INVESTOR PRESENTATION Corporate Responsibility

Winter 2004

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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.

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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

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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

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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

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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 2004Queens Award for Sustainable Development 2002

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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 2003Awarded the Green Apple Environment Award 2002 and 2003ISO 14001 certified since 1999

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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 2004National Safety Award 2003‘Two Ticks’ symbol for positive approach to Disabled PeopleIIP People Development and Management Standard

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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 2004BITC Big Tick for Cause Related Marketing Programme, Yellow Woods Challenge 2004BITC Big Tick for Excellence for Community Impact through Collaborative Action 2003

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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

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