D&B – Business Information Report

88-411-4609

050509
DUN & BRADSTREET CORPORATION
COPYRIGHT 2005 DUN & BRADSTREET INC.
ALL RIGHTS RESERVED

*IN DATE* Statement Date: MAR 31 2005

DUNS: 88-411-4609 DATE PRINTED SUMMARY

DUN & BRADSTREET CORPORATION, MAY 25 2005 RATING --
THE
+D&B HOLDING COMPANY STARTED 1841
FOR COMMERCIAL SALES F $1,414,000,000
103 JFK PARKWAY INFORMATION WORTH F $50,300,000
AND BRANCH(ES) OR DIVISION(S) SERVICES EMPLOYS 4,700(65 HERE)
SHORT HILLS NJ 07078 SIC NO. HISTORY CLEAR
TEL: 973 921-5500 73 23

CHIEF EXECUTIVE: STEVEN W ALESIO, CEO-PRES+

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SPECIAL EVENTS
05/09/05 ANNOUNCED OFFICER CHANGE: Effective May 6, 2005, Mr. Tasos
Konidaris, who joined the Company on March 7, 2005, as Leader, Finance
Operations, has assumed the additional role of the Company's Principal
Accounting Officer. Mr. Konidaris will be a member of the Company's
Finance & Strategy Leadership Team and will report directly to the
Company's Chief Financial Officer (CFO).
Also effective May 6, 2005, Ms. Mary Jane Raymond, the Company's
former Principal Accounting Officer, assumed the newly established
position at the Company of Leader of Corporate Risk Management. In
this new role, Ms. Raymond will be responsible for leading the Company
in proactively identifying and mitigating strategic, operational and
financial risks across the entire business. Ms. Raymond will continue
as a member of the Company's Finance & Strategy Leadership Team and
will report directly to the CFO.
05/04/05 ANNOUNCED OFFICER CHANGE: On May 4, 2005, D&B announced that
Gregory E Nordal, Leader - International, will leave the Company by
the end of June.
Effective immediately, Steven W Alesio, CEO & President of D&B
will oversee the leadership of D&B's International business while the
Company conducts a search for a replacement for Mr. Nordal.
04/26/05 EARNINGS UPDATE: Total Revenue for the quarter ended Mar. 31,
2005 was $341.3 million and Net Income was $52.1 million, compared to
Total Revenue of $343.4 million and Net Income of $49.8 million for
the quarter ended Mar. 31, 2004.
03/14/05 BOARD OF DIRECTORS UPDATE: According to a Form 8-K filed with
the SEC on March 2, 2005, D&B has announced that Michael J. Winkler,
executive vice president, Customer Solutions Group and chief marketing
 officer at HP (NYSE:HPQ) (Nasdaq:HPQ) has been elected to D&B's board
of directors, effective March 17, 2005.
On Jan 3 2005, D&B announced that Steven W. Alesio has succeeded
Allan Z. Loren as the Company's chief executive officer. Loren will
remain chairman of the board until May, at which time he will step
down from the board and Alesio will become chairman. This announcement
marks the conclusion of the first phase of the succession plan
outlined last May when Loren announced his intention to retire from
D&B in May 2005.

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* * * CUSTOMER SERVICE * * *
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If you need any additional information or have any questions, please call the
D&B Online Customer Service Center at 1-800-223-1026.

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* * * SUMMARY ANALYSIS * * *
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The Summary Analysis section reflects information in D&B's file as of
May 23, 2005.

RATING SUMMARY . . . .

The absence of a Rating (--) indicates that the information available to

D&B does not permit us to assign a Rating to this business. In this
case, no Rating was assigned because of D&B's assessment of the
company's business experience and its management's experience.

Below is an overview of the company's D&B Rating(s) since 09/29/00:

RATING DATE APPLIED

------ ------------
-- 09/29/00

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* * * PAYMENT SUMMARY * * *
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The Payment Summary section reflects payment information in D&B's file as of
the date of this report.

The PAYDEX for this company is 62.

This PAYDEX score indicates that payments to suppliers average 21 days beyond
terms, weighted by dollar amounts. When dollar amounts are not considered,
approximately 81% of the company's payments are within terms.

