delivering the blueprint for growth

1

Delivering The Blueprint For Growth

July 20, 2004

2

Forward-Looking and Cautionary Statements

This presentation contains projections of future results and other forward-looking statements that involve a number of trends, risks and uncertainties and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. The following important factors could cause actual results to differ materially from those projected in such forward-looking statements.

Demand for D&B’s products is subject to intense competition, changes in customer preferences and, to a lesser extent, economic conditions which impact customer behavior. The Company’s results are also dependent upon its continued ability to: reallocate expenses to invest for growth through its financial flexibility program; invest in its database and maintain its reputation for providing reliable data; execute on its plan to improve the business model of its International segment and thereby improve its global data quality while realizing improved financial performance in that segment; rely on its customers’ belief in the value of the DUNSRight™ quality process as a key driver of revenue growth; manage employee satisfaction and maintain its global expertise as it implements its financial flexibility program; protect against damage or interruptions affecting its database or its data centers; develop new products or enhance existing ones to meet customer needs.

The Company is also subject to the effects of foreign economies, exchange rate fluctuations and U.S. and foreign legislative or regulatory requirements. Its results are also dependent upon the availability of data from its database and the ability of its strategic partners to fulfill their contractual obligations to satisfy the Company’s customers and promote and protect the D&B brand. In addition, the Company’s ability to repurchase shares is subject to market conditions, including trading volume in the Company’s stock. Developments in any of these areas could cause actual results to differ materially from those that have been or may be projected.

In addition, the Company’s projection for free cash flow in 2004 is dependent upon the Company’s ability to generate revenue, the Company’s collection processes, customer payment patterns and the amount and timing of payments related to tax matters and legal proceedings involving the Company as more fully described in the Company’s 2004 1st Quarter Form 10-Q.

For a more detailed discussion of the trends, risks and uncertainties that may affect D&B’s operating and financial results and its ability to achieve the financial objectives discussed in this presentation, readers should review the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2003, including the section entitled “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations (“MD&A”),” and the subsection entitled “Trends, Risks and Uncertainties” in the MD&A. Copies of the Company’s Annual Report on Form 10-K and 2004 1st Quarter Form 10-Q are available on its web site at www.dnb.com and on the SEC’s web site at www.sec.gov. D&B cautions that the foregoing list of important factors is not complete and does not undertake to update any forward-looking statements.

http://www.dnb.com/

3

Non-GAAP Financial Measures

This presentation contains certain non-GAAP financial measures, including core revenue before the effect of foreign exchange, organic core revenue growth, operating income and diluted earnings per share before non-core gains and charges, and free cash flow.

We define core revenue as total revenue less the revenue of divested businesses. We analyze core revenue growth before the effect of foreign exchange. We also separate and analyze core revenue growth before the effect of foreign exchange among two components, organic core revenue growth and core revenue growth from acquisitions. We define non-core gains and charges as restructuring charges (whether recurring or non-recurring) and certain other items we consider do not reflect our underlying business performance. We define free cash flow as net cash provided by operating activities minus capital expenditures and additions to computer software and other intangibles. We believe these measures are useful because they reflect how we manage and evaluate the performance of our business, they provide an important insight into the underlying health of our business and they are the primary indicators management uses as a basis for the planning and forecasting of future periods and for compensation purposes. Please see D&B’s Form 8-K dated and filed on July 19, 2004 with the Securities Exchange Commission for additional discussion of how the Company defines these measures, why it uses them and why it believes they provide useful information to investors.

Except for our revenue growth aspirations which are provided only on a non-GAAP basis because we are unable to predict the future movements of foreign exchange rates or potential business model changes, the most directly comparable GAAP measure and reconciliation between each non-GAAP measure and the comparable GAAP measure can be found in the Appendix to this presentation. Our revenue growth results and aspiration are provided only on a non-GAAP basis, or as core revenue growth before the effect of foreign exchange, unless otherwise noted. In addition, all references to operating income and diluted earnings per share growth results and aspirations are before non-core gains and charges, unless otherwise noted.

5

Yesterday, we announced strong Q2 revenue and earnings results…

D&B Announces Strong Second Quarter Resultsand Raises 2004 Core Revenue Guidance

PR

ES

S R

ELE

AS

E

6

8

11

9

7

2

76

7

…which represents our third consecutive quarter of strong organic revenue growth

2004

Total growth

3Q 4Q2003

1Q 2Q

D&B Quarterly Revenue GrowthPercent

Organic growth

7

We also continue to deliver strong EPS growth

2004 3Q 4Q

2003 1Q 2Q

D&B Quarterly EPS GrowthPercent

22

1820

17

8

EPS

Revenue growth

Guidance

6 - 8%

$2.94 - $2.99

For a reconciliation to the most comparable GAAP measure, see appendix.

