1

UK Marketing and SalesHelen StevensonChief Marketing Officer

Steve ChambersChief Commercial Officer

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 posted on our website.

We also draw your attention to our press releases which are posted on our website, for more information on the risks and uncertainties.

3

The virtuous circle

Great proposition for users

strong brands

Win, Keep and Grow strategy

great value to advertisers

Highly effective sales operation

unique relationship with SMEs

Our business model

Yell market

dynamicsCHANNELNEUTRALValue

toYell

Value to the

Advertiser

Valueto theUser

Recession resilient

4

A growing market

Use of information sources is growing...

0

50

100

150

200

250

300

FY 05 FY 06 FY 07

Internet*

Print

Information Sources (product and services info)

Average monthly usage (millions)

Regular Study (Saville Rossiter-Base) *YP comparable inc Yell.com

5

Strong growth despite regulation

500

550

600

650

700

750

FY 03 FY 04 FY 05 FY 06 FY 07

Non print

Print

Yell Revenue Growth under RPI (£)

Source: Yell Internal Data

We have achieved £105m in revenue growth in the last 5 years, of which £76m of growth was in Yell.com

-4.4% -4.8% -3.3% -2.9% -2.8%

Effective Yellow Pages rate reduction

6

Well placed for a new growth phase

Strong plans to drive usage across all our channels

Yell.com well positioned with differentiated offer in its market place

RPI-0% and reduced Print product constraints provide price and product opportunities

Attract new, non-print advertisers to Yell.com and grow our hybrid commercial models

Drive integration across new media platforms including mobile

7

Usage is at the heart of our value proposition

*Source: Saville Rossiter-Base

Whenever and wherever all channels

Comprehensive and relevant

87% of UK adults use any Yell product*

Our users like buying from the people they find through Yell

Yell products are easy to use

Yell is best way to find businesses in the UK

Powerful brand family

Competitive values of trust quality and local expertise

8

Driving traffic on Yell.com

Driving traffic– New Media SEM / SEO / networks

New functionality and a new look to the Yell.com site

First of a series of planned quarterly improvements

Puts in place the foundations for future changes and includes:

– New contemporary look and feel

– New site structure

– New mapping– Local business layering

– Liquid layout

– Easier navigation

– New ad capsules

– Additional monetisation opportunities

9

New look homepage

10

New search refinements

11

New maps with business layering

12

Plus directions

13

and bird’s eye view

14

Driving traffic on Yell.com

Driving traffic– New Media SEM / SEO / networks

New functionality and a new look to the Yell.com site

First of a series of planned quarterly improvements

Puts in place the foundations for future changes and includes:

– New contemporary look and feel

– New site structure

– New mapping– Local business layering

– Liquid layout

– Easier navigation

– New ad capsules

– Additional monetisation opportunities

15

Print innovations

Yellow Pages Reinvented– New look and feel, consumer content and

modernised classifications and search tools to improve usability

New local directories – Your Town– Locations determined by:

– Size of business base (>850k)

– Town Size (min circ < 25k)

– Across metro / urban / rural

– c70% of Your Town advertisers are new to Yell

Door Drop Specialist guides e.g. Car Insurance– Developed in conjunction with national advertisers

– Strong advertising vehicles that enable businesses to target specific group of consumers

– Key points of differentiation are brand, editorial content and production quality

Source: Yell Internal Data

16

Yell usage generates high quality leads

We generate 1.4 billion annual usage occasions

When users are asked where they have sourced products / services,

Yell is the best source for delivering high quality leads

Source: Regular Study 06/07 (Saville Rossiter-Base) YP comparable Internet based on asking users ‘could they have sourced that product or service through Yellow Pages’

Thomson

10%

20%

30%

40%

50%

60%

70%

0 20 40 60 80 100 120

Local press

BT

Yell

Internet(YP Comparable)

Total Internet

400...