Below is an overview of the company's dollar-weighted payments, segmented by

its suppliers' primary industries:

TOTAL LARGEST % DAYS SLOW

TOTAL DOLLAR HIGH W/IN
RCV'D AMOUNTS CREDIT TERMS <31 31-60 61-90 91+
----- -------------- ---------- ---- --- ----- ----- ---
# $ $ % % % % %

Total in D&B's file 13 11,000 5,000

Payment By Industry:

1 Help supply service 6 10,000 5,000 30 70 - - -

2 Nonclassified 4 850 500 100 - - - -
3 Executive office 1 100 100 100 - - - -
 4 Misc general gov't 1 50 50 100 - - - -
5 Misc business service 1 0 0 - - - - -

Other Payment Categories:

Cash experiences 0 0 0
Payment record unknown 0 0 0
Unfavorable comments 0 0 0
Placed for collection
with D&B 0 0
other 0 N/A

The highest "Now Owes" on file is $ 0

The highest "Past Due" on file is $ 0

D&B receives nearly 400 million payment experiences each year. We enter these
new and updated experiences into D&B Reports as this information is received.

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PAYMENTS (Amounts may be rounded to nearest figure in prescribed ranges)

Antic - Anticipated (Payments received prior to date of invoice)

Disc - Discounted (Payments received within trade discount period)
Ppt - Prompt (Payments received within terms granted)

REPORTED PAYING HIGH NOW PAST SELLING LAST SALE

RECORD CREDIT OWES DUE TERMS WITHIN

04/05 Ppt 2-3 Mos

Ppt 1000 -0- -0- 2-3 Mos
Ppt 100 2-3 Mos
Ppt-Slow 30 1000 -0- -0- 1 Mo
Ppt-Slow 30 1000 -0- -0- 4-5 Mos
Ppt-Slow 30 1000 -0- -0- 2-3 Mos
Ppt-Slow 30 1000 -0- -0- 2-3 Mos
Slow 30 5000 -0- -0- 4-5 Mos
(009) 50 4-5 Mos
Satisfactory.
03/05 Ppt 500 -0- -0- 6-12 Mos
Ppt 250 -0- -0- 4-5 Mos
Ppt 100 -0- -0- 1 Mo
12/04 Ppt -0- 1 Mo
* Payment experiences reflect how bills are met in relation to the
terms granted. In some instances payment beyond terms can be the
result of disputes over merchandise, skipped invoices etc.
* Each experience shown represents a separate account reported by a
supplier. Updated trade experiences replace those previously
reported.

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STATEMENT UPDATE
05/05/05 Interim Consolidated statement dated MAR 31 2005:
Cash $ 295,400,000 Accts Pay $ 32,500,000
Accts Rec 378,600,000 Short Term Debt 299,900,000
Mktble Securities 34,400,000 Accruals 66,500,000
Other Receivables 8,100,000 Deferred Revenue 456,800,000
Deferred Income Other Curr Liabs 146,300,000
Tax 16,000,000
Other Curr Assets 16,700,000
--------------- ---------------
Curr Assets 749,200,000 Curr Liabs 1,002,000,000
 Fixt & Equip 51,300,000 Pension & Post
Prepaid Pension Retirement
Costs 462,200,000 Benefits 466,900,000
Computer Software 28,400,000 L.T. Liab-Other 102,300,000
Goodwill 215,700,000 COMMON STOCK 800,000
Deferred Income ADDIT. PD.-IN CAP 188,700,000
Tax 61,600,000 TREASURY STOCK (597,500,000)
Other Assets 53,100,000 RETAINED EARNINGS 722,400,000
OTHER ADJUSTMENTS (264,100,000)
--------------- ---------------
Total Assets 1,621,500,000 Total 1,621,500,000
From JAN 01 2005 to MAR 31 2005 sales $341,300,000; Operating
Costs $269,300,000. Operating income $72,000,000; other income
$3,500,000; other expenses $5,500,000; net income before taxes
$70,000,000; Provision for Income Taxes (18,100,000). Equity in Net
Inc of Affil $200,000.
Statement obtained from March 31, 2005 Form 10-Q. Prepared from
books without audit.
--0--

