INVESTMENTS

Employee Stock Purchase Plan Transferring Your Stock

Associates wishing to transfer their shares to a personal brokerage account or wishing to have their shares certificated and sent to them should complete a "Stock Purchase Plan Transfer Request Form". This form should be faxed directly to JPMorgan at the number provided on the form. This form is also available on the Accounting/Forms page of myValassis intranet website. The form should be faxed directly to JPMorgan to initiate an electronic transfer or a certification of your shares. Electronic transfers can take approximately ten business days to complete.

All stock transfers through JP Morgan must be made prior to 4:00pm EST on January 26, 2011. After that point, the plan will be blocked for sales and transfers until the shares have moved over to Computershare and become available on February 1, 2011.

	Highlights Employee Stock Purchase Plan   Vesting   Voting Rights   Selling Your Stock   Transferring Your Stock   Other Information Retirement Savings Plan

Summary Plan Description
The legal summary of this benefit will be included in the 2008 Benefits Handbook.