Yellow Pages LimitedInvestor Presentation – June 2015

Available in English Only

Disclaimer

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This presentation contains forward-looking statements about the objectives, strategies, financialcondition, results of operations and businesses of Yellow Pages Limited. These statements areconsidered “forward-looking” because they are based on current expectations about ourbusiness and the markets we operate in, and on various estimates and assumptions. Our actualresults could be materially different from our expectations if known or unknown risks affect ourbusiness, or if our estimates or assumptions 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 or non-recurringitems announced or occurring after the statements are made may have on our business.

We disclaim any intention or obligation to update any forward-looking statements, except asrequired by law, even if new information becomes available through future events or for anyother reason.

Risks that could cause our actual results to differ materially from our current expectations arediscussed in section 6 of our May 8, 2015 Management's Discussion and Analysis.

Our Mission: To Champion Canada’s Local Neighbourhood Economies

Yellow Pages at a Glance

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• 55% of revenues are sourced from the sale of digital solutions

• Servicing 251,000 local businesses through Canada’s most comprehensive suite of digital marketing solutions

• One of Canada’s largest sales teams, holding 1,100 Media Account Consultants

• One of Canada's largest databases of business information, containing over 1.8 million business listings

• Over 104 million visits executed on YP’s digital properties every quarter

• The 3rd most visited network of Canadian digital properties, reaching 40% of digital Canadians monthly

Strong Traction of Digital Revenue Growth

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% Digital-Only Customers 10% 11% 13% 15% 16%

Digital Revenues as a % of Total Revenues 47% 49% 52% 54% 55%

Digital revenue growth is fuelled by the migration of print customers towards our digital solutions, as well as by accelerated customer acquisition

Year-over-year+5%

+10%+12% +9%

+9%$104.0 $108.4

$113.6 $116.9$112.9

Q1 2014 Q2 2014 Q3 2014 Q4 2014 Q1 2015

Con

solid

ated

Dig

ital R

even

ues

(in C

$ m

illio

ns)

Accelerating Customer Acquisition1 Closing the Gap in Customer Count Decline1

16.415.3 14.8 15.2

16.5

18.420.2

22.123.7

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1

2013 TTM 2014 TTM 2015TTM

3335 36

33

30

26

23

20 19

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1

2013 2014 2015

Accelerating Customer Acquisition to Grow Digital Revenues

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

CustomerCount 300 291 283 276 270 265 260 256 251

1 YP Core only, excludes the contribution of Mediative, 411 Local Search Corp. and Yellow Pages NextHome

CustomerRenewal 86% 85% 85% 85% 85% 85% 85% 84% 85%

Sustainability of digital revenue growth is dependant on finding new sources of digital revenues, mainly from customer acquisition

$223.2 $220.6 $218.4 $215.3$205.9

Q1 2014 Q2 2014 Q3 2014 Q4 2014 Q1 2015

Tota

l Rev

enue

s (in

C$

mill

ions

)

Improving Trends in Revenue Performance Relative to 2014

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Year-over-Year Decline Rate1 -12% -9% -8% -8% -8%

Supported by customer acquisition, revenue decline rates will continue to improve relative to 2014, with growth anticipated for 2018

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

Return to Growth Plan – Positioning Yellow Pages For Future Growth

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2017 2018

Growth in the Customer Count

Growth in Revenues

Growth in Profitability (EBITDA)

BRAND Improve the digital perception of the brand, and grow awareness of our media properties and digital solutions among Canadian shoppers and SMEs.

Core Pillars Underlying the Return to Growth Plan (“RTG”)

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PRODUCTS

MEDIA Grow traffic on our network of media properties by providing Canadians with richer, more diversified content and improved verticalized search experiences.

CUSTOMER EXPERIENCE

SALES

Enrich, diversify and verticalize our suite of digital solutions to best address demands of SMEs.

Revamp acquisition engine through improved lead acquisition and management, while optimizing sales tools to improve the productivity and effectiveness of our

Media Account Consultants.

Promote customer renewal by improving the fulfillment process of our digital solutions and optimizing customer service systems/processes.

RTG is aimed at improving Yellow Pages’ relationship with merchants and consumers, ultimately creating a leadership position in Canada’s digital media and marketing industry

Key Achievements in RTG’s First Year of Implementation

Growing Traffic on our Digital Properties• Total digital visits reached 104 million in Q1 2015, up 10.5% year-over-year. • Ongoing verticalization of the Company’s media properties, with YP Dine and a redesigned YP Shopwise launched for the

restaurant/dining and shopping sectors, respectively.