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FINANCE
03/14/05 Fiscal Fiscal Fiscal
Consolidated Consolidated Consolidated
Dec 31 2002 Dec 31 2003 Dec 31 2004
Curr Assets 614,200,000 730,800,000 762,100,000
Curr Liabs 718,100,000 735,900,000 713,600,000
Current Ratio 0.86 0.99 1.07
Working Capital (103,900,000) (5,100,000) 48,500,000
Other Assets 913,500,000 893,900,000 873,400,000
Worth (18,800,000) 48,400,000 54,200,000
Sales 1,275,600,000 1,386,400,000 1,414,000,000
Long Term Liab 828,400,000 840,400,000 867,700,000
Net Profit (Loss) 143,400,000 174,500,000 211,800,000
Fiscal Consolidated statement dated DEC 31 2004:
Cash $ 252,900,000 Accts Pay $ 51,200,000
Accts Rec 382,100,000 Accruals 133,000,000
Mktble Securities 82,600,000 Deferred Revenue 388,600,000
Other Receivables 16,800,000 Other Curr Liabs 140,800,000
Deferred Income
Tax 15,900,000
Other Curr Assets 11,800,000
--------------- ---------------
Curr Assets 762,100,000 Curr Liabs 713,600,000
Fixt & Equip 51,200,000 Long Term Debt 300,000,000
Prepaid Pension Pension &
Costs 455,300,000 Postretirement
Computer Software 32,400,000 Benefits 468,000,000
Goodwill 217,000,000 L.T. Liab-Other 99,700,000
Deferred Income COMMON STOCK 800,000
Tax 60,900,000 ADDIT. PD.-IN CAP 198,200,000
Other Assets 56,600,000 ADJUSTMENTS (257,500,000)
RETAINED EARNINGS 670,300,000
TREASURY STOCK (557,600,000)
--------------- ---------------
Total Assets 1,635,500,000 Total 1,635,500,000
From JAN 01 2004 to DEC 31 2004 annual sales
$1,414,000,000. Operating expenses $1,095,200,000. Operating income
$318,800,000; other income $40,900,000; other expenses
$18,900,000; net income before taxes $340,800,000; Federal income tax
$129,200,000. Net income $211,800,000. Equity In Net Income of
Affils $200,000. Retained earnings at start $458,500,000. Net income
 $211,800,000; retained earnings at end $670,300,000.

Prepared from statement(s) by Accountant: PricewaterhouseCoopers

LLP.
ACCOUNTANTS OPINION: A review of the accountant's opinion
indicates the financial statements meet generally accepted accounting
principles and that the audit contains no qualifications.
--0--
Accounts receivable shown net less $19,400,000 allowance. Fixed
assets shown net less $202,500,000 depreciation.
. ...... BALANCE SHEET EXPLANATIONS ...... .
The net worth of this company includes intangibles.
LONG TERM DEBT: Consists of long term notes maturing in Mar 2006
and other liabilities.
SUMMARY OF STATEMENT OF CASH FLOWS (fiscal year ended Dec 31
2004): Cash provided by (used in) operating activities was
$267,600,000; cash provided by (used by) investing activities was
$(39,200,000); and cash provided by (used by) financing activities was
$(233,500,000). The effect of exchange rate changes on cash and cash
equivalents was $19,000,000. Cash and cash equivalents increased
$13,900,000 during fiscal year 2004.
RESULTS OF OPERATIONS: Total revenue increased $27.6 million, or
2% (1% decrease before the effect of foreign exchange), in 2004 from
2003, reflecting an increase of $120.8 million, or 10% (8% increase
before the effect of foreign exchange) in core revenue and a $93.2
million decrease as a result of the company's divested businesses. The
impact of the company's acquisitions of Hoovers, Inc., in the first
quarter of 2003 and the Italian real estate data companies in the
second quarter of 2003 contributed one percentage point of core
revenue growth in 2004. Operating expenses decreased $29.4 million,
or 7%, in 2004 from 2003. Selling and administrative expenses
increased $32.1 million, or 6%, in 2004 from 2003. Depreciation and
amortization decreased $16.7 million, or 26%, in 2004 from 2003 and
$20.2 million, or 24%, in 2003 from 2002. During 2004, the company
recorded $32.0 million of restructuring charges in connection with the
Financial Flexibility Program announced in February 2004. Interest
income increased $4.2 million, or 100%, in 2004 from 2003, primarily
due to higher investment balances in cash and marketable securities,
as well as higher interest rates. Basic EPS and diluted EPS increased
27% and 26%, respectively, in 2004 compared with 2003, reflecting a 4%
reduction in the weighted average number of shares outstanding and a
21% increase in net income.
Management believes that cash flows generated from operations and
supplemented as needed with readily available financing in the
commercial paper markets are sufficient to meet the company's
short-term and long-term needs, including the cash cost of its
restructuring charges, transition costs, contractual obligations and
contingencies, excluding legal matters identified for which the
exposures are not estimable. The company has the ability to access the
commercial paper market from time to time to fund working capital
needs and share repurchases if needed. Such borrowings would be
supported by its bank credit facilities.
The Dun & Bradstreet Corporation prepares business information
reports as part of company operations. It is D&B's policy not to
prepare complete business information reports on the individual
operating companies, but instead provide background and operational
details on the companies and their principal executives.

