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Valassis Board of Directors Approves Increase in Stock Repurchase Program Authorization

Friday 10. May 2013 - Valassis (NYSE: VCI), a leader in intelligent media delivery, announced today that our Board of Directors approved an increase to our stock repurchase program authorization by 6.0 million shares of our common stock. As of March 31, 2013, we had approximately 1.6 million shares available for repurchase under the prior authorization.

During the first quarter of 2013, we repurchased $21.2 million, or 725,512 shares, of our common stock at an average price of $29.18 per share plus commission under our stock repurchase program. Our full-year 2013 earnings guidance announced on April 25, 2013 assumes our use of approximately 35-40% of free cash flow for stock repurchases during 2013. However, we may use more or less than 35-40% of free cash flow. Our stock repurchase program does not obligate us to acquire any particular amount of shares of common stock, and may be modified or suspended at any time at our discretion. Our ability to make such stock repurchases, if any, may be limited by the documents governing our outstanding indebtedness. As of March 31, 2013, we had approximately $97.2 million of cash and cash equivalents.