FY 09 preliminary results for the year ended 31March May 2009

2 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.

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

Financials John Davis CFO

5 Headline results Adjusted earnings figures stated before exceptional items and amortisation throughout this presentation Year ended 31 March 2009 (£m)Actual Growth Growth at constant FX Revenue2, %(4.6%) Adjusted EBITDA %(1.8%) Adjusted EBITDA margin34.0% Operating cash flow %4.9% Cash conversion89.5% Free cash flow before refinancing cost and exceptionals % Adjusted diluted earnings per share41.0p9.3%(3.5%) Statutory diluted earnings per share(147.9p) Net Debt:EBITDA at consistent fx4.7x-0.2x

6 Internet revenue RevenueGrowth Internet contribution to total UK £164.5m18.2%23.8% US $227.3m97.5%11.6% Spain €50.0m13.4%*10.9% LatAm €16.3m48.2%9.6% Total £357.4m37.8%14.9% Note:. Publicom excluded in LatAm growth. * Lower growth rate reflects current unbundling of print and online prices

7 Yell UK results Twelve months ended 31 March 2008 £m 2009 £m Change Revenue Printed directories (10.9%) Yell.com % Other (14.1%) Yell UK (5.5%) Yell EBITDA UK % Margin 35.6%38.5% Yell UK Cost %

8 Yellow Book USA results Twelve months ended 31 March 2008 £m 2009 £m Change Revenue Printed directories at 07/08 FX rate (8.4%) Yellowbook.com at 07/08 FX rate % Yellow Book USA at 07/08 FX rate1, (2.4%) Exchange impact Yellow Book USA1,001.21, % EBITDA Yellow Book USA at 07/08 FX rate (4.0%) Exchange impact Yellow Book USA % Margin 29.2%28.7% Yellow Book USA Cost at 07/08 FX rate %

9 Yellow Book USA revenue Organic Growth -3.8% Contribution to revenue growth (%)

10 Yell Publicidad results Twelve months ended 31 March 2008 £m 2009 £m Change Revenue Spain Print at 07/08 FX rate (14.7%) Spain Internet at 07/08 FX rate % Spain other at 07/08 FX rate (17.9%) Latam at 07/08 FX rate % Yell Publicidad at 07/08 FX rate (8.0%) Exchange impact-77.1 Yell Publicidad % EBITDA Yell Publicidad at 07/08 FX rate (4.0%) Exchange impact Yell Publicidad % Margin 38.3%40.0% Yell Publicidad Cost at 07/08 FX rate %

11 Adjusted diluted earnings per share Year ended 31 March 2008 pence 2009 pence Change Actual diluted EPS 26.3(147.9)(662.4%) Exceptional Impairment Amortisation Other1.1 (0.5) Adjusted diluted EPS % FX (4.8) Underlying adjusted diluted EPS (3.5%)

12 Cash conversion 89.5% - up 5% Cash £m

13 Analysis of debt Net Debt at 31 March 2008(£3,759.4m) Free cashflow pre exceptionals£395.2m Exceptionals and other(£85.1m) 2008 final Dividend(£44.1m) FX impact at closing rate(£713.8m) Net debt at closing FX rate(£4,207.2m) Net debt at average/covenant rate(£3,842.1m) Net debt to EBITDA4.7x  Natural hedging – debt denominated in currency of earnings  c.96% of debt fixed until September 2010 – gives stability  15% covenant headroom at year end  Cost of debt increased marginally to just over 8%

14 Guidance  Q1 Group Organic Revenue -11%  Q1 EBITDA -20% due to revenue pressure and phasing  Q1 covenant headroom c.14%

15 Covenants Adjusted EBITDA to cash Interest Test date 31 Mar 0930 Jun 0930 Sep 0931 Dec 0931 Mar 10 Ratio 2.50 : : : : : 1 Headroom 16%15% (est) Net Debt to adjusted EBITDA Test date 31 Mar 0930 Jun 0930 Sep 0931 Dec 0931 Mar 10 Ratio 5.55 : : : : : 1 Headroom 15%14% (est)

16 Conclusion  Strong results against deteriorating economic environment  Cash fully met interest and debt repayment  Refinancing before April 2011 a priority

Strategic update John Condron CEO

18 Proving print value  Usage remains –In the UK 48 million leads are generated by Yellow Pages each month* –85% of US adults used Yellow Pages in 2008** –548 leads every minute from Paginas Amarillas in Spain***  Value remains –£24 return for every £1 spent in the UK* –Call counter geo and Lead tracker  Print developments –Resizing US books –Menus, guides, coupons –2D bar codes  US competition –Aggressive price competition from incumbents –Independents leaving markets *Saville Rossiter (Mar 09) ** Knowledge Networks Statistical Research Apr 09 ***Monitor de uso GFK 2008

19 Yellow Pages metrics Advertisers UKSpainUS 74% 73%Retention85%78%70%68% ARPA % - 7.6% % £1,304 £1,293 $2,762 $2,737 €920 € %- 0.9% - 4.2%

20 Internet usage growth Unique users (millions) Unique visitors (millions) Unique users (millions) Yell.comPaginasamarillas.es Yellowbook network from comScore Paginasamarillas.es network OJD Source: Yell.com ABCe Yellowbook network Content Leads + 26% + 24% + 26%

21 Internet momentum continues Advertisers UKSpainUS RASA £679 £772 €158 $598€ % - 3% - 48% $ % + 94% + 109%

22 Focus on efficiency  Improved sales efficiency –Fewer prospect customers –Automation –Rescheduling to improve capacity  Back office and process focus  Future investment is vital

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