Delivering Sustainable Digital Revenue Growth• Digital revenues continued to grow in the high single-digits, up 8.6% year-over-year to reach $113 million in Q1 2015. • Yellow Pages is now a digital company, with digital revenues representing over 55% of total revenues.

Ongoing Strengthening of the Balance Sheet• $140 million of the 9.25% Senior Secured Notes were repaid in 2014, exceeding the minimum aggregate mandatory redemption

requirement of $125 million for 2014 and 2015 combined. • An additional $100 million redemption on the Senior Secured Notes is anticipated in 2015.

Closing the Gap on Customer Count Decline• 23,700 new customers acquired in Q1 2015 TTM, comparing favourably to the acquisition of 16,500 customers the year prior.• Customer renewal rate remained stable and at industry-leading levels, landing at 85% for the twelve-month period ended

March 31, 2015.

Delivering Profitability in-line with Forecasted Levels• EBITDA margins being maintained between 30% and 35% over the life of the Return to Growth Plan, with margins reaching 34.4%

for the three-month period ended March 31, 2015.

On track with the successful execution of the Return to Growth Plan

Flat year-over-year+2%

+10%+14%

+10%94.1102.4

110.2 117.4104.0

Q1 2014 Q2 2014 Q3 2014 Q4 2014 Q1 2015

Rich Content & Experiences Driving RecognitionStrong Reach Among Digital Canadians

Total Digital Visits in Continued Growth (in millions, unless otherwise noted)

Growing Adoption of YP’s Digital Media Properties

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Bell Amazon CBC YP TripAdvisor Yelp Expedia

Ranking(Overall) 6 10 12 14 30 59 64

Reach 58% 54% 45% 40% 26% 18% 17%

• YP added as content provider to Apple Maps

• YP and YP Shopwise selected as one of the first Canadian apps available on Apple Watch

• YP, YP Shopwise, YP Dine and Canada411 all received titles of “Best New App” in 2014/2015

MEDIA

Din

ing

Bus

ines

s &

Pe

ople

Sea

rch

Coming in 2015….

YP DineDiscover where to eat based on your mood, time of day/week and expertly curated recommendations

Canada411The person finder, Canada-wide

Verticalizing the User Experience to Reach New Audiences and Merchants

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YP AppDiscover everything the neighbourhood has to offer

YP ShopwiseYour everyday shopping app to help you save time and money

RedFlagDealsHunt for the best deals across the web and share them with your fellow Canadian deal hunters

Your one-stop resource for home improvements and

repairsYP NextHomeGain access to listings, personalized tips and neighbourhood information to find your next rental and dream home

Get the best recommendations on

what to do this weekend

Ret

ail

Rea

l Est

ate

ComFree/DuProprio NetworkOffering a proven, professional and cost effective service to reach buyers and sell your property

MEDIA

• M&A activity started in December 2014 with two acquisitions geared at accelerating Yellow Pages’ presence, growth and monetization within the restaurant vertical

Tuck-In M&A to Accelerate Verticalization Strategy – Restaurants

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• Owner and operator of digital restaurant guides within the Greater Toronto Area

• Extensive database of local restaurant listings, reviews, deals, playlists and events

• Real-time online ordering capabilities

• Provider of digital reservation management systems

• Strong presence in the restaurant industry within the Greater Montreal Area

• Leading online transaction platform to easily interact and manage bookings

MEDIA

Tuck-In M&A to Accelerate Verticalization Strategy – Real Estate

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MEDIA

Leading Real Estate’s Digital Disruption• Founded in 1997

• Offers for-sale-by-owner operations in Quebec and Saskatchewan, and flat-fee brokerage operations in Ontario, Alberta and Manitoba

• Addresses a growing demand for comprehensive, cost effective real estate services in Canada

Proven Business Model• Serviced 170,000 Canadians to date, with an average satisfaction

rate of 99% in Quebec

• Leader in Quebec - holds a 17% share of the listings market and is the #1 real estate site in the province

• Consolidated revenues exceeded $40 million in 2014, having grown organically and profitably at a 3-year CAGR of 20%

