Investor PresentationDecember 2013

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This presentation contains forward-looking statements about the objectives, strategies, financialcondition, results of operations and businesses of Yellow Media Limited. These statements areconsidered “forward-looking” because they are based on current expectations about ourbusiness and the markets we operate in, and on various estimates and assumptions. Our actualresults could be materially different from our expectations if known or unknown risks affect ourbusiness, or if our estimates or assumptions turn out to be inaccurate.

As a result, we cannot guarantee that any forward-looking statements will materialize. Forward-looking statements do not take into account the effect that transactions or non-recurring itemsannounced or occurring after the statements are made may have on our business.

We disclaim any intention or obligation to update any forward-looking statements, except asrequired by law, even if new information becomes available through future events or for anyother reason.

Risks that could cause our actual results to differ materially from our current expectations arediscussed in section 6 of our November 5, 2013 Management's Discussion and Analysis.

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• Capital structure directly aligned with operational strategy• Total debt reduced by $153 million since implementation of recapitalization in December

20123

• Q3 2013 Net Debt to EBITDA of 1.3x• Continued deleveraging remains a priority

• Yellow Pages 360o Solution remains one of the most comprehensive digital marketing offerings in Canada

• Providing advertisers with exposure to highly trafficked digital properties and an extensive partner network

• Equipped with a national sales force of 1,100 advisors and support staff1

• Employs one of the largest teams of digital fulfillment professionals and campaign managers in Canada

• $406 million of annualized digital revenues (representing 43% of total revenues)2

• Enhancing content, consumer experience, branding and partnerships to grow digital audiences

• Evolving the product portfolio to best address mass-market and high-end client needs• Investing in advertiser acquisition and improved customer servicing to close gap between

print revenue decline and digital revenue growth• Protecting margins and cash flow by enhancing the efficiency of the organization

1 As of September 30, 20132 For the third quarter ended September 30, 20133 Includes $26.1 million May 2013 mandatory redemption, $8 million September 2013 open market purchase, $27 million October 2013 optional redemption and $92.3 million December 2013 mandatory redemption on the 9.25% Senior Secured Notes

Value driven by digital transformation and continued debt paydown

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CONSUMERSmarter way to discover & shop my neighborhood

• Large network of relevant and highly trafficked digital properties

• Extensive and valuable partner eco-system

• Enhancing content, consumer experience, branding and partnerships to further grow digital audiences

ADVERTISERSmarter way to market to the right people

• Most comprehensive, full-serve digital marketing offering in Canada

• Dedicated team of sales advisors and campaign managers covering SME needs nationwide

• Evolving product and service offering to address mass market and high-end advertiser needs

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8.4 million unique visitors across our online network of properties1

6.2 million cumulative downloads across our mobile applications2

2,900 developers enrolled onto the YellowAPI2

YellowPages.caAvailable both online and as a mobile application, YellowPages.ca is Canada’s leading destination for valuable advertiser information, promoting smarter shopping decisions for users and ROI for advertisers.

Canada411.ca Canada’s most frequented and trusted online destination to find personal contact information.

YellowAPI.com The public API of Yellow Pages Group, providing application developers and strategic partners access to 1.5 million verified and regularly updated Canadian business listings.

RedFlagDeals.comCanada’s leading provider of online and mobile promotions and shopping tools.

Canpages.ca A leading local search website with an interactive focus on the user’s geographic location and life needs.

ShopWise.ca Mobile application to pinpoint deals available near a given location, ShopWise provides users with access to a catalogue of over 7 million products and over 600 local and national retailers. The ShopWise app also offers digital and responsive versions of flyers for its iPad version.

