1. H1 09 Interim Results for the six months ended 30 September 2008 11 November 2008

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 Net Debt : EBITDA ratio calculated at consistent currency Six months ended 30 September 2008 (£m)Actual Growth Growth at constant FX Revenue1,023.26.0%1.0% Adjusted EBITDA344.37.7%2.7% Adjusted EBITDA margin33.6%+0.5p p Operating cash flow338.720.3%14.5% Cash conversion98.4%+10.3p p Free cash flow pre exceptionals181.853.5% Adjusted diluted earnings per share17.0p16.4%11.0% Net Debt: EBITDA4.7x-0.4x

6. 5 Internet momentum continues Revenue (m) Growth at constant FX% of total revenue UK £80.323% US $101.6104%11% Spain €23.611% LatAm €7.442%26% Total £15841%15% Sold momentum even stronger

7. 6 Yell UK results Six months ended 30 September 2007 £m 2008 £m Change Revenue Printed directories284.0257.2(9.4%) Yell.com65.180.323.3% Other13.212.5(5.3%) Yell UK362.3350.0 (3.4%) Yell EBITDA UK 137.9139.5 1.2% Margin 38.1%39.9% Yell UK Cost 224.4210.56.2%

8. 7 Yellow Book USA results Six months ended 30 September 2007 £m 2008 £m Change Revenue Printed directories at 07/08 FX rate414.8408.7(1.5%) Yellowbook.com at 07/08 FX rate24.950.7103.6% Yellow Book USA at 07/08 FX rate439.7459.44.5% Exchange impact-21.4 Yellow Book USA439.7480.8 9.3% EBITDA Yellow Book USA at 07/08 FX rate 125.7130.13.5% Exchange impact -6.0 Yellow Book USA 125.7136.1 8.3% Margin 28.6%28.3% Yellow Book USA Cost at 07/08 FX rate 314.0 329.3 (4.9%)

9. 8 Yellow Book USA revenue growth Organic Growth 2.0% Contribution to revenue growth (%)

10. 9 Yell Publicidad results Six months ended 30 September 2007 £m 2008 £m Change Revenue Yell Publicidad at 07/08 FX rate163.4165.81.5% Exchange impact-26.6 Yell Publicidad163.4192.4 17.7% EBITDA Yell Publicidad at 07/08 FX rate 56.258.84.6% Exchange impact -9.9 Yell Publicidad 56.268.7 22.2% Margin 34.4%35.7% Yell Publicidad Cost at 07/08 FX rate 107.2107.00.2%

11. 10 Yell Publicidad revenue growth €m% growth Revenue for 6 months to 30 Sept 2007240.8 Organic(5.1)(2.1)% Resheduling14.25.9% Discounted or non core operations(5.5)(2.3%) Revenue at constant FX244.4 1.5% Latam FX(2.0)(0.8%) Revenue 6 months to 30 Sept 2008242.40.7%

12. 11 Cash £m 18.2 (23.8) Group cash conversion 98%

13. 12 Analysis of debt Net Debt at 31 March 2008(£3,759m) Free cashflow pre exceptionals £182m Dividend (£44m) Exceptionals and other (£27m) FX impact at closing rate (£163m) Net debt at closing FX rate(£3,811m) FX impact at effective LTM rate £203m Net debt at 30 September 2008 at effective range(£3,608m)  Natural hedging – debt denominated in currency of earnings  c.96% of debt fixed until September 2010 – gives stability  20% covenant headroom reinstated on future earnings  Cost of debt increased to just over 8%

14. 13 Adjusted diluted earnings per share Period ended 30 September 2007 pence 2008 pence Change Actual diluted EPS 10.710.91.9% Exceptional(0.9)1.0 Amortisation4.85.1 Adjusted diluted EPS14.6 17.0 16.4% FX-(0.8) Adjusted diluted EPS at constant FX14.616.2 11.0%

15. 14 Guidance  Q3 Organic revenue guidance –UK -6% –US -4% –Yell Publicidad -7%  Full year EBITDA guidance maintained as broadly flat at constant FX  Q3 EBITDA considerably lower than prior year due to timing of expenditure  Cash conversion 85-90% of EBITDA  Cash tax around 20% of adjusted PBT

16. 15 Cost focus  £150 million previously announced  Flexing of discretionary cost this year  Additional cost savings being identified to offset further revenue pressure next year  Investment remains, particularly on internet

17. 16 Financial summary  Robust start to the year  Continuing to invest  Cost management to protect EBITDA  Deleveraging continues

18. Strategic update John Condron CEO

19. 18 Managing in a downturn  Proving value –£24 return for every £1 spent in the UK –Call counter in UK >40,000 lines –Lead tracker in US > 37,000 lines  Investing for the future –Usage –New product development –Product rationalisation – Business Pages –Mobile

20. 19 Managing in a downturn cont/d…  Efficiencies and cost management –How we sell –How we produce –How we do things  Share shift continuing in US –21% of all YP usages –Shake out continues

21. 20 Yellow Pages metrics UKSpain Down 4.7% US 74%72%Retention87%80%69%71% Advertisers ARPA No ChangeDown 8.9% Up 9.8%Down 1.5%Down 0.6% £1,268 £1,261 $2,404 $2,369 €712 €782 Sept 07Sept 08 Sept 07Sept 08Sept 07Sept 08 204 224 Sept 07Sept 08 346 Sept 07Sept 08 150 143 Sept 07Sept 08

22. 21 Internet usage growth Sept 07Sept 08 Sept 07Sept 08 Sept 07Sept 08 Up 48% Unique users (millions) Unique visitors (millions) Yell.comPaginasamarillas.es Up 78%Up 17% Yellowbook.com network from ComScore Paginasamarillas.es network OJD Source: Yell.com ABCe 6.7 9.9 7.7 13.7 Yellowbook.com network Rapid growth in Yell’s online usage 4.8 5.6

23. 22 Internet momentum continues UKSpain Down 53.9% US Advertisers RASA Up 7.7%Up 2.4% Up 22.2%Up 88.5% €210 Sept 08 297 137 Sept 07Sept 08 366 394 Sept 07Sept 08 $443 $235 Sept 07Sept 08 £737 £603 Sept 07Sept 08 213 208 Sept 07Sept 08

24. Investor Relations: Rob Hall +44 (0)118 950 6838 www.yellgroup.com Yell, Queens Walk, Oxford Road, Reading, Berkshire RG1 7PT ™Trade mark of Yell Limited