For 2004, we increased our revenue guidance to

6% to 8% and confirmed our EPS guidance

9

Today, we’ll show you how we are transforming D&B and laying the foundation to create even more shareholder value in 2005-2007

Allan:We have accomplished a lot and there’s even more ahead

Steve:We are confident we will deliver our 7% to 9% revenue growth aspiration

Greg:We will continue to drive growth and profitability in our International business

Sara:We are confident we will grow margins by 100+ basis points and continue to deliver EPS in the mid to upper teens

10

Let’s start by looking back at the progress we’ve made since our journey began four years ago

Become a Growth Company with an

Important Presence on the Web

11

We said we would transform D&B from an under-performing company to a high-performing company

From Under-PerformingOrganization with Under-Leveraged

Assets

ToHigh-PerformingGrowth Company

Delivering ConsistentReturns to Shareholders

12

EPS Growth 10%

Revenue Growth 3%Operating Income Growth 10%

And that we would achieve this without sacrificing earnings

From Under-PerformingOrganization with Under-Leveraged

Assets

ToHigh-PerformingGrowth Company

Delivering ConsistentReturns to Shareholders

13

EPS Growth 10%

Revenue Growth 3%

Operating Income Growth 10%

2003 Results

Oct. 2000Commitment

We are doing that and even more

5%

13%

18%

14

Revenue Delivered Over the Web Majority

2004 YTDOct. 2000

Commitment

We also achieved our Web revenue aspiration and continue to focus on delivering even more

80%

15

Our progress is driven by our Blueprint for Growth strategy, which serves as the roadmap for our transformation

16

We are turning our Winning Culture, Brand and Flexible Business Model into powerful competitive advantages

17

Let’s start with a review of our Winning Culture, which powers our strategy

18

We know that our focus on building a Winning Culture through improved leadership is making a difference

19

We have more than 5,000 team members engaged in driving our success

Survey participation 98%

20

Our team understands and has confidence in our strategic direction


Understand our Blueprint 87%

Confidence in our Blueprint 75%

21

We are world-class at taking ownership to become better leaders




Taking steps to improve leadership 92%

22

And we know that when our customers win, D&B and our shareholders win




Understand my role in enabling customers to Decide with Confidence 91%


23




Understand my role in enabling customers to Decide with Confidence 91%

Through our investments in building a Winning Culture, we are creating a company of great leaders focused on driving our success


24

We are also unlocking the value of one of our most under-leveraged assets – our Brand

25

When we launched our Blueprint for Growth strategy, the D&B Brand was highly recognized, but its value was built on being a data provider

Data Provider

26

To unlock the value of our Brand, we first repositioned it as one that enables customers to make confident business decisions…

Data Provider

A confident business decision

experience

27

…and created one powerful visual representation of the value we provide to our customers…

28

…and we go to market with one compelling value proposition – our DUNSRightTM quality process

GlobalData

Collection1

EntityMatching

2

CorporateLinkage

4

PredictiveIndicators

5

Quality Information

Quality Assurance

D-U-N-S®

Number3

D&BGlobal

Database

29

In addition to our Culture and our Brand, we are also transforming our Business Model to fund growth and create value for shareholders

30

Annualized Savings Derived from Financial Flexibility$ Millions (Annualized)

807570

130

80

2000 2004E2001 2002 2003Year Announced

And we’ve done this year after year…

Before any restructuring charges and transition costs and before any reallocation of spending

31

… which has been a key contributor to margin improvements

2000 2001 2002 2003

Operating MarginPercent

23.3

19.917.1

22.5

32

By establishing a foundation built on our Brand, our Business Model and our Culture, we are driving growth and creating value

33

Last year, we communicated our aspiration to deliver 7% to 9% sustainable revenue growth by 2005-2007 and continue to deliver strong EPS

2005-2007Aspiration

EPS Growth Mid to upper teens

Revenue Growth 7-9%

34

EPS Growth Mid to upper teens

Revenue Growth 7-9%

2004 Guidance

6-8%

2005-2007Aspiration

And we are making great progress toward this aspiration in 2004

16-18%

35

As shareholders, you have seen the results of delivering on our Blueprint for Growth strategy

36

We expect our EPS will have doubled in the last four years

EPS$ per share

1.47

2.94 - 2.99

2000 2004E

37

We expect our free cash flow will have grown considerably…

Free Cash Flow$ Millions

2000 2004E

135*

230 - 245

*2000 free cash flow has been adjusted for the one-time tax payment to the IRS related to the utilization of capital losses 1989-1990. See appendix for reconciliation of free cash flow.

