Yellow Media Inc.

Yellow Media Inc. (TSX: YLO) is a leading digital company in Canada. The Corporation serves Canadian businesses and consumers nationwide.

Yellow Media Inc. owns and operates some of Canada’s leading properties and publications including Yellow Pages™ directories, YellowPages.ca™, Canada411.ca™, and RedFlagDeals.com. Its online destinations reach approximately 9 million of unique visitors monthly and its mobile applications for finding local businesses, deals and vehicles have been downloaded over 3 million times.

Yellow Media Inc. is also a leader in national digital advertising through Mediative, a digital advertising and marketing solutions provider to national agencies and advertisers. In addition, the Corporation owns Wall2Wall Media (“W2W”), a Yellow Pages Group (YPG) company that manages activities, publications and services related to the real estate, employment and hospital news print and online verticals.

2011 saw the launch of the Corporation’s 360° Solution. With this integrated solution offered through a single point of access, YPG now offers targeted print advertising, presence on leading online and mobile Canadian properties and applications, managed web site solutions (including design) and videos, customized search engine marketing and search engine optimization, as well as access to a broad network of partners, to performance reporting and analytics and to personalised expertise and services.

In 2011, the Corporation, through YPG and Canpages, published more than 400 different print telephone directories annually with a total circulation of approximately 29 million copies reaching substantially all of the Canadian households and businesses in its markets which were also available online and through a variety of digital options. Local businesses represented approximately 91% of YPG and Canpages’ advertising revenue in 2011. The Corporation’s largest advertiser contributes less than 1% of annual revenue.¹

The Corporation owns more than 250 trade-marks in connection with its Canadian directories business including Yellow Pages™, Pages Jaunes™, Walking Fingers & Design™, Canada411™, YellowPages.ca™, PagesJaunes.ca™ and Canpages™. In addition, YPG has entered into trade-mark license agreements with Bell Canada, Telus, Bell Aliant and MTS Allstream, giving YPG the exclusive right to use their trademarks in connection with the publication of print and online directories.

The Corporation devotes significant resources to the protection of its trade-marks and takes a proactive approach to protecting its brand exclusivity.

Yellow Media Inc. employs approximately 3,400 people.

The Corporation's principal and head office is located at 16 Place du Commerce, Île des Soeurs, Verdun, Québec, Canada, H3E 2A5.

_{¹2011 Annual Information Form}