Conversion of Usage to Leads (%) vs Usage (monthly average)

17

Ensuring our advertisers see great results

Yell.com*

from every 10 uses

5 result in a contact

Yellow Pages*

from every 10 uses

7 result in a contact

Helping to generate over £83bn for Businesses in our products**

*Source Saville Rossiter-Base 2006-7 Users looking for information on Shops and Businesses**Source Saville Rossiter-Base 2006-7 YP and Yell.com combined

18

Focusing on value

Ratecard growth at RPI-1% and prices aligned with value– e.g. a Plumber in Reading pays £365 for a Quarter Column*

– A Farm Shop in the same book with the same ad, would pay only £219*

Discounts used to influence behaviour

Proving value to an advertiser aids retention

Call Counter - Phase 2– Uses local dialling codes

– New call statistics platforms – provides our salespeople with even more compelling data to add value at point of sale

*Based on Reading YP directory rates for edition publishing in Feb 09

19

Our growth strategy – Win, Keep and Grow

The value staircase

Building value for advertisers

regardless of channel

Content

Prominence

Traffic

Value to the Advertiser

Advert

iser

Spend

Entry Level

Entry Level

Content

Prominence

Traffic

1

2

3

4

20

Keeping and growing advertisers

As our relationship with advertisers grows, so does their spend and the value we deliver to them

Source: Yell Internal Data *Accounted Year Customers and Revenue for Print 06/07 **Regional campaign customers 06/07

in terms of tenure...

and product holding

ARPA Retention

Printed products £1,335 75%

YP and Yell.com** £2,100 84%

YP and Yell.com** and 118 24 7**

£3,372 86%

Print ARPA*

Print Retention

*

Year 1 £673 50%

Year 3+ £1,758 82%

21

Continual evolution of our hybrid commercial model

Paid inclusion

FIXED PRICE MODEL

Entry level pricing Try before you buy Tiered pricing Chargeable features Portfolio renewal Ad syndication

22

New launch of ad syndicationlive 29th November

23

New launch of ad syndicationlive 29th November

24

Continual evolution of our hybrid commercial model

Our business model will continue to evolve in line with customer needs

Paid inclusion

FIXED PRICE MODEL

Entry level pricing Try before you buy Tiered pricing Chargeable features Portfolio renewal Ad syndication

Pay for prominence / flexible contracts

Pay on performance

PERFORMANCE MODEL

Pay per click Ad syndication Aggregation

Display / rich media

SPONSORSHIP MODEL

Price to value

25

UK SalesSteve ChambersChief Commercial Officer

26

Selling – a core competence and key differentiator

Unique service to UK SMEs

Flexible sales organisation to ensure delivery of marketing strategy

People factor

Equipped with state of the art tools

27

A unique service

Understand the customer’s needs

1

28

Industry specific marketing information

2

Understand the customer’s needs

1

A unique service

29

Bespoke presentation

3

Industry specific marketing information

2

Understand the customer’s needs

1

A unique service

30

1

2

3

4

Bespoke presentation

3

Industry specific marketing information

2

Understand the customer’s needs

1

A unique service

31

1

2

3

4

“We would recommend

Yell.com to anyone looking to attract

new business”

