H1 09 Interim Resultsfor the six months ended 30 September 2008

11 November 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.

3

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 presentationNet Debt : EBITDA ratio calculated at consistent currency

Six months ended 30 September 2008 (£m) Actual Growth

Growth at constant

FX

Revenue 1,023.2 6.0% 1.0%

Adjusted EBITDA 344.3 7.7% 2.7%

Adjusted EBITDA margin 33.6% +0.5p p

Operating cash flow 338.7 20.3% 14.5%

Cash conversion 98.4% +10.3p p

Free cash flow pre exceptionals 181.8 53.5%

Adjusted diluted earnings per share 17.0p 16.4% 11.0%

Net Debt: EBITDA 4.7x -0.4x

6

Internet momentum continues

Revenue (m)Growth at

constant FX% of total revenue

UK £80.3 23% 23%

US $101.6 104% 11%

Spain €23.6 11% 11%

LatAm €7.4 42% 26%

Total £158 41% 15%

Sold momentum even stronger

7

Yell UK results

Six months ended 30 September2007£m

2008£m Change

Revenue

Printed directories 284.0 257.2 (9.4%)

Yell.com 65.1 80.3 23.3%

Other 13.2 12.5 (5.3%)

Yell UK 362.3 350.0 (3.4%)

Yell EBITDA UK 137.9 139.5 1.2%

Margin 38.1% 39.9%

Yell UK Cost 224.4 210.5 6.2%

8

Yellow Book USA results

Six months ended 30 September2007£m

2008£m Change

Revenue

Printed directories at 07/08 FX rate 414.8 408.7 (1.5%)

Yellowbook.com at 07/08 FX rate 24.9 50.7 103.6%

Yellow Book USA at 07/08 FX rate 439.7 459.4 4.5%

Exchange impact - 21.4

Yellow Book USA 439.7 480.8 9.3%

EBITDA

Yellow Book USA at 07/08 FX rate 125.7 130.1 3.5%

Exchange impact - 6.0

Yellow Book USA 125.7 136.1 8.3%

Margin 28.6% 28.3%

Yellow Book USA Cost at 07/08 FX rate 314.0 329.3 (4.9%)

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4.5

9.3

(4.5)

2.0

5.9

4.8

2.9

0.6

0.9

1.6

Print SameMarketDecline

Launches Internet OrganicGrowth

Acquisitions GrowthBefore

Resheduling

Resheduling Total $ FX TotalReported £

Yellow Book USA revenue growth

Organic Growth 2.0%

Contribution to revenue growth (%)

10

Yell Publicidad results

Six months ended 30 September2007£m

2008£m Change

Revenue

Yell Publicidad at 07/08 FX rate 163.4 165.8 1.5%

Exchange impact - 26.6

Yell Publicidad 163.4 192.4 17.7%

EBITDA

Yell Publicidad at 07/08 FX rate 56.2 58.8 4.6%

Exchange impact - 9.9

Yell Publicidad 56.2 68.7 22.2%

Margin 34.4% 35.7%

Yell Publicidad Cost at 07/08 FX rate 107.2 107.0 0.2%

11

Yell Publicidad revenue growth

€m % growth

Revenue for 6 months to 30 Sept 2007 240.8

Organic (5.1) (2.1)%

Resheduling 14.2 5.9%

Discounted or non core operations (5.5) (2.3%)

Revenue at constant FX 244.4 1.5%

Latam FX (2.0) (0.8%)

Revenue 6 months to 30 Sept 2008 242.4 0.7%

12

344.3 338.7 (13.5)

168.3

(30.9)

(126.0)

181.8

AdjustedEBITDA

WorkingCapital

Capex OperatingCash Flow

Cash Interest Cash Tax Free CashFlow pre

Exceptionals

Exceptionals Free CashFlow

Cash

£m18.2

(23.8)

Group cash conversion 98%

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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%

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Adjusted diluted earnings per share

Period ended 30 September 2007pence

2008 pence Change

Actual diluted EPS 10.7 10.9 1.9%

Exceptional (0.9) 1.0

Amortisation 4.8 5.1

Adjusted diluted EPS 14.6 17.0 16.4%

FX - (0.8)

Adjusted diluted EPS at constant FX

14.6 16.2 11.0%

15

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

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

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Financial summary

Robust start to the year

Continuing to invest

Cost management to protect EBITDA

Deleveraging continues

Strategic updateJohn CondronCEO

19

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

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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

Yellow Pages metrics

UK Spain

Dow

n 4

.7%

US

74% 72%Retention 87% 80%69% 71%

Advertisers

ARPA

No C

han

ge

Dow

n 8

.9%

Up

9.8

%

Dow

n 1

.5%

Dow

n 0

.6%

£1,268

£1,261

$2,404

$2,369

€712€782

Sept 07 Sept 08 Sept 07 Sept 08 Sept 07 Sept 08

204224

Sept 07 Sept 08

346 346

Sept 07 Sept 08

150 143

Sept 07 Sept 08

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Internet usage growth

Sept 07 Sept 08 Sept 07 Sept 08 Sept 07 Sept 08

Up

48

%

Unique users(millions)

Unique visitors(millions)

Unique visitors

(millions)Yell.com Paginasamarillas.es

Up

78

%

Up

17

%

Yellowbook.com network from ComScore

Paginasamarillas.es network OJDSource: 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

Internet momentum continues

UK Spain

Dow

n 5

3.9

%

USAdvertisers

RASAU

p 7

.7%

Up

2.4

%U

p 2

2.2

%

Up

88

.5%

€210

Sept 08

297

137

Sept 07 Sept 08

366394

Sept 07 Sept 08

$443

$235

Sept 07 Sept 08

£737

£603

Sept 07 Sept 08

213208

Sept 07 Sept 08

Investor Relations: Rob Hall +44 (0)118 950 6838

www.yellgroup.com

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