Benefits

1. Benefits Comprehensive package of benefit programs to support associates and their families throughout changing life stages Growth & Development Benefits Recognition & Reward Pride & Work Life Compensation

2. Benefit Eligibility Requirements Eligible Associate Classifications: Full-time associates - scheduled to work 37.5 or more hours per week Part-time associates - scheduled to work between 20 and 37.4 hours per week Ineligible Associate Classifications: Part-time associates scheduled to work less than 20 hours per week and temporary/contract associates 8/15/2014 2

3. New Hire Benefits Effective Date Associates must enroll within 30 days from their date of hire Medical, dental, vision, life and AD&D coverage and spending account enrollments are effective first day of the month following date of hire Short and long term disability benefits are effective as of the first day of the month following 30 days of employment 401(k) Retirement Savings Plan participation effective immediately 8/15/2014 3

4. Eligible Dependents Spouse, civil union partner, qualified domestic partner, children, including legally adopted children and stepchildren Unmarried children under age 19 Unmarried children from age 19 to age 25 if they are full-time students and depend on you for sole support Stepchildren who live with you in a parent-child relationship and can be claimed as dependents on your income tax Children who became mentally or physically disabled before reaching age 25 and must depend on you for support and maintenance Must be able to provide proof of eligibility for all registered dependents Special eligibility for children up to age 26 for Medical and Prescription drug plans only. School enrollment not required Marital status (spouse and children of dependents not covered) Does not have to be financially dependent or residing with parents 8/15/2014 4

5. Domestic Partner Coverage Medical, dental, vision and dependent life coverage available (same-sex or opposite-sex) Contributions are made after-tax To be eligible you must meet the domestic partner criteria outlined in the “Domestic Partner Declaration” form located on the ValassisBenefits.com website Declaration and supporting documentation must be submitted to the HR Solution Center immediately following enrollment 8/15/2014 5

6. Medical Plans Valassis offers associates two choices in medical plans, both administered by Blue Cross Blue Shield of Michigan Traditional PPO Plan Health Choice Savings Plan 8/15/2014 6

7. What is a PPO Plan? PPO plans contract with healthcare providers (e.g., physicians, hospitals and other healthcare professionals) to form a “provider network”  You may use out-of-network providers. However, you will incur higher out-of-pocket cost You don’t have to choose a Primary Care Provider or obtain referrals to see a specialist PPOs have out-of-pocket costs such as deductibles, co-payments and co-insurance based on the service provided 8/15/2014 7

8. The Traditional PPO Plan 8/15/2014 8

9. CVS/Caremark administers our prescription drug program National pharmacy network that includes: CVS, Kroger, Meijer, Rite Aid and Walgreens You will receive a separate CVS/Caremark drug card If either you or physician request a brand medication when a generic is available, you will pay the difference between the brand and the generic cost plus the generic co-pay Prescription Plan 8/15/2014 9

10. Rx – Traditional PPO Plan 8/15/2014 10

11. Health Choice Savings - High Deductible Health Plan There are two parts to the Health Choice Savings Plan:1. High Deductible Medical Plan, and 2. Health Savings Account (HSA) 8/15/2014 11

12. Health Choice Savings Part 1 - High Deductible Medical Plan In-network preventative care is covered at 100%, no deductible • Other medical expenses, including prescriptions, are subject to the deductible. In-network: • $2,000 Individual • $4,000 Family* • Once deductible is met: • Covered medical expenses are paid at 100% of the maximum allowed amount • Prescription drugs are covered with a copayment *Note: Individual + 1 and Family contracts must satisfy the full family deductible before any covered member receives 100% coverage

13. Health Choice Savings Part 1 - High Deductible Medical Plan Prescription Drug Coverage • Once the deductible has been satisfied, prescription drugs are covered at the following copayment: • $10 copay – Generic medication • $40 copay – Formulary-brand medication • $65 copay – Non-formulary brand medication • Maximum copay limit of $1,000 for Individual or $2,000 for Individual + 1 or Family, then covered at 100% for the remainder of the plan year

14. Rx – Health Choice Savings Plan 8/15/2014 14

15. Health Choice Savings PlanPart 2 - Health Savings Account (HSA) Enrollment in the HSA is optional The HSA allows you to save pre-tax dollars to use for current and future medical expenses WageWorks and BNY Mellon Bank (BNY) administer the Health Savings Account (HSA) After your effective date, you must establish an account with both, WageWorks and BNY for your HSA deductions You own your HSA. You will receive a debit card to use for eligible expenses If you plan right and put enough in your HSA, your out-of-pocket expenses will be minimal 15

16. Health Choice Savings PlanPart 2 – Health Savings Account (HSA) Once you have $1,000 in your account, you can invest the money in a number of different options If you spend HSA dollars inappropriately, the money spent will be taxed as normal income and you will be subject to a 10% tax penalty Unlike an FSA, IRS rules do not allow access to funds until they are deposited into your account As a Health Choice Savings Plan participant, you may also enroll in a Limited Purpose Flexible Spending Account to set aside pre-tax dollars to pay for dental and vision expenses 8/15/2014 16

