Investor Day Presentation

November 20, 2003

Safe Harbor Statement

Certain statements contained in this presentation regarding R.H. Donnelley's future operating results or performance or business
plans or prospects and any other statements not constituting historical fact are "forward-looking statements" subject to the safe harbor
created by the Private Securities Litigation Reform Act of 1995. Where possible, the words "believe," "expect," “will,” "anticipate,"
"should," "planned," "estimated,” “projected,” “forecasted” (or the symbols “E” “F” “G” or “P”), "potential," "goal," "outlook," and similar
expressions, as they relate to R.H. Donnelley or its management, have been used to identify such forward-looking statements.
Regardless of any identifying phrases, these statements and all other forward-looking statements reflect only R.H. Donnelley's current
beliefs and assumptions with respect to future business plans, prospects, decisions and results, and are based on information
currently available to R.H. Donnelley. Accordingly, the statements are subject to significant risks, uncertainties and contingencies
which could cause R.H. Donnelley's actual operating results, performance or business plans or prospects to differ from those
expressed in, or implied by, these statements. Such risks, uncertainties and contingencies are described in detail in Management’s
Discussion and Analysis of Financial Condition and Results of Operations in the Company’s Annual Report on Form 10-K for the year
ended December 31, 2002, as well as the Company's other periodic filings with the Securities and Exchange Commission, and in
summary and without limitation include the following: (1) our ability to meet our substantial debt service obligations; (2) restrictive
covenants under the terms of our debt and convertible preferred stock agreements; (3) declining usage of print yellow pages
directories and changes in technology; (4) competition in the yellow pages industry and other competitive media; (5) difficulties in our
efforts to integrate the Sprint Publishing & Advertising operations into our own and our ability to achieve synergies in connection with
the acquisition; (6) SBC’s or DonTech’s actions could adversely impact our results of operations and financial condition; (7) reliance
on and extension of credit to small- and medium-sized businesses; (8) dependence on third party providers of printing, distribution
and delivery services and the sale of advertising to national accounts; (9) general economic conditions and consumer sentiment in
our markets; and (10) fluctuations in the price and availability of paper.

During this presentation, we will also refer to certain non-GAAP financial measures. You can find additional information about these
measures and a reconciliation between these measures and the comparable GAAP measures in the Appendices to this presentation,
as well as pertinent information about these measures in our Current Report on 8-K disclosing 2002 adjusted pro forma results filed
with the SEC on July 23, 2003, and our Current Report on 8-K discussing non-GAAP financial measures filed with the SEC on May 2,
2003, each of which is available on our web site under “Investor Information,” “SEC Filings.”

Financial Overview and
Investment Thesis

Investment Highlights

Recognized brand affiliation – Sprint and SBC

Leading incumbent market share

Attractive market demographics and diversity

Highly experienced and proactive management team

Compelling LBO cash flow dynamics

Only publicly traded pure play directory publisher

Track record of building shareholder value

Real GDP and Ad Spending

Source: Beige Book, Federal Reserve Bank, Third Quarter 2003

Bob Coen, McCann Erickson

Ad spending and economic
activity are closely aligned

Peaks and valleys tend to
coincide

Yellow Page performance
lags economic activity due to
annual sales cycle

DME Historical Performance

DME previously out-
performed the industry thru
1999

Changes in billing and
collections processes in 2000-
2001

Events of 9-11 impacted the
tourist driven economy

2003 performance promises
return of growth

Source: Bob Coen, McCann Erickson

Industry Forecasts

Veronis Suhler robust
forecasts may inflate industry
performance

Jack Myers’ recent flat 2004
expectations on the low side

Kelsey recent forecast to 2008

’03 ’04

Myers

’03 ’04

Veronis
Suhler

’03 ’04

Kelsey

Factors Influencing DME Growth

Constraining Influences – 2004

Acclimating to new processes, reports, management tools

Consolidation and relocation of operational headquarters

Streamlined Sales Divisions (13 to 10) result in some lack
of continuity

Local media slower to recover

Factors Influencing DME Growth

Better but not as good as we will be!

Enhancing Influences – 2004

Improving economic conditions

Full year impact of credit policy supports new business

Performance based compensation

Change in management philosophies begin to take hold

New Products/Pricing

We expect 2% - 3% growth in DME pub sales for 2004

Revenue Trend

($ in millions)

* Net of claims & adjustments

(1) For ease of computation purposes, forecasted revenues and associated measures are based on
the mid-point of the range of projected publication sales growth.

