Press Releases Back to News Back to News Montreal (Quebec), May 9, 2024 — Yellow Pages Limited (TSX: Y) (the “Corporation”) is pleased to announce that all resolutions presented at the Annual General Meeting of Shareholders (“AGM”) held virtually today were duly passed. The Corporation also announced the following changes to its board of directors (the “Board”). During its meeting immediately following the AGM, the Board named Susan Kudzman Chair Emerita and appointed her Chair of the Audit Committee of the Corporation. It also appointed Rob Hall, who previously served as Chair of the Audit Committee of the Corporation, as Chair of the Board, with immediate effect. David A. Eckert, President and CEO of the Corporation, said: “Rob Hall is a highly respected and appreciated, long-time member of the Board and Chair of its Audit Committee. Rob brings a wealth of highly relevant expertise and strategic leadership to his new position. We are delighted to see Rob broaden his role in this critical way. And a very special thank you to Susan Kudzman, who has acted as Chair of the Board since May 2018. As Chair of the Board, she has worked tirelessly to advance the interests of the Corporation and its shareholders. She leaves her role as Chair of the Board with the Corporation in a much stronger position than it was when she assumed the role. The Board and management of the Corporation are very appreciative of Ms. Kudzman’s guidance, insights and leadership as Chair of the Board over the last six years. In recognition of her contributions, the Board is delighted to bestow upon her the honorary title Chair Emerita, and we look forward to her ongoing contributions as a member of the Board and Chair of the Audit Committee.” 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 holds some of Canada’s leading local online properties including YP.ca , Canada411.ca , and 411.ca . The Company also holds the YP, Canada411, and 411 mobile applications and Yellow Pages print directories. For more information visit www.corporate.yp.ca . Contacts: Investors & Media Franco Sciannamblo Senior Vice President and Chief Financial Officer investors@yp.ca communications@yp.ca Yellow Pages Limited Reports on Voting Results at its Annual General Meeting of Shareholders and Announces Governance Changes Back to News Print Print

Press Releases Back to News Back to News Montreal (Quebec), May 14, 2025 — Yellow Pages Limited (TSX: Y) (the “Corporation”) announced the results of its Annual General Meeting of Shareholders (“AGM”) held virtually today. The Corporation is pleased to announce that all resolutions presented at the AGM were duly passed. 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 holds some of Canada’s leading local online properties including YP.ca , Canada411.ca , and 411.ca . The Company also holds the YP, Canada411, and 411 mobile applications and Yellow Pages print directories. For more information visit www.corporate.yp.ca . Contacts: Investors & Media Franco Sciannamblo Senior Vice President and Chief Financial Officer investors@yp.ca communications@yp.ca Yellow Pages Limited Reports on Voting Results at its Annual General Meeting of Shareholders Back to News Print Print

Press Releases Back to News Back to News Montreal (Quebec) , — Yellow Pages Limited (TSX: Y) (the “Company”), a leading Canadian digital media and marketing company, released its operating and financial results today for the quarter ended March 31, 2021 and made several announcements relating to its use of cash. “Today we report another good quarter’s results, and we are making several significant announcements regarding how we plan to use our cash,” said David A. Eckert, President and CEO of Yellow Pages Limited. Eckert commented on the key developments: Solid quarterly earnings. “Our Adjusted EBITDA1 for the quarter was a healthy 36% of revenue, despite the COVID-19 crisis and our investments in revenue initiatives.” Continued rebound of the “revenue curve.” “For the second consecutive quarter since COVID-19 hit, we report a favorable ‘bending of the revenue curve’ in Q1, with a better rate of change in revenue than reported for the previous quarter.” Progress on revenue initiatives. “We continue to make progress on executing on our programs to expand our tele-sales force and to add to our strong product portfolio.” Promising trends in bookings. “The trends in our bookings are favorable, suggesting further improvement in our revenue curve in coming quarters, as the sales levels already booked become reported revenue.” Mounting cash balance. “As of the end of April, our cash on hand was approximately $181 million.” Debt-free by June 1 . “As announced on April 23rd, on May 31, 2021 we will pay off the principal amount of our Exchangeable Debentures of $107.0 million, at par, plus any related interest owing, which are our only remaining debt, excluding lease obligations.” Cash to Shareholders and to Pension Plan. “Having effectively paid off all of our debt, we now round a corner and are able to begin directing more discretionary cash to our shareholders and to our Defined Benefit Pension Plan (the “Plan”). Today we announce these initial steps: Increase in quarterly cash dividend 2. “Our board has modified its dividend policy of paying a quarterly cash dividend to its common shareholders by increasing the dividend from $0.11 per share to $0.15 per share, an increase of 36%.” New Common Stock NCIB. “Subsequent to full repayment of our Exchangeable Debentures on May 31, 2021 and the expiration of the Company’s current NCIB program on August 9, 2021, the Company intends to commence a new NCIB on or around August 10, 2021, subject to regulatory approval, to purchase up to 5% of the Company’s outstanding shares for cancellation during a twelve-month period. The Company limited aggregate purchases under its current NCIB to $5 million and intends to limit aggregate purchases under the new NCIB to $16 million.” Pension Plan Funding. “Our board has approved a voluntary incremental $4 million cash contribution to the Plan in 2021, to bring 2021 cash payments to the Plan’s wind-up deficit to $6 million. The voluntary cash infusions are part of a deficit-reduction plan to increase the probability that the Plan will be fully funded on a wind-up basis by 2030, compared to a current projection in the 2040s. The deficit-reduction plan includes an intention to make cash payments to the wind-up deficit of $6.0 million every year until 2030. The probability of achieving a wind-up ratio of 100% by 2030 is dependent upon other, uncontrollable factors, including, among others, market returns and discount rates. The board will review the deficit reduction plan annually.” On June 1, 2021, following the full repayment of the Exchangeable Debentures, the Board of Directors intends to formally declare a cash dividend of $0.15 per common share, payable on June 30, 2021 to shareholders of record as at June 9, 2021. (1) Adjusted EBITDA is equal to Income from operations before depreciation and amortization and restructuring and other charges (defined herein as Adjusted EBITDA), as shown in Yellow Pages Limited’s interim condensed consolidated statements of income. Adjusted EBITDA, Adjusted EBITDA margin, CAPEX, Adjusted EBITDA less CAPEX, Adjusted EBITDA less CAPEX margin and Net debt excluding lease obligations are non-IFRS financial measures and do not have any standardized meaning under IFRS. Therefore, they are unlikely to be comparable to similar measures presented by other public companies. Refer to the section on Non-IFRS financial measures on page 4 of this document for more details. (2) The dividend will be designated as an eligible dividend pursuant to subsection 89(14) of the Income Tax Act (Canada) and any applicable provincial legislation pertaining to eligible dividends. First Quarter of 2021 Results Adjusted EBITDA less CAPEX1 totaled $25.3 million and the EBITDA less CAPEX margin1 was 34.5%. Net earnings remained relatively stable at $12.1 million, or $0.44 per diluted share. Cash position at the end of the period was $170.9 million and approximately $181.0 million as at April 30, 2021. Financial Results for the First Quarter of 2021 Total revenues for the first quarter ended March 31, 2021 of $73.5 million decreased by $14.8 million or 16.8% as compared to $88.3 million for the same period last year. The decrease in revenues for the three-month period ended March 31, 2021 is mainly due to the decline of our higher margin digital media and print products and to a lesser extent our lower margin digital services products, thereby creating pressure on our gross profit margins. The results were also impacted by the COVID-19 pandemic which impacted customer spend and to a lesser extent customer renewal rates. Adjusted EBITDA1 for the three-month period ended March 31, 2021 totaled $26.6 million compared to $32.6 million for the same period last year. The Adjusted EBITDA margin1 remained relatively stable at 36.2% in the first quarter of 2021 compared to 36.9% for the same period last year. The decrease in Adjusted EBITDA is the result of the revenue pressures partially offset by efficiencies from optimization in cost of sales and reductions in other operating costs including reductions in our workforce and associated employee expenses as well a reduction in the Company’s office space footprint and other spending reductions across the Company. The Company also received a $0.7 million emergency wage subsidy during the three-month period ended March 31, 2021. Furthermore, the first quarter of 2020 was negatively impacted by an increase in bad debt expense of $1.5 million related to the COVID-19 pandemic. Revenue pressures, coupled with increased headcount in our salesforce partially offset by continued optimization, will create some pressure on margin in upcoming quarters. Adjusted EBITDA less CAPEX1 for the three-month period ended March 31, 2021 totaled $25.3 million compared to $31.3 million for the same period last year. The decrease for the three-month period ended March 31, 2021 is driven by the decrease in Adjusted EBITDA as CAPEX was stable year-over-year. Net earnings for the three-month period ended March 31, 2021, remained relatively stable at $12.1 million as compared to net earnings of $12.4 million for the same period last year, as lower Adjusted EBITDA was offset by lower depreciation and amortization, restructuring and other charges and financial charges. 1) Adjusted EBITDA is equal to Income from operations before depreciation and amortization and restructuring and other charges (defined herein as Adjusted EBITDA), as shown in Yellow Pages Limited’s interim condensed consolidated statements of income. Adjusted EBITDA, Adjusted EBITDA margin, CAPEX, Adjusted EBITDA less CAPEX, Adjusted EBITDA less CAPEX margin and Net debt excluding lease obligations are non-IFRS financial measures and do not have any standardized meaning under IFRS. Therefore, they are unlikely to be comparable to similar measures presented by other public companies. Refer to the section on Non-IFRS financial measures on page 4 of this document for more details Cash flows from operating activities decreased by $4.5 million to $22.6 million from $27.1 million for the three-month period ended March 31, 2020, mainly due to lower Adjusted EBITDA1 of $6.0 million partially offset by lower payments for restructuring and other charges of $1.6 million. The Company had $154.0 million of total debt, as at March 31, 2021 and December 31, 2020. As at March 31, 2021, the Company had ($69.2) million net debt excluding lease obligations1, compared to ($52.4) million as at December 31, 2020. 1) Adjusted EBITDA is equal to Income from operations before depreciation and amortization and restructuring and other charges (defined herein as Adjusted EBITDA), as shown in Yellow Pages Limited’s interim condensed consolidated statements of income. Adjusted EBITDA, Adjusted EBITDA margin, CAPEX, Adjusted EBITDA less CAPEX, Adjusted EBITDA less CAPEX margin and Net debt excluding lease obligations are non-IFRS financial measures and do not have any standardized meaning under IFRS. Therefore, they are unlikely to be comparable to similar measures presented by other public companies. Refer to the section on Non-IFRS financial measures on page 4 of this document for more details Conference Call & Webcast Yellow Pages Limited will hold an analyst and media call and simultaneous webcast at 8:30 a.m. (Eastern Time) on May 13, 2021 to discuss first quarter 2021 results. The call may be accessed by dialing 416-695-6725 within the Toronto area, or1-866-696-5910 outside of Toronto, Passcode 8577790#. Please be prepared to join the conference at least 5 minutes prior to the conference start time. The call will be simultaneously webcast on the Company’s website at: https://corporate.yp.ca/en/investors/financial-reports . The conference call will be archived in the Investors section of the site at: https://corporate.yp.ca/en/investors/financial-events-presentations . 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 holds some of Canada’s leading local online properties including YP.ca , Canada411 and 411.ca . The Company also holds the YP, Canada411 and 411 mobile applications and Yellow Pages print directories. For more information visit www.corporate.yp.ca . Caution Concerning Forward-Looking Statements This press release contains forward-looking statements about the objectives, strategies, financial conditions and results of operations and businesses of YP (including, without limitation, (a) full repayment of the Company’s remaining exchangeable debentures on May 31, 2021, at par, and (b) payment of a cash dividend per share per quarter to its common shareholders).These statements are forward-looking as they are based on our current expectations, as at May 12, 2021, about our business and the markets we operate in, and on various estimates and assumptions. Our actual results could materially differ from our expectations if known or unknown risks affect our business, or if our estimates or assumptions turn out to be inaccurate. As a result, there is no assurance that any forward-looking statements will materialize. Risks that could cause our results to differ materially from our current expectations are discussed in section 5 of our May 12, 2021 Management’s Discussion and Analysis. We disclaim any intention or obligation to update any forward-looking statements, except as required by law, even if new information becomes available, as a result of future events or for any other reason. Contacts: Investors Franco Sciannamblo Senior Vice-President and Chief Financial Officer investors@yp.ca Media Treena Cooper Senior Vice President, Secretary and General Counsel communications@yp.ca Non-IFRS Financial Measures Adjusted EBITDA and Adjusted EBITDA margin In order to provide a better understanding of the results, the Company uses the terms Adjusted EBITDA and Adjusted EBITDA margin. Adjusted EBITDA is equal to Income from operations before depreciation and amortization and restructuring and other charges (defined herein as Adjusted EBITDA), as shown inYellow Pages Limited’s interim condensed consolidated statements of income. Adjusted EBITDA margin is defined as the percentage of Adjusted EBITDA to revenues. Adjusted EBITDA and Adjusted EBITDA margin are not performance measures defined under IFRS and are not considered an alternative to income from operations or net earnings in the context of measuring Yellow Pages performance. Adjusted EBITDA and Adjusted EBITDA margin do not have a standardized meaning under IFRS and are therefore not likely to be comparable to similar measures used by other publicly traded companies. Adjusted EBITDA and Adjusted EBITDA margin should not be used as exclusive measures of cash flow since they do not account for the impact of working capital changes, income taxes, interest payments, pension funding, capital expenditures, business acquisitions, debt principal reductions and other sources and uses of cash, which are disclosed on page 13 of our May 12, 2021 MD&A. Management uses Adjusted EBITDA and Adjusted EBITDA margin to evaluate the performance of its business as it reflects its ongoing profitability. Management believes that certain investors and analysts use Adjusted EBITDA and Adjusted EBITDA margin to measure a company’s ability to service debt and to meet other payment obligations or as common measurement to value companies in the media and marketing solutions industry as well as to evaluate the performance of a business. Adjusted EBITDA less CAPEX and Adjusted EBITDA less CAPEX margin The Company also uses Adjusted EBITDA less CAPEX, which is defined as Adjusted EBITDA, as defined above, less CAPEX which we define as additions to intangible assets and additions to property and equipment as reported in the Investing Activities section of the Company’s interim condensed consolidated statements of cash flows. Adjusted EBITDA less CAPEX margin is defined as the percentage of Adjusted EBITDA less CAPEX to revenues. Adjusted EBITDA less CAPEX and Adjusted EBITDA less CAPEX margin are non-IFRS financial measures and do not have any standardized meaning under IFRS. Therefore, are unlikely to be comparable to similar measures presented by other publicly traded companies. We use Adjusted EBITDA less CAPEX and Adjusted EBITDA less CAPEX margin to evaluate the performance of our business as it reflects cash generated from business activities. We believe that certain investors and analysts use Adjusted EBITDA less CAPEX and Adjusted EBITDA less CAPEX margin to evaluate the performance of businesses in our industry. The most comparable IFRS financial measure to Adjusted EBITDA less Capex is Income from operations before depreciation and amortization and restructuring and other charges (defined above as Adjusted EBITDA) as shown in Yellow Pages Limited’s interim condensed consolidated statements of income. Refer to page 8 of the May 12, 2021 MD&A for a reconciliation of Adjusted EBITDA less CAPEX. Net debt excluding lease obligations Net debt excluding lease obligations is a non-IFRS financial measure and does not have any standardized meaning under IFRS. Therefore, it is unlikely to be comparable to similar measures presented by other publicly traded companies. Net debt excluding lease obligations is comprised of Exchangeable debentures less Cash as presented in our interim condensed consolidated statements of financial position. We use net debt as an indicator of the Company's ability to cover financial obligations and reduce debt and associated interest charge as it represents the amount of debt excluding lease obligations that is not covered by available cash. We believe that certain investors and analysts use net debt to determine a company’s financial leverage. The most comparable IFRS financial measure is total debt, as presented in the capital disclosures note on page 48 of our consolidated financial statements for the years ended 2020 and 2019. The table below provides a reconciliation of total debt to net debt excluding lease obligations. Yellow Pages Limited Reports Solid Financial and Operating Results in First Quarter 2021 and Intentions for Use of Mounting Cash Balance Back to News Print Print

