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                                                                     EXHIBIT 4.3

                         Valassis Communications, Inc.

                                 $272,100,000
                 Zero Coupon Convertible Senior Notes due 2021



                         REGISTRATION RIGHTS AGREEMENT
                         -----------------------------


                                                            June 6, 2001

Bear, Stearns & Co. Inc.
245 Park Avenue
New York, New York 10167

Dear Sirs:

     Valassis Communications, Inc., a Delaware corporation (the "Company"),
proposes to issue and sell to Bear, Stearns & Co. Inc. (the "Initial
Purchaser"), upon the terms set forth in a purchase agreement, dated May 23,
2001 (the "Purchase Agreement"), $272,100,000 in aggregate principal amount at
maturity of its Zero Coupon Convertible Senior Notes due 2021 ($299,310,000 in
aggregate principal amount at maturity if the Initial Purchaser exercises its
over-allotment option pursuant to the Purchase Agreement) (the "Notes").  The
Notes will be convertible into shares of common stock of the Company, par value
$0.01 per share (the "Shares") in accordance with the Indenture, dated as of
June 6, 2001 (the "Indenture"), between the Company and The Bank of New York, as
trustee (the "Trustee") pursuant to which the Notes will be issued.  As an
inducement to the Initial Purchaser to purchase the Notes, the Company agrees
with the Initial Purchaser, (i) for the benefit of the Initial Purchaser and
(ii) for the benefit of the holders of the Notes and the Shares (collectively,
the "Securities") from time to time until such time as such Securities have been
sold pursuant to the Shelf Registration Statement (as defined below) (each of
the foregoing a "Holder" and, together, the "Holders"), as follows:

     1. Shelf Registration.  The Company shall take the following actions:

          (a)  The Company shall use its reasonable efforts to file with the
     Securities and Exchange Commission (the "Commission") not later than the
     date (the "Filing Deadline") 60 days after the earliest date of original
     issuance of any of the Notes (the "Issue Date") and thereafter use its
     reasonable efforts to cause to be declared effective as promptly as
     practicable, but in no event later than the date (the "Effectiveness
     Deadline")120 days after the Issue Date, a registration statement (the
     "Shelf Registration Statement") on such form under the Securities Act of
     1933, as amended (the "Securities Act") as the Company deems appropriate
     relating to the offer and sale of the Shares issuable upon conversion of
     the Notes and the Transfer Restricted Securities (as defined herein) by the
     Holders thereof from time to time in accordance with the methods of
     distribution set forth in the Shelf Registration Statement and Rule 415
     under the Securities Act (hereinafter, the "Shelf Registration"); provided,
     however, that no Holder shall be entitled to have the Securities held by it
     covered by such Shelf Registration Statement unless such Holder agrees in
     writing to be bound by all the provisions of this Agreement applicable to
     such Holder.

          (b)  Subject to Section 2(b) hereof, the Company shall use its
     reasonable efforts to keep the Shelf Registration Statement continuously
     effective in order to permit the prospectuses included therein to be
     lawfully delivered by the Holders of the relevant Securities, until the
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     earliest of (i) the expiration of the holding period applicable to the
     Notes and the Shares by persons who are not affiliates of the Company under
     Rule 144(k) under the Securities Act or any successor provision, (ii) the
     date on which all the Notes and the Shares of those holders that complete
     and deliver in a timely manner the Notice and Questionnaire (as defined
     below) are registered under the Shelf Registration Statement and disposed
     of in accordance with the Shelf Registration Statement, or (iii) the date
     that there are no longer any Notes or Shares outstanding (in any case, such
     period being called the "Shelf Registration Period").

          (c)  Notwithstanding any other provision of this Agreement to the
     contrary, the Company shall cause the Shelf Registration Statement and the
     related prospectus and any amendment or supplement thereto, as of the
     effective date of such Shelf Registration Statement, amendment or
     supplement, (i) to comply in all material respects with the applicable
     requirements of the Securities Act and the rules and regulations of the
     Commission and (ii) not to contain any untrue statement of a material fact
     or omit to state a material fact required to be stated therein or necessary
     in order to make the statements therein, in light of the circumstances
     under which they were made, not misleading.

