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Dex One and SuperMedia File Pre-Packaged Plans of Reorganization as Part of Merger Process



  Dex One and SuperMedia File Pre-Packaged Plans of Reorganization as Part of
  Merger Process

              - Merger Expected to Close in First Half of 2013 -

                 - Lenders and Stockholders Support Merger -

                 - Both Companies Operate Business as Usual -

Business Wire

CARY, N.C. & DALLAS -- March 18, 2013

Dex One Corporation (NYSE: DEXO) and SuperMedia Inc. (NASDAQ: SPMD) today
announced that each company has received the requisite shareholder approval
for their proposed merger and they both have voluntarily filed for Chapter 11
in the United States Bankruptcy Court for the District of Delaware (the
“Court”), to implement “pre-packaged” Plans of Reorganization.

Dex One and SuperMedia intend to use this strategic process to facilitate the
completion of their merger announced on Aug. 21, 2012. The operations of both
companies are expected to continue without interruption during the
restructuring process. Subject to Court approval of the plans, the companies
believe the merger will be completed within 45 to 60 days. These plans intend
to preserve the interests of all investors without any impairment to existing
Dex One or SuperMedia equity holders and Dex One note holders.

“This process will facilitate the completion of our merger with Dex One and
ensure the financial and strategic benefits of the merger identified and
communicated previously remain unchanged,” said Peter McDonald, president and
CEO of SuperMedia. “A substantial majority of our lenders and stockholders
have pledged their support for this transaction and we remain committed to
closing it in the first half of this year. The new company will be the trusted
marketing consultant to help local businesses across the United States grow.”

“This combination is good for customers, investors, consumers and employees,
and creates a stronger company that can penetrate more of the local
marketplace,” said Alfred Mockett, CEO of Dex One. “By joining two industry
leaders to create a national provider of social, local and mobile marketing
solutions, we believe Dex One and SuperMedia will accelerate the
transformation of the newly combined company and be positioned to deliver
outstanding service and support. Throughout the merger process, the employees
from both companies have demonstrated great dedication, and remain focused on
exceeding the needs of local businesses in the markets we serve.”

Pursuant to the proposed plans, Dex One and SuperMedia do not need, nor intend
to obtain debtor-in-possession (DIP) financing during the reorganization. The
companies maintain substantial cash balances and continue to generate positive
cash flow.

Dex One and SuperMedia have filed a series of motions with the Court to ensure
the continuation of normal operations, including requesting Court approval to
continue paying employee wages and salaries and providing employee benefits
without interruption. The companies also are seeking Court authorization to
continue paying vendors, suppliers and service providers in full under
customary terms for all goods and services, including those provided before
the filing date. The companies expect the Court to approve these requests
shortly.

Both companies intend to work with their respective exchanges to remain listed
during the restructuring.

Houlihan Lokey Capital Inc. is acting as financial advisor to Dex One, and
Kirkland & Ellis LLP is acting as its legal counsel. Morgan Stanley & Co. LLC
is acting as financial advisor to SuperMedia for the merger, and Fulbright &
Jaworski L.L.P and Cleary Gottlieb Steen & Hamilton LLP are acting as legal
counsel to SuperMedia. Chilmark Partners is acting as financial advisor to
SuperMedia’s board of directors.

For access to court documents and other general information about the
pre-packaged plans cases, visit www.epiq11.com/dexone or
www.epiq11.com/supermedia.com.

FORWARD-LOOKING STATEMENTS

Certain statements contained in this press release regarding Dex One
Corporation’s (“Dex One”) future operating results, performance, business
plans, prospects, guidance, statements about the benefits of the proposed
merger with SuperMedia Inc. (“SuperMedia”) and the combined company, and any
other statements not constituting historical fact are "forward-looking
statements" subject to the safe harbor created by the Private Securities
Litigation Reform Act of 1995. Where possible, the words "believe," "expect,"
"anticipate," "intend," "should," "will," "would," "planned," "estimated,"
"potential," "goal," "outlook," "may," "predicts," "could," or the negative of
such terms, or other comparable expressions, as they relate to Dex One,
SuperMedia or their respective management, have been used to identify such
forward-looking statements. All forward-looking statements reflect only Dex
One's and SuperMedia’s current beliefs and assumptions with respect to future
business plans, prospects, decisions and results, and are based on information
currently available to Dex One and SuperMedia. Accordingly, the statements are
subject to significant risks, uncertainties and contingencies, which could
cause Dex One's, SuperMedia’s or the combined company's actual operating
results, performance or business plans or prospects to differ materially from
those expressed in, or implied by, these statements.

Factors that could cause actual results to differ materially from current
expectations include risks and other factors described in Dex One's and
SuperMedia's publicly available reports filed with the SEC, which contain
discussions of various factors that may affect the business or financial
results of Dex One, SuperMedia or the combined company. Such risks and other
factors, which in some instances are beyond either company's control, include:
the continuing decline in the use of print directories; increased competition,
particularly from existing and emerging digital technologies; ongoing weak
economic conditions and continued decline in advertising sales; the companies'
ability to collect trade receivables from customers to whom they extend
credit; the companies' ability to generate sufficient cash to service their
debt; the companies' ability to comply with the financial covenants contained
in their debt agreements and the potential impact to operations and liquidity
as a result of restrictive covenants in such debt agreements; the companies'
ability to refinance or restructure their debt on reasonable terms and
conditions as might be necessary from time to time; increasing interest rates;
changes in the companies' and the companies' subsidiaries credit ratings;
changes in accounting standards; regulatory changes and judicial rulings
impacting the companies' businesses; adverse results from litigation,
governmental investigations or tax related proceedings or audits; the effect
of labor strikes, lock-outs and negotiations; successful realization of the
expected benefits of acquisitions, divestitures and joint ventures; the
companies' ability to maintain agreements with major Internet search and local
media companies; the companies' reliance on third-party vendors for various
services; and other events beyond their control that may result in unexpected
adverse operating results.

With respect to the proposed merger, important factors could cause actual
results to differ materially from those indicated by forward-looking
statements included herein, including, but not limited to, the ability of Dex
One and SuperMedia to consummate the transaction on the terms set forth in the
merger agreement; risks related to the impact that either Dex One’s or the
SuperMedia’s voluntary case under Chapter 11 of title 11 of the United States
Code, filed to consummate the transaction, could have on our business
operations, financial condition, liquidity or cash flow; the risk that
anticipated cost savings, growth opportunities and other financial and
operating benefits as a result of the transaction may not be realized or may
take longer to realize than expected; the risk that benefits from the
transaction may be significantly offset by costs incurred in integrating the
companies; potential adverse impacts or delay in completing the transaction as
a result of bankruptcy cases; and difficulties in connection with the process
of integrating Dex One and SuperMedia, including: coordinating geographically
separate organizations; integrating business cultures, which could prove to be
incompatible; difficulties and costs of integrating information technology
systems; and the potential difficulty in retaining key officers and personnel.
None of Dex One, SuperMedia or the combined company is responsible for
updating the information contained in this release beyond the publication
date, or for changes made to this document by wire services or Internet
service providers.

Contact:

Dex One
Media:
Chris Hardman, 303-478-8432
Chris.Hardman@dexone.com
or
Investor:
Cobb Bay Partners
James Gruskin, 800-497-6329
invest@dexone.com
or
SuperMedia
Media:
Andrew Shane, 972-453-6473
Andrew.Shane@supermedia.com
or
Investor:
Cliff Wilson, 972-453-6188
cliff.wilson@supermedia.com
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