ACHIEVES FIRST QUARTER ADJUSTED EBITDA OF $77.1 MILLION
INCREASES TRAILING TWELVE-MONTH ADJUSTED EBITDA TO $318.5 MILLION

NORWALK, Conn., April 30, 2009 - Affinion Group, Inc. ("Affinion" or the "Company" ), a global leader in customer engagement solutions that enhance and extend the relationship of millions of consumers for financial service, retailing, hospitality and e-commerce companies, today announced its financial results for the three month period ended March 31, 2009 ("first quarter" ).

"We continue to be very pleased with our performance, as we have achieved another record in trailing twelve-month Adjusted EBITDA, and, except for a negative impact from foreign-exchange, would have reported overall net revenue growth in the quarter as well," said Nathaniel J. Lipman, Affinion's President and Chief Executive Officer.  "Although we continue to anticipate good performance for the remainder of this year, as well as an increase in full year 2009 Adjusted EBITDA over 2008 levels, the timing of our marketing investments and the ongoing negative impact of foreign-exchange will likely cause our trailing twelve-month Adjusted EBITDA to decline slightly on a sequential basis." Commenting further on the quarter, Lipman added, "We believe the results are attributable to the fundamental strengths of our business model, such as the quality of our partner relationships, our ability to invest in our partners' brands, and the underlying value and peace-of-mind our products and services provide to consumers every day."

Results Highlights

Note: readers are urged to review the section entitled "Important Notes" at the end of this release for a description of certain items affecting the results, including a definition of the term "Transactions".

First Quarter Net Revenues

• Net revenues for the first quarter of 2009 were $334.0 million as compared to $339.2 million for the first quarter of 2008, reflecting a decline of 1.5%.


• The decrease in net revenues was due to a decline in International products net revenue, as unfavorable foreign-exchange rates negated the impact of strong gains in both new retail and package members, which was only partially offset by a modest increase in North American products net revenue.

First Quarter Operating Results

• Adjusted EBITDA (as defined in Note (d) of Table 7) was $77.1 million as compared to $70.0 million for the first quarter of 2008.


• Segment EBITDA for the first quarter of 2009 was $75.5 million as compared to $68.2 million for the first quarter of 2008.


• Excluding the impact of the Transactions, Segment EBITDA increased $4.6 million, or 6.7%, as lower marketing and commission costs were only partially offset by higher general and administrative expenses and the impact of the lower net revenues.

Segment Commentary

North America:

Membership products revenue increased $5.8 million, or 3.4%.  Excluding the impact of purchase accounting, net revenue increased $1.1 million, or 0.6%, as annualized revenue per average retail member increased 7.7% in the current quarter as compared to the prior year.  Membership Segment EBITDA increased $7.9 million in the quarter, primarily due to lower marketing and commission expense as the Company continued to reduce commissions as a percentage of revenue and higher net revenues, in addition to $2.3 million as a result of purchase accounting adjustments.

Insurance and Package products revenue decreased $6.8 million, or 7.5%, primarily due to a higher cost of insurance as a result of higher claims experience and lower package revenue as lower annualized revenue per member more than offset a 2.4% growth in package member volumes.  Insurance and Package Segment EBITDA declined $3.4 million in the first quarter primarily due to the lower net revenues, partially offset by lower marketing and commission expense.

Loyalty products revenue increased $2.4 million, or 16.1%, primarily due to fee-based revenue related to a recently acquired points redemption program.  Loyalty Segment EBITDA increased $0.9 million in the quarter primarily due to the increase in revenue, net of higher product and servicing costs.

International:

International revenue declined $6.6 million, or 10.5%, primarily due to the negative impact of the strengthening in the U.S. dollar, which more than offset growth in new retail programs and revenue from businesses acquired in 2008.  Excluding the $15.9 million impact of foreign-exchange in the quarter, derived by holding the currency rates from the first quarter of 2008 constant, first quarter revenue would have grown 14.7% over the first quarter of 2008.  International Segment EBITDA increased $1.8 million, as growth in new retail and the net effect of newly acquired businesses were only partially offset by the negative impact of foreign-exchange.

Selected Liquidity Data

Affinion has several debt instruments outstanding, including senior notes, senior subordinated notes, and senior secured credit facilities, which consist of a term loan facility and revolving credit facility.  For a more complete description of Affinion's debt instruments, see the note on Table 2.

At March 31, 2009, Affinion had $302.7 million outstanding under its senior notes (net of discounts and premiums), $648.6 million outstanding under its term loan facility, and $352.0 million outstanding under the senior subordinated notes (net of discounts).  Under the Company's revolving credit facility, $71.3 million is available for borrowing, after giving effect to the issuance of $1.7 million in letters of credit and a $27.0 million outstanding facility balance.  During the quarter, the Company reduced the balance of its revolving credit facility by $30.0 million, or 53% of its December 31, 2008 balance.

In addition, at March 31, 2009, Affinion had $32.6 million of unrestricted cash on hand.

Call-In Information

Affinion will hold an informational call to discuss the results for the three month period ended March 31, 2009 at 10:00 am (EDT) on Thursday, April 30, 2009.  The conference call will be broadcast live and can be accessed by dialing 1-866-394-8483 (domestic) or 1-706-758-1455 (international) and entering passcode 95751404.  Interested parties should call at least ten (10) minutes prior to the call to register.  The Company will also provide an on-line Web simulcast of its conference call at www.affinion.com/ir.  A telephonic replay of the call will be available through midnight (EDT) May 3, 2009 by dialing 1-800-642-1687 (domestic) or 1-706-645-9291 (international) and entering passcode 95751404.