Normalizing Adjustments

(8)

(3)

Normalized Total Net Revenue

$563

$569

$579

1.1

1.8

DME Pub Sales

$542

$549

$562

1.3

2.4

Gross Directory Revenue

$552

$551

$558

(0.2)

1.3

Other Revenue*

10.5

(9.5)

Total Net Revenue

$ 571

$572

$577

0.2

0.9

Adjusted

Forecast

% Change

PF 2002

2003 E

2004⁽¹⁾

2003

2004

($ in millions)

Expense Trend

* before D&A

Base Cost Escalation - net

Expense Reduction

$(14)

$(11)

Efficiencies

$(14)

$(1)

Synergies

(9)

(11)

Subtotal

$(23)

$(12)

Expenses *

$281

$279

$274

(0.7)

1.8

Normalizing Adjustments

(5)

(11)

Normalized Expenses*

288

274

263

4.9

4.0

Adjusted

Forecast

% Change

PF 2002

2003 E

2004

2003

2004

DonTech Ad Sales/Contribution

($ in millions)

Pub Sales

$418

$403

$394

(3.6)

(2.2)

Calendar Sales

403

396

393

(1.7)

(0.8)

Partnership Income

$117

$114

$112

(2.6)

(1.8)

Actual

Forecast

% Change

2002

2003 E

2004

2003

2004

EBITDA Trend

($ in millions)

* before D&A

Adjusted

Forecast

% Change

PF 2002

2003 E

2004

2003

2004

DonTech

117

114

112

(2.6)

(1.8)

Normalized EBITDA - Total

$392

$409

$428

4.3

4.7

Normalized Revenue

$563

$569

$579

1.1

1.8

Normalized Expenses*

288

274

263

4.9

4.0

Normalized EBITDA – Donnelley

275

295

316

7.3

7.1

margin%

49%

52%

55%

Financial Overview

($ in millions)

* Excluding D&A, interest & taxes

DME Pub Sales

$542

$549

$562

1.3

2.4

Revenue

571

572

577

0.2

0.9

Expenses*

281

279

274

0.7

(1.8)

Donnelley EBITDA

290

293

303

1.0

3.4

DonTech

117

114

112

(2.6)

(1.8)

Total EBITDA

407

415

---

2.0

Net Normalizing Adjustments

(15)

Normalized EBITDA

$392

$409

$428

4.3

4.7

Adjusted

Forecast

% Change

PF 2002

2003 E

2004

2003

2004

Net Income Trend

($ in millions, except EPS)

* before preferred dividend

Adjusted

Forecast

% Change

PF 2002

2003 E

2004

2003

2004

D & A

Interest

185

179

164

Tax Provision

Adjusted Net Income*

$98

$101

$116

3.1

14.9

Total EBITDA

$407

$415

---

2.0

Adjusted Wtd. Avg. Shares

39.4

40.4

42.9

Adjusted EPS

$2.49

$2.50

$2.70

0.4

8.0

Summary Free Cash Flow Projections

($ in millions)

Total EBITDA

$407

$415

Cash Interest

170

150

Changes in Working Capital

(10)

Cash Taxes

Capital Expenditures

Free Cash Flow

$230

$240

Adjusted

Forecast

2003E

2004

Debt Repayment

($ in millions)

RHD debt repayment and deleveraging well ahead of schedule

Bank Debt

$1,389

$1,159

$919

8.875% Sr. Notes

325

Total Senior Debt

1,714

1,484

1,244

Senior Subordinated Notes

621

Total Debt

$2,335

$2,105

$1,865

Change

230

240

Leverage Ratio

5.7X

5.2X

4.5X

Balance

Estimated

1-3-03

12-31-03

12-31-04

Investment Value Proposition

Essential resource for people ready to buy

Critical medium for SME advertisers

Solid fundamental value proposition

Visible recurring revenue and loyal customers

Stable growth and high margins

Exceptional conversion of profit to FCF

Powerful combination of operating and financial leverage

Favorable Free Cash Flow Multiple

Cash is a Fact

Source: Deutsche Bank Securities Inc.

