1. Interview Briefing Sheet
WHO: Patrick Seitz, Investor’s Business Daily
Phone: (847) 251-1908
e-mail: Patrick.seitz@investors.com
WHEN: Friday, February 3, 2006
5:00 p.m. EST – 6:00 p.m. EST
DIAL-IN NUMBER: 877-322-9648, code 198918
STAFFING: Chuck Malkiel, Porter Novelli
Media Outlet & Reporter Background:
Investor’s Business Daily is a national daily business newspaper aimed at senior executives,
professionals and entrepreneurs, as well as individual and professional investors. The
newspaper provides new management and investment ideas, and proprietary information used
to make business and investment decisions, including stock data such as industry group
rankings, relative strength, earnings per share ranking, volume percentage change and
accumulation distribution. Stories focus on global and domestic economies, corporate trends,
company profiles and the latest management concepts.
Patrick Seitz is located near Chicago, and is a technology reporter covering PC hardware and
software manufacturers, consumer electronics and the Internet strategies of entertainment
companies. He is responsible for choosing his story ideas and says he looks for topics with "top-
performing companies or interesting industry trends." Before joining the paper in September
1999, he was a senior editor for Washington Technology. Before that, he was a senior editor
and staff writer for Space News, covering the satellite and space industries.
In late December, Patrick wrote two fairly glowing articles on the automotive navigation market.
The first article covered the growth prospects for overall category of GPS-based devices.
Patrick spoke with industry analysts and financial analysts, and listed Cobra, Garmin, TomTom
and Magellan as companies that will benefit from the growing market. The second article
focused exclusively on Cobra and its future in this market.
For this article, Patrick is focusing on the map data providers. Since Patrick is located in the
Chicago area, we can assume that he has already spoken with NAVTEQ. While Investor’s
Business Daily typically covers only publicly traded companies (with U.S. listings), he has
‘heard’ that Tele Atlas may be listed on a U.S. exchange in the future, and he will want to
discuss that potential move. Overall he is interested in the growth of the market and future
revenues.

2. Interview Objectives:
• Reinforce the excellence of Tele Atlas’ data gathering methods, map data accuracy and new
capabilities such as POIs and traffic data.
• Ensure that Tele Atlas is positioned as the preferred map data provider to Cobra, TomTom
and other partners.
• Discuss Tele Atlas’ successes in Europe and how it can help Tele Atlas penetrate the U.S.
market.
• ‘Tease’ Patrick on the upcoming announcement of a new device partner (i.e., Mio) without
providing specifics.
• Defer speculation regarding Tele Atlas’ financial future and possible U.S. listing.
Suggested Soundbites/Main Messages:
• Tele Atlas supplies the geographical content that powers the leading personal navigation,
wireless, Internet, in car and business navigation systems. Names like Google, Mapquest,
TomTom, Pioneer, Fed Ex, Cingular, Sprint, T-mobile, Mercedes. Our maps are also used
by the majority of e911 systems in the U.S.
• The dynamics in this market have completely changed. In the automotive sector, map
suppliers had months, if not years, to update maps. Not today. Consumers with mobile
phones and PNAV devices expect fresh maps. We have the most comprehensive system
for updating maps, involving 50,000+ sources of data, and tools and technology to quickly
analyze and incorporate changes every day. We’re also making it easier for partners to work
with their end users so that community inputs to our maps make them more up-to-date than
ever.
• There’s a “perfect storm” brewing in PNAV. Tele Atlas’ maps are fresher and richer than
ever; devices are becoming smaller, more affordable and more functional; the mass market
consumer electronics channel has embraced the category, and PNAV device purchases
appear to be evolving as did MP3 and DVD players, iPods, etc.
• We’re the world’s leading supplier to the PNAV market, with 55% of the global PNAV market
in 2004 (Canalys). We have strong relationships with device manufacturers like TomTom,
Mio, Pioneer, Destinator Technologies, gate5, Wayfinder, TeleType, Cobra, Pharos and
Navman and work with them in retail globally to expand their presence. North America
represents a significant green field opportunity for Tele Atlas in this space.
• Maps have become part of the fabric of everyday life. They are an essential part of how the
world goes about its business. They’re also increasingly portable. The rapid growth of the
portable navigation market and the steady introduction of new Internet and wireless
applications and technologies prove that the mobile use of maps will only continue to grow.
• We believe the most useful applications will help users accomplish the complete set of tasks
involved in finding people, places and products. We’re in the best position to address these
trends because we offer the deep experience of delivering geographic content across
multiple markets, the systems and processes that guarantee fresh and rich geo content, and
an open approach to partner development that offers more collaboration and more support.

