Yell Overview November 2006 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 section on Risk in the annual report. We also draw your attention to our press release which is posted on our web site. 2 The Yell Group at FY 06  Revenue up 26% to £1,621m; organic growth of 10% at constant FX  Adjusted EBITDA up 28% to £503m  Cash conversion 89%; free cash flow £253m  Adjusted diluted EPS up 25% to 32.8p  Total dividends per share up 21% to 15.3p 3 Adjusted EBITDA excludes 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 The Group following the TPI acquisition Combined Group with TPI FY 06 revenue LatAm 3% Spain 17% US 47% Spain 20% US 41% Combined Group with TPI FY 06 EBITDA LatAm 3% UK 33% UK 36% EBITDA margin 31.8% 4 The Yell proposition  Leading market positions  Simple, focused strategy: win, keep and grow  Investment in brand and usage  Channel neutral approach – the best information bridge between buyers and sellers  Recession resilient  Sales excellence – 9,000 sales people  World class processes  Proven management team  Strong organic growth, high margins and strong cash flow  Acquisition and integration track record 5 Yell Group - strong historic growth Revenue (£m) US UK 922 499 284 664 699 552 621 Adjusted EBITDA (£m) US UK 258 97 35 210 226 233 232 245 127 161 581 615 635 FY 02 FY 03 FY 04 FY 05 FY 06 FY 02* FY 03* FY 04* FY 05 FY 06 28.3 29.0 30.3 30.6 EBITDA margin % 31.0 6 * Figures for years 1-3 reported under UK GAAP Adjusted 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 UK print – win, keep, grow Unique advertisers (000s) New advertisers Retained customers 438 451 480 478 ARPA (£) 462 104 1,234 1,272 1,237 1,281 1,341 101 102 116 117 FY 02 FY 03 FY 04 FY 05 FY 06 FY 02 FY 03 FY 04 FY 05 FY 06 80 78 77 75 Retention % 75 -0.4 -4.4 -4.8 -3.3 -2.9 Effective Yellow Pages rate reduction %  FY 06: 5% total UK revenue growth  H1 07: 3% total UK revenue growth 7 Yell.com Searchable advertisers at 30 September (000s) 182 159 171 Revenue per average searchable advertiser (RASA) (£) 241 H1 06 H1 07 H1 06 H1 07 September (m) Unique users  FY 06: 65% revenue growth  H1 07: 67% revenue growth 4.6 H1 06 6.2 H1 07 8 US platform – 60% of Independents Yellow Book acquired 1999 McLeod acquired 2002 TransWestern acquired 2005 NDC, Feist, in-fills and launches since 1999 9 Leading the shareshift in the US market % Revenue growth for publishers Incumbents Independents 25 20 25 % Independents’ market share 19 20 13 13 17 15 11 12 18 12 9 4.0 4.0 10 10 3.0 3.0 10 8 -0.4 -0.2 2003 -2.0 2004 -1.5 -0.4 1998 1999 2000 2001 2002 2003 2004 2005 2006E 1998 1999 2000 2001 2002 2005 2006E 10 Source: The Kelsey Group, March 2006 Yellow Book print – win, keep, grow Unique advertisers (000s) 489 ARPA ($) 2,693 455 363 386 2,450 2,135 2,434 2,477 166 FY 02 FY 03 FY 04 FY 05 FY 06 FY 02 FY 03 FY 04 FY 05 FY 06 70 70 70 71 Retention % 70  FY 06: 42% total revenue growth; 15% organic  H1 07: 26% total revenue growth: 12% organic 11 Note: Revenue growth is stated at constant exchange rates Yellowbook.com Searchable advertisers at 30 September (000s) 390 55 Revenue per average searchable advertiser (RASA) ($) 76 348 H1 06 H1 07 H1 06 H1 07 September (m) 5.2 Visitors  FY 06: 91% revenue growth  H1 07: 69% revenue growth Note: Includes Worldpages.com acquired with TransWestern in July 2005 1.9 H1 06 H1 07 12 TPI – a high quality company Print - Spain  Leading directory publisher - estimated market share 90%  182 directory titles Latin America  Leading market positions in high growth regions – No 1 in Peru and Chile  83 directory titles New media  Internet products and directory assistance 13 The Spanish directories opportunity Spain Real GDP growth(b) UK Europe(a) 3.4% 27% 14% 1.8% 65% 24% 1.5% 43% 20% Print usage %(c) Print penetration % Online penetration % of population(e) (a) 37% 60% 49% 14 Average of UK, Germany, France, Italy and Spain (b) Growth rate for 2005. Source Deutsche Bank economic research (c) Defined as the probability of a representative individual to use Print to look up a business in his/her area. Source KelseyGroup report March 2006 (d) Defined as number of separable businesses who advertise in directory print as a proportion of total businesses. Source Kelsey Group Global Yellow Pages 2005 (e) Defined as percentage of population with access to Internet. Source Kelsey Group report November 2005 Transferral of best practice at TPI  Grow usage – Refocus on in core product – Improve comprehensiveness and scoping – Speed up distribution  Grow customer numbers – Focus on core products  Grow ARPA – Reinvest on sales force and refocus sales force on core products – Redesign discounting programme and simplify advert range  Internet opportunity – Accelerate unbundling, review and simplify pricing structure – Incentivisation of sales force and specialised training 15 Yell Group  Simple, focused strategy  Leading market positions  Strong management  Excellent financial track record 16 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