1. 1 INVESTOR MEETINGS May/June 2004

2. 2 Directories – a Highly Attractive Industry  Simple, cost-effective advertising medium – first stop for SMEs  High cash conversion, low capex, attractive margins  Growth opportunities – Increasing penetration of SMEs – Shareshift and consolidation  Recession resilient $26bn Global Directories Revenues Source: The Kelsey Group, May 2004 29% Europe 55% US 16% Rest of World

3. 3 The Yell Group at a Glance Group FY 2004  Turnover up 6.5% to £1,186.9m UK 53% : US 47%  Adjusted EBITDA up 11.5% to £360.1m UK 65% : US 35%  Operating cash flow £303.5m  Pro forma diluted EPS before amortisation 25.3p  Dividend 9p per share UK 5% turnover CAGR FY 00 - 04 Yellow Pages price capped at RPI - 6% 8% growth in volume and yield Yell.com 23% turnover CAGR FY 02 - 04 36% US 42% turnover CAGR FY 00 - 04 Organic growth 11.5% Expansion through acquisition Strong margin progression

4. 4 The Yell Proposition  Focused strategy: Win, Keep, Grow  Target driven remuneration  Sales excellence  World class processes  Usage and brand building  Proven management team  Focus on strong revenue, margin growth and cash conversion  Acquisition and integration experience

5. 5 UK - Driving Growth in a Regulated Environment (1) Win  Move In / targeted pricing  Sales Segmentation  Rescoping  Growth in addressable market Keep  First Year Renewals price offers  Sales channel focus  Proven value Unique advertisers (000’s) CAGR 6% FY00 - FY04 UK directories turnover growth (£m) CAGR 5% FY00 - FY04 UK printed directories only

6. 6 UK - Driving Growth in a Regulated Environment (2) Grow  Colour – 6 options across 10 sizes – price premium from 30% to 75%  Move Up price offers  Advert size / multi-heading / multi-book  High impact adverts  Cross-sell - Yell.com Average turnover per unique advertiser Does not include Yell.com cross sell

7. 7 Driving Growth in the UK - Yell.com  27% turnover growth – searchable advertisers up 37% – page impressions up 72%  Established SME relationships  Sales expertise  Proven usage and brand - building competencies  Broad range of online products Usage growth page impressions per month (m) Turnover growth (£m)

8. 8 Competing for the SME £ Yell thrives through building relationships with SMEs based on delivering better value than competitive media CUSTOMERS Online Consumer magazines Local press Directories National press Business magazines

9. 9 Regulatory Environment – the Last Review *Affected books published from March 2002 Discounts require OFT permission to be withdrawn 1996 - 2001 2001 Yell can introduce new overlapping directories if no competitor in same area after 2 years from undertakings “Changes in Business Practice” e.g. new ad sizes or features such as colour require OFT permission Restriction removed Formula for setting maximum price of ads in re-scoped directories - unchanged RPI-6% from January 2002 * RPI-2% Formula for setting maximum price of ads in re-scoped directories No new overlapping directories

10. 10 US Expansion – 53% share of Independents 536 OUT OF 6500 US DIRECTORIES Yellow Book (acquired August 1999) McLeodUSA (acquired April 2002) NDC (acquired December 2002 Feist (acquired March 2004)

11. 11 Trends in US Market Shares Source: The Kelsey Group with Yell estimates for 2002 to 2004. Independents include online only publishers. % Revenue growth for publishers% Independents’ market share

12. 12 US Growth Strategy Win  Content  Price point  New launches / relaunches  Usage and brand focus  Service Keep  Rescoping  In-product development  Maintain service levels Grow  Headings development programme  ‘Step Up’ price offer  Geographic footprint Expansion through acquisition  Opportunities arising from continued consolidation  Platforms  In-fills Build margins  Portfolio development  Integration benefits

13. 13 Compelling Financial Characteristics  Balanced group  High levels of recurring revenues  Early revenue visibility  High margins and improving profitability  Integration benefits  High earnings growth  High cash generation  Low capex

14. 14 Yell Group - Strong Historic Growth CAGR 18% 34.7%30.2%28.3%29.0%30.3% EBITDA margin CAGR 14% 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 Turnover (£m)Adjusted EBITDA (£m)

15. 15 CAGR 5% Turnover (£m)Adjusted EBITDA (£m) 38.2% 37.2% 36.2%36.8%36.7% EBITDA margin CAGR 3% 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 Yell UK - Growth under Regulation + 1.3% + 0.6% -0.4% -4.4% -4.8% Effective Yellow Pages price reduction

16. 16 Yell US – Organic and Acquisition Growth CAGR 42% Turnover ($m)Adjusted EBITDA ($m) 12.7% CAGR 74% EBITDA margin 12.3%19.4%23.0 % Acquired Existing

17. 17 Building US Margins EBITDA margin of new directories since launch 7% 30% 63% 100% Share of turnover

18. 18 Cash Conversion and Operating Free Cash Flow Group cash conversion83%72%76%95%84% Capex £m(11)(23)(14)(16)(25) Working capital £m(26)(43)(46)(0)(32)

19. 19 Use of Free Cash Flow Acquisitions  c 2/3 FCF  Under 10x proforma EBITDA  Positive net present value  Earnings accretive, before goodwill amortisation and one-off costs Dividends  c 1/3 FCF  1/3 interim, 2/3 final  Growth in line with earnings

20. 20 Value Creation Right model in the right markets Strong positioning for growth Driving performance

21. 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