 2010 include a $16 million general and administrative expense reduction related to the favorable non-recurring non-cash resolution of state tax claims.

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SuperMedia Inc.

Consolidated Statements of Operations

Reported (GAAP)

Three Months Ended June 30, 2010 Compared to Three Months Ended March 31, 2010 (2)

(dollars in millions, except per share amounts)

	3 Mos. Ended			3 Mos. Ended
Unaudited	6/30/10			3/31/10			% Change
Operating Revenue	$	247		$	154		60.4
Operating Expense
Selling	113			109			3.7
Cost of sales (exclusive of depreciation and amortization)	103			89			15.7
General and administrative	45			52			(13.5	)
Depreciation and amortization	47			48			(2.1	)
Total Operating Expense	308			298			3.4
Operating Income (Loss)	(61		)	(144		)	(57.6	)
Interest expense, net	71			72			(1.4	)
Income (Loss) Before Reorganization Items and Provision (Benefit) for Income Taxes	(132		)	(216		)	(38.9	)
Reorganization items	1			2			(50.0	)
Income (Loss) Before Provision (Benefit) for Income Taxes	(133		)	(218		)	(39.0	)
Provision (benefit) for income taxes	(50		)	(75		)	(33.3	)
Net Income (Loss)	$	(83	)	$	(143	)	(42.0	)
Basic and Diluted Earnings (Loss) per Common Share (1)	$	(5.55	)	$	(9.56	)	(41.9	)
Basic and diluted weighted-average common shares outstanding (in millions)	15			15

Note:

(1)  Equity based awards granted in 2010 had no impact on the calculation of diluted earnings per common share.

(2)  Results for the three months ended June 30, 2010 include a $16 million general and administrative expense reduction related to the favorable non-recurring non-cash resolution of state tax claims.

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SuperMedia Inc.

Consolidated Statements of Operations

Adjusted Pro Forma (Non-GAAP) (1)

Three Months Ended June 30, 2010 Compared to Three Months Ended March 31, 2010 (3)

(dollars in millions, except per share amounts)

	3 Mos. Ended		3 Mos. Ended
Unaudited	6/30/10		3/31/10		% Change
Operating Revenue	$	512	$	533	(3.9	)
Operating Expense
Selling	146		152		(3.9	)
Cost of sales (exclusive of depreciation and amortization)	136		138		(1.4	)
General and administrative	65		80		(18.8	)
Depreciation and amortization	47		48		(2.1	)
Total Operating Expense	394		418		(5.7	)
Operating Income	118		115		2.6
Interest expense, net	71		72		(1.4	)
Income Before Reorganization Items and Provision for Income Taxes	47		43		9.3
Reorganization items	—		—		NM
Income Before Provision for Income Taxes	47		43		9.3
Provision for income taxes	14		18		(22.2	)
Net Income	$	33	$	25	32.0
Basic and Diluted Earnings per Common Share (2)	$	2.15	$	1.69	27.2
Basic and diluted weighted-average common shares outstanding (in millions)	15		15

Notes:

(1)  These consolidated statements of operations provide a comparison of the three months ended June 30, 2010 adjusted pro forma results to the three months ended March 31, 2010 adjusted pro forma results. The following schedules provide reconciliations from our reported GAAP results to adjusted pro forma non-GAAP results for the periods shown above.

(2)  Equity based awards granted in 2010 had no impact on the calculation of diluted earnings per common share.

(3)  Results for the three months ended June 30, 2010 include a $16 million general and administrative expense reduction related to the favorable non-recurring non-cash resolution of state tax claims.

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SuperMedia Inc.

Consolidated Statements of Operations

Reconciliation from Reported (GAAP) to Adjusted Pro Forma (Non-GAAP) (7)

Six Months Ended June 30, 2010

(dollars in millions, except per share amounts)

	Successor Company
				Adjustments												Pro Forma Items
Unaudited	6 Mos. Ended 6/30/10 Reported (GAAP)			Restructuring Costs (3)			Reorganization Items (4)			Health Care Reform Act (5)			6 Mos. Ended 6/30/10 Adjusted (Non-GAAP)			Fresh Start Accounting Items (6)		6 Mos. Ended 6/30/10  Adjusted Pro Forma (Non-GAAP)
Operating Revenue	$	401		$	—		$	—		$	—		$	401		$	644	$	1,045
Operating Expense
Selling	222			—			—			—			222			76		298
Cost of sales (exclusive of depreciation and amortization)	192			—			—			—			192			82		274
General and administrative	97			(4		)	—			—			93			52		145
Depreciation and amortization	95			—			—			—			95			—		95
Total Operating Expense	606			(4		)	—			—			602			210		812
Operating Income (Loss)	(205		)	4			—			—			(201		)	434		233
Interest expense, net	143			—			—			—			143			—		143
Income (Loss) Before Reorganization Items and Provision (Benefit) for Income Taxes	(348		)	4			—			—			(344		)	434		90
Reorganization items	3			—			(3		)	—			—			—		—
Income (Loss) Before Provision (Benefit) for Income Taxes	(351		)	4			3			—			(344		)	434		90
Provision (benefit) for income taxes	(125		)	1			1			(7		)	(130		)	162		32
Net Income (Loss)	$	(226	)	$	3		$	2		$	7		$	(214	)	$	272	$	58
Basic and Diluted Earnings (Loss) per Common Share	$	(15.10	)	$	0.18		$	0.12		$	0.48		$	(14.32	)	$	18.16	$	3.84
Operating Income (Loss)	$	(205	)	$	4		$	—		$	—		$	(201	)	$	434	$	233
Depreciation and Amortization	95			—			—			—			95			—		95
EBITDA (non-GAAP) (1)	$	(110	)	$	4		$	—		$	—		$	(106	)	$	434	$	328
Operating income (loss) margin (2)	-51.1		%										-50.1		%			22.3		%
Impact of depreciation and amortization	23.7		%										23.7		%			9.1		%
EBITDA margin (non-GAAP) (1)	-27.4		%										-26.4		%			31.4		%