          (d)  The Company shall mail a notice of registration statement and
     selling securityholder notice and questionnaire, in substantially the form
     attached as Annex A to the Offering Memorandum (a "Notice and
     Questionnaire"), to each Holder to obtain certain information regarding
     such Holder for use in connection with the prospectus included in any Shelf
     Registration Statement.  To be named as a selling securityholder in the
     Shelf Registration Statement and the related prospectus at the time of such
     Shelf Registration Statement's effectiveness, Holders must complete and
     deliver to the Company the completed Notice and Questionnaire at least
     three (3) business days prior to the intended distribution of Transfer
     Restricted Securities pursuant to the Shelf Registration Statement.
     Thereafter, any Holder wishing to sell Transfer Restricted Securities
     pursuant to either Shelf Registration Statement and related prospectus
     shall deliver a Notice and Questionnaire to the Company.  From and after
     the date the Shelf Registration Statement is declared effective, the
     Company shall, as promptly as practicable but in any event within ten (10)
     business days of receipt of a Notice and Questionnaire is delivered (i) if
     required by applicable law, file with the Commission a post-effective
     amendment to the applicable Shelf Registration Statement or prepare and, if
     required by applicable law, file a supplement to the related prospectus or
     a supplement or amendment to any document incorporated therein by
     reference, or file any other document required (which may be incorporated
     by reference) under the Securities Act so that the Holder delivering such
     Notice and Questionnaire is named as a selling securityholder in such Shelf
     Registration Statement and the related prospectus in such a manner as to
     permit such Holder to deliver such prospectus to purchasers of the Transfer
     Restricted Securities in accordance with applicable law and, if the Company
     shall file a post-effective amendment to such applicable Shelf Registration
     Statement, use reasonable efforts to cause such post-effective amendment to
     be declared effective under the Securities Act as promptly as is
     practicable, but in any event by the date (the "Amendment  Effectiveness
     Deadline  Date") that is thirty (30) days after the date such post-
     effective amendment is required by this clause to be filed and (ii) notify
     such Holder as promptly  as practicable after the effectiveness under the
     Securities Act of any post-effective amendment filed pursuant to Section
     1(c)(i); provided, however, notwithstanding the foregoing, if such Notice
     and Questionnaire is delivered during a Deferral Period (as defined in
     Section 2(c)), the Company shall so inform the Holder delivering such
     Notice and Questionnaire and shall take the actions set forth in clauses
     (i) and (ii) above upon expiration of the Deferral Period in accordance
     with Section 2(b).  Without limiting the generality of the preceding
     sentence, the Company may satisfy its requirements to act "as promptly as
     practicable" if it includes in an annual periodic report on Form 10-K or
     Form 10-Q the report and such information is thereby incorporated by
     reference in the Shelf Registration Statement.  Each Holder that delivers,
     at any time, a duly completed Notice and Questionnaire together with such
     other information as may be reasonably requested of such Holder pursuant to
     this Agreement, and that is named as a selling securityholder in an
     effective Shelf Registration

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     Statement or post-effective amendment thereto, is hereafter referred to as
     a "Notice Holder" with respect to such Shelf Registration Statement.
     Notwithstanding anything contained herein to the contrary, the Company
     shall be under no obligation to name any Holder as a selling securityholder
     in any Shelf Registration Statement or related prospectus unless and until
     such Holder shall have timely delivered a completed Notice and
     Questionnaire, together with such other information regarding such Holder
     and the intended distribution as may be reasonably requested by the
     Company. Each Holder of Transfer Restricted Securities agrees that if such
     Holder wishes to sell Transfer Restricted Securities pursuant to either
     Shelf Registration Statement and related prospectus, it will do so only in
     accordance with this Section 1(d) and Section 2(c) hereof.

     2.  Registration Procedures.  In connection with any Shelf Registration
required by Section 1 hereof, the following provisions shall apply:

          (a)  The Company shall furnish to the Initial Purchaser, prior to the
     filing thereof with the Commission, a copy of the Shelf Registration
     Statement and each amendment thereof and each supplement, if any, to the
     prospectus included therein and in the event that the Initial Purchaser
     (with respect to any portion of an unsold allotment from the original
     offering) is participating in the Shelf Registration Statement, the Company
     shall use its reasonable efforts to reflect in each such document, when so
     filed with the Commission, such comments as the Initial Purchaser
     reasonably may propose within a reasonable period of time.

          (b)  Subject to Section 2(c), upon the occurrence of any change or
     event as a result of which the Shelf Registration Statement or prospectus
     contained therein shall (i) contain any untrue statement of a material fact
     or omit to state any material fact required to be stated therein or
     necessary to make the statements therein in light of the circumstances
     under which they were made not misleading or (ii) otherwise not be
     effective or usable for resale of Transfer Restricted Securities during the
     period required by this Agreement (a "Material Event"), the Company shall
     file as promptly as practicable an appropriate amendment to the Shelf
     Registration Statement or a supplement to the related prospectus or any
     document incorporated therein by reference or file any other required
     document that would be incorporated by reference into the Shelf
     Registration Statement and prospectus curing such defect and, in the case
     of an amendment to the Shelf Registration Statement, use its reasonable
     efforts to cause such amendment to be declared effective as soon as
     practicable.

          (c)  Upon (A) the issuance by the Commission of a stop order
     suspending the effectiveness of the Shelf Registration Statement or the
     initiation of proceedings with respect to the Shelf Registration Statement
     under Section 8(d) or 8(c) of the Securities Act or (B) the occurrence of a
     Material Event or a prospective Material Event and the general counsel of
     the Company reasonably determines that the disclosure of material non-
     public information pursuant to Section 2(b) would be prejudicial or
     contrary to the interests of the Company, the Company shall give notice to
     the Notice Holders that the availability of such Shelf Registration
     Statement is suspended (a "Deferral  Notice") and, upon receipt of any
     Deferral Notice, each Notice Holder agrees not to sell any Transfer
     Restricted Securities pursuant to such Shelf Registration Statement until
     such Notice Holder is advised in writing by the Company that the prospectus
     may be used, and has received copies of the amended or supplemented
     prospectus or of any additional or supplemental filings that are
     incorporated or deemed incorporated by reference in such prospectus.  The
     Company will use reasonable efforts to ensure that the use of the
     prospectus may be resumed (x) in the case of clause (A) above, as promptly
     as is practicable or (y) in the case of clause (B) above, as soon as, in
     the sole judgment of the general counsel of the Company, public disclosure
     of such Material Event would not be prejudicial to or contrary to the
     interests of the Company or, if necessary to avoid unreasonable burden or
     expense, as soon as practicable thereafter.  The Company shall be entitled
     to exercise its right under this Section 2(c) to suspend the availability
     of the Shelf Registration Statement or any prospectus, without incurring or
     accruing any obligation to pay Liquidated Damage pursuant to Section 6, for
     one or more periods

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     not to exceed 45 days (or 75 days if a previously undisclosed proposed or
     pending material business transaction would be required to be disclosed in
     the Shelf Registration Statement and the prospectus contained therein) and
     such disclosure would, in the good faith judgment of the General Counsel of
     the Company, impede the Company's ability to consummate such transaction)
     in any 90-day period and not to exceed, in the aggregate, 90 days in any
     360-day period (such period, during which the availability of the Shelf
     Registration Statement and any prospectus is suspended being a "Deferral
     Period").