38

…which will enable us to repurchase $485 million of shares

2001 2002 2003 2004E

Share Repurchase$ Millions

200

100

85

100

39

Our stock price performance has begun to reflect these results

D&B 209%

S&P 400 9%In

dexe

d C

hart

50

100

150

200

250

300

350

9/29

/00

12/2

9/00

3/29

/01

6/29

/01

9/29

/01

12/2

9/01

3/29

/02

6/29

/02

9/29

/02

12/2

9/02

3/29

/03

6/29

/03

9/29

/03

12/2

9/03

3/29

/04

S&P 500 -23%

Shareholder Return$ Millions

7/15

/04

40

We believe our strategy has even more potentialto deliver greater value to our customers and drive sustainable growth for D&B

41

As a result, we have evolved our Aspiration to reflect our intensified focus on our customers’ success

To be the most trustedsource of business insight

so our customers can decide with confidence

42

Now, let’s show you how our strategy will drive sustainable revenue growth going forward





43

We are making progress toward achieving our 7% to 9% revenue growth aspiration

Revenue GrowthPercent

2001 2002 2003 2004 YTD

8

53

1

44

75

25

2003 Revenue by GeographyPercent

North America

International

Before we review our progress, let’s provide an overview of the key revenue sources, first from a geographic perspective…

45

…and then by customer solution set

2003 Revenue by SolutionPercent

Risk Management

Sales & Marketing

E-Business

Supply Management

28

6732

46Winning Culture is at the foundation of these priorities

1. Build the brand of D&B around the DUNSRightTM quality process

2. Grow RMS by 3-5% annually

3. Grow S&MS by 4-7% annually

4. Grow SMS by 15-20% annually

5. Acquire or develop a 5th product line

6. Grow E-Business to consistently deliver 1 point per year

7. Implement a financially flexible business model

Driving our progress has been our focus on seven strategic priorities

47

GlobalData

Collection1

Quality Information

Our first strategic priority is to build the Brand around DUNSRightTM– our unique value proposition

EntityMatching

2

CorporateLinkage

4


5

Quality Assurance

D-U-N-S®

Number3

D&BGlobal

Database

48

Our DUNSRightTM quality process powers all our Customer Solution Sets

DUNSRightTM

GlobalData

Collection1

Quality Information

EntityMatching

2

CorporateLinkage

4


5

Quality Assurance

D-U-N-SNumber®

3

D&BGlobal

Database

49

Should I extend credit to this new customer?

What credit limit should I set?

Will this customer pay me on time?

What is my total credit risk exposure?

Should I change my credit policies?

How can I proactively manage my cash flow?

Our second priority, Risk Management Solutions (RMS), helps our customers increase profitability while mitigating risk

50

We’ve extracted more value from our DUNSRightTM

quality process

We’ve implementeda new risk management subscriptionplan

Our RMS revenue has grown recently afteryears of marginal performance

2001 2003

RMS Revenue GrowthPercent

1 1

7

3

2002 2004 YTD

51

Who are my best customers?

How can I find prospects that look like my best customers?

How can I exploit untapped opportunities with my existing customers?

How can I allocate sales force resources to my revenue growth potential?

Our third priority, Sales & Marketing Solutions (S&MS), helps customers grow their businesses faster

52

While our S&MS business has grown, it has been inconsistent as a result of product mix changes and environmental factors

Opportunities from investing in our sales force are gaining traction

DUNSRightTM investments in ‘Super 7’ are also aiding our growth

S&MS Revenue GrowthPercent

2001 2004 YTD

1

8

1

2002 2003

6

53

Our next priority, Supply Management Solutions (SMS), helps our customers generate new and recurring savings in their supply base

How much do I spend on purchasing?

How much businessdo I do with each supplier?

How can I minimize my purchasing costs?

How can I avoid supply chain disruption?

How can I know which suppliers are also customers?

How can I find suppliers to help achieve my corporate diversity objectives?