Press Releases Back to News Back to News Montreal (Quebec), November 12, 2024 — Yellow Pages Limited (TSX: Y) (the “Company”), a leading Canadian digital media and marketing company, released its operating and financial results today for the quarter and nine-months ended September 30, 2024. “In the third quarter, we report continued progress toward revenue stability, along with good profitability and a healthy cash balance,” said David A. Eckert, President and CEO of Yellow Pages Limited. Eckert commented on the key developments: Continued climb toward revenue stability. “For the third consecutive quarter, we report a favorable ‘bending of the revenue curve’ in Q3, as our rate of change in revenue was better than the change reported for the previous quarter.” Progress on revenue initiatives. “We are pleased with our progress on metrics underlying our revenue generation, including the size of our sales force, as well as a deceleration of the customer count decline rate fueled by an increase in new customer acquisitions, which were 36% higher than in the same quarter last year. We believe these fundamentals bode well for our medium- and long-term future.” Solid quarterly earnings. “Our Adjusted EBITDA2 for the quarter was on track at 23.8% of revenue, even with our continued investments in revenue initiatives, including the steady continued expansion of our sales force.” Healthy cash balance. “Our steady cash generation has grown cash on hand to approximately $43 million at the end of October.” Pension plan funding on track. “Consistent with our deficit-reduction plan announced in May 2021, in the third quarter of 2024 we made $1.5 million of voluntary incremental payments toward our Defined Benefit Pension Plan’s wind-up deficit.” Quarterly dividend declared . “Our Board has declared a dividend of $0.25 per common share, to be paid on December 16, 2024 to shareholders of record as of November 27, 2024.” Financial Highlights (In thousands of Canadian dollars, except percentage information and per share information) (1) The dividend will be designated as an eligible dividend pursuant to subsection 89(14) of the Income Tax Act (Canada) and any applicable provincial legislation pertaining to eligible dividends. (2) Adjusted EBITDA is equal to Income from operations before depreciation and amortization and restructuring and other charges (defined herein as Adjusted EBITDA), as shown in Yellow Pages Limited’s interim condensed consolidated statements of income. Adjusted EBITDA, Adjusted EBITDA margin, CAPEX, Adjusted EBITDA less CAPEX and Adjusted EBITDA less CAPEX margin are non-GAAP financial measures and do not have any standardized meaning under IFRS. Therefore, they are unlikely to be comparable to similar measures presented by other public companies. Refer to the section on Non-GAAP financial measures at the end of this document for more details. Third Quarter of 2024 Results Total Revenues decreased 9.4% year-over-year and amounted to $52.6 million for the three-month period ended September 30, 2024, an improvement from the decrease of 11.0% reported last quarter. Adjusted EBITDA less CAPEX1 totalled $12.2 million and the EBITDA less CAPEX margin1 was 23.2%. Net income amounted to $6.3 million, or to $0.46 diluted income per share. Financial Results for the Third Quarter of 2024 Total revenues for the third quarter ended September 30, 2024 decreased by 9.4% to $52.6 million, as compared to $58.1 million for the same period last year. The decrease in revenues is mainly due to the decline of our higher margin digital media and print products and to a lesser extent to our lower margin digital services products, thereby creating pressure on our gross profit margins. Total digital revenues decreased 8.7% year-over-year and amounted to $42.6 million for the three-month period ended September 30, 2024, as compared to $46.7 million for the same period last year. The revenue decline was mainly attributable to a decrease in digital customer count and to a lesser extent, a decrease in the average spend per customer. Total print revenues decreased 12.4% year-over-year and amounted to $10.0 million for three-month period ended September 30, 2024. The revenue decline is mainly due to the decrease in the number of print customers while the spend per customer has improved year-over-year driven by price increases. The decline rate of revenues improved during the quarter ended September 30, 2024, compared to the same period last year. The improvement is partly due to the deceleration of the customer count decline rate fueled by an increase in new customer acquisitions partially offset by an increase in churn. In addition, 2023 decline rates were negatively impacted by customer claim rates remaining stable in 2023, while 2022 benefited from a substantial improvement in customer claims. Adjusted EBITDA1 decreased to $12.5 million or 23.8% of revenues in the third quarter ended September 30, 2024, relative to $17.9 million or 30.9% of revenues for the same period last year. The decrease in Adjusted EBITDA and Adjusted EBITDA margin for the third quarter of 2024 is the result of revenue pressures, the ongoing investment in our tele-sales force capacity and increase in bad debt expense, partially offset by optimizations in cost of sales and reductions in other operating costs including reductions in our workforce and associated employee expenses including variable compensation. Revenue pressures, partially offset by continued optimizations, will continue to cause some pressure on margins in upcoming quarters. Adjusted EBITDA less CAPEX decreased by $5.0 million or 29.1% to $12.2 million during the third quarter of 2024, compared to $17.2 million during the same period last year. The decrease in Adjusted EBITDA less CAPEX and Adjusted EBITDA less CAPEX margin is driven by the decrease in Adjusted EBITDA, partially offset by the decrease in CAPEX spend year-over-year, due in part, to the nature of the Information Technology (“IT”) spend, whereby, more of the expense was classified as operating rather than capital. Net income for the three-month period ended September 30, 2024 amounted to $6.3 million as compared to net income of $10.1 million for the same period last year due to lower Adjusted EBITDA, partially offset by the decrease in income taxes. Cash flows from operating activities increased by $1.2 million to $11.5 million for the three-month period ended September 30, 2024 from $10.3 million for the same period last year. The increase is mainly due to lower stock-based compensation cash payments of $4.2 million, an increase of $1.8 million from changes in operating assets and liabilities and lower income taxes paid of $0.6 million, partially offset by lower Adjusted EBITDA of $5.4 million. The change in operating assets and liabilities is mainly due to the timing in the collection of trade receivables and the payment of trade receivables. (1) Adjusted EBITDA is equal to Income from operations before depreciation and amortization and restructuring and other charges (defined herein as Adjusted EBITDA), as shown in Yellow Pages Limited’s interim condensed consolidated statements of income. Adjusted EBITDA, Adjusted EBITDA margin, CAPEX, Adjusted EBITDA less CAPEX, Adjusted EBITDA less CAPEX margin are non-GAAP financial measures and do not have any standardized meaning under IFRS. Therefore, they are unlikely to be comparable to similar measures presented by other public companies. Refer to the section on Non-GAAP financial measures at the end of this document for more details. Conference Call & Webcast Yellow Pages Limited will hold an analyst and media call and simultaneous webcast at 8:30 a.m. (Eastern Time) on November 12, 2024 to discuss thirdquarter 2024 results. The call may be accessed by dialing 416-695-6725 within the Toronto area, or 1-866-696-5910 outside of Toronto, Passcode 6613383#. Please be prepared to join the conference at least 5 minutes prior to the conference start time. The call will be simultaneously webcast on the Company’s website at: https://corporate.yp.ca/en/investors/financial-reports . The conference call will be archived in the Investors section of the site at: https://corporate.yp.ca/en/investors/financial-events-presentations . 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 holds some of Canada’s leading local online properties including YP.ca , Canada411 and 411.ca . The Company also holds the YP, Canada411 and 411 mobile applications and Yellow Pages print directories. For more information visit www.corporate.yp.ca . Caution Concerning Forward-Looking Statements This press release contains forward-looking statements about the objectives, strategies, financial conditions and results of operations and businesses of YP (including, without limitation, payment of a cash dividend per share per quarter to its common shareholders). These statements are forward-looking as they are based on our current expectations, as at November 11, 2024, about our business and the markets we operate in, and on various estimates and assumptions. Our actual results could materially differ from our expectations if known or unknown risks affect our business, or if our estimates or assumptions turn out to be if known or unknown risks affect our business, or if our estimates or assumptions turn out to be inaccurate. As a result, there is no assurance that any forward-looking statements will materialize. Risks that could cause our results to differ materially from our current expectations are discussed in section 5 of our November 11, 2024 Management’s Discussion and Analysis. We disclaim any intention or obligation to update any forward-looking statements, except as required by law, even if new information becomes available, as a result of future events or for any other reason. Contact: Investors & Media Franco Sciannamblo Senior Vice-President and Chief Financial Officer investors@yp.ca communications@yp.ca Yellow Pages Limited Reports Third Quarter 2024 Financial and Operating Results and Declares a Cash Dividend1 Back to News Print Print

test meta Press Releases Back to News Back to News Montreal (Quebec), February 13, 2020 — Yellow Pages Limited (TSX: Y) (the “Company”), a leading Canadian digital media and marketing company, released its operating and financial results today for the quarter and year ended December 31, 2019. “We continued our strong Adjusted EBITDA less CAPEX margin1 in the Fourth Quarter and for the full year 2019. As we predicted last quarter, this allowed us to fully repay our notes on December 2, 2019, three years ahead of maturity. And today we announce our intention to make an optional redemption payment of $107.1 million toward the principal amount to fully repay all of our remaining debt, our exchangeable debentures, on or shortly after May 31, 2021, at par. “We also intend to initiate a regular quarterly dividend of 11 cents per common share per quarter, beginning in the second quarter of 2020. “In addition, we continue to invest appropriately in our business, including significant expansion of our tele-sales force to support further ‘bending of the revenue curve.’ We are heartened that, including this most recent quarter, we produced an improved year-on-year rate of revenue change in our YP segment for four consecutive quarters, as our various initiatives to ‘bend the revenue curve’ continued to bear fruit,” said David A. Eckert, President and CEO of Yellow Pages Limited. Financial Highlights Fourth Quarter of 2019 Results Despite revenue pressures, the Adjusted EBITDA less CAPEX margin1 increased to 35.1% as compared to 29.8% for the same period last year as a result of the divestiture of unprofitable or non-synergistic businesses and revenues as well as cost reductions in the YP segment. Adjusted EBITDA less CAPEX1 decreased by $4.3 million year-over-year and amounted to $32.8 million. Net earnings increased by $13.6 million to $53.6 million, or $1.70 per diluted share. On December 2, 2019, as previously announced, the Company made a mandatory redemption payment of $50.3 million toward the principal amount on its Senior Secured Notes (the ”Notes”). With this payment the Company has repaid the Notes in full. Segmented Information The Company’s operations are categorized into two reportable segments: The YP segment provides small and medium-sized businesses across Canada digital and traditional marketing solutions, including online and mobile priority placement on Yellow Pages’ owned and operated media, content syndication, search engine solutions, website fulfillment, social media campaign management, digital display advertising, video production and print advertising. This segment also includes the 411.ca digital directory service helping users find and connect with people and local businesses. The Other segment includes YP Dine and Bookenda until their sale on April 30, 2019 and the Mediative division until its liquidation on January 31, 2019. The operations of the businesses sold in 2018 are also included in this segment until their respective disposal dates, namely: JUICE Mobile, RedFlagDeals.com™, Yellow Pages NextHome, ComFree/DuProprio, Totem and Western Media Group. An overview of each segment and the performance of each segment for the three-month periods and years ended December 31, 2019 and 2018 can be found in the February 12, 2020 Management’s Discussion and Analysis. Financial Results for the Fourth Quarter of 2019 Revenues for the YP segment for the fourth quarter of 2019 decreased by $17.3 million or 15.6% year-over-year and amounted to $93.5 million compared to $110.8 million for the same period last year. This compares to a decrease of $26.4 million or 19.2% for the fourth quarter of 2018 compared to the same period in 2017. The decrease for the quarter ended December 31, 2019 is mainly due to the decline of our higher margin YP digital media and print products and to a lesser extent to our lower margin digital services products, thereby creating pressure on our gross profit margins. Adjusted EBITDA for the YP segment for the fourth quarter of 2019 totalled $34.8 million compared to $38.9 million for the same period last year. The decrease in Adjusted EBITDA is a result of lower overall revenues, pressures from the change in product mix and investments in customer care and investments in new customer acquisition. The Adjusted EBITDA margin for the YP segment for the fourth quarter of 2019 was 37.2% compared to 35.1% for the same period last year. The increase in Adjusted EBITDA margin for the fourth quarter is due to the revenue pressures, investments in customer care and investments in new customer acquisition being more than offset by an increased focus on the profitability of our products and services and reductions in both our cost of sales and other operating costs. Total revenues for the three-month period ended December 31, 2019 decreased by $31.0 million or 24.9% year-over-year and amounted to $93.5 million as compared to $124.5 million for the same period last year. The decline in total revenues for the quarter ended December 31, 2019 was due to lower digital and print