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.