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Yellow Media Inc. Announces the Declaration of the Monthly Dividend on Common Shares and the Quarterly Dividend on the First Preferred Shares

Montreal (Quebec), May 5, 2011 – Yellow Media Inc. (TSX: YLO) announced today the approval of its dividend for the month of May 2011 on the Corporation’s outstanding common shares.

A dividend of $0.0542 per common share will be paid on June 15, 2011 to shareholders of record at the close of business on May 31, 2011.

The Corporation also announced the approval of the following dividend payments on its First Preferred Shares:

  • Quarterly cash dividend of $0.26563 per First Preferred Shares, Series 1 (TSX: YLO.PR.A)
  • Quarterly cash dividend of $0.31250 per First Preferred Shares, Series 2 (TSX: YLO.PR.B)
  • Quarterly cash dividend of $0.42188 per First Preferred Shares, Series 3 (TSX: YLO.PR.C)
  • Quarterly cash dividend of $0.43125 per First Preferred Shares, Series 5 (TSX: YLO.PR.D)

The quarterly cash dividend payments on the above First Preferred Shares are payable on June 28, 2011 to shareholders of record at the close of business on June 14, 2011.

The dividends on common shares and preferred shares are designated as eligible dividends for the purposes of section 89 of the Income Tax Act (Canada) and any provision of any similar provincial and territorial legislation.

Dividend Reinvestment Plan on Common Shares
Under the Corporation’s Dividend Reinvestment Plan (the “Plan”), shareholders who are residents of Canada may elect to have their cash dividends paid on their common shares reinvested into additional common shares of the Corporation. At this time, for purposes of dividends reinvested under the Plan, the Corporation will issue new common shares at a 5% discount from the average market price (as defined under the Plan) of the common shares on the dividend payment date.

Eligible shareholders who wish to participate in the Plan should contact the financial institution, broker or other intermediary through which their common shares are held to provide appropriate enrolment instructions and to ensure that any deadlines or other requirements that such financial institution, broker or intermediary may impose or be subject to are met.

About Yellow Media Inc.
Yellow Media Inc. (TSX: YLO) is Canada’s #1 Internet company through its network of companies that include Yellow Pages Group and Canpages. Yellow Media Inc. owns and operates some of Canada’s leading properties and publications including Yellow Pages™ directories, YellowPages.ca™ , Canada411.ca™ RedFlagDeals.com , and LesPAC.com . Its online destinations reach approximately 9.5M unique visitors monthly and its mobile applications for finding local businesses and deals have been downloaded over 2M 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. For more information, visit corporate.yp.ca .

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Contacts:

Investor Relations
Anne-Sophie Roy
Director – Corporate Finance and Investor Relations
Tel.: (514) 934-2828
anne-sophie.roy@ypg.com

Media
Annie Marsolais
Director, Corporate Communications
Tel.: (514) 934-4016
annie.marsolais@ypg.com

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