FY 08 preliminary resultsfor the year ended 31March 2008

20 May 2008

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 website, for more information on the risks and uncertainties.

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Agenda

Introduction John Condron

Financials John Davis

Strategic update John Condron

John Condron

John Davis

Joe Walsh

Ana Garcia Fau

Q&A

FinancialsJohn Davis CFO

5

Headline results

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

Year ended 31 March 2008 (£m) Actual Growth

Growth at constant

FX

Revenue 2,218.7 6.9% 8.5%

Adjusted EBITDA 738.9 9.1% 10.1%

Adjusted EBITDA margin 33.3%

Operating cash flow 626.2 15.6% 16.5%

Cash conversion 84.7%

Free cash flow before refinancing cost and exceptionals

293.8 16.5%

Adjusted diluted earnings per share 37.5p 5.6%

Underlying adjusted diluted earnings per share

37.8p10.5%

Interim dividends per share 6.3p 10.5%

Final dividends per share 5.7p (50%)

Total dividends per share 12.0p (30%)

6

The Yell Group

Yell Publicidad 25%

Yellow Book USA45%

Yell Publicidad 22%

Yell UK 33%

FY 08 revenue FY 08 EBITDA

Organic revenue up 2.5%

Yell UK 35%

Yellow Book USA40%

Cash conversion 85% of EBITDA

EBITDA margin 33.3%

7

Internet revenue

RevenueGrowth

% of total revenue

UK £139.2m 45% 19%

US $115.1m 68% 6%

Spain €44.1m 14%* 9%

LatAm €11.1m 43% 7%

Total £235.7m 45% 11%

Note: Spain excludes Noxtrum. Publicom excluded in LatAm growth. * Lower growth rate reflects current unbundling of print and online prices

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FY 04* FY 05 FY 06 FY 07 FY 08

Printed products Yell.com and other

FY 04* FY 05 FY 06 FY 07 FY 08

Yell UK

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

-4.8 -3.3 -2.9 -2.8 -3.3

Effective Yellow Pages price reduction %

36.7 34.9 35.0 35.1 35.6 Adjusted EBITDA margin %

* Figures reported under UK GAAP

261233 232

245635 664 699 720 253732

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FY 04* FY 05 FY 06 FY 07 FY 08

Yellow Book USA

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

FY 04* FY 05 FY 06 FY 07 FY 08

Print Aquired print Online

23.0 25.9 28.0 29.3 29.2 Adjusted EBITDA margin %

940

1,149

1,636

1,932 2,010

216

297

458

566 587

* Figures reported under UK GAAP

10

2.4

1.9

(1.3)

4.1(5.4)

(0.9)

5.0

(0.8)

2.0

(0.5)

3.1

Yellow Book USA revenue growth

Organic growth 3.1%

Same market print

Launches Internet Dis-continued

Organic Acquisitions Growth before

rescheduling

Rescheduling Total $ FX Total

Contribution to revenue growth %

11

Yell Publicidad

€m

Pro forma FY 07 base 650

Organic revenue 16 +2.4%

Acquisitions 19

Latin American FX (14)

Continuing 671

Non-core 12

Total revenue 683

EBITDA €262 million, EBITDA margin 38.3%

12

Adjusted diluted earnings per share

Year ended 31 March 2007pence

2008 pence Change

Actual diluted EPS 27.3 26.3 (3.7%)

Exceptional 5.3 0.7

Amortisation 8.9 9.4

Exceptional Deferred tax (6.0) 1.1

Adjusted diluted EPS 35.5 37.5 5.6%

Yell Publicidad pro forma (1.3)

FX 0.3

Underlying adjusted diluted EPS 34.2 37.8 10.5%

13

Effective tax rate

Effective tax rate 31% of adjusted PBT of £429 million

Cash tax paid in year 19% of adjusted PBT

Key difference is US allowable amortisation

14

Exceptional costs

£mP&L

exceptional

Yell UK restructuring 7.4

Yell Publicidad restructuring 7.1

US Class Action credit (11.8)

Other 2.8

Total 5.5

Tax on the above (0.7)

Other – mainly deferred tax on shares 9.2

Net 14.0

15

Cash conversion 85%

739626

286

6350

251

294

881

AdjustedEBITDA

Workingcapital

Capex Operatingcash flow

Cash interest Cash tax Free cashflows beforeexceptionals

Exceptionals Free cashflows

Cash

£m

16

Analysis of movement of debt

Increase in debt driven by £129m of FX movement

£m

Net debt at 31 March 2007 (3,663)

Free cash flow 294

Net debt after free cash flow (3,369)