Appendix

Reconciliation of non-GAAP measures

Amounts in millions

2002PF

2003E

2004G

Reconciliation of publication sales for Sprint-branded directories

to total net revenue, normalized net revenue and GAAP net revenue

Publication sales in the period

542

549

562

Less publication sales for January 2003 directories that were not

recognized as revenue due to purchase accounting

(102)

Less publication sales not recognized as revenue in current period

(216)

(212)

(220)

Plus revenue recognized from prior period publication sales

226

216

Gross directory advertising revenue

552

235

558

Pre-press publishing revenue

Other revenue

Plus net revenue that would have been reported for publication

sales made prior to acquisition absent purchase accounting

316

Total Net Revenue

571

572

577

Less revenue from pre-press publishing contract that expired

December 2002 and all services provided ceased March 2003

(8)

(3)

Plus net revenue that would have been reported for publication

sales made prior to acquisition absent purchase accounting

Normalized Net Revenue

563

569

579

Less SPA revenue that would have been recognized

assuming the acquisition occurred on Jan. 1, 2002

(546)

Plus RHD revenue from SPA that would have been eliminated as intercompany

revenue assuming the acquisition occurred on Jan. 1, 2002

Less net revenue from publication sales made prior to acquisition

that were not recognized due to purchase accounting adjustment

(316)

(2)

Plus revenue from pre-press publishing contract that expired

December 2002 and all services provided ceased March 2003

Net Revenue - GAAP

256

577

Reconciliation of non-GAAP measures
(cont’d)

Amounts in millions

2002PF

2003E

2004G

Reconciliation of GAAP expenses to adjusted expenses, excluding

depreciation and amortization ("D&A") to normalized expenses,

excluding D&A

GAAP expenses

282

333

Less D&A - GAAP

(6)

(66)

(59)

GAAP expenses, excluding D&A

216

274

Plus SPA expenses that would have been recognized

assuming the acquisition occurred on Jan. 1, 2002

253

Less SPA expenses for services provided by RHD that would have been eliminated

as intercompany expenses assuming the acquisition occurred on Jan. 1, 2002

(44)

Plus purchase accounting adjustment to state assets at FMV

Plus expenses that would have been reported for publication

sales made prior to acquisition absent purchase accounting

Plus restructuring benefit

Less investment impairment charge

(2)

Adjusted expenses, excluding D&A

281

279

274

Less restructuring charges

(10)

(8)

Less purchase accounting adjustment to state assets at FMV

(8)

Plus favorable adjustments to bad debt provision to more properly reflect

management's best estimate of bad debts to be incurred

Plus additional advertising and insurance expense that management

estimates would have been incurred had the acquisition occurred on Jan 1, 2002

Less additional expense from purchase accounting adjustment to

state assets at FMV

(3)

Other

(3)

(1)

Normalized expenses, excluding D&A

288

274

263

Reconciliation of non-GAAP measures
(cont’d)

Amounts in millions

2002

2003E

2004G

Reconciliation of publication sales for SBC directories for which

DonTech sells advertising to partnership income from DonTech

Publication sales in the period

418

403

394

Less the value of contracts executed and reported as calendar

sales in prior periods

(155)

(140)

(133)

Plus the value of contracts executed during the period to be

reported as publication sales in future periods

140

133

132

Calendar sales

403

396

393

Commission revenue from above calendar sales

102

100

Partnership net expenses

(65)

(66)

Partnership profit

Company's 50% share of partnership profits

Revenue participation income from above calendar sales

Partnership income from DonTech - GAAP

117

114

112

Reconciliation of non-GAAP measures
(cont’d)

Amounts in millions

2002PF

2003E

2004G

Reconciliation of GAAP net income (loss) to Donnelley EBITDA,

normalized Donnelley EBITDA and total normalized EBITDA

and calculation of normalized Donnelley EBITDA margin

Net income (loss) - GAAP

(51)

116

Plus tax expense (benefit)

(38)

Plus interest expense, net

179

164

Plus depreciation and amortization

Less other income

(2)

Less DonTech partnership income

(117)

(114)

(112)

Donnelley EBITDA

303

Plus net revenue that would have been reported for publication

sales made prior to acquisition absent purchase accounting

316

Less expenses that would have been reported for publication

sales made prior to acquisition absent purchase accounting

(63)

Plus SPA revenue that would have been recognized

assuming the acquisition occurred on Jan. 1, 2002

546

Less RHD revenue from SPA that would have been eliminated as intercompany

revenue assuming the acquisition occurred on Jan. 1, 2002

(50)

Less SPA expenses, excluding depreciation and amortization,

that would have been recognized assuming the acquisition occurred on Jan. 1, 2002

(253)

Plus SPA expenses for services provided by RHD that would have been eliminated

as intercompany expenses assuming the acquisition occurred on Jan. 1, 2002

Less RHD partnership income from SPA that would have been eliminated as

intercompany partnership income assuming the acquisition occurred on Jan. 1, 2002

(20)

