INVESTMENTS

Employee Stock Purchase Plan

The purpose of the Valassis Payroll Stock Purchase Plan is to assist the associates of the Company to acquire an equity interest in the Company through the purchase of common stock. This plan allows Valassis associates to save for their future, be owners of the Company and share in its growth, while aligning the interests of the associates with the shareholders. Purchases are made from payroll deductions only and can be made from regular salary as well as any designated bonus payrolls.

	Highlights Employee Stock Purchase Plan   Eligibility and Enrollment   How the Plan Works   Vesting   Voting Rights   Selling Your Stock   Transferring Your Stock   Other Information   FAQ'S Retirement Savings Plan Social Security Benefits Administrative Information

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