FY 09 preliminary resultsfor the year ended 31March 2009

20 May 2009

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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

5

Headline results

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

Year ended 31 March 2009 (£m) Actual Growth

Growth at constant

FX

Revenue 2,397.9 8.1% (4.6%)

Adjusted EBITDA 816.1 10.4% (1.8%)

Adjusted EBITDA margin 34.0%

Operating cash flow 730.2 16.6% 4.9%

Cash conversion 89.5%

Free cash flow before refinancing cost and exceptionals

395.2 34.5%

Adjusted diluted earnings per share 41.0p 9.3% (3.5%)

Statutory diluted earnings per share (147.9p)

Net Debt:EBITDA at consistent fx 4.7x -0.2x

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Internet revenue

Revenue Growth

Internet contribution to

total

UK £164.5m 18.2% 23.8%

US $227.3m 97.5% 11.6%

Spain €50.0m 13.4%* 10.9%

LatAm €16.3m 48.2% 9.6%

Total £357.4m 37.8% 14.9%

Note:. Publicom excluded in LatAm growth. * Lower growth rate reflects current unbundling of print and online prices

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Yell UK results

Twelve months ended 31 March2008£m

2009£m Change

Revenue

Printed directories 565.9 504.4 (10.9%)

Yell.com 139.2 164.5 18.2%

Other 27.0 23.2 (14.1%)

Yell UK 732.1 692.1 (5.5%)

Yell EBITDA UK 260.6 266.7 2.3%

Margin 35.6% 38.5%

Yell UK Cost 471.5 425.4 9.8%

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Yellow Book USA results

Twelve months ended 31 March2008£m

2009£m Change

Revenue

Printed directories at 07/08 FX rate 943.8 864.3 (8.4%)

Yellowbook.com at 07/08 FX rate 57.4 113.3 97.5%

Yellow Book USA at 07/08 FX rate 1,001.2 977.6 (2.4%)

Exchange impact - 204.6

Yellow Book USA 1,001.2 1,182.2 18.1%

EBITDA

Yellow Book USA at 07/08 FX rate 292.4 280.7 (4.0%)

Exchange impact - 59.5

Yellow Book USA 292.4 340.2 16.3%

Margin 29.2% 28.7%

Yellow Book USA Cost at 07/08 FX rate 708.7 696.4 1.7%

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(9.2)

20.5

0.90.5

(0.6)5.6

0.4

18.1

(2.4)(3.3)(3.8)

Print SameMarketDecline

Launches Internet Dis-continued

TotalOrganicDecline

Acquisitions TotalDeclineBefore

Resheduling

Resheduling Total $ FX TotalReported £

Yellow Book USA revenue

Organic Growth -3.8%

Contribution to revenue growth (%)

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Yell Publicidad results

Twelve months ended 31 March2008£m

2009£m Change

Revenue

Spain Print at 07/08 FX rate 263.8 224.9 (14.7%)

Spain Internet at 07/08 FX rate 31.3 35.6 13.4%

Spain other at 07/08 FX rate 79.4 65.3 (17.9%)

Latam at 07/08 FX rate 110.9 120.7 8.8%

Yell Publicidad at 07/08 FX rate 485.4 446.5 (8.0%)

Exchange impact - 77.1

Yell Publicidad 485.4 523.6 7.9%

EBITDA

Yell Publicidad at 07/08 FX rate 185.9 178.4 (4.0%)

Exchange impact - 30.8

Yell Publicidad 185.9 209.2 12.5%

Margin 38.3% 40.0%

Yell Publicidad Cost at 07/08 FX rate 299.5 268.1 10.5%

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Adjusted diluted earnings per share

Year ended 31 March 2008pence

2009 pence Change

Actual diluted EPS 26.3 (147.9) (662.4%)

Exceptional 0.7 13.7

Impairment 0.0 164.9

Amortisation 9.4 10.8

Other 1.1 (0.5)

Adjusted diluted EPS 37.5 41.0 9.3%

FX (4.8)

Underlying adjusted diluted EPS 37.5 36.2 (3.5%)