17. Health Savings Account 2012* Maximum Contribution Limits * The IRS determines new contribution limits each calendar year 8/15/2014 17

18. Which Plan is Best for You? • Trying to decide which plan works for you and your family? • Compare the annual cost in associate payroll contributions • Document the type and cost of health care services that you and your family receive • The most cost effective plan may not be the most obvious • A few examples will help to compare the plans under different coverage tiers benefit situations • Use these sample scenarios to guide you in making your own personal plan comparison • Use the tools available through WageWorks to help you track your health care costs

19. Which Plan is Best for You? • Sue – Individual Only Coverage Sue is a single associate who makes between $25k and $100k annually. She has no dependents and is generally healthy. She obtains a routine physical each year, regularly takes an allergy medication and may have a couple more office visits and prescriptions throughout the year for minor illnesses or injuries.

20. Which Plan is Best for You? • David – Family Coverage David is married, has two children and is in the $25k to $100k pay range. David has high blood pressure and high cholesterol. In a normal year, he has a routine physical, has two specialist office visits and takes four maintenance medications. Sara, David’s wife, also has hypertension, complicated by migraines. She generally has a routine physical, three office visits and take three medications. The children are healthy, with no chronic conditions. They have their well-child visits each year, and both have had prescriptions for antibiotics – one for an ear infection and one for strep throat. How will the two plans compare based on his medical care situation?

21. Which Plan is the Best One For You? David & Family

22. Which Plan is the Best One For You? David & Family (con’t)

23. Which Plan is the Best One For You? Paul & Family • Paul – Family Coverage Paul is married and contributes at the $25k to $100k tier. Paul and his wife, Crystal are pretty healthy and generally only receive routine preventative care. However, their daughter, Stephanie has a chronic medical condition that requires a maintenance medication, several specialist visits and at least two imaging examinations each year.

24. Which Plan is the Best One For You? Paul & Family

25. 2012 Monthly Medical ContributionsFull-Time Associates 25

26. Dental Plans Valassis offers associates three choices in dental plans, all administered by Delta Dental of Michigan Delta Basic PPO Plan Delta Buy-Up PPO Plan DeltaCare USA DMO Plan Must choose a DeltaCare USA dentist who either provides or coordinates all dental care Available in most areas of the country 8/15/2014 26

27. Delta Dental – National Networks Under both of the Delta Dental PPO (Point of Service) plans you have access to two nationwide networks of participating dentists: Delta PPO and Delta Premier. Both types of network providers will reduce your out-of-pocket cost by accepting Delta’s maximum allowed benefit for covered dental services. You will receive greater savings by using a Delta PPO dentist, as their reimbursement is based on a lower maximum allowed benefit.

28. Delta Dental – National Networks To locate a Delta participating dentist: • Search the online provider directory by visiting www.deltadentalmi.com and clicking on “Find a Dentist” • Call Delta Dental’s Customer Service department at 800-524-0149 • Contact your dentist’s office directly and ask if he or she is in a Delta Dental network (PPO or Premier)

29. DeltaCare USA DMO To locate a DeltaCare USA participating dentist: • Search the online provider directory by visiting www.deltadentalins.com and clicking on “Find a Dentist”, then choose the DeltaCare USA plan • Call DeltaCare USA’s Customer Service department at 800-422-4234

30. Dental Plans 8/15/2014 30

31. 2012 Monthly Dental Contributions

32. Vision Plan – EyeMed/Lenscrafters Many retail providers, such as Lenscrafters and JC Penney accept EyeMed, as well as many independent doctors Discounts on LASIK and PRK procedures You can order your contacts online on EyeMed’s website To locate a provider near you, call 1-866-723-0596 or go to www.eyemedvisioncare.com and use the “Locate a Provider” function. Choose the “Access” network. 8/15/2014 32

33. Vision Plan - EyeMed/Lenscrafters 8/15/2014 33

34. 2012 Monthly Vision Contributions

35. Life Insurance and AD&D CIGNA is the carrier for the Valassis life plans. Basic life and AD&D coverage are provided at no cost and are bundled (if you elect basic, AD&D is automatically included) You may waive basic and AD&D coverage to avoid imputed income on basic life benefit over $50,000 - taxation is minimal Evidence of insurability (EOI) requirements for life insurance plans for certain benefit levels 35

36. Life Insurance and AD&D 8/15/2014 36

37. Disability Insurance 8/15/2014 37

38. Flexible Spending Accounts 38

39. Flexible Spending Accounts • Flexible Spending Accounts have a “use it or lose it” provision. • You have until March 15 of the following year to incur expenses under the health care flexible spending account - this is the 2 ½ month extension. • If you don’t exhaust your balance before the end of the extension period, you will not be reimbursed, and the balance of your account will be forfeited. You have until April 30 of each year to submit your previous year’s expenses for reimbursement • A link to lists of qualified, reimbursable expenses is on www.ValassisBenefits.com • Receipts may be required for certain debit card transactions. If required receipts are not submitted on a timely basis, you will not receive reimbursement and your debit card may be suspended.

