Y Yellow Pages Limited

(TSX:Y) - Following the announcement of a transition in the position of Chief Executive Officer on March 21, 2013, the search committee of the Board of Directors of Yellow Media Limited is providing an update regarding the recruitment process for a new CEO. As agreed, Marc P. Tellier will leave the company and vacate the position of President and CEO today, following a four-month transition period.

"The Board's search committee is pleased with the progress to date. A number of good candidates have come forward and we are committed to a thorough selection process which remains ongoing," said Robert MacLellan, Chairman of the Board of Directors of Yellow Media.

In the interim, Mr. MacLellan will oversee all responsibilities associated with CEO position.

Further updates on the CEO selection process will be provided as they become available.

About Yellow Media Limited

Yellow Media Limited (TSX:Y) is a leading media and marketing solutions company in Canada. The Company owns and operates some of Canada's leading properties and publications including Yellow Pages(TM) print directories, YellowPages.ca(TM), Canada411.ca and RedFlagDeals.com(TM). Its online destinations reach 8.7 million unique visitors monthly and its mobile applications for finding local businesses and deals have been downloaded over 5.9 million times. Yellow Media Limited is also a leader in national digital advertising through Mediative, a digital advertising and marketing solutions provider to national agencies and advertisers.

Contacts: Media Fiona Story Senior Manager, Public Relations (514) 934-2672fiona.story@ypg.com Investors Amanda Di Gironimo Senior Manager, Investor Relations (514) 934-2680amanda.digironimo@ypg.com