revenues in the YP segment as well as the divestitures in the Other segment. Adjusted EBITDA decreased by $6.4 million to $34.8 million during the fourth quarter of 2019, compared to $41.1 million during the same period last year. The Company’s Adjusted EBITDA margin for the three-month period ended December 31, 2019 was 37.2% compared to 33.0% for the same period last year. The decrease in Adjusted EBITDA for the three-month period ended December 31, 2019 is the result of revenue pressures in the YP segment as well as the divestitures in the Other segment. The increase in Adjusted EBITDA margin is mainly due to reductions in both our cost of sales and other operating costs which fully offset the revenue pressures in the YP segment as well as the dilutive effect on profitability of the lower margin Other segment in 2018. Adjusted EBITDA less CAPEX decreased by $4.3 million or 11.7% to $32.8 million during the fourth quarter of 2019 compared to $37.1 million during the same period in 2018. Adjusted EBITDA less CAPEX for the three-month period ended December 31, 2019 was mainly impacted by lower Adjusted EBITDA partially offset by decreased spending on software development. We recorded net earnings of $53.6 million and $40.0 million during the three-month periods ended December 31, 2019 and 2018, respectively. The improvement in net earnings is mainly due to decreased depreciation and amortization expenses due to lower software development expenditures, lower financial charges from a reduced level of indebtedness and higher recovery of income taxes partially offset by lower Adjusted EBITDA and an increase in restructuring and other charges. Cash flows from operating activities decreased by $9.8 million to $32.0 million for the three-month period ended December 31, 2019 from $41.8 million for the same period last year mainly due to a $17.1 million decrease in the change in operating assets and liabilities mainly from reduced receivables due to the divestitures. As at December 31, 2019, the Company had $156.4 million of total debt, compared to $339.0 million as at December 31, 2018. As at December 31, 2019, the Company had $54.1 million of net debt excluding lease obligations1, compared to $182.2 million as atDecember 31, 2018. Financial Results for the Year Ended December 31, 2019 Revenues for the YP segment for the year ended December 31, 2019 decreased by $83.7 million or 17.2% year-over year and amounted to $401.9 million compared to $485.6 million for the same period last year. The decrease for the year ended December 31, 2019 is mainly due to the decline of our higher margin YP digital media and print products and to a lesser extent to our lower margin digital services products, thereby creating pressure on our gross profit margins. Adjusted EBITDA for the YP segment for the year ended December 31, 2019 totalled $161.0 million compared to $185.0 million for the same period in 2018. The decrease in Adjusted EBITDA is a result of lower overall revenues, pressures from the change in product mix and investments in customer care. The Adjusted EBITDA margin for the YP segment for the year ended December 31, 2019 increased to 40.1% from 38.1% for the same period last year. The increase in Adjusted EBITDA margin for the year ended December 31, 2019 is due to the revenue pressures and investments in customer care and investments in new customer acquisition being fully offset by an increased focus on the profitability of our products and services and reductions in both our costs of sales and other operating costs. The decrease in cost of sales was mainly due to workforce reductions primarily in non-customer facing areas in the first quarter of 2018 and to call center consolidations and optimization of our servicing model in the second quarter of 2018. The decrease in other operating costs included reductions in our workforce and associated employee expenses, reductions in the Company’s office space footprint, other spending reductions across the segment as well as an adjustment to the variable compensation expense in the first quarter of 2019 mainly due to employee attrition and previous year performances. Total revenues for the year ended December 31, 2019 decreased by $174.0 million or 30.1% year- over-year and amounted to $403.2 million as compared to $577.2 million for the same period last year. The decline in total revenues was due to the divestitures in the Other segment as well as lower digital and print revenues in the YP segment. For the year ended December 31, 2019, Adjusted EBITDA decreased by $31.2 million or 16.2% to $161.3 million, compared to $192.6 million for the same period last year. The Company’s Adjusted EBITDA margin amounted to 40.0% for the year ended December 31, 2019 compared to 33.4% for the same period last year. The decrease in Adjusted EBITDA was the result of revenue pressures in the YP segment as well as the divestitures in the Other segment. The increase in Adjusted EBITDA margin for the year ended December 31, 2019 is mainly due to the dilutive effect on profitability of the lower margin Other segment in 2018 and reductions in both our cost of sales and other operating costs. The reductions fully offset the revenue pressures in the YP segment for the year ended December 31, 2019. For the year ended December 31, 2019, Adjusted EBITDA less CAPEX decreased by $28.9 million or 16.0% to $151.6 million compared to $180.5 million for the same period last year. Adjusted EBITDA less CAPEX for the year ended December 31, 2019 was mainly impacted by lower Adjusted EBITDA partially offset by decreased spending on software development and was further negatively impacted by lease incentives received in 2018. The Company recorded net earnings of $94.7 million for the year ended December 31, 2019 as compared to $82.8 million for the same period last year. The increase in net earnings for the year ended December 31, 2019 compared to the same period last year is mainly due to the lower depreciation and amortization expenses and lower financial charges from a reduced level of indebtedness due to repayment of the Senior Secured Notes partially offset by lower Adjusted EBITDA and lower recovery of income taxes. The Company recorded net earnings of $94.7 million for the year ended December 31, 2019 as compared to $82.8 million for the same period last year. The increase in net earnings for the year ended December 31, 2019 compared to the same period last year is mainly due to the lower depreciation and amortization expenses and lower financial charges from a reduced level of indebtedness due to repayment of the Senior Secured Notes partially offset by lower Adjusted EBITDA and lower recovery of income taxes. Cash flows from operating activities increased by $10.1 million to $144.8 million from $134.7 million for the year ended December 31, 2019 mainly due to lower payments for restructuring and other charges of $18.4 million, lower interest paid of $20.3 million due to a lower level of indebtedness due to repayments of the Senior Secured Notes and lower funding of post-employment benefit plans of $1.4 million, mainly offset by lower Adjusted EBITDA of $31.2 million. Conference Call & Webcast Yellow Pages Limited will hold an analyst and media call and simultaneous webcast at 8:30 a.m. (Eastern Time) on February 13, 2020 to discuss fourth quarter 2019 results. The call may be accessed by dialing 416-340-2216 within the Toronto area, or 1-800-273-9672 outside of Toronto. Please be prepared to join the conference at least 5 minutes prior to the conference start time. The call will be simultaneously webcast on the Company’s website at: https://corporate.yp.ca/en/investors/financial-reports . The conference call will be archived in the Investors section of the site at: https://corporate.yp.ca/en/investors/financial-events-presentations . 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 holds some of Canada’s leading local online properties including YP.ca , Canada411.ca and 411.ca . The Company also holds the YP, Canada411 and 411 mobile applications and Yellow Pages print directories. For more information visit www.corporate.yp.ca . Caution Concerning Forward-Looking Statements This press release contains forward-looking statements about the objectives, strategies, financial conditions, including potential repayment of the Company’s exchangeable debentures in full on or shortly after May 31, 2021, at par, the initiation of a quarterly common share dividend of $0.11 per common share beginning in the second quarter of 2020, results of operations and businesses of the Company. These statements are forward-looking as they are based on our current expectations, as at February 12, 2020, about our business and the markets we operate in, and on various estimates and assumptions. Our actual results could materially differ from our expectations if known or unknown risks affect our business, or if our estimates or assumptions turn out to be inaccurate. As a result, there is no assurance that any forward-looking statements will materialize. Risks that could cause our results to differ materially from our current expectations are discussed in section 5 of our February 12, 2020 Management’s Discussion and Analysis. We disclaim any intention or obligation to update any forward-looking statements, except as required by law, even if new information becomes available, as a result of future events or for any other reason. Contacts: Investors Franco Sciannamblo Senior Vice-President and Chief Financial Officer investors@yp.ca Media John Ireland Senior Vice-President, Organizational Effectiveness communications@yp.ca (1) Adjusted EBITDA is equal to Income from operations before depreciation and amortization, and restructuring and other charges (defined herein as Adjusted EBITDA), as shown in Yellow Pages Limited’s consolidated statements of income. Adjusted EBITDA, Adjusted EBITDA margin, CAPEX, Adjusted EBITDA less CAPEX, Adjusted EBITDA less CAPEX margin and Net debt excluding lease obligations are non-GAAP financial measures and do not have any standardized meaning under IFRS. Therefore, they are unlikely to be comparable to similar measures presented by other public companies. Refer to the section on Non-GAAP financial measures on page 5 of this document for more details. (2) Net debt excluding lease obligations is a non-GAAP financial measure and does not have any standardized meaning under IFRS. Therefore, it is unlikely to be comparable to similar measures presented by other public companies. Refer to the section on Non-GAAP financial measures on page 5 of this document for more details including reconciliations to the most comparable IFRS financial measure. Non-GAAP Financial Measures Adjusted EBITDA and Adjusted EBITDA margin In order to provide a better understanding of the results, the Company uses the terms Adjusted EBITDA and Adjusted EBITDA margin. Adjusted EBITDA is equal to Income from operations before depreciation and amortization, and restructuring and other charges (defined herein as Adjusted EBITDA), as shown in Yellow Pages Limited’s consolidated statements of income. Adjusted EBITDA margin is defined as the percentage of Adjusted EBITDA to revenues. Adjusted EBITDA and Adjusted EBITDA margin are not performance measures defined under IFRS and are not considered an alternative to income from operations or net earnings in the context of measuring Yellow Pages performance. Adjusted EBITDA and Adjusted EBITDA margin do not have a standardized meaning under IFRS and are therefore not likely to be comparable to similar measures used by other publicly traded companies. Management uses Adjusted EBITDA and Adjusted EBITDA margin to evaluate the performance of its business as it reflects its ongoing profitability. Management believes that certain investors and analysts use Adjusted EBITDA and Adjusted EBITDA margin to measure a company’s ability to service debt and to meet other payment obligations or to value companies in the media and marketing solutions industry as well as to evaluate the performance of a business. Adjusted EBITDA less CAPEX and Adjusted EBITDA less CAPEX margin The Company also uses Adjusted EBITDA less CAPEX, which is defined as Adjusted EBITDA, as defined above, less CAPEX which we define as additions to intangible assets and additions to property and equipment less lease incentives received as reported in the Investing Activities section of the Company’s consolidated statements of cash flows. Adjusted EBITDA less CAPEX margin is defined as the percentage of Adjusted EBITDA less CAPEX to revenues. Adjusted EBITDA less CAPEX and Adjusted EBITDA less CAPEX margin are non-GAAP financial measures and do not have any standardized meaning under IFRS. Therefore, are unlikely to be comparable to similar measures presented by other publicly traded companies. We use Adjusted EBITDA less CAPEX and Adjusted EBITDA less CAPEX margin to evaluate the performance of our business as it reflects its ongoing profitability. We believe that certain investors and analysts use Adjusted EBITDA less CAPEX and Adjusted EBITDA less CAPEX margin to evaluate the performance of a business. The most comparable IFRS financial measure to Adjusted EBITDA less Capex is Income from operations before depreciation and amortization, and restructuring and other charges (defined above as Adjusted EBITDA) as shown in Yellow Pages Limited’s consolidated statements of income. Refer to page 5 and page 12 of the February 12, 2020 MD&A for a reconciliation of CAPEX and Adjusted EBITDA less CAPEX, respectively. Net debt excluding lease obligations Net debt excluding lease obligations is a non-GAAP financial measure and does not have any standardized meaning under IFRS. Therefore, it is unlikely to be comparable to similar measures presented by other publicly traded companies. Net debt excluding lease obligations is comprised of Senior Secured Notes (including current portion) and Exchangeable debentures less Cash and restricted cash as presented in our consolidated statements of financial position. We use net debt as indicator of the Company's ability to cover financial obligations and reduce debt and associated interest charge as it represents the amount of debt excluding lease obligations that is not covered by available cash. We believe that certain investors and analysts use net debt to determine a company’s financial leverage. The most comparable IFRS financial measure is total debt, as presented in the capital disclosures note on page 49 in our annual consolidated financial statements. The table below provides a reconciliation of total debt to net debt excluding lease obligations. Yellow Pages Limited Reports Strong Fourth Quarter and Full Year 2019 Financial and Operating Results and Announces Intention to Repay All Remaining Debt and Initiate Regular Stock Dividend Back to News Print Print

Press Releases Back to News Back to News Montreal (Quebec), September 23, 2022 — Yellow Pages Limited (TSX: Y) (the “Company”), a leading Canadian digital media and marketing company, today announced that the shareholders of the Company (the “Shareholders”) approved the Company’s previously announced arrangement under the Business Corporation Act (British Columbia) (the “Arrangement”) at a special meeting of the 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. Under the Arrangement, the Company will repurchase from Shareholders pro rata an aggregate 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 the trading day immediately prior to August 5, 2022. The Company will also advance the previously announced voluntary incremental cash contributions to the Company’s defined benefit pension plan’s (the “Pension Plan”) wind-up deficit by an amount of $24 million during the year ending December 31, 2022, bringing 2022 cash payments to the Pension Plan’s wind-up deficit to $30 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”). The Court hearing for obtaining a final order approving the Arrangement is currently scheduled to take place on September 27, 2022, and the Arrangement is expected to close on October 4, 2022. Additional information regarding the terms of the Arrangement is set out in the Company’s management proxy circular dated August 26, 2022, which 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 holds some of Canada’s leading local online properties including YP.ca , Canada411 and 411.ca . The Company also holds the YP, Canada411 and 411 mobile applications and Yellow Pages print directories. For more information visit www.corporate.yp.ca . Caution Concerning Forward-Looking Statements This 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, as at September 23, 2022, about our business, and on various estimates and assumptions that are current, reasonable and complete. Our actual results could materially differ from our expectations if known or unknown risks affect our business, or if our estimates or assumptions turn out to be inaccurate. As a result, there is no assurance that any forward-looking statements will materialize. Risks that could cause our results to differ materially from our current expectations are discussed in section 5 of our August 4, 2022 Management’s Discussion and Analysis. We disclaim any intention or obligation to update any forward-looking statements, except as required by law, even if new information becomes available, as a result of future events or for any other reason. Contacts : Investors Franco Sciannamblo Senior Vice-President and Chief Financial Officer investors@yp.ca Media Treena Cooper Senior Vice President, Secretary and General Counsel communications@yp.ca Yellow Pages Limited Announces Approval of the Arrangement at Special Meeting Back to News Print Print

