Interim Resultsfor the six months ended30 September 2006

7 November 2006

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

An interim report will be sent to all shareholders and posted on our web site.

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John Davis, CFO

John Condron, CEO

John Condron, CEO

Agenda

Financials

Introduction

Strategic update

FinancialsJohn Davis CFO

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Headline results

Earnings and cash flow figures stated before exceptional items and amortisation

Six months ended 30 September2006

£m Change

At constant exchange

rate

Revenue 848.8 19.4% 21.2%

Adjusted EBITDA 269.2 15.6% 17.3%

Adjusted operating cash flow 245.5 15.4% 16.7%

Cash conversion91.2%

Adjusted diluted EPS 13.8 (10.4%)

Dividends per share 5.7p 11.8%

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Revenue

Six months ended 30 September2005£m

2006£m Change

Yell UK

Printed directories 305.9 297.1 (2.9%)

Yell.com 25.7 42.9 66.9%

Other 9.6 11.6 20.8%

Total Yell UK 341.2 351.6 3.0%

Yellow Book USA

Printed directories* 360.2 451.3 25.3%

Yellowbook.com* 9.7 16.4 69.1%

Exchange impact - (12.7)

Total Yellow Book USA 369.9 455.0 23.0%

Total TPI - 42.2

Group total 711.1 848.8 19.4%

*at a constant exchange rate

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7.5

26.423.0

3.41.6

15.8

1.82.9

Same marketgrowth

Newlaunches

Internet AcquisitionsRescheduling Growthbefore FX

Exchangeimpact

Total growth

US revenue growth breakdown

Contribution to revenue growth (%)

Organic Growth 12.2%

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Adjusted EBITDA

Six months ended 30 September2005£m

2006£m Change

Yell UKPrinted directories 117.2 112.5 (4.0%)Yell.com 10.9 15.8 45.0%Other products & services 4.3 5.0 16.3%

Total Yell UK 132.4 133.3 0.7%Margin 38.8% 37.9%

Yellow Book USA

Printed directories* 100.5 131.8 31.1%Exchange impact - (4.0)

Total Yellow Book USA 100.5 127.8 27.2%Margin 27.2% 28.1%

Total TPI - 8.1Margin - 19.2%

Group total 232.9 269.2 15.6%Margin 32.8% 31.7%

*at a constant exchange rate

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Cash

91.2% EBITDA converted to cash

£m

269.2 (34.5)

(90.2)

(17.1)

120.8

(6.6)

245.5

AdjustedEBITDA

Workingcapital

Capex Operatingcash flow

Cash interest

Cash tax Free cash flow

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Analysis of debt

At 30 September 2006 £m

Net loans and other borrowings (3,789.8)

Cash 66.0

Net debt (3,723.8)

43% $ denominated 35% £ denominated 22% € denominated

c.98% of debt fixed until December 2008 falling to c.50%until September 2010

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EPS further diluted by second half weighting of US profit and higher UK investment in first half

Adjusted diluted EPS

EPSPence

Contribution

to Growth

H1 FY 2007 actual EPS 13.8p (10.4%)

TPI revenue phasing 1.8p 11.7%

TPI equity placing 0.4p 2.6%

FX movement 0.2p 1.3%

H1 FY 2007 underlying EPS 16.2p 5.2%

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Financial summary

Strong US and UK organic performance,particularly online

TPI underlying performance as expected

Interim dividend up 12%

Reiterating guidance

John CondronCEO

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Yell UK - win, keep, grow

Print– 51,000 new advertisers

– Advertisers down 4%

– Retention stable at 74%

– ARPA up 1%

Online– Searchable advertisers up 15%

– Yell.com-only advertisers up 13%

– Unique users up 35%; Searches up 16%

– RASA up 41%

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Yell UK drivers – print and voice

Proving value– Average of £25 new business for every £1 invested

– Call Counter roll out continues

Driving usage

118 24 7 – 62% rise in call volumes

– Awarded best service three years in a row

Proposed remedies published by Competition Commission

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Yell UK drivers - Yell.com

Monetising usage– Advertising

– Sponsored Listings reward higher prioritisation

Evolution of search capability– Industrial search trial

– Shopping trial

– Food & Drink trial

Functionality improvements– Mapping updates – advertisers get greater visibility

– Information tool – more local information on maps

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Yellow Book USA - win, keep, grow

Print– Advertisers up 43%, mostly TransWestern

– Retention 70%

– ARPA down 2%, reflecting TransWestern

Online– Searchable advertisers up 12% to 390,000

– Unique visitors up 174%

– RASA $76

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Yellow Book USA drivers

Continue driving usage– Local advertising campaign

– 30% usage in markets studied in syndicated study

Expansion continues– Launches and in-fill acquisitions

TransWestern integration progress – Relaunches underway

– Sales per rep up 15% since acquisition

– Sales churn down

– TransWestern scoping improvements

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Yellow Book USA drivers - Yellowbook.com

Continue driving usage– Successful advertising campaign

– Building opportunity to monetise usage

Hybrid approach– WebReach trial

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TPI update

First two months– Integration underway

– Strategic review of non-core products

– No surprises

– Synergies on track

– Embracing “back to basics”

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In summary

All-round strong performances with rapidonline growth

Good early progress on TPI integration

Competition Commission to publish final conclusions

Confidence looking forward

Investor Relations: Jill Sherratt +44 (0)118 950 6984

www.yellgroup.com

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