Investor Presentation

June 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 web site, for more information on the risks and uncertainties.

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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 conversion 79.9%Free cash flow before refinancing costand exceptionals 252.0

Adjusted diluted earnings per share up 8.2% 35.5pUnderlying 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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The Yell proposition

Leading market positionsSimple, focused strategy

Investment in brand and usageChannel neutral

Recession resilientSales excellence

World class processesHigh margins

Strong cash generation

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Yellow Book acquired 1999McLeod acquired 2002TransWestern acquired 2005Platform acquisitions, in-fills and launches since 1999

Yellow Book USA – 970 markets

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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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Yell UK initiatives

Driving usage – Advertising – Yell.com developments

Growing volumes– RPI-0% opportunity– Yell.com online-only prospecting

Monetising usage– Up-sell in print and online

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The Spanish directories opportunity

Spain UK Europe(a)

Real GDP growth(b)

3.7% 2.7% 2.9%

Print usage %(c) 32% 62% 42%

Online penetration % of population(e) 40% 59% 53%

Yellow Pages penetration(d) 14% 24% 25%

(a) Defined as average of UK, France, Italy, Spain and Sweden (b) Growth rate for 2007(E). Source: Oxford Economics May 07 (c) Defined as the% of respondents who have used printed yellow pages in the last six months. Source per Kelsey Group Feb 07 (except US

Feb 06)(d) Defined as percentage of businesses advertising in yellow pages directories. Source Kelsey Group; Global Yellow Pages 2005(e) Defined as percentage of population with access to Internet – 2006 data. Source Jupiter Research

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Yell Publicidad initiatives

Back to basics– Driving usage– Rationalisation of products– Simplification of rate card– Targeting customers

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

Portfolio – Non-core businesses– Expansion in Argentina

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On-line UK and US

Yell.com revenue up 61%

Yellowbook.com revenue up 62%

Unique users March (m) RASA* (£)Searchable advertisers at31 March (000s)

Searchable advertisers at 31 March (000s)

Visitors March (m) RASA* ($)

174 196

FY 06 FY 07

6.8 7.6

FY 06 FY 07

378518

FY 06 FY 07

391 380

FY 06 FY 07

2.4

6.1

FY 06 FY 07

123178

FY 06 FY 07

Up

13%

Up

37%

Up

12%

Dow

n 3%

Up

45%

Up

154%

RASA is revenue per average searchable advertiser

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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 brandsChannel neutral

Win, keep and grow

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