<PAGE>

EXHIBIT 4.3

                                                                 CUSIP/CINS:
                                                                   56032EAE3

             7 7/8% Series A Senior Subordinated Notes due 2013


No. 1                                                    $ 317,825,000

                           MAIL-WELL I CORPORATION
                           -----------------------

promises to pay to Cede & Co.

or registered assigns,

the principal sum of                   DOLLARS AND NO CENTS

THREE HUNDRED SEVENTEEN MILLION EIGHT HUNDRED TWENTY-FIVE
---------------------------------------------------------
THOUSAND DOLLARS AND NO CENTS
-----------------------------

Dollars on December 1, 2013.

Interest Payment Dates:  June 1 and December 1

Record Dates:  May 15 and November 15

                             Dated: February 4, 2004

                             MAIL-WELL I CORPORATION

                             By:
                                    --------------------------------------------
                                    Name: Michel P. Salbaing
                                    Title: Senior Vice President and Chief
                                    Financial Officer

                             By:
                                    --------------------------------------------
                                    Name: Herbert H. Davis
                                    Title: Senior Vice President - Corporate
                                    Development and Chief Legal Officer



<PAGE>
<PAGE>


This is one of the Notes referred to in the within-mentioned Indenture:

U.S. BANK NATIONAL ASSOCIATION
 as Trustee

By:
    ----------------------------------------
    Authorized Signatory






<PAGE>
<PAGE>


             7 7/8% Series A Senior Subordinated Notes due 2013

THIS GLOBAL NOTE IS HELD BY THE DEPOSITARY (AS DEFINED IN THE INDENTURE
GOVERNING THIS NOTE) OR ITS NOMINEE IN CUSTODY FOR THE BENEFIT OF THE
BENEFICIAL OWNERS HEREOF, AND IS NOT TRANSFERABLE TO ANY PERSON UNDER ANY
CIRCUMSTANCES EXCEPT THAT (I) THE TRUSTEE MAY MAKE SUCH NOTATIONS HEREON AS
MAY BE REQUIRED PURSUANT TO SECTION 2.06 OF THE INDENTURE, (II) THIS GLOBAL
NOTE MAY BE EXCHANGED IN WHOLE BUT NOT IN PART PURSUANT TO SECTION 2.06(a)
OF THE INDENTURE, (III) THIS GLOBAL NOTE MAY BE DELIVERED TO THE TRUSTEE FOR
CANCELLATION PURSUANT TO SECTION 2.11 OF THE INDENTURE AND (IV) THIS GLOBAL
NOTE MAY BE TRANSFERRED TO A SUCCESSOR DEPOSITARY WITH THE PRIOR WRITTEN
CONSENT OF THE COMPANY.