          (d)  The Company shall make every reasonable effort to obtain the
     withdrawal at the earliest possible time of any order suspending the
     effectiveness of the Shelf Registration Statement.

          (e)  The Company shall furnish to each Notice Holder included within
     the coverage of the Shelf Registration, upon request and without charge, at
     least one copy of the Shelf Registration Statement and any post-effective
     amendment thereto, including financial statements and schedules.

          (f)  The Company shall, during the Shelf Registration Period, deliver
     to each Notice Holder included within the coverage of any Shelf
     Registration, without charge, as many copies of the prospectus (including
     each preliminary prospectus) included in the applicable Shelf Registration
     Statement and any amendment or supplement thereto as such person may
     reasonably request.  Subject to the provisions of this Agreement, the
     Company consents to the use of the prospectus or any amendment or
     supplement thereto by each Notice Holder of the Transfer Restricted
     Securities in connection with the offering and sale of the Transfer
     Restricted Securities covered by the prospectus, or any amendment or
     supplement thereto, included in the applicable Shelf Registration
     Statement.

          (g)  Prior to any public offering of the Transfer Restricted
     Securities pursuant to the Shelf Registration Statement, the Company shall
     register or qualify or cooperate with the Notice Holders and their
     respective counsel in connection with the registration or qualification of
     the Transfer Restricted Securities for offer and sale under the securities
     or "blue sky" laws of such states of the United States as any Notice Holder
     reasonably requests in writing and do any and all other acts or things
     necessary or advisable to enable the offer and sale in such jurisdictions
     of the Transfer Restricted Securities covered by the Shelf Registration
     Statement; provided, however, that the Company shall not be required to (i)
     qualify generally to do business in any jurisdiction where it is not then
     so qualified or (ii) take any action that would subject it to general
     service of process or to taxation in any jurisdiction where it is not then
     so subject.

          (h)  In connection with any sale of Transfer Restricted Securities
     that will result in such securities no longer being Transfer Restricted
     Securities, the Company shall cooperate with the Notice Holders to
     facilitate the timely preparation and delivery of certificates representing
     the Transfer Restricted Securities to be sold pursuant to any Shelf
     Registration Statement free of any restrictive legends and in such
     denominations and registered in such names as the Notice Holders may
     request in writing within a reasonable period of time prior to sales of the
     Transfer Restricted Securities pursuant to such Shelf Registration
     Statement.

          (i)  If the Company delivers a Deferral Notice, then the Initial
     Purchaser and the Notice Holders shall suspend use of the applicable
     prospectus, and the period of effectiveness of the Shelf Registration
     Statement provided for in Section 1(b) above shall be extended by the
     number of days from and including the date of the giving of such notice to
     and including the date when the Initial Purchaser and the Holders shall
     have received an amended or supplemented prospectus pursuant to Section
     2(e).

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          (j)  Not later than the effective date of the Shelf Registration
     Statement, the Company will provide a CUSIP number for the Notes and the
     Shares registered under such Shelf Registration Statement, and provide the
     trustee with certificates for such Notes, in a form eligible for deposit
     with The Depository Trust Company.

          (k)  The Company will use its reasonable best efforts to comply with
     all rules and regulations of the Commission to the extent and so long as
     they are applicable to any Shelf Registration and will make generally
     available to its securityholders with respect to any Shelf Registration
     Statement, as soon as practicable, a consolidated earnings statement
     meeting the requirements of Section 11(a) of the Securities Act and Rule
     158  (which need not be audited) covering a twelve-month period beginning
     after the effective date of the Shelf Registration Statement; provided,
     that if the information required by this Section 2(k) is filed with the
     Commission and is publicly available, it shall be deemed to have satisfied
     its obligation to furnish such information to its securityholders pursuant
     to this Section 2(k).

          (l)  The Company shall cause the Indenture to be qualified under the
     Trust Indenture Act of 1939, as amended, in a timely manner and, in
     connection therewith, shall cooperate with the Trustee and Holders to
     effect such changes, if any, as shall be necessary for such qualification.
     In the event that such qualification would require the appointment of a new
     trustee under the Indenture, the Company shall appoint a new trustee
     thereunder pursuant to the applicable provisions of the Indenture.

          (m)  The Company may require each Holder that proposes to sell
     Transfer Restricted Securities pursuant to any Shelf Registration Statement
     to furnish to the Company a properly completed Notice and Questionnaire
     together with such information regarding the Holder and the distribution of
     the Transfer Restricted Securities as the Company may from time to time
     reasonably require for inclusion in such Shelf Registration Statement, and
     the Company may exclude from such registration the Transfer Restricted
     Securities of any Holder that fails to furnish such information within a
     reasonable time after receiving such request.

          (n)  The Company shall enter into such customary agreements
     (including, if requested, an underwriting agreement in customary form if
     requested pursuant to Section 8 hereof) and take all such other action, if
     any, as any Holder shall reasonably request in order to facilitate the
     disposition of the Securities pursuant to any Shelf Registration.

