1. PRELIMINARY RESULTS for the year ended 31 March 2005 17 May 2005

2. 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 on Form 20-F of our subsidiary, Yell Finance BV, that was filed with the SEC on 8 June 2004. We also draw your attention to our press release which is posted on our web site, for more information on the risks and uncertainties. Our annual report for the year ended 31 March 2005 will be posted to shareholders and on our web site in June 2005, and at the same time the annual report on form 20-F of our subsidiary, Yell Finance BV, will be filed with the SEC.

3. 3 Agenda FINANCIALSJohn Davis, CFO Results IFRS impact INTRODUCTIONJohn Condron, CEO STRATEGIC UPDATEJohn Condron, CEO Revenue drivers Competition Commission Priorities

4. JOHN DAVIS CFO

5. 5 Headline Results Growth Actual Constant FX Turnover£1,285.3m8.3%12.8% Adjusted EBITDA£402.8m11.9%15.8% Adjusted operating cash flow£347.2m14.4%17.6% Cash conversion86.2% Dividends£88.3m Acquisitions£31.8m Diluted earnings per share before amortisation and exceptional costs 30.4p20.2% Dividends per share 12.6p40.0%

6. 6 Yell Group - Strong Historic Growth CAGR 14% 33.228.329.030.331.3 EBITDA margin % CAGR 15% Adjusted EBITDA excludes buyout arrangement under BT ownership in FY02, IPO costs and restructuring costs relating to the closure of a Yellow Book West production site in FY03, IPO costs in FY04 and costs from lawsuits associated with a Yellow Book advertising campaign in FY05. Turnover (£m)Adjusted EBITDA (£m)

7. 7 CAGR 4.6% Turnover (£m)Adjusted EBITDA (£m) 37.236.236.836.736.2 EBITDA margin % Yell UK – Growth Under Regulation +0.6-0.4-4.4-4.8-3.3 Effective Yellow Pages price reduction % CAGR 4.0% Adjusted EBITDA excludes buyout arrangement under BT ownership in FY02, IPO costs and restructuring costs relating to the closure of a Yellow Book West production site in FY03, IPO costs in FY04 and costs from lawsuits associated with a Yellow Book advertising campaign in FY05.

8. 8 Yell US – Organic and Acquisition Growth CAGR 36% Turnover ($m)Adjusted EBITDA ($m) 12.712.319.423.026.1 EBITDA margin % 331 409 775 940 1,149 41 50 151 216 300 CAGR 64% Existing Acquired

9. 9 US Turnover Growth % Contribution to turnover growth

10. 10 Building US Margins EBITDA margin of new directories since launch 3% 31% 66% 100% Share of turnover FY 05

11. 11 Cash GROUP CASH CONVERSION 86% £m

12. 12 Analysis of Debt At 31 March 2005 £m Senior bank (inc Revolver)(851.0) High yield(309.3) Cash55.5 Leases(1.3) Net debt(1,106.1)38% $ denominated Natural currency hedge Year end 31 March $m EBITDA originating in US300 $ interest55 Net $ earnings exposure before tax245 Net debt : EBITDA 2.7x

13. 13 Effective Tax Rate Share of profits Average tax rate UK52%30% US48%35% Weighted32% US allowable amortisation(4%) US losses(2%) Other tax allowable items(1%) Tax rate on headline PBT25%

14. 14 Diluted EPS Before Amortisation and Exceptional Items EPS Pence Contribution to Growth 2004 earnings (pro forma) 25.3 Operating profit growth 4.718.6% Lower interest expense1.66.3% Higher tax rate(1.0)(3.9%) Increased shares in issue(0.2)(0.8%) 2005 earnings30.4 20.2%

15. 15 Exceptional Costs FY 2005 Exceptional costs of £36.5m £22.8m after tax  Verizon law suit settlement  Proposed class action settlement FY 2004 Exceptional IPO costs of£148.5m £111.3m after tax