3. Recent Articles:
Car Navigation Prospects Point North; GPS Device Sales Revving Up; The satellite-based
systems mean direction-challenged drivers need never get lost
BY PATRICK SEITZ
23 December 2005
Investor's Business Daily
(c) 2005 Investor's Business Daily
The age-old problem of men refusing to stop and ask for directions could be a thing of the past
soon, thanks to the proliferation of car navigation systems. Satellite-based car navigation
devices are hot products this holiday season because of falling prices and new features.
Devices from Cobra Electronics, Garmin, Amsterdam-based TomTom, Magellan brand
company Thales Navigation, a unit of Paris-based Thales, and others have been featured in
newspaper inserts and in-store displays.
These systems use dashboard-mounted displays and computerized voices to provide turn-by-
turn driving instructions. They have touch screens for inputting destinations and are pre-loaded
with U.S. maps, including thousands of points of interest.
Some new models even offer real-time traffic data. The devices use the Global Positioning
System satellite network for pinpoint accuracy. Most are portable and can be moved from car to
car. Basic systems typically start at $400. But full-featured devices, including those with real-
time traffic, cost about $1,000.
1 Million Sales Expected
"It's a strong category for sure, one that will really begin to take off next year," said Phil Magney,
an analyst with the Telematics Research Group. "Next year will be the real breakout year (in the
U.S.), just like it has been this year in Europe."
Consumers in the U.S. will buy about 1 million portable navigation systems this year compared
with 3 million units in Europe, he says. Lower prices, innovative features and growing
awareness of the technology are fueling sales, analysts say.
Sales of portable navigation systems could nearly double next year, says Clem Driscoll,
president of research firm C.J. Driscoll & Associates. Unit sales could reach 1.6 million to 1.8
million in the U.S. in 2006.
Portable car navigation devices should outsell factory-installed units next year, he says.
Automakers will install 1.2 million navigation systems, mostly in luxury model cars, this year vs.
1 million aftermarket portable systems, Driscoll says. He expects 1.5 million factory-installed
systems next year.
Automakers aren't likely to make navigation systems standard gear or even options in most cars
soon, analysts say. Aftermarket systems are adding new features at a rapid pace. Built-in
systems can become dated and would be difficult and expensive to upgrade, analysts say.

4. Mainstream consumers are just starting to get familiar with car navigation systems. The market
is in the early adopter stage, but is "threatening to cross the chasm into the mass market,"
Driscoll said. That will happen once full-featured units are available for less than $500.
Garmin and Thales' Magellan brand dominate the portable navigation device market today, with
TomTom a distant third. The three companies have raised awareness for their products and the
category overall through TV, radio and newspaper ads this holiday season.
"One of the reasons the market is growing is that the systems are really quite good," Driscoll
said. The products have become much easier to install and use than in the past.
At the same time, makers of cell phones and personal digital assistants are starting to add GPS
navigation capabilities into their devices. But they lack the large touch-screen displays and big
data storage for maps that consumers want in their cars, analysts say.
More Capabilities Coming
And portable car navigation systems are expected to get even more capable in the near future.
Some portable "navi" systems double as MP3 music players, for instance. But real-time traffic
data are the biggest current advance.
"Integrating the traffic data has taken the consumer navigation market to the next level," said
Steve Koenig, an analyst with the Consumer Electronics Association. "Being able to route you
from A to B, that's great. But being able to route you from A to B and around a traffic jam -- and
do that on the fly in real time -- that's really great."
Cobra Electronics was one of the first to come out with a navigation system with real-time traffic.
It's using the feature as a differentiator against its much larger rivals. (See related story, this
page.)
On the horizon are navi units that offer information on local restaurants and other businesses,
plus let users surf the Web or check their e-mail while parked. With a camera mounted on the
back window, the device can display a view of the vehicle backing up as a safety feature.
"This category has a lot of legs," said Wayne Wilson, product development manager at
RadioShack. The retail chain's portable navigation device sales have more than doubled this
year over last.
The product sells itself when demonstrated in stores, Wilson says. With market penetration of
only 4%, he says the category has a lot of room to grow.
Advertising and in-store displays of portable navigation systems this holiday season are seeding
the market for sales a year from now. Prices should continue to fall. Wilson expects to see
navigation systems for sale next holiday season for $699 that cost $999 or more this year.
Cobra Intends To Strike In Vehicle GPS Systems; Beyond Radar, Radios; Company
accelerates its move by being first with real-time traffic feature
BY PATRICK SEITZ
23 December 2005