THIS NOTE HAS NOT BEEN REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933, AS
AMENDED (THE "SECURITIES ACT") AND, ACCORDINGLY, MAY NOT BE OFFERED, SOLD,
PLEDGED OR OTHERWISE TRANSFERRED WITHIN THE UNITED STATES OR TO, OR FOR THE
ACCOUNT OR BENEFIT OF, U.S. PERSONS, EXCEPT AS SET FORTH IN THE FOLLOWING
SENTENCE. BY ITS ACQUISITION HEREOF OR OF A BENEFICIAL INTEREST HEREIN, THE
HOLDER (i) REPRESENTS THAT (A) IT IS A "QUALIFIED INSTITUTIONAL BUYER" (AS
DEFINED IN RULE 144A UNDER THE SECURITIES ACT) (A "QIB"), (B) IT IS NOT A
U.S. PERSON, IS NOT ACQUIRING THIS NOTE FOR THE ACCOUNT OR BENEFIT OF A U.S.
PERSON AND IS ACQUIRING THIS NOTE IN AN OFFSHORE TRANSACTION IN COMPLIANCE
WITH REGULATION S UNDER THE SECURITIES ACT OR (C) IT IS AN INSTITUTIONAL
"ACCREDITED INVESTOR" (AS DEFINED IN RULE 501(a)(1), (2), (3) OR (7) OF
REGULATION D UNDER THE SECURITIES ACT (AN "IAI"), (ii) AGREES THAT IT WILL
NOT, WITHIN THE TIME PERIOD REFERRED TO UNDER RULE 144(k) (TAKING INTO
ACCOUNT THE PROVISIONS OF RULE 144(d) UNDER THE SECURITIES ACT, IF
APPLICABLE) UNDER THE SECURITIES ACT AS IN EFFECT ON THE DATE OF THE
TRANSFER OF THIS NOTE, RESELL OR OTHERWISE TRANSFER THIS NOTE EXCEPT (A) TO
THE COMPANY OR ANY SUBSIDIARY THEREOF, (B) TO A PERSON WHO THE HOLDER
REASONABLY BELIEVES IS A QIB PURCHASING FOR ITS OWN ACCOUNT OR FOR THE
ACCOUNT OF A QIB IN COMPLIANCE WITH RULE 144A UNDER THE SECURITIES ACT, (C)
OUTSIDE THE UNITED STATES IN AN OFFSHORE TRANSACTION IN COMPLIANCE WITH RULE
904 UNDER THE SECURITIES ACT, (D) PURSUANT TO THE EXEMPTION FROM
REGISTRATION PROVIDED BY RULE 144 UNDER THE SECURITIES ACT (IF AVAILABLE),
(E) TO AN IAI THAT, PRIOR TO SUCH TRANSFER, FURNISHES TO THE TRUSTEE A
SIGNED LETTER CONTAINING


<PAGE>
<PAGE>

CERTAIN REPRESENTATIONS AND AGREEMENTS RELATING TO THE REGISTRATION OF
TRANSFER OF THIS NOTE (THE FORM OF WHICH LETTER CAN BE OBTAINED FROM THE
TRUSTEE) AND AN OPINION OF COUNSEL ACCEPTABLE TO THE COMPANY THAT SUCH
TRANSFER IS IN COMPLIANCE WITH THE SECURITIES ACT OR (F) PURSUANT TO AN
EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT AND, IN EACH CASE,
IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS, AND (iii) AGREES THAT
IT WILL DELIVER TO EACH PERSON TO WHOM THIS NOTE OR AN INTEREST HEREIN IS
TRANSFERRED A NOTICE SUBSTANTIALLY TO THE EFFECT OF THIS LEGEND. IN
CONNECTION WITH ANY TRANSFER OF THIS NOTE OR ANY INTEREST HEREIN WITHIN THE
TIME PERIOD REFERRED TO ABOVE, THE HOLDER MUST CHECK THE APPROPRIATE BOX SET
FORTH ON THE REVERSE HEREOF RELATING TO THE MANNER OF SUCH TRANSFER AND
SUBMIT THIS CERTIFICATE TO THE TRUSTEE. EACH IAI THAT IS NOT A QIB WILL BE
REQUIRED TO EFFECT ANY TRANSFER OF NOTES OR INTERESTS THEREIN (OTHER THAN
PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT) THROUGH ONE OF THE INITIAL
PURCHASERS. AS USED HEREIN, THE TERMS "OFFSHORE TRANSACTION," "UNITED
STATES" AND "U.S. PERSON" HAVE THE MEANINGS GIVEN TO THEM BY RULE 902 OF
REGULATION S UNDER THE SECURITIES ACT. THE INDENTURE CONTAINS A PROVISION
REQUIRING THE TRUSTEE TO REFUSE TO REGISTER ANY TRANSFER OF THIS NOTE IN
VIOLATION OF THE FOREGOING RESTRICTIONS.

                  Capitalized terms used herein shall have the meanings
assigned to them in the Indenture referred to below unless otherwise
indicated.