Notes:

(1)EBITDA is a non-GAAP measure that represents earnings before interest, taxes, depreciation, and amortization. EBITDA margin is a non-GAAP measure calculated by dividing EBITDA by operating revenue.

(2)Operating income (loss) margin is calculated by dividing operating income (loss) by operating revenue.

(3)Restructuring costs are associated with strategic organizational cost savings initiatives.

(4)Reorganization items represent charges that are directly associated with the process of reorganizing the business under Chapter 11 of the United States Bankruptcy Code.

(5)As a result of the passage of the Health Care Reform Act in March of 2010, the future benefit of certain deferred tax assets was eliminated, resulting in a charge in the current period.

(6)Fresh start accounting items include adjustments for revenue and expense items that would have been otherwise amortized into the Company’s statement of operations but were written off at December 31, 2009 as prescribed by United States Generally Accepted Accounting Principles.

(7)Results include a $16 million general and administrative expense reduction related to the favorable non-recurring non-cash resolution of state tax claims.

11

SuperMedia Inc.

Consolidated Statements of Operations

Reconciliation from Reported (GAAP) to Adjusted Pro Forma (Non-GAAP) (6)

Three Months Ended June 30, 2010

(dollars in millions, except per share amounts)

		Successor Company
				Adjustments									Pro Forma Items
Unaudited	3 Mos. Ended 6/30/10 Reported (GAAP)			Restructuring Costs (3)			Reorganization Items (4)			3 Mos. Ended 6/30/10 Adjusted (Non-GAAP)			Fresh Start Accounting Items (5)		3 Mos. Ended 6/30/10 Adjusted Pro Forma (Non-GAAP)
Operating Revenue	$	247		$	—		$	—		$	247		$	265	$	512
Operating Expense
Selling	113			—			—			113			33		146
Cost of sales (exclusive of depreciation and amortization)	103			—			—			103			33		136
General and administrative	45			(2		)	—			43			22		65
Depreciation and amortization	47			—			—			47			—		47
Total Operating Expense	308			(2		)	—			306			88		394
Operating Income (Loss)	(61		)	2			—			(59		)	177		118
Interest expense, net	71			—			—			71			—		71
Income (Loss) Before Reorganization Items and Provision (Benefit) for Income Taxes	(132		)	2			—			(130		)	177		47
Reorganization items	1			—			(1		)	—			—		—
Income (Loss) Before Provision (Benefit) for Income Taxes	(133		)	2			1			(130		)	177		47
Provision (benefit) for income taxes	(50		)	—			—			(50		)	64		14
Net Income (Loss)	$	(83	)	$	2		$	1		$	(80	)	$	113	$	33
Basic and Diluted Earnings (Loss) per Common Share	$	(5.55	)	$	0.09		$	0.04		$	(5.42	)	$	7.57	$	2.15
Operating Income (Loss)	$	(61	)	$	2		$	—		$	(59	)	$	177	$	118
Depreciation and Amortization	47			—			—			47			—		47
EBITDA (non-GAAP) (1)	$	(14	)	$	2		$	—		$	(12	)	$	177	$	165
Operating income (loss) margin (2)	-24.7		%							-23.9		%			23.0		%
Impact of depreciation and amortization	19.0		%							19.0		%			9.2		%
EBITDA margin (non-GAAP) (1)	-5.7		%							-4.9		%			32.2		%

Notes:

(1)EBITDA is a non-GAAP measure that represents earnings before interest, taxes, depreciation, and amortization. EBITDA margin is a non-GAAP measure calculated by dividing EBITDA by operating revenue.

(2)Operating income (loss) margin is calculated by dividing operating income (loss) by operating revenue.

(3)Restructuring costs are associated with strategic organizational realignment and market exit initiatives.

(4)Reorganization items represent charges that are directly associated with the process of reorganizing the business under Chapter 11 of the United States Bankruptcy Code.