Press Releases Back to News Back to News Montreal (Quebec), February 14, 2024 — Yellow Pages Limited (TSX: Y) (the “Company”), a leading Canadian digital media and marketing company, released its operating and financial results today for the quarter and year ended December 31, 2023. “We are pleased with our fourth quarter and full year results which reflect continued strong profitability and cash generation, despite headwinds in the global economy and, particularly, the Canadian small business sector hindering our progress on the revenue front,” said David A. Eckert, President and CEO of Yellow Pages Limited. Eckert commented on the key developments: Strong earnings . “Our Adjusted EBITDA2 for the quarter and full year was 29.1% and 32.1% of revenue, respectively, despite our continued investments in revenue initiatives, including the further expansion of our sales force.” Cash to Shareholders and Pension Plan . “During the fourth quarter, we completed the previously announced plan of arrangement, distributing $50.0 million to shareholders through a share buy back and advancing $12.0 million of voluntary contributions to our Defined Benefit Pension Plan’s wind-up deficit. In addition, consistent with our deficit-reduction plan announced in May 2021, we made $1.5 million of voluntary incremental payments in the quarter and $6.0 million for the full year toward our Pension Plan’s wind-up deficit, bringing the total voluntary contributions to our Defined Benefit Pension Plan’s wind-up deficit in 2023 to $18.0 million.” Healthy cash balance . “Following the disbursements to shareholders and the Pension Plan, our steady cash generation has grown cash on hand to approximately $27.0 million at the end of January.” Continued progress on revenue initiatives . “The headwinds in the global economy and, particularly, the Canadian small business sector contributed to a challenging quarter for revenue. However, we remain pleased with our progress on underlying metrics, including the size of our sales force, our rate of churn of customers, and our rate of gaining new accounts. In particular, our rate of gaining new accounts was 28.5% higher than in the previous year. We believe these fundamentals bode well for our medium- and long-term future.” Optimistic outlook for “revenue curve.” “After 2023’s four quarters of declining rate of change of revenue vs. prior year, we expect in the first quarter of 2024 a resumption of our climb toward revenue stability.” Increase in quarterly cash dividend. “Our board has modified the dividend policy of paying a quarterly cash dividend to common shareholders by increasing the dividend from $0.20 per share to $0.25 per share.” Quarterly dividend declared . “Our Board has declared a dividend of $0.25 per common share, to be paid on March 15, 2024 to shareholders of record as of February 27, 2024.” Financial Highlights (In thousands of Canadian dollars, except percentage information and per share information) *Includes voluntary contributions to the Defined Benefit Pension Plan (the “Pension Plan”) of $12.0 million, made during the fourth quarter of 2023 ($24.0 million in the fourth quarter of 2022) pursuant to the plan of arrangement (the “Arrangement”). (1) The dividend will be designated as an eligible dividend pursuant to subsection 89(14) of the Income Tax Act (Canada) and any applicable provincial legislation pertaining to eligible dividends. (2) Adjusted EBITDA is equal to Income from operations before depreciation and amortization and restructuring and other charges (defined herein as Adjusted EBITDA), as shown in Yellow Pages Limited’s consolidated statements of income. Adjusted EBITDA, Adjusted EBITDA margin, CAPEX, Adjusted EBITDA less CAPEX and Adjusted EBITDA less CAPEX margin are non-GAAP financial measures and do not have any standardized meaning under IFRS. Therefore, they are unlikely to be comparable to similar measures presented by other public companies. Refer to the section on Non-GAAP financial measures at the end of this document for more details. Fourth Quarter of 2023 Results Total revenues decreased 13.4% year-over-year and amounted to $55.9 million for the three-month period ended December 31, 2023 compared to the decrease of 5.9% reported for the same period last year. Adjusted EBITDA less CAPEX1 totalled $15.3 million and the EBITDA less CAPEX margin1 was 27.4%. Net income amounted to $12.2 million, or to $0.71 per diluted share. Financial Results for the Fourth Quarter of 2023 Total revenues for the fourth quarter ended December 31, 2023 decreased by 13.4% to $55.9 million, as compared to $64.6 million for the same period last year. The decrease in revenues is mainly due to the decline of our higher margin digital media and print products and to a lesser extent to our lower margin digital services products, thereby creating pressure on our gross profit margins. Total digital revenues decreased 12.1% year-over-year and amounted to $45.3 million for the three-month period ended December 31, 2023, as compared to $51.5 million for the same period last year. The revenue decline is mainly attributable to a decrease in digital customer count partially offset by a higher spend per customer. Total print revenues decreased 18.7% year-over-year and amounted to $10.6 million during the fourth quarter of 2023 compared to $13.1 million in the fourth quarter of 2022. The revenue decline was mostly attributable to decreases in the number of print customers and to a lesser extent, the spend per customer. The decline rate of revenues increased year-over-year. Total revenue decline of 13.4% this quarter compares to a decline of 5.9% reported for the same period last year. Digital revenue decline of 12.1% this quarter compares to a decline of 4.3% reported for the same period last year. Print revenue decline of 18.7% this quarter compares to a decline of 11.7% reported for the same period last year. The higher decline rates are attributable to a decrease in customer count in both digital and print, and to customer claim rates remaining stable in 2023, while 2022 benefited from a substantial improvement. These pressures, augmented by the economic headwinds, were partially offset by a higher spend per customer in digital, driven in part by increased pricing. Adjusted EBITDA1 decreased to $16.2 million or 29.1% of revenues in the fourth quarter ended December 31, 2023, relative to $21.0 million or 32.5% of revenues for the same period last year. The decrease in Adjusted EBITDA and Adjusted EBITDA margin for the three-month period ended December 31, 2023 is the result of revenue pressures, the ongoing investments in our tele-sales force capacity and higher bad debt expense, partially offset by the impact of the Company’s share price on cash settled stock-based compensation expense, price increases, the efficiencies from optimization in cost of sales and reductions in other operating costs including reductions in our workforce and associated employee expenses. Revenue pressures, coupled with increased headcount in our salesforce partially offset by continued optimization, will continue to cause some pressure on margins in upcoming quarters. Adjusted EBITDA less CAPEX decreased by $4.7 million to $15.3 million during the fourth quarter of 2023, compared to $20.0 million during the same period last year. The decrease in Adjusted EBITDA less CAPEX for the three-month period ended December 31, 2023 is mainly due to lower Adjusted EBITDA. Net income for the three-month period ended December 31, 2023 amounted to $12.2 million as compared to net income of $29.4 million for the same period last year. The decrease is mainly attributable to higher recognition of previously unrecognized tax attributes and temporary differences in 2022. Income before taxes decreased from $16.7 million for the fourth quarter of 2022 to $12.4 million for the three-month period ended December 31, 2023, explained principally by the decrease in Adjusted EBITDA. Cash flows from operating activities increased by $7.3 million to $6.7 million for the three-month period ended December 31, 2023. The increase is mainly due to a decrease in funding of post-employment benefits plans $12.2 million resulting from the difference in funding pursuant to the 2023 Arrangement compared to the 2022 Arrangement and an increase of $0.7 million from changes in operating assets and liabilities, partially offset by lower Adjusted EBITDA of $4.7 million, higher income taxes paid of $0.6 million and higher restructuring and other charges paid of $0.3 million. The change in operating assets and liabilities is mainly due to the timing in the collection of trade receivables and the payment of trade receivables as well as the impact of the share price on the cash settled stock-based compensation. (1) Adjusted EBITDA is equal to Income from operations before depreciation and amortization and restructuring and other charges (defined herein as Adjusted EBITDA), as shown in Yellow Pages Limited’s consolidated statements of income. Adjusted EBITDA, Adjusted EBITDA margin, CAPEX, Adjusted EBITDA less CAPEX, Adjusted EBITDA less CAPEX margin are non-GAAP financial measures and do not have any standardized meaning under IFRS. Therefore, they are unlikely to be comparable to similar measures presented by other public companies. Refer to the section on Non-GAAP financial measures at the end of this document for more details. Financial Results for the Year Ended December 31 of 2023 Total revenues for the year ended December 31, 2023 decreased by 10.8% to $239.4 million, as compared to $268.3 million for the same period last year. The decrease in revenues is mainly due to the decline of our higher margin digital media and print products and to a lesser extent to our lower margin digital services products, thereby creating pressure on our gross profit margins. Total digital revenues decreased 9.0% year-over-year and amounted to $190.3 million for the year ended December 31, 2023, as compared to $209.1 million for the same period last year. The revenue decline for the period ended December 31, 2023, was mainly attributable to a decrease in digital customer count partially offset by an increase in average spend per customer. Total print revenues decreased 17.0% year-over-year and amounted to $49.1 million for year ended December 31, 2023. The revenue decline is mainly attributable to the decrease in the number of print customers and to a lesser extent, a decrease in spend per customer. The decline rate of revenues increased year-over-year. The higher decline rate is attributable, in part, to (a) the headwinds in the global economy, whereby, customer renewal rates have remained strong but stable while the improvements in average spend per customer has slowed as customers look to optimize their spend, (b) customer claim rates remaining stable in 2023, while 2022 benefited from a substantial improvement and (c) a cybersecurity incident which resulted in the Company’s operations and IT systems being suspended for approximately three weeks during the second quarter of 2023. For the year ended December 31, 2023 Adjusted EBITDA1 decreased by $19.7 million or 20.7% to $76.9 million, compared to $96.6 million for the same period last year. The adjusted EBITDA margin1 decreased during the year ended December 31, 2023 to 32.1%, compared to 36.0% for the same period last year. The decrease in Adjusted EBITDA and Adjusted EBITDA margin for the year ended December 31, 2023 is the result of revenue pressures and the ongoing investments in our tele-sales force capacity, partially offset by the efficiencies from optimization in cost of sales and reductions in other operating costs including reductions in our workforce and associated employee expenses, lower variable compensation expense and the impact of the Company’s share price on cash settled stock-based compensation expense. Furthermore, the Company received a total of $1.1 million of emergency wage subsidies for the year ended December 31, 2022. Revenue pressures, coupled with increased headcount in our salesforce partially offset by continued optimization, will continue to cause pressure on margins in upcoming quarters. For the year ended December 31, 2023 Adjusted EBITDA less CAPEX1 decreased by $18.7 million or 20.4% to $72.9 million, compared to $91.6 million for the same period last year. The adjusted EBITDA less CAPEX margin1 decreased during the year ended December 31, 2023 to 30.4%, compared to 34.1% for the same period last year. The decrease in Adjusted EBITDA less CAPEX and Adjusted EBITDA less CAPEX margin for the year ended December 31, 2023 is driven by the decrease in Adjusted EBITDA, partially offset by the decrease in CAPEX spend. The decrease in CAPEX spend is partly due to the nature of Information Technology spend whereby more of the spend was classified as operating versus capital in nature. Furthermore, the CAPEX spend during the year ended December 31, 2022 was impacted by the integration of new products. Net income decreased to $47.4 million for the year ended December 31, 2023 compared to net income of $73.4 million for the same period last year. The decrease in net income for the year ended December 31, 2023 is mainly due to lower Adjusted EBITDA and higher income tax expense, partially offset by the decrease in depreciation and amortization, restructuring and other charges and financial charges. Cash flows from operating activities decreased by $2.7 million to $46.8 million for the year ended December 31, 2023 from $49.5 million last year. The decrease is mainly due to lower Adjusted EBITDA of $19.7 million, a decrease of $2.1 million from changes in operating assets and liabilities partially offset by a decrease in funding of post-employment benefit plans of $12.0 million resulting from the difference in funding pursuant to the 2023 Arrangement compared to the 2022 Arrangement, the decrease in stock-based compensation cash settlements of $1.3 million, lower income taxes paid of $4.8 million, and lower restructuring and other charges paid of $1.6 million. The change in operating assets and liabilities is mainly due to the timing in the collection of trade receivables and the payment of trade receivables as well as the impact of the share price on the cash settled stock-based compensation expense. The first quarter of 2022 benefited from the cancellation of the forward contracts resulting in a decrease in other receivables of $3.1 million. As at December 31, 2023, the Company had $23.2 million of cash. (1) Adjusted EBITDA is equal to Income from operations before depreciation and amortization and restructuring and other charges (defined herein as Adjusted EBITDA), as shown in Yellow Pages Limited’s consolidated statements of income. Adjusted EBITDA, Adjusted EBITDA margin, CAPEX, Adjusted EBITDA less CAPEX, Adjusted EBITDA less CAPEX margin are non-GAAP financial measures and do not have any standardized meaning under IFRS. Therefore, they are unlikely to be comparable to similar measures presented by other public companies. Refer to the section on Non-GAAP financial measures at the end of this document for more details. Conference Call & Webcast Yellow Pages Limited will hold an analyst and media call and simultaneous webcast at 8:30 a.m. (Eastern Time) on February 14, 2024 to discuss fourth quarter 2023 results. The call may be accessed by dialing 416-695-6725 within the Toronto area, or 1-866-696-5910 outside of Toronto, Passcode 6613383#. Please be prepared to join the conference at least 5 minutes prior to the conference start time. The call will be simultaneously webcast on the Company’s website at: http s :// c o rp o r ate. yp . c a/e n / i n v e s to rs /f i n a n cial-r epo r t s . The conference call will be archived in the Investors section of the site at: http s :// c o rp o r ate. yp . c a/e n / i n v e s to rs /f i n a n cial- e v e n t s- p r e s enta tio n s . 