Mr. Franco Sciannamblo reports

YELLOW PAGES LIMITED ANNOUNCES APPROVAL OF THE ARRANGEMENT AT SPECIAL MEETING

Yellow Pages Ltd. shareholders have approved the company's previously announced arrangement under the Business Corporation Act (British Columbia) at a special meeting of the shareholders held earlier today.

The special resolution approving the arrangement was approved by 99.85 per cent of the votes cast by shareholders present virtually or represented by proxy at the meeting.

Under the arrangement, 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. 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 arrangement remains subject to the receipt of the approval of the Supreme Court of British Columbia. The court hearing for obtaining a final order approving the arrangement is currently scheduled to take place on Dec. 5, 2023, and the arrangement is expected to close on Dec. 12, 2023.

Additional information regarding the terms of the arrangement is set out in the company's management proxy circular dated Oct. 27, 2023, which is available under the company's profile at SEDAR+ and on the company's website.

About Yellow Pages Ltd.

Yellow Pages (TSX: Y) 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 and 411.ca. The company also holds the YP, Canada411 and 411 mobile applications and Yellow Pages print directories.

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