54

We are increasing our sales pipeline

We are improving product delivery to increase customer satisfaction and renewal rates

Our SMS business, which has been a strong area for us, is off to a poor start this year

18

- 2 - 5

16

2001

2004 YTD

SMS Revenue GrowthPercent

2002 2003

55

What are the prospect’s key business priorities?

How does the prospect’s business compare to my customers?

How does the prospect compete to win in their industry?

Who are the key senior level decision makers?

How do I build a strong relationship with them?

Our E-Business Solutions help customers convert prospects to clients faster

56

Leveraged the power of DUNSRightTM to double the size of Hoover’s database

Our priority to grow E-Business continues to deliver very good results

3Q 4Q 1Q 2Q

2003 2004

1Q

E-Business RevenueMillions

2Q

3

8 810 11 12

57

And finally, we continue to explore opportunities to acquire or develop a 5th product line that leverages our DUNSRightTM quality process

Selective Acquisitions

Enterprise Risk & Compliance

Predictive Analytics

58

As we’ve said, we’re making good progress by focusing on our strategic priorities

Winning Culture is at the foundation of these priorities








59

As we look forward, we see three fundamental factors that give us confidence that we can deliver our 7% to 9% revenue growth aspiration

The marketplace needs what we provide andthe opportunity to provide more is profound

Our unique competitive advantage in DUNSRightTM enables us to meet more of our customers’ needs

The continued implementation of ourBlueprint for Growth strategy1

3

2

60

First, the foundation we’ve built on our Culture, our Brand and our Flexible Business Model will fuel our growth

61

Mitigate risk, increase cash flow and drive increased profitability

Increase revenue from new and existing customers

Identify purchasing savings and ensure compliance within their supply base

Second, we fulfill fundamentally essential needs that are critical to the health of our customers’ businesses, in good times and in bad

We enable customers

to:

62

Marketplace

In addition to fulfilling essential needs for our customers, a profound growth opportunity exists in the marketplace

63

Let’s look at our view of the marketplace one step at a time, beginning with our own business

D&B Revenue

External Spend

64

We add to this our direct competitors’ share of the B2B marketplace

D&B Revenue

Competitors’RevenueExternal

Spend

65

And we also view the B2B marketplace through the lens of what our customers spend against their own internal processes

Internal Spend

External Spend

Customers’ Internal Spend

D&B Revenue

Competitors’Revenue

66

We believe that by leading with our new Aspiration, we will unlock this profound opportunity existing in our customers’ internal spend

To be the most trustedsource of business insight

so our customers can decide with confidence

67

The third fundamental factor giving us confidence about revenue growth is DUNSRightTM _ our unique competitive advantage

GlobalData

Collection1

EntityMatching

2

CorporateLinkage

4


5

Quality Information

Quality Assurance

D-U-N-S®

Number3

D&BGlobal

Database

68

Through the first DUNSRightTM driver – Global Data Collection – we bring together data from a variety of sources worldwide for our customers

GlobalData

Collection1

EntityMatching

2

CorporateLinkage

4


5

Quality Information

Quality Assurance

D-U-N-S®

Number3

D&BGlobal

Database

69

We collect the most complete data about business entities globally

Public Records and Government Registries 100+ million records Suits, liens, judgments and bankruptcy filings Business registrations

Payment and Financial Data 600+ million trade records updated annually Public company financials

Direct Investigations, News and Media 100+ million phone calls annually to businesses Top news providers Merger/Acquisitions

D&B Global Database

• 86 million businesses• Over 200 countries

Over 1 Million Daily Updates

D&B D-U-N-S® Number

70

As companies look for growth outside the U.S., our Global Data Collection gives them the most comprehensive view of worldwide prospects

D&BGlobal

Database

A High-Tech Multinational Company

ChinaUK

JapanGermanyCanadaFranceBrazil

Global Prospects

71

As global data changes so quickly, DUNSRightTM

helps customers keep their portfolios up to date

In the next 24 hours:

8,640 businesses will have a suit, lien or judgment filed against them

5,760 business addresses will change

2,680 leadership (CEO, CFO, etc.) changes will occur

480 businesses will fail

D&BGlobal

Database

Customer’s File

72

Our second driver - Entity Matching - enables customers to gain a single, more accurate view of their customers

GlobalData

Collection1

EntityMatching

2

CorporateLinkage

4


5

Quality Information

Quality Assurance

D-U-N-S®

Number3

D&BGlobal

Database

73

A global chemical company needed to consolidate 400,000 records from 30 legacy systems to better manage their portfolio of customers and suppliers