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 holds some of Canada’s leading local online properties including YP.ca , Canada411 and 411.ca . The Company also holds the YP, Canada411 and 411 mobile applications and Yellow Pages print directories. For more information visit www. c o rp o r ate. y p. c a . Caution Concerning Forward-Looking Statements This press release contains forward-looking statements about the objectives, strategies, financial conditions and results of operations and businesses of YP (including, without limitation, payment of a cash dividend per share per quarter to its common shareholders and completion of the plan of arrangement). These statements are forward-looking as they are based on our current expectations, as at February 13, 2024, about our business and the markets we operate in, and on various estimates and assumptions. Our actual results could materially differ from our expectations if known or unknown risks affect our business, or if our estimates or assumptions turn out to be inaccurate. As a result, there is no assurance that any forward-looking statements will materialize. Risks that could cause our results to differ materially from our current expectations are discussed in section 5 of our February 13, 2024 Management’s Discussion and Analysis. We disclaim any intention or obligation to update any forward-looking statements, except as required by law, even if new information becomes available, as a result of future events or for any other reason. Contact: Investors & Media Franco Sciannamblo Senior Vice-President and Chief Financial Officer investors@yp.ca Non-GAAP Financial Measures Adjusted EBITDA and Adjusted EBITDA margin In order to provide a better understanding of the results, the Company uses the terms Adjusted EBITDA and Adjusted EBITDA margin. Adjusted EBITDA is equal to Income from operations before depreciation and amortization and restructuring and other charges (defined herein as Adjusted EBITDA), as shown in Yellow Pages Limited’s consolidated statements of income. Adjusted EBITDA margin is defined as the percentage of Adjusted EBITDA to revenues. Adjusted EBITDA and Adjusted EBITDA margin are not performance measures defined under IFRS and are not considered an alternative to income from operations or net income in the context of measuring Yellow Pages performance. Adjusted EBITDA and Adjusted EBITDA margin do not have a standardized meaning under IFRS and are therefore not likely to be comparable to similar measures used by other publicly traded companies. Adjusted EBITDA and Adjusted EBITDA margin should not be used as exclusive measures of cash flow since they do not account for the impact of working capital changes, income taxes, interest payments, pension funding, capital expenditures, debt principal reductions and other sources and uses of cash, which are disclosed on page 19 of our February 13, 2024 MD&A. Management uses Adjusted EBITDA and Adjusted EBITDA margin to evaluate the performance of its business as it reflects its ongoing profitability. Management believes that certain investors and analysts use Adjusted EBITDA and Adjusted EBITDA margin to measure a company’s ability to service debt and to meet other payment obligations or as common measurement to value companies in the media and marketing solutions industry as well as to evaluate the performance of a business. Adjusted EBITDA less CAPEX and Adjusted EBITDA less CAPEX margin The Company also uses Adjusted EBITDA less CAPEX, which is defined as Adjusted EBITDA, as defined above, less CAPEX which we define as additions to intangible assets and additions to property and equipment as reported in the Investing Activities section of the Company’s consolidated statements of cash flows. Adjusted EBITDA less CAPEX margin is defined as the percentage of Adjusted EBITDA less CAPEX to revenues. Adjusted EBITDA less CAPEX and Adjusted EBITDA less CAPEX margin are non-GAAP financial measures and do not have any standardized meaning under IFRS. Therefore, are unlikely to be comparable to similar measures presented by other publicly traded companies. We use Adjusted EBITDA less CAPEX and Adjusted EBITDA less CAPEX margin to evaluate the performance of our business as it reflects cash generated from business activities. We believe that certain investors and analysts use Adjusted EBITDA less CAPEX and Adjusted EBITDA less CAPEX margin to evaluate the performance of businesses in our industry. The most comparable IFRS financial measure to Adjusted EBITDA less CAPEX is Income from operations before depreciation and amortization and restructuring and other charges (defined above as Adjusted EBITDA) as shown in Yellow Pages Limited’s consolidated statements of income. Refer to pages 8 and 14 of the February 13, 2024 MD&A for a reconciliation of Adjusted EBITDA less CAPEX. Yellow Pages Limited Reports Fourth Quarter and Full Year 2023 Financial and Operating Results and Announces an Increase in Quarterly Cash Dividends1 Back to News Print Print

Communiqués de presse Back to News Retour aux nouvelles Print Retour aux nouvelles Print Montréal (Québec), le 14 mai 2025 – Pages Jaunes Limitée (TSX : Y) (la « Société »), un chef de file en matière de médias numériques et de solutions marketing au Canada, a publié aujourd’hui ses résultats financiers et d’exploitation pour le trimestre clos le 31 mars 2025. « Nos résultats du premier trimestre montrent une progression constante continue vers l’atteinte de la stabilité des produits, une rentabilité satisfaisante et un solde de trésorerie robuste », a déclaré M. David A. Eckert, chef de la direction de Pages Jaunes Limitée. M. Eckert a commenté les principaux faits nouveaux : · Progression vers l’atteinte de la stabilité des produits. « Nous présentons, pour un cinquième trimestre consécutif, une accentuation favorable de la courbe des produits au premier trimestre, car notre taux de variation des produits a été meilleur que celui enregistré au trimestre précédent. » · Bénéfice trimestriel solide. « Notre BAIIA ajusté2 s’est chiffré à 23,4 % des produits pour le trimestre, même en tenant compte de nos investissements continus dans des initiatives à l’égard des produits, y compris l’augmentation constante continue de notre effectif de vente. » · Solde de trésorerie robuste. « Malgré certains importants décaissements saisonniers effectués au cours du trimestre, la trésorerie s’élevait toujours à environ 49 M$ à la fin du mois d’avril. » Mme Sherilyn King, présidente de Pages Jaunes Limitée, a ajouté : « Nous continuons d’être extrêmement satisfaits des progrès réalisés sur les mesures qui sous-tendent la génération de produits, notamment la taille de notre effectif de vente, la baisse constante du taux de diminution du nombre de clients découlant de l’acquisition de nouveaux clients et des taux de renouvellement stables, de même que les solides dépenses moyennes par client. Nous sommes d’avis que ces éléments fondamentaux sont de bon augure pour notre avenir à moyen et à long terme. En outre, notre conseil a encore une fois déclaré un dividende de 0,25 $ par action ordinaire, devant être versé le 16 juin 2025 aux actionnaires inscrits le 27 mai 2025. » 1. Le dividende sera désigné comme dividende déterminé en vertu du paragraphe 89(14) de la Loi de l’impôt sur le revenu (Canada) et de toute loi provinciale applicable se rapportant aux dividendes déterminés. 2. Le BAIIA ajusté correspond au bénéfice d’exploitation avant amortissements et frais de restructuration et autres charges (défini aux présentes comme le « BAIIA ajusté »), tel qu’il est présenté dans les états consolidés intermédiaires résumés du résultat net de Pages Jaunes Limitée. Le BAIIA ajusté, la marge sur BAIIA ajusté, les dépenses d’investissement, le BAIIA ajusté moins les dépenses d’investissement et la marge sur BAIIA ajusté moins les dépenses d’investissement sont des mesures financières non conformes aux PCGR et n’ont pas de signification normalisée selon les Normes IFRS® de comptabilité. Il est donc peu probable qu’ils soient comparables à des mesures semblables employées par d’autres sociétés ouvertes. Pour en savoir davantage, se reporter à la section « Mesures financières non conformes aux PCGR », à la fin du présent document. Résultats du premier trimestre de 2025 • Le total des produits a diminué de 7,6 % d’un exercice à l’autre pour s’établir à 50,8 M$ pour le trimestre clos le 31 mars 2025, ce qui représente une amélioration par rapport à la baisse de 8,1 % enregistrée au trimestre précédent. • Le BAIIA ajusté moins les dépenses d’investissement1 a totalisé 11,4 M$ et la marge sur BAIIA ajusté moins les dépenses d’investissement1 s’est établie à 22,5 %. • Le bénéfice net s’est établi à 5,0 M$, soit un bénéfice dilué de 0,35 $ par action. Résultats financiers pour le premier trimestre de 2025 Pour le premier trimestre clos le 31 mars 2025, le total des produits a diminué de 7,6 % d’un exercice à l’autre, pour s’établir à 50,8 M$, comparativement à 55,0 M$ pour la période correspondante de l’exercice précédent. La diminution des produits est essentiellement attribuable au recul de nos médias numériques et médias imprimés à marge plus élevée et, dans une moindre mesure, de nos services numériques à marge moins élevée, ce qui a exercé une pression sur nos marges bénéficiaires brutes. Pour le trimestre clos le 31 mars 2025, le total des produits tirés des médias et solutions numériques a diminué de 6,8 % d’un exercice à l’autre, pour s’établir à 40,7 M$, comparativement à 43,7 M$ pour la période correspondante de l’exercice précédent. La baisse des produits est principalement attribuable à la diminution du nombre de clients des médias numériques, qui a été contrebalancée en partie par une hausse des dépenses moyennes par client. Pour le trimestre clos le 31 mars 2025, le total des produits tirés des médias imprimés a diminué de 10,5 % d’un exercice à l’autre, pour s’établir à 10,1 M$. La baisse des produits est principalement attribuable à une diminution du nombre de clients des médias imprimés, alors que les dépenses par client ont augmenté d’un exercice à l’autre, en raison des hausses de prix. Les taux de diminution du total des produits, des produits tirés des médias et solutions numériques et des produits tirés des médias imprimés se sont tous améliorés d’un exercice à l’autre. L’amélioration des taux de diminution des produits est essentiellement attribuable à la baisse du taux de diminution du nombre de clients découlant d’une hausse au titre de l’acquisition de nouveaux clients, alors que les taux de renouvellement des clients sont demeurés relativement stables, et à une augmentation des dépenses moyennes par client découlant en partie des hausses de prix. Le BAIIA ajusté1 a diminué pour s’établir à 11,9 M$, ou 23,4 % des produits, au cours du premier trimestre clos le 31 mars 2025, comparativement à 15,3 M$, ou 27,8 % des produits pour la période correspondante de l’exercice précédent. La diminution du BAIIA ajusté et de la marge sur BAIIA ajusté1 pour le trimestre clos le 31 mars 2025 est attribuable aux pressions exercées sur les produits, aux investissements continus dans notre effectif de télévente et à l’incidence du cours de l’action de la Société sur la charge de rémunération fondée sur des actions réglée en trésorerie, facteurs contrebalancés en partie par l’optimisation du coût des produits vendus et par les réductions des autres coûts d’exploitation, y compris les réductions de la main-d’œuvre et des charges connexes liées aux employés. La réévaluation des passifs liés à la rémunération fondée sur des actions réglée en trésorerie a donné lieu à un recouvrement de 1,3 M$ pour le trimestre clos le 31 mars 2025, comparativement à un recouvrement de 1,9 M$ pour la période correspondante de l’exercice précédent. Les pressions exercées sur les produits par la composition des produits, de même que les investissements dans notre effectif de télévente, contrebalancés en partie par l’optimisation continue et des réductions de coûts, exerceront encore une pression sur les marges au cours des prochains trimestres. Le BAIIA ajusté moins les dépenses d’investissement a diminué de 2,9 M$, pour s’établir à 11,4 M$ au premier trimestre de 2025, comparativement à 14,3 M$ pour la période correspondante de l’exercice précédent. La diminution du BAIIA ajusté moins les dépenses d’investissement et de la marge sur BAIIA ajusté moins les dépenses d’investissement pour le trimestre clos le 31 mars 2025 découle de la diminution du BAIIA ajusté, partiellement contrebalancée par une diminution des dépenses d’investissement d’un exercice à l’autre. Pour le trimestre clos le 31 mars 2025, le bénéfice net s’est établi à 5,0 M$, comparativement à un bénéfice net de 8,4 M$ pour la période correspondante de l’exercice précédent. La diminution s’explique principalement par la baisse du BAIIA ajusté et l’augmentation des frais de restructuration et autres charges, facteurs contrebalancés en partie par la diminution de l’impôt sur le résultat. Les flux de trésorerie provenant des activités d’exploitation ont diminué de 2,2 M$, pour s’établir à 3,3 M$ pour le trimestre clos le 31 mars 2025, comparativement à 5,5 M$ pour la période correspondante de l’exercice précédent. La diminution est essentiellement attribuable à la baisse de 3,4 M$ du BAIIA ajusté, contrebalancée en partie par une baisse de 1,5 M$ de la capitalisation des régimes d’avantages postérieurs à l’emploi. 1. Le BAIIA ajusté correspond au bénéfice d’exploitation avant amortissements et frais de restructuration et autres charges (défini aux présentes comme le « BAIIA ajusté »), tel qu’il est présenté dans les états consolidés intermédiaires résumés du résultat net de Pages Jaunes Limitée. Le BAIIA ajusté, la marge sur BAIIA ajusté, les dépenses d’investissement, le BAIIA ajusté moins les dépenses d’investissement et la marge sur BAIIA ajusté moins les dépenses d’investissement sont des mesures financières non conformes aux PCGR et n’ont pas de signification normalisée selon les Normes IFRS de comptabilité. Il est donc peu probable qu’ils soient comparables à des mesures semblables employées par d’autres sociétés ouvertes. Pour en savoir davantage, se reporter à la section « Mesures financières non conformes aux PCGR », à la fin du présent document. Conférence téléphonique et webdiffusion Pages Jaunes Limitée tiendra une conférence téléphonique et une webdiffusion simultanées à l’intention des analystes et des médias à 8 h 30 (heure de l’Est) le 14 mai 2025 pour commenter les résultats du premier trimestre de 2025. On peut assister à cette conférence en composant le 416 695-6725 dans la région de Toronto ou le 1 866 696-5910 à l’extérieur de cette zone. Le mot de passe est 4418135#. Veuillez joindre la conférence au moins cinq minutes avant le début de celle-ci. La conférence sera aussi disponible par webdiffusion à partir du site Web de la Société, à l’adresse https://corporate.yp.ca/fr/investisseurs/financial-reports . La conférence téléphonique sera archivée dans la section « Investisseurs » du site Web, à l’adresse https://corporate.yp.ca/fr-evenements-financiers-presentations . À propos de Pages Jaunes Limitée Pages Jaunes Limitée (TSX : Y) est une société canadienne de médias numériques et de solutions marketing qui offre des occasions aux vendeurs et aux acheteurs d’interagir et de faire des affaires au sein de l’économie locale. Pages Jaunes détient certains des principaux médias locaux en ligne au Canada, notamment PJ.ca , Canada411 et 411.ca , ainsi que les applications mobiles PJ, Canada411 et 411, de même que les annuaires imprimés Pages Jaunes. Pour plus d’informations, visitez notre site Web au https://corporate.yp.ca/fr . Mise en garde concernant les déclarations prospectives Le présent communiqué contient des déclarations prospectives au sujet des objectifs, des stratégies, de la situation financière et des résultats d’exploitation et des activités de PJ (y compris, sans s’y limiter, le versement d’un dividende en trésorerie par action par trimestre à ses actionnaires ordinaires). Ces déclarations sont prospectives puisqu’elles sont fondées sur nos attentes, en date du 13 mai 2025, en ce qui concerne nos activités et les marchés sur lesquels nous les exerçons, ainsi que sur différentes estimations et hypothèses. Nos résultats réels pourraient différer de manière importante de nos attentes si des risques connus ou inconnus touchaient nos activités ou si nos estimations ou hypothèses se révélaient inexactes. Par conséquent, nous ne pouvons garantir que l’une ou l’autre de nos déclarations prospectives se réalisera. Les risques qui pourraient faire en sorte que nos résultats réels diffèrent de façon importante de nos attentes actuelles sont analysés dans la section 5 de notre rapport de gestion en date du 13 mai 2025. Nous n’avons aucune intention ni ne nous engageons à le faire, sauf si cela est exigé conformément à la loi, de mettre à jour les déclarations prospectives même si de nouveaux renseignements venaient à notre connaissance, par suite d’événements futurs ou pour toute autre raison. Personne-ressource : Investisseurs et médias Franco Sciannamblo Premier vice-président et chef de la direction financière investisseurs@pj.ca communications@pj.ca Mesures financières non conformes aux PCGR BAIIA ajusté et marge sur BAIIA ajusté De manière à offrir une meilleure compréhension des résultats, la Société utilise les termes BAIIA ajusté et marge sur BAIIA ajusté. Le BAIIA ajusté correspond au bénéfice d’exploitation avant amortissements et frais de restructuration et autres charges (défini aux présentes comme le « BAIIA ajusté »), tel qu’il est présenté dans les états consolidés intermédiaires résumés du résultat net de Pages Jaunes Limitée. Nous définissons la marge sur BAIIA ajusté en tant que le BAIIA ajusté en pourcentage des produits. Le BAIIA ajusté et la marge sur BAIIA ajusté ne sont pas des mesures de la performance conformes aux Normes IFRS de