         1. Interest. Mail-Well I Corporation, a Delaware corporation (the
            --------
"Company"), promises to pay interest on the principal amount of this Note at
7 7/8% per annum from the date hereof until maturity and shall pay the
Liquidated Damages payable pursuant to Section 6 of the Registration Rights
Agreement referred to below. The Company will pay interest and Liquidated
Damages semi-annually on June 1 and December 1 of each year, or if any such
day is not a Business Day, on the next succeeding Business Day (each an
"Interest Payment Date"). Interest on the Notes will accrue from the most
recent date to which interest has been paid or, if no interest has been
paid, from the date of issuance; provided that if there is no existing
Default in the payment of interest, and if this Note is authenticated
between a record date referred to on the face hereof and the next succeeding
Interest Payment Date, interest shall accrue from such next succeeding
Interest Payment Date; provided, further, that the first Interest Payment
Date shall be June 1, 2004. The Company shall pay interest (including
post-petition interest in any proceeding under any Bankruptcy Law) on
overdue principal and premium, if any, from time to time on demand at a rate
that is 1% per annum in excess of the rate then in effect; it shall pay
interest (including post-petition interest in any proceeding under any
Bankruptcy Law) on overdue installments of interest and Liquidated Damages


<PAGE>
<PAGE>

(without regard to any applicable grace periods) from time to time on demand
at the same rate to the extent lawful. Interest will be computed on the
basis of a 360-day year of twelve 30-day months.

         2. Method of Payment. The Company will pay interest on the Notes
            -----------------
(except defaulted interest) and Liquidated Damages to the Persons who are
registered Holders of Notes at the close of business on the May 15 or
November 15, next preceding the Interest Payment Date, even if such Notes
are canceled after such record date and on or before such Interest Payment
Date, except as provided in Section 2.12 of the Indenture with respect to
defaulted interest. The Notes will be payable as to principal, premium and
Liquidated Damages, if any, and interest at the office or agency of the
Company maintained for such purpose within or without the City and State of
New York, or, at the option of the Company, payment of interest and
Liquidated Damages may be made by check mailed to the Holders at their
addresses set forth in the register of Holders, and provided that payment by
wire transfer of immediately available funds will be required with respect
to principal of and interest, premium and Liquidated Damages on, all Global
Notes and all other Notes the Holders of which shall have provided wire
transfer instructions to the Company or the Paying Agent. Such payment shall
be in such coin or currency of the United States of America as at the time
of payment is legal tender for payment of public and private debts.

         3. Paying Agent and Registrar. Initially, U.S. Bank National
            --------------------------
Association, the Trustee under the Indenture, will act as Paying Agent and
Registrar. The Company may change any Paying Agent or Registrar without
notice to any Holder. The Company or any of the Guarantors may act in any
such capacity.

         4. Indenture. The Company issued the Notes under an Indenture dated
            ---------
as of February 4, 2004 ("Indenture") among the Company, the Guarantors and
the Trustee. This Note is one of a duly authorized issue of Notes of the
Company designated as its 7 7/8% Senior Subordinated Notes due 2013, which
may be issued under the Indenture. The Company shall be entitled to issue
Additional Notes pursuant to the Indenture. The Notes, any Additional Notes
and any Exchange Notes issued in accordance with the Indenture are treated
as a single class of securities under the Indenture unless otherwise
specified. The terms of the Notes include those stated in the Indenture and
those made part of the Indenture by reference to the Trust Indenture Act of
1939, as amended (15 U.S. Code Sections 77aaa-77bbbb). The Notes are subject
to all such terms, and Holders are referred to the Indenture and such Act
for a statement of such terms. To the extent any provision of this Note
conflicts with the express provisions of the Indenture, the provisions of
the Indenture shall govern and be controlling. The Notes are senior
unsecured obligations of the Company.

         5. Optional Redemption.
            -------------------

                  (a) Except as set forth in subparagraph (b) of this
Paragraph 5, the Company shall not have the option to redeem the Notes prior
to December 1, 2008.