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PUBLIC FILINGS

The following data is for information purposes only and is not the
 official record. Certified copies can only be obtained from the
official source.

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* * * UCC FILING(S) * * *
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COLLATERAL: Leased Inventory including proceeds and products
FILING NO: 1979546 DATE FILED: 06/08/2000
TYPE: Original LATEST INFO RECEIVED: 06/29/2000
SEC. PARTY: PITNEY BOWES CREDIT CORPORATION, FILED WITH: SECRETARY OF
SHELTON, CT STATE/UCC DIVISION,
DEBTOR: THE DUNN & BRADSTREET NJ
CORPORATION
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COLLATERAL: Leased Inventory including proceeds and products
FILING NO: 1967998 DATE FILED: 04/13/2000
TYPE: Original LATEST INFO RECEIVED: 05/12/2000
SEC. PARTY: PITNEY BOWES CREDIT CORPORATION, FILED WITH: SECRETARY OF
SHELTON, CT STATE/UCC DIVISION,
DEBTOR: THE DUN & BRADSTREET CORPORATION NJ
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COLLATERAL: Leased Equipment and proceeds - Leased Computer equipment and
proceeds
FILING NO: 2100770 1 DATE FILED: 04/01/2002
TYPE: Original LATEST INFO RECEIVED: 06/17/2002
SEC. PARTY: IBM CREDIT CORPORATION, ARMONK, FILED WITH: SECRETARY OF
NY STATE/UCC DIVISION,
DEBTOR: DUN & BRADSTREET, INC. DE
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COLLATERAL: Leased Computer equipment and proceeds
FILING NO: 1957677 DATE FILED: 02/16/2000
TYPE: Original LATEST INFO RECEIVED: 03/20/2000
SEC. PARTY: FORSYTHE/MCARTHUR ASSOCIATES, FILED WITH: SECRETARY OF
INC., SKOKIE, IL STATE/UCC DIVISION,
ASSIGNEE: MELLON US LEASING, SAN FRANCISCO NJ
CA
DEBTOR: DUN & BRADSTREET, INC.
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COLLATERAL: Leased Computer equipment and proceeds
FILING NO: 1832199 DATE FILED: 04/22/1998
TYPE: Original LATEST INFO RECEIVED: 05/19/1998
SEC. PARTY: OCE' PRINTING SYSTEMS USA, INC., FILED WITH: SECRETARY OF
BOCA RATON, FL STATE/UCC DIVISION,
DEBTOR: THE DUN & BRADSTREET CORPORATION NJ
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COLLATERAL: Leased Communications equipment and proceeds - Leased Equipment and
proceeds - Leased Computer equipment and proceeds
FILING NO: 1830134 DATE FILED: 04/08/1998
TYPE: Original LATEST INFO RECEIVED: 05/04/1998
SEC. PARTY: HEWLETT-PACKARD COMPANY, ATLANTA FILED WITH: SECRETARY OF
GA STATE/UCC DIVISION,
FINANCE & REMARKETING SUMMIT NJ
BLVD, ATLANTA, GA
DEBTOR: DUN & BRADSTREET CORPORATION
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COLLATERAL: Leased Computer equipment and proceeds
FILING NO: 98068163 DATE FILED: 04/07/1998
TYPE: Original LATEST INFO RECEIVED: 05/04/1998
SEC. PARTY: MARQUETTE NATIONAL BANK, FILED WITH: SECRETARY OF
BRIDGEVIEW, IL STATE/UCC DIVISION,
DEBTOR: DUN & BRADSTREET CORPORATION TX
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COLLATERAL: Leased Computer equipment and proceeds
FILING NO: 28771788 DATE FILED: 04/07/1998
TYPE: Original LATEST INFO RECEIVED: 05/07/1998
ASSIGNEE: MARQUETTE NATIONAL BANK, FILED WITH: SECRETARY OF
BRIDGEVIEW, IL STATE/UCC DIVISION,
DEBTOR: DUN & BRADSTREET CORPORATION PA