Dividend (137)

FX (129)

Acquisitions including minority interests

(100)

Other (24)

Net debt at 31 March 2008 (3.759)

5.1x EBITDA

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Debt

Fixed 96% for rolling two years

Cost of debt 7%

Currently operating well within covenant headroom

£115m drawn on revolver and short term facilities for working capital and in-fill acquisitions

36%

39%

25%

£ $ €

Currency denomination of debt (%)

18

Dividend

Proposed final dividend halved compared with last year’s final to 5.7 pence per share to increase financial flexibility

Proposed total dividend for year down 30% to 12 pence per share

Interim dividend intended to be halved

19

Q1 revenue guidance

Yell UK flat

Yellow Book USA organic up around 3% in $(traditionally a strong quarter)

Yell Publicidad organic up around 1% in local currencies – Total around 2% down on rescheduled revenue due to

reductions from discontinued products and LatAm FX

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Yell Publicidad revenue rescheduling

FY 08 revenue € Q1 Q2 Q3 Q4

Reported 17.2% 18.1% 36.0% 28.7%

Rebased 17.4% 20.0% 32.0% 30.7%

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Group guidance for FY 09

Adjusted Group EBITDA flat at constant exchange rates– Yell UK flat

– Yellow Book USA marginally down in $

– Yell Publicidad up in local currencies

Cash conversion around 85% to 90%

Cost of debt around 7%

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

Restructuring exceptional cost c £25m

22

Financial priorities

Continued investment for online growth funded by improved efficiencies

Achieve EBITDA and cash guidance

Reduce leverage towards 4 times target

Strategic updateJohn CondronCEO

24

Unique relationship with SME customer base

The Yell proposition

Online growth in line with SME needs

Print usage still generating high ROIs

Out-performing US incumbents

Benefits of new regulation in UK

Spanish approach to sales delivering

Relatively recession resilient in SME market

25

Group wide online approach

Creating content– Importance of the salesforce

– Depth and quality of content

– Overcoming SME resistance to online advertising

Generating usage– Brand

– Search engine marketing and optimisation

– Distribution

– Functionality

Content → Usage → Revenue

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Rapid growth in Yell’s online usage

Yell’s online usage growing

Dec 07 Mar 08

Up

37

%

Dec 07 Mar 08

5.05.5

Dec 07 Mar 08

Unique users(millions)

Unique visitors(millions)

Unique visitors

(millions)Yell.com Paginasamarillas.

es

Up

30

%

Up

10

%

Yellowbook.com network from ComScore

Paginasamarillas.es network OJDSource: Yell.com ABCe

6.2

8.5

10.4

13.5

Yellowbook.com network

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Group wide online approach

Creating content– Importance of the salesforce – Depth and quality of content– Overcoming SME resistance to online advertising

Generating usage– Brand– Search engine marketing and optimisation– Distribution– Functionality

Monetising usage– ROI – transparency of pricing – Product development – including pay per performance

Revenue lags usage

28

112

166

Q3 08 Q4 08

275225

Q3 08 Q4 08

Revenue up 68% in US, 45% in UK, 14% in Spain

Realising the internet opportunity

Yell.com Yellowbook.com Paginasamarillas.es

Searchable advertisers at 31 March (000s)

Revenue per average searchable advertiser

(€)

207 209

Q3 08 Q4 08

504

686

Q3 08 Q4 08

Up

36

%

(£)

212

304

Q3 08 Q4 08

Up

43

%

($)

Up

48

%

374 378

Q3 08 Q4 08

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Print usage holding up

156 159 154

83124

159

FY 06 FY 07 FY 08

UK usage occasionsmonthly average (m)

US usagereferences pa (bn)

14.5 13.4 13.4

2.6 3.3 3.8

2005 2006 2007

87% of US population used print in 2007

Sources: UK: Regular Study Saville Rossiter-Base. YP comparable inc Yell.com. US: KN/SRI (YPA) and comScore. Spain: GFK and Yell. Used Spanish print classified directories monthly in past 12 months (%)

PrintInternet

Searches for unknown businesses up 9% in the UK

62% of those who shopped online also used print in the US

Average £25 of new business for every £1 invested in the UK

Spain averagemonthly users (m)

8 out of 10 searches resulted in a contact to an advertiser in Spain

12.7 11.7 11.3

3.1 4.0 4.6

2005 2006 2007

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Online ‘as well as’ rather than ‘in stead of’

UK revenue drivers – win, keep and grow

* RASA: Revenue per average searchable advertiser

Total unique advertiserslive at 31 March (000s)

Print ARPA and onlineRASA* (£)

