Y Yellow Pages Limited

Yellow Media Limited (TSX:Y) announced today that its wholly-owned subsidiary, YPG Financing Inc. (the "Corporation"), will exercise its option to redeem $27 million aggregate principal amount (the "Redemption") of its 9.25% senior secured notes due November 30, 2018 (the "Notes") on the following terms:

--  Redemption Date: October 29, 2013; 
--  Aggregate Principal amount of Notes called for Redemption: $27,000,000; 
--  Total Redemption Price: $1,065.16 per $1,000 principal amount,
    corresponding to the total of: 
    --  Redemption Price: $1,050 per $1,000 principal amount; and 
    --  Accrued and Unpaid Interest: $15.16 per $1,000 principal amount.

The Redemption price has been determined in accordance with the terms of the Notes and the trust indenture dated December 20, 2012 governing the Notes. Unpaid and accrued interest on the Notes being redeemed will be paid as of the Redemption date. The Corporation will finance the Redemption with available cash.

"This redemption reiterates our commitment to reduce total debt and generate value for shareholders," said Ginette Maille, Chief Financial Officer of Yellow Media. "The Corporation will remain focused on debt reduction."

The Corporation made a $26.1 million mandatory redemption payment on the Notes on May 31, 2013 and completed an $8.0 million open market purchase on the Notes on September 25, 2013. Upon completion of the Redemption, $738,927,000 principal amount of Notes will remain outstanding. In addition, in accordance with the mandatory redemption provisions of the trust indenture governing the Notes, the Corporation will make at minimum a $73.9 million mandatory redemption payment on the Notes on December 2, 2013.

About Yellow Media Limited.

Yellow Media Limited (TSX:Y) is a leading media and marketing solutions company in Canada. Yellow Media Limited owns and operates some of Canada's leading properties and publications including Yellow Pages(TM) print directories, Yellow Pages.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 division of Yellow Pages Group devoted to digital marketing and performance media services for national agencies and advertisers. For more information, visit www.ypg.com.

This news release is for informational purposes only and does not constitute an offer to sell or a solicitation of an offer to buy any securities of the Corporation.

Caution Concerning Forward-Looking Statements

This press release contains forward-looking statements about the objectives, strategies and financial conditions of Yellow Media Limited. These statements are forward-looking as they are based on our current expectations, as at September 26, 2013, about our business and on various estimates and assumptions. Our actual results could materially differ from our expectations if known or unknown risks affect our business, or if our estimates or assumptions turn out to be inaccurate. As a result, there is no assurance that any forward-looking statements will materialize. See the risk factors relating to our business in our August 8, 2013 Management's Discussion and Analysis. We disclaim any intention or obligation to update any forward-looking statements, except as required by law.

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