Preliminary Resultsfor the year ended 31 March 2006

23 May 2006

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 on Form 20-F of our subsidiary, Yell Finance BV, that was filed with the SEC in June 2005 and is posted on our website.

We also draw your attention to our press release which is posted on our web site, for more information on the risks and uncertainties.

Annual reports for Yell Group plc are posted on our web site.

FinancialsJohn Davis CFO

4

Headline results

Growth

Year ended 31 March 2006 ActualConstan

t FX

Revenue £1,621.3m

26.1% 23.1%

Adjusted EBITDA£502.9m

28.0% 25.3%

Adjusted operating cash flow £447.0m

28.7% 26.3%

Cash conversion 88.9%

Free cash flow £253.3m

Dividends £114.1m

Acquisitions £978.3m

Adjusted diluted earnings per share 32.8p 25.2%

Total dividends per share 15.3p 21.4%

Earnings and cash flow figures stated before exceptional items and amortisation

5

Yell Group - strong historic growth

581 615 635 664 699

284499 552 621

922

2002 2003 2004 2005 2006

US

UK CAGR 17%

* Figures for years 1-3 reported under UK GAAPAdjusted EBITDA is stated before exceptional costs arising from the buyout arrangement under BT ownership in FY02; IPO costs and restructuring costs relating to the closure of a Yellow Book West production site in FY03; IPO costs in FY04; costs from lawsuits associated with a Yellow Book advertising campaign in FY05; and costs arising from the TransWestern acquisition, and an exceptional credit from releasing a provision for IPO costs in FY06

Revenue (£m) Adjusted EBITDA (£m)

210 226 233 232 245

35

97127 161

258

2002* 2003* 2004* 2005 2006

US

UK

28.3 29.0 30.3 30.6 31.0EBITDA margin %

CAGR 20%

6

2002* 2003* 2004* 2005 2006

Yell UK growth under regulation

Revenue (£m) Adjusted EBITDA (£m)

36.2 36.8 36.7 34.9 35.0 EBITDA margin %

2002 2003 2004 2005 2006

Yell.com and otherPrinted products

210 226 233 232

* Figures for years 1-3 reported under UK GAAP

CAGR 4.7%

581 615 635 664 699

-0.4 -4.4 -4.8 -3.3 -2.9Effective Yellow Pages price

reduction %

245

CAGR 3.9%

7

2002* 2003* 2004* 2005 2006

Existing

Yell US organic and acquisition growth

Revenue ($m) Adjusted EBITDA ($m)

12.3 19.4 23.0 25.9 28.0EBITDA margin %

2002 2003 2004 2005 2006

Acquired

Existing

CAGR 41%

409

775940

1,149

1,636

50

151

216

297

458

CAGR 74%

* Figures for years 1-3 reported under UK GAAP

8

8.3

42.448.6

6.2

27.3

0.9

5.9

Same marketgrowth

Newlaunches

Internet Acquisitions Growthbefore FX

Exchangeimpact

Total growth

US revenue growth

% CONTRIBUTION TO REVENUE GROWTH

Organic Growth 15.1%

9

Building US margins

EBITDA margin of new directories since launch

19%

28%

35%

28%

-2%

1 Year 2-3 Years 4-5 Years 6+ Years AllDirec tories

8% 14% 29% 49% 100%48 books 81 books 205 books 265 books 599 books

Share of revenue FY 06

10

Cash

GROUP CASH CONVERSION 88.9%

503

33

253

23

3

447

65

10224

AdjustedEBITDA

Workingcapital

Capex Operatingcash flow

Cashinterest

Cash tax Pensions Excep-tionals

Free cashflows

£m

11

Analysis of Debt

At 31 March 2006£m

Senior bank (inc Revolver) (1,682.9)

High yield (339.0)

Cash 28.5

Leases (0.6)

Net debt (1,994.0)66% $ denominated

12

Effective tax rate

Share of profits

Rate on Adj PBT

Rate on PBT

UK 57% 30% 29%*

US 43% 38% 38%

Effective tax rate (statutory basis) 34% 33%

Allowable amortisation and acquisition adjustments (12%)

US losses (4%)

Prior year refund and timing of payments (8%)

Other tax allowable items (1%)

Cash tax paid in year 8%

Tax paid as a percentage of tax charge 23%

*Release of Exceptional IPO provision is not taxable

13

Exceptional costs

FY 2006

Net exceptional costs of £7.2m (£3.0m after tax)– TransWestern acquisition costs

– Release of provision for IPO costs

– Accelerated amortisation of refinancing fees

FY 2005

Net exceptional costs of £36.5m (£22.8m after tax)– Verizon law suit and class action settlements

14

Guidance

UK Revenue growth 3% Adjusted EBITDA margin flat

US Organic revenue growth 10% Acquisition books publishing for the first time $125m revenue Adjusted EBITDA margin growth 100 basis points

Group Cash conversion 75% – 80% Interest c 7% P&L tax 34%, cash tax 27% of PBT

Strategic UpdateJohn CondronCEO

16

UK revenue drivers

Printed directories only

Unique advertisers (000s) ARPA (£)