(5)Fresh start accounting items include adjustments for revenue and expense items that would have been otherwise amortized into the Company’s statement of operations but were written off at December 31, 2009 according to the rules of fresh start accounting.

(6)Results include a $16 million general and administrative expense reduction related to the favorable non-recurring non-cash resolution of state tax claims.

12

SuperMedia Inc.

Consolidated Statements of Operations

Reconciliation from Reported (GAAP) to Adjusted Pro Forma (Non-GAAP)

Three Months Ended March 31, 2010

(dollars in millions, except per share amounts)

	Successor Company
				Adjustments												Pro Forma Items
Unaudited	3 Mos. Ended 3/31/10 Reported (GAAP)			Restructuring Costs (3)			Reorganization Items (4)			Health Care Reform Act (5)			3 Mos. Ended 3/31/10 Adjusted (Non-GAAP)			Fresh Start Accounting Items (6)		3 Mos. Ended 3/31/10 Adjusted Pro Forma (Non-GAAP)
Operating Revenue	$	154		$	—		$	—		$	—		$	154		$	379	$	533
Operating Expense
Selling	109			—			—			—			109			43		152
Cost of sales (exclusive of depreciation and amortization)	89			—			—			—			89			49		138
General and administrative	52			(2		)	—			—			50			30		80
Depreciation and amortization	48			—			—			—			48			—		48
Total Operating Expense	298			(2		)	—			—			296			122		418
Operating Income (Loss)	(144		)	2			—			—			(142		)	257		115
Interest expense, net	72			—			—			—			72			—		72
Income (Loss) Before Reorganization Items and Provision (Benefit) for Income Taxes	(216		)	2			—			—			(214		)	257		43
Reorganization items	2			—			(2		)	—			—			—		—
Income (Loss) Before Provision (Benefit) for Income Taxes	(218		)	2			2			—			(214		)	257		43
Provision (benefit) for income taxes	(75		)	1			1			(7		)	(80		)	98		18
Net Income (Loss)	$	(143	)	$	1		$	1		$	7		$	(134	)	$	159	$	25
Basic and Diluted Earnings (Loss) per Common Share	$	(9.56	)	$	0.09		$	0.09		$	0.48		$	(8.90	)	$	10.59	$	1.69
Operating Income (Loss)	$	(144	)	$	2		$	—		$	—		$	(142	)	$	257	$	115
Depreciation and Amortization	48			—			—			—			48			—		48
EBITDA (non-GAAP) (1)	$	(96	)	$	2		$	—		$	—		$	(94	)	$	257	$	163
Operating income (loss) margin (2)	-93.5		%										-92.2		%			21.6		%
Impact of depreciation and amortization	31.2		%										31.2		%			9.0		%
EBITDA margin (non-GAAP) (1)	-62.3		%										-61.0		%			30.6		%

Notes:

(1)EBITDA is a non-GAAP measure that represents earnings before interest, taxes, depreciation, and amortization. EBITDA margin is a non-GAAP measure calculated by dividing EBITDA by operating revenue.

(2)Operating income (loss) margin is calculated by dividing operating income (loss) by operating revenue.

(3)Restructuring costs are associated with strategic organizational realignment and market exit initiatives.

(4)Reorganization items represent charges that are directly associated with the process of reorganizing the business under Chapter 11 of the United States Bankruptcy Code.

(5)As a result of the passage of the Health Care Reform Act in March of 2010, the future benefit of certain deferred tax assets was eliminated, resulting in a charge in the current period.

(6)Fresh start accounting items include adjustments for revenue and expense items that would have been otherwise amortized into the Company’s statement of operations but were written off at December 31, 2009 as prescribed by United States Generally Accepted Accounting Principles.

13

SuperMedia Inc.

Consolidated Statements of Operations

Reconciliation from Reported (GAAP) to Adjusted (Non-GAAP)

Six Months Ended June 30, 2009

(dollars in millions, except per share amounts)

		Predecessor Company
				Adjustments
Unaudited	6 Mos. Ended 6/30/09 Reported (GAAP)			Stock-Based Compensation and Swap Adjustments(3)			Restructuring Costs (4)			Reorganization Items (5)			6 Mos. Ended 6/30/09 Adjusted (Non-GAAP)
Operating Revenue	$	1,325		$	—		$	—		$	—		$	1,325
Operating Expense
Selling	361			—			—			—			361
Cost of sales (exclusive of depreciation and amortization)	299			—			—			—			299
General and administrative	230			(4		)	(13		)	—			213
Depreciation and amortization	34			—			—			—			34
Total Operating Expense	924			(4		)	(13		)	—			907
Operating Income	401			4			13			—			418
Interest expense, net	151			2			—			—			153
Income Before Reorganization Items and Provision (Benefit) for Income Taxes	250			2			13			—			265
Reorganization items	405			—			—			(405		)	—
Income (Loss) Before Provision (Benefit) for Income Taxes	(155		)	2			13			405			265
Provision (benefit) for income taxes	(54		)	1			4			150			101
Net Income (Loss)	$	(101	)	$	1		$	9		$	255		$	164
Basic and Diluted Earnings (Loss) per Common Share	$	(0.69	)	$	0.01		$	0.06		$	1.74		$	1.12
Operating Income	$	401		$	4		$	13		$	—		$	418
Depreciation and Amortization	34			—			—			—			34
EBITDA (non-GAAP) (1)	$	435		$	4		$	13		$	—		$	452
Operating income margin (2)	30.2		%										31.5		%
Impact of depreciation and amortization	2.6		%										2.6		%
EBITDA margin (non-GAAP) (1)	32.8		%										34.1		%