          (o)  The Company shall (i) make reasonably available for inspection by
     the Holders, any underwriter participating in any disposition pursuant to
     any Shelf Registration Statement and any attorney, accountant or other
     agent retained by such Holders or any such underwriter (the "Other
     Parties") all relevant financial and other records, pertinent corporate
     documents and properties of the Company and (ii) cause the Company's
     officers, directors, employees, accountants and auditors to supply all
     relevant information reasonably requested by the Holders or any such
     underwriter, attorney, accountant or agent in connection with any Shelf
     Registration Statement, in each case, as shall be reasonably necessary to
     enable such persons, to conduct a reasonable investigation within the
     meaning of Section 11 of the Securities Act; provided, however, that the
     foregoing inspection and information gathering shall be coordinated on
     behalf of the Other Parties by one counsel designated by and on behalf of
     such Other Parties as described in Section 3(b) hereof; provided, further,
     the Company shall have no obligation to provide any information to any
     person that has not entered into an agreement, in form reasonably
     satisfactory to the Company, providing that such person shall keep such
     information confidential and use such information only for the due
     diligence purposes in connection with the Shelf Registration.

          (p)  The Company, if requested by any Notice Holder covered by the
     Shelf Registration Statement, shall cause (i) its counsel to deliver an
     opinion and updates thereof relating to the Securities in customary form
     addressed to such Notice Holders and the managing underwriters, if

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     any, thereof and dated, in the case of the initial opinion, the effective
     date of such Shelf Registration Statement (it being agreed that the matters
     to be covered by such opinion shall include, without limitation, the due
     incorporation and good standing of the Company and its subsidiaries; the
     qualification of the Company and its subsidiaries to transact business as
     foreign corporations; the due authorization, execution and delivery of the
     relevant agreement of the type referred to in Section 2(n) hereof; the due
     authorization, execution, authentication and issuance, and the validity and
     enforceability, of the Securities; the absence, to such counsel's
     knowledge, of material legal or governmental proceedings involving the
     Company and its subsidiaries; the absence of governmental approvals
     required to be obtained in connection with such Shelf Registration
     Statement, the offering and sale of the Securities, or any agreement of the
     type referred to in Section 2(n) hereof; the compliance as to form of such
     Shelf Registration Statement and any documents incorporated by reference
     therein and of the Indenture with the requirements of the Securities Act
     and the Trust Indenture Act, respectively; and, at the time the foregoing
     opinion is delivered, such counsel shall additionally state that in the
     course of the preparation of such Shelf Registration Statement, it has
     participated in conferences with officers and other representatives of the
     Company, including its other counsel and independent public accountants,
     and your representatives, during the course of which the contents of the
     Shelf Registration Statement and related matters were discussed and,
     although it has not independently checked the accuracy or completeness of,
     or otherwise verified, and is not passing upon, and assumes no
     responsibility for, the accuracy, completeness or fairness of the
     statements contained in the Shelf Registration Statement, except to the
     extent specified therein, and although it has relied as to facts necessary
     to the determination of materiality, to a certain extent, upon the judgment
     of officers and representatives of the Company, as a result of such
     consideration and participation, nothing has come to its attention which
     causes it to believe that, as of its date and the Closing Date, the Shelf
     Registration Statement contained any untrue statement of a material fact or
     omitted to state a material fact necessary to make the statements therein,
     in the light of the circumstances under which they were made, not
     misleading (it being understood that such counsel need express no opinion
     with respect to the financial statements, financial and statistical data
     and supporting schedules included or incorporated by reference in the Shelf
     Registration Statement); (ii) their officers to execute and deliver all
     customary documents and certificates and updates thereof reasonably
     requested by any underwriters of the Securities and (iii) their independent
     public accountants and the independent public accountants with respect to
     any other entity for which financial information is provided in such Shelf
     Registration Statement to provide to the Notice Holders and any underwriter
     therefor a comfort letter in customary form and covering matters of the
     type customarily covered in comfort letters in connection with primary
     underwritten offerings, subject to receipt of appropriate documentation as
     contemplated, and only if permitted, by the applicable Statement of
     Auditing Standards.

          (q)  The Company will provide promptly to the Initial Purchaser and
     each Holder, upon request, each document filed by the Company with the
     Commission pursuant to the requirements of Section 13 or Section 15(d) of
     the Securities Exchange Act of 1934, as amended (the "Exchange Act").

     3.  Registration Expenses.  (a) All expenses incident to the Company's
performance of and compliance with this Agreement will be borne by the Company,
regardless of whether any Shelf Registration Statement is ever filed or becomes
effective, including without limitation;

          (i) all registration and filing fees and expenses;

         (ii) all fees and expenses of compliance with federal securities and
     state "blue sky" or securities laws;

        (iii) all expenses of printing (including printing of prospectuses),
     messenger and delivery services and telephone;

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         (iv) all fees and disbursements of counsel for the Company;

          (v) all application and filing fees in connection with listing the
     Shares on a national securities exchange or automated quotation system
     pursuant to the requirements hereof; and

         (vi) all fees and disbursements of independent certified public
     accountants of the Company (including the expenses of any special audit and
     comfort letters required by or incident to such performance).

The Company will bear its internal expenses (including, without limitation, all
salaries and expenses of their officers and employees performing legal or
accounting duties), the expenses of any annual audit and the fees and expenses
of any person, including special experts, retained by the Company.

     (b)  In connection with any Shelf Registration Statement required by this
Agreement, the Company will reimburse the Initial Purchaser and the Notice
Holders of Transfer Restricted Securities who are selling or reselling
Securities pursuant to the "Plan of Distribution" contained in such Shelf
Registration Statement for the reasonable fees and disbursements (not exceeding
$25,000 in the aggregate) of not more than one counsel, who shall be Latham &
Watkins unless another firm shall be chosen by the Notice Holders of a majority
in principal amount of the Applicable Amount (as defined below) of the Transfer
Restricted Securities for whose benefit such Shelf Registration Statement is
being prepared.