1 comScore Media Metrix, unduplicated unique monthly visitors, average for quarter ended September 20132 As of September 30, 2013

Canadian consumers’ habits are constantly evolving – they are looking to connect with their surroundings and find valuable information to fulfill their shopping needs

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‐10% 0% 10% 20% 30%

1 comScore Media Metrix, change in unduplicated unique monthly visitors from September 2012 to September 20132 comScore Media Metrix, unduplicated unique monthly visitors, average for quarter ended September 20133 comScore Media Metrix, MobiLens Audience Profile June 2013 – represents reach of total Canadian smartphone audience (over the age of 13)

Verticalization is playing an increasingly critical role within local search - attracting consumers, directing them to relevant business listings, and providing them with the necessary tools to evaluate purchases is key

YPG Maintains Strong Ranking Amongst Vertical Search Sites2…Google Losing Market Share in Online Vertical Search1

8.4M UVs30% Reach

3.0M UVs

3.6M UVs

…and mobile applications3

314K UVs

15% Reach

Top 20 most downloaded apps in

Canada

Top 10 most downloaded

Canadian-based apps

5% reach

5% reach8% reach 1% reach

1.4M UVs

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Partner eco-system allows shoppers to connect with local advertisers outside our network of owned & operated digital properties

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1. Create a differentiated local-social-mobile experienceGo beyond search through discovery and post search experiences, by leveraging YPG’s content, relevance and engagement platforms. Innovation not only on yp.ca, but also in key verticals (in Retail, Restaurants, Travel and Driving)

2. Increase awareness and usage of YPG mobile consumer experiencesBrand strategy and increase investments in advertising

3. Invest in Traffic and Distribution Partnerships

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Scale from 1- not at all important to 10- means extremely important 8 to 101 to 3 4 to 7

SME Needs Remain the Same Strong Desire for a Trusted Partner

19%

44%

20%

9% 8%

Extremely Interested

Very Interested Neither Mostly Not Interested

Not Interested

Matches Competitors

Attractive ROI

Measureable (ROI)

Low Cost to Maintain

Easy to Use

Reaches Target Audience

2 out of 3 SMEsPrefer a single relationship

Advertisers are overwhelmed and underserved, as advent of internet and social media has created a host of options for SMEs

SMEs need a trusted partner to help navigate today’s complex media world

Survey of SME Advertising Objectives Portion of SMEs Looking for a Single Provider of Advertising Solutions

Source: McKinsey & Company SME Survey

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Yellow Media is best positioned to provide a competitive, complete and full-serve marketing solution for SMEs

Bre

adth

of P

rodu

ct O

fferin

g

Service LevelSelf-Serve

Relative Revenue Size Has a Sales Force No Sales Force

Full Serve

Local Newspapers

Local Digital Marketing Boutiques

Bell

BJ Media

PostMedia

Rogers

Reach LocalSearch Engine People

Facebook

Transco

YelpWebLocal

Telus

Self-Serve Website

Platforms

Google

Illustrative

YPG

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24% advertiser penetration of Yellow Pages 360o Solution vs. 14% a year ago1

93% renewal rate amongst 360o Solution SMEs vs. 83% for non 360o Solution SMEs2

Presence on leading Canadian properties and applications such as YellowPages.ca online and mobile

Managed website solutions and videos

Customized Search Engine Marketing and Optimization

Targeted print advertising

Professional servicing and expert advice

Performance reporting through Yellow Pages Analytics

Access to a broad network of partners

1 As at September 30, 2013, represents advertisers purchasing three product categories or more2 For the twelve month period ending September 30, 2013

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Digital complexity and fragmentation is a key driver of our success

2013F 2015F

72%

47%

36%30%

26%19% 19%

13% 12%

84%

54%

40%35% 38%

29%

19% 22% 19%

Websites Social Media SEO Directories EmailMarketing

SEM Classifieds /AuctionSites

Video DigitalBanners

Canadian SME usage in:

Source: YPG internal study, 2013

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Segment: Better align our products and customer engagement model to the needs of our different advertiser classes

Simplify: Offer simple, easy to sell and understand, one-stop digital marketing solutions

Differentiate: Provide unique solutions that deliver competitive returns

Scale with Margins: Build platform-based products and reduce sales and support costs for the mass

Stra

tegi

c Im

pera

tives

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Note: Total headcount data as of September 30, 2013

BC

AB

SKMB

ON

QC NF

NS

PEINB

YT

NT NU

Montréal

Scarborough

CalgaryBurnaby

Winnipeg

St. John’s Dartmouth

OttawaSudbury

Quebec City

Centers of Excellence

Sales Offices

542Employees 165

Employees 41Employees

720Employees

1,028Employees Atlantic Canada

141Employees

USAPennsylvania - 47 Employees

Indiana - 189 Employees

7 Employees

Dedicated team of employees covering SME needs nationwide

W2W135 Employees

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Instilling the right culture and equipping the sales team with the right tools, training and processes is key in promoting advertiser retention and revenue growth

