PRELIMINARY RESULTSfor the year ended 31 March 2005

17 May 2005

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

Agenda

FINANCIALS John Davis, CFOResults

IFRS impact

INTRODUCTION John Condron, CEO

STRATEGIC UPDATE John Condron, CEORevenue drivers

Competition CommissionPriorities

JOHN DAVIS CFO

5

Headline Results

Growth

ActualConstant

FX

Turnover £1,285.3m 8.3% 12.8%

Adjusted EBITDA £402.8m 11.9% 15.8%

Adjusted operating cash flow £347.2m 14.4% 17.6%

Cash conversion 86.2%

Dividends £88.3m

Acquisitions £31.8m

Diluted earnings per share before amortisation and exceptional costs

30.4p 20.2%

Dividends per share 12.6p 40.0%

6

Yell Group - Strong Historic Growth

206 210 226 233

28 35

97127

162

241

2001 2002 2003 2004 2005

US

UK

554 581 615 635 664

220284

499552

621

2001 2002 2003 2004 2005

US

UK CAGR 14%

33.2 28.3 29.0 30.3 31.3

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

206 210226 233 241

2001 2002 2003 2004 2005

554581

615 635664

2001 2002 2003 2004 2005

CAGR 4.6%

Turnover (£m) Adjusted EBITDA (£m)

37.2 36.2 36.8 36.7 36.2

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

Yell US – Organic and Acquisition Growth

2001 2002 2003 2004 2005

331 409 465

868

1149

2001 2002 2003 2004 2005

CAGR 36%

Turnover ($m) Adjusted EBITDA ($m)

12.7 12.3 19.4 23.0 26.1

EBITDA margin %

331409

775

940

1,149

41 50

151

216

300

CAGR 64%

Existing

Acquired

9

11.1

3.1

8.4

0.3

9.8

12.5

22.3

Same marketgrowth

Newlaunches

Acquisitions Rescheduling/ Other

Growthbefore FX

Exchangeimpact

Total growth

US Turnover Growth

% Contribution to turnover growth

10

Building US Margins

3%

16%

32%

26%

1 Year 2-3 Years 4+ Years All Directories

EBITDA margin of new directories since launch

3% 31% 66%

100%

Share of turnover FY 05

11

Cash

GROUP CASH CONVERSION 86%

403

3224

32

230

347

13

72

AdjustedEBITDA

Workingcapital

Capex Operatingcash flow

Cashinterest

Cash tax Exceptionallegal

expenses

Free cashflow

£m

12

Analysis of Debt

At 31 March 2005£m

Senior bank (inc Revolver) (851.0)

High yield (309.3)

Cash 55.5

Leases (1.3)

Net debt (1,106.1)38% $ denominated

Natural currency hedgeYear end 31 March

$m

EBITDA originating in US 300

$ interest 55

Net $ earnings exposure before tax

245

Net debt : EBITDA 2.7x

13

Effective Tax Rate

Share of profits

Average tax rate

UK 52% 30%

US 48% 35%

Weighted 32%

US allowable amortisation (4%)

US losses (2%)

Other tax allowable items (1%)

Tax rate on headline PBT 25%

14

Diluted EPS Before Amortisation and Exceptional Items

EPS Pence

Contribution to Growth

2004 earnings (pro forma) 25.3

Operating profit growth 4.7 18.6%

Lower interest expense 1.6 6.3%

Higher tax rate (1.0) (3.9%)

Increased shares in issue (0.2)(0.8%)

2005 earnings 30.4 20.2%

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

IFRS Impact

£m

FY05 Reporte

dOption

sPensio

n TaxFY05IFRS

Change

UK adjusted EBITDA 240.7 (1.6) (6.7) - 232.4(3.4%)

US adjusted EBITDA 162.1 (1.5) - - 160.6(0.9%)

Group adjusted EBITDA

402.8 (3.1) (6.7) - 393.0(2.4%)

Interest (91.0) - (2.3) - (93.3)(2.5%)

Ordinary Tax (73.2) 1.1 2.7 (16.2) (85.6) (16.9%)

Adjusted PAT 215.6 (2.0) (6.3) (16.2) 191.1 (11.4%)

Adjusted EPS 30.4p(0.3p) (0.9p) (2.2p) 27.0p

(11.2%)

Operating Cash 347.2 - - - 347.2 -

Based on current IFRS practice

JOHN CONDRONCEO

18

UK Revenue Drivers

1,239 1,234

1,272

1,237

1,280

2001 2002 2003 2004 2005

107101 102

116 117

2001 2002 2003 2004 2005

New advertisersRetained c ustomers

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 451480 478

83 80 78 77 75

Retention %

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

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

56

75

103

141

2002 2003 2004 2005

Searchable advertisers (000s)

21

8

10 1011

12

15

17

1998 1999 2000 2001 2002 2003 2004

4.0 4.0 3.0 3.0

-2.0

25.0

20.0

25.0

9.0 10.0

19.0

13.0

-0.2 -0.4

1998 1999 2000 2001 2002 2003 2004E

Inc umbents

Independents

% Revenue growth for publishers % Independents’ market share

US Share Shift Continues

Source: The Kelsey Group. Independents exclude online only publishers.

22

US Revenue Drivers

2,135

2,450

2,135

2,4342,525

2001 2002 2003 2004 2005

152 166

363386

455

2001 2002 2003 2004 2005

Unique advertisers (000s) Average turnover per unique advertiser ($)

Printed directories only

74 70 70 70 71

Retention %

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

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

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

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

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

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

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