This data is for informational purposes only and is not an official record.
Certified copies may be obtained from the Pennsylvania Department of State.
-------------------------------------------------------------------------------
COLLATERAL: Leased Communications equipment and proceeds - Leased Equipment and
proceeds - Leased Computer equipment and proceeds
FILING NO: 1818388 DATE FILED: 02/13/1998
TYPE: Original LATEST INFO RECEIVED: 03/09/1998
SEC. PARTY: HEWLETT-PACKARD COMPANY, ATLANTA FILED WITH: SECRETARY OF
GA STATE/UCC DIVISION,
DEBTOR: DUN & BRADSTREET CORPORATION NJ
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COLLATERAL: Leased Computer equipment
FILING NO: 2086880 6 DATE FILED: 03/14/2002
TYPE: Original LATEST INFO RECEIVED: 05/07/2002
SEC. PARTY: IBM CREDIT CORPORATION, ARMONK, FILED WITH: SECRETARY OF
NY STATE/UCC DIVISION,
DEBTOR: DUN & BRADSTREET, INC. DE
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There are additional UCC's in D&B's file on this company

available by contacting 1-800-223-1026.

The public record items contained in this report may have been
paid, terminated, vacated or released prior to the date this
report was printed.

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BANKING
MAR 2005: During the third quarter of 2004, the company entered
into a new multi-year credit agreement, which will expire in September
2009, and terminated its previous multi-year and 364-day credit
agreement. The aggregate availability under the new facility is $300
million, while the aggregate availability under the terminated
facilities was $275 million ($175 million under the multi-year
facility and $100 million under the 364-day facility). At December 31,
2004, the company had a total of $300 million of bank credit
facilities available at prevailing short-term interest rates, which
will expire in September 2009. These facilities also support its
commercial paper borrowings up to $300 million.
The company has not drawn on the facilities and it did not have
any borrowings outstanding under these facilities at December 31, 2004
and 2003. The company also did not borrow under its commercial paper
program in 2004. The facility requires the maintenance of interest
coverage and total debt to EBITDA ratios (each as defined in the
agreement). The company was in compliance with these requirements at
December 31, 2004 and 2003.
At December 31, 2004 and 2003, certain of the company's
international operations also had non-committed lines of credit of
$5.9 million and $8.0 million, respectively. The company had no
borrowings outstanding under these lines of credit as of December 31,
2004 and 2003. These arrangements have no material commitment fees or
compensating balance requirements.

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HISTORY
05/09/05
STEVEN W ALESIO, CEO-PRES+ ALLAN Z LOREN, CHB+
DAVID J LEWINTER, GENERAL SARA MATHEW, CFO & LEADER
COUNSEL & CORPORATE SEC STRATEGY
GREGORY E NORDAL, LEADER, MICHAEL PEPE, LEADER, U S
INTERNATIONAL CUSTOMERS
PATRICIA A CLIFFORD, LEADER, HR, LARRY KUTSCHER, LEADER, SMALL &
WINNING CULTURE MID-SIZE BUSINESS SOLS
DAVID M SLADE, INTERIM CIO & CSO
DIRECTOR(S): The officers identified by (+) and Ronald L Kuehn Jr,
Victor A Pelson, Michael R Quinlan, Naomi O Seligman, Sandra E
Peterson, John W Alden, James N Fernandez, Christopher J Coughlin and
Michael J Winkler.

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* * * CORPORATE AND BUSINESS REGISTRATIONS * * *
PROVIDED BY MANAGEMENT OR OTHER SOURCE
----------------------------------------------------------------------
The Corporate Details provided below may have been submitted by the
management of the subject business and may not have been verified with
the government agency which records such data.