16. 16 IFRS Impact £m FY05 ReportedOptionsPensionTax FY05 IFRS Change UK adjusted EBITDA240.7(1.6)(6.7)-232.4(3.4%) US adjusted EBITDA162.1(1.5)--160.6(0.9%) Group adjusted EBITDA402.8(3.1)(6.7)-393.0(2.4%) Interest(91.0)-(2.3)-(93.3)(2.5%) Ordinary Tax(73.2)1.12.7(16.2)(85.6)(16.9%) Adjusted PAT215.6(2.0)(6.3)(16.2)191.1(11.4%) Adjusted EPS30.4p(0.3p)(0.9p)(2.2p)27.0p(11.2%) Operating Cash347.2--- - Based on current IFRS practice

17. JOHN CONDRON CEO

18. 18 UK Revenue Drivers Unique advertisers (000s)Average turnover per unique advertiser (£) Printed directories only +0.6-0.4-4.4-4.8-3.3 Effective Yellow Pages price reduction % 418 438 451 480 478 8380787775 Retention %

19. 19 UK Win, Keep and Grow  117,000 new advertisers –14% growth in advertisers over five years  Retention 75% –Competition –New advertiser dilution  ARPA up 3.5%  25 new directories after rescoping  Portfolio approach

20. 20 Yell.com – 40% turnover growth  37% growth in searchable advertisers  23,000 on-line only advertisers  Searches grown 11%  Advertiser proposition enhanced through Google distribution  Yell.com Mobile Searchable advertisers (000s)

21. 21 % Revenue growth for publishers% Independents’ market share US Share Shift Continues Source: The Kelsey Group. Independents exclude online only publishers.

22. 22 US Revenue Drivers Unique advertisers (000s)Average turnover per unique advertiser ($) Printed directories only 7470707071 Retention %

23. 23 US Win, Keep and Grow  Organic growth contributed 14.2% to overall turnover growth of 22.3% –Same market growth – 11.1% including relaunches –New launches – 3.1%  Acquisitions contributed 8.4% to overall turnover growth –Integration of Feist  Usage and brand –Continuing national branding campaign  Yell.com working with Yellowbook.com

24. 24 47% US Independent Market Share 565 OUT OF 6,500 US DIRECTORIES Yellow Book (acquired August 1999) McLeodUSA (acquired April 2002) NDC (acquired December 2002) Feist (acquired March 2004) New Launches

25. 25 Competition Commission Investigation Changes under new regime – Enterprise Act  One of first companies under new regime (excluding mergers)  Secretary of State no longer involved  Publication of CC thinking as process unfolds giving opportunity for fresh input  Possible route to Competition Appeals Tribunal if not satisfied

26. 26 Timetable for Investigation Gathering information; issuing questionnaires; assessing evidence from parties Statement of issues published Issues hearings Notifying emerging thinking Deadline for parties’ responses / submissions required before provisional findings Notifying provisional findings Notifying and considering possible remedies (if required) Remedies hearings (if required) Publish report Statutory deadline April to July August September to October Mid November 13 January 2006 Early February 2006 February 2006 March / April 2006 End June 2006 4 April 2007

27. 27 Approach to Competition Commission Investigation  Hands-on leadership by Yell top team  Premier professional advisers –Legal, economics, finance, public affairs  Consistent key themes –Competition is real not theoretical –Prices have declined by more than rate cap – Discounts – Rescoping –Margins driven by quality, efficiency and volume –Regulation impeding innovation

28. 28 Priorities UK  Build on proven success of revenue drivers  Rapid growth of Yell.com continued  Strong arguments to Competition Commission US  Strong organic growth continues  Expansion through launches accelerating  Build on Yell.com expertise at Yellowbook.com

29. Investor Relations: Jill Sherratt +44 (0)118 950 6984 www.yellgroup.com Yell, Queens Walk, Oxford Road, Reading, Berkshire RG1 7PT ™Trade mark of Yell Limited