30 Regional Legacy Systems

One Global

ERP System

74

We applied our DUNSRightTM Entity Matching process to their portfolio

ABC, Inc123 Elm St.Bethlehem, PA 18025(SIC) 5411-02Chuck Smith, President

CS ManufacturingP.O. Box 111Bethlehem, PA 18055(SIC) 5411-02Chuck Smith, President610 882-7600

Charles Smith 123 Elm St.Bethlehem, PA 18025(SIC) 5541-99215 882-7600

D&B D-U-N-S Number:12-345-6780ABC, Inc+ CS ManufacturingP.O. Box 111Bethlehem, PA 18055123 Elm St.Bethlehem, PA 18025(SICs) 5411 0202, 5541 9901Charles Smith, President610 882-7600

1

1

3

2

75

As a result, DUNSRightTM determined there were only 100,000 unique customers and suppliers in their portfolio

400,000 records in global ERP

system

100,000 unique

D-U-N-S ® Number records

GlobalData

Collection1

Quality Information

EntityMatching

2

CorporateLinkage

4


5

Quality Assurance

D-U-N-SNumber®

3

D&BGlobal

Database

76

Entity Matching also enables our customers togain a better understanding of their unique customer relationships


D&BGlobal

DatabasePortugal

Netherlands

Italy

Spain 76% are

unique customer relationships

24% are duplicate records

250,000 total records

77

D&BGlobal

Database

The D-U-N-S® Number allows customers to rely on a unique publicly recognized identification system

GlobalData

Collection1

EntityMatching

2

CorporateLinkage

4


5

Quality Information

Quality Assurance

D-U-N-S®

Number3

78

Digital Equipment CorpDUNS: 00-103-8066Started 1957Maynard, MAAcquired by Compaq Computer in 1998

Tandem ComputerDUNS: 06-910-1152Started 1974Cupertino, CAAcquired by Compaq Computer in 1997

Compaq ComputerDUNS: 00-389-7733Started 1982Houston, TXAcquired by Hewlett – Packard in 2002

Hewlett-Packard CompanyDUNS: 00-912-2532Started 1939Palo Alto, CA

Compaq ComputerOperating as a Subsidiary of Hewlett-Packard CompanyDUNS: 00-389-7733Started 2002Houston, TX

Compaq subsidiary dissolved in April 2004

Today

With our D-U-N-S® Number, we track businesses through their life cycle, including all of the changes that occur over time

Hewlett-Packard CompanyDUNS: 00-912-2532Started 1939Palo Alto, CA

79

D&BGlobal

Database

Corporate Linkage provides customers with a total view of corporate risk and growth opportunity

GlobalData

Collection1

EntityMatching

2

CorporateLinkage

4


5

Quality Information

Quality Assurance

D-U-N-S®

Number3

80

Without DUNSRightTM, companies typically identify their customers based on the assumption that they are separate and unrelated

Customer 2Advanced Elastomer

Systems SABrussels, Belgium

Customer 3Kuen Falca SRL

Merano, Italy

Customer 1Mobil

PetrochemicalSales & SupplyCorporation NV

Zaventem, Belgium

Customer 4Esso

Portuguesa, LDALisbon, Portugal


81

Customer 2DUNS 76-531-3887Advanced Elastomer


(Subsidiary)

DUNS 00-121-3214Exxon Mobil CorporationIrving, TX

USA(Global Ultimate)

Customer 4DUNS 44-900-2096

EssoPortuguesa, LDALisbon, Portugal

(Subsidiary)

Our Corporate Linkage capability reveals previously unseen relationships so our customers know who their customers really are

Customer 3DUNS 43-753-0165

Kuen Falca SRLMerano, Italy(Subsidiary)

Customer 1DUNS 77-473-4461Mobil Petrochemical

Sales & SupplyCorporation NV

Zaventem, Belgium(Single location)

Not relatedto Exxon Mobil

Corporation

82

Corporate Linkage also reveals our customers’ entire corporate family relationships, exposing them to significant new growth opportunities…

DUNS 76-531-3887Advanced Elastomer


(Subsidiary)

2,429 more branchlocations under the

1st levelsubsidiaries



1 morebranch of Advanced

Elastomer SA

4 more branchesof Esso

Portuguesa, LDA

645 more directbranches of Exxon MobilCorporation

New Growth

Opportunities

DUNS 43-753-0165Kuen Falca SRL

MeranoItaly

(Subsidiary)

