Valassis Posts Revenue Decline, Reduces It 2011 Outlook

Business Segment Discussion

• Shared Mail: Revenues for the third quarter of 2011 were $330.5 million, an increase of 1.3 percent compared to the prior year quarter. Segment profit for the quarter was $46.2 million, an increase of 17.6 percent compared to the prior year quarter. The improvement in segment profit was driven primarily by an increase in revenue per package attributed to our pricing initiative and ongoing cost containment efforts.