<PAGE>
<PAGE>

Thereafter, the Company shall have the option to redeem the Notes, in whole
or in part upon not less than 30 nor more than 60 days' notice, at the
redemption prices (expressed as percentages of principal amount) set forth
below plus accrued and unpaid interest and Liquidated Damages thereon to the
applicable redemption date, if redeemed during the twelve-month period
beginning on December 1 of the years indicated below:

                      YEAR                             PERCENTAGE
                      ----                             ----------
                      2008.......................      103.938%
                      2009.......................      102.625%
                      2010.......................      101.313%
                      2011 and thereafter........      100.000%

                  (b) Notwithstanding the provisions of subparagraph (a) of
this Paragraph 5, at any time prior to December 1, 2006, the Company may at
its option redeem, on one or more occasions, up to an aggregate of 35% of
the aggregate principal amount of Notes (including Additional Notes, if any)
issued at a redemption price equal to 107.875% of the principal amount
thereof, plus accrued and unpaid interest and Liquidated Damages thereon, if
any, to the redemption date, with the net cash proceeds of one or more
Equity Offerings; provided that at least 65% of such aggregate principal
amount of Notes (including Additional Notes, if any) originally issued
remain outstanding immediately after the occurrence of such redemption,
excluding Notes held directly or indirectly by the Parent Company, the
Company and their Affiliates; and each such redemption shall occur within 90
days of the date of the closing of such Equity Offering.

         6. Mandatory Redemption.
            --------------------

         Except as set forth in paragraph 7 below, the Company shall not be
required to make mandatory redemption payments with respect to the Notes.

         7. Repurchase At Option of Holder.
            ------------------------------

                  (a) If there is a Change of Control, each Holder of Notes
will have the right to require the Company to repurchase all or any part
(equal to $1,000 or an integral multiple thereof) of each Holder's Notes
(the "Change of Control Offer") at a purchase price equal to 101% of the
aggregate principal amount thereof plus accrued and unpaid interest and
Liquidated Damages thereon, if any, to the date of purchase (the "Change of
Control Payment"). Within 30 days following any Change of Control, the
Company shall mail a notice to each Holder setting forth the procedures
governing the Change of Control Offer as required by the Indenture.


<PAGE>
<PAGE>

                  (b) If the Company or any of its Restricted Subsidiaries
consummate an Asset Sale, the Company shall, if required by Section 4.07 of
the Indenture, promptly commence an offer to all Holders of Notes (an "Asset
Sale Offer") pursuant to Section 3.09 of the Indenture to purchase the
maximum principal amount of Notes that may be purchased out of the Net
Proceeds at an offer price in cash in an amount equal to 100% of the
principal amount thereof plus accrued and unpaid interest and Liquidated
Damages thereon, if any, to the date of purchase in accordance with the
procedures set forth in the Indenture. If the aggregate principal amount of
Notes surrendered by Holders thereof exceeds the amount of Excess Proceeds,
the Trustee shall select the Notes to be purchased on a pro rata basis.
Holders of Notes that are the subject of an offer to purchase will receive
an Asset Sale Offer from the Company prior to any related purchase date and
may elect to have such Notes purchased by completing the form entitled
"Option of Holder to Elect Purchase" on the reverse of the Notes.

         8. Notice of Redemption. Notice of redemption will be mailed at
            --------------------
least 30 days but not more than 60 days before the redemption date to each
Holder whose Notes are to be redeemed at its registered address. Notes in
denominations larger than $1,000 may be redeemed in part but only in whole
multiples of $1,000, unless all of the Notes held by a Holder are to be
redeemed. On and after the redemption date interest ceases to accrue on
Notes or portions thereof called for redemption.

         9. Denominations, Transfer, Exchange. The Notes are in registered
            ---------------------------------
form without coupons in denominations of $1,000 and integral multiples of
$1,000. The transfer of Notes may be registered and Notes may be exchanged
as provided in the Indenture. The Registrar and the Trustee may require a
Holder, among other things, to furnish appropriate endorsements and transfer
documents and the Company may require a Holder to pay any taxes and fees
required by law or permitted by the Indenture. The Company need not exchange
or register the transfer of any Note or portion of a Note selected for
redemption, except for the unredeemed portion of any Note being redeemed in
part. Also, it need not exchange or register the transfer of any Notes for a
period of 15 days before the mailing of a notice of redemption or during the
period between a record date and the corresponding Interest Payment Date.

         10. Persons Deemed Owners. The registered Holder of a Note may be
             ---------------------
treated as its owner for all purposes.