comptabilité et ils ne sont pas considérés comme un substitut du bénéfice d’exploitation ou du bénéfice net pour mesurer la performance de Pages Jaunes. Le BAIIA ajusté et la marge sur BAIIA ajusté n’ont pas de signification normalisée selon les Normes IFRS de comptabilité; il est donc peu probable qu’ils soient comparables à des mesures semblables employées par d’autres sociétés cotées en bourse. Le BAIIA ajusté et la marge sur BAIIA ajusté ne devraient pas être utilisés comme mesures exclusives des flux de trésorerie, car ils ne tiennent pas compte de l’incidence des variations du fonds de roulement, de l’impôt sur le résultat, des paiements d’intérêts, de la capitalisation des régimes, des dépenses d’investissement, des réductions du capital de la dette ainsi que des autres provenances et utilisations des flux de trésorerie, qui sont présentées à la page 11 de notre rapport de gestion au 13 mai 2025. La direction utilise le BAIIA ajusté et la marge sur BAIIA ajusté pour évaluer la performance de ses activités, car ils reflètent la rentabilité continue. La direction est d’avis que certains investisseurs et analystes utilisent le BAIIA ajusté et la marge sur BAIIA ajusté pour évaluer la capacité d’une société à assurer le service de sa dette et à satisfaire à d’autres obligations de paiement ou comme mesure courante pour évaluer les sociétés exerçant leurs activités dans le secteur des médias et des solutions de marketing ainsi que pour évaluer la performance d’une entreprise. BAIIA ajusté moins les dépenses d’investissement et marge sur BAIIA ajusté moins les dépenses d’investissement La Société utilise aussi le BAIIA ajusté moins les dépenses d’investissement, que nous définissons comme le BAIIA ajusté, tel qu’il est défini ci-dessus, moins les dépenses d’investissement, que nous définissons comme les acquisitions d’immobilisations incorporelles et les acquisitions d’immobilisations corporelles, présentées dans la section « Activités d’investissement » des tableaux consolidés des flux de trésorerie de la Société. Nous définissons la marge sur BAIIA ajusté moins les dépenses d’investissement en tant que le BAIIA ajusté moins les dépenses d’investissement en pourcentage des produits. Le BAIIA ajusté moins les dépenses d’investissement et la marge sur BAIIA ajusté moins les dépenses d’investissement sont des mesures financières non conformes aux PCGR et n’ont pas de signification normalisée selon les Normes IFRS de comptabilité. Il est donc peu probable qu’ils soient comparables à des mesures semblables employées par d’autres sociétés cotées en bourse. Nous utilisons le BAIIA ajusté moins les dépenses d’investissement et la marge sur BAIIA ajusté moins les dépenses d’investissement pour évaluer la performance de nos activités, car ils reflètent les flux de trésorerie provenant de nos activités commerciales. Nous sommes d’avis que certains investisseurs et analystes utilisent le BAIIA ajusté moins les dépenses d’investissement et la marge sur BAIIA ajusté moins les dépenses d’investissement pour évaluer la performance des entreprises de notre secteur. La mesure financière conforme aux Normes IFRS de comptabilité qui s’apparente le plus au BAIIA ajusté moins les dépenses d’investissement est le bénéfice d’exploitation avant amortissements et frais de restructuration et autres charges (défini ci-dessus comme le « BAIIA ajusté »), tel qu’il est présenté dans les états consolidés intermédiaires résumés du résultat net de Pages Jaunes Limitée. Se reporter au tableau ci-dessous pour un rapprochement du BAIIA ajusté moins les dépenses d’investissement. Pages Jaunes Limitée présente ses résultats financiers et d’exploitation pour le premier trimestre de 2025 et déclare un dividende en trésorerie

Press Releases Back to News Back to News Montreal (Quebec), October 5, 2022 — Yellow Pages Limited (TSX: Y) (the “Company”), a leading Canadian digital media and marketing company, today announced completion of the Company’s previously announced arrangement under the Business Corporations Act (British Columbia) (the “Arrangement”). The Arrangement became effective at 11:59 p.m. (Eastern time) on October 4, 2022. Under the Arrangement, the Company repurchased from Shareholders pro rata an aggregate of 7,949,125 common shares at a purchase price of $12.58 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 (the “Pension Plan”). Pursuant to the Arrangement, the Company will also advance to the Pension Plan an additional $18 million prior to December 31, 2022, bringing total 2022 cash payments to the Pension Plan’s wind-up deficit to $30 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 October 7, 2022. Additional information regarding the terms of the Arrangement is set out in the Company’s management proxy circular dated August 26, 2022, which 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 holds some of Canada’s leading local online properties including YP.ca , Canada411 and 411.ca . The Company also holds the YP, Canada411 and 411 mobile applications and Yellow Pages print directories. For more information visit www.corporate.yp.ca . Caution Concerning Forward-Looking Statements This press release contains certain forward-looking statements within the meaning of applicable securities laws. These statements, including the timing of receipt of payment by shareholders for their repurchased shares are forward-looking as they are based on our current expectations, as at October 5, 2022. We disclaim any intention or obligation to update any forward-looking statements, except as required by law, even if new information becomes available, as a result of future events or for any other reason. Contacts: Investors Franco Sciannamblo Senior Vice-President and Chief Financial Officer investors@yp.ca Media Treena Cooper Senior Vice President, Secretary and General Counsel communications@yp.ca Yellow Pages Limited Completes Arrangement Back to News Print Print

Press Releases Back to News Back to News Montreal (Quebec), August 29, 2022 — Yellow Pages Limited (TSX: Y) (the “ Company ”), a leading Canadian digital media and marketing company, today announced that it has filed and is in the process of mailing the management proxy circular (the “ Circular ”) and related materials for the special meeting (the “ Meeting ”) of the Company’s shareholders (the “ Shareholders ”) to approve the previously announced arrangement under the Business Corporation Act (British Columbia) (the “ Arrangement ”). Under the Arrangement, the Company will repurchase from Shareholders pro rata an aggregate 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 the trading day immediately prior to August 5, 2022, all as more particularly described in the Circular. Under the Arrangement, the Company will also advance the previously announced voluntary incremental cash contributions to the Company’s defined benefit pension plan’s (the “ Pension Plan ”) wind-up deficit by an amount of $24 million during the year ending December 31, 2022, bringing 2022 cash payments to the Pension Plan’s wind-up deficit to $30 million by the end of the year. The Arrangement is subject to the approval of at least 66 2/3% of the votes cast by Shareholders at the Meeting. Shareholders holding in excess of 78% of the outstanding Shares have agreed with the Company to vote in favor of the Arrangement. The Arrangement is also subject to the receipt of the approval of the Supreme Court of British Columbia (the “ Court ”). Board Recommendation The board of directors of the Company, after receiving legal and financial advice, unanimously determined the Arrangement is in the best interests of the Company and fair to the Shareholders, and recommends the Shareholders vote FOR the Arrangement. Interim Order The Company also announced today that the Court has issued an interim order in connection with the Arrangement authorizing various matters, including the holding of the Meeting and the mailing of the Circular. Record Date The Company filed a notice of meeting and record date with applicable securities regulatory authorities on August 18, 2022, pursuant to which it advised the Shareholders that the Meeting would be held virtually on September 23, 2022 and set the close of business on August 18, 2022 as the record date (the “ Record Date ”) for the Meeting. Meeting and Circular The Meeting is scheduled to be held as a virtual-only meeting conducted via live audio webcast online at www.virtualshareholdermeeting.com/YP2022SM on September 23, 2022 at 10:00 a.m. (Eastern time) . Shareholders, regardless of geographic location, will have an equal opportunity to participate in the Meeting online. Shareholders will not be able to attend the Meeting in person. Shareholders of record as of the close of business on the Record Date are entitled to receive notice of and vote at the Meeting. Shareholders are urged to vote well before the proxy deadline of 10:00 a.m. (Eastern time) on September 21, 2022. The Circular provides important information on the Arrangement and related matters, including the background to the Arrangement, voting procedures and how to virtually attend the Meeting. Shareholders are urged to read the Circular and its schedules carefully and in their entirety. The Circular is being mailed to Shareholders in compliance with applicable laws and the Interim Order. The Circular is available under the Company’s profile on SEDAR at www.sedar.com and on the Company’s website at www.corporate.yp.ca . Shareholder Questions and Assistance Shareholders who have questions regarding the Meeting or require assistance with voting may contact Broadridge Investor Communications Corporation, the Company’s proxy solicitation agent, via email at proxy.request@broadridge.com . 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 holds some of Canada’s leading local online properties including YP.ca , Canada411 and 411.ca . The Company also holds the YP, Canada411 and 411 mobile applications and Yellow Pages print directories. For more information visit www.corporate.yp.ca . Caution Concerning Forward-Looking Statements This 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, as at August 26, 2022, about our business, and on various estimates and assumptions that are current, reasonable and complete. Our actual results could materially differ from our expectations if known or unknown risks affect our business, or if our estimates or assumptions turn out to be inaccurate. As a result, there is no assurance that any forward-looking statements will materialize. Risks that could cause our results to differ materially from our current expectations are discussed in section 5 of our August 4, 2022 Management’s Discussion and Analysis. We disclaim any intention or obligation to update any forward-looking statements, except as required by law, even if new information becomes available, as a result of future events or for any other reason. Contacts: Investors Franco Sciannamblo Senior Vice-President and Chief Financial Officer investors@yp.ca Media Treena Cooper Senior Vice President, Secretary and General Counsel communications@yp.ca Yellow Pages Limited Files Management Proxy Circular for Special Meeting of Shareholders and Announces Receipt of Interim Order Back to News Print Print

Communiqués de presse Back to News Retour aux nouvelles Print Retour aux nouvelles Print Montréal (Québec), le 12 novembre 2020 – Pages Jaunes Limitée (TSX : Y) (la « Société »), un chef de file en matière de médias numériques et de solutions marketing au Canada, a publié aujourd’hui ses résultats financiers et d’exploitation pour le trimestre et la période de neuf mois clos le 30 septembre 2020. « Nous sommes très heureux de nos résultats du troisième trimestre et de la façon dont notre Société continue de gérer la pandémie de COVID-19 et de bâtir l’avenir », a déclaré M. David A. Eckert, président et chef de la direction de Pages Jaunes Limitée. M. Eckert a commenté les principaux faits nouveaux du trimestre : La trésorerie a continué d’augmenter. « En date d’aujourd’hui, nos fonds en caisse s’élèvent à environ 137 M$. Ce solde excède déjà largement le montant en capital de nos débentures échangeables, soit notre seule dette restante, qui s’élève à 107 M$, compte non tenu des obligations liées à des contrats de location. Comme nous l’avons annoncé précédemment, nous avons l’intention de rembourser ces débentures échangeables en totalité, à leur valeur nominale, le 31 mai 2021 ou autour de cette date. » Dividende trimestriel en trésorerie2 déclaré. « Notre conseil a déclaré un dividende en trésorerie de 0,11 $ par action ordinaire, devant être versé le 15 décembre 2020 aux actionnaires inscrits le 27 novembre 2020. » Offre publique de rachat dans le cours normal des activités visant les actions ordinaires en vigueur. « À la fin du troisième trimestre, la Société avait racheté 99 280 actions ordinaires en vertu de notre offre publique de rachat dans le cours normal des activités, pour un montant en trésorerie de 1,1 M$. Cette offre se poursuit. » Effet modeste de la crise de la COVID-19 sur les produits. « Toutes nos activités se sont poursuivies sans relâche depuis le début de la crise de la COVID-19. Et l’effet de la crise sur nos produits pour le troisième trimestre n’a été, une fois de plus, que de quelques points de pourcentage. Les tendances au titre des commandes à livrer ne font qu’indiquer des effets modestes additionnels sur notre courbe des produits pour les prochains trimestres, puisque les ventes déjà enregistrées deviennent des produits comptabilisés » Progrès en ce qui a trait aux initiatives à l’égard des produits. « Nous sommes sur la bonne voie pour doubler notre capacité de télévente d’ici la fin de l’exercice, afin d’augmenter considérablement l’acquisition de nouveaux comptes. Nous mettons également en œuvre nos programmes visant à augmenter l’offre au sein de notre solide portefeuille de produits. » Bénéfice trimestriel solide. « Notre BAIIA ajusté1 pour le trimestre a représenté une proportion robuste de 34 % des produits, malgré la crise de la COVID-19, nos investissements dans des initiatives à l’égard des produits et certains charges non récurrentes. Nous nous engageons à générer de bons niveaux de trésorerie et de rentabilité, tout en effectuant les investissements ciblés nécessaires pour accentuer la courbe de nos produits afin d’atteindre la stabilité. » 1 Le BAIIA ajusté correspond au bénéfice d’exploitation avant amortissements et frais de restructuration et autres charges (défini aux présentes comme le « BAIIA ajusté »), tel qu’il est présenté dans les états consolidés du résultat net de Pages Jaunes Limitée. Le BAIIA ajusté, la marge sur BAIIA ajusté, les dépenses d’investissement, le BAIIA ajusté moins les dépenses d’investissement, la marge sur BAIIA ajusté moins les dépenses d’investissement et la dette nette excluant les obligations liées à des contrats de location sont des mesures financières non conformes aux PCGR et n’ont pas de signification normalisée selon les normes IFRS. Il est donc peu probable qu’ils soient comparables à des mesures semblables employées par d’autres sociétés ouvertes. Pour en savoir davantage, se reporter à la section « Mesures financières non conformes aux PCGR », à la page 5 du présent document. 2 Le dividende sera désigné comme dividende déterminé en vertu du paragraphe 89(14) de la Loi de l’impôt sur le revenu (Canada) et de toute loi provinciale applicable se rapportant aux dividendes déterminés. Résultats du troisième trimestre de 2020 Le BAIIA ajusté moins les dépenses d’investissement1 a totalisé 26,0 M$, et la marge sur BAIIA ajusté moins les dépenses d’investissement1 s’est établie à 32,4 %. Le bénéfice net a diminué de 4,8 M$, pour s’établir à 9,0 M$, soit un bénéfice dilué de 0,34 $ par action. La situation de trésorerie s’est établie à 124,5 M$ à la fin de la période, et se chiffrait à environ 137,0 M$ au 11 novembre 2020. Information sectorielle Les activités de la Société sont classées en deux secteurs à présenter, soit : PJ et Autre. Le secteur PJ offre aux petites et moyennes entreprises du Canada des solutions de marketing et de médias numériques et traditionnels, y compris le positionnement prioritaire en ligne et mobile sur les médias détenus et exploités de Pages Jaunes, la syndication de contenu, des solutions de moteurs de recherche, la réalisation de sites Web, la gestion de campagnes sur les médias sociaux, un service d’affichage numérique ainsi que la production vidéo et la publicité imprimée. Le secteur comprend aussi le service d’annuaire numérique 411.ca , qui aide les utilisateurs à trouver des personnes et des entreprises locales et à entrer en contact avec elles. Le secteur Autre comprenait le média numérique PJ Resto, jusqu’à sa vente le 30 avril 2019 et Mediative, jusqu’à sa liquidation le 31 janvier 2019. Un aperçu de chaque secteur et de sa performance pour les trimestres et les périodes de neuf mois clos les 30 septembre 2020 et 2019 est présenté dans le rapport de gestion du 12 novembre 2020. Résultats financiers du troisième trimestre de 2020 Pour le troisième trimestre de 2020, les produits tirés du secteur PJ ont diminué de 17,8 M$, ou 18,2 % d’un exercice à l’autre, pour se chiffrer à 80,3 M$, comparativement à 98,1 M$ pour la période correspondante de l’exercice précédent. La diminution pour le trimestre clos le 30 septembre 2020 est attribuable au recul de nos médias numériques et médias imprimés de PJ à marge plus élevée et, dans une moindre mesure, de nos services numériques à marge moins élevée, ce qui a exercé une pression sur nos marges brutes. Les produits du troisième trimestre de 2020 ont aussi été touchés par la pandémie de COVID-19, qui a eu une incidence sur les dépenses des clients et, dans une moindre mesure, sur les taux de renouvellement des clients. 