Interim Results for the six months ended 30 September November 2006

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 section on Risk in the annual report. We also draw your attention to our press release which is posted on our web site. An interim report will be sent to all shareholders and posted on our web site.

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

Financials John Davis CFO

5 Headline results Earnings and cash flow figures stated before exceptional items and amortisation Six months ended 30 September 2006 £m Change At constant exchange rate Revenue %21.2% Adjusted EBITDA %17.3% Adjusted operating cash flow % 16.7% Cash conversion91.2% Adjusted diluted EPS13.8(10.4%) Dividends per share 5.7p 11.8%

6 Revenue Six months ended 30 September 2005 £m 2006 £m Change Yell UK Printed directories (2.9%) Yell.com % Other % Total Yell UK % Yellow Book USA Printed directories * % Yellowbook.com * % Exchange impact-(12.7) Total Yellow Book USA % Total TPI-42.2 Group total % *at a constant exchange rate

7 US revenue growth breakdown Contribution to revenue growth (%) Organic Growth 12.2%

8 Adjusted EBITDA Six months ended 30 September 2005 £m 2006 £m Change Yell UK Printed directories (4.0%) Yell.com % Other products & services % Total Yell UK % Margin 38.8%37.9% Yellow Book USA Printed directories * % Exchange impact -(4.0) Total Yellow Book USA % Margin 27.2%28.1% Total TPI -8.1 Margin -19.2% Group total % Margin 32.8%31.7% *at a constant exchange rate

9 Cash 91.2% EBITDA converted to cash £m

10 Analysis of debt At 30 September 2006 £m Net loans and other borrowings (3,789.8) Cash66.0 Net debt(3,723.8)  43% $ denominated  35% £ denominated  22% € denominated  c.98% of debt fixed until December 2008 falling to c.50% until September 2010

11  EPS further diluted by second half weighting of US profit and higher UK investment in first half Adjusted diluted EPS EPS Pence Contribution to Growth H1 FY 2007 actual EPS 13.8p(10.4%) TPI revenue phasing1.8p11.7% TPI equity placing0.4p2.6% FX movement0.2p1.3% H1 FY 2007 underlying EPS16.2p5.2%

12 Financial summary  Strong US and UK organic performance, particularly online  TPI underlying performance as expected  Interim dividend up 12%  Reiterating guidance

John Condron CEO

14 Yell UK - win, keep, grow  Print –51,000 new advertisers –Advertisers down 4% –Retention stable at 74% –ARPA up 1%  Online –Searchable advertisers up 15% –Yell.com-only advertisers up 13% –Unique users up 35%; Searches up 16% –RASA up 41%

15 Yell UK drivers – print and voice  Proving value –Average of £25 new business for every £1 invested –Call Counter roll out continues  Driving usage  –62% rise in call volumes –Awarded best service three years in a row  Proposed remedies published by Competition Commission

16 Yell UK drivers - Yell.com  Monetising usage –Advertising –Sponsored Listings reward higher prioritisation  Evolution of search capability –Industrial search trial –Shopping trial –Food & Drink trial  Functionality improvements –Mapping updates – advertisers get greater visibility –Information tool – more local information on maps

17 Yellow Book USA - win, keep, grow  Print –Advertisers up 43%, mostly TransWestern –Retention 70% –ARPA down 2%, reflecting TransWestern  Online –Searchable advertisers up 12% to 390,000 –Unique visitors up 174% –RASA $76

18 Yellow Book USA drivers  Continue driving usage –Local advertising campaign –30% usage in markets studied in syndicated study  Expansion continues –Launches and in-fill acquisitions  TransWestern integration progress –Relaunches underway –Sales per rep up 15% since acquisition –Sales churn down –TransWestern scoping improvements

19 Yellow Book USA drivers - Yellowbook.com  Continue driving usage –Successful advertising campaign –Building opportunity to monetise usage  Hybrid approach –WebReach trial

20 TPI update  First two months –Integration underway –Strategic review of non-core products –No surprises –Synergies on track –Embracing “back to basics”

21 In summary  All-round strong performances with rapid online growth  Good early progress on TPI integration  Competition Commission to publish final conclusions  Confidence looking forward

Investor Relations: Jill Sherratt +44 (0) Yell, Queens Walk, Oxford Road, Reading, Berkshire RG1 7PT ™Trade mark of Yell Limited