REGISTERED NAME: The Dun & Bradstreet Corporation

CORPORATION TYPE: PROFIT FILING DATE: 04/25/2000

BUSINESS TYPE: CORPORATION
REGISTRATION ID #: 3206562

STATE OF ORGANIZATION (INCORPORATION): DELAWARE

DATE OF ORGANIZATION (INCORPORATION) : 04/25/2000

WHERE FILED: SECRETARY OF STATE/CORPORATIONS DIVISION, DOVER, DE

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Business started 1841.

BACKGROUND/OWNERSHIP: In 1841 Lewis Tappan formed The Mercantile
Agency; in 1859 The Mercantile Agency changed its name to R G Dun &
Company. In 1849 John M Bradstreet founded John M Bradstreet Company
in Cincinnati, OH. In 1855 the company moved to New York as the John
M Bradstreet & Sons Improved Mercantile Agency. In 1933 the two
companies merged to form The R G Dun-Bradstreet Corporation. In 1939 R
G Dun-Bradstreet became Dun & Bradstreet, Inc. In 1973 The Dun &
Bradstreet Corporation (originally incorporated as Dun & Bradstreet
Companies, Inc) became the holding company of Dun & Bradstreet, Inc
and its subsidiaries.
STRATEGIC RESTRUCTURING: On Jan 9 1996, D&B announced a plan to
reorganize D&B into three publicly traded businesses that would focus
on financial information services (D&B); high growth information
markets (Cognizant Corporation); and consumer-product market research
(AC Nielsen Corporation).
Effective Nov 1 1996, The Dun & Bradstreet Corporation (D&B)
completed the reorganization by spinning off its recently formed
wholly-owned subsidiaries, Cognizant Corporation and AC Nielsen
Corporation, to its shareholders. In connection therewith, each
holder of D&B common stock received as a dividend one share of common
stock of Cognizant common stock for every share of D&B common stock
held and one share of AC Nielsen common stock for every three shares
of D&B common stock held. As a result Cognizant Corporation and AC
Nielsen Corporation became independent publicly traded companies.
Effective Jun 30 1998, The Dun & Bradstreet Corporation completed
another restructuring by separating into two publicly traded
independent companies, The Dun & Bradstreet Corporation and the Reuben
 H. Donnelley Corporation. In connection therewith, for each share of
stock held in the former Dun & Bradstreet Corporation, shareholders
received one share in a new entity comprised of Moody's and the D&B
operating company. The new entity is known as The Dun & Bradstreet
Corporation and the remaining entity is known as The Reuben H.
Donnelley Corporation and consists of Reuben H. Donnelley, the
operating company, and the DonTech partnership.
The current Dun & Bradstreet Corporation was formed upon the
separation of Moody's Corporation on Sep 30 2000. The separation was
accomplished through a tax-free distribution to shareholders of The
Dun & Bradstreet Corporation of all of the shares of common stock of a
newly formed, wholly owned subsidiary corporation named the New D & B
Corp comprising the business of the D&B operating company. In
connection with the distribution, The Dun & Bradstreet Corporation
completed an internal reorganization so that, at the time of the
distribution, the business of the New D&B consisted solely of the
business of supplying business, purchasing, credit and marketing
information products and services as well as receivable management
services and the business of The Dun & Bradstreet Corporation
consisted solely of the business of providing ratings and related
research and risk management services (the "Moody's Business"). At
the time of the distribution, The Dun & Bradstreet Corporation was
renamed "Moody's Corporation" and New D&B succeeded to the name "The
Dun & Bradstreet Corporation". In 2001, the company sold its
Receivable Management Services business.
This is a publicly held company. Shares are traded on the New
York Stock Exchange under the Symbol "DNB". The company had 3,817
shareholders of record at December 31, 2004. As of Dec 31 2004, there
were 81,945,520 shares of common stock outstanding. At Mar 14 2005,
the beneficial owners of 5% or more of the company's common stock were
as follows: Davis Selected Advisers LP, Tucson, AZ - 14.93%; Harris
Associates LP and its general partner, Harris Associates Inc, Chicago,
IL - 7.72%; and Harris Associates Investment Trust, Chicago, IL -
5.73. The officers and directors as a group beneficially owned 3.81%
of the company's common stock.

