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. Stock certifications can take four to six weeks and the certificates are mailed to the participant's home address. Electronic transfers can take approximately ten business days to complete.

	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.