$Y.CA $YLWDF $Y.TO DBRS Changes Trends on Yellow Media to Positive from Stable, Upgrades YPG Financing's Senior Secured Notes

The positive trends reflect DBRS’s increasing confidence in Yellow Media’s digital strategy given

the positive trajectory of customer acquisitions and solid digital revenue growth over the past several

quarters. The trends also reflect greater-than-expected debt reduction to date and improved visibility

regarding the Company’s deleveraging plan. That said, DBRS notes that the ratings continue to

incorporate the continuing erosion of print revenue as consumers shift toward alternative forms of

advertising and the sizable debt burden that still remains subsequent to the Company’s restructuring.