300 275 261

161 175 173

38 42 53

FY 06 FY 07 FY 08

Print only Print and new mediaNew media only

76 75 74 Print retention %

1,341 1,335

378518

686

1,304

FY 06 FY 07 FY 08

499 486492

-2.9 -2.8 -3.3 Effective Yellow Pages price

reduction % (print only)

31

Yell UK initiatives

Driving usage – Brand – Yell.com – SEO and SEM– Print product awareness promotions

Focus on customer base– ROI – Call Counter Geo– Large Media Players– Print pricing initiatives

Monetising usage– NetReach – 220m listings on

partner sites– Pay per call trail – roll out August

Focus on the internet

netReach capsule

on the Zoomf site

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Print usage share 23% - up from 20% in 05*

Not an incumbent in the US

Leads for less – Average usage in 49 recent

markets surveyed 38%**

– Rate card still lower

Brand awareness – Nationwide

– Print and internet Yellowbook brand

– “Say Yellow to the Future” campaign

Entrepreneurial sales approach– Recruitment, training, targeting

incentives, face-to-faceSource incumbent growth rates: The Kelsey Group, April 08. Estimate for CY 2008. Current CY 08 guidance for RHD and Idearc “mid single digit decline”. Yellow Book USA organic growth rates for FY 06, FY 07 and FY 08 as reported

15.1

9.8

-1.5 -1.0 -2.1

3.1

2006 2007 2008

Yellow Book Organic Incumbents

Incumbents vs Yellow Book revenue growth (%)

* Knowledge Networks/SRI - Based on all measured YPMR DDAs in 2005 (21,000+ interviews/ 161 DDAs) versus 2007 (32,000+ invterviews / 190 DDAs. ** 2007 YPMR Syndicated Usage - KN/SRI

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Not an incumbent in the US (2)

Online growth– Fastest growing usage for

an IYP

– Revenue lags usage

– WebReach

National footprint – Online access

– Spreads risk

– Lower exposure to national advertisers

– National revenue growing rapidly – faster than average

Source: comScore December 07 and March 08

24.4 25.027.7

23.4

13.510.4

4.03.9

Dec 07 Mar 08

Yellowpages.com network Superpages.com network

Yellowbook.com network DexKnows.com

Unique visitors (m)

Unique visitors growth March 08 vs Dec 07 (%)

2

1830

1

Growth March 08

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Yellow Book USA win, keep and grow

Unique advertisers (000s) Print ARPA and online RASA ($)

489

692 686

391 380 378

FY 06 FY 07 FY 08

Print Online

70 69 70 Print retention %

2,690 2,694

123 178 304

2,762

FY 06 FY 07 FY 08

Online yield still lags usage growth

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Paginas Amarillas win, keep and grow

Unique advertisers (000s) Print ARPA and online RASA (€)

85 Print retention %

321

225

FY 08

Paginas Amarillas

Online

Unbundling to generate future ARPA growth

920

166

FY 08

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Yell Publicidad initiatives

New sales organisation – Improved remuneration; higher quality sales force– Rescheduling publication to release sales time

Investment in usage – brands and user experience– New print initiatives eg 2D codes– Online enhancements – search engine, syndication network

Revitalised market approach– Higher online prices to reflect usage growth – Online unbundling– Adapting ad range to customer needs

Latin America – transferring best practice– Publicom integrated successfully– Focus on internet

Building on ‘Back to Basics’ foundation

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Directories in economic downturn

Outperformed other advertising media in previous recessions

Online adds flexibility for advertiser

Diversity of classifications

National revenue has most discretion about spend– UK 20%; US 8%; Spain 4%

25% of UK SMEs’ advertising spend with Yell products

Source: *FDS 2007 Base: All companies/businesses known to Yell excluding National accounts

Share of purse from SMEs in UK

No-fuss, high return, trusted advertising

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Key drivers

Grow usage

Develop online offering

Win, keep and grow – trusted relationship with SMEs

Monetise usage based on returns of advertiser investment

Leaner, fitter and stronger

Appendix

40

US shareshift continues

% Revenue growth for publishers

% Independents’ market share

3.8 3.62.6 2.6

-0.4 -0.2-2.0 -1.5 -1.5 -1.0

-2.1

25

20

25

9

22

19

1312

16

4 3

1998 2000 2002 2004 2006 2008F

IncumbentsIndependents

8

10 1011

13

1516

18

20

2223

1998 2000 2002 2004 2006 2008F

Source: The Kelsey Group, April 08

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Yellow Book USA – 984 markets

61% of Independent segment; 12% of US market

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