Primarily selling print products

Past…Offering a comprehensive, evolving digital solution

Selling unique and simple solutions that workProviding access to competitive agency-style products

Engaging in multiple SME touch-points and following a dynamic selling calendar

Acting as savvy consultants

Self-sufficient and equipped with valuable selling toolsEnhanced sales dashboardRate proposal toolsContent collection applications

Demonstrating proof of value via Yellow Pages Analytics

HuntingAttracting new advertisersMigrating and upselling current advertisers

...Current

Following a publishing follow-up and renewal cycle

Order taking

Timely, back-end support

Basing recommendations on perception

Farming

…and Looking TowardsSelling schedule based on advertisers’ ad hoc/seasonal budgets rather than annual budgets

Real-time publishing capabilities

Dynamic channel experience – providing the advertiser with increased access and exposure to specialized advisors and campaign managers across a variety of sales channels

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1 Free cash flow is defined as cash flow from operating activities less capital expenditures2 Exclude the impact of W2W and Canpages

Revenues 843.3 733.8 -13.0%Print 575.7 434.9 -24.5%

Digital 267.5 298.9 11.7%

% Digital 31.7% 40.7%

Operating Costs 415.6 409.0 -1.6%Cost of Sales 254.2 237.7 -6.5%

% of Revenues 30.1% 32.4%

General and Administrative 161.3 171.2 6.1%

% of Revenues 19.1% 23.3%

EBITDA 427.7 324.9 -24.0%% Margin 50.7% 44.3%

Cash Flow from Operating Activities 176.8 252.2 42.6%

Free Cash Flow1 150.4 200.4 33.3%

Advertiser Count (000s) 319 283Client Renewal 86% 85%Revenue Generating Units per Advertiser 1.72 1.78Average Revenue per Advertiser $3,273 $3,256

9 Months Ended September 30, 2013

9 Months Ended September 30, 2012 Change(in millions of Canadian dollars)

Operational KPIs2Period Ended

September 30, 2012Period Ended

September 30, 2013

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92.0

99.7 98.9 98.4101.6

10

30

50

70

90

110

Q3 2012 Q4 2012 Q1 2013 Q2 2013 Q3 2013

(Figures in millions of Canadian dollars, unless otherwise noted)

1 Digital revenue growth represents YPG core directories (excludes impact of Canpages, Mediative and W2W)

Online Placement Penetration

Mobile Placement Penetration

32% 35% 37% 40% 43%

7% 8% 9% 10% 12%

Progress made on digital transformation, as digital product penetration and revenues continue to grow

Digital Revenues as a % of Total Consolidated

34% 38% 39% 40% 43%

YoY Digital Revenue Growth1

+18.7% +22.3% +20.2% +14.7%

Digital Services Penetration 6% 6% 7% 8% 8%

+19.4%

Con

solid

ated

Dig

ital R

even

ues

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Q3 2012 Q4 2012 Q1 2013 Q2 2013 Q3 2013

Yellow Media leads mobile monetization in Canada

Facebook YPG

4.4x2.0x

2.6x

3.1x 2.5x

YPG’s Relative Magnitude of Mobile Ad Revenues /Active User vs. Facebook

Mobile Ad Revenues per Active User

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Supporting print platform via directory evolution and ongoing cost optimization

(Figures in millions of Canadian dollars, unless otherwise noted)

1 Print revenue decline represents YPG core directories (excludes impact of Canpages and W2W)

Con

solid

ated

Prin

t Rev

enue

s YoY Print Revenue D

ecline1

• Print continues to generate attractive ROI for certain advertisers, most notably in non-urban markets

• 88% of users in non-urban markets retain at least one print directory at home2

• National opt-out rates currently under 1%• Print revenue distribution heaviest within Home

& Garden, Construction & Renovation, Health & Medicine and Finance & Legal headings

• Sales advisors are currently equipped with Yellow Pages Analytics and Call Tracking studies to offset negative advertiser perception and prove print value where appropriate