Notes:

(1)EBITDA is a non-GAAP measure that represents earnings before interest, taxes, reorganization items, depreciation and amortization. EBITDA margin is a non-GAAP measure calculated by dividing EBITDA by operating revenue.

(2)Operating income margin is calculated by dividing operating income by operating revenue.

(3)The stock-based compensation reflects costs associated with a one-time incentive compensation award granted to most of the Company’s employees in January 2007. The swap adjustments reflect the changes associated with the discontinuation of hedge accounting.

(4)Restructuring costs are associated with strategic organizational cost savings initiatives.

(5)Reorganization items represent charges directly associated with the process of reorganizing the business under Chapter 11 of the United States Bankruptcy Code.

14

SuperMedia Inc

Consolidated Statements of Operations

Reconciliation from Reported (GAAP) to Adjusted (Non-GAAP)

Three Months Ended June 30, 2009

(dollars in millions, except per share amounts)

	Predecessor Company
				Adjustments
	3 Mos. Ended 6/30/09												3 Mos. Ended 6/30/09
Unaudited	Reported (GAAP)			Stock-Based Compensation (3)			Restructuring Costs (4)			Reorganization Items (5)			Adjusted (Non-GAAP)
Operating Revenue	$	651		$	—		$	—		$	—		$	651
Operating Expense
Selling	164			—			—			—			164
Cost of sales (exclusive of depreciation and amortization)	148			—			—			—			148
General and administrative	106			(2		)	(1		)	—			103
Depreciation and amortization	17			—			—			—			17
Total Operating Expense	435			(2		)	(1		)	—			432
Operating Income	216			2			1			—			219
Interest expense (income), net	(3		)	—			—			—			(3		)
Income Before Reorganization Items and Provision for Income Taxes	219			2			1			—			222
Reorganization items	9			—			—			(9		)	—
Income Before Provision for Income Taxes	210			2			1			9			222
Provision for income taxes	68			1			—			15			84
Net Income	$	142		$	1		$	1		$	(6	)	$	138
Basic and Diluted Earnings per Common Share	$	0.97		$	0.01		$	0.00		$	(0.04	)	$	0.94
Operating Income	$	216		$	2		$	1		$	—		$	219
Depreciation and Amortization	17			—			—			—			17
EBITDA (non-GAAP) (1)	$	233		$	2		$	1		$	—		$	236
Operating income margin (2)	33.2		%										33.7		%
Impact of depreciation and amortization	2.6		%										2.6		%
EBITDA margin (non-GAAP) (1)	35.8		%										36.3		%

Notes:

(1)	EBITDA is a non-GAAP measure that represents earnings before interest, taxes, depreciation, and amortization. EBITDA margin is a non-GAAP measure calculated by dividing EBITDA by operating revenue.
(2)	Operating income margin is calculated by dividing operating income by operating revenue.
(3)	The stock-based compensation reflects costs associated with a one-time incentive compensation award granted to most of the Company’s employees in January 2007.
(4)	Restructuring costs are associated with strategic organizational cost savings initiatives.
(5)	Reorganization items represent charges that are directly associated with the process of reorganizing the business under Chapter 11 of the United States Bankruptcy Code.

15

SuperMedia Inc.

Consolidated Balance Sheets

Reported (GAAP)

As of June 30, 2010 and December 31, 2009

(dollars in millions)

