FY 08 preliminary results for the year ended 31March May 2008

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 Agenda IntroductionJohn CondronFinancialsJohn DavisStrategic updateJohn Condron John Davis Joe Walsh Ana Garcia Fau Q&A

Financials John Davis CFO

4 Headline results Adjusted earnings figures stated before exceptional items and amortisation throughout this presentation Year ended 31 March 2008 (£m)Actual Growth Growth at constant FX Revenue2, %8.5% Adjusted EBITDA %10.1% Adjusted EBITDA margin33.3% Operating cash flow %16.5% Cash conversion84.7% Free cash flow before refinancing cost and exceptionals % Adjusted diluted earnings per share37.5p5.6% Underlying adjusted diluted earnings per share37.8p10.5% Interim dividends per share 6.3p10.5% Final dividends per share5.7p (50%) Total dividends per share 12.0p (30%)

5 The Yell Group Yell Publicidad 25% Yellow Book USA 45% Yell Publicidad 22% Yell UK 33% FY 08 revenueFY 08 EBITDA Organic revenue up 2.5% Yell UK 35% Yellow Book USA 40% Cash conversion 85% of EBITDA EBITDA margin 33.3%

6 Internet revenue Revenue Growth% of total revenue UK £139.2m45%19% US $115.1m68%6% Spain €44.1m14%*9% LatAm €11.1m43%7% Total £235.7m45%11% Note: Spain excludes Noxtrum. Publicom excluded in LatAm growth. * Lower growth rate reflects current unbundling of print and online prices

7 Yell UK Revenue (£m)Total adjusted EBITDA (£m) Effective Yellow Pages price reduction % Adjusted EBITDA margin % * Figures reported under UK GAAP

8 Yellow Book USA Revenue ($m)Total adjusted EBITDA ($m) Adjusted EBITDA margin % 940 1,149 1,636 1,932 2, * Figures reported under UK GAAP

9 Yellow Book USA revenue growth Organic growth 3.1% Same market print LaunchesInternetDis- continued OrganicAcquisitionsGrowth before rescheduling ReschedulingTotal $FXTotal Contribution to revenue growth %

10 Yell Publicidad €m Pro forma FY 07 base650 Organic revenue % Acquisitions 19 Latin American FX(14) Continuing671 Non-core12 Total revenue683 EBITDA €262 million, EBITDA margin 38.3%

11 Adjusted diluted earnings per share Year ended 31 March 2007 pence 2008 pence Change Actual diluted EPS (3.7%) Exceptional Amortisation Exceptional Deferred tax(6.0) 1.1 Adjusted diluted EPS % Yell Publicidad pro forma(1.3) FX 0.3 Underlying adjusted diluted EPS %

12 Effective tax rate  Effective tax rate 31% of adjusted PBT of £429 million  Cash tax paid in year 19% of adjusted PBT  Key difference is US allowable amortisation

13 Exceptional costs £m P&L exceptional Yell UK restructuring7.4 Yell Publicidad restructuring7.1 US Class Action credit(11.8) Other2.8 Total 5.5 Tax on the above(0.7) Other – mainly deferred tax on shares9.2 Net 14.0

14 Cash conversion 85% Cash £m

15 Analysis of movement of debt  Increase in debt driven by £129m of FX movement £m Net debt at 31 March 2007 (3,663) Free cash flow 294 Net debt after free cash flow (3,369) Dividend (137) FX (129) Acquisitions including minority interests (100) Other (24) Net debt at 31 March 2008 (3.759)5.1x EBITDA

16 Debt  Fixed 96% for rolling two years  Cost of debt 7%  Currently operating well within covenant headroom  £115m drawn on revolver and short term facilities for working capital and in-fill acquisitions Currency denomination of debt (%)

17 Dividend  Proposed final dividend halved compared with last year’s final to 5.7 pence per share to increase financial flexibility  Proposed total dividend for year down 30% to 12 pence per share  Interim dividend intended to be halved

18 Q1 revenue guidance  Yell UK flat  Yellow Book USA organic up around 3% in $(traditionally a strong quarter)  Yell Publicidad organic up around 1% in local currencies –Total around 2% down on rescheduled revenue due to reductions from discontinued products and LatAm FX

19 Yell Publicidad revenue rescheduling FY 08 revenue €Q1Q2Q3Q4 Reported17.2%18.1%36.0%28.7% Rebased17.4%20.0%32.0%30.7%

20 Group guidance for FY 09  Adjusted Group EBITDA flat at constant exchange rates –Yell UK flat –Yellow Book USA marginally down in $ –Yell Publicidad up in local currencies  Cash conversion around 85% to 90%  Cost of debt around 7%  Tax rate around 31% and cash tax rate around 20% of adjusted PBT  Restructuring exceptional cost c £25m

21 Financial priorities  Continued investment for online growth funded by improved efficiencies  Achieve EBITDA and cash guidance  Reduce leverage towards 4 times target

Strategic update John Condron CEO

23 Unique relationship with SME customer base The Yell proposition  Online growth in line with SME needs  Print usage still generating high ROIs  Out-performing US incumbents  Benefits of new regulation in UK  Spanish approach to sales delivering  Relatively recession resilient in SME market

