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Valassis Board Authorizes 5 Million Share Open Market Repurchase Program

Press release from the issuing company

LIVONIA, Mich., Dec. 8 -- Valassis, the leading company in marketing services and Connective Media(TM), announced today that its Board of Directors authorized an open market share repurchase program for up to 5 million shares. This program is in addition to the 1,172,200 shares remaining in the current repurchase program as of Dec. 8, 2004. In 2005, management has allocated 75% of free cash flow from operations for share repurchase. "We worked diligently to determine the best use of cash for our shareholders at this time," said Alan F. Schultz, Chairman, President and CEO. "Our strong cash flow will allow us to continue to execute our long-term strategic growth plan, while providing ample resources to aggressively repurchase Valassis stock." Valassis defines free cash flow as net income plus depreciation and amortization, minus capital expenditures. This allocation of 75% of free cash flow from operations for share repurchase is subject to business contingencies.

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