HIBU.L Regulatory News (HIBU)

For Immediate Release 16 February, 2012

Yell Group Plc ("Yell")

Yell Response to Office of Fair Trading Statement on Review of Undertakings

Yell welcomes the announcement by the Office of Fair Trading today that it is carrying out a review of the undertakings given by Yell to the Competition Commission in April 2007 in relation to its UK print classified directory business.

Yell looks forward to working with the Office of Fair Trading to assist it in its review and will continue to do so throughout this process.

Ends

Enquiries:

Notes to Editors:

1. The OFT is required by s.162 Enterprise Act 2002 to keep under review any undertakings given to the Competition Commission following a market investigation and to consider, from time to time, whether, by reason of a change of circumstances, any set of undertakings is no longer appropriate and should be varied or terminated. The OFT will advise the Competition Commission on such matters as it considers appropriate.

2. Responsibility for deciding to vary or terminate any set of undertakings lies with the Competition Commission. The decision by the Competition Commission will be made in light of the advice from the OFT.

3. Yell gave undertakings to the Competition Commission on 4 April 2007 following the completion of the Competition Commission's report on its market investigation into the supply of classified advertising directory services (published on 21 December 2006). The undertakings note that the Competition Commission recommended that the undertakings be reviewed by the OFT after a period of three years from the date of acceptance of these undertakings. This period ended on 4 April 2010.

4. The undertakings required Yell to comply with a number of restrictions, including a price control of RPI-6% until March 2008 on the prices charged by Yell in the UK for its classified Yellow Pages print advertising; a price control of RPI was then be applied from that date onwards. Other remedies included the permitting of volume discounts provided they were published and available to all advertisers; lifting of a block on Yell publishing local - or "second tier" - directories, but subject to certain restrictions; and Yell to be allowed to publish themed guides - on particular topics - provided they contain only a limited number of classifications.

5. There is no fixed timetable in which a review of undertakings must be completed. However, the OFT and Competition Commission will endeavour to conduct each review as quickly as possible.

About Yell

Yell Group is a leading provider of digital services within the emerging local eMarketplace for consumers and SMEs across its operations in the UK, US, Spain and some countries in Latin America.

Building on its strong presence in the local market through its current digital and print portfolio, Yell is developing a broad range of digital services tailored to the converging needs of SMEs and consumers.

These address both the SMEs' need to grow, transact and be efficient in the digital world, and the consumers' need to connect locally to the goods and services they want, in a way which saves them time and money, and moves their lives forward.

In the year ended 31 March 2011, Yell Group had 1.3 million SME customers.

www.yellgroup.com