h1 08 interim results for the six months ended 30 september 2007 6 november 2007

H1 08 Interim Resultsfor the six months ended 30 September 2007

6 November 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 website, for more information on the risks and uncertainties.

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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

Adjusted earnings figures stated before exceptional items and amortisation throughout this presentation

Six months ended 30 September 2007 (£m) Actual Growth

Growth at constant

FX Revenue 965.4 13.7% 17.7%Adjusted EBITDA 319.8 18.8% 22.4%Adjusted EBITDA margin 33.1% Operating cash flow 281.6 14.7% 17.3%Cash conversion 88.1%

Adjusted diluted earnings per share 14.6p 5.8%Underlying adjusted diluted earnings per share 15.7p 9.0%

Total dividends per share 6.3p 10.5%

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Yell UK results

Six months ended 30 September2006£m

2007£m Change

RevenuePrinted directories 297.1 284.0 (4.4%)Yell.com 42.9 65.1 51.7%Other 11.6 13.2 13.8%

Yell UK 351.6 362.3 3.0%

EBITDAPrinted directories 112.5 104.4 (7.2%)Yell.com 15.8 29.4 86.1%Other products & services 5.0 4.1 (18.0%)

Yell UK 133.3 137.9 3.5%Margin 37.9% 38.1%

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2.43.1

(0.2)

(1.6)(7.5)5

(3.4)

4.1

(0.9)

1.3

Same market Launches Internet Discontinued Acquisitions Growthbefore

rescheduling

Rescheduling Total $ FX Total

Yellow Book USA revenue growth

Contribution to revenue growth (%)

Organic growth 1.9%

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Yellow Book USA results

Six months ended 30 September2006£m

2007£m Change

RevenuePrinted directories at constant FX 439.0 447.0 1.8%Yellowbook.com at constant FX 16.0 26.8 67.5%

Yellow Book USA at constant FX 455.0 473.8 4.1%Exchange impact - (34.1)

Yellow Book USA 455.0 439.7 (3.4%)

EBITDAYellow Book USA at constant FX 127.8 135.5 6.0%Exchange impact - (9.8)

Yellow Book USA 127.8 125.7 (1.6%)Margin 28.1% 28.6%

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Yell Publicidad results

Six months ended 30 September2007£m

Yell Publicidad revenue 163.4Underlying Spanish print directories 3.8%Yell Publicidad EBITDA 56.2

Margin 34.4%

Q3 phasing•Directory rescheduling to Q4•Heavy investment

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124

40320

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118 117

1

282

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AdjustedEBITDA

Workingcapital

Capex Operatingcash flow

Cash interest Cash tax Free cashflows beforeexceptionals

Exceptionals Free cashflows

Cash

Group cash conversion 88%

£m

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Analysis of debt

At 30 September 2007 £mNet loans and other borrowings (3,737.2)Cash 47.7Net debt (3,689.5)

39% $ denominated 38% £ denominated 23% € denominated

c.96% of debt fixed until Dec 2009 falling to c.50% until March 2011

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Adjusted diluted earnings per share

Six months ended 30 September2006

p2007

pChang

eActual Diluted EPS 7.5 10.7   42.7%Exceptional 3.2 (0.9)    Amortisation 3.1 4.8    Adjusted Diluted EPS 13.8 14.6   5.8%Timing of TPI equity placing 0.4      Phasing of profit 0.7    US exchange rate   0.4    Tax phasing 0.2 Underlying Adjusted Diluted EPS 14.4 15.7   9.0%

Note: Exceptionals include a £11.8m credit before tax (£7.4m after tax) – releasing class action accruals and a £0.4m charge relating to a UK tax rate change. Exceptionals for the same period last year comprise £36.3m (£24.9 m after tax) of refinancing costs.

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Financial summary

Group on track to meet full year expectations

Investing assuming acceleration of growth in FY 09

Online increasingly important driver of growth

Dividends up just ahead of underlying earnings

Confidence looking forward across the Group

Strategic updateJohn CondronCEO

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Yell UK - win, keep, grow

Total UK live advertisers at 30 Sept– Live advertisers down 1% to 488,000

Yellow Pages and print– Advertisers down 4.7%– Retention stable at 74% – ARPA up 0.3% after rate cut of 3.3%

Yell.com– Advertisers up 14.3%; 33% increase in Yell.com-only

advertisers– Unique users up 8.1% in Sept; up 16% on 12 month average– RASA up 31.5%

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Yell UK initiatives

Selling under new regulatory settlement for print– RPI-1% = 3.6% average increase in rate cards– Extensive discounting to win, keep and grow

Yell.com– Converting new customers – print and non-print– Continuing monetisation of usage – Investing in usage

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Yellow Book USA - win, keep, grow

Yellow Book– Advertisers down 4.9% (c 50% rescheduling)– Retention down 1% to 69%– ARPA up 7.1%

Yellowbook.com– Advertisers down 6.2% (pricing more fully) – Unique visitors up 48.1% – RASA up 76.3%

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Yellow Book USA initiatives

Rate of competitor launches slowing– Down c 25% on first 10 months last year

Print usage still strong Actions to address competition– Sharpened execution– Incentivised salesforce

Continued investment in brand and product – print and online

Diversity of classifications and markets

Yellowbook.com a key focus

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Yell Publicidad initiatives Back to basics – Products rationalised– Pricing and discounts simplified – Targeting

Synergies and efficiencies– Paper, print, pre-press

Year of transition - investment– Usage– Sales force– Unbundling online– De-risking revenue

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In summary

Strengthened foundations in all markets

Continued investment in brands and products

Channel-neutral - rapid online growth

Power of sales forces - win, keep and grow

Confidence for the future

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

www.yellgroup.com

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