5. Investor's Business Daily
(c) 2005 Investor's Business Daily
The road ahead for Cobra Electronics is crowded with rivals selling similar car navigation
products. But the Chicago-based company hopes to drive ahead by being one of the first to
offer real-time traffic data on its devices.
Cobra is best known for its radar devices used to detect the radar guns cops use to catch
speeders. The firm also makes two-way family radios and citizens band radios. Three years
ago, it moved into the navigation device market, with products for cars and boats.
"It was a natural for us," said Cobra CEO Jim Bazet. "We're about dashboards, whether it's in a
boat, a car or a truck. So consumers are already familiar with us."
Navigation products using the Global Positioning System are a small part of the company's
sales, but one with potential for fast growth. Cobra's third-quarter sales rose 8.1% to $33.5
million, mostly on the strength of its two-way radios. It earned 29 cents a share, up 263% from a
year earlier.
Cobra's recent earnings got a boost from lower operating costs, a tax credit and proceeds from
an executive life insurance policy. Cobra faces much larger rivals in portable navigation.
Garmin and Thales Navigation's Magellan brand control about 75% of the market. Other rivals
include Pioneer Electronics and TomTom. (See related story, this page.)
Priced As Low As $799
"The market is big enough for all of us," Bazet said. "We're going to win through competitive
pricing, hitting the masses and coming out with our innovation."
Cobra's premier product is its Nav One 4500, the first fully integrated portable navigation unit
featuring real-time traffic. The maker's suggested retail price is $1,099, but it sells online for as
little as $799. The product recently earned an Innovations Award from the International
Consumer Electronics Show.
The device comes with a free three-month subscription for the traffic service, which afterward
costs $60 a year. The service provides up-to-the-minute traffic information in 48 major
metropolitan areas, with re-routing options.
Cobra's Nav One 4500 mobile GPS navigation system features 7.6 million "points of interest,"
such as restaurants and lodging. It has a 5-inch color touch screen and is ready to go right out
of the box.
The product is available from Circuit City and other stores. Cobra is working to expand its retail
distribution. Wal-Mart plans to test the product in some stores soon.
For years, Cobra was a "sleeper company" making products in three no-growth categories
where they dominated, said Steve Denault, an analyst with Northland Securities. "This new
category for them is triple the size of all their legacy categories combined and growing at a nice
clip." He rates the stock outperform, or the equivalent of buy.

6. Market May Double In 2 Years
The market for portable navigation devices is expected to double by the end of 2007, when
sales could hit $1.5 billion, Denault says. "GPS navigation is a white-hot category within
consumer electronics this year," he said.
Portable navigation devices appeal to people who want to use them in different cars, including
rental cars while on business trips or vacations. These devices differ from GPS devices used by
hikers.
"For a company as small as Cobra, carving out a sliver of that category means big business,"
Denault said. Cobra's sales over the last four quarters totaled $130 million. "I would never
suggest that they're going to unseat Garmin or Magellan, but it's possible for them to carve out
5% to 10% market share."
Cobra hopes to make a name for itself in the portable navi space by making innovative products
that are "drop-dead simple to use," said Dave Marsh, Cobra's director of mobile navigation.
Cobra rushed to get a device with real-time traffic data to the market in September before its
rivals because that feature had the highest level of interest from consumers.
"Once you have traffic (data), you now add a daily use for this new device," Marsh said.
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