Exhibit 99.4

Unaudited Pro Forma Condensed Combined Financial Information

The unaudited pro forma condensed combined financial statement information set forth below is presented to reflect the pro forma effects of the following transactions (collectively, the “Transactions”) as if they occurred on the dates indicated:

• The March 2, 2007 merger of a wholly-owned subsidiary of Valassis Communications, Inc. (“Valassis”) into ADVO, Inc. (“ADVO”) in exchange for an amount in cash equal to $ 33.02 for each outstanding share of ADVO’s common stock;

• Valassis’ concurrent sale of $540.0 million of 8 ¹/4% Senior Notes due 2015;

• Valassis’ concurrent entering into a new $ 870.0 million senior secured credit facility;

• the repayment of all existing ADVO debt;

• the payment of related fees and expenses; and

• the use of the proceeds from the sale of the notes’ together with a portion of Valassis’ available cash and initial borrowings under Valassis’ new senior secured credit facility.

The unaudited pro forma condensed combined statement of income for the year ended December 31, 2006 gives effect to the Transactions as if they occurred on January 1, 2006. The unaudited pro forma condensed combined statement of income for the year ended December 31, 2006 was derived by (A) adding financial results from (i) Valassis’ historical audited consolidated statement of income for the year ended December 31, 2006, which is included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2006 filed with the United States Securities and Exchange Commission (the “SEC”) on February 13, 2007, as amended by Amendment No. 1 on Form 10-K/A filed with the SEC on February 28, 2007, (ii) ADVO’s historical audited consolidated statement of operations for the year ended September 30, 2006, which is filed as Exhibit 99.3 to this Current Report on Form 8-K/A; and (iii) ADVO’s unaudited consolidated statement of operations for the three months ended December 30, 2006, which is filed as Exhibit 99.2 to this Current Report on Form 8-K/A, and (B) subtracting financial results from ADVO’s unaudited consolidated statement of operations for the three months ended December 24, 2005, which is filed as Exhibit 99.2 to this Current Report on Form 8-K/A, and gives effect to the unaudited pro forma adjustments necessary to account for the Transactions.

The unaudited pro forma condensed combined balance sheet as of December 31, 2006 has been prepared as if the Transactions occurred on December 31, 2006. The unaudited pro forma condensed combined balance sheet as of December 31, 2006 combines Valassis’ historical audited consolidated balance sheet as of December 31, 2006, which is included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2006 filed with the SEC on February 13, 2007, as amended by Amendment No. 1 on Form 10-K/A filed with the SEC on February 28, 2007, and ADVO’s historical unaudited consolidated balance sheet as of December 30, 2006, which is filed as Exhibit 99.2 to this Current Report on Form 8-K/A, and gives effect to the unaudited pro forma adjustments necessary to account for the Transactions.

The ADVO acquisition is being accounted for under the purchase method of accounting in accordance with accounting principles generally accepted in the United States. Accordingly, ADVO’s operating results have been included in Valassis’ operating results since the closing of the transaction on March 2, 2007.

The pro forma adjustments related to the ADVO acquisition are based on an analysis of intercompany revenues and associated costs, estimated interest expense and income taxes. In addition, Valassis performed an assessment of purchase price allocations by identifying intangible assets and estimating the fair market value of intangible and tangible assets, including mailing lists, customer contracts, customer relationships, trademarks/tradenames, property and equipment. Valassis also made adjustments to certain tax assets and liabilities and accrued expenses. Differences between the preliminary and final purchase price allocations could have a material impact on the accompanying unaudited pro forma condensed combined financial statement information and Valassis’ future results of operations and financial position. A final determination of the purchase price allocation, which is still in progress, will be based on actual, tangible and identifiable intangible assets of ADVO that existed on the date of completion of the merger.

The unaudited pro forma condensed combined financial statement information is based on, and should be read together with: (1) Valassis’ consolidated financial statements as of and for the year ended December 31, 2006, which are included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2006 filed with the SEC on February 13, 2007, as amended by Amendment No. 1 on Form 10-K/A filed with the SEC on February 28, 2007; and (2) ADVO’s consolidated financial statements as of and for the year ended September 30, 2006, which are filed as Exhibit 99.3 to this Current Report on Form 8-K/A, ADVO’s unaudited consolidated financial statements as of and for the three months ended December 30, 2006, which are filed as Exhibit 99.2 to this Current Report on Form 8-K/A, and ADVO’s unaudited consolidated financial statements as of and for the three months ended December 24, 2005, which are filed as Exhibit 99.2 to this Current Report on Form 8-K/A.

The unaudited pro forma condensed combined financial statement information is presented for illustrative purposes only and is not necessarily indicative of the financial position or operating results that would have been achieved had the Transactions occurred on the dates indicated, or of the financial position or results of operations that may be attained by the combined company in the future.

VALASSIS COMMUNICATIONS, INC.