• All of our print directories remain profitable• Supply chain contracts renegotiated in 2012• Ongoing workforce optimization within print and

legacy operations

2YPG internal study, 2012

175.8

164.7

154.3144.8

135.8

‐22.3%‐21.9%

‐23.0% ‐23.0%‐23.2%

‐30.0%

‐27.5%

‐25.0%

‐22.5%

‐20.0%

0

45

90

135

180

Q3 2012 Q4 2012 Q1 2013 Q2 2013 Q3 2013

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Promoting revenue growth via targeted sales channel strategies

• Differentiated service levels• PriorityPlus currently being implemented across sales

channels• Differentiated products

• Launch of custom, premium digital products & services: Digital PowerPlay, WebPrestige and SEM Touchpoint

High EndLargest % of revenues, smallest % of advertisers

Most significant decliners in spend

MediumMaintaining spend

Low-EndSmallest % of revenues, largest % of advertisers

Largest decliners in advertiser count

• Stopping customer base erosion• Establishment of dedicated acquisition strategy• Launch of new product bundles at entry-level pricing

(Booster Packs and Business Builder Bundle)• Continue migrating low spend print advertisers towards entry-

level higher ROI digital products

• Improved sales effectiveness to retain and upsell existing clients

• Improved tools and processes• Introduce products that are easier to sell/understand• Increased sales advisor touchpoints• Demonstrating proof of value via the use of

YellowPages Analytics

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Key Expense Drivers (Headcount Driven)

• Print Products:• Insourced publishing efforts (headcount related to directory, creative and

design services)• Outsourced manufacturing and distribution

• Owned & Operated Digital Media (Online & Mobile Placement):• Insourced publishing efforts (headcount related to directory, creative and

design services)

• Websites:• Insourced fulfillment efforts (dedicated team of professional

website builders and campaign managers)

• Search Engine Optimization:• Outsourced fulfillment efforts

• Search Engine Marketing:• Media costs• Insourced and outsourced fulfillment efforts

Gross Margins Adapting to a Change in Product MixContribution margin pressure arising primarily from websites, SEO and SEM products

• Sales – Investments to boost advertiser acquisition efforts and introduce new sales programs, processes and technologies • Branding & Promotion – Investments to improve brand perception and increase usage of our digital network of properties• Traffic & Distribution – Investments to increase traffic towards our digital network of properties• ISIT – Hiring of digital professionals to accelerate the transformation

Investments to Accelerate the Transformation

Realignment of the organization’s cost structure with its digital reality necessary to promote digital growth

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Improve the efficiency of the organization and realign its cost structure through a combination of organizational changes, process streamlining and improved technology

Business Efficiencies & Cost Reductions

Implement new programs, processes and technologies to find and attract new advertisers, enhance lead nurturing, and improve conversionsCustomer Acquisition

Build and secure valuable digital audiences by enhancing the user experience, boosting brand awareness and investing in key traffic and distribution partnerships

Content &Consumer Experience

Grow advertiser retention and support revenue growth through the enhancement and development of performance reporting toolsProof of Value

Become the leading Canadian digital media & marketing solutions provider by developing unique and simple digital solutions, alongside competitive agency-style products, to meet mass-market and high-end advertiser needs

Digital Product Evolution

Successful digital transformation alongside….

p.22Private & Confidential

….continued debt reduction are key drivers of value generation

(1) The Company currently has in place a $50 million Asset-Based Loan expiring in August 2018, which will be used for general corporate purposes(2) 9.25% Senior Secured Notes due November 30, 2018 - Company made a further $27 million optional redemption on October 29, 2013 and a $92.3 million mandatory redemption on December 2, 2013 (3) 8% (or 12% Paid in Kind) Subordinated Unsecured Exchangeable Debentures due November 30, 2022

(in millions of Canadian dollars) Sep. 30, 2013 Dec. 31, 2012 Dec. 31, 2011

Credit Facilities1 - - $205Medium Term Notes - - $1,404Senior Secured Notes2 $766 $800 -Convertible Debentures - - $184Exchangeable Debentures3 $88 $87 -Obligations Under Finance Leases $1 $2 $4

Total Gross Debt $854 $888 $1,797Cash $254 $107 $84

Total Net Debt $601 $782 $1,713Preferred Shares - Series 1 and 2 - - $399Total Equity and Non-Controlling Interest $505 $286 $2,085