63 moresubsidiaries

OfExxon MobilCorporation

DUNS 44-900-2096Esso

Portuguesa, LDA Lisbon, Portugal

(Subsidiary)

83

…and helping them determine whether members of these families are also their suppliers, which directly affects their negotiating leverage


Portuguesa, LDA Lisbon, Portugal

(Subsidiary)

DUNS 76-531-3887Advanced Elastomer


(Subsidiary)

5 additionalsubsidiaries

OfExxon MobilCorporation



9 more branches

Exxon MobileCorporation


Italiana SPARome, Italy

DUNS 43-753-0165Kuen Falca SRL

MeranoItaly

(Subsidiary)

OnProcurement

Files

84

D&BGlobal

Database

Predictive Indicators provide our customers with insight into the likelihood a business will perform in a specific way in the future

GlobalData

Collection1

EntityMatching

2

CorporateLinkage

4


5

Quality Information

Quality Assurance

D-U-N-S®

Number3

85

Through Predictive Indicators, we can use our DUNSRightTM quality process to enable customers to make better, more informed decisions

Better Decisions

Descriptive Ratings Predictive Scores Demand Estimators

Customer’s File

D&BPredictive Indicators

Accept/Reject Pricing Targeting

86

With this new insight, our customers can customize their marketing strategies and improve response rates…

Without D&B

With D&B Response Model

0.86

1.42Response RatePercent

A Large Financial Services Company

87

...and identify lower-risk prospects most likely to meet our customers’ credit evaluation criteria

Without D&B

With D&B Approval Model

27

42Approval RatePercent

88

D&BGlobal

Database

These five drivers demonstrate how the power of DUNSRightTM enables us to meet our customers’ needs and drive sustainable growth

GlobalData

Collection1

EntityMatching

2

CorporateLinkage

4


5

Quality Information

Quality Assurance

D-U-N-S®

Number3

89

These fundamental factors drive our confidence that we will achieve our revenue growth aspiration

The marketplace needs what we provide andthe opportunity to provide more is profound

Our unique competitive advantage in DUNSRightTM enables us to meet more of our customers’ needs

The continued implementation of ourBlueprint for Growth strategy1

3

2

90

7 - 9%

E-Business Solutions

Risk Management Solutions

Supply Management Solutions

Sales & Marketing Solutions

2005 - 2007

5th Product Line

Looking forward, we feel confident we can leverage these factors to deliver our 7% to 9%revenue growth aspiration

Profound Market Opportunity

DUNSRightTM

Quality Process

Our Blueprint for Growth

3

2

1

91

Looking at it by customer solution, we expect our RMS business to grow 3% to 5% annually

2001 2003

RMS Revenue GrowthPercent

1 1

7

3

2002 2004 YTD

3 - 5% annually

92

We expect our S&MS business to grow 4% to 7% annually

S&MS Revenue GrowthPercent

2001 2004 YTD

1

8

1

2002 2003

6 4 - 7% annually

93

And, we expect our SMS business to grow 15% to 20% annually

18

- 2 - 5

16

2001

2004 YTD

SMS Revenue GrowthPercent

2002 2003

15 - 20% annually

94

In addition to our current business, we expect our E-Business to drive continued growth

E-Business Revenue$ Millions

One point of growth

3Q 4Q 1Q 2Q

2003 2004

1Q 2Q

3

8 810 11 12

95

We believe our 5th product line, powered by DUNSRightTM, will be a source of growth

Enterprise Risk & Compliance

Predictive Analytics

Acquisitions

One point of growth

96

We feel confident that this portfolio of customer solutions will deliver our 7% to 9% sustainable revenue growth aspiration

Profound Market Opportunity

DUNSRightTM

Quality Process

Our Blueprint for Growth

3

2

1

2005 - 2007

7 - 9%

E-Business Solutions

Risk Management Solutions

Supply Management Solutions

Sales & Marketing Solutions

5th Product Line 1.0Points

1.0Points

1.0Points

2.0 - 3.0Points

2.0 - 3.0Points

97

Now, let’s show you how we are transforming our International business, which is one of the drivers of our sustainable growth





98

When we launched the Blueprint for Growth strategy, our International business was underperforming

Not growing

Unprofitable and requiring cash

No distinctive value proposition

No focused strategy

99

68

32

2000 Revenue by GeographyPercent

North America

International

At that time, International represented about one third of D&B revenue and was in decline

100

International was also losing money and negatively impacting overall profitability

2000 Operating MarginPercent

North America

30

-2

International

101

Our International operations consisted of full ownership of 34 self-contained, independent businesses around the globe…