Unaudited	6/30/2010			12/31/2009		$ Change
Assets
Current assets:
Cash and cash equivalents	$	300		$	212	$	88
Accounts receivable, net of allowances of $53 and $0	212			291		(79		)
Unbilled accounts receivable	146			655		(509		)
Accrued taxes receivable	—			132		(132		)
Deferred directory costs	168			24		144
Prepaid expenses and other	18			17		1
Total current assets	844			1,331		(487		)
Property, plant and equipment	113			107		6
Less: accumulated depreciation	14			—		14
	99			107		(8		)
Goodwill	1,707			1,707		—
Intangible assets, net	546			614		(68		)
Pension assets	59			65		(6		)
Other non-current assets	6			10		(4		)
Total Assets	$	3,261		$	3,834	$	(573	)
Liabilities and Stockholders’ Equity (Deficit)
Current liabilities:
Current maturities of long-term debt	$	2		$	—	$	2
Accounts payable and accrued liabilities	173			232		(59		)
Deferred revenue	73			—		73
Deferred tax liabilities	58			218		(160		)
Other	16			19		(3		)
Total current liabilities	322			469		(147		)
Long-term debt	2,571			2,750		(179		)
Employee benefit obligations	307			325		(18		)
Non-current deferred tax liabilities	46			55		(9		)
Unrecognized tax benefits	35			33		2
Other liabilities	2			2		—
Stockholders’ equity (deficit):
Common stock ($.01 par value; 60 million shares authorized, 15,504,937 and 14,996,952 shares issued and outstanding in 2010 and 2009, respectively)	—			—		—
Additional paid-in capital	202			200		2
Retained earnings (deficit)	(226		)	—		(226		)
Accumulated other comprehensive income	2			—		2
Total stockholders’ equity (deficit)	(22		)	200		(222		)
Total Liabilities and Stockholders’ Equity (Deficit)	$	3,261		$	3,834	$	(573	)

16

SuperMedia Inc.

Consolidated Statements of Cash Flows

Reported (GAAP) and Non-GAAP Financial Reconciliation - - Free Cash Flow

Six Months Ended June 30, 2010 Compared to Six Months Ended June 30, 2009

(dollars in millions)

	Successor Company			Predecessor Company
Unaudited	6 Mos. Ended 6/30/10			6 Mos. Ended 6/30/09			$ Change
Cash Flows from Operating Activities
Net Loss	$	(226	)	$	(101	)	$	(125	)
Adjustments to reconcile net loss to net cash provided by operating activities:
Non-cash reorganization items	—			403			(403		)
Depreciation and amortization expense	95			34			61
Employee retirement benefits	6			12			(6		)
Deferred income taxes	(171		)	(158		)	(13		)
Provision for uncollectible accounts	30			122			(92		)
Stock-based compensation expense	2			5			(3		)
Changes in current assets and liabilities
Accounts receivable	558			(78		)	636
Deferred directory costs	(144		)	18			(162		)
Other current assets	—			9			(9		)
Accounts payable and accrued liabilities	143			18			125
Other, net	(7		)	(23		)	16
Net cash provided by operating activities	286			261			25
Cash Flows from Investing Activities
Capital expenditures (including capitalized software)	(21		)	(21		)	—
Acquisitions	—			(3		)	3
Net cash used in investing activities	(21		)	(24		)	3
Cash Flows from Financing Activities
Repayment of long-term debt	(177		)	(188		)	11
Net cash used in financing activities	(177		)	(188		)	11
Increase in cash and cash equivalents	88			49			39
Cash and cash equivalents, beginning of year	212			510			(298		)
Cash and cash equivalents, end of period	$	300		$	559		$	(259	)

	Successor Company			Predecessor Company
Non-GAAP Financial Reconciliation - Free Cash Flow	6 Mos. Ended 6/30/10			6 Mos. Ended 6/30/09			$ Change
Unaudited
Net cash provided by operating activities	$	286		$	261		$	25
Less: Capital expenditures (including capitalized software)	(21		)	(21		)	—
Free Cash Flow	$	265		$	240		$	25

17

SuperMedia Inc.

Advertising Sales

(dollars in millions)

	Successor Company			Predecessor Company					Successor Company			Predecessor Company
Unaudited	3 Mos. Ended 6/30/10			3 Mos. Ended 6/30/09			3 Mos. Ended 6/30/08		6 Mos. Ended 6/30/10			6 Mos. Ended 6/30/09			6 Mos. Ended 6/30/08
Net Advertising Sales(1)	$	467		$	562		$	683	$	964		$	1,188		$	1,427
% Change year-over-year	(16.9		)%	(17.7		)%			(18.9		)%	(16.7		)%

Notes:

(1) Net advertising sales is an operating measure used by the Company to compare advertising sales for current advertising periods to corresponding sales for previous periods.  It is important to distinguish net advertising sales from operating revenue, which on our financial statements is recognized under the deferral and amortization method.