STEVEN W ALESIO. Area of responsibility is Chief Executive

Officer, President. 2000 to present active here. In May 2005, he
will become Chairman of the Board as Allan Z. Loren, the current

Chairman transitions into retirement. 1981-2000 employed by American

Express, most recently president and general manager of the business
services group, part of that company's planning & policy committee.
Graduated from Saint Francis College in Pennsylvania. Received an MBA
from the University of Pennsylvania, Wharton.
ALLAN Z LOREN. Area of responsibility is Chairman of the Board.
May 2000-present active here. Mr. Loren is expected to remain as
Chairman of the Board through May 30, 2005, at which time he will
retire from the Company and its Board of Directors. 1994-May 2000
executive vice president and CIO at American Express Company.
1991-1994 President and CEO of Galileo International. 1987-1991 Apple
Computer as CIO and president of Apple Computer U.S.A. 1971-1987 held
a variety of positions in senior management at Cigna Corporation,
including CIO and CAO.
DAVID J LEWINTER. Area of responsibility is General Counsel &
Corporate Secretary. Before joining Dun & Bradstreet, held the
position of assistant general counsel and assistant corporate
secretary at Philip Morris Companies Inc. Prior to that, active as an
attorney with Becton Dickinson & Company from 1990 to 1995. Graduated
in 1984 from Columbia College with a BA degree. Graduated in 1987
from Columbia University School of Law with a JD degree.
SARA MATHEW. Area of responsibility is Chief Financial Officer
and Leader, Strategy. Has 18 years with Procter & Gamble, lastly as
vice president of finance, Australia, Asia and India. Prior to here,
progressed through Procter & Gamble finance, brand management and
customer financial service roles. 1995 named assistant treasurer and
director of investor relations; 1997 became comptroller for the Paper
Products division; and 1998 named comptroller and chief financial
officer of the Global Baby Care business unit. Holds BS in Physics,
Chemistry and Mathematics from University of Madras, India, a graduate
degree in Accounting from Institute of Cost and Works Accountants,
India, and MBA in Finance and Marketing from Xavier University,
Cincinnati, OH.
GREGORY E NORDAL. Area of responsibility is Leader,
International. Appointed senior vice president and leader of Europe
on July 22, 2003 and has been a member of the company's Global
Leadership Team since January 2003 when he was named the interim
leader of Europe and market leader of the United Kingdom. From 1997
to 2002, he was leader of D&B's Canadian business. Before joining D&B
in 1997, he was vice president of sales and marketing for CCH
Canadian, a leading provider of tax and business law information and
software. His background also includes 13 years in the healthcare
industry, where he progressed through various sales, marketing and
general management leadership positions. He received a Bachelor of
Commerce degree with honors from the University of Manitoba, Canada.
MICHAEL PEPE. Area of responsibility is Leader, US Customers.
Joined D&B in March 2004 and is a member of the Global Leadership
Team. In addition to his leadership of U.S. Customers and U.S. Sales
teams, Mr. Pepe is responsible for D&B's DUNSRIGHT Strategy team and
U.S. DUNSRIGHT Operations organization. He joined D&B following a 17
year career with Time Warner, where he led a number of corporate
initiatives in the areas of strategic planning, new media,
organizational development and diversity. Most recently, he was
president and chief executive officer of Time Inc. International.
Earlier in his career, Mr. Pepe was president and chief operating
officer of Patient Technology Inc. He also worked at Procter & Gamble
in brand management and at Morgan Stanley & Co., Inc. in corporate
finance. He graduated with a bachelors degree from the University of
Delaware and received an M.B.A. from Harvard University.
PATRICIA A CLIFFORD. Area of responsibility is Leader, Human
Resources, Winning Culture and Team Member Communications. 1990 to
present active here. Graduated from the University of Scranton,
Scranton, PA with a bachelors degree in management.
LARRY KUTSCHER. Area of responsibility is Leader, Small &
Mid-Size Business Solutions. 2001 to present active here. Previously
employed by Goldman Sachs & Co, as managing director/head of marketing
and sales-wealth management. Prior to that, he was active with
American Express, most recently as senior vice president, interactive
enterprise development. His career with American Express included
vice president, new business development; director, merchant national
marketing; director, membership travel marketing and manager, small
business services, marketing. Received his MBA degree from Columbia
