Mr. Philip Samman 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. (Eastern time) on June 22, 2026.

Under the arrangement, the company repurchased from shareholders pro rata an aggregate of 2,037,489 common shares at a purchase price of $12.27 per share, which represents the volume weighted average price for the five consecutive trading days ending the trading day immediately prior to April 7, 2026. In connection with the arrangement, the company also voluntarily contributed $2.0-million to the company's defined benefit pension plan in April, 2026. It is anticipated that shareholders will receive payment for their repurchased shares on June 25, 2026.

Additional information regarding the terms of the arrangement is set out in the company's management proxy circular dated May 1, 2026, 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 including YP.ca, Canada411 and 411.ca.

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