1 Le BAIIA ajusté correspond au bénéfice d’exploitation avant amortissements et frais de restructuration et autres charges (défini aux présentes comme le « BAIIA ajusté »), tel qu’il est présenté dans les états consolidés du résultat net de Pages Jaunes Limitée. Le BAIIA ajusté, la marge sur BAIIA ajusté, les dépenses d’investissement, le BAIIA ajusté moins les dépenses d’investissement, la marge sur BAIIA ajusté moins les dépenses d’investissement et la dette nette excluant les obligations liées à des contrats de location sont des mesures financières non conformes aux PCGR et n’ont pas de signification normalisée selon les normes IFRS. Il est donc peu probable qu’ils soient comparables à des mesures semblables employées par d’autres sociétés ouvertes. Pour en savoir davantage, se reporter à la section « Mesures financières non conformes aux PCGR », à la page 5 du présent document. Pour le trimestre clos le 30 septembre 2020, le BAIIA ajusté1 du secteur PJ a totalisé 27,3 M$, ou 34,0 % des produits, comparativement à 37,8 M$, ou 38,5 % des produits, pour la période correspondante de l’exercice précédent. La diminution du BAIIA ajusté et de la marge sur BAIIA1 ajusté au cours du troisième trimestre clos le 30 septembre 2020 est attribuable aux pressions exercées sur les produits dans le secteur PJ et à certains éléments non récurrents, partiellement contrebalancés par l’efficience au sein des ventes et de l’exploitation découlant des optimisations et des réductions des autres coûts d’exploitation, incluant des réductions de la main-d’œuvre et des charges connexes liées aux employés, des réductions des espaces de bureaux de la Société et d’autres réductions au titre des dépenses au sein du secteur. Les éléments non récurrents comprennent une augmentation de 4,0 M$ attribuable à la charge liée à l’acquisition des droits en vertu du régime incitatif à long terme du chef de la direction à la fin de son premier contrat au troisième trimestre de 2020, découlant de la hausse du cours de l’action de la Société, contrebalancée en partie par la subvention salariale d’urgence de 1,2 M$ reçue au cours du trimestre clos le 30 septembre 2020. Les effets modestes persistants de la pandémie de COVID-19 sur les produits, de même que l’augmentation de l’effectif de vente, exerceront une certaine pression sur la marge au cours des prochains trimestres. Pour le troisième trimestre clos le 30 septembre 2020, le total des produits a diminué de 18,2 % d’un exercice à l’autre, pour s’établir à 80,3 M$, comparativement à 98,1 M$ pour la période correspondante de l’exercice précédent. Le BAIIA ajusté1 a diminué de 27,7 % pour se chiffrer à 27,3 M$, ou 34,0 % des produits, pour le troisième trimestre clos le 30 septembre 2020, comparativement à 37,8 M$, ou 38,5 % des produits, pour la période correspondante de l’exercice précédent. Le BAIIA ajusté moins les dépenses d’investissement a diminué de 9,4 M$ pour s’établir à 26,0 M$ au cours du troisième trimestre de 2020, comparativement à 35,4 M$ au cours de la période correspondante de l’exercice précédent. Pour le trimestre clos le 30 septembre 2020, le bénéfice net s’est établi à 9,0 M$, comparativement à un bénéfice net de 13,8 M$ pour la période correspondante de l’exercice précédent. La baisse de 4,8 M$ de la rentabilité au cours du trimestre clos le 30 septembre 2020 par rapport à la période correspondante de l’exercice précédent s’explique principalement par une baisse du BAIIA ajusté et une hausse des frais de restructuration et autres charges, qui ont été contrebalancées en partie par une baisse des charges financières et une baisse de la dotation aux amortissements. Les flux de trésorerie provenant des activités d’exploitation ont diminué de 17,9 M$, pour s’établir à 32,7 M$ pour le trimestre clos le 30 septembre 2020, comparativement à 50,6 M$ pour la période correspondante de l’exercice précédent, essentiellement en raison d’une diminution de 10,5 M$ du BAIIA ajusté et d’une diminution de 6,3 M$ de la variation des actifs et des passifs d’exploitation, puisque les résultats de 2019 avaient bénéficié du recouvrement des créances clients de Juice et de Mediative. Au 30 septembre 2020, le total de la dette de la Société se chiffrait à 153,9 M$, comparativement à 156,4 M$ au 31 décembre 2019. Au 30 septembre 2020, la dette nette excluant les obligations liées à des contrats de location1 de la Société se chiffrait à (24,0) M$, comparativement à une dette nette excluant les obligations liées à des contrats de location de 54,1 M$ au 31 décembre 2019. 1 Le BAIIA ajusté correspond au bénéfice d’exploitation avant amortissements et frais de restructuration et autres charges (défini aux présentes comme le « BAIIA ajusté »), tel qu’il est présenté dans les états consolidés du résultat net de Pages Jaunes Limitée. Le BAIIA ajusté, la marge sur BAIIA ajusté, les dépenses d’investissement, le BAIIA ajusté moins les dépenses d’investissement, la marge sur BAIIA ajusté moins les dépenses d’investissement et la dette nette excluant les obligations liées à des contrats de location sont des mesures financières non conformes aux PCGR et n’ont pas de signification normalisée selon les normes IFRS. Il est donc peu probable qu’ils soient comparables à des mesures semblables employées par d’autres sociétés ouvertes. Pour en savoir davantage, se reporter à la section « Mesures financières non conformes aux PCGR », à la page 5 du présent document. Conférence téléphonique et webdiffusion Pages Jaunes Limitée tiendra une conférence téléphonique et une webdiffusion simultanées à l’intention des analystes et des médias à 8 h 30 (heure de l’Est) le 12 novembre 2020 pour commenter les résultats du troisième trimestre de 2020. On peut assister à cette conférence en composant le 416 695-6725 dans la région de Toronto ou le 1 866 696-5910 à l’extérieur de cette zone. Le mot de passe est #8902057 . Veuillez joindre la conférence au moins cinq minutes avant le début de celle-ci. La conférence sera aussi disponible par webdiffusion à partir du site Web de la Société, à l’adresse https://entreprise.pj.ca/fr/investisseurs/rapports-financiers/ . La conférence téléphonique sera archivée dans la section « Investisseurs » du site Web, à l’adresse https://entreprise.pj.ca/fr/investisseurs/evenements-financiers-presentations/ . À propos de Pages Jaunes Limitée Pages Jaunes Limitée (TSX : Y) est une société canadienne de médias numériques et de solutions marketing qui offre des occasions aux vendeurs et aux acheteurs d’interagir et de faire des affaires au sein de l’économie locale. Pages Jaunes détient certains des principaux médias locaux en ligne au Canada, notamment PJ.ca , Canada411 et 411.ca , ainsi que les applications mobiles PJ, Canada411 et 411, de même que les annuaires imprimés Pages Jaunes. Pour plus d’information, visitez notre site Web au https://entreprise.pj.ca/fr/ . Mise en garde concernant les déclarations prospectives Le présent communiqué contient des déclarations prospectives au sujet des objectifs, des stratégies, des conditions financières, y compris d’un éventuel remboursement intégral des débentures échangeables restantes de la Société, à leur valeur nominale, le 31 mai 2021 ou peu après cette date, du versement, à ses actionnaires ordinaires, d’un dividende en trésorerie de 0,11 $ par action par trimestre, et des résultats d’exploitation et des activités de la Société. Ces déclarations sont prospectives puisqu’elles sont fondées sur nos attentes, en date du 11 novembre 2020, en ce qui concerne nos activités et les marchés sur lesquels nous les exerçons, ainsi que sur différentes estimations et hypothèses. Nos résultats réels pourraient différer de manière importante de nos attentes si des risques connus ou inconnus touchaient nos activités ou si nos estimations ou hypothèses se révélaient inexactes. Par conséquent, nous ne pouvons garantir que l’une ou l’autre de nos déclarations prospectives se réalisera. Les risques qui pourraient faire en sorte que nos résultats réels diffèrent de façon importante de nos attentes actuelles sont analysés dans la section 5 de notre rapport de gestion en date du 11 novembre 2020. Nous n’avons aucune intention ni ne nous engageons à le faire, sauf si cela est exigé conformément à la loi, de mettre à jour les déclarations prospectives même si de nouveaux renseignements venaient à notre connaissance, par suite d’événements futurs ou pour toute autre raison. Personnes-ressources :Investisseurs Franco Sciannamblo Premier vice-président et chef de la direction financière investisseurs@pj.ca Médias John Ireland Premier vice-président, Efficacité organisationnelle communications@pj.ca Mesures financières non conformes aux PCGR BAIIA ajusté et marge sur BAIIA ajusté De manière à offrir une meilleure compréhension des résultats, la Société utilise les termes BAIIA ajusté et marge sur BAIIA ajusté. Le BAIIA ajusté correspond au bénéfice d’exploitation avant amortissements et frais de restructuration et autres charges (défini aux présentes comme le « BAIIA ajusté »), tel qu’il est présenté dans les états consolidés intermédiaires résumés du résultat net de Pages Jaunes Limitée. Nous définissons la marge sur BAIIA ajusté en tant que BAIIA ajusté en pourcentage des produits. Le BAIIA ajusté et la marge sur BAIIA ajusté ne sont pas des mesures de la performance conformes aux normes IFRS et ils ne sont pas considérés comme un substitut du bénéfice d’exploitation ou du bénéfice net pour mesurer la performance de Pages Jaunes. Les définitions du BAIIA ajusté et de la marge sur BAIIA ajusté ne sont pas normalisées selon les normes IFRS; il est donc peu probable qu’ils soient comparables à des mesures semblables employées par d’autres sociétés cotées en bourse. Le BAIIA ajusté et la marge sur BAIIA ajusté ne devraient pas être utilisés comme mesures exclusives des flux de trésorerie, car ils ne tiennent pas compte de l’incidence des variations du fonds de roulement, de l’impôt sur le résultat, des paiements d’intérêts, de la capitalisation des régimes, des dépenses d’investissement, des acquisitions d’entreprises, des réductions du capital de la dette ainsi que des autres provenances et utilisations des flux de trésorerie, qui sont présentées à la page 17 de ce rapport de gestion. La direction utilise le BAIIA ajusté et la marge sur BAIIA ajusté pour évaluer la performance de ses activités, car ils reflètent la rentabilité continue. La direction est d’avis que certains investisseurs et analystes utilisent le BAIIA ajusté et la marge sur BAIIA ajusté pour évaluer la capacité d’une société à assurer le service de sa dette et à satisfaire à d’autres obligations de paiement ou comme mesure courante pour évaluer les sociétés exerçant leurs activités dans le secteur des médias et des solutions de marketing ainsi que pour évaluer la performance d’une entreprise. BAIIA ajusté moins les dépenses d’investissement et marge sur BAIIA ajusté moins les dépenses d’investissement La Société utilise aussi le BAIIA ajusté moins les dépenses d’investissement, que nous définissons comme le BAIIA ajusté, tel qu’il est défini ci-dessus, moins les dépenses d’investissement, que nous définissons comme les acquisitions d’immobilisations incorporelles et corporelles, présentées dans la section « Activités d’investissement » des tableaux consolidés intermédiaires résumés des flux de trésorerie de la Société. Nous définissons la marge sur BAIIA ajusté moins les dépenses d’investissement en tant que BAIIA ajusté moins les dépenses d’investissement en pourcentage des produits. Le BAIIA ajusté moins les dépenses d’investissement et la marge sur BAIIA ajusté moins les dépenses d’investissement sont des mesures financières non conformes aux normes IFRS et ils n’ont pas de signification normalisée selon les normes IFRS. Il est donc peu probable qu’ils soient comparables à des mesures semblables employées par d’autres sociétés cotées en bourse. Nous utilisons le BAIIA ajusté moins les dépenses d’investissement et la marge sur BAIIA ajusté moins les dépenses d’investissement pour évaluer la performance de nos activités, car ils reflètent les flux de trésorerie provenant de nos activités commerciales. Nous sommes d’avis que certains investisseurs et analystes utilisent le BAIIA ajusté moins les dépenses d’investissement et la marge sur BAIIA ajusté moins les dépenses d’investissement pour évaluer la performance des entreprises de notre secteur. La mesure financière conforme aux normes IFRS qui s’apparente le plus au BAIIA ajusté moins les dépenses d’investissement est le bénéfice d’exploitation avant amortissements et frais de restructuration et autres charges (défini ci-dessus comme le « BAIIA ajusté »), tel qu’il est présenté dans les états consolidés intermédiaires résumés du résultat net de Pages Jaunes Limitée. Pour un rapprochement des dépenses d’investissement et du BAIIA ajusté moins les dépenses d’investissement, se reporter aux pages 5 et 11, respectivement, du rapport de gestion au 11 novembre 2020. Dette nette excluant les obligations liées à des contrats de location La dette nette excluant les obligations liées à des contrats de location est une mesure financière non conforme aux PCGR et elle n’a pas de signification normalisée selon les normes IFRS. Il est donc peu probable qu’elle soit comparable à des mesures semblables employées par d’autres sociétés cotées en bourse. La dette nette excluant les obligations liées à des contrats de location comprend les débentures échangeables, déduction faite de la trésorerie, telles qu’elles sont présentées dans nos états consolidés de la situation financière. Nous utilisons la dette nette à titre d’indicateur de la capacité de la Société à respecter ses obligations financières et à réduire la dette et la charge d’intérêts connexe, puisqu’elle représente le montant de la dette excluant les obligations liées à des contrats de location qui n’est pas couvert par la trésorerie disponible. Nous sommes d’avis que certains investisseurs et analystes utilisent la dette nette pour établir le levier financier d’une société. La mesure conforme aux normes IFRS qui s’apparente le plus est le total de la dette, tel qu’il est présenté à la section « Informations à fournir concernant le capital », à la page 51 de nos états financiers consolidés audités pour les exercices clos en 2019 et 2018. Le tableau suivant présente un rapprochement du total de la dette et de la dette nette excluant les obligations liées à des contrats de location. Pages Jaunes Limitée présente des résultats financiers et d’exploitation solides au troisième trimestre de 2020 et déclare un dividende en trésorerie

