1. INVESTOR PRESENTATION Corporate Responsibility Winter 2004

2. 1 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 our annual report on Form 20-F filed with the SEC on 8 June, 2004. We also draw your attention to our interim press release and SEC filing on Form 6-K which is posted on our web site, for more information on the risks and uncertainties.

3. 2 Corporate Responsibility INTEGRATED BUSINESS STRATEGY  CR embedded for over 10 years  Driven by EFQM excellence model  Part of everyday business and values  Manage Yell through balanced scorecard  Integrated CR strategy helps drive performance  Rolling out approach in US CLEAR RATIONALE  Motivating our people  Managing reputation and risk  Supporting products and brands  Satisfying stakeholders needs

4. 3 CR Approach CORPORATE PRACTICE Investors, Partners, Suppliers All people responsible through Business Conduct and Ethics  ENVIRONMENT Environmental Groups Environmental Managers, Environmental Health and Safety Champions  STAKEHOLDERS COORDINATED John Condron, Director of Strategy as Champion, CR Programme Managers and CR Steering Group  COMMUNITY Local and National Community Groups Community Managers, Regional Champions, Public Relations WORKPLACE Our People Line Managers co-ordinated through HR, Training and Development

5. 4 Business Objectives Supported by CR CUSTOMER  Promote usage and improve usability  Win new customers  Keep existing customers  Grow customers’ spend PROCESS  Improve process efficiency and quality ORGANISATIONAL  Increase satisfaction of Yell people  Attract and retain key talent  Optimise corporate practice  Grow and protect the Yell brand FINANCIAL  Increase revenue  Increase EBITDA  Generate strong cash flow

6. 5 Corporate Practice (FY 2004)  Corporate governance – The Combined Code and Sarbanes-Oxley  Customer service and support – High retention rates – 81% are satisfied with the overall service they have received  Integrity of information – ‘Legal, decent and honest’ – Strong relationships with over 25 Trade Associations – <0.1% NATC errors  Management standards – ISO 9001, ISO14001, 18001, Tick-IT Standard  Working with suppliers – Rolled out mandatory ethical and environmental guidelines Dow Jones Sustainability Indexes 2005 European Quality Award Winner 1999 and 2004 Queens Award for Sustainable Development 2002

7. 6 Environmental Programme (FY 2004)  Directory recycling – 47% recycled fibre content – 51% (YTD) of directories recycled  Paper use – Group wide commitment to sustainable forestry – Process waste reduced by 65% since 1994 - EADP leader  Energy & water – Energy decreased 29% from year ending 2003 – Water consumption 66% below Thames Water benchmark  Office waste – 46% waste diverted from landfill BITC Big Tick for Environmental Impact 2003 Awarded the Green Apple Environment Award 2002 and 2003 ISO 14001 certified since 1999

8. 7 Workplace Programme (FY 2004)  Yell people – 95% respond to annual people survey – 84% would recommend Yell as a good place to work – Job satisfaction index 76% - above ‘high performing company norms’ – Retention - sales 82%, non-sales 90%  Training & development – 2nd highest budget for T&D out of The Times Top100 Employers 2004  Equality & diversity – 53% people female, 10% from ethnic origin  Health & safety – OHSAS 18001, 1.6 accidents per 1,000 people The Times Top 100 Employers 2004 National Safety Award 2003 ‘Two Ticks’ symbol for positive approach to Disabled People IIP People Development and Management Standard

9. 8 Community Programme (FY 2004)  Community investment – 1.4% UK pre-tax profits  Working with national charity partners – Woodland Trust – Yellow Woods Challenge, 225,000 children took part – Marie Curie Cancer Care Daffodil Campaign - raised £1.9m – Equivalent advertising value over £5m  Involving our people – 23% participate in payroll giving – Volunteering programmes  Business community partnerships – Member of BITC, Reading and Slough Business Community Partnerships 18th in The Guardian’s, The Giving List 2004 BITC Big Tick for Cause Related Marketing Programme, Yellow Woods Challenge 2004 BITC Big Tick for Excellence for Community Impact through Collaborative Action 2003

10. 9 Rolling Out in the US  Entered US market in 1999 – Consolidation of platform through 22 acquisitions Good progress so far:  Corporate Practice – Sarbanes-Oxley – Customer retention increasing  Environment – Sustainable forestry – Partnership with Earth 911  Workplace – Sales-force churn down from c. 80% to 36% (YTD) – Ranked 5th in ‘The 25 Best Service Companies to Sell For’  Community – Local programmes with strong employee commitment – Support over 100 charities through co-promotion

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