Investor Presentation

February 2016

Disclaimer

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This presentation contains forward-looking statements about the objectives, strategies,financial condition, results of operations and businesses of Yellow Pages Limited. Thesestatements are considered “forward-looking” because they are based on currentexpectations about our business and the markets we operate in, and on variousestimates and assumptions. Our actual results could be materially different from ourexpectations if known or unknown risks affect our business, or if our estimates orassumptions turn out to be inaccurate.

As a result, we cannot guarantee that any forward-looking statements will materialize.Forward-looking statements do not take into account the effect that transactions ornon-recurring items announced or occurring after the statements are made may have onour business.

We disclaim any intention or obligation to update any forward-looking statements, exceptas required by law, even if new information becomes available through future events orfor any other reason.

Risks that could cause our actual results to differ materially from our current expectationsare discussed in section 6 of our February 11th, 2016 Management's Discussion andAnalysis.

The Way Consumers and Merchants Are Interacting is Evolving

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1.2 million small and medium-sized businesses call Canada home

The majority do not have a comprehensive digital presence, let alone a website

They also continue to struggle with digital marketing, given its complexity and personal time constraints

The vast majority of Canadians are connected online (web and mobile)

More than ever before, Canadians are researching online before making a purchase decision…

…and turning to their smart devices to transact directly within their neighbourhoods

We aim to champion the local digital economy by offering consumers and merchants media and marketing solutions that help them interact and transact

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Our Mission

Comprehensive Digital Services

Acting as the Chief Marketing Officer for SMEs

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Owned & Operated SolutionsPaid advertising on Yellow Pages’ verticalized network of digital and print media

Full suite of digital solutions that attract consumers wherever they search

Services

Website Fulfillment

Search Engine Optimization

RetailDining Real Estate

Facebook Campaign Management

Digital DisplayAdvertising

Search Engine Marketing

Digital ContentSyndication

Reservation Management Systems

A Verticalized Digital Experience for Consumers

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RedFlagDealsCanada’s leading provider of online and mobile promotions, deals, coupons and shopping tools

YP ShopwiseEveryday shopping app to help Canadians save time and money

Business & People Search

Canada411 & 411.caNetwork of Canada’s most frequented and trusted online and mobile destinations for personal and local business information

YP AppDiscover everything the localneighbourhood has to offer

ComFree/DuProprio NetworkC2C marketplace offering homeowners a professional and cost effective service to market and sell their properties

YP NextHomeProvides Canadians with valuable real estate information to help them make the right buying, selling, and/or renting decision

YP DineDiscover, search for and book local restaurants based on time of day, mood and expert suggestions

Attracting Over 464 Million1 Visits to Our Network of Digital Properties Annually

Retail

Real Estate Dining

1 Excludes the contribution of the ComFree/DuProprio Network, which attracted 16.5 million visits during the fourth quarter of 2015.

BookendaLeading online transaction platform for users and merchants to easily interact and manage bookings

dine.TOConnecting users in the Greater Toronto Area with an extensive database of local restaurant listings, reviews and deals, as well as real-time online ordering capabilities

We Are Starting from a Position of Strength

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A Leader in Local Digital Marketing

One of Canada’s Most Adopted Digital Properties for Local DiscoveryOver 464 million visits executed across our network of digital properties annually

14th most-visited digital network in Canada, garnering a 41% reach among Canadians

Canada’s Most Comprehensive Provider of Digital Marketing SolutionsDedicated Chief Marketing Officer for 245,000 local businesses

Largest national network of sales, customer service and digital fulfillment professionals

Profitable Digital Revenue Growth, with Low Indebtedness$486 million in annual digital revenues, currently representing 62% of total revenues

Adjusted EBITDA margins at 30%

Lean capital structure, with net debt-to-Adjusted EBITDA of 1.7x

A Rich, Diversified Digital Media

Network

A Strong Financial Profile

Brand

Our Key Pillars of Digital Transformation

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Media

Customers

Promote cost savings and enhanced productivity across the organization through improved processes and technologies

Support customer acquisition, retention and upsell by improving the sales, fulfillment and customer service experience offered to merchants

Introduce richer content, improved functionalities and transactional experiences to promote the adoption and usage of our verticalized media properties

Strengthen the digital relevancy and perception of our media and marketing solutions through the deployment of national advertising campaigns

Operational Efficiencies

Our Path to Growth is Clear

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Growth in the Customer

Count

Growth in Revenues

Growth in Adjusted EBITDA

Debt Free Capital

Structure

2017 2018

16.518.4

20.222.1

23.7 24.827.2

30.8

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

2014 TTM 2015 TTM

101 YP Core only, excludes the contribution of Mediative, 411 Local Search Corp, Yellow Pages Homes Limited and the ComFree/DuProprio Network. 2 Represents the year-over-year change in customer count experienced during the period.

