Mr. Franco Sciannamblo reports

YELLOW PAGES LIMITED COMPLETES ARRANGEMENT

Yellow Pages Ltd. has completed its previously announced arrangement under the Business Corporations Act (British Columbia). The arrangement became effective at 11:59 p.m. ET on Dec. 12, 2023.

Under the arrangement, the company repurchased from shareholders pro rata an aggregate of 4,440,497 common shares at a purchase price of $11.26 per share and also advanced $6-million as part of the previously announced voluntary incremental cash contributions to the company's defined benefit pension plan. Pursuant to the arrangement, the company will also advance to the pension plan an additional $6-million prior to 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 company has delivered to TSX Trust Company, as paying agent, sufficient funds to satisfy the aggregate consideration payable to the shareholders under the arrangement. It is anticipated that shareholders will receive payment for their repurchased shares on Dec. 15, 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 on SEDAR+ and on the company's website.

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. The company also holds the YP, Canada411 and 411 mobile applications and Yellow Pages print directories.

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