18

EX-99.2

Exhibit 99.2

Q2 2010 Earnings Presentation July 27, 2010 Scott W. Klein, CEO Dee Jones, CFO

Safe Harbor Statement Certain statements included in this press release constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and the federal securities laws. Statements that include the words “may,” “will,” “could,” “should,” “would,” “believe,” “anticipate,” “forecast,” “estimate,” “expect,” “preliminary,” “intend,” “plan,” “project,” “outlook” and similar statements of a future or forward-looking nature identify forward-looking statements. You should not place undue reliance on these statements. These forward-looking statements include statements that reflect the current views of our senior management with respect to our financial performance and future events with respect to our business and industry in general. Forward-looking statements address matters that involve risks and uncertainties. Accordingly, there are or will be important factors that could cause our actual results to differ materially from those indicated in these statements. We believe that these factors include, but are not limited to, the risks related to the following: our post-restructuring financial condition, financing requirements and cash flow; the inability to provide assurance for the long-term continued viability of our business; limitations on our operating and strategic flexibility and the ability to operate our business, finance our capital needs or expand business strategies under the terms of our debt agreements; results from any failure to comply with the financial covenants and other restrictive covenants in our debt agreements; limited access to capital markets and increased borrowing costs resulting from our leveraged capital structure and recent debt ratings; reduced advertising spending by our clients and contract cancellations resulting from the current economic environment, which drives reduced revenues; competition from other yellow pages directory publishers and other traditional and new media and our ability to anticipate or respond to changes in technology and user preferences; declining use of print yellow pages directories by consumers; our ability to complete the implementation of our plan of reorganization and the discharge of our Chapter 11 bankruptcy cases, including successfully resolving any remaining claims; any negative client, vendor, carrier and third-party responses resulting from the implementation of our confirmed plan of reorganization; the impact that the filing for and emerging from Chapter 11 bankruptcy has had and could continue to have on our business operations, financial condition, liquidity or cash flow; changes in the availability and cost of paper and other raw materials used to print our directories and our reliance on third-party providers for printing and distribution services; increased credit risk associated with our reliance on small- and medium-sized businesses as clients, in the current economic environment; changes in our operating performance; our ability to attract and retain qualified key personnel; our ability to maintain good relations with our unionized employees; changes in labor, business, political and economic conditions; changes in governmental regulations and policies and actions of regulatory bodies; and the outcome of pending or future litigation and other claims. The foregoing factors should not be construed as exhaustive and should be read together with the other cautionary statements included in this and other reports we file with the Securities and Exchange Commission, including the information in “Item 1A. Risk Factors” in Part I of our Annual Report on Form 10-K for the year ended December 31, 2009. If one or more events related to these or other risks or uncertainties materialize, or if our underlying assumptions prove to be incorrect, actual results may differ materially from what we anticipate. All forward-looking statements included in this report are expressly qualified in their entirety by these cautionary statements. The forward-looking statements speak only as of the date made and, other than as required by law, we undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

 Scott W. Klein, CEO

Financial Overview 1 Net advertising sales is an operating measure used by the Company to compare advertising sales for current advertising periods to corresponding sales for previous periods. 2010 Net Advertising Sales1 - Leading Indicator of Amortized Revenue Net Ad Sales represents sales primarily consummated in prior quarters 370 bps improvement -15.8% -17.5% -20.8% -20.9% -20.6% -16.9% 1Q '09 2Q '09 3Q '09 4Q '09 1Q '10 2Q '10

Financial Highlights – Cash Flow Mandatory Cash Sweep Payments $55M Q1 and Q2 Debt repayments made in Q2 $122M $177M Jan 2010 Term loan balance $2,750M June 2010 Term loan balance $2,573M Q1 Q2 YTD

Financial Highlights – Expense Improvements YOY Expense Improvement1 $156M Aggressive cost management continues in 2Q 1 G&A expense includes a $16M favorable non-recurring, non-cash resolution of state tax claims in 2Q results. $ Millions Adjusted Pro-Forma Results Sales, -$63 COS, -$25 G & A, -$68

Financial Highlights – Bad Debt Expense Bad Debt Improvement 160bps Bad debt provision continues to improve by 160bps compared to FY 2009 9.1% 7.5% 4.0% 5.0% 6.0% 7.0% 8.0% 9.0% 10.0% YTD '09 YTD '10

SuperYellowPages Possession and Usage Share Trends SuperGuarantee and national ad campaign resulted in significant increases 2009 Gallup Possession and Usage Studies 2010 Burke Possession and Usage Studies Change in Possession, User Possession and Usage Share By Distribution Month Primary Month of Delivery Possession Change Usage Share Change Jan and Feb 2009 -9.2% -3.9% March 2009* -2.2% 2.1% April 2009 3.0% 3.7% May 2009 4.3% 4.7% June 2009 6.4% 4.0% July 2009 6.5% 2.9% August 2009 6.6% 1.1% September 2009* -1.7% -3.4% October 2009 -0.6% 2.4% November 2009 1.0% -2.5% December 2009 -1.2% -1.6% Total Year 1.0% 0.8% January 2010 -0.5% -1.5% February 2010 0.1% 1.8% March 2010 0.8% 4.7% Year to Date 0.2% 1.8% * Partial month national media coverage Full month national media coverage Markets with both previous and present year studies 95% significance + or - 2.5% Usage Possession Share Change Change Media Months 4.4% 3.5% Non Media Months -2.0% -1.3% Difference 6.4% 4.8%

Distribution adjusted Call Count Trends Calls per quarter column equivalent Calls per metered lines Calls from SuperYellowPages trending upward Call/Line Call/QCE* Q2 ‘10 Q1 ‘10 Q4 ‘09 Q4 ‘09 Q1 ‘10 Q2 ‘10 -9.9% 7.6% 14.9% -2.9% 8.6% 11.6% Call Counts Print Yellow Pages YOY % YOY % Q2 2010 11.6% 14.9% Q1 2010 8.6% 7.6% Q4 2009 -2.9% -9.9%