         11. Amendment, Supplement and Waiver. Subject to certain
             --------------------------------
exceptions, the Indenture or the Notes may be amended or supplemented with
the consent of the Holders of at least a majority in principal amount of the
then outstanding Notes, and any existing default or compliance with any
provision of the Indenture, the Guarantees, or the Notes may be waived with
the consent of the Holders of a majority in principal amount of the then
outstanding Notes. Without the consent of any Holder of a Note, the
Indenture, the



<PAGE>
<PAGE>

Guarantees, or the Notes may be amended or supplemented to cure any
ambiguity, defect or inconsistency, to provide for uncertificated Notes in
addition to or in place of certificated Notes, to provide for the assumption
of the Company's or a Guarantor's obligations to Holders of the Notes in
case of a merger or consolidation, to make any change that would provide any
additional rights or benefits to the Holders of the Notes or that does not
adversely affect the legal rights under the Indenture of any such Holder, or
to comply with the requirements of the SEC in order to effect or maintain
the qualification of the Indenture under the Trust Indenture Act.

         12. Defaults and Remedies. Events of Default include: (i) default
             ---------------------
for 30 days in the payment when due of interest on or Liquidated Damages, if
any, with respect to the Notes; (ii) default in payment when due of the
principal of or premium, if any, on the Notes; (iii) failure by the Company
or any of its Restricted Subsidiaries to comply with Sections 3.09, 4.06,
4.07, 4.08 and 4.09 of the Indenture; (iv) failure by the Company or any of
its Restricted Subsidiaries for 60 days after notice to the Company by the
Trustee or the Holders of at least 25% in principal amount of the Notes then
outstanding to comply with certain other agreements in the Indenture or the
Notes; (v) default under any mortgage, indenture or instrument under which
there may be issued or by which there may be secured or evidenced any
Indebtedness for money borrowed by the Company or any of its Restricted
Subsidiaries (or the payment of which is guaranteed by the Company or any of
its Restricted Subsidiaries) whether such Indebtedness or guarantee now
exists, or is created after the date of the Indenture, which default (a) is
caused by a failure to pay principal of or premium, if any, or interest on
such Indebtedness prior to the expiration of the grace period provided in
such Indebtedness on the date of such default (a "Payment Default") or (b)
results in the acceleration of such Indebtedness prior to its express
maturity and, in each case, the principal amount of any such Indebtedness,
together with the principal amount of any other such Indebtedness under
which there has been a Payment Default or the maturity of which has been so
accelerated, aggregates $25.0 million or more; (vi) the failure by the
Company or any of its Restricted Subsidiaries to pay final judgments by
courts of competent jurisdiction aggregating in excess of $25.0 million,
which judgments are not paid, discharged or stayed for a period of 60 days;
(vii) except as permitted by the Indenture, any Note Guarantee of a
Guarantor shall be held in any judicial proceeding to be unenforceable or
invalid or shall cease for any reason to be in full force and effect or any
Guarantor, or any Person acting on behalf of any Guarantor, shall deny or
disaffirm its obligations under its Note Guarantee; and (viii) certain
events of bankruptcy or insolvency with respect to the Company or any
Restricted Subsidiary that is a Significant Subsidiary, or any group of
Restricted Subsidiaries that, taken together, would constitute a Significant
Subsidiary. If any Event of Default occurs and is continuing, the Trustee or
the Holders of at least 25% in principal amount of the then outstanding
Notes may declare all the Notes to be due and payable. Notwithstanding the
foregoing, in the case of an Event of Default arising from certain events of
bankruptcy or insolvency, with respect to the Company, any Guarantor
constituting a Significant Subsidiary or any group of Guarantors that, taken
together, would constitute a Significant Subsidiary, all outstanding Notes
will



