Turin, August 6, 2007 – Seat Pagine Gialle S.p.A. ("Seat") announced that it has entered into an agreement with Eniro AB to acquire its 100% holding in Wer liefert was? GmbH ("WLW") for a consideration of € 115 million in terms of Enterprise Value.

The acquisition of WLW is a strategic move for Seat to strengthen its position in the online B2B market in Europe, where the group is already one of the leaders through its subsidiary Europages. Thanks to this acquisition, Seat will almost double its usage, will have access to the large number of SME’s operating in Germany and will be able to leverage WLW’s sales force to sell advertising on Telegate’s innovative multi-channel directory. Through this acquisition Seat plans to accelerate revenue growth, estimating incremental sales of Europages and WLW for about 10-12 million, plus further potential to grow the advertising business of Telegate's voice and Internet services.

Company Description:

WLW, founded in Germany in 1932, had revenues of €34.3 million (2006) and a net financial position of approximately €39 million as of June ’07. The company is the leading domestic search engine for German SME’s, with a strong and growing presence in other European countries (Austria, Switzerland, Czech Republic and Croatia). From 2004 to 2006, WLW went through a transformation from an off-line model to an entirely online directory. This phase, that required deep changes in the company’s organization, sales channels and products, has now been successfully completed and 2007 will be the first year showing the benefit of these changes. The company has already secured orders representing 85% of 2007 expected revenues.

Acquisition Strategic rationale:

The acquisition is consistent with Seat’s strategy to leverage its existing assets to grow in Europe and enlarge its international footprint, and represents the first concrete step in executing the three year strategic plan outlined in May 2007.

It allows the Group to double its size in the highly attractive B2B online directory market, where it is already present with Europages S.A. ("Europages"), the leading directory for import-export in Europe and from Europe to the rest of the world. Over the last few years, Europages experienced fast growth in its international usage and is expanding its sales organization in key European markets.

Germany is the most important B2B market in Europe and one of the largest exporting country in the world, with approx. 200k exporting firms and a very high internet penetration among businesses. That makes the country an ideal playing field for WLW and Europages, as the two companies can leverage a high level of complementarities:

• Usage: WLW has a strong user base in Germany, with 1.3 million monthly unique B2B users, while Europages enjoys a global reach, with 1.5 million monthly B2B unique users from all European countries and with fast growing user base from far East countries, such as China and India.
• Customer Base: WLW has a solid and long-standing relationship with approximately 30K advertisers in Germany and other German speaking countries, which represents an interesting opportunity for cross-selling Europages offering;
• Salesforce: WLW has a strong and professional sales force of about 80 field sales reps, complemented by Internet and telesales, and subsidiaries operating in the other German speaking markets. Europages is operating through direct or indirect sales organization in Germany, France, Italy, Spain and in other 15 countries and is currently investing to strengthen its sales operations in Germany..

The combination of WLW existing sales force and large customers base and Europages strong international online offer will enable WLW's salesforce to sell both domestic and export-oriented services, driving revenue growth.

In the German market, Seat is also expecting to leverage WLW’s sales force to sell advertising on Telegate's multi-channel online and voice directory, whose usage is constantly growing and reached 9 million searches a month.

Financial impact and Conditions to closing

The acquisition is carried out under the ordinary course of business, and is financed mainly through operating cash-flow. The acquisition is subject to antitrust notification in Germany and, subject to approval, the transaction is expected to be completed from September 2007.

Luca Majocchi, Group Chief Executive Officer of Seat Pagine Gialle, comments " WLW acquisition will position Seat as the leader B2B European online directory, a market with high growth potential in which important global players are investing". He adds "With this acquisition we are strengthening our position in Germany, a very attractive market for online directories, where we are already offering high quality services through Telegate and Europages"