     4.  Indemnification.  (a)  The Company agrees to indemnify and hold
harmless each Notice Holder and each person, if any, who controls such Notice
Holder within the meaning of the Securities Act or the Exchange Act (each Notice
Holder and such controlling persons are referred to collectively as the
"Indemnified Parties") from and against any losses, claims, damages or
liabilities, joint or several, or any actions in respect thereof (including, but
not limited to, any losses, claims, damages, liabilities or actions relating to
purchases and sales of the Securities) to which each Indemnified Party may
become subject under the Securities Act, the Exchange Act or otherwise, insofar
as such losses, claims, damages, liabilities or actions arise out of or are
based upon any untrue statement or alleged untrue statement of a material fact
contained in any Shelf Registration Statement or prospectus or in any amendment
or supplement thereto or in any preliminary prospectus relating to such Shelf
Registration, or arise out of, or are based upon, the omission or alleged
omission to state therein a material fact required to be stated therein or
necessary to make the statements therein not misleading, and shall reimburse, as
incurred, the Indemnified Parties for any legal or other expenses reasonably
incurred by them in connection with investigating or defending any such loss,
claim, damage, liability or action in respect thereof; provided, however, that
(i) the Company shall not be liable in any such case to the extent that such
loss, claim, damage or liability arises out of or is based upon any untrue
statement or alleged untrue statement or omission or alleged omission made in
any Shelf Registration Statement or prospectus or in any amendment or supplement
thereto or in any preliminary prospectus relating to such Shelf Registration in
reliance upon and in conformity with written information pertaining to such
Notice Holder and furnished to the Company by or on behalf of such Notice Holder
specifically for inclusion therein and (ii) with respect to any untrue statement
or omission or alleged untrue statement or omission made in any preliminary
prospectus relating to any Shelf Registration Statement, the indemnity agreement
contained in this subsection (a) shall not inure to the benefit of any Notice
Holder from whom the person asserting any such losses, claims, damages or
liabilities purchased the Securities concerned, to the extent that a prospectus
relating to such Securities was required to be delivered by such Notice Holder
under the Securities Act in connection with such purchase and any such loss,
claim, damage or liability of such Notice Holder results from the fact that
there was not sent or given to such person, at or prior to the written
confirmation of the sale of such Securities to such person, a copy of the final
prospectus if the Company had previously furnished copies thereof to such Notice
Holder; provided further, however, that this indemnity agreement will be in
addition to any liability which the Company may otherwise have to such
Indemnified Party.  The Company shall also indemnify underwriters, their
officers and directors and each person who controls such underwriters within the

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meaning of the Securities Act or the Exchange Act to the same extent as provided
above with respect to the indemnification of the Notice Holders of the
Securities if requested by such Notice Holders.

     (b)  Each Notice Holder, severally and not jointly, will indemnify and hold
harmless the Company and each person, if any, who controls the Company within
the meaning of the Securities Act or the Exchange Act from and against any
losses, claims, damages or liabilities or any actions in respect thereof, to
which the Company or any such controlling person may become subject under the
Securities Act, the Exchange Act or otherwise, insofar as such losses, claims,
damages, liabilities or actions arise out of or are based upon any untrue
statement or alleged untrue statement of a material fact contained in any Shelf
Registration Statement or prospectus or in any amendment or supplement thereto
or in any preliminary prospectus relating to such Shelf Registration Statement,
or arise out of or are based upon the omission or alleged omission to state
therein a material fact necessary to make the statements therein not misleading,
but in each case only to the extent that the untrue statement or omission or
alleged untrue statement or omission was made in reliance upon and in conformity
with written information pertaining to such Notice Holder and furnished to the
Company by or on behalf of such Notice Holder specifically for inclusion
therein; and, subject to the limitation set forth immediately preceding this
clause, shall reimburse, as incurred, the Company for any legal or other
expenses reasonably incurred by the Company or any such controlling person in
connection with investigating or defending any loss, claim, damage, liability or
action in respect thereof.  This indemnity agreement will be in addition to any
liability which such Notice Holder may otherwise have to the Company or any of
its controlling persons.

     (c)  Promptly after receipt by an Indemnified Party under this Section 4 of
notice of the commencement of any action or proceeding (including a governmental
investigation), such Indemnified Party will, if a claim in respect thereof is to
be made against the indemnifying party under this Section 4, notify the
indemnifying party in writing of the commencement thereof; provided, however,
that the failure to notify the indemnifying party shall not relieve it from any
liability which it may have under this Section 4 except to the extent it has
been materially prejudiced by such failure and, provided further, that the
failure to notify the indemnifying party shall not relieve it from any liability
which it may have to an Indemnified Party otherwise than under this Section 4.
In case any such action is brought against any Indemnified Party, and it
notifies the indemnifying party of the commencement thereof, the indemnifying
party will be entitled to participate therein and, to the extent that it may
wish, jointly with any other indemnifying party similarly notified, to assume
the defense thereof, with counsel reasonably satisfactory to such Indemnified
Party (who shall not, except with the consent of the Indemnified Party, be
counsel to the indemnifying party), and after notice from the indemnifying party
to such Indemnified Party of its election so to assume the defense thereof the
indemnifying party will not be liable to such Indemnified Party under this
Section 4 for any legal or other expenses, other than reasonable costs of
investigation, subsequently incurred by such Indemnified Party in connection
with the defense thereof.  No indemnifying party shall, without the prior
written consent of the Indemnified Party (which consent shall not be
unreasonably withheld), effect any settlement of any pending or threatened
action in respect of which any Indemnified Party is or could have been a party
and indemnity could have been sought hereunder by such Indemnified Party unless
such settlement includes an unconditional release of such Indemnified Party from
all liability on any claims that are the subject matter of such action, and does
not include a statement as to or an admission of fault, culpability or a failure
to act by or on behalf of any Indemnified Party.

