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Yellow Book USAJoe WalshChief Executive Officer

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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 releases which are posted on our website, for more information on the risks and uncertainties.

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US market overview

The US market is the largest in the world at c.$15bn

Yellow Book is the #1 independent– 60+% of independents

Yellow Book Network is the fastest growing internet yellow pages*– #3 IYP site

– Yellow Book Network usage up 110% (on a rolling annual basis)

* Source: comScore June 2007, Q1 2006 – Q1 2007

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Market outlook

Share shift from incumbents to independents continues

Yellow Book is benefiting from shake out in independents

Brighter future expected than for incumbents

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Kelsey shows continued shift from incumbents to independents

Yellow Book’s market segment is forecast to grow at 6.2% CAGR

Return on investment still strong from print– 14:1 return for local advertisers**

US Directory Share, 2006-20112006 Total(US$

Millions)2006

Share

2011 Total(US$

Millions) CAGR2011

Share

Incumbent Publishers

$11,752 73.8% $11,719 (0.1%) 62.2%

Independent Publishers

$3,232 20.3% $4,364 6.2% 23.2%

Online Only* $943 5.9% $2,754 23.9% 14.6%

Total Revenues $15,927 100% $18,837 3.4% 100%

*Includes both local search and IYP revenues generated by search engines and stand-alone IYPs.Source: The Kelsey Group (2007)

** Source: YPA 2007 Facts and Media Guide, Excludes national

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Yellow Book brand

Clever, memorable advertising– Recall of campaign featuring

Carradine has surpassed 50%*

Driving inbound telephone and email leads– Inbound email reaching 1,000/wk

– Telephone calls reaching 10,000/wk

Strong brand awareness and loyalty nationwide

Known for delivering “leads for less”

* Yellow Book USA 2007 research, conducted by TNS. Nationally representative sample of adults responding to the questions:Have you seen the TV commercial with young man seeking enlightenment and higher knowledge; guru played by David Carradine holding laptop computer or yellow pages. Base: Total (n=2500)

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Yellow Book brand awareness

When thinking about the yellow pages people use most often to

look up information or phones numbers about businesses, which directory first comes to mind?

*Yellow Book USA 2006/2007 research, conducted by TNS. Nationally representative sample of adults (Top-of-Mind Unaided Recall of yellow pages brands). Base: Total (n=2500) TNS (Taylor Nelson Sofres plc) is the world’s foremost provider of custom research and analysis, combining in-depth industry sector understanding with world-class expertise in the areas of Retail & Shopper Insights, Stakeholder Management, New Product Development, and Brand and Communications.

0%

4%

8%

12%

16%

Feb 06 Apr 06 Aug 06 Nov 06 Mar 07

Verizon AT&T Dex BellSouth SBC Yellow Book

Yellow Pages Category : Top-of-Mind Brand Recall

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RCF shows cost per lead comparison

Yellow Book

$13.44 per lead

816 calls

Idearc

$34.46 per lead

366 calls

Example of competitive meter advertising program from the Lehigh Valley market. Example should not be viewed as representative for all advertisers in the Lehigh Valley market or other Yellow Book markets.

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Pricing

We still have a price advantage in every like market 

Despite incumbents’ pervasive off rate card deals our rates are still lower in most accounts

Price advantage extends to new media offerings

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Annapolis, Maryland

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Yellow Book – #1 directory in Annapolis

Syndicated research co-sponsored by Yellow Book and Idearc– #1 Yellow Book Annapolis-Anne Arundel, 46.4%– #2 Idearc Annapolis, 42.4%– #5 Idearc Annapolis Companion 1.6%

YPMR Syndicated Research, Knowledge Networks/SRI Quarterly Update, Report for Annapolis, MD October 2006 - September 2007. Note: Research conducted in Directory Distribution Area (DDA)

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Companion usage low

Expensive, redundant, incomplete, hard to read, wasteful Incumbents will soon try to migrate companion revenue

Knowledge Networks/SRI, YPMR Syndicated Research (Oct 2006-Sept 2007 Annapolis, Richmond, Huntsville, Staten Island, Philadelphia; Jan- Dec 2006 remaining markets). NOTE: Results shown are for all markets to which Yellow Book has access to Syndicated results for the incumbent’s footprint, either because the study was co-sponsored or because incumbent & Yellow Book scopes are identical. Results for other markets may be higher or lower

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New US Companions by Year, 2005-2007

The clock is ticking on companion books

7485

236

2005 2006 2007

(64%)

(13%)

There was a 70 percent decline in the number of new companion titles launched in the U.S. directory market from 2005 through October 2007. These data support the view that the opportunities for new companion launches in the U.S. market are diminishing. The companion model works best in larger markets, many of which already have at least one companion product

Sources: YPA IRIS Online, The Kelsey Group (2007)

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Market is saturated and launches are slowing

349475

592

2005 2006 2007

(20%)

(27%)

There was a 41 percent decline in the number of new titles launched in the U.S. directory market from 2005 through October 2007. This suggests that both the opportunities and the appetite for expansion is waning in the U.S. Yellow Pages market.

