Yellow Pages Limited Files Management Proxy Circular for Annual General and Special Meeting of Shareholders and Announces Receipt of Interim Order

MONTREAL , May 11, 2026 /CNW/ - Yellow Pages Limited (TSX: Y) (the "Company"), a leading Canadian digital media and marketing company, today announced that it has filed its notice of annual general and special meeting of the shareholders and management proxy circular (the "Circular") with securities regulators for the annual general and special meeting (the "Meeting") of the Company's shareholders (the "Shareholders") to be held as a virtual-only meeting Thursday, June 11, 2026 at 11:00 a.m. (Eastern time), to approve, amongst other things, the previously announced arrangement under the Business Corporation Act (British Columbia) (the "Arrangement").

The Arrangement

Under the Arrangement, the Company will repurchase from Shareholders pro rata an aggregate of 2,037,489 common shares at a purchase price of $12.27 per share, which represents the volume weighted average price for the five consecutive trading days ending the trading day immediately prior to
April 7, 2026, all as more particularly described in the Circular. In connection with the Arrangement, the Company has also voluntarily contributed $2.0 million to the Company's Defined Benefit Pension Plan.

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 80% 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 has unanimously determined, after consultation with its advisors and its own deliberations, that the Arrangement is fair to the Shareholders and the Arrangement is in the best interests of the Company, and recommends the Shareholders vote FOR the Arrangement.

Interim Order

On May 1, 2026, the Court issued an interim order (the "Interim Order") in connection with the Arrangement, providing for the calling and holding of the Meeting and certain other procedural matters relating to the Meeting and the Arrangement. A copy of the Interim Order is included in the Circular.

Record Date

The Company filed a notice of meeting and record date with applicable securities regulatory authorities on February 17, 2026, as amended on March 24, 2026, pursuant to which it advised the Shareholders that the Meeting would be held virtually on June 11, 2026 and set the close of business on April 14, 2026 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 available via live audio webcast at www.virtualshareholdermeeting.com/YP2026 on Thursday, June 11, 2026 at 11:00 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 11:00 a.m. (Eastern time) on Tuesday, June 9, 2026.

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 the System for Electronic Data Analysis and Retrieval+ at www.sedarplus.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 [email protected].

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.ca 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 about the Arrangement within the meaning of applicable securities laws. Completion of the Arrangement is subject to a number of risks. Risks that could cause our results to differ materially from our current expectations, and that could impact the Arrangement, are discussed in section 5 of our February 11, 2026 Annual 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.

SOURCE Yellow Pages Limited

Contacts: Investors & Media: Philip Samman. General Counsel & Corporate Secretary, [email protected], [email protected]