Yellow Pages Limited Announces Approval of Arrangement at Special Meeting

MONTREAL, September 23, 2022 /CNW Telbec/ – Yellow Pages Limited (TSX: Y) (the “Company”), a Canadian leader in digital media and marketing, today announced that the shareholders of the Company (the “Shareholders”) have approved the arrangement previously announced by the Company under the Business Corporations Act (British Columbia) (the “Arrangement”) at a special meeting of shareholders held earlier today (the “Meeting”).

The special resolution approving the Arrangement was approved by 99.57% of the votes cast by shareholders present virtually or represented by proxy at the Meeting.

Pursuant to the arrangement, the Company will repurchase from shareholders pro rata a total of 7,949,125 common shares at a purchase price of $12.58 per share, which represents the volume-weighted average price for the five consecutive trading days ending on the immediately preceding trading day
August 5, 2022. The Company will also advance an amount of $24 million during the year ending December 31, 2022bringing the 2022 cash payments to the Pension Plan wind-up deficit to $30 million by the end of the year.

The arrangement remains subject to the approval of the Supreme Court of British Columbia (the Court”). The court hearing for a final order approving the Arrangement is currently scheduled for September 27, 2022and the Arrangement is expected to close on
October 4, 2022.

Additional information regarding the terms of the arrangement is set forth in the Company’s management proxy circular dated August 26, 2022which is available under the Company’s profile at www.sedar.com and on the Company’s website at www.corporate.yp.ca.

About Yellow Pages Limited

Yellow Pages Limited (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 owns some of the major local online properties in Canada, including YP.ca, Canada411 and 411.ca. The Company also owns the YP, Canada411 and 411 mobile applications and the Yellow Pages print directories. For more information, visit www.company.yp.ca.

Caution Regarding Forward-Looking Statements

JThis press release contains certain forward-looking statements within the meaning of applicable securities laws. These statements are forward-looking as they are based on our current expectations, at the
September 23, 2022, on our business, and on various estimates and assumptions which are current, reasonable and complete. Our actual results could differ materially from our expectations if known or unknown risks affect our business, or if our estimates or assumptions prove to be inaccurate. Accordingly, there can be no assurance that any forward-looking statements will materialize. The risks that could cause our results to differ materially from our current expectations are discussed in Section 5 of our MD&A dated August 4, 2022. We disclaim any intention or obligation to update any forward-looking statements, except as required by law. so requires, even if new information becomes available, as a result of future events or for any other reason.

SOURCE Yellow Pages Limited

For further information: Investors: Franco Sciannamblo, Senior Vice President and Chief Financial Officer, [email protected]; Media: Treena Cooper, Senior Vice President, Secretary and General Counsel, [email protected]

Calvin W. Soper