Yell Bondco plc

Yell Bondco plc

(the "Issuer")

NOTICE OF AMENDMENT TO NOTE TERMS

GBP214,000,000 8 1/2% Senior Secured Notes due 2023 (the "Notes")

admitted on the Official List of The International Stock Exchange on 31 May 2018.

The terms and conditions of the Notes have been amended pursuant to a first supplemental indenture and a second supplemental indenture, each dated as of 30 March 2022, and entered into between, amongst others, GLAS Trustees Limited (as notes trustee) and the Issuer, following successful completion of a consent solicitation launched by the Issuer on 11 March 2022.

The key changes to the terms of the Notes are as follows:

• the outstanding principal amount of the Notes has been reduced to £65,000,000, with the remaining £149,000,000 being exchanged for equity in Yell Holdco Limited (indirect parent of the Issuer);
• the maturity date has been extended from May 2023 to March 2027;
• the interest rate has been increased 25 bps (8.5% to 8.75%);
• interest payment dates will continue to be semi-annual, but on different dates to currently (31 March and 30 September rather than 15 March and 15 September);
• the Issuer will have the option to capitalise interest payments on interest payment dates falling in September 2022 and March 2023;
• all accrued and unpaid interest up to 31 March 2022 has been waived; and
• the call protection has been partially reset, to run from 30 March 2022.

The changes above are more fully described in the Consent Solicitation Statement circulated to holders of the Notes on 11 March 2022.

All enquiries in relation to this announcement should be addressed to:

CAREY OLSEN CORPORATE FINANCE LIMITED

Listing Agent

Tel: +44 (0)1534 888 900