<PAGE>
<PAGE>

become due and payable without further action or notice. Holders may not
enforce the Indenture or the Notes except as provided in the Indenture.
Subject to certain limitations, Holders of a majority in principal amount of
the then outstanding Notes may direct the Trustee in its exercise of any
trust or power. The Trustee may withhold from Holders of the Notes notice of
any continuing Default or Event of Default (except a Default or Event of
Default relating to the payment of principal or interest) if it determines
that withholding notice is in their interest. If an Event of Default occurs
by reason of willful action (or inaction) taken (or not taken) by or on
behalf of the Company with the intention of avoiding payment of the premium
that the Company would have had to pay if the Company then had elected to
redeem the Notes pursuant to Section 3.07 of the Indenture, then, upon
acceleration of the Notes, an equivalent premium shall also become and be
immediately due and payable, to the extent permitted by law, anything in the
Indenture or herein to the contrary notwithstanding. If an Event of Default
occurs prior to December 1, 2008 by reason of any willful action (or
inaction) taken (or not taken) by or on behalf of the Company with the
intention of avoiding the prohibition on redemption of the Notes prior to
such date, then, upon acceleration of the Notes, an additional premium shall
also become and be immediately due and payable in an amount, for each of the
years beginning on December 1, of the years set forth below, as set forth
below (expressed as percentages of principal amount):

                      YEAR                               PERCENTAGE
                      ----                               ----------
                      2003........................        110.503%
                      2004........................        109.190%
                      2005........................        107.877%
                      2006........................        106.564%
                      2007........................        105.251%

The Holders of a majority in aggregate principal amount of the Notes then
outstanding by notice to the Trustee may on behalf of the Holders of all of
the Notes waive any existing Default or Event of Default and its
consequences under the Indenture except a continuing Default or Event of
Default in the payment of interest on, or the principal of, the Notes. The
Company is required to deliver to the Trustee annually a statement regarding
compliance with the Indenture, and the Company is required upon becoming
aware of any Default or Event of Default, to deliver to the Trustee a
statement specifying such Default or Event of Default.

         13. Trustee Dealings with Company. The Trustee, in its individual
             -----------------------------
or any other capacity, may make loans to, accept deposits from, and perform
services for the Company or its Affiliates, and may otherwise deal with the
Company or its Affiliates, as if it were not the Trustee.

         14. No Recourse Against Others. A director, officer, employee,
             --------------------------
incorporator or stockholder of the Company or the Guarantors, as such, shall
not have any



<PAGE>
<PAGE>

liability for any obligations of the Company or the Guarantors under the
Notes, the Indenture or the Guarantees, or for any claim based on, in
respect of, or by reason of, such obligations or their creation. Each Holder
by accepting a Note waives and releases all such liability. The waiver and
release are part of the consideration for the issuance of the Notes.

         15. Authentication. This Note shall not be valid until
             --------------
authenticated by the manual signature of the Trustee or an authenticating
agent.

         16. Abbreviations. Customary abbreviations may be used in the name
             -------------
of a Holder or an assignee, such as: TEN COM (= tenants in common), TEN ENT
(= tenants by the entireties), JT TEN (= joint tenants with right of
survivorship and not as tenants in common), CUST (= Custodian), and U/G/M/A
(= Uniform Gifts to Minors Act).

         17. Additional Rights of Holders of Restricted Global Notes and
             -----------------------------------------------------------
Restricted Definitive Notes. In addition to the rights provided to Holders
---------------------------
of Notes under the Indenture, Holders of Restricted Global Notes and
Restricted Definitive Notes shall have all the rights set forth in the
Registration Rights Agreement dated as of February 4, 2004, among the
Company, the Guarantors and the parties named on the signature pages thereof
(the "Registration Rights Agreement").

         18. CUSIP Numbers. Pursuant to a recommendation promulgated by the
             -------------
Committee on Uniform Security Identification Procedures, the Company has
caused CUSIP numbers to be printed on the Notes and the Trustee may use
CUSIP numbers in notices of redemption as a convenience to Holders. No
representation is made as to the accuracy of such numbers either as printed
on the Notes or as contained in any notice of redemption and reliance may be
placed only on the other identification numbers placed thereon.