Important Notes

On October 17, 2005, Affinion Group Inc. completed the acquisition (the "Transactions" ) of the marketing services division (the "Predecessor" ) of Cendant Corporation ("Cendant" ) pursuant to a purchase agreement dated July 26, 2005, as amended.  Substantially all of the assets and liabilities of the Predecessor were acquired by Affinion in the Transactions.

The information presented in this release is a comparison of the unaudited consolidated results of operations for the three month period ended March 31, 2009 and the unaudited consolidated results of operations for the three month period ended March 31, 2008.

Purchase accounting adjustments made in 2005 as a result of the Transactions had a modest impact on Affinion's results of operations for the three month periods ended March 31, 2009 and 2008.  For example, because deferred revenues were reduced in purchase accounting, net revenues recognized for periods following the Transactions were less than they otherwise would have been, with the majority of the impact of the purchase accounting adjustments recognized in 2005 through 2007.  The effect of these purchase accounting adjustments on Affinion's results of operations for the three month period ended March 31, 2009 as compared to the three month period ended March 31, 2008 was to increase net revenues by $5.9 million and to increase Segment EBITDA by $2.7 million.

Safe Harbor Statement Under the U.S. Private Securities Litigation Reform Act of 1995

This press release may contain statements that are forward looking, as that term is defined by the Private Securities Litigation Reform Act of 1995 or by the Securities and Exchange Commission in its rules, regulations and releases.  These statements include, but are not limited to, discussions regarding industry outlook, Affinion's expectations regarding the performance of its business, its liquidity and capital resources, its guidance for 2009 and the other non-historical statements in the discussion and analysis.  These forward-looking statements are based on management's beliefs, as well as assumptions made by, and information currently available to, management.  When used in this release, the words "believe", "anticipate", "estimate", "expect", "intend" and similar expressions are intended to identify forward-looking statements.  Although management believes that the expectations reflected in these forward-looking statements are reasonable, it can give no assurance that these expectations will prove to have been correct.  These statements are subject to certain risks, uncertainties and assumptions, including risks related to general economic and business conditions and international and geopolitical events, a downturn in the credit card industry or changes in the techniques of credit card issuers, market place consolidation among financial institution partners, industry trends, foreign currency exchange rates, the effects of a decline in travel on Affinion's travel fulfillment business, termination or expiration of one or more agreements with its affinity partners or a reduction of the marketing of its services by one or more of its affinity partners, its substantial leverage, restrictions contained in its debt agreements, its inability to compete effectively and other risks identified and discussed under the caption "Item 1A. Risk Factors" in Affinion's Annual Report on Form 10-K for the year ended December 31, 2008, and the other periodic reports filed by Affinion with the SEC from time to time.


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About Affinion Group
As a global leader with almost 40 years of experience, Affinion Group (www.affinion.com) enhances the value of its partners' customer relationships by developing and marketing loyalty solutions. Leveraging its expertise in customer engagement, product development and targeted marketing, Affinion provides programs in subscription-based lifestyle services, personal protection, insurance and other areas to help generate increased customer loyalty and significant incremental revenue for more than 5,550 marketing partners worldwide, including many of the largest and most respected companies in financial services, retail, travel, and Internet commerce. Based in Stamford, Conn., the company has approximately 4,250 employees and markets in 17 countries globally. Affinion holds the prestigious ISO 27001 certification for the highest information security practices, is PCI compliant and Cybertrust certified.

Safe Harbor Statement Under the U.S. Private Securities Litigation Reform Act of 1995
This press release may contain statements that are forward looking, as that term is defined by the Private Securities Litigation Reform Act of 1995 or by the Securities and Exchange Commission in its rules, regulations and releases. These statements include, but are not limited to, discussions regarding industry outlook, Affinion's expectations regarding the performance of its business, its liquidity and capital resources, its guidance for 2011, the consummation of the acquisition of Prospectiv and the impact to Affinion's business and the other non-historical statements in the discussion and analysis. These statements can be identified by the use of words such as "believes," "anticipates," "expects," "intends," "plans," "continues," "estimates," "predicts," "projects," "forecasts," and similar expressions. All forward-looking statements are based on management's current expectations and beliefs only as of the date of this press release and are subject to risks, uncertainties and assumptions that could cause actual results to differ materially from those discussed in, or implied by, the forward-looking statements. Factors that could cause actual results to differ materially include, but are not limited to, risks related to general economic and business conditions and international and geopolitical events, a downturn in the credit card industry or changes in the techniques of credit card issuers, industry trends, foreign currency exchange rates, the effects of a decline in travel on the Company's travel fulfillment business, termination or expiration of one or more agreements with its marketing partners or a reduction of the marketing of its services by one or more of its marketing partners, the Company's substantial leverage, restrictions contained in its debt agreements, its inability to compete effectively, and other risks identified and discussed from time to time in Affinion's reports filed with the SEC, including Affinion's most recent Annual Report on Form 10-K and Quarterly Report on Form 10-Q. Readers are strongly encouraged to review carefully the full cautionary statements described in these reports. Except as required by law, the Company undertakes no obligation to revise or update publicly any forward-looking statements to reflect events or circumstances after the date of this press release, or to reflect the occurrence of unanticipated events or circumstances.