Business School. Received his undergraduate degree from Brown
University, majoring in political science.
DAVID M SLADE. Area of responsibility is Interim Chief
Information Officer & Chief Security Officer. Joined D&B in September
2004 as Leader, Global Information Security. Appointed to serve as
Chief Information Officer and Global Leadership Team member on an
interim basis in January 2005. He joined D&B from Honeywell
International where he was Senior Director of Global IT Security &
Systems Assurance. Prior to Honeywell, he was Director of Corporate
Computer and Network Security at Lucent Technologies.
OUTSIDE DIRECTORS:
JOHN W ALDEN. Retired Vice Chairman, United Parcel Service, Inc.
(Express Package Carrier Company).
CHRISTOPHER J COUGHLIN. Executive Vice President and Chief
 Financial Officer Tyco International Ltd.
JAMES N FERNANDEZ. Executive Vice President & Chief Financial
Officer, Tiffany & Co. (Retail Jeweler).
RONALD L KUEHN, JR. Chairman of the Board, El Paso Corporation
(Diversified Energy Company).
VICTOR A PELSON. Senior Advisor, UBS Securities LLC (Investment
Banking Firm).
SANDRA A PETERSON. Former Group President, Government, Medco
Health Solutions, Inc. (Pharmacy Benefits Manager Company).
MICHAEL R QUINLAN. Chairman Emeritus, McDonald's Corporation
(Global Food Service Retailer).
NAOMI O SELIGMAN. Senior Partner, Ostriker von Simson
(Consultants on Information Technology).
MICHAEL J WINKLER. Executive Vice President, Customer Solutions
Group and Chief Marketing Officer at Hewlett-Packard Company.
...........RECENT EVENTS............
In Oct 2004, D&B completed the sale of its operations in the
Iberian market (Spain and Portugal) to Informa S.A., a leading
provider of business information in Spain, which was previously
announced on July 19, 2004. The proceeds from the deal are expected to
be approximately $14 million, subject to adjustments. In addition,
D&B announced it completed the sale of its business in France to Base
D'Informations Legales Holding S.A.S. (Bil Holding), a major business
information provider to the French market, which was previously
announced on Sept. 8, 2004. The proceeds of this transaction are
expected to be approximately $30 million, subject to adjustments.
In May 2004, the company completed the sale of its operations in
Germany, Austria, Switzerland, Poland, Hungary and the Czech Republic
to Bonnier Affarsinformation Holding AB (Bonnier Business Information)
for proceeds of approximately $24 million.
In Dec 2003, the Company completed the sale of D&B's operations
in Sweden, Denmark, Norway and Finland to Bonnier Affarsinformation
Holding AB (Bonnier Business Information), which was previously
announced on Oct. 9, 2003. The sale price was approximately $42
million.
During the second quarter of 2003, the company paid $6.2 million
to acquire controlling interests in three privately held Italian real
estate data companies: 100% interest in Italservice Bologna S.r.l. and
Datanet S.r.l. and a 51% interest in RDS S.r.l. In addition, we paid
$1.9 million to acquire 17.5% of RIBES S.p.A., a leading provider of
business information to Italian banks.
During the first quarter of 2003, the company acquired Hoovers,
Inc. with cash on hand. The transaction was valued at $7.00 per share
in cash, for a total of $119.4 million.

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OPERATION
05/09/05 Through its subsidiaries the Company operates as a global
provider of business information and tools and insight. D&B's
proprietary DUNSRight quality process provides customers with quality
business information. This quality information is the foundation of
D&B's solutions that customers rely on to make critical business
decisions. Customers use D&B Risk Management Solutions to mitigate
credit risk, increase cash flow and drive increased profitability; D&B
Sales & Marketing Solutions to increase revenue from new and existing
customers; D&B Supply Management Solutions to identify purchasing
savings and manage purchasing risk and improve compliance within their
supply base; and D&B's E-Business Solutions to help customers convert
prospects to clients faster. The company reports its business
globally through two business segments: North America (consists of
operations in the United States and Canada), and International
(consists of operations in Europe, Asia Pacific, and Latin America).
 Revenues are generated through the subsidiaries.
EMPLOYEES: 4,700 which includes officer(s). 65 employed here.
FACILITIES: Leases 123,000 sq. ft. in a multi story building.
LOCATION: Suburban business section on well traveled street.
SUBSIDIARIES: This business has multiple subsidiaries, detailed
information is available in D&B's linkage or family tree products.
05-25(7ZF /000) 99999 001186186 H