2010年2月22日

 Reader’s Digest Association Completes Financial Restructuring;

Emerges as a Stronger, More Competitive Global Company;

Poised to Build on Multi-Platform Affinity Model of Powerful Brands;

Announces New Board of Directors

读者文摘集团完成财务重组; 

成为一个更强大，更有竞争力的全球性公司; 

定位在以建立强势品牌为基础的多媒体平台模式; 

宣布新董事会 

Pleasantville, NY, February 22, 2010 – The Reader’s Digest Association, Inc. (“RDA”) announced today that it has successfully completed its financial restructuring and has emerged from pre-arranged Chapter 11 well capitalized, having reduced its debt by 75 percent and lowered its gross operating leverage from 17.5x to 3.2x. With a significantly improved capital structure, RDA is positioned to continue its transformation into a multi-platform, multi-brand media and marketing company that educates, entertains and connects 130 million people around the world.

纽 约，2010年2月22日-  美国读者文摘公司今天宣布，它已成功地完成财务重组，走出破产保护程序，减少了75%的债务，并将其总经营杠杆由17.5倍降为3.2倍。在显著的改善 了其资本结构之后，它将继续向一个教育，娱乐，连接世界各地1.3亿人的多平台，多品牌的媒体和营销公司转型。

“This is a very important day for our company, and emerging with a de-levered balance sheet and a strong new capital structure is a significant step forward as we continue to transform RDA into a global media and marketing leader,” said Mary Berner, President and Chief Executive Officer. “My sincere thanks go to our employees around the world for their hard work and resilience, and for staying focused and resolutely on plan throughout an incredibly challenging time. In addition, I want to thank our strategic partners and suppliers for your unwavering support in assisting the company in the delivery of products and services to our customers, which played a vital role in our successful restructuring.”

“对我们公司来说这是一个非常重要的日子，无杠杆资产负债表和一个强大的新的资本结构的出现对我们来说是向前迈出了意义非凡的一步，我们将继续向全球媒体和营 销的领导者转型。” 读者文摘总裁兼首席执行官玛丽伯纳说： “我衷心感谢全球员工的辛勤工作和毅力，以及在极具挑战性的时间内对整个计划的坚定。此外，我要感谢我们的战略合作伙伴和供应商，你们坚定不移地协助我们 将产品和客户服务传递给客户，在我们的成功重组中发挥了重要作用。”

With the restructuring complete, RDA is focusing on driving top-line growth and transformation of its business through its affinity marketing model, which builds communities of like-minded consumers around its brands, reaching them in person, print, and online.

随着重组的完成，读者文摘集团将集中于营运收入增长及通过喜好营销模式进行业务转型，建立围绕其品牌有相同喜好的消费者社区，能够通过面对面， 印刷，在线与消费者联系。

“The new company is committed to maximizing value creation. Having strengthened our balance sheet and capital structure and having successfully monetized underperforming assets, RDA is focused on free cash flow and return on investment,” Berner said. “We expect that the industry and competitive environment will continue to be demanding, but we have the right team, the right model and relevant brands that engage today’s consumer.”

新公司致力于创造价值的最大化。此次重组加强了我们的资产负债表和资本结构，并成功将不良资产货币化，读者文摘将集中于自由的现金流和投资回报 。玛丽伯纳说 ：“我们预计行业和竞争环境将依然严峻，但我们有与今天的消费者紧密相连的合适的团队，正确的模式以及紧密相关的品牌。”

Tom Williams, Senior Vice President and Chief Financial Officer, said: “The new RDA is focused on maximizing cash EBITDA and ROI. We are targeting improved performance through continued supply chain and other cost initiatives, expanded use of digital content and promotional channels to reduce customer acquisition costs, centralization of services, and revenue growth through integrated product and service offerings.”

汤姆威廉姆斯，高级副总裁兼首席财务官说：“新的读者文摘将集中在最大限度地增加税项及摊销前的利润和投资回报率。我们的目标是通过持续的供应链和其他成本 措施来提高盈利，并将服务集中， 扩大数字内容的使用和宣传渠道以降低新客户成本，并以的综合方式提供产品和服务来促进收入增长。”

The company has $525 million in exit financing as a result of a recently completed bond refinancing that will provide the company with an estimated $30 million in cash interest expense savings annually compared with the credit facility it had pre-arranged at the start of the restructuring process. Moody's Investors Service assigned RDA and the company’s exit financing a B1 Corporate Family Rating (with Stable outlook), and Standard & Poor’s issued a B rating to the company’s exit financing. The company also has access to an additional $50 million of revolver credit.

在最近的债券再融资中，公司取得5.25亿美元的走出后融资，相较重组开始时节省了每年3千万美元的利息开支。穆迪投资者服务公司给与读者文摘和该公司的走 出后融资“B1 企业家族评级（前景稳定）”的评级，以及标准普尔评级给公司走出后融资评级B。公司同时还获得了一个额外的5千万美元的信贷。