Valassis Reports Revenue Declines for Fourth Quarter, Full Year

Business Segment Discussion

• Shared Mail: Revenues for the fourth quarter of 2011 were $360.4 million, an increase of 5.4 percent compared to the prior year quarter. Segment profit for the quarter was $55.9 million, an increase of 23.4 percent compared to the prior year quarter. This improvement in segment results was driven primarily by an increase in pieces per package as well as incremental print revenue.