         The Company will furnish to any Holder upon written request and
without charge a copy of the Indenture and/or the Registration Rights
Agreement. Requests may be made to:

                  Mail-Well I Corporation
                  c/o Mail-Well, Inc.
                  8310 S. Valley Highway, #400
                  Englewood, Colorado  80012
                  Attention:  Secretary



<PAGE>
<PAGE>

                               ASSIGNMENT FORM

To assign this Note, fill in the form below: (I) or (we) assign and transfer
this Note to

----------------------------------------------------------------------------
                (Insert assignee's soc. sec. or tax I.D. No.)

----------------------------------------------------------------------------

----------------------------------------------------------------------------

----------------------------------------------------------------------------
            (Print or type assignee's name, address and zip code)

and irrevocably appoint
                       -----------------------------------------------------

to transfer this Note on the books of the Company. The agent may substitute
another to act for him.


----------------------------------------------------------------------------

Date:
      ---------------------

                                  Your Signature:
                                                  --------------------------
                                                  (Sign exactly as your name
                                                  appears on the face of
                                                  this Note)

                                  Signature Guarantee:
                                                       ----------------------





<PAGE>
<PAGE>

                     OPTION OF HOLDER TO ELECT PURCHASE

         If you want to elect to have this Note purchased by the Company
pursuant to Section 3.09 or 4.06 of the Indenture, check the box below:

                  Section 3.09      Section 4.06

         If you want to elect to have only part of the Note purchased by the
Company pursuant to Section 3.09 or Section 4.06 of the Indenture, state the
amount you elect to have purchased:

$________________

Date:_________________

                                  Your Signature:____________________________
                                                 (Sign exactly as your name
                                                 appears on the Note)

                                  Tax Identification No.:____________________

                                  Signature Guarantee:_______________________



<PAGE>
<PAGE>

            SCHEDULE OF EXCHANGES OF INTERESTS IN THE GLOBAL NOTE

                  The following exchanges of a part of this Global Note for
an interest in another Global Note or for a Definitive Note, or exchanges of
a part of another Global Note or Definitive Note for an interest in this
Global Note, have been made:

<TABLE>
<CAPTION>
                                                                     Principal Amount of        Signature of
                         Amount of decrease    Amount of increase      this Global Note      authorized officer
       Date of          in Principal Amount   in Principal Amount       following such       of Trustee or Note
       Exchange         of this Global Note   of this Global Note   decrease (or increase)       Custodian
  -----------------   ---------------------- --------------------- ------------------------ ---------------------
<S>                     <C>                   <C>                    <C>                     <C>

</TABLE>





<PAGE>
<PAGE>

                                  GUARANTEE

         Each of the corporations listed on Schedule I hereto (hereinafter
referred to as the "Guarantors", which term includes any successor or
additional Guarantor under the Indenture (the "Indenture") referred to in
the Note upon which this notation is endorsed) (i) has unconditionally
guaranteed (a) the due and punctual payment of the principal of and interest
on the Notes, whether at maturity or interest payment date, by acceleration,
call for redemption or otherwise, (b) the due and punctual payment of
interest on the overdue principal of and (if lawful) interest on the Notes,
(c) the due and punctual performance of all other obligations of the Company
to the Holders or the Trustee, all in accordance with the terms set forth in
the Indenture, and (d) in case of any extension of time of payment or
renewal of any Notes or any of such other obligations, the same will be
promptly paid in full when due or performed in accordance with the terms of
the extension or renewal, whether at stated maturity, by acceleration or
otherwise and (ii) has agreed to pay any and all costs and expenses
(including reasonable attorneys' fees) incurred by the Trustee or any Holder
in accordance with the terms of the Indenture in enforcing any rights under
this Guarantee.

         No stockholder, officer, director, employee or incorporator, as
such, past, present or future, of the Guarantors shall have any personal
liability under this Guarantee by reason of his or its status as such
stockholder, officer, director, employee or incorporator.

         This Guarantee shall be binding upon each Guarantor and its
successors and assigns and shall inure to the benefit of the successors and
assigns of the Trustee and the Holders and, in the event of any transfer or
assignment of rights by any Holder or the Trustee, the rights and privileges
herein conferred upon that party shall automatically extend to and be vested
in such transferee or assignee, all subject to the terms and conditions
hereof.