Total Capitalization $1,106 $1,068 $4,197

Key RatiosNet Debt to EBITDA 1.3x 1.4x 2.5xNet Debt to Total Capitalization 54% 73% 41%Interest Coverage Ratio 6.1x 7.0x 5.8x

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Appendix

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Julien Billot, President and Chief Executive Officer (Effective January 1, 2014)Mr. Billot is an executive with extensive experience in the marketing, media and mobile industries, with a track record of successfully executing print to digital business transformations. He is formerly Executive Vice-President, Head of Media and Member of the Executive Committee of Solocal Group (previously Groupe Pages Jaunes), where he oversaw its online, mobile and print properties and contributed to enhanced digital revenue growth and profitability.

Ginette Maillé, Chief Financial OfficerMrs. Maillé joined in September 2003 and held the position of Chief Accounting Officer until her appointment as CFO in September 2011. Prior to joining, Mrs. Maillé held several senior accounting and control positions in organizations with international operations and acquired extensive experience in financial reporting, control and process re-engineering.

Nicolas Gaudreau, Chief Marketing OfficerPrior to joining in 2009, Mr. Gaudreau was Vice President at Bell Canada and Sympatico-Lycos where he oversaw the development and growth of www.sympatico.ca (Canada’s largest portal) and led the growth of the largest e-commerce website in Canada, www.bell.ca.

François D. Ramsay, Senior Vice-President, Corporate Affairs and General CounselMr. Ramsay joined just after the buyout and has played an extensive role in mergers, acquisitions, debt and equity financing, corporate compliance and complex litigations. Mr. Ramsay acquired international experience in companies where he previously worked, namely Gildan Activewear Inc. and Le Groupe Vidéotron ltée (“Vidéotron”). Mr. Ramsay played a key role in the negotiations leading to Quebecor’s successful acquisition of Vidéotron.

Doug A. Clarke, Senior Vice President – SalesWithin Mr. Clarke’s twenty year tenure with the Yellow Pages Group, he has held various sales positions and acquired a vast knowledge of the print and online markets. As former President of Trader Corporation, he led its business transformation from 15% to approximately 70% of revenue derived from digital products.

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Paul T. Ryan, Chief Technology OfficerMr. Ryan brings a long history of entrepreneurial success in his more than 25-year career as a technology and product innovator. As CTO, Mr. Ryan was responsible for the definition and implementation of the technology architecture, worldwide operation and development process and standards of California based Overture Services, Inc., formerly GoTo.com, the pioneer of search engine marketing. Overture’s search engine generated more than half a billion searches a day, serving over 200,000 advertisers and generating revenue in excess of $2 billion. Overture was purchased in 2003 by Yahoo! and became Yahoo! Search Marketing. Mr. Ryan joined the Yellow Pages Group in January 2012.

René Poirier, Chief Information OfficerPrior to joining in January 2012, Mr. Poirier held a number of executive technology positions in companies such as Tecsys Inc., (a software company specializing in supply chain management solutions) and Transcontinental Interactive. Mr. Poirier held theposition of CTO at BCE Emergis where he supported a 1400% growth in revenues during the eCommerce early days. Mr. Poirier also led the automation of the Montreal Stock Exchange.

Stephen Port, Vice President – Corporate PerformanceMr. Port joined the company in 2002 and is responsible for overseeing corporate project analysis, monitoring the performance and improving the effectiveness of one of the largest sales force in Canada, as well as forecasting overall revenue performance.Prior to joining, Mr. Port served as Vice President, Finance for a developer of operational support system software for the telecom industry.

Lorne Richmond, Vice President - Print Operations and Sales Support Having joined the company over twenty years ago, Mr. Richmond is responsible for key segments of the business related to production, manufacturing and distribution of the print and digital directories. Throughout 2005-2010, Mr. Richmond spearheaded the consolidation of publishing operations when acquiring directory publishers.

Lise Lavoie, Chief Talent OfficerHaving joined the company over twenty five years ago, Ms. Lavoie is responsible for championing Yellow Media’s cultural evolution to successfully deliver the company's business transformation. She is also accountable for aligning the company's HR strategy with the needs of the business in terms of talent acquisition, management, development and retention.