Dex Media, Inc. Is Now the Largest Privately-Owned Incumbent Directory Company in the World; Company Will Continue to Be the Official, Exclusive Publisher for Qwest

DENVER - September 9, 2003 - The Carlyle Group and Welsh, Carson, Anderson & Stowe today confirmed the completion of the purchase of Qwest Dex, Inc. from Qwest Communications International Inc. The close of the seven Dex Media West states marks the consummation of the $7.05 billion transaction, announced last August. The first phase of the sale, Dex Media East, closed November 8, 2002.

With the second phase of the sale completed today, Dex Media, Inc. is now operating as the largest privately-owned incumbent directory publisher in the world, based on current annual revenue of approximately $1.6 billion. Dex Media will continue to serve as Qwest's official, exclusive directory publisher under its 50-year publishing agreement.

"We're delighted to have full ownership of this great company and we look forward to working with the Dex team to take the business to an even higher level of performance," said Anthony J. de Nicola, partner of Welsh, Carson, Anderson & Stowe and co-chairman of Dex Media.

"Our investors will benefit from the value Dex brings to the marketplace and the predictable cash flows the company generates," said James A. Attwood, Jr., managing director, The Carlyle Group and co-chairman of Dex Media.

"Consumers and advertisers can continue to expect the most complete, accurate, and most-used print, CD-ROM and Internet directories in our 14-state region," said George Burnett, president and CEO of Dex Media. "Businesses can continue to rely on us for better value for their advertising dollar than any other print directory or advertising medium. Investors can continue to count on us for industry leadership."

The company will operate as Qwest's official directory publisher in the states of Arizona, Colorado, Idaho, Iowa, Minnesota, Montana, Nebraska, New Mexico (including El Paso, Texas), North Dakota, Oregon, South Dakota, Utah, Washington and Wyoming.

With more than 50 offices across the 14 states, Dex Media intends to maintain a strong local presence. "In order to be a leader in providing local information and search capabilities, we believe it's important that our 3,000 employees live, work and stay involved in the communities we serve," Burnett says.

Investment, Innovation Under New Ownership

Burnett said that the future holds important improvements to the business that will benefit advertisers and consumers.

Specific initiatives include the introduction of Dex bilingual directories in 16 markets, expanded distribution of print directories and CD-ROMs and vastly improved search capability for qwestdex.com.

Rather than just searching online for name, address and phone number, consumers will be able to search intuitively, using multiple criteria. "Consumers have been asking for this capability - and we look forward to providing this powerful, proprietary new search technology early next year," said Burnett.

Search speed on the site has already been increased ten-fold as part of the preparation for the new search technology.

The company also foresees continued expansion of Dex Direct, its direct marketing business, which provides turnkey direct marketing solutions that are affordable for smaller businesses. "Direct marketing is a perfect complement to Yellow Pages advertising - and a natural extension of our company's capabilities," Burnett said.

As reflected in the name Dex Media, the management team is redefining the business as a media company. "We provide businesses with the best way to reach consumers when they're ready to buy - and the best return on their advertising investment versus any other medium. We're tremendously excited about our future and the capabilities and value we'll be able to bring to our customers," Burnett said.

"Dex has demonstrated industry leadership through innovative marketing that meets the needs of both advertisers and consumers - and we expect that innovation will accelerate as it moves forward under new ownership," said John F. Kelsey III, president of the Kelsey Group, a research and consulting firm specializing in Yellow Pages, electronic directories and local media.

About Dex Media, Inc.

Dex Media, Inc., provides local and national advertisers with industry-leading directory, Internet and direct marketing solutions. As the official, exclusive publisher for Qwest Communications International Inc., Dex Media publishes 272 directories in Arizona, Colorado, Idaho, Iowa, Minnesota, Montana, Nebraska, New Mexico (including El Paso, Texas), North Dakota, Oregon, South Dakota, Utah, Washington and Wyoming. As the world's largest privately-owned incumbent directory publisher, the company generates approximately $1.6 billion in annual revenue and produces and distributes 45 million print directories and 670,000 CD ROMs. Its Internet directory, qwestdex.com, receives more than 85 million annual searches.

Safe Harbor for Forward-Looking and Cautionary Statements

Certain statements in this press release are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These statements involve a number of risks, uncertainties and other factors that could cause actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by these forward-looking statements. The following important factors could affect future results: continuing weakness in the U.S. economy; increased competitive pressure from other directory publishers; changes in interest rates or a reduction in the Company's cash flow that could impair the Company's ability to service its debt obligations; the Company's high level of indebtedness; and risks related to the start-up of new directories and media services. The forward-looking statements made herein are only made as of the date of this press release and the Company undertakes no obligation to publicly update such forward-looking statements to reflect subsequent events or circumstances.

Media Contact:
Pat Nichols
303-784-1555
303-949-9672 (cell)

Investor Contact:
Brooke Martellaro
303-784-1197

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