Preliminary Results for the year ended 31 March 2007 22 May 2007

Preliminary Resultsfor the year ended 31 March 2007

22 May 2007

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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.

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John Davis, CFO

John Condron, CEO

John Condron, CEO

Agenda

Financials

Introduction

Strategic update

FinancialsJohn Davis CFO

5

Headline results

Adjusted Earnings figures stated before exceptional items and amortisation throughout this presentation

Year ended 31 March 2007 £m Actual

Growth at constant

FX

Revenue 2,075.1 32.6%

Adjusted EBITDA 677.5 39.3%

Operating cash flow 541.6 24.2%

Cash conversion79.9%

Free cash flow before refinancing costand exceptionals

252.2

Adjusted diluted earnings per share up 8.2% 35.5p

Underlying adjusted diluted earnings per share

37.1p 13.1%

Total dividends per share up 11.8% 17.1p

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The Yell Group

Yell UK 36%

Yell Publicidad 22%

Adjusted EBITDA margin 32.6%

Yellow Book USA46%

Yell Publicidad 21%

Yell UK 33%

FY 07 revenue pf* FY 07 EBITDA pf*

Yellow Book USA42%

* Proforma figures including Yell Publicidad on a LTM basis

Organic revenue growth 6.8%

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FY 03 FY 04 FY 05 FY 06 FY 07

Printed products Yell.com and other

FY 03* FY 04* FY 05 FY 06 FY 07

Yell UK

Revenue (£m) Total adjusted EBITDA (£m)

36.8 36.7 34.9 35.0 35.1

Adjusted EBITDA margin %

226 233 232 245

* Figures reported under UK GAAP

CAGR 4.0%

615 635 664 699 720

-4.4 -4.8 -3.3 -2.9 -2.8

Effective Yellow Pages price reduction %

253

CAGR 2.9%

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FY 03* FY04* FY 05 FY 06 FY 07

19.4 23.0 25.9 28.0 29.3

Adjusted EBITDA margin %

Yellow Book USA

Revenue ($m) Total adjusted EBITDA ($m)

FY 03 FY 04 FY 05 FY 06 FY 07

Existing Acquired

151

* Figures reported under UK GAAP

CAGR 26%

775940

1,149

1,636

1,932

216

297

458

566

CAGR 39%

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5

1.6

8.3 8.1

3.2

18.1

10

Same marketgrowth

New launches Internet Acquisitions Growthbefore FX

Exchangeimpact

Total growth

Yellow Book USA revenue growth

Organic Growth 9.8%

Contribution to revenue growth (%)

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Yellow Book USA margins

Adjusted EBITDA margin of new directories since launch

6% 10% 8% 76% 100% 57 books 92 books 82 books 738 books969 books

Share of revenue FY 07

18.6%

25.6%

33.1%29.3%

-9.1%

1 Year 2-3 Years 4-5 Years 6+ Years All Directories

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Yell Publicidad

£m

8 monthssince

acquisitionLast 12 months

Total Revenue 340.9 470.7

Adjusted EBITDA 127.8 158.4

Adjusted EBITDA margin 37.5% 33.6%

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90

211

79678

252181

71542

46

AdjustedEBITDA

Workingcapital

Capex Operatingcash flow

Cash interest Cash tax Free cashflows beforeexceptionals

Refinancingcosts and

exceptionals

Free cashflows

Cash

Group cash conversion 80%

£m

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Analysis of debt

At 31 March 2007 £m

Net loans and other borrowings (3,729.3)

Cash 66.7

Net debt (3,662.6)

41% $ denominated 37% £ denominated 22% € denominated

c.96% of debt fixed until June 2009 falling to c.50% until March 2011

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Effective tax rate

Effective tax rate as % of adjusted PBT of £419 million 33%

Allowable amortisation (8%)

Losses (1%)

Other tax allowable items (including exceptionals) (5%)

Cash tax paid in year as a % of adjusted PBT 19%

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Adjusted diluted earnings per share

EPS

Contribution

to growth

Actual EPS 35.5p 8.2%

TPI equity placing 0.4p 1.3%

FX movement 1.2p 3.6%

Underlying EPS 37.1p 13.1%

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Refinancing and exceptional costs

£m Cash effectP&L

exceptional

Refinancing

Rolled up interest 46.7

Write off of deferred financing fees 13.8

High yield bond redemption premium 22.5 22.5

Restructuring

US and Spain post acquisition restructuring costs

2.1 14.7

Brazil book loss 6.4

Total 71.3 57.4

Tax on the above (19.4)