UNAUDITED PRO FORMA CONDENSED COMBINED STATEMENT OF INCOME

Year Ended December 31, 2006

	Historical Valassis(1)			“Adapted” ADVO(2)			Merger Adjustments			Valassis Pro Forma
	(Dollars in thousands)
Revenues	$	1,043,491		$	1,469,591		$	(8,381	)(3)	$	2,504,701
Costs and expenses:
Cost of sales		789,588			1,163,215			(8,381	)(3)		1,944,422
Selling, general and administrative		151,914			286,999			10,360	(4)		449,273
Total costs and expenses		941,502			1,450,214			1,979			2,393,695
Earnings from operations		101,989			19,377			(10,360	)		111,006
Other expenses (income):
Interest expense		24,749			9,965			80,382	(5)		115,096
Other income, net		(6,298	)		(3,598	)		—			(9,896	)
Total other expenses (income)		18,451			6,367			80,382			105,200
Earnings (loss) before income taxes		83,538			13,010			(90,742	)		5,806
Income taxes (benefit)		32,256			3,482			(36,297	)(6)		(559	)
Net earnings	$	51,282		$	9,528		$	(54,445	)	$	6,365
Net earnings per common share, basic	$	1.07		$	0.30					$	0.13
Net earnings per common share, diluted		1.07			0.30						0.13
Shares used in computing net earnings per share, basic		47,757			31,446			(31,446	)		47,757
Shares used in computing net earnings per share, diluted		47,780			31,580			(31,580	)		47,780

(1) The “Historical Valassis” column represents the consolidated statement of income of Valassis for the fiscal year ended December 31, 2006, as reported in Valassis’ Annual Report on Form 10-K for such period.

(2) Represents the unaudited consolidated statement of operations of ADVO for the twelve months ended December 31, 2006, which is calculated below.

	ADVO Historical Year Ended September 30, 2006			Subtract: ADVO Three Months Ended December 24, 2005			Add: ADVO Three Months Ended December 30, 2006			ADVO “Adapted” Twelve Months Ended December 31, 2006
	(Dollars in thousands)
Revenues	$	1,443,537		$	358,225		$	384,279		$	1,469,591
Costs and expenses:
Cost of products sold		1,141,283			276,348			298,280			1,163,215
Selling, general and administrative		264,361			61,229			83,867			286,999
Total costs and expenses		1,405,644			337,577			382,147			1,450,214
Earnings from operations		37,893			20,648			2,132			19,377
Other expenses (income):
Interest expense		9,455			1,986			2,496			9,965
Other income, net		(3,627	)		(866	)		(837	)		(3,598	)
Total other expenses (income)		5,828			1,120			1,659			6,367
Earnings before income taxes		32,065			19,528			473			13,010
Income taxes		11,268			7,557			(229	)		3,482
Net earnings	$	20,797		$	11,971		$	702		$	9,528

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(3) The pro forma adjustment reflects the elimination of intercompany sales between Valassis and ADVO.

(4) Represents amortization of $200.0 million of intangible assets with an average life of 20 years and depreciation related to the fair valuation of fixed assets. However these valuations are preliminary and subject to change based upon completion of Valassis’ final valuation analysis.

(5) The pro forma adjustment reflects amortization of deferred financing fees related to the new issuance of debt in connection with completion of the merger and assumes financing fees will be deferred over the life of the related debt. Valassis used the effective interest rate method to calculate amortization expense. The pro forma adjustment also eliminates the impact of interest expense associated with the ADVO debt.

	Year Ended December 31, 2006
	(Dollars in thousands)
Amortization of deferred financing fees	$	2,610
Interest expense related to new borrowings		87,737
Elimination of interest expense from ADVO debt		(9,965	)
Pro forma adjustment to interest expense	$	80,382

(6) The pro forma adjustment to income tax was calculated by applying the statutory tax rate to the overall impact of pro forma adjustments.

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VALASSIS COMMUNICATIONS, INC.

