INTERIM RESULTS for the six months ended 30 September 2004

1
INTERIM RESULTSfor the six months ended 30
September 2004

• 9 November 2004

2
Disclaimer

• This presentation contains forward-looking
  statements including with respect to Yells
  business outlook. 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
JOHN CONDRONCEO
4
Strong results

• Turnover up 6.3. 12.3 at constant fx
• EBITDA up 9.8. 14.6 at constant fx
• Operating cash flow less capex up 11.014.6 at
  constant fx
• Pro forma diluted EPS before amortisation up
  18.3 to 15.5p
• Interim dividend per share up 40 to 4.2p

ON TRACK FOR FULL YEAR EXPECTATIONS
Note Earnings and cash flow figures stated
before exceptional US legal costs in 2004 and
exceptional costs arising on IPO in 2003
5
UK Headlines

• Advertiser numbers up 1.2
• Focus on win to drive growth in future
• Retention down to 75 reflecting growth in
  advertiser base
• Turnover per unique advertiser up 0.4
• Regulatory price reduction of 3.5
• Continued use of price incentives
• 5 rescopes - 3 in competitive London market
• 39 growth in Yell.com searchable advertisers
• 37 increase in usage
• Enhanced local search launched Yell.com mobile
• Yellow Pages 118 24 7 advertisers up 65
• Consistent record for highest quality service

6
US Headlines

• Advertiser numbers up 13.3
• Retention up to 72
• Turnover per unique advertiser up 8.8
• Focus on same market growth
• Four new launches
• Acquisitions going well
• Yellowbook.com enhanced
• Launch of new search engine
• Verizon legal action
• Return to competition in the market rather than
  in court

7
JOHN DAVIS CFO
8
Financial Headlines
Earnings and cash flow figures stated before
exceptional items
9
Turnover
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US Turnover Growth
H1 05 FX 1.81 1.00H1 04 FX 1.62 1.00
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Adjusted EBITDA
All numbers stated before exceptional items
12
Cashflow
All numbers stated before exceptional items
13
Diluted earnings per share
All numbers stated before exceptional items
14
Dividend and Capital Structure

• 40 dividend increase at interim, same proposed
  for final
• To grow at least in line with earnings
• Significant capacity remains for acquisitions
• Optimum capital structure remains at 3-4x EBITDA

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Conclusion

• Continuing strong operational growth
• Strong increase in earnings and dividend
• Growth capacity remains

ON TRACK FOR FULL YEAR EXPECTATIONS
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• 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