Spanish deferred tax movement (46.6)

Net post tax P&L credit (8.6)

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Operations guidance

UK– Revenue growth c 3% driven entirely by Yell.com

– Adjusted EBITDA margin flat

US– Organic revenue growth c 3% plus $20m revenue from

acquisitions to date

– Adjusted EBITDA margin flat (29%)

Yell Publicidad (see next slide)

– Revenue growth of around 5% on continuing LTM revenue (€650m net of disposals) plus €20m from acquisition

– Adjusted EBITDA margins c 37%

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Revenue Proforma €m Guidance

Spain 509 4% growth

Latin America 141 7% growth

Continuing 650 5% growth

Discontinued 51

Acquired €20m

Reported 701

Adjusted EBITDA Margin 34% 37%

Yell Publicidad guidance

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Group guidance at constant FX

Revenue growth around 9% (4% organic)

Adjusted EBITDA margins flat

Cash conversion 80% to 85%

Cost of debt 7%; 96% fixed

Tax rate around 31% of adjusted PBT; cash tax rate around 20% of adjusted PBT

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Q1 dilution due to phasing

UK: strong weighting of investment in H1– Q1 adjusted EBITDA decline of 5%

US: heavy rescheduling of revenue from Q1 to latter quarters – around $20 million

Yell Publicidad: Q1 ⅛ annual adjusted EBITDA versus ¼ financing cost - margins less than 30%

Q1 EPS dilution: weaker dollar approaching $2 : £1 versus $1.83 : £1 last year

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Financial summary

FY 07 in line with expectations

Dividends up in line with underlying earnings

Strong Group financial characteristics including good growth, high margins and strong cash generation

Strategic UpdateJohn CondronCEO

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Yellow Book acquired 1999

McLeod acquired 2002

TransWestern acquired 2005

Platform acquisitions, in-fills and launches since 1999

Yellow Book USA – 970 markets

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Yellow Book USA revenue drivers

363 386

455489

692

FY 03 FY 04 FY 05 FY 06 FY 07

Unique advertisers (000s) ARPA ($)

2,135

2,434 2,4772,690 2,694

FY 03 FY 04 FY 05 FY 06 FY 07

Printed directories only

70 70 71 70 69Retention %

Unique advertisers up 41.5%

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Yellowbook.com revenue drivers

Note: Includes Worldpages.com acquired with TransWestern in July 2005* Revenue per average searchable advertiser

Searchable advertisers down 2.8%

Visitors up 154.2%

391 380

FY 06 FY 07

2.4

6.1

FY 06 FY 07

Searchable advertisers

at 31 March (000s)

VisitorsMarch (m)

123

178

FY 06 FY 07

RASA* ($)

RASA up 44.7%

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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

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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

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UK revenue drivers – win and keep

* Unique print advertisers only

Total unique advertiserslive at 31 March (000s)

Yell.com searchable advertisers

at 31 March (000s)

37 42

FY 03* FY 04* FY 05* FY 06 FY 07

Print

499 492

78 77 75 76 76 Retention %

478480451

Total unique advertisers down 1.4%Non-print only advertisers up 13.5%

75103

196174

141

FY 03 FY 04 FY 05 FY 06 FY 07

Non-print only

Up 12.6%

462 450

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UK revenue drivers – grow

1272 1237 12811341 1335

FY03 FY 04 FY 05 FY 06 FY 07

-4.4 -4.8 -3.3 -2.9 -2.8Effective Yellow Pages price

reduction %Down 0.4%

Print ARPA (£)

378

518

FY 06 FY 07

Yell.com RASA* (£)

Up 37.0%

6.87.6

FY 06 FY 07

Unique users

of Yell.comMarch (m)

Up 11.8%

* Revenue per average searchable advertiser

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Yell UK initiatives

Driving usage – Advertising campaign

– New Yell.com maps, verticals, home page

– Enhanced Yell.com-by-mobile

Growing volumes– RPI-0% opportunity – ground work

– Retention – Proven Value

– Yell.com online-only prospecting

– 118 24 7 growing call volumes

Monetising usage– Up-sell – print and online

– Pay per performance trials

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Yell Publicidad initiatives

Back to basics– Driving usage – advertising

– Rationalisation of products

– Simplification of rate card

– Targeting customers

Synergies a year early – Print, paper, pre-press

Portfolio – Non-core businesses

– Disposal of Brazil

– Expansion in Argentina

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Priorities for FY 08

Yellow Book USA - focus on competing intough 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)118 950 6984

www.yellgroup.com

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