1. Men: The Coupon Opportunity Thérèse Mulvey Vice President, Marketing Intelligence Valassis 1

2. The Coupon Opportunity Who is the Couponing Man? Men as Shoppers Coupon Sourcing and Usage 2

3. The Coupon Opportunity 78% of Adults 18+ use coupons Source: Scarborough Research, Multi-Market 2013 Release 2 Total (Aug 2012 - Sep 2013). x% y% 3

4. 44% 56% The Coupon Opportunity 78% of Adults 18+ use coupons Source: Scarborough Research, Multi-Market 2013 Release 2 Total (Aug 2012 - Sep 2013). 4

5. Are Men Savings Minded? Source: Valassis/Ipsos 2013 Consumer Survey MenWomen Price Conscious, I buy the least expensive items all the time 29%27% Promotion Sensitive, aware of sales, coupons and discounts 38%59% Brand Loyal regardless of price18%8% Time Crunched, I buy whatever is available, fastest, and easiest 5%3% Not sure10%3% 5

6. Who’s More Likely to be a Couponing Man? Source: Scarborough Research, Multi-Market 2013 Release 2 Total (Aug 2012 - Sep 2013). Children at Home Household Income > $50k High School Graduate College Graduate White Collar Blue Collar Home Owner Renter Single Married No Children at Home Household Income < $50k 6

7. Who’s More Likely to be a Couponing Man? Source: Scarborough Research, Multi-Market 2013 Release 2 Total (Aug 2012 - Sep 2013). Children at Home Household Income > $50k College Graduate White Collar Home Owner Married 7

8. The Couponing Trend % of consumers who use coupons (ever) Source: Scarborough Research, Multi-Market 2013 Release 2 Total (Aug 2012 - Sep 2013). 74% of men use coupons 8

9. Coupons by Gender and Generation Source: Scarborough Research, Multi-Market 2013 Release 2 Total (Aug 2012 - Sep 2013). 18-3435-5455+18-3435-5455+ 9

10. Why do Men Tend to Use Fewer Coupons? Source: Valassis/Ipsos 2013 Consumer Survey. Base: Use Coupons when shopping for items such as food, otc medications, paper products, and health & beauty care. Q: I feel embarrassed to be seen using coupons 10

11. The Coupon Opportunity Who is the Couponing Man? Men as Shoppers Coupon Sourcing and Usage 11

12. Men & Channel Shopping MaleFemale Supermarkets87%88% Supercenters60%66% Drug Stores58%62% Dollar Stores44%56% Warehouse Clubs39%37% Source: Kantar Retail ShopperScape, Data file for November 2012 - January 2014. Format shopped past 4 weeks. 12

13. Source: Kantar Retail ShopperScape, Data file for November 2012 - January 2014. Q: Among the factors listed below, which are important to you when you are shopping in general? What’s Important to Men When Shopping? Men 18-34 Men 35-54 Men 55+ Specific items I want being in-stock63%71%80% Knowing that I'm paying a low price61%74%77% Feeling like I got a "good deal"64%71%69% High-quality private label brands40%45%40% Private label brands in many categories42%40%37% A loyalty/frequent shopper program with relevant rewards46%39%34% Double coupons37% 29% Ability to use the retailer's app while in-store29%16%4% 13

14. Source: Kantar Retail ShopperScape, Data file for November 2012 - January 2014 Men Plan Shopping Trips 14

15. Source: Kantar Retail ShopperScape, Data file for November 2012 - January 2014 Shopping Trip Planning by Age Group 15

16. Source: Kantar Retail ShopperScape, Data file for November 2012 - January 2014. Q: Which one of these best describes how you shop a supermarket on a typical trip? How Men Shop the Store Perimeter Center Aisles 16

17. Trip Types…Not What You’d Expect Source: Kantar Retail ShopperScape, Data file for November 2012 - January 2014. Q: Regarding your last grocery shopping trip, what was the primary reason you went to the store on this occasion? 17

18. Average Spend Source: Scarborough Research, Multi-Market 2013 Release 2 Total (Aug 2012 - Sep 2013). Amount household spent on groceries past 7 days (HHLD) Men 18 to 34Men 35 to 54Men 55+ $130.69$139.11$123.12 18

19. The Coupon Opportunity Who is the Couponing Man? Men as Shoppers Coupon Sourcing and Usage 19

20. % Of Total 2013 U.S. CPG Coupon Distribution Volume - By Media Type Handout In-Store 3.5% In/On Pack & Cross-Ruff 1.0% Magazine 1.1% Direct Mail 1.7% Remaining* <2.0% All Other Media Free Standing Insert All Other Media Source: NCH Marketing Services, Inc., Coupon Facts Report, 2014. *Remaining Includes: Newspaper, All Digital Formats, Handout Away From Store, Military And Miscellaneous, Where No Individual Media Format Exceeds One Share Point Of The Total Market. Retailer In-Ads Excluded. (FSI) 20

21. Coupon Sourcing Source: Scarborough Research, Multi-Market 2013 Release 2 Total (Aug 2012 - Sep 2013). How household usually obtains cents-off coupons 21

22. How do Men PREFER to Receive Coupons? Source: Valassis/Ipsos 2013 Consumer Survey. Base: Use Coupons when shopping for items such as food, otc medications, paper products, and health & beauty care. Q: How do you prefer to receive coupons? A: Strongly/Somewhat Agree Newspaper Mail Internet: Print at Home Internet: Download Mobile 22

23. Source: Prosper Insights and Analytics: Media Influences on Grocery (Food/Cleaning/Beauty) Purchases (Dec-2013). Q: Which of the following media influences your Grocery (Food/Cleaning/Beauty) purchases? Media Influence for Grocery Purchases (top 10) Despite the reported “stigma” of coupon usage, 57% of men say they’re influenced by coupons for their grocery purchases. 23

24. The Discount is Everything Source: Valassis/Ipsos 2013 Consumer Survey. Base: Use Coupons when shopping for items such as food, otc medications, paper products, and health & beauty care Q: Please select the coupon discount that is the lowest discount amount that you will use a coupon regardless of the product the coupon is for. Men want a higher discount when it comes to coupons. 24

25. Coupons by Category Source: Prosper Insights & Analytics MBI Survey, Jan 2014 18-3435-5455+18-3435-5455+ Q: For each of the following retail categories, please tell us if coupons influence your purchases. 25

26. The Male Coupon Opportunity The Couponing Man: Family man, educated, upper income Cares about paying the lowest price, but sensitive about the image associated with couponing VERY brand loyal Men as Shoppers Similar to women’s habits, but tend to be coupon opportunists More likely to shop the perimeter of the store, but if you can get them to the center aisle, they’re more likely to shop EVERY aisle Coupon Sourcing and Usage Men need coupons with a higher dollar value to drive them to action 26

27. The Opportunity Men spend $543.20/month on groceries* Men are half of the population No matter what the source, the number of “Brand New Men” who are responsible for shopping decisions is increasing. ESPN = 31% [14% in 1985] BPN = 40% Yahoo = 51% Defy Media = 54% *Source: Scarborough Research, Multi-Market 2013 Release 2 Total (Aug 2012 - Sep 2013). 27

28. Questions? Thérèse Mulvey Vice President, Marketing Intelligence Valassis valassis@valassis.com 877-529-5001 28