Investor Presentation June 2007

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 web site, for more information on the risks and uncertainties.

3 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

4 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%

5 The Yell proposition Leading market positions Simple, focused strategy Investment in brand and usage Channel neutral Recession resilient Sales excellence World class processes High margins Strong cash generation

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

7 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

8 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

9 Yell UK initiatives  Driving usage –Advertising –Yell.com developments  Growing volumes –RPI-0% opportunity –Yell.com online-only prospecting  Monetising usage –Up-sell in print and online

10 The Spanish directories opportunity SpainUKEurope (a) Real GDP growth (b) 3.7%2.7% 2.9% Print usage % (c) 32%62%42% Online penetration % of population (e) 40%59%53% Yellow Pages penetration (d) 14%24% 25% (a) Defined as average of UK, France, Italy, Spain and Sweden (b) Growth rate for 2007(E). Source: Oxford Economics May 07 (c)Defined as the% of respondents who have used printed yellow pages in the last six months. Source per Kelsey Group Feb 07 (except US Feb 06) (d)Defined as percentage of businesses advertising in yellow pages directories. Source Kelsey Group; Global Yellow Pages 2005 (e) Defined as percentage of population with access to Internet – 2006 data. Source Jupiter Research

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

12 On-line UK and US Yell.com revenue up 61% Yellowbook.com revenue up 62% Unique users March (m) RASA* (£) Searchable advertisers at 31 March (000s) Visitors March (m) RASA* ($) Up 13% Up 37% Up 12% Down 3% Up 45% Up 154% RASA is revenue per average searchable advertiser

13 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

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