Net Customer Count Decline1,2Annual Customer Acquisition1

(in thousands) (in thousands, unless otherwise noted)

Significant Deceleration in Net Customer Count Decline

CustomerCount 270 265 260 256 251 248 246 245

With only 1,000 net customers lost between September 30th, 2015 and December 31st, 2015, we are close to stabilizing the customer count

CustomerRenewal 85% 85% 85% 84% 85% 85% 85% 85%

RenewersUpselling 26% 26% 27% 31% 35% 40% 44% 44%

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2623

20 1917

1411

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

2014 TTM 2015 TTM

Uniquely Positioned to Capture Further Growth in the Canadian Digital Marketing Landscape

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Service LevelSelf-Serve Full Serve

Bre

adth

of

Prod

uct O

fferin

gs

Market share of over 20% of the Canadian SME market

* Size of bubble denotes approximate advertising revenue in Canada

Self-Serve Website

Platforms

Local Digital Marketing Boutiques

Local Newspapers

Search Engine People

117.4

105.3

116.4

124.1118.2

YoY Change+14% +12% +14% +13% +1%

Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015

121 Number of visits made across the YP, YP Shopwise, YP Dine, RedFlagDeals, Canada411, Bookenda and dine.TO online and mobile properties, as well as visits made across the properties of Yellow Pages Limited's application syndication partners

Differentiating Our Properties Via Rich Content and Transactional ExperiencesTotal Digital Visits1 Remain Strong

(in millions, unless otherwise noted)

Promoting Usage of Our Digital Media Properties

Integrated Booking Engine

Proven C2C Marketplace

9893

8883

79

YoY Change(22%)1 (22%) (21%) (21%) (19%)

Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015

117113 116

128 129

YoY Change+9% +9% +7% +12% +11%

Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015

131 Q4 2014 year-over-year decline rate adjusted for the contribution of $4 million of non-recurring revenues in Q4 2013

Digital Revenue PerformancePrint Revenue Performance(in millions, unless otherwise noted) (in millions, unless otherwise noted)

Delivering Sustainable Print and Digital Revenue Performance…

Stabilization in print revenue decline rates supported by content enhancement and pricing initiatives that have

encouraged renewal of print advertising spending among customers

Long-term, sustainable digital revenue growth driven by accelerated customer acquisition, increased digital

spending among renewing customers, and growth across new verticals and national channels

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71

6264 64

YoY Change(29%) (25%) (24%) (15%) (1%)

Adjusted EBITDAMargin

30% 34% 30% 30% 31%

Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015

215206 205

211 209

YoY Change(8%)1 (8%) (7%) (4%) (3%)

% Digital54% 55% 57% 61% 62%

Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015

141 Q4 2014 year-over-year decline rate adjusted for the contribution of $4 million of non-recurring revenues in Q4 2013

Adjusted EBITDA PerformanceConsolidated Revenue Performance(in millions, unless otherwise noted) (in millions, unless otherwise noted)

…and Reducing Revenue and Adjusted EBITDA Declines

Search Engine Marketing

Leveraging YP traffic to deliver high-margin performance-based leads solutions

Search Engine Marketing

Leveraging YP traffic to deliver high-margin performance-based leads solutions

Search Engine Optimization

Websites

Presence Pro/Extended

Print

Online & Mobile Priority Placement

Profitability Supported by the Strength of Our Media Network

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Placement solutions, which hold the highest profitability among our digital product suite, represent ~2/3rds of YP Core’s1 digital revenues

High Margin

Mid-Margin

Low Margin

Relative Size of Gross Margins of our Digital Solutions

1 Exclude the contribution of Mediative, 411 Local Search Corp., Yellow Pages Homes Limited and the ComFree/DuProprio Network.

Over 90% of traffic on Yellow Pages’ digital properties is

direct or organic

Delivering Strong Free Cash Flow to Reduce Outstanding Debt

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(in millions, unless otherwise noted) Dec. 31, 2015 Dec. 31, 2014 Dec. 31, 2013 Dec. 31, 2012

Senior Secured Notes1 407 507 647 800

Exchangeable Debentures2 90 89 88 87

Obligations Under Finance Leases 1 1 1 2

Total Debt 498 597 735 888

Cash and Cash Equivalents 67 103 202 107

Total Net Debt 431 494 533 782

Total Equity 760 684 544 286

Net Debt / Adjusted EBITDA 1.7x 1.6x 1.3x 1.4x

LTM Free Cash Flow 122 73 275 198

~$393 million in debt repaid since the issuance of the Senior Secured Notes on December 20, 2012

Note: The Company currently has in place a $50 million Asset-Based Loan expiring in August 2018, which may be used for general corporate purposes.1 9.25% Senior Secured Notes due November 30, 2018. 2 8% (or 12% Paid in Kind) Subordinated Unsecured Exchangeable Debentures due November 30, 2022.

Strengthening Our Financial Profile in 2016

Stabilization of the Customer Count

YoY Organic Digital Revenue Growth in the High Single Digits

Improvements to Revenue and Adjusted EBITDA Declines

Adjusted EBITDA Margins of 30%

$100 Million in Principal Debt Repayment

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