     (d)  If the indemnification provided for in this Section 4 is unavailable
or insufficient to hold harmless an Indemnified Party under subsections (a) or
(b) above, then each indemnifying party shall contribute to the amount paid or
payable by such Indemnified Party as a result of the losses, claims, damages or
liabilities (or actions in respect thereof) referred to in subsection (a) or (b)
above (i) in such proportion as is appropriate to reflect the relative benefits
received by the indemnifying party or parties on the one hand and the
Indemnified Party on the other from the exchange of the Securities, pursuant to
the Shelf Registrations, or (ii) if the allocation provided by the foregoing
clause (i) is not permitted by applicable law, in such proportion as is
appropriate to reflect not only the relative benefits referred to in clause (i)
above but also the relative fault of the indemnifying party or parties on the
one hand and the Indemnified Party on the other in connection with the
statements or omissions that resulted in such losses,

                                       8
<PAGE>

claims, damages or liabilities (or actions in respect thereof) as well as any
other relevant equitable considerations. The relative fault of the parties shall
be determined by reference to whether the untrue or alleged untrue statement of
a material fact or the omission or alleged omission to state a material fact
relates to information supplied by the Company, on the one hand or such Notice
Holder or such other Indemnified Party, as the case may be, on the other, and
the parties' relative intent, knowledge, access to information and opportunity
to correct or prevent such statement or omission. The Company and the Holders
agree that it would not be just and equitable if contributions pursuant to this
Section 4(d) were to be determined by pro rata allocation or by any other method
of allocation which does not take into account the equitable considerations
referred to herein. The amount paid by an Indemnified Party as a result of the
losses, claims, damages or liabilities referred to in the first sentence of this
subsection (d) shall be deemed to include any legal or other expenses reasonably
incurred by such Indemnified Party in connection with investigating or defending
any action or claim which is the subject of this subsection (d). Notwithstanding
any other provision of this Section 4(d), the Notice Holders shall not be
required to contribute any amount in excess of the amount by which the net
proceeds received by such Notice Holders from the sale of the Securities
pursuant to any Shelf Registration Statement exceeds the amount of damages which
such Notice Holders have otherwise been required to pay by reason of such untrue
or alleged untrue statement or omission or alleged omission. No person guilty of
fraudulent misrepresentation (within the meaning of Section 11(f) of the
Securities Act) shall be entitled to contribution from any person who was not
guilty of such fraudulent misrepresentation. For purposes of this subsection
(d), each person, if any, who controls such Indemnified Party within the meaning
of the Securities Act or the Exchange Act shall have the same rights to
contribution as such Indemnified Party and each person, if any, who controls the
Company within the meaning of the Securities Act or the Exchange Act shall have
the same rights to contribution as the Company.

     (e)  The agreements contained in this Section 4 shall survive the sale of
the Securities pursuant to the Shelf Registration Statements and shall remain in
full force and effect, regardless of any termination or cancellation of this
Agreement or any investigation made by or on behalf of any Indemnified Party.

     5.  Holders Obligations.  Each Holder agrees, by acquisition of the
Transfer Restricted Securities, that no Holder of Transfer Restricted Securities
shall be entitled to sell any of such Transfer Restricted Securities pursuant to
any Shelf Registration Statement or to receive a prospectus relating thereto,
unless such Holder has furnished the Company with a Notice and Questionnaire as
required pursuant to Section 1(d) hereof and the  information set forth in the
next sentence.  Each Notice Holder agrees promptly to furnish to the Company all
information required to be disclosed in order to make the information previously
furnished to the Company by such Notice Holder not misleading and any other
information regarding such Notice Holder and the distribution of such Transfer
Restricted Securities as the Company may from time to time reasonably request.
Any sale of any Transfer Restricted Securities by any Holder shall constitute a
representation and warranty by such Holder that the information relating to such
Holder and its plan of distribution is as set forth in the prospectus delivered
by such Holder in connection with such disposition, that such prospectus  does
not as of the time of such sale contain any untrue statement of a material fact
relating to or provided by such Holder or its plan of  distribution and that
such prospectus does not as of the time of such sale omit to state any material
fact relating to or provided by such Holder or its plan of distribution
necessary to make the statements in such prospectus, in the light of the
circumstances under which they were made, not misleading.  Each Holder shall
notify the Company no later than three (3) business days prior to any proposed
sale by such Holder pursuant to a Shelf Registration Statement of such proposed
sale which notice shall be effective for five (5) business days.  Each Holder
agrees that within ten (10) business days of any sale, disposition or other
transfer of Securities, whether pursuant to a Shelf Registration Statement or
exemption from registration under the Securities Act, such Holder shall provide
written notice to the Company specifying the amount of Securities sold, disposed
of or transferred and the name and address of the transferee of such Securities.
Each Holder acknowledges that such Holder, when it sells Securities pursuant to
a Shelf Registration Statement, will be required to be named as a selling
securityholder in the related prospectus, will be required to deliver a
prospectus to the purchaser, and will be subject to certain of the civil
liability provisions under the Securities Act in connection with such Holder's
sale.