24 Group wide online approach  Creating content –Importance of the salesforce –Depth and quality of content –Overcoming SME resistance to online advertising  Generating usage –Brand –Search engine marketing and optimisation –Distribution –Functionality Content → Usage → Revenue

25 Rapid growth in Yell’s online usage Yell’s online usage growing Up 37% Unique users (millions) Unique visitors (millions) Yell.comPaginasamarillas.es Up 30%Up 10% Yellowbook.com network from ComScore Paginasamarillas.es network OJD Source: Yell.com ABCe Yellowbook.com network

26 Group wide online approach  Creating content –Importance of the salesforce –Depth and quality of content –Overcoming SME resistance to online advertising  Generating usage –Brand –Search engine marketing and optimisation –Distribution –Functionality  Monetising usage –ROI – transparency of pricing –Product development – including pay per performance Revenue lags usage

27 Revenue up 68% in US, 45% in UK, 14% in Spain Realising the internet opportunity Yell.comYellowbook.comPaginasamarillas.es Searchable advertisers at 31 March (000s) Revenue per average searchable advertiser (€) Up 36% (£) Up 43% ($) Up 48%

28 Print usage holding up UK usage occasions monthly average (m) US usage references pa (bn) 87% of US population used print in 2007 Sources: UK: Regular Study Saville Rossiter-Base. YP comparable inc Yell.com. US: KN/SRI (YPA) and comScore. Spain: GFK and Yell. Used Spanish print classified directories monthly in past 12 months (%) PrintInternet Searches for unknown businesses up 9% in the UK 62% of those who shopped online also used print in the US Average £25 of new business for every £1 invested in the UK Spain average monthly users (m) 8 out of 10 searches resulted in a contact to an advertiser in Spain

29 Online ‘as well as’ rather than ‘in stead of’ UK revenue drivers – win, keep and grow * RASA: Revenue per average searchable advertiser Total unique advertisers live at 31 March (000s) Print ARPA and online RASA* (£) Print retention % Effective Yellow Pages price reduction % (print only)

30 Yell UK initiatives  Driving usage –Brand – Yell.com –SEO and SEM –Print product awareness promotions  Focus on customer base –ROI – Call Counter Geo –Large Media Players –Print pricing initiatives  Monetising usage –NetReach – 220m listings on partner sites –Pay per call trail – roll out August Focus on the internet netReach capsule on the Zoomf site

31 Print usage share 23% - up from 20% in 05* Not an incumbent in the US  Leads for less –Average usage in 49 recent markets surveyed 38%** –Rate card still lower  Brand awareness –Nationwide –Print and internet Yellowbook brand –“Say Yellow to the Future” campaign  Entrepreneurial sales approach –Recruitment, training, targeting incentives, face-to-face Source incumbent growth rates: The Kelsey Group, April 08. Estimate for CY Current CY 08 guidance for RHD and Idearc “mid single digit decline”. Yellow Book USA organic growth rates for FY 06, FY 07 and FY 08 as reported Incumbents vs Yellow Book revenue growth (%) * Knowledge Networks/SRI - Based on all measured YPMR DDAs in 2005 (21,000+ interviews/ 161 DDAs) versus 2007 (32,000+ invterviews / 190 DDAs. ** 2007 YPMR Syndicated Usage - KN/SRI

32 Not an incumbent in the US (2)  Online growth –Fastest growing usage for an IYP –Revenue lags usage –WebReach  National footprint –Online access –Spreads risk –Lower exposure to national advertisers –National revenue growing rapidly – faster than average Source: comScore December 07 and March 08 Unique visitors (m) Unique visitors growth March 08 vs Dec 07 (%)

33 Yellow Book USA win, keep and grow Unique advertisers (000s)Print ARPA and online RASA ($) Print retention % Online yield still lags usage growth

34 Paginas Amarillas win, keep and grow Unique advertisers (000s)Print ARPA and online RASA (€) 85 Print retention % Unbundling to generate future ARPA growth

35 Yell Publicidad initiatives  New sales organisation –Improved remuneration; higher quality sales force –Rescheduling publication to release sales time  Investment in usage – brands and user experience –New print initiatives eg 2D codes –Online enhancements – search engine, syndication network  Revitalised market approach –Higher online prices to reflect usage growth –Online unbundling –Adapting ad range to customer needs  Latin America – transferring best practice –Publicom integrated successfully –Focus on internet Building on ‘Back to Basics’ foundation

36 Directories in economic downturn  Outperformed other advertising media in previous recessions  Online adds flexibility for advertiser  Diversity of classifications  National revenue has most discretion about spend –UK 20%; US 8%; Spain 4%  25% of UK SMEs’ advertising spend with Yell products Source: *FDS 2007 Base: All companies/businesses known to Yell excluding National accounts Share of purse from SMEs in UK No-fuss, high return, trusted advertising

37 Key drivers  Grow usage  Develop online offering  Win, keep and grow – trusted relationship with SMEs  Monetise usage based on returns of advertiser investment Leaner, fitter and stronger

Appendix

39 US shareshift continues % Revenue growth for publishers% Independents’ market share Source: The Kelsey Group, April 08

40 Yellow Book USA – 984 markets 61% of Independent segment; 12% of US market

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