Mr. Franco Sciannamblo reports

YELLOW PAGES LIMITED ANNOUNCES PLAN FOR $50 MILLION SHARE BUYBACK AND $12 MILLION PENSION PLAN VOLUNTARY CONTRIBUTION

Yellow Pages Ltd.'s board has approved a distribution to the company's shareholders of approximately $50-million by way of a share repurchase from all shareholders pursuant to a statutory arrangement under the Business Corporations Act (British Columbia). The arrangement will be effected pursuant to a plan of arrangement which provides that the company will repurchase from shareholders pro rata an aggregate of 4,440,497 common shares at a purchase price of $11.26 per share, which represents the volume-weighted average price for the five consecutive trading days ending the trading day immediately prior to Oct. 19, 2023.

Under the arrangement, the company will also advance the previously announced voluntary incremental cash contributions to the company's defined benefit pension plan's wind-up deficit by an amount of $12-million during the year ending Dec. 31, 2023, bringing 2023 cash payments to the pension plan's wind-up deficit to $18-million by the end of the year. The incremental voluntary cash infusion of $12-million during the year ended Dec. 31, 2023, represents advancing the voluntary $6-million contributions intended in years 2025 and 2026 that were part of the deficit reduction plan announced in May of 2021 to increase the probability that the pension plan will be fully financed by 2030. The probability of achieving a wind-up ratio of 100 per cent by 2030 is dependent upon certain uncontrollable factors, including, among others, market returns and discount rates. The board will continue to review the deficit reduction plan annually.

The arrangement is subject to the approval of at least 66-2/3 per cent of the votes cast by the holders of shares at a special meeting of shareholders that is scheduled to be held virtually on Nov. 30, 2023, to approve the arrangement. The record date for the meeting has been set at the close of business on Oct. 23, 2023. The arrangement is expected to be completed before the end of 2023. Shareholders holding in excess of 77 per cent of the outstanding shares have agreed with the company to vote in favour of the arrangement. The arrangement is also subject to the receipt of the approval of the Supreme Court of British Columbia.

About Yellow Pages Ltd.

Yellow Pages is a Canadian digital media and marketing company that creates opportunities for buyers and sellers to interact and transact in the local economy. Yellow Pages holds some of Canada's leading local on-line properties including YP.ca, Canada411.ca and 411.ca. The company also holds the YP, Canada411 and 411 mobile applications and Yellow Pages print directories.

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