Bespoke presentation

3

Industry specific marketing information

2

Understand the customer’s needs

1

A unique service

32

Final Recommendation

4

Bespoke presentation

3

Industry specific marketing information

2

Understand the customer’s needs

1

A unique service

33

Value, efficiency and flexibility

Sales channels organised around customer needs

Campaign approach to maximise efficiency

Out of campaign activity for additional coverage

Flexible sales roles to target specific opportunities

Sales channel and contact strategy

Wider reach, more complex

Simple, local coverage

High volumes of targeted leads

Cu

sto

mer

sp

en

d

Telesales

Face to face

National

Customer needs

New media

Field

Majors

Nationals

3rd Party

Renewal

Fast track

New media

Prospects

Your Town

Business development

34

Channel neutral sales force

Multi-product sales targets

Pay weighted towards online sales

New pay schemes to drive Pay on Performance

Intensive online training

New media specialists for complex needs

All YP solus advertisers receive telesales contact between campaigns

Delivering online sales growth

Source: Yell Internal Data

£20

£40

£60

£80

£100

FY 04 FY 05 FY 06 FY 07

Revenue

% Growth

£ m Yell.com Revenue Growth

£

£

£

£

£

Revenue

£

35

Monetising online usage – a case study

Target sales person & track conversion

Arm sales person with pre-visualised ad

Yell.com AVP now exceeds YP

Match unsold inventory with high usage

Identify customer opportunities & push to sales person

AvaNor

10392711 J Tarry 01604845264 Cathy Mansell Lee Towse Double Glazing Installers

10406589 Alan Ullah 01604759681 Cathy Mansell Lee Towse Fascias & Soffits Nor

10604478 Yvonne Healey 01788 511081 Cathy Mansell Lee Towse CCTV Installer

10681353 Steve Bartle 01788510453 Cathy Mansell Lee Towse Lawnmowers & Garden Equipment

The Mower Shop Ben Ferguson Coventry Leicester

CRIME SECURE LTD Ben Ferguson Northampton

A & G Conservatories Ltd Ben Ferguson Northampton Northampton

Martindale Windows Ben Ferguson Northampton

Customer Target

SAP IDCustomer Contact

Telephone Number

Area Manager

First Line Manager

Available Classification

AvaNor

Nor

Company NameAssigned

Consultant Name

Available Book Available Book

Opportunity 1 Opportunity 2

First Line Mgt: Lee Towse

Consultant: Ben Ferguson

Yell.com Local Sponsored Listing Target OpportunitiesCampaign: N'hampton MP 223P 2008

Area Mgr: Cathy Mansell Available Opportunity

Source: Yell Internal Data

0100200300400500

FY 04 FY 05 FY 06 FY 07

Yell.com ARPA Growth (£m)

36

National Accounts

Face to Face

Telephone

Average Age 44 years 36 years 32 years

Average Service 14 years 5 years 3 years

Turnover 2% 20% 23%

On Target Earnings £62k £45k £33k

Job Satisfaction 85% 86% 83%

Headcount 59 1,261 844

Source: Yell Internal Data as of 31/3/07 and Tell Yell Survey 2006

The people factor – key metrics

37

The people factor

Identifying top salespeople – profiling

Highly regarded training and development

Flexible working, part-time, home-working

High calibre Sales Management

Performance management – key element of sales culture

Emphasis on reward and recognition

38

Driving sales performance - pay

Source: Yell Internal Data

On target earnings – top quartile for UK media sales

Basic salary 75% of On target earnings

Open ended, performance related

New Media25%

Service10%

Prospects10%

Sell-Up30%

Renewal25%

Commission pool breakdown for field sales

Commission schemes structured to drive

desired behaviours of each sales role

Constantly

reviewed to ensure

alignment with

marketing

objectives

75%

100%

110%

Base

% Sales Target

OTE

Commissionable

Earnings

BonusBonus

Accelerator Payments

0%

4%

8%

12%

80% 112% 144%% to Target

Accelerator Payments

16%

20%

80% 112% 144%%

of

Bon

us

39

Automating our sales force - added value, simplification and efficiency

Laptop / desktop technology plus broadband connectivity for all salespeople

Functionality– Workload management

– Electronic sales presenter

– Electronic ad design

– Order and content capture

Benefits– Error reduction

– Reduction in back office heads

– Added value at point of sale

– Simplified communication

– Home based sales force

40

Summary

Our market is growing but highly competitive

Print still provides excellent value; fresh opportunities under new regulatory regime

High growth opportunity in new media

Recession resilience

Well placed for these opportunities:– Great brands providing great value for users and advertisers

– Clear strategy to drive and monetise usage

– Highly motivated sales force

– Unique relationship with UK SMEs