Less revenue from pre-press publishing contract that expired

December 2002 and all services provided ceased March 2003

(8)

(3)

(Less) plus restructuring (benefit) charge

(6)

Plus investment impairment charge

Plus additional expense from purchase accounting adjustment to state assets at FMV

Less additional advertising and insurance expense that management estimates

would have been incurred had the acquisition occurred on Jan. 1, 2002

(9)

Less favorable adjustments to bad debt provision to more properly

reflect management's best estimate of bad debts to be incurred

(9)

(6)

Other

Normalized EBITDA - Donnelley (A)

275

295

316

Plus DonTech partnership income

117

114

112

Total Normalized EBITDA

392

409

428

Normalized net revenue - see separate reconciliation (B)

563

569

579

Normalized Donnelley EBITDA margin (A/B)

49%

52%

55%

Reconciliation of non-GAAP measures
(cont’d)

Amounts in millions

2002PF

2003E

2004G

Reconciliation of GAAP net income (loss) to EBITDA, adjusted EBITDA

and normalized EBITDA

Net income (loss) - GAAP

(51)

116

Plus tax expense (benefit)

(38)

Plus interest expense, net

179

164

Plus depreciation and amortization

Less other income

(2)

EBITDA

152

154

415

Plus net revenue that would have been reported for publication

sales made prior to acquisition absent purchase accounting

316

Less expenses that would have been reported for publication

sales made prior to acquisition absent purchase accounting

(63)

Plus SPA revenue that would have been recognized

assuming the acquisition occurred on Jan. 1, 2002

546

Less RHD revenue from SPA that would have been eliminated as intercompany

revenue assuming the acquisition occurred on Jan. 1, 2002

(50)

Less SPA expenses, excluding depreciation and amortization,

that would have been recognized assuming the acquisition

occurred on Jan. 1, 2002

(253)

Plus SPA expenses for services provided by RHD that would have been eliminated

as intercompany expenses assuming the acquisition occurred on Jan. 1, 2002

Less RHD partnership income from SPA that would have been eliminated as

intercompany partnership income assuming the acquisition occurred on

on Jan. 1, 2002

(20)

Less purchase accounting adjustment to state assets at FMV

(8)

2002 Pro forma EBITDA per 8-K filed

411

Less restructuring benefit

(6)

Plus investment impairment charge

Adjusted EBITDA

407

415

Plus restructuring charges

Less revenue from pre-press publishing contract that expired

December 2002 and all services provided ceased March 2003

(8)

(3)

Plus additional expense from purchase accounting adjustment to

to state assets at FMV

Plus net revenue that would have been reported for publication

sales made prior to acquisition absent purchase accounting

Less additional advertising and insurance expense that management estimates

would have been incurred had the acquisition occurred on Jan. 1, 2002

(9)

Less favorable adjustment to bad debt provision to more properly reflect

management's best estimate of bad debts to be incurred

(9)

(6)

Other

Normalized EBITDA

392

409

428

Reconciliation of non-GAAP measures
(cont’d)

Amounts in millions

2002PF

2003E

2004G

Reconciliation of adjusted EBITDA to adjusted net income

Adjusted EBITDA - see prior reconciliation to GAAP net income (loss)

407

415

Less depreciation and amortization

(6)

(66)

(59)

Less additional depreciation and amortization that would have

been incurred assuming the acquisition occurred on Jan. 1, 2002

(59)

Less interest expense

(185)

(179)

(164)

Less tax provision

(59)

(61)

(76)

Adjusted net income

101

116

Reconciliation of non-GAAP measures
(cont’d)

Amounts in millions

2003E

2004G

Reconciliation of GAAP cash flow from operations

to free cash flow

Cash flow from operations - GAAP

247

255

Less capital expenditures

(17)

(15)

Free cash flow

230

240

Amounts in millions

2002PF

2003E

2004G

Reconciliation of GAAP diluted shares to adjusted

weighted average shares outstanding

Weighted average diluted shares outstanding - GAAP

30.3

31.4

33.1

Additional diluted shares assuming Preferred Stock was

converted to common shares at beginning of period

9.1

9.0

9.8

Adjusted weighted average diluted shares outstanding

39.4

40.4

42.9

Amounts in millions, except earnings per share

2002PF

2003E

2004G

Calculation of Adjusted EPS

Adjusted net income - see separate reconciliation to GAAP net income (loss)

101

116

Adjusted weighted average diluted shares outstanding

39.4

40.4

42.9

Adjusted EPS

2.49

2.50

2.70