Preliminary Results for the year ended 31 March May 2007

1 Disclaimer During this presentation we will be discussing Yell’s business outlook and making certain forward-looking statements. Any statements that are not historical facts are subject to a number of risks and uncertainties, and actual results may differ materially. We urge you to read the Risk Factors and cautionary language in the annual report posted on our website. We also draw your attention to our press release which is posted on our website, for more information on the risks and uncertainties.

2 John Davis, CFO John Condron, CEO Agenda Financials Introduction Strategic update

Financials John Davis CFO

4 Headline results Adjusted Earnings figures stated before exceptional items and amortisation throughout this presentation Year ended 31 March 2007 £mActual Growth at constant FX Revenue2, % Adjusted EBITDA % Operating cash flow % Cash conversion79.9% Free cash flow before refinancing cost and exceptionals Adjusted diluted earnings per share up 8.2%35.5p Underlying adjusted diluted earnings per share37.1p13.1% Total dividends per share up 11.8%17.1p

5 The Yell Group Yell UK 36% Yell Publicidad 22% Adjusted EBITDA margin 32.6% Yellow Book USA 46% Yell Publicidad 21% Yell UK 33% FY 07 revenue pf*FY 07 EBITDA pf* Yellow Book USA 42% * Proforma figures including Yell Publicidad on a LTM basis Organic revenue growth 6.8%

6 Yell UK Revenue (£m)Total adjusted EBITDA (£m) Adjusted EBITDA margin % * Figures reported under UK GAAP CAGR 4.0% Effective Yellow Pages price reduction % 253 CAGR 2.9%

Adjusted EBITDA margin % Yellow Book USA Revenue ($m)Total adjusted EBITDA ($m) 151 * Figures reported under UK GAAP CAGR 26% ,149 1,636 1, CAGR 39%

8 Yellow Book USA revenue growth Organic Growth 9.8% Contribution to revenue growth (%)

9 Yellow Book USA margins Adjusted EBITDA margin of new directories since launch 6% 10% 8% 76% 100% 57 books 92 books 82 books 738 books969 books Share of revenue FY 07

10 Yell Publicidad £m 8 months since acquisitionLast 12 months Total Revenue Adjusted EBITDA Adjusted EBITDA margin37.5%33.6%

11 Cash Group cash conversion 80% £m

12 Analysis of debt At 31 March 2007 £m Net loans and other borrowings (3,729.3) Cash66.7 Net debt(3,662.6)  41% $ denominated  37% £ denominated  22% € denominated  c.96% of debt fixed until June 2009 falling to c.50% until March 2011

13 Effective tax rate Effective tax rate as % of adjusted PBT of £419 million33% Allowable amortisation(8%) Losses(1%) Other tax allowable items (including exceptionals)(5%) Cash tax paid in year as a % of adjusted PBT19%

14 Adjusted diluted earnings per share EPS Contribution to growth Actual EPS 35.5p8.2% TPI equity placing0.4p1.3% FX movement1.2p3.6% Underlying EPS37.1p 13.1%

15 Refinancing and exceptional costs £mCash effect P&L exceptional Refinancing Rolled up interest46.7 Write off of deferred financing fees13.8 High yield bond redemption premium22.5 Restructuring US and Spain post acquisition restructuring costs Brazil book loss 6.4 Total Tax on the above(19.4) Spanish deferred tax movement(46.6) Net post tax P&L credit(8.6)

16 Operations guidance  UK –Revenue growth c 3% driven entirely by Yell.com –Adjusted EBITDA margin flat  US –Organic revenue growth c 3% plus $20m revenue from acquisitions to date –Adjusted EBITDA margin flat (29%)  Yell Publicidad (see next slide) –Revenue growth of around 5% on continuing LTM revenue (€650m net of disposals) plus €20m from acquisition –Adjusted EBITDA margins c 37%

17 RevenueProforma €mGuidance Spain5094% growth Latin America1417% growth Continuing6505% growth Discontinued 51 Acquired € 20m Reported701 Adjusted EBITDA Margin34%37% Yell Publicidad guidance

18 Group guidance at constant FX  Revenue growth around 9% (4% organic)  Adjusted EBITDA margins flat  Cash conversion 80% to 85%  Cost of debt 7%; 96% fixed  Tax rate around 31% of adjusted PBT; cash tax rate around 20% of adjusted PBT

19 Q1 dilution due to phasing  UK: strong weighting of investment in H1– Q1 adjusted EBITDA decline of 5%  US: heavy rescheduling of revenue from Q1 to latter quarters – around $20 million  Yell Publicidad: Q1 ⅛ annual adjusted EBITDA versus ¼ financing cost - margins less than 30%  Q1 EPS dilution: weaker dollar approaching $2 : £1 versus $1.83 : £1 last year

20 Financial summary  FY 07 in line with expectations  Dividends up in line with underlying earnings  Strong Group financial characteristics including good growth, high margins and strong cash generation

Strategic Update John Condron CEO

22 Yellow Book acquired 1999 McLeod acquired 2002 TransWestern acquired 2005 Platform acquisitions, in-fills and launches since 1999 Yellow Book USA – 970 markets

23 Yellow Book USA revenue drivers Unique advertisers (000s)ARPA ($) Printed directories only Retention % Unique advertisers up 41.5%

24 Yellowbook.com revenue drivers Note: Includes Worldpages.com acquired with TransWestern in July 2005 * Revenue per average searchable advertiser Searchable advertisers down 2.8% Visitors up 154.2% Searchable advertisers at 31 March (000s) Visitors March (m) RASA* ($) RASA up 44.7%

25 US competitive forces  Over-capacity in directories  Companion directories  Incumbents launching independent directories  Pricing  Independent start-ups Sustainability of this level of competition in doubt

26 Yellow Book USA initiatives  Sharpening focus on competition –Retain best sales people; retune products; refine sales techniques  Driving usage in print and online –Investment in brand –Print and online usage up –Monetise usage  Expansion of footprint continues –Well placed for potential consolidation  Yellowbook.com development Positioning for competitive shift and opportunities

27 UK revenue drivers – win and keep * Unique print advertisers only Total unique advertisers live at 31 March (000s) Yell.com searchable advertisers at 31 March (000s) Retention % Total unique advertisers down 1.4% Non-print only advertisers up 13.5% Non-print only Up 12.6%

28 UK revenue drivers – grow Effective Yellow Pages price reduction % Down 0.4% Print ARPA (£)Yell.com RASA* (£) Up 37.0% Unique users of Yell.com March (m) Up 11.8% * Revenue per average searchable advertiser

29 Yell UK initiatives  Driving usage –Advertising campaign –New Yell.com maps, verticals, home page –Enhanced Yell.com-by-mobile  Growing volumes –RPI-0% opportunity – ground work –Retention – Proven Value –Yell.com online-only prospecting – growing call volumes  Monetising usage –Up-sell – print and online –Pay per performance trials

30 Yell Publicidad initiatives  Back to basics –Driving usage – advertising –Rationalisation of products –Simplification of rate card –Targeting customers  Synergies a year early –Print, paper, pre-press  Portfolio –Non-core businesses –Disposal of Brazil –Expansion in Argentina

31 Priorities for FY 08  Yellow Book USA - focus on competing in tough market  Yell UK - marketing and sales under RPI-0%  Yell Publicidad - Back to Basics Investment in brands Channel neutral Win, keep and grow

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