Preliminary Results for the year ended 31 March 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.

Financials John Davis CFO

4 Headline results Growth Year ended 31 March 2006Actual Constant FX Revenue£1,621.3m26.1%23.1% Adjusted EBITDA£502.9m28.0%25.3% Adjusted operating cash flow £447.0m28.7%26.3% Cash conversion 88.9% Free cash flow £253.3m Dividends£114.1m Acquisitions £978.3m Adjusted diluted earnings per share32.8p25.2% Total dividends per share15.3p21.4% Earnings and cash flow figures stated before exceptional items and amortisation

5 Yell Group - strong historic growth CAGR 17% * 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 Revenue (£m)Adjusted EBITDA (£m) EBITDA margin % CAGR 20%

6 Yell UK growth under regulation Revenue (£m)Adjusted EBITDA (£m) EBITDA margin % * Figures for years 1-3 reported under UK GAAP CAGR 4.7% Effective Yellow Pages price reduction % 245 CAGR 3.9%

7 Yell US organic and acquisition growth Revenue ($m)Adjusted EBITDA ($m) EBITDA margin % CAGR 41% ,149 1, CAGR 74% * Figures for years 1-3 reported under UK GAAP

8 US revenue growth % CONTRIBUTION TO REVENUE GROWTH Organic Growth 15.1%

9 Building US margins EBITDA margin of new directories since launch 8%14%29%49%100% 48 books81 books205 books265 books599 books Share of revenue FY 06

10 Cash GROUP CASH CONVERSION 88.9% £m

11 Analysis of Debt At 31 March 2006 £m Senior bank (inc Revolver)(1,682.9) High yield(339.0) Cash28.5 Leases(0.6) Net debt(1,994.0)66% $ denominated

12 Effective tax rate Share of profits Rate on Adj PBT Rate on PBT UK57%30% 29%* US43%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 charge23% *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 Update John Condron CEO

16 UK revenue drivers Printed directories only Unique advertisers (000s)ARPA (£) Effective Yellow Pages price reduction % Retention %

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 findings June 2006 Notifying and considering possible remedies (if required) June Remedies hearings (if required) June Statutory deadline 4 April 2007 Final deadline for all parties’ responses / submissions 14 July Publish report September

19 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 Unique advertisers (000s)ARPA ($) Retention % 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 Visitors for March (m)*Adverts online at 31 March (000s)* * Includes Worldpages.com acquired with TransWestern

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

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Appendix

28 Yell Group P&L 2005 £m 2006 £m Change Revenue1,285.31, % Cost of sales (592.3) (751.4) Gross profit % Distribution costs(38.3)(49.5) Administrative costs Ordinary items(290.5)(371.1) Exceptional items(36.5)0.6 Operating profit % Net interest payable Ordinary items(93.3)(124.7) Exceptional items-(7.8) (Loss)/profit before taxation Taxation Before exceptional items(85.6)(109.3) On exceptional items (Loss)/profit for the period

29 Yell Group revenue and EBITDA Revenue 2005 £m 2006 £m Change UK % US at constant exchange % Exchange impact-38.5 Total US % Group total1,285.31, % Group total at constant exchange 1, , % Adjusted EBITDA 2005 £m 2006 £m Change % % % % % Margin UK35.0% US28.0% Group31.0%

30 UK and US revenue Year ended 31 March £m 2006 £m Change UK Printed directories % Yell.com % Other % Total UK % US Printed directories before TransWestern (at constant exchange) % TransWestern Exchange impact Total US % Group total1,285.31, %

31 UK and US EBITDA Year ended 31 March £m 2006 £m Margin UK Printed directories % Yell.com % Other Total UK % US Printed directories (at constant exchange) % Exchange impact-10.6 Total US % Group total %

32 Shareshift in US market % Revenue growth for publishers% Independents’ market share Source: The Kelsey Group, March 2006

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