On August 23, 2023, MFN Management announced that it sent a letter to Yellow Corporation requesting that the Company fill the 2 vacancies on its board of directors by appointing 2 new directors who possess deep and relevant experience in structuring, implementing, and/or overseeing value-maximizing transactions in special situations to the Board. MFN Management has suggested one such qualified individual to fill one vacancy and intends to suggest a second individual in the near future to fill the other vacancy. MFN Management also requested that the Company consider and implement a key employee incentive and retention program.

Additionally, on August 23, 2023 MFN Management sent a letter to the Office of the United State Trustee for the District of Delaware (the U.S. Trustee) requesting that the U.S. Trustee appoint an official committee of equity security holders pursuant to section 1102(a)(1) of the title 11 of the United States Code.