                                       9
<PAGE>

     6.  Liquidated Damages Under Certain Circumstances.  (a)  "Liquidated
Damages" shall accrue on the Notes as provided below if and only if, any of the
following events shall occur (each such event in clauses (i) through (iii) below
being herein called a "Registration Default"):

      (i) a Shelf Registration Statement with respect to both the Notes and the
          Shares required by this Agreement is not filed with the Commission on
          or prior to the Filing Deadline;

     (ii) a Shelf Registration Statement with respect to both the Notes and the
          Shares required by this Agreement is not declared effective by the
          Commission on or prior to the Effectiveness Deadline; or

    (iii) a Shelf Registration Statement required by this Agreement has been
          declared effective by the Commission but at any time after the
          Effectiveness Deadline (A) such Shelf Registration Statement ceases to
          be effective (other than pursuant to Section 2(c) hereof) or (B) such
          Shelf Registration Statement or the related prospectus fails to be
          usable in connection with resales of Transfer Restricted Securities
          (other than pursuant to Section 2(c) hereof) and (1) the Company fails
          to cure the Registration Default within five (5) business days by a
          post-effective amendment or a report filed pursuant to the Exchange
          Act or (2) if applicable, the Company does not terminate the Deferral
          Period by the 45th or 75th day, as applicable.

Each of the foregoing events will constitute a Registration Default whatever the
reason for any such event and whether it is voluntary or involuntary or is
beyond the control of the Company or pursuant to operation of law or as a result
of any action or inaction by the Commission.

     Liquidated Damages shall accrue daily on the Applicable Amount (as defined
below) from and including the day following the date on which a Registration
Default shall occur until, but excluding, the earlier of the day on which all
Registration Defaults have been cured and the date under Section 1(c) that the
registration statement is no longer required, at a rate of 0.25% per annum of
the Applicable Amount to and including the 90th day following such Registration
Default and at a rate of 0.50% of the Applicable Amount from and after the 91st
day following such Registration Default (the "Liquidated Damages Rate");
provided, however, that the Company shall in no event be required to pay
Liquidated Damages in respect of more than one Registration Default at any one
time.  In the event a Holder has converted some or all of its Notes into Shares,
the Holder shall be entitled to receive Liquidated Damages as provided above
calculated on the principal amount at maturity of the Notes so converted, except
to the extent such Shares have been registered.  The "Applicable Amount" shall
equal the sum of the initial issue price of such Notes plus accrued original
issue discount with respect to such Notes through the date of determination, or,
if a Holder has converted some or all of its Notes into Shares, such sum
calculated as if such Notes were then outstanding, except to the extent such
Shares no longer constitute Transfer Restricted Securities.  In no event will
Liquidated Damages accrue at a rate per year in excess of 0.50%.

     (b)  Any amounts of Liquidated Damages due pursuant to Section 6(a) will be
payable in cash semi-annually in arrears on each June 6 and December 5, with the
first semi-annual payment due on the first such payment date after which a
Registration Default occurs.  The amount of Liquidated Damages will be
determined by multiplying the applicable Liquidated Damages Rate by the initial
issue price of the Notes plus accrued original issue discount with respect to
such Notes through the date of determination and further multiplied by a
fraction, the numerator of which is the number of days such Liquidated Damages
Rate was applicable during such period (determined on the basis of a 360-day
year comprised of twelve 30-day months) and the denominator of which is 360.  A
Holder will not be entitled to Liquidated Damages as provided in Section 6(a)
hereof unless such Holder has timely delivered to the Company a duly completed
Notice and Questionnaire, together with such other information reasonably
requested of such Holder in accordance with this Agreement.

                                       10
<PAGE>

     (c)  "Transfer Restricted Securities" means each Security until the
earliest to occur of (i) the date on which such Security has been effectively
registered under the Securities Act and disposed of in accordance with a Shelf
Registration Statement and (ii) the date on which such Security is distributed
to the public pursuant to Rule 144 under the Securities Act or is saleable
pursuant to Rule 144(k) under the Securities Act.

     7.  Rules 144 and 144A.  The Company agrees with each Holder, for so long
as any Transfer Restricted Securities remain outstanding and for any period in
which the Company (i) is not subject to Section 13 or 14 of the Exchange Act, to
make available, upon request of any Holder, to such Holder or beneficial owner
of Transfer Restricted Securities in connection with any sale thereof and any
prospective purchaser of such Transfer Restricted Securities designated by such
Holder or beneficial owner, the information required by Rule 144(d)(4) under the
Securities Act in order to permit resale of such Transfer Restricted Securities
pursuant to Rule 144A, and (ii) is subject to Section 13(g) or 15(d) of the
Exchange Act, to make all filings required thereby in a timely manner in order
to permit resales of such Transfer Restricted Securities pursuant to Rule 144.

     8.  Underwritten Registrations.  If any of the Transfer Restricted
Securities covered by the Shelf Registrations are to be sold in an underwritten
offering, the investment banker or investment bankers and manager or managers
that will administer the offering ("Managing Underwriters") will be selected by
the Notice Holders of a majority in aggregate principal amount at maturity of
such Transfer Restricted Securities to be included in such offering (provided
that the Holders of Shares issued upon conversion of Notes shall not be deemed
Holders of Shares, but shall be deemed to be Holders of the aggregate principal
amount at maturity of Notes from which such Shares were converted) and shall be
reasonably acceptable to the Company.

     No Holder may participate in any underwritten registration hereunder unless
such person (i) agrees to sell such Holder's Transfer Restricted Securities on
the basis reasonably provided in any underwriting arrangements approved by the
Holders entitled hereunder to approve such arrangements and (ii) completes and
executes all questionnaires (including the Notice and Questionnaire), powers of
attorney, indemnities, underwriting agreements and other documents reasonably
required under the terms of such underwriting arrangements.