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Cash conversion 89.5% - up 5%

816730

395 338

68

276

5957

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AdjustedEBITDA

Workingcapital

Capex Operatingcash flow

Cash interest Cash tax Free cashflows beforeexceptionals

Exceptionals Free cashflows

Cash

£m

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Analysis of debt

Net Debt at 31 March 2008 (£3,759.4m)

Free cashflow pre exceptionals £395.2m

Exceptionals and other(£85.1m)

2008 final Dividend(£44.1m)

FX impact at closing rate(£713.8m)

Net debt at closing FX rate(£4,207.2m)

Net debt at average/covenant rate(£3,842.1m)

Net debt to EBITDA 4.7x

Natural hedging – debt denominated in currency of earnings

c.96% of debt fixed until September 2010 – gives stability

15% covenant headroom at year end

Cost of debt increased marginally to just over 8%

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Guidance

Q1 Group Organic Revenue -11%

Q1 EBITDA -20% due to revenue pressure and phasing

Q1 covenant headroom c.14%

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Covenants

Adjusted EBITDA to cash Interest

Test date 31 Mar 09 30 Jun 09 30 Sep 09 31 Dec 09 31 Mar 10

Ratio 2.50 : 1 2.36 : 1 2.29 : 1 2.37 : 1 2.45 : 1

Headroom 16% 15% (est)

Net Debt to adjusted EBITDA

Test date 31 Mar 09 30 Jun 09 30 Sep 09 31 Dec 09 31 Mar 10

Ratio 5.55 : 1 5.71 : 1 5.58 : 1 5.38 : 1 5.17 : 1

Headroom 15% 14% (est)

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Conclusion

Strong results against deteriorating economic environment

Cash fully met interest and debt repayment

Refinancing before April 2011 a priority

Strategic updateJohn CondronCEO

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Proving print value

Usage remains– In the UK 48 million leads are generated by Yellow Pages each month*– 85% of US adults used Yellow Pages in 2008**– 548 leads every minute from Paginas Amarillas in Spain***

Value remains– £24 return for every £1 spent in the UK*– Call counter geo and Lead tracker

Print developments– Resizing US books– Menus, guides, coupons– 2D bar codes

US competition– Aggressive price competition from incumbents– Independents leaving markets

*Saville Rossiter 2008-09 (Mar 09) ** Knowledge Networks Statistical Research Apr 09 ***Monitor de uso GFK 2008

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Yellow Pages metrics

390434

Mar 08 Mar 09

Advertisers

UK SpainUS

634686

Mar 08 Mar 09

285321

Mar 08 Mar 09

Mar 08 Mar 09 Mar 08 Mar 09 Mar 08 Mar 09

74% 73%Retention

85% 78%70% 68%

ARPA

- 10.1% - 7.6% - 11.2%

£1,304 £1,293 $2,762 $2,737 €920 €881

- 0.8% - 0.9% - 4.2%

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Internet usage growth

10.7

8.5

Mar 08 Mar 09

16.8

13.5

Mar 08 Mar 09

6.9

5.5

Mar 08 Mar 09

Unique users(millions)

Unique visitors(millions)

Unique users (millions)

Yell.com Paginasamarillas.es

Yellowbook network from comScore

Paginasamarillas.es network OJDSource: Yell.com ABCe

Yellowbook network

Content Leads

+ 26%+ 24% + 26%

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Internet momentum continues

217209

Mar 08 Mar 09

Advertisers

UK SpainUS

366378

Mar 08 Mar 09

116

225

Mar 08 Mar 09

Mar 08 Mar 09 Mar 08 Mar 09 Mar 08 Mar 09

RASA

£679£772

€158

$598 €329

+ 4% - 3%

- 48%

$308

+ 14% + 94% + 109%

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Focus on efficiency

Improved sales efficiency– Fewer prospect customers

– Automation

– Rescheduling to improve capacity

Back office and process focus

Future investment is vital

Investor Relations: Rob Hall +44 (0)118 950 6838

www.yellgroup.com

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