UNAUDITED PRO FORMA CONDENSED COMBINED BALANCE SHEET

As of December 31, 2006

	Historical				Merger Adjustments			Valassis Pro Forma
	Valassis		ADVO
	(Dollars in thousands)
Assets
Current assets:
Cash and cash equivalents	$	52,619	$	24,790	$	10,570	(a)	$	87,979
Auction-rate securities		102,533		—		(102,533	)(b)		—
Accounts receivable, net		339,079		222,554		1,029	(c)		562,662
Inventories		25,834		5,231		—			31,065
Prepaid expenses and other		16,681		10,884		(585	)(d)		26,980
Refundable income taxes		3,957		—		—			3,957
Deferred income taxes		1,789		16,683		4,425	(e)		22,897
Total current assets		542,492		280,142		(87,094	)		735,540
Property, plant and equipment, net		109,386		194,404		40,437	(f)		344,227
Goodwill		121,088		22,835		661,414	(g)		805,337
Other intangibles		12,321		—		316,000	(g)		328,321
Investments		4,899		—		—			4,899
Other assets		11,240		20,753		17,642	(d)		49,635
Total assets	$	801,426	$	518,134	$	948,399		$	2,267,959
	Historical				Merger Adjustments			Valassis Pro Forma
	Valassis		ADVO
	(Dollars in thousands)
Liabilities and Stockholders’ Equity
Current liabilities:
Current portion, long-term debt	$	—	$	2,500	$	(2,500	)(h)	$	—
Accounts payable		268,834		55,626		—			324,460
Federal and state taxes payable		—		9,496		1,369	(e)		10,865
Accrued expenses		44,128		59,417		18,735	(i)		122,280
Progress billings		49,258		14,450		—			63,708
Total current liabilities		362,220		141,489		17,604			521,313
Long-term debt		259,931		124,103		1,005,897	(h)		1,389,931
Other non-current liabilities		8,195		30,359		—			38,554
Deferred income taxes		3,506		13,917		133,164	(e)		150,587
Stockholders’ equity		167,574		208,266		(208,266	)(j)		167,574
Total liabilities and stockholders’ equity	$	801,426	$	518,134	$	948,399		$	2,267,959

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(a) The pro forma adjustment gives effect to cash sources and uses associated with the ADVO acquisition and the proceeds of the offering of the notes and Valassis’ new senior secured credit facility and repayment of ADVO’s debt.

Sources:
Proceeds from liquidation of auction rate securities	$	102,533
Proceeds from credit facilities borrowings		590,000
Proceeds from issuance of senior notes		540,000
Total cash sources	$	1,232,533
Uses:
Cash outlay for repayment of ADVO revolving credit facility		2,500
Cash outlay for repayment of ADVO long-term debt, net of $0.9 million fair value hedge		124,103
Cash outlay for purchase of ADVO common shares		1,060,700
Cash outlay for fees associated with the issuance of new indebtedness		19,212
Transaction-related expenses		15,448
Total cash uses	$	1,221,963
Pro forma adjustment to cash	$	10,570

(b) Valassis’ auction-rate securities of $102,533 will be liquidated to partially finance the purchase of ADVO.

(c) Pro forma adjustment to record receivable related to a preacquisition contingency.

(d) Represents the write-off of deferred financing fees of $1,155 related to ADVO’s debt and ADVO equity investment of $1,000, offset by the deferred financing fees related to Valassis’ new debt of $19,212.

(e) Pro forma adjustment to record the tax impact of the purchase accounting entries.

(f) Represents the increase of the book value of property plant and equipment to fair market value.

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(g) For purposes of this pro forma condensed combined financial information, adjustments have been made to the assets and liabilities reflected on ADVO’s balance sheet to adjust to estimated fair value and record other purchase accounting adjustments. Valassis believes its estimations and underlying assumptions of the initial purchase price allocations and fair values of ADVO’s assets and liabilities provide its current best estimate and are based upon the information available to us at this time. However, these valuations are preliminary and subject to change based upon completion of a final valuation analysis. Additionally, the final purchase price is subject to adjustments. Accordingly, the final amounts may differ from the amounts shown below:

Cash paid to ADVO	1,060,700
Debt assumed	126,603
Transaction-related expenses	15,448
Total purchase price	1,202,751
Book value of ADVO stock holders equity	208,266
Purchase price in excess of book value	994,485
Allocation of purchase price in excess of book value to ADVO’s identifiable assets and liabilities:
Fair value of receivable related to preacquisition event	1,029
ADVO property fair market value adjustment	40,437
Fair value of ADVO identifiable intangible assets	316,000
Fair value adjustment to ADVO goodwill	(22,835	)
Fair value of ADVO debt assumed	126,603
Accrued expenses for severance and bonuses	(18,735	)
Write-off ADVO deferred financing fees	(1,155	)
Taxes payable	(1,369	)
Write-off of equity investment	(1,000	)
Deferred tax asset, current	4,425
Deferred tax liability, long term	(133,164	)
Total allocations	310,236
Goodwill	684,249
Less ADVO goodwill	(22,835	)
Pro forma adjustment to goodwill	661,414
Pro forma adjustment to intangible assets, net	316,000

(h) The pro forma adjustment reflects the borrowings under the term loan B and issuance of the senior notes offset by the extinguishment of ADVO debt and the repayment of the revolving credit facility as set forth:

Term loan B	$	590,000
Senior notes		540,000
		1,130,000
Less: extinguishment of ADVO long term debt		(124,103	)
Pro forma adjustment to long term debt	$	1,005,897
Repayment of ADVO revolving credit facility	$	(2,500	)

(i) Accrued expenses for severance and bonus payments that were or will be paid after the transaction closed.

(j) The pro forma adjustment eliminates ADVO’s equity upon Valassis purchase of ADVO common equity shares.

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