Valuable Synergies• Complements Yellow Pages’ mission of championing

neighbourhood economies

• Provides Yellow Pages with a leading presence in the real estate vertical, access to exclusive listings, and platforms to transact with Canadians

• Delivers attractive growth opportunities - Yellow Pages will leverage its national reach to enrich ComFree/DuProprio’s value proposition, extend it Canada-wide and improve lead monetization

Richer Content to Attract and Retain Audiences – Merchant Profiles

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Quick Access to Relevant Content

Rich Multimedia

Greater Number of Ratings & Reviews

Key Partnerships with Other Digital

Players

MEDIA

Richer Content to Attract and Retain Audiences – Editorials

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• Discover the merchants in and around your neighbourhood

Local Stories

• Discover tips and tricks to best meet your everyday shopping needs

• Discover what’s top and trending in your neighbourhood

SmartTips Playlists

MEDIA

Over 8,000 pieces of editorial content now published on our network of digital properties

Investment in Digital Media will Protect Long-Term Profitability

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SEM

SEO

Websites

Online & Mobile Priority Placement

Relative Size of Gross Margins of our Digital Solutions

High Margin

Mid-Margin

Low Margin

Leverage insourced traffic to deliver high-margin performance-based

solutions

Print

MEDIA

Placement solutions represent ~2/3rds of digital revenues and hold the highest profitability among our digital product suite

Strongly Positioned to Succeed in the Canadian Marketing Landscape

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Service Level

Bre

adth

of P

rodu

ct

Offe

rings

Self-Serve Full Serve

Local Digital Marketing Boutiques

* Size of bubble denotes approximate advertising revenue in Canada

Self-Serve Website

PlatformsLocal

Newspapers

PRODUCTS

Yellow Pages is best positioned to provide a competitive, complete and full-servemarketing solution to local SMEs

Search Engine People

Evolving Our Portfolio to Better Address SME Needs at All Price Points

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PRODUCTS

Build Your Digital Presence

Drive Your Digital Performance

Power Your Digital Transactions

Free $10-50 $50-100 $100-250 $250-1000 $1000+

Transactional functionalities to be rolled-out to enhance the monetization of our digital media

properties

Digital Placement on YP’s Network of Properties

SEM Solutions

Digital Banner Ads

Presence Line-Up (Content Syndication)

Website Fulfillment Social Media Campaigns

SEO Solutions

Introducing the Presence Line-Up

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PRODUCTS

Launched on April 20th, the Presence line-up provides YP with rich, relevant and up-to-date merchant content, while allowing merchants to optimize their visibility across the digital marketplace

Various Initiatives To Deliver Ramp-Up in Customer Acquisition…

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New Product Offerings + Tools/Functionalities on the 360o Business Center + Branding Campaigns + Improved Self-Prospecting

Growth in Lead Sources

Enhanced Lead Management and Conversion

New Customer Relationship Management Platform to Optimize Lead Assignment & Conversion

Improved Dashboard Selling Tools

Growth of Acquisition Sales Force

Roll-out of Sales Incentive Programs

SALES & CUSTOMER EXPERIENCE

Target of 30,000 new customers in 2015

…And Enhance All Aspects of the Customer Experience

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SALES & CUSTOMER EXPERIENCE

Improve quality and timely delivery of products by creating efficiencies along the fulfillment

chain

Optimize the routing and resolution of customer inquiries by enhancing customer service

systems and processes

Build direct relationships with customers and prospects, while improving the overall customer

experience, by launchingself-serve capabilities

Fulfillment handled by a single point of contact, improving consistency and

reducing cancellations

Proactive touch-points for all

customers, creating upsell/retention opportunities

Quicker turnaround for customer

inquiries & issues, including higher first

call resolution

Self-serve capabilities

available on the 360O Business

Center

Single customer profile, resulting in

more knowledgeable servicing touch-

points

Protecting renewal rate in light of the evolving needs of our digital customers

Fulfillment Automation

CustomerService

BusinessCenter

Providing More Power to the Merchant via the YP 360° Business Center

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Claim Your Listing for Free

Sign-in to Manage Your Profile, Consult YP Analytics & Buy

Solutions Online

Discover Our Solutions

Chat with an Advertising Expert

SALES & CUSTOMER EXPERIENCE

Leveraging the Power of the YP Brand Across Our Media Properties

New Holding Name

Simplified Architecture to Enhance Recognition of the YP Brand

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BRAND

Local Market Attacks to Promote Usage of the YP App

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BRAND

• Held across five Canadian cities in over 200 neighbourhoods during one of the busiest shopping weekends of the year

