Valassis completes acquisition of ADVO.

Valassis announced the completion of its acquisition of ADVO, Inc. for an acquisition price of approximately $1.2 billion (on a fully diluted basis), including the refinancing of approximately $125 million in existing ADVO debt. The
transaction was finalized on Friday, March 2, 2007. Shares of ADVO common stock were acquired by Valassis for $33.02 per share in cash, which includes interest accrued from Feb. 28, 2007 in accordance with the merger agreement. As a result of the acquisition, ADVO common stock will no longer be traded as of Monday, March 5, 2007.

“Today is a historic day as it marks the largest acquisition in Valassis history, further advancing a key growth strategy put into effect eight years ago,” said Alan F. Schultz, Valassis Chairman, President and CEO. “By combining Valassis and ADVO, we are creating the nation’s leading marketing services company. With complementary products, customers and
distribution methods, we will now be able to offer superior customer solutions of unmatched reach, scale and value. This unique offering will allow us to gain a greater share of our customers’ marketing budgets. We are working to make the integration process as seamless as possible for all of our stakeholders. In addition, over the next few years we will work
diligently to maximize free cash flow and reduce debt.”