Valassis Posts Revenue Decline, Reduces It 2011 Outlook

Based on our current outlook, we have revised our full-year 2011 guidance as follows:

• adjusted EBITDA to be $315.1 million, compared to our previous adjusted EBITDA* guidance of approximately $355 million; and

• 2011 annual capital expenditures to be approximately $27 million, compared to our previous guidance of $30 million.