• Participation from over 8,000 local businesses, having uploaded 6,000 deals exclusive to YP’s properties on event day

• Participation from 750,000 Canadians, spending $89 million at local retailers on event day

Promoting the Growth of Local Economies

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BRAND

November 28th, 2014

119 112 105 98 93

Q1 2014 Q2 2014 Q3 2014 Q4 2014 Q1 2015

Print

-23% -22% -23% -22% -22%

YoY Decline Rate1:

223 221 218 215 206

Q1 2014 Q2 2014 Q3 2014 Q4 2014 Q1 2015

Consolidated

-12% -9% -8% -8% -8%

YoY DeclineRate1:

Profitability and Cash Flows

Revenue Performance

Financial Review

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-3

42 38

-4

45

Q1 2014 Q2 2014 Q3 2014 Q4 2014 Q1 2015

Free Cash Flow

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58 57

31

63

Q1 2014 Q2 2014 Q3 2014 Q4 2014 Q1 2015

Operating Cash Flow95

81 7565 71

Q1 2014 Q2 2014 Q3 2014 Q4 2014 Q1 2015

EBITDA

42% 37% 34% 30% 34%EBITDAMargin:

104 108 114 117 113

Q1 2014 Q2 2014 Q3 2014 Q4 2014 Q1 2015

Digital

+5% +10% +12% +9% +9%

YoY GrowthRate:

(Figures in millions of C$, unless otherwise noted)

FINANCIAL OVERVIEW

Sufficient cash flow generation to invest in our digital transformation and strengthen the capital structure

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

Investing in Operational Efficiencies to Promote Cost Savings

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Upgrading IT Datacenters

Consolidating various legacy datacentres to

reduce costs and increase agility of corporate systems

New Print Publishing Platform

Decommissioning and replacement of YP’s

network of legacy publishing systems

Insourcing Print Distribution

An initiative to bring in specific portions of the

print distribution process to support

improved cost flexibility

Targeted Print Directory

Distribution

Operational Excellence

Expected Annualized Cost Savings of $20 to $25 million by 2016

Eliminating distribution of print books in select Canadian markets to better align directory delivery with usage

and demand

Implementing process improvements to

deliver cost savings across the sales,

customer service and digital fulfillment

functions

Completed Completed Ongoing Ongoing Ongoing

FINANCIAL OVERVIEW

(in millions of C$) March 31, 2015 Dec. 31, 2014 Dec. 31, 2013 Dec. 31, 2012

Senior Secured Notes1 $507 $507 $647 $800Exchangeable Debentures2 $89 $89 $88 $87Obligations Under Finance Leases $1 $1 $1 $2

Total Gross Debt $597 $597 $735 $888

Cash $142 $103 $202 $107

Total Net Debt $455 $494 $533 $782

Total Equity $705 $684 $544 $286

Key RatiosNet Debt to EBITDA 1.6x 1.6x 1.3x 1.4xAverage Interest Rate on Debt at Period End 9.0% 9.0% 9.1% 9.1%

Transferring Additional Value to Shareholders via Debt Reduction

28Note: The Company currently has in place a $50 million Asset-Based Loan expiring in August 2018, which may be used for general corporate purposes1 9.25% Senior Secured Notes due November 30, 20182 8% (or 12% Paid in Kind) Subordinated Unsecured Exchangeable Debentures due November 30, 2022

An additional $100 million of debt repayment anticipated in 2015

Financial Outlook

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Digital revenue growth anticipated to be maintained in the high single digits for 2015 and thereafter1.

2015 EBITDA to remain under pressure relative to 2014, as additional investments are made to accelerate the Company’s digital transformation.

EBITDA margins to be maintained between 30% and 35% for 2015 and thereafter.

Capital expenditures projected to reach between $70 and $75 million in 2015. Thereafter, as a percentage of total revenues, capital expenditures will gradually decline to stabilize at approximately 5% by 2018.

Targeting revenue and EBITDA growth in 2018.

Company anticipates to be debt free by year-end 2018.

FINANCIAL OVERVIEW

1When excluding the impact of the acquisition of ComFree/DuProprio until Q2 2016