Superpages Network Traffic Q2 Q1 34 Million 27 Million Unique Visitors 26% Improvement in Q2 over Q1

Superpages Mobile features SuperGuarantee Superpages Mobile Visitors Yellowbook Dexknows.com YP.com Superpages.com

SuperGuarantee SuperAccolades

Ad Enhancements Increase Revenue Potential

Ad Enhancements Increase Revenue Potential

Ad Enhancements Increase Revenue Potential

Ad Enhancements Increase Revenue Potential Eye-catching Extra-tall design

New Standard in Text Size Easier to read and use

SuperNova Identifies New Efficiencies Improving process efficiencies creates more selling time Success in two pilot markets National implementation by October

SuperPromise 365 Delivering White glove treatment Measured improvements Client advisory meetings

New Chairman of the Board – Doug Wheat Skilled leader Tremendous perspective; diverse background Interim Chairman, Tom Rogers, remains on board Doug Wheat Tom Rogers

 Financials – Dee Jones, EVP and CFO

Financial 2010 YTD Results CONTINUE PROCESS IMPROVEMENTS AND CREATING SYNERGIES TO MITIGATE REVENUE DECLINES Adjusted Pro-Forma $ in Millions 2010 YTD 2009 YTD % Change Operating Revenue $1,045 $1,325 -21.1% EBITDA Margin 31.4% 34.1% -270 bps

Financial Overview – 2Q 2010 Results Ad Sales decline 16.9% vs. 1Q 20.6% Client loss experience Business Drivers – 2Q Improvements Ad Sales trend improvement as SMB’s use advertising spend with SuperMedia New sales programs and initiatives are beginning to show in 2Q results 1Q & 2Q 2010 3Q & 4Q 2009 Over 50% improvement -15.8% -17.5% -20.8% -20.9% -20.6% -16.9% 1Q '09 2Q '09 3Q '09 4Q '09 1Q '10 2Q '10

 2010 2009 $328M $452M -17.5% -8.4% EBITDA Margin 31.4% vs. 34.1% last year Financial Overview – YTD 2010 vs. 2009 Adjusted Pro-Forma EBITDA¹ ¹ Reconciliation of GAAP to non-GAAP included in appendix Selling – improved sales force efficiencies and related costs as well as timing of advertising expense Cost of Sales – lower volumes and benefit from improved traffic costs G&A – lower bad debt expense, reduced headcount, favorable non-recurring, non-cash state tax resolution of $16M² (excluding this item, G&A decline would be 24.4%) Total Operating Expense (excl. D&A) 17.9% decline vs. last year -31.9%² EBITDA QI QI Q2 Q2 Selling Cost of sales General and administrative $163 $216 $165 $236

Financial Overview – Bad Debt 2009 2010 Bad Debt Improvement 9.2% 7.3% Decrease in credit cancels Initiatives improving quality of clients SuperPromise 365 – making it right on first call YTD 2009 9.1% 180 bps 7.8% 4.0% 6.0% 8.0% 10.0% 3Q 4Q 1Q 2Q

Q1 Cash Sweep Financial Overview – Cash Flow YTD Free Cash Flow¹ $265M $122M $55M Q2 Cash Sweep Cash increase $88M Q2 2010 FCF $184M Q1 2010 FCF $81M Drives Drives ¹Free cash flow is defined as cash from operations minus capex $286M less $21M = $265M FCF YTD Beg. Cash $212M YTD Cash Increase $ 88M End Cash $300M

