Valassis Reports Earnings Growth on Lower Revenues

* As announced in December 2009, we entered into an interest rate swap agreement effective Dec. 31, 2010 fixing $300 million of the variable rate debt under our senior secured credit facility at an effective rate of 3.76% per annum (compared to the current effective swap rate of 6.78% which expires on Dec. 31, 2010). The notional amount of $300 million amortizes by $40 million per quarter through June 30, 2012.