Press Releases Back to News Back to News Montreal (Quebec), — Yellow Pages Limited (TSX: Y) (the “Company”), a leading Canadian digital media and marketing company, released its operating and financial results today for the quarter and year ended December 31, 2020. “We finished the year with another good quarter, generating strong cash while continuing to lay the groundwork for the future,” said David A. Eckert, President and CEO of Yellow Pages Limited. Eckert commented on the key developments for the quarter: Solid quarterly earnings. “Our Adjusted EBITDA2 for the quarter was a healthy 36% of revenue, contributing to a full-year EBITDA margin2 of 39%, despite the COVID-19 crisis and our investments in revenue initiatives.” Cash continued to build. “As of the end of January, our cash on hand was approximately $164 million.” Common stock NCIB effective. “Under our NCIB program, at the end of the year the Company had purchased 273,190 common shares for cash of $3.3 million.” Quarterly cash dividend1 declared. “Our Board has declared a cash dividend of $0.11 per common share, to be paid on March 15, 2021 to shareholders of record as of February 26, 2021.” Debt-free by June 1. “We reconfirm our intention to pay off our Exchangeable Debentures, at par, which are our only remaining debt, excluding lease obligations, on or around May 31, 2021. Our cash on hand at the end of January already significantly exceeds the $107 million principal amount of that debt.” Modest effect of COVID-19. “We have managed such that the effect of the ongoing COVID-19 crisis on our financial results is only a handful of percentage points. Bookings trends indicate a stabilization, suggesting a more stable revenue curve over the next couple of quarters, as the sales levels already booked become reported revenue.” Progress on revenue initiatives. “To prepare for the future, we have doubled our tele-sales capacity to significantly ramp up our acquisition of new accounts and we are executing on our programs to add to our strong product portfolio.” Financial Highlights (In thousands of Canadian dollars, except percentage information and per share information) (1) The dividend will be designated as an eligible dividend pursuant to subsection 89(14) of the Income Tax Act (Canada) and any applicable provincial legislation pertaining to eligible dividends. (2) Adjusted EBITDA is equal to Income from operations before depreciation and amortization and restructuring and other charges (defined herein as Adjusted EBITDA), as shown in Yellow Pages Limited’s consolidated statements of income. Adjusted EBITDA, Adjusted EBITDA margin, CAPEX, Adjusted EBITDA less CAPEX, Adjusted EBITDA less CAPEX margin and Net debt excluding lease obligations are non-IFRS financial measures and do not have any standardized meaning under IFRS. Therefore, they are unlikely to be comparable to similar measures presented by other public companies. Refer to the section on Non-IFRS financial measures on page 5 of this document for more details. Fourth Quarter of 2020 Results Adjusted EBITDA less CAPEX1 totalled $26.2 million and the EBITDA less CAPEX margin1 was 34.1%. Net earnings decreased by $36.8 million to $16.8 million, or $0.58 per diluted share. Cash position at the end of the period was $153.5 million and approximately $163.7 million as at January 31, 2021. Segmented Information The Company’s operations are categorized into two reportable segments: YP and other. The YP segment provides small and medium-sized businesses across Canada digital and traditional marketing solutions, including online and mobile priority placement on Yellow Pages owned and operated media, content syndication, search engine solutions, website fulfillment, social media campaign management and digital display advertising, video production and print advertising. This segment also includes the 411.ca digital directory service helping users find and connect with people and local businesses which was integrated with the Company’s wholly-owned subsidiary, Yellow Pages Digital & Media Solutions Limited, as at September 30, 2019. The Other segment includes YP Dine digital property allowing users to discover, search for and book local restaurants in addition to offering online ordering capabilities until its sale on April 30, 2019. This segment also includes Mediative until its liquidation on January 31, 2019. Mediative’s offers included dedicated marketing and performance media services to national clients Canada-wide. Subsequent to the second quarter of 2019, there are no longer any operations being reported in this segment. An overview of each segment and the performance of each segment for the three-month periods and years ended December 31, 2020 and 2019 can be found in the February 10, 2021 Management’s Discussion and Analysis. Financial Results for the Fourth Quarter of 2020 Total revenues for the fourth quarter ended December 31, 2020 decreased by 18.0% year-over-year and amounted to $76.7 million as compared to $93.5 million for the same period last year. The decrease for the quarter ended December 31, 2020 is due to the decline of our higher margin YP digital media and print products and to a lesser extent to our lower margin digital services products, thereby creating pressure on our gross profit margins. Revenues for the fourth quarter of 2020 were also impacted by the COVID-19 pandemic which impacted customer spend and to a lesser extent customer renewal rates. Adjusted EBITDA1 decreased to $27.6 million or 36.0% of revenues in the fourth quarter ended December 31, 2020, relative to $34.8 million or 37.2% of revenues for the same period last year. The decrease in Adjusted EBITDA and Adjusted EBITDA margin1 in the three-month period ended December 31, 2020 is the result of the revenue pressures partially offset by efficiencies in sales and operations from optimization and reductions in other operating costs including reductions in our workforce and associated employee expenses, reductions in the Company’s office space footprint and other spending reductions across the segment. Revenue pressures, coupled with increased headcount in our salesforce partially offset by continued optimization, will create some pressure on margin in upcoming quarters. Adjusted EBITDA less CAPEX decreased by $6.6 million to $26.2 million during the fourth quarter of 2020, compared to $32.8 million during the same period last year. Net earnings for the three-month ended December 31, 2020 amounted to $16.8 million as compared to net earnings of $53.6 million for the same period last year due to higher recognition of previously unrecognized tax attributes and temporary differences in 2019. Earnings before taxes increased from $13.0 million in the fourth quarter of 2019 to $19.2 million for the three-month period ended December 31, 2020 as lower Adjusted EBITDA was more than offset by lower restructuring and other charges, financial charges and depreciation and amortization expenses. 1) Adjusted EBITDA is equal to Income from operations before depreciation and amortization and restructuring and other charges (defined herein as Adjusted EBITDA), as shown in Yellow Pages Limited’s consolidated statements of income. Adjusted EBITDA, Adjusted EBITDA margin, CAPEX, Adjusted EBITDA less CAPEX, Adjusted EBITDA less CAPEX margin and Net debt excluding lease obligations are non-IFRS financial measures and do not have any standardized meaning under IFRS. Therefore, they are unlikely to be comparable to similar measures presented by other public companies. Refer to the section on Non-IFRS financial measures on page 5 of this document for more details. Cash flows from operating activities increased by $3.4 million to $35.4 million for the three-month period ended December 31, 2020 from $32.0 million for the same period last year, mainly due to lower Adjusted EBITDA1 of $7.1 more than offset by an increase of $4.0 million from the change in operating assets and liabilities, lower interest paid of $4.8 million and lower payments of restructuring and other charges of $1.6 million. Financial Results for the Year Ended December 31, 2020 Revenues for the YP segment for the year ended December 31, 2020 decreased by $68.4 million or 17.0% year-over-year and amounted to $333.5 million compared to $401.9 million for the same period last year. The decrease for the year ended December 31, 2020 is due to the decline of our higher margin YP digital media and print products and to a lesser extent to our lower margin digital services products, thereby creating pressure on our gross profit margins. Revenues for 2020 were also impacted by the COVID-19 pandemic which impacted customer spend and to a lesser extent customer renewal rates. Adjusted EBITDA for the YP segment for the year ended December 31, 2020 totalled $129.4 million or 38.8% of revenues compared to $161.0 million or 40.1% of revenues for the same period last year. The decrease in Adjusted EBITDA and Adjusted EBITDA margin1 for the year ended December 31, 2020 is the result of the overall revenue pressures in the segment partially offset by efficiencies in sales and operations from continued optimization and reductions in other operating costs including reductions in our workforce and associated employee expenses, reductions in the Company’s office space footprint and other spending reductions across the segment. In addition, the first quarter of 2019 was favorably impacted by an adjustment to the variable compensation expense due to employee attrition and previous year performances. Revenue pressures, coupled with increased headcount in our salesforce partially offset by continued optimization, will create some pressure on margin in upcoming quarters. Total revenues for the year ended December 31, 2020 decreased by 17.3% year-over-year and amounted to $333.5 million as compared to $403.2 million for the same period last year. Adjusted EBITDA decreased by 19.8% to $129.4 million or 38.8% of revenues for the year ended December 31, 2020, relative to $161.3 million or 40.0% of revenues for the same period last year. The year-over-year results for the year ended December 31, 2020 were attributable to the YP Segment. Adjusted EBITDA less CAPEX1 decreased by $27.7 million to $123.9 million for the year ended December 31, 2020, compared to $151.6 million during the same period last year. Net earnings for the year ended December 31, 2020 amounted to $60.3 million as compared to net earnings of $94.7 million for the same period last year due to higher recognition of previously unrecognized tax attributes and temporary differences in 2019. Earnings before taxes increased from $69.8 million in 2019 to $78.7 million for the year-ended December 31, 2020 as lower Adjusted EBITDA was more than offset by lower restructuring and other charges, financial charges and depreciation and amortization expenses. Cash flows from operating activities decreased by $17.8 million to $127.0 million for the year ended December 31, 2020 from $144.8 million for the same period last year. The decrease is mainly due to lower Adjusted EBITDA of $31.9 million and a reduction of $9.9 million from the change in operating assets and liabilities offset by the lower interest paid of $16.1 million and lower payments for restructuring and other charges of $8.0 million. As at December 31, 2020, the Company had $154.0 million of total debt, compared to $156.4 million as at December 31, 2019. As at December 31, 2020, the Company had ($52.4) million net debt excluding lease obligations1, compared to $54.1 million net debt excluding lease obligations as at December 31, 2019. 1) Adjusted EBITDA is equal to Income from operations before depreciation and amortization and restructuring and other charges (defined herein as Adjusted EBITDA), as shown in Yellow Pages Limited’s consolidated statements of income. Adjusted EBITDA, Adjusted EBITDA margin, CAPEX, Adjusted EBITDA less CAPEX, Adjusted EBITDA less CAPEX margin and Net debt excluding lease obligations are non-IFRS financial measures and do not have any standardized meaning under IFRS. Therefore, they are unlikely to be comparable to similar measures presented by other public companies. Refer to the section on Non-IFRS financial measures on page 5 of this document for more details. Conference Call & Webcast Yellow Pages Limited will hold an analyst and media call and simultaneous webcast at 8:30 a.m. (Eastern Time) on February 11, 2021 to discuss fourth quarter 2020 results. The call may be accessed by dialing 416-695-6725 within the Toronto area, or 1-866-696-5910 outside of Toronto, Passcode # 8577790. Please be prepared to join the conference at least 5 minutes prior to the conference start time. The call will be simultaneously webcast on the Company’s website at: https://corporate.yp.ca/en/investors/financial-reports . The conference call will be archived in the Investors section of the site at: https://corporate.yp.ca/en/investors/financial-events-presentations . 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 holds some of Canada’s leading local online properties including YP.ca , Canada411 and 411.ca . The Company also holds the YP, Canada411 and 411 mobile applications and Yellow Pages print directories. For more information visit www.corporate.yp.ca . Caution Concerning Forward-Looking Statements This press release contains forward-looking statements about the objectives, strategies, financial conditions, including potential full repayment of the Company’s remaining exchangeable debentures on or shortly after May 31, 2021, at par; to its common shareholders, a cash dividend payment of $0.11 per share per quarter;and results of operations and businesses of the Company. These statements are forward-looking as they are based on our current expectations, as at February 10, 2021, about our business and the markets we operate in, and on various estimates and assumptions. Our actual results could materially differ from our expectations if known or unknown risks affect our business, or if our estimates or assumptions turn out to be inaccurate. As a result, there is no assurance that any forward-looking statements will materialize. Risks that could cause our results to differ materially from our current expectations are discussed in section 5 of our February 10, 2021 Management’s Discussion and Analysis. We disclaim any intention or obligation to update any forward-looking statements, except as required by law, even if new information becomes available, as a result of future events or for any other reason. Contacts: Investors Franco Sciannamblo Senior Vice-President and Chief Financial Officer investors@yp.ca Media John Ireland Senior Vice-President, Organizational Effectiveness communications@yp.ca Non-IFRS Financial Measures Adjusted EBITDA and Adjusted EBITDA margin In order to provide a better understanding of the results, the Company uses the terms Adjusted EBITDA and Adjusted EBITDA margin. Adjusted EBITDA is equal to Income from operations before depreciation and amortization and restructuring and other charges (defined herein as Adjusted EBITDA), as shown in Yellow Pages Limited’s consolidated statements of income. Adjusted EBITDA margin is defined as the percentage of Adjusted EBITDA to revenues. Adjusted EBITDA and Adjusted EBITDA margin are not performance measures defined under IFRS and are not considered an alternative to income from operations or net earnings in the context of measuring Yellow Pages performance. Adjusted EBITDA and Adjusted EBITDA margin do not have a standardized meaning under IFRS and are therefore not likely to be comparable to similar measures used by other publicly traded companies. Adjusted EBITDA and Adjusted EBITDA margin should not be used as exclusive measures of cash flow since they do not account for the impact of working capital changes, income taxes, interest payments, pension funding, capital expenditures, business acquisitions, debt principal reductions and other sources and uses of cash, which are disclosed on page 26 of our February 10, 2021 MD&A. Management uses Adjusted EBITDA and Adjusted EBITDA margin to evaluate the performance of its business as it reflects its ongoing profitability. Management believes that certain investors and analysts use Adjusted EBITDA and Adjusted EBITDA margin to measure a company’s ability to service debt and to meet other payment obligations or as common measurement to value companies in the media and marketing solutions industry as well as to evaluate the performance of a business. Adjusted EBITDA less CAPEX and Adjusted EBITDA less CAPEX margin The Company also uses Adjusted EBITDA less CAPEX, which is defined as Adjusted EBITDA, as defined above, less CAPEX which we define as additions to intangible assets and additions to property and equipment as reported in the Investing Activities section of the Company’s consolidated statements of cash flows. Adjusted EBITDA less CAPEX margin is defined as the percentage of Adjusted EBITDA less CAPEX to revenues. Adjusted EBITDA less CAPEX and Adjusted EBITDA less CAPEX margin are non-IFRS financial measures and do not have any standardized meaning under IFRS. Therefore, are unlikely to be comparable to similar measures presented by other publicly traded companies. We use Adjusted EBITDA less CAPEX and Adjusted EBITDA less CAPEX margin to evaluate the performance of our business as it reflects cash generated from business activities. We believe that certain investors and analysts use Adjusted EBITDA less CAPEX and Adjusted EBITDA less CAPEX margin to evaluate the performance of businesses in our industry. The most comparable IFRS financial measure to Adjusted EBITDA less Capex is Income from operations before depreciation and amortization and restructuring and other charges (defined above as Adjusted EBITDA) as shown in Yellow Pages Limited’s consolidated statements of income. Refer to page 5 and page 10 of the February 10, 2021 MD&A for a reconciliation of CAPEX and Adjusted EBITDA less CAPEX, respectively. Net debt excluding lease obligations Net debt excluding lease obligations is a non-IFRS financial measure and does not have any standardized meaning under IFRS. Therefore, it is unlikely to be comparable to similar measures presented by other publicly traded companies. Net debt excluding lease obligations is comprised of Exchangeable debentures less Cash as presented in our consolidated statements of financial position. We use net debt as indicator of the Company's ability to cover financial obligations and reduce debt and associated interest charge as it represents the amount of debt excluding lease obligations that is not covered by available cash. We believe that certain investors and analysts use net debt to determine a company’s financial leverage. The most comparable IFRS financial measure is total debt, as presented in the capital disclosures note on page 48 of our consolidated financial statements for the years ended 2020 and 2019. The table below provides a reconciliation of total debt to net debt excluding lease obligations. Yellow Pages Limited Reports Solid Financial and Operating Results in Fourth Quarter and Full Year 2020 and Declares a Cash Dividend(1) Back to News Print Print