-0.4 -4.4 -4.8 -3.3 -2.9Effective Yellow Pages price

reduction %

80 78 77 75 75Retention %

101 102 116 117 104

2002 2003 2004 2005 2006

New advertisersRetained c ustomers

438 451480 478 462 1,234 1,272 1,237 1,281

1,341

2002 2003 2004 2005 2006

17

UK print

Win – 462,000 print advertisers– 104,000 new print advertisers

Keep – retention 75%– Retention stabilised

– Proven value

Grow – ARPA up 4.7%– Improved customer service

– Further growth in advertisers’ programmes

Usage– Continued investment to drive usage

18

Competition Commission’s current timetable

Notifying provisional findingsJune 2006

Notifying and considering possible remedies (if required)

June

Remedies hearings (if required) June

Statutory deadline4 April 2007

Final deadline for all parties’ responses / submissions

14 July

Publish reportSeptember

19

56

75

103

141

174

2002 2003 2004 2005 2006

Yell.com

Average advertisers up 30%– Yell.com only advertisers up

34% to 32,000

Spend increased– ARPA up 28% at £378

Searches up 52% – Site enhancements

– Advertising

Searchable advertisers at 31 March (000s)

20

US platform

Source Yell, TransWestern

Yellow Book

60% SHARE OF INDEPENDENTS

21

Yellow Book revenue drivers

166

363386

455489

2002 2003 2004 2005 2006

Unique advertisers (000s) ARPA ($)

70 70 70 71 70Retention %

2,450

2,135

2,434 2,4772,693

2002 2003 2004 2005 2006

Printed directories only

22

US print

Win, Keep, Grow– YB Advertisers up 7.5%; retention 70%; ARPA up 8.7%

Same market growth – 8% of the growth– Share shift continues

32 launches – 6% of the growth– Average revenue per copy more than $13

15 in fill acquisitions - 2% of the growth

Usage study– Average usage more than 30% in markets surveyed

23

Yellowbook.com

0.5

1.3

2.4

2004 2005 2006

Visitors for March (m)* Adverts online at 31 March (000s)*

* Includes Worldpages.com acquired with TransWestern

228

375

562

1,415

2003 2004 2005 2006

24

TWP integration

Sales– Compensation plan and training in place

– Churn down from c 100% to c 70% but more to come

– Sales per rep already c $220,000 – up from $190,000

Operations– All 5 databases converted

Relaunches– Tucson closed ahead in competitive overlap market

– 8 more to come

25

Priorities for FY07

Yell UK– Win, keep and grow print, online and voice

– Strong arguments to Competition Commission

Yellow Book – Win, keep and grow print and online

– Continued expansion

TPI– Complete acquisition

– Initiate integration and transferral of best practice

26

Appendix

28

Yell Group P&L

2005£m

2006£m Change

Revenue 1,285.3 1,621.3 26.1%

Cost of sales (592.3) (751.4)

Gross profit 693.0 869.9 25.5%

Distribution costs (38.3) (49.5)

Administrative costs

Ordinary items (290.5) (371.1)

Exceptional items (36.5) 0.6

Operating profit 327.7 449.9 37.3%

Net interest payable

Ordinary items (93.3) (124.7)

Exceptional items - (7.8)

(Loss)/profit before taxation 234.4 317.4

Taxation

Before exceptional items (85.6) (109.3)

On exceptional items 13.7 4.2

(Loss)/profit for the period 162.5 212.3

29

Yell Group revenue and EBITDA

Revenue

2005£m

2006£m Change

UK 664.4 698.9 5.2%

US at constant exchange 620.9 883.9 42.4%

Exchange impact - 38.5

Total US 620.9 922.4 48.6%

Group total 1,285.3 1,621.3 26.1%

Group total at constant exchange

1,285.3 1,582.8 23.1%

Adjusted EBITDA

2005£m

2006£m Change

232.2 244.5 5.3%

160.8 247.8 54.1%

- 10.6

160.8 258.4 60.7%

393.0502.9 28.0%

393.0492.3 25.3%

Margin

UK 35.0%

US 28.0%

Group31.0%

30

UK and US revenue

Year ended 31 March 20062005£m

2006£m Change

UK

Printed directories 612.1 619.4 1.2%

Yell.com 36.2 59.6 64.6%

Other 16.1 19.9 23.6%

Total UK 664.4 698.9 5.2%

US

Printed directories before TransWestern (at constant exchange)

620.9 721.2 16.2%

TransWestern - 162.7

Exchange impact - 38.5

Total US 620.9 922.4 48.6%

Group total 1,285.3 1,621.3 26.1%

31

UK and US EBITDA

Year ended 31 March 20062005

£m2006

£m Margin

UK

Printed directories 217.8 219.8 35.5%

Yell.com 9.1 16.6 27.9%

Other 5.3 8.1

Total UK 232.2 244.5 35.0%

US

Printed directories (at constant exchange)

160.8 247.8 28.0%

Exchange impact - 10.6

Total US 160.8 258.4 28.0%

Group total 393.0 502.9 31.0%

32

Shareshift in US market

4.0 4.03.0 3.0

-0.4 -0.2-2.0 -1.5

-0.4

25

20

25

910

19

1312

13

1998 1999 2000 2001 2002 2003 2004 2005 2006E

IncumbentsIndependents

% Revenue growth for publishers

% Independents’ market share

8

10 1011

12

15

1718

20

1998 1999 2000 2001 2002 2003 2004 2005 2006E

Source: The Kelsey Group, March 2006

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