1. H1 08 Interim Results for the six months ended 30 September 2007 6 November 2007

2. 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.

3. 2 John Davis, CFO John Condron, CEO Agenda Financials Introduction Strategic update

4. Financials John Davis CFO

5. 4 Headline results Adjusted earnings figures stated before exceptional items and amortisation throughout this presentation Six months ended 30 September 2007 (£m)Actual Growth Growth at constant FX Revenue965.413.7%17.7% Adjusted EBITDA319.818.8%22.4% Adjusted EBITDA margin33.1% Operating cash flow281.614.7%17.3% Cash conversion88.1% Adjusted diluted earnings per share14.6p5.8% Underlying adjusted diluted earnings per share15.7p9.0% Total dividends per share6.3p10.5%

6. 5 Yell UK results Six months ended 30 September 2006 £m 2007 £m Change Revenue Printed directories297.1284.0(4.4%) Yell.com42.965.151.7% Other11.613.213.8% Yell UK351.6362.3 3.0% EBITDA Printed directories 112.5104.4(7.2%) Yell.com 15.829.486.1% Other products & services 5.04.1(18.0%) Yell UK 133.3137.9 3.5% Margin 37.9%38.1%

7. 6 Yellow Book USA revenue growth Contribution to revenue growth (%) Organic growth 1.9%

8. 7 Yellow Book USA results Six months ended 30 September 2006 £m 2007 £m Change Revenue Printed directories at constant FX439.0447.01.8% Yellowbook.com at constant FX16.026.867.5% Yellow Book USA at constant FX455.0473.84.1% Exchange impact-(34.1) Yellow Book USA455.0439.7 (3.4%) EBITDA Yellow Book USA at constant FX 127.8135.56.0% Exchange impact -(9.8) Yellow Book USA 127.8125.7 (1.6%) Margin 28.1%28.6%

9. 8 Yell Publicidad results Six months ended 30 September 2007 £m Yell Publicidad revenue163.4 Underlying Spanish print directories 3.8% Yell Publicidad EBITDA 56.2 Margin 34.4% Q3 phasing Directory rescheduling to Q4 Heavy investment

10. 9 Cash Group cash conversion 88% £m

11. 10 Analysis of debt At 30 September 2007 £m Net loans and other borrowings (3,737.2) Cash47.7 Net debt(3,689.5)  39% $ denominated  38% £ denominated  23% € denominated  c.96% of debt fixed until Dec 2009 falling to c.50% until March 2011

12. 11 Adjusted diluted earnings per share Six months ended 30 September 2006 p 2007 p Change Actual Diluted EPS7.510.7 42.7% Exceptional3.2(0.9) Amortisation3.14.8 Adjusted Diluted EPS13.814.6 5.8% Timing of TPI equity placing0.4 Phasing of profit0.7 US exchange rate 0.4 Tax phasing0.2 Underlying Adjusted Diluted EPS14.415.7 9.0% Note: Exceptionals include a £11.8m credit before tax (£7.4m after tax) – releasing class action accruals and a £0.4m charge relating to a UK tax rate change. Exceptionals for the same period last year comprise £36.3m (£24.9 m after tax) of refinancing costs.

13. 12 Financial summary  Group on track to meet full year expectations  Investing assuming acceleration of growth in FY 09  Online increasingly important driver of growth  Dividends up just ahead of underlying earnings Confidence looking forward across the Group

14. Strategic update John Condron CEO

15. 14 Yell UK - win, keep, grow  Total UK live advertisers at 30 Sept –Live advertisers down 1% to 488,000  Yellow Pages and print –Advertisers down 4.7% –Retention stable at 74% –ARPA up 0.3% after rate cut of 3.3%  Yell.com –Advertisers up 14.3%; 33% increase in Yell.com-only advertisers –Unique usersup 8.1% in Sept; up 16% on 12 month average –RASA up 31.5%

16. 15 Yell UK initiatives  Selling under new regulatory settlement for print –RPI-1% = 3.6% average increase in rate cards –Extensive discounting to win, keep and grow  Yell.com –Converting new customers – print and non-print –Continuing monetisation of usage –Investing in usage

17. 16 Yellow Book USA - win, keep, grow  Yellow Book –Advertisers down 4.9% (c 50% rescheduling) –Retention down 1% to 69% –ARPA up 7.1%  Yellowbook.com –Advertisers down 6.2% (pricing more fully) –Unique visitors up 48.1% –RASA up 76.3%

18. 17 Yellow Book USA initiatives  Rate of competitor launches slowing –Down c 25% on first 10 months last year  Print usage still strong  Actions to address competition –Sharpened execution –Incentivised salesforce  Continued investment in brand and product – print and online  Diversity of classifications and markets Yellowbook.com a key focus

19. 18 Yell Publicidad initiatives  Back to basics –Products rationalised –Pricing and discounts simplified –Targeting  Synergies and efficiencies –Paper, print, pre-press  Year of transition - investment –Usage –Sales force –Unbundling online –De-risking revenue

20. 19 In summary  Strengthened foundations in all markets  Continued investment in brands and products  Channel-neutral - rapid online growth  Power of sales forces - win, keep and grow Confidence for the future

21. Investor Relations: Jill Sherratt +44 (0)118 950 6984 www.yellgroup.com Yell, Queens Walk, Oxford Road, Reading, Berkshire RG1 7PT ™Trade mark of Yell Limited