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H1 09 Interim Results for the six months ended 30 September 2008

H1 09 Interim Results for the six months ended 30 September 2008. 11 November 2008. Disclaimer.

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H1 09 Interim Results for the six months ended 30 September 2008

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  1. H1 09 Interim Resultsfor the six months ended 30 September 2008 11 November 2008

  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 release which is posted on our website, for more information on the risks and uncertainties.

  3. Agenda Introduction John Condron, CEO Financials John Davis, CFO Strategic update John Condron, CEO

  4. Financials John Davis CFO

  5. Headline results Adjusted earnings figures stated before exceptional items and amortisation throughout this presentation Net Debt : EBITDA ratio calculated at consistent currency

  6. Internet momentum continues Sold momentum even stronger

  7. Yell UK results

  8. Yellow Book USA results

  9. Yellow Book USA revenue growth Contribution to revenue growth (%) Organic Growth 2.0%

  10. Yell Publicidad results

  11. Yell Publicidad revenue growth

  12. Cash £m 18.2 (23.8) Group cash conversion 98%

  13. Analysis of debt • Natural hedging – debt denominated in currency of earnings • c.96% of debt fixed until September 2010 – gives stability • 20% covenant headroom reinstated on future earnings • Cost of debt increased to just over 8%

  14. Adjusted diluted earnings per share

  15. Guidance • Q3 Organic revenue guidance • UK -6% • US -4% • Yell Publicidad -7% • Full year EBITDA guidance maintained as broadly flat at constant FX • Q3 EBITDA considerably lower than prior year due to timing of expenditure • Cash conversion 85-90% of EBITDA • Cash tax around 20% of adjusted PBT

  16. Cost focus • £150 million previously announced • Flexing of discretionary cost this year • Additional cost savings being identified to offset further revenue pressure next year • Investment remains, particularly on internet

  17. Financial summary • Robust start to the year • Continuing to invest • Cost management to protect EBITDA • Deleveraging continues

  18. Strategic update John CondronCEO

  19. Managing in a downturn • Proving value • £24 return for every £1 spent in the UK • Call counter in UK >40,000 lines • Lead tracker in US > 37,000 lines • Investing for the future • Usage • New product development • Product rationalisation – Business Pages • Mobile

  20. Managing in a downturn cont/d… • Efficiencies and cost management • How we sell • How we produce • How we do things • Share shift continuing in US • 21% of all YP usages • Shake out continues

  21. Yellow Pages metrics Advertisers UK US Spain 224 346 346 150 143 204 Down 8.9% No Change Down 4.7% Sept 07 Sept 08 Sept 07 Sept 08 Sept 07 Sept 08 Retention 74% 72% 69% 71% 87% 80% ARPA $2,404 £1,268 £1,261 €782 $2,369 €712 Down 0.6% Down 1.5% Up 9.8% Sept 07 Sept 08 Sept 07 Sept 08 Sept 07 Sept 08

  22. Internet usage growth Unique users(millions) Unique visitors(millions) Unique visitors (millions) Yell.com Yellowbook.com network Paginasamarillas.es 5.6 9.9 13.7 4.8 6.7 Up 78% Up 17% Up 48% 7.7 Sept 07 Sept 08 Sept 07 Sept 08 Sept 07 Sept 08 Source: Yell.com ABCe Yellowbook.com network from ComScore Paginasamarillas.es network OJD Rapid growth in Yell’s online usage

  23. Internet momentum continues Advertisers UK US Spain 394 213 297 208 366 Up 2.4% Up 7.7% Down 53.9% 137 Sept 07 Sept 08 Sept 07 Sept 08 Sept 07 Sept 08 RASA £737 $443 €210 £603 Up 22.2% Up 88.5% $235 Sept 07 Sept 08 Sept 08 Sept 07 Sept 08

  24. Investor Relations: Rob Hall +44 (0)118 950 6838 www.yellgroup.com Yell, Queens Walk, Oxford Road, Reading, Berkshire RG1 7PT ™Trade mark of Yell Limited

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