Mr. Philip Samman reports

YELLOW PAGES LIMITED ANNOUNCES PLAN FOR $25 MILLION SHARE BUYBACK AND $2 MILLION PENSION PLAN VOLUNTARY CONTRIBUTION

Yellow Pages Ltd.'s board has approved a distribution to shareholders of approximately $25-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 2,037,489 common shares at a purchase price of $12.27 per share, representing 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 will also voluntarily contribute $2-million to the pension plan before June 19, 2026, bringing the cash payments to the pension plan's wind-up deficit following the purchase of group annuity contracts in May, 2025, to $6.0-million by June, 2026.

The arrangement is subject to the approval of at least 66-2/3rds per cent of the votes cast by the holders of shares at a special meeting of shareholders that will be called to approve the arrangement, which is expected to be held virtually on June 11, 2026. Shareholders holding in excess of 80 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 and 411.ca. The company also holds the YP, Canada411.ca and 411 mobile applications, and Yellow Pages print directories.

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