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Appendix

 tax claims. (6) Results include a $16 million general and administrative expense reduction related to the favorable non-recurring non-cash resolution of state Company's statement of operations but were written off at December 31, 2009 according to the rules of fresh start accounting. (5) Fresh start accounting items include adjustments for revenue and expense items that would have been otherwise amortized into the United States Bankruptcy Code. (4) Reorganization items represent charges that are directly associated with the process of reorganizing the business under Chapter 11 of the (3) Restructuring costs are associated with strategic organizational realignment and market exit initiatives. (2) Operating income (loss) margin is calculated by dividing operating income (loss) by operating revenue. measure calculated by dividing EBITDA by operating revenue. (1) EBITDA is a non-GAAP measure that represents earnings before interest, taxes, depreciation, and amortization. EBITDA margin is a non-GAAP Notes: 32.2% -4.9% -5.7% EBITDA margin (non-GAAP) (1) 9.2% 19.0% 19.0% Impact of depreciation and amortization 23.0% -23.9% -24.7% Operating income (loss) margin (2) $ 165 $ 177 $ (12) $ - $ 2 $ (14) EBITDA (non-GAAP) (1) 47 - 47 - - 47 Depreciation and Amortization $ 118 $ 177 $ (59) $ - $ 2 $ (61) Operating Income (Loss) $ 2.15 $ 7.57 $ (5.42) $ 0.04 $ 0.09 $ (5.55) Basic and Diluted Earnings (Loss) per Common Share $ 33 $ 113 $ (80) $ 1 $ 2 $ (83) Net Income (Loss) 14 64 (50) - - (50) Provision (benefit) for income taxes 47 177 (130) 1 2 (133) Income (Loss) Before Provision (Benefit) for Income Taxes - - - (1) - 1 Reorganization items 47 177 (130) - 2 (132) (Benefit) for Income Taxes Income (Loss) Before Reorganization Items and Provision 71 - 71 - - 71 Interest expense, net 118 177 (59) - 2 (61) Operating Income (Loss) 394 88 306 - (2) 308 Total Operating Expense 47 - 47 - - 47 Depreciation and amortization 65 22 43 - (2) 45 General and administrative 136 33 103 - - 103 Cost of sales (exclusive of depreciation and amortization) 146 33 113 - - 113 Selling Operating Expense $ 512 $ 265 $ 247 $ - $ - $ 247 Operating Revenue Adjusted Pro Forma (Non-GAAP) Adjusted (Non-GAAP) Reported (GAAP) Unaudited 3 Mos. Ended 6/30/10 Fresh Start Accounting Items (5) 3 Mos. Ended 6/30/10 Reorganization Items (4) Restructuring Costs (3) 3 Mos. Ended 6/30/10 Pro Forma Items Adjustments Successor Company (dollars in millions, except per share amounts) Three Months Ended June 30, 2010 Reconciliation from Reported (GAAP) to Adjusted Pro Forma (Non-GAAP) (6) Consolidated Statements of Operations SuperMedia Inc.

(7) Results include a $16 million general and administrative expense reduction related to the favorable non-recurring non-cash resolution of state tax claims. statement of operations but were written off at December 31, 2009 as prescribed by United States Generally Accepted Accounting Principles. (6) Fresh start accounting items include adjustments for revenue and expense items that would have been otherwise amortized into the Company's a charge in the current period. (5) As a result of the passage of the Health Care Reform Act in March of 2010, the future benefit of certain deferred tax assets was eliminated, resulting in Bankruptcy Code. (4) Reorganization items represent charges that are directly associated with the process of reorganizing the business under Chapter 11 of the United States (3) Restructuring costs are associated with strategic organizational cost savings initiatives. (2) Operating income (loss) margin is calculated by dividing operating income (loss) by operating revenue. calculated by dividing EBITDA by operating revenue. (1) EBITDA is a non-GAAP measure that represents earnings before interest, taxes, depreciation, and amortization. EBITDA margin is a non-GAAP measure Notes: 31.4% -26.4% -27.4% EBITDA margin (non-GAAP) (1) 9.1% 23.7% 23.7% Impact of depreciation and amortization 22.3% -50.1% -51.1% Operating income (loss) margin (2) $ 328 $ 434 $ (106) $ - $ - $ 4 $ (110) EBITDA (non-GAAP) (1) 95 - 95 - - - 95 Depreciation and Amortization $ 233 $ 434 $ (201) $ - $ - $ 4 $ (205) Operating Income (Loss) $ 3.84 $ 18.16 $ (14.32) $ 0.48 $ 0.12 $ 0.18 $ (15.10) Basic and Diluted Earnings (Loss) per Common Share $ 58 $ 272 $ (214) $ 7 $ 2 $ 3 $ (226) Net Income (Loss) 32 162 (130) (7) 1 1 (125) Provision (benefit) for income taxes 90 434 (344) - 3 4 (351) Income (Loss) Before Provision (Benefit) for Income Taxes - - - - (3) - 3 Reorganization items 90 434 (344) - - 4 (348) (Benefit) for Income Taxes Income (Loss) Before Reorganization Items and Provision 143 - 143 - - - 143 Interest expense, net 233 434 (201) - - 4 (205) Operating Income (Loss) 812 210 602 - - (4) 606 Total Operating Expense 95 - 95 - - - 95 Depreciation and amortization 145 52 93 - - (4) 97 General and administrative 274 82 192 - - - 192 Cost of sales (exclusive of depreciation and amortization) 298 76 222 - - - 222 Selling Operating Expense $ 1,045 $ 644 $ 401 $ - $ - $ - $ 401 Operating Revenue Adjusted Pro Forma (Non-GAAP) Adjusted (Non-GAAP) Reported (GAAP) Unaudited 6 Mos. Ended 6/30/10 Fresh Start Accounting Items (6) 6 Mos. Ended 6/30/10 Health Care Reform Act (5) Reorganization Items (4) Restructuring Costs (3) 6 Mos. Ended 6/30/10 Pro Forma Items Adjustments Successor Company (dollars in millions, except per share amounts) Six Months Ended June 30, 2010 Reconciliation from Reported (GAAP) to Adjusted Pro Forma (Non-GAAP) (7) Consolidated Statements of Operations SuperMedia Inc.