40. WageWorks To help you confirm which expenses are eligible for reimbursement and to calculate the amount that you should set aside in your: • Health Choice Health Savings Account • Limited Purpose Savings Account • Health Care Spending Account, or • Dependent Care Spending Account go to www.wageworks.com and review the eligible expenses lists, as well as, the WageWorks Savings Calculator

41. Other Benefit Programs • Employee Assistance Program • Provides 24-hour counseling and referral services, as well as reading and reference materials • Adoption Assistance Program • Reimburses full-time associates up to $5,000 for expenses related to an adoption • Education Assistance Program • Reimburses up to $4,000 for undergraduate and $5,250 for graduate/PhD expenses annually • Valassis Learning Center • Company-sponsored tools designed to support your professional development

42. Paid Time Off Vacation - We believe that vacation is important. Eligibility and number of days is based on your length of service and job type Holidays – 10 company-paid holidays and 1 Diversity Day Summer ½ Day Holidays – Gives associates ½ day off before Independence Day and Labor Day Sick Days – Eligibility and number of days is based on your job type. Maternity/Paternity Leave – 1 week of paid leave for full-time associates following the birth of a child (separate from Short Term Disability leave) Adoption Leave – 2 weeks of paid leave for full-time associates following the adoption of a child Please see ValassisBenefits.com or your Human Resources Manager for more information regarding your paid time off eligibility 8/15/2014 42

43. Voluntary Benefits and Discounts Valassis offers a variety of additional special programs and services to associates. • Insurance Programs – Auto, home, legal and pet care policies are available for purchase at discounted rates through companies like MetLife and Liberty Mutual. Premium payments are made via payroll deductions • Discounts – Discounts for goods and services at a number of national retail and service vendors are offered including theme park and movie tickets, computer and auto purchases For more information on all of the voluntary benefit and discount programs available, go to ValassisBenefits.com and click on “Voluntary Benefits and Discounts”

44. A Benefit Eligibility Summary letter will be mailed to your home. Review the contents of this letter carefully before beginning the enrollment process. You have three enrollment options: Enroll online at www.ValassisBenefits.com Call the HR Solution Center at 1-877-238-6847 to enroll or with questions Spanish-speaking associates should call 1-800-673-6472 to speak to an enrollment counselor Confirmation statement will be provided after you complete your enrollment What happens if you don’t enroll? If you do not make elections within 31 days of your hire date, you will have to wait until Open Enrollment held in the Fall to enroll for next year’s benefits, unless you have a qualified life status event Qualified life status events include the loss or gain of a dependent, or your spouse’s losing or gaining employment Next Steps-Enrollment 8/15/2014 44

45. Retirement Savings Plan • All permanent full or part-time associates who are at least 18 years of age are eligible to participate in the Valassis Employees’ Retirement Savings Plan • Two features to the Plan • 401(k) is your contribution to your plan • Traditional 401(k) – pre-tax contributions • Roth 401(k) – post-tax contributions • Profit Sharing is the company’s contribution to your plan • A broad range of investment options, including Valassis stock • Administered by JPMorgan Retirement Plan Services • Call 1-800-345-2345 to speak with a representative from 8:00 am to 8:00 pm Eastern time

46. Retirement Savings Plan - 401(k) Eligibility: Immediate eligibility for all permanent full and part-time associates who are at least 18 years old Automatically Enrollment and Automatic Increases: After 30 days of employment, you’ll be automatically enrolled in the 401(k) Plan at a 3% pretax contribution rate. Contribution rates will automatically increase 1% annually until you reach a contribution percentage of 10%. Automatic contributions are placed in the plan’s default fund – The JPMCB SmartRetirement funds based on your date of birth and expected retirement age of 65. If you do not wish to participate in Auto Enroll, Auto Escalation or you wish to change your investment options, you may access your account at www.retireonline.com or by calling JPMorgan at 800-345-2345. 8/15/2014 46

47. Retirement Savings Plan – Profit Sharing Eligibility - 1 year of service with a minimum of 1,000 hours worked Must be employed on 12/31 and have worked 1,000 hours each year to maintain eligibility Valassis contributions are made on an annual basis. Contribution amount is dependent upon Company performance targets The money is invested according to your 401(k) investment elections. If you do not participate in 401(k), you must set up investment elections Associates not making an investment election will be defaulted into the age-based target fund closest to their normal retirement date Profit Sharing contributions are not available for hardship withdrawals Profit sharing money is available for in-service withdrawals after age 62 8/15/2014 47

48. Profit Sharing History 3.90% 2010 2008 4.50% 4.10% 2009 8/15/2014 48

49. Special & Unique Perks and Benefits MetLaw Legal Plan Commuter Benefit Voluntary Benefits & Discounts (Beneplace) Home & Auto Insurance Pet Insurance Auto and Electronics Purchase Discounts Movie and Theme Park Ticket Discounts Travel Discounts, and more!

50. Special & Unique Plans and Programs Marriage Gift Card Military Care Packages Expectant Mother Parking Car Seats Family Room Booster Seats & High Chairs College Student Care Package 8/15/2014 50