Sources: YPA IRIS Online, The Kelsey Group (2007)

New U.S. Print Directories by Year, 2005-2007

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Economic resilience

Tried and true – proven results

Annual commitment

Breadth of classifications

Seniority ad placement

Businesses need more leads in difficult times

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National sales

Double digit national sales growth

Innovative programs recognized by ADM*

*ADM: Association of Directory Marketing (Certified Marketing Representatives (CMRs) and yellow pages agencies are ADM's main constituents.)

Yellow Book received two Publisher Awards at ADM’s 2007 Annual Conference

ADM Publisher Awards each year recognize the industry's brightest stars for their contributions to the national yellow pages marketplace.

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Market adjustments

Better offers to customers

Enhanced compensation to media consultants

Color roll-out

Tweaked credit practices

Customizing metros

Local advertising versus national

Stepped up internal communications

Easier to do business with

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David versus Goliath

Great pride in our “cause”

Conviction in our value story

Catalyst for change

Superior sales leaders

Long term perspective

Absolute integrity

Welcoming the opportunities new media will bring

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US online market

Large, fast growing market Internet yellow pages are thriving IYP delivering solid return on investment for advertisers Capable of winning online

IYP searches account for 28% of all local searches

IYP searches account for 31% of all local searches

Online Local Search

Source: comScore 2006

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Expansion

More selective with new launches– Unique capability

– We’re better at it than anyone

– In-fill process suited for us

New media-only market launches

Acquisitions – accretive, tuck-in print acquisitions remain

New media acquisitions

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Summary

Great year operationally

We outperformed the industry – again

Now prepared for slower print industry growth

Now prepared for faster online growth

Key hires – Pat Marshall and others

Many cards unplayed

Embracing our chance to tap into a huge, fast growing new market

Rather be us than any other player

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US New MediaPatrick MarshallChief New Media Officer

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US online trends

Online advertising growth continues to outpace all other media

Online advertising will reach $21.4B this year and represent 7.4% of all advertising spending

0

2

4

6

8

10

2006 2007 2008 2009 2010 2011

Source: eMarketer, Aug 07

CAGR 30%

US Internet Ad Revenues by Format

Source: IAB, Oct 07

Search41%

US Local Online Spending ($B)

Display Ads21%

Classified17%

Lead Generation8%

Rich Media 7%

Other6%

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Online strategy

Provide a large volume of highly qualified leads to our advertisers

Use an integrated network of consumer-facing sites, applications and devices

Provide consumers with highly relevant information and tools to make more informed and timely purchasing decisions

Create compelling, easy-to-navigate, feature rich environments that are available when, where, and how consumers choose to use them

Be consistent with our overarching strategy of “leads for less”

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Key measures

* Searchable advertisers down due to TWP transition pricing

76%

76

134

H1 07 H1 08

Revenue per average searchable

advertiser($)

390366

H1 07 H1 08

Searchable advertisers

at 30 Sept (000s)

6%*

4.5

8.9

Oct 07 Oct 08

Unique visitors

October (m)

101%

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Compound quarterly growth rates

Revenue ($m) Yellowbook.com Unique Visitors (m)

0

5

10

15

20

25

30

1Q07 2Q07 3Q07 4Q07 1Q08 2Q08

Yellowbook.com WebReach

CQGR 13.2%

0

5

10

15

20

25

1Q072Q073Q074Q071Q082Q08 Oct

CQGR 18.1%

Source: comScore. Includes traffic from the Yellowbook network

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Yellowbook.com traffic

0

50

100

150

200

250

Nov06

Dec06

J an07

Feb07

Mar07

Apr07

May07

J un07

J ul07

Aug07

Sep07

Oct07

Yellowbook SuperPages YellowPages Dex

Indexed Traffic Growth(November 2006 = 100)

Source: comScore. Includes traffic from the Yellowbook network

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Driving usage

Marketing communications– Very successful television campaign

Search engine optimization

Search engine marketing

In-book promotion

Personalization

Downloadable toolbar

Traffic purchases and partnering

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Site developments

Entire site is undergoing redesign Enhanced search capabilities Deeper level of personalization Expanded feature set Easier navigation Additional monetization opportunities More content Optimized for search engine discovery and mobile internet

access

Site redesign will provide more flexibility for future enhancements

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Recent launches

Video clips

Prioritization products

Click-to-call

Click-to-save-and-send

Print and internet products “decoupled”

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Video advert example

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WebReach

Budget-based PPC product with distribution through Google and Yahoo! and seven pricing levels– Includes options for website

design, hosting, and call tracking

Adding flat-rate guaranteed clicks product– Packages based on desired

monthly clicks

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We believe there will be a viable market and we intend to be in it

Mobile

Market is embryonic– No standards, multiple platforms, carrier “walled gardens”

– Fragmented marketplace

– Apple’s I-phone, Google’s Android, and Nokia’s N810

Current WAP offering generates <1% of searches

Future is multi-modal: voice in, data out– Eliminates the form factor problem

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Yellow Book audience network

Yellow Book delivers leads for less