102

…which undermined our value proposition for our global customers

Uneven data quality in certain geographies

Inconsistent product implementation market to market

Lack of a global customer strategy

103

To improve our performance, we created a new strategy for International

We then focused on establishing leading competitive positions in each major market by enhancing our DUNSRightTM quality process, either by

Direct Ownership Partnerships

We focused on International as one organization, rather than as 34 independent businesses1

2

104

Our first step was to focus on International as one organization, rather than independent businesses

Manage common functions holistically

Focus sales and marketing functions locally

Consolidate infrastructure

105

– Enhanced DUNSRightTM

quality process

– Leading RMS provider

– Leading S&MS provider

– Potential to grow both

We define a leading competitive position as

We then focused on establishing leading competitive positions in each major market

106

– Direct ownership

- or -

– Establishing strategic partnerships

We determined that we could achieve this leading competitive position by either direct ownership or establishing partnerships

We will achieve a leading competitive position by


quality process





107


quality process





We are now focused in those direct ownership markets where we either have or can achieve a leading competitive position

In Europe: Italy

UK

Benelux

108

Japan Australia New Zealand Malaysia Thailand

Korea Singapore

Israel Sweden Denmark Norway Finland

India / Pakistan / Middle East Germany Austria Switzerland Poland Hungary Czech Republic Spain Portugal

In other markets, we have established partnerships with strong players locally that are able to enhance our DUNSRightTM quality process

2001 2002 2003 2004 YTD

Announced yesterday

109

Our strategy for International is delivering strong results

Enhanced DUNSRightTM

globally

Improved revenue growth

Improved profitability

Establish leading competitivepositions either throughownership or partnership

Focus on International asone business1

2

110

D&BGlobal

Database

We are enhancing the drivers of our DUNSRightTM quality process

GlobalData

Collection1

EntityMatching

2

CorporateLinkage

4


5

Quality Information

Quality Assurance

D-U-N-S®

Number3

111

Growth of International DatabaseMillions of Records

40

53

2000 2004 YTD

We have increased our International database, which enhances our DUNSRightTM Global Data Coverage

112

Our strategic partnerships, such as the one in Japan, have enabled us to expand the breadth of our database coverage

Partnership with TSR in Japan

240,000Records on JapaneseBusinesses

D&BGlobal

Database

D&BGlobal

Database

2,000,000Records on JapaneseBusinesses

D&BGlobal

Database

113

While others, such as our partnership in the Nordic region, enhance the depth of coverage

Bonnier

Best S&MS Database in

Nordics

D&BGlobal

Database

D&BGlobal

Database

114

We are investing in other DUNSRightTM enhancements to improve the quality of our information, such as our acquisitions in Italy

DataHouse

Italian Real Estate Information

D&BGlobal

Database

D&BGlobal

Database

115

Our International strategy has greatly expanded our DUNSRightTM Corporate Linkage capabilities

Number of Priority Corporate Linkage Relationships

2,000

5,000

2000 2004 YTD

116

As a result of this focused strategy, we are driving improved revenue growth in our International business

International Revenue GrowthPercent

2

8

5

2003 2004 YTD20012000

-12

2002

117

-2

6

1214

2000 2001 2002 2003

International has also generated significant improvements in operating margins

International MarginPercent

118

We are transforming our international business and making it a key contributor to overall growth and profitability

Enhancing our DUNSRightTM quality process

Creating a platform for sustainable revenue growth

Becoming a key contributor to profitability

Creating shareholder value

119

Now, let’s show you how our business model fuels our sustainability in revenue growth and powers our ability to consistently deliver EPS





120

We have made good progress on our seventh strategic priority – implementing a financially flexible business model

Winning Culture is at the foundation of these priorities








121

A critical step in transforming D&B was creating a financially flexible model to fund growth and create value for shareholders

122

Total Costs

When we began our transformation, the challenge was to change our fixed cost mindset

123

Flexible

Not Flexible

~$1 billion

Today, we view almost every dollar that we spend as flexible

124

We accomplish this through a process we call continuous reengineering

Eliminate redundancies

Standardize processes

Consolidate activities

Automate manual processes

Outsource or offshore

Eliminate Standardize Consolidate Automate/ Migrate toWeb Outsource

125

This process of continuous reengineering has enabled us to generate significant flexibility year after year

Annualized Savings Derived from Financial Flexibility$ Millions (Annualized)

