Yell Overview November 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 section on Risk in the annual report. We also draw your attention to our press release which is posted on our web site.

3 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 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

4 The Group following the TPI acquisition Spain 20% US 41% UK 36% LatAm 3% EBITDA margin 31.8% Spain 17% US 47% UK 33% LatAm 3% Combined Group with TPI FY 06 revenue Combined Group with TPI FY 06 EBITDA

5 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

6 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%

7 UK print – win, keep, grow Unique advertisers (000s)ARPA (£) Retention %  FY 06: 5% total UK revenue growth  H1 07: 3% total UK revenue growth Effective Yellow Pages rate reduction %

8 Yell.com Revenue per average searchable advertiser (RASA) (£) Searchable advertisers at 30 September (000s)  FY 06: 65% revenue growth  H1 07: 67% revenue growth Unique users September (m)

9 Yellow Book acquired 1999 McLeod acquired 2002 TransWestern acquired 2005 NDC, Feist, in-fills and launches since 1999 US platform – 60% of Independents

10 Source: The Kelsey Group, March 2006 Leading the shareshift in the US market % Revenue growth for publishers% Independents’ market share

11 Note: Revenue growth is stated at constant exchange rates Yellow Book print – win, keep, grow Unique advertisers (000s)ARPA ($)  FY 06: 42% total revenue growth; 15% organic  H1 07: 26% total revenue growth: 12% organic Retention %

12 Yellowbook.com Revenue per average searchable advertiser (RASA) ($) Searchable advertisers at 30 September (000s)  FY 06: 91% revenue growth  H1 07: 69% revenue growth Visitors September (m) Note: Includes Worldpages.com acquired with TransWestern in July 2005

13 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

14 The Spanish directories opportunity ( a) Average of UK, Germany, France, Italy and Spain (b) Growth rate for 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 SpainUKEurope (a) Real GDP growth (b) 3.4%1.8% 1.5% Print usage % (c) 27%65%43% Online penetration % of population (e) 37%60%49% Print penetration % 14%24% 20%

15 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

16 Yell Group  Simple, focused strategy  Leading market positions  Strong management  Excellent financial track record

Investor Relations: Jill Sherratt +44 (0) Yell, Queens Walk, Oxford Road, Reading, Berkshire RG1 7PT ™Trade mark of Yell Limited