         This Guarantee shall not be valid or obligatory for any purpose
until the certificate of authentication on the Note upon which this
Guarantee is noted shall have been executed by the Trustee under the
Indenture by the manual signature of one of its authorized officers.

                                  EACH ENTITY LISTED ON SCHEDULE I HERETO


                                  By:
                                     ------------------------------------------
                                     Name:  Herbert H. Davis
                                     Title: Senior Vice President - Corporate
                                            Development and Chief Legal Officer



<PAGE>
<PAGE>

                                 SCHEDULE I


Mail-Well, Inc.
ABP Books, Inc.
Discount Labels, Inc.
Hill Graphics, Inc.
Mail-Well Commercial Printing, Inc.
Mail-Well Mexico Holdings, Inc.
Mail-Well Services, Inc.
Mail-Well Texas Finance LP
Mail-Well West, Inc.
National Graphics Company
Poser Business Forms, Inc.
Wisco III, L.L.C.



<PAGE>
<PAGE>


                                                                 CUSIP/CINS:
                                                                   U55762AC9

             7 7/8% Series A Senior Subordinated Notes due 2013

No. 2                                             $ 2,175,000

                           MAIL-WELL I CORPORATION
                           -----------------------

promises to pay to Cede & Co.

or registered assigns,

the principal sum of                  DOLLARS AND NO CENTS

TWO MILLION ONE HUNDRED SEVENTY-FIVE THOUSAND DOLLARS AND NO CENTS
------------------------------------------------------------------

Dollars on December 1, 2013.

Interest Payment Dates: June 1 and December 1

Record Dates: May 15 and November 15

                                  Dated: February 4, 2004


                                  MAIL-WELL I CORPORATION

                                  By:
                                     ------------------------------------------
                                     Name: Michel P. Salbaing
                                     Title: Senior Vice President and Chief
                                     Financial Officer

                                  By:
                                     ------------------------------------------
                                     Name: Herbert H. Davis
                                     Title: Senior Vice President - Corporate
                                     Development and Chief Legal Officer



<PAGE>
<PAGE>


This is one of the Notes referred to in the within-mentioned Indenture:

U.S. BANK NATIONAL ASSOCIATION
 as Trustee


By:
   ----------------------------------------
   Authorized Signatory






<PAGE>
<PAGE>


             7 7/8% Series A Senior Subordinated Notes due 2013

THIS GLOBAL NOTE IS HELD BY THE DEPOSITARY (AS DEFINED IN THE INDENTURE
GOVERNING THIS NOTE) OR ITS NOMINEE IN CUSTODY FOR THE BENEFIT OF THE
BENEFICIAL OWNERS HEREOF, AND IS NOT TRANSFERABLE TO ANY PERSON UNDER ANY
CIRCUMSTANCES EXCEPT THAT (I) THE TRUSTEE MAY MAKE SUCH NOTATIONS HEREON AS
MAY BE REQUIRED PURSUANT TO SECTION 2.06 OF THE INDENTURE, (II) THIS GLOBAL
NOTE MAY BE EXCHANGED IN WHOLE BUT NOT IN PART PURSUANT TO SECTION 2.06(a)
OF THE INDENTURE, (III) THIS GLOBAL NOTE MAY BE DELIVERED TO THE TRUSTEE FOR
CANCELLATION PURSUANT TO SECTION 2.11 OF THE INDENTURE AND (IV) THIS GLOBAL
NOTE MAY BE TRANSFERRED TO A SUCCESSOR DEPOSITARY WITH THE PRIOR WRITTEN
CONSENT OF THE COMPANY.

THIS NOTE HAS NOT BEEN REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933, AS
AMENDED (THE "SECURITIES ACT") AND, ACCORDINGLY, MAY NOT BE OFFERED, SOLD,
PLEDGED OR OTHERWISE TRANSFERRED WITHIN THE UNITED STATES OR TO, OR FOR THE
ACCOUNT OR BENEFIT OF, U.S. PERSONS, EXCEPT AS SET FORTH IN