807570

130

80

2000 2004E2001 2002 2003Year Announced

Before any restructuring charges and transition costs and before any reallocation of spending

126

Available for Investment

(~60%)

Increase EPS

(~20%)

One-time Transition

Costs (~20%)

Cost base100%

The savings generated through continuous reengineering are reinvested in the business or returned to shareholders

FF savings

127


(~60%)

Increase EPS

(~20%)

One-time Transition

Costs (~20%)

Reinvested in the business,

subject to future reengineering

(~80%)

Since the bulk of these savings go back into the business as investments…

FF savings

128

…they become subject to future reengineering

One-time Transition

Costs (~20%)


(~60%)

Increase EPS

(~20%)

Reinvested in the business,

subject to future reengineering

(~80%)

FF savings

129

In 2000, our infrastructure consisted of 3 global data centers and multiple in-country mini data centers


3 global data centersMultiple in-country mini data centers

450 full-time employees$120 million annual costAll capital spend by D&B

2000

130


Today, our infrastructure consists of no data centers and few in-country mini data centers and we reduced our investment in this process

No global data centersFew in-country mini data centers

50 full-time employees$65 million annual costNo capital spend by D&B

2004


3 global data centersMultiple in-country mini data centers

450 full-time employees$120 million annual costAll capital spend by D&B

2000

Eliminate Standardize Consolidate Automate/ Migrate toWeb OutsourceEliminate Standardize Consolidate Automate/ Migrate toWeb OutsourceEliminate Standardize Consolidate Automate/ Migrate toWeb Outsource

131

Generated ~$44 million of funds to

be reinvested(~80% of $55

million)

Through this process, we generated $55 million in savings which we were able to reinvest in the business to drive growth

Returned ~$11 million to shareholders in EPS(~20% of $55 million)

FF savings($55 million)

132

And, we continue to reengineer our data center operations to generate additional financial flexibility savings in 2005

Continue to eliminate and standardize processes

Renegotiate agreements with current vendors

Consolidate vendor base

Re-bid existing outsourcing contracts

133

In 2000, our Corporate Linkage quality was inconsistent


Inconsistent manual processes

2,000 priority relationships locally maintained

37- day M&A update cycle

2000

134


Over the past four years, we’ve made significantimprovements in the consistency of our Corporate Linkage quality

Eliminate Standardize Consolidate Automate/ Migrate toWeb OutsourceEliminate Standardize Consolidate Automate/ Migrate toWeb OutsourceEliminate Standardize Consolidate Automate/ Migrate toWeb Outsource

Standardized and automated processes

5,000 priority relationships centrally maintained


2004Inconsistent manual processes

2,000 priority relationships locally maintained


2000

Eliminate Standardize Consolidate Automate/ Migrate toWeb OutsourceEliminate Standardize Consolidate Automate/ Migrate toWeb Outsource

135

This process of continuous reengineering enables us to grow revenue at a faster rate than costs, resulting in margin improvements

2001

Operating MarginPercent

2000 2002 2003

17

23

136

In addition to margin improvement, we have also increased free cash flow through fundamental changes in our infrastructure

Continuous reengineering reduces infrastructure inefficiencies

Leveraging partners in key markets

Continued outsourcing of capital intensive activities

Less capital is required to run same operations

No capital required in partnerships markets

Outsourcing partners absorb future capital expense requirements

137

We have improved the capital efficiency of our business model

Capital Expenses as a Percent of RevenuePercent

4 4

2

2001 2002 20032000

5

138

We have also improved our discipline around working capital management

Days of Sales OutstandingDays

90

2001 2002 2003

89 85 81

2000

139

This strong cash flow has allowed us to fund value-creating acquisitions and repurchase shares

Acquisitions Share Repurchases

2001-2004 YTD

$154M $373M

2001-2004 YTD

140

Our financially flexible model will continue to drive substantial shareholder value

Margin improvement

100+ basispoints

Generate Savings

Grow Revenue

Increasingcash

EPSmid to

upper teens

142

Appendix

143

Reconciliation of Non-GAAP to GAAP Measures

Reconciliation of Core and Organic Revenue Growth Data

144


Reconciliation of Product Line Revenue Growth Data

145


Reconciliation of International Revenue Growth Data

146


Reconciliation of Free Cash Flow Data

147


Reconciliation of Operating Income Data

148


Reconciliation of Diluted EPS Data

delivering the blueprint for growth

Documents

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financial results

companys customers

companys projection

companys stock

companys annual report

actual results