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| INVESTMENTS |
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Employee
Stock Purchase Plan
How the Plan Works
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Your Contributions
You decide on the dollar amount or percentage that you want to contribute
each month and make your contributions through payroll deductions. There
are no minimum or maximum contribution limits but your election must
be in whole dollar amounts or whole percentages. That amount is combined
with all contributions from other Valassis associates and forwarded
monthly to JPMorgan. The funds are then used to purchase company stock.
Your contributions will begin with the first available payroll period
following the date you enroll in the plan. Any election to contribute
a certain dollar or percentage amount shall remain in effect until you
make a change.
Stock Purchases
At the end of each month, all payroll stock deductions are commingled
simultaneously with deductions from other plan participants and remitted
to JPMorgan for the purchase of "VCI" stock. Full or fractional
shares will be allocated to each participant on the basis of the average
purchase price per share.
Changing Your Contributions
You may increase, decrease or stop your contributions at any time. To
make a change, go online with JPMorgan at www.retireonline.com
or call 800-345-2345. Changes to your contribution percentage will take
effect as soon as administratively possible after JPMorgan receives
and processes your request.
Your Beneficiaries
Valassis is not responsible for tracking beneficiaries on personal investments,
such as the Payroll Stock Purchase Plan. Upon death, these personal
investments are distributed according to your will and/or the laws of
descent and distribution. It is the associate's responsibility to make
provisions for these assets in their personal wills or trusts.
Keeping Track of Your Investments
Quarterly statements are sent out from JPMorgan to all participants
of the plan which reflect all shares of "VCI" stock held in
a participant's account along with the market value at quarter end.
If you are in any other Valassis plans administered by JPMorgan, the
Stock Purchase Plan account will show up as a separate page on your
combined statement as well as a separate account on the www.retireonline.com
website.
 
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