     9.  Miscellaneous.

     (a)  No Inconsistent Agreements.  The Company will not on or after the date
of this Agreement enter into any agreement with respect to its securities that
is inconsistent with the rights granted to the Holders in this Agreement or
otherwise conflicts with the provisions hereof.  The rights granted to the
Holders hereunder do not in any way conflict with and are not inconsistent with
the rights granted to the holders of the Company's securities under any
agreement in effect on the date hereof.

     (b)  Amendments and Waivers.  The provisions of this Agreement may not be
amended, modified or supplemented, and waivers or consents to departures from
the provisions hereof may not be given, except by the Company and the written
consent of the Holders of a majority in principal amount at maturity of the
Transfer Restricted Securities (provided that the Holders of Shares issued upon
conversion of Notes shall not be deemed Holders of Shares, but shall be deemed
to be Holders of the aggregate principal amount at maturity of Notes from which
such Shares were converted) affected by such amendment, modification,
supplement, waiver or consents.

     (c)  Notices.  All notices and other communications provided for or
permitted hereunder shall be made in writing by hand delivery, first-class mail
(registered or certified, return receipt requested), facsimile transmission, or
air courier which guarantees overnight delivery:

          (1)  if to a Holder, that is not a Notice Holder, at the address of
such Holder  as set forth on the records of the Registrar under the Indenture,
with a copy to such Registrar.

                                       11
<PAGE>

          (2)  if to a Notice Holder, at the most current address given by such
Holder to the Company in a Notice and Questionnaire or any amendment thereto.

          (3)  if to the Initial Purchaser;

               Bear, Stearns & Co. Inc.
               245 Park Avenue
               New York, NY 10167
               Fax No.:  (212) 272-8296
               Attention:  Corporate Finance Department

     with a copy to:

               Latham & Watkins
               885 Third Avenue
               New York, NY 10022-4802
               Fax No.:  (212) 906-1200
               Attention:  Raymond Y. Lin

          (4)  if to the Company;

               Valassis Communications, Inc.
               19975 Victor Parkway
               Livonia, MI 48152
               Fax No.:  (734) 591-4460
               Attention:  General Counsel

     with a copy to:

               McDermott, Will & Emery
               50 Rockefeller Plaza
               New York, New York 10020-1605
               Fax No.:  (212) 547-5444
               Attention:  Amy S. Leder

     All such notices and communications shall be deemed to have been duly
given:  at the time delivered by hand, if personally delivered; three business
days after being deposited in the mail, postage prepaid, if mailed; when receipt
is acknowledged by recipient's facsimile machine operator, if sent by facsimile
transmission; and on the day delivered, if sent by overnight air courier
guaranteeing next day delivery.

     (d) Third Party Beneficiaries.  The Holders shall be third party
beneficiaries to the agreements made hereunder between the Company, on the one
hand, and the Initial Purchaser, on the other hand, and shall have the right to
enforce such agreements directly to the extent they may deem such enforcement
necessary or advisable to protect their rights or the rights of Holders
hereunder.

     (e)  Successors and Assigns.  This Agreement shall be binding upon the
Company and its successors and assigns; provided, however, that nothing herein
shall be deemed to permit any assignment, transfer or other disposition of
Transfer Restricted Securities in violation of the terms hereof or of the
Purchase Agreement or the Indenture.  If any transferee of any Holder shall
acquire Transfer Restricted Securities in any manner, whether by operation of
law or otherwise, such Transfer Restricted Securities shall be held subject to
all of the terms of this Agreement, and by taking and holding such Transfer
Restricted Securities such person shall be conclusively deemed to have agreed to
be bound by and to

                                       12
<PAGE>

perform all of the terms and provisions of the Agreement and, if applicable, the
Purchase Agreement, and such person shall be entitled to receive the benefits
hereof.

     (f)  Counterparts.  This Agreement may be executed in any number of
counterparts and by the parties hereto in separate counterparts, each of which
when so executed shall be deemed to be an original and all of which taken
together shall constitute one and the same agreement.

     (g)  Headings.  The headings in this Agreement are for convenience of
reference only and shall not limit or otherwise affect the meaning hereof.

     (h)  Governing Law.  THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN
ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO PRINCIPLES
OF CONFLICTS OF LAWS.

     (i)  Severability.  If any one or more of the provisions contained herein,
or the application thereof in any circumstance, is held invalid, illegal or
unenforceable, the validity, legality and enforceability of any such provision
in every other respect and of the remaining provisions contained herein shall
not be affected or impaired thereby.

     (j)  Securities Held by the Company.  Whenever the consent or approval of
Holders of a specified percentage of principal amount at maturity of Securities
is required hereunder, Securities held by the Company or its affiliates (other
than subsequent Holders of Securities if such subsequent Holders are deemed to
be affiliates solely by reason of their holdings of such Securities) shall not
be counted in determining whether such consent or approval was given by the
Holders of such required percentage.

                                       13
<PAGE>

     If the foregoing is in accordance with your understanding of our agreement,
please sign and return to the Company a counterpart hereof, whereupon this
instrument, along with all counterparts, will become a binding agreement among
the Initial Purchaser and the Company in accordance with its terms.

                         Very truly yours,

                         VALASSIS COMMUNICATIONS, INC.


                             by /s/ Barry P. Hoffman
                                -------------------------------------------
                                Name: Barry P. Hoffman
                                Title: Secretary, Executive Vice President
                                and General Counsel


                                       14
<PAGE>

The foregoing Registration
Rights Agreement is hereby confirmed
and accepted as of the date first
above written.

BEAR, STEARNS & CO. INC.


by /s/ Stephen Parish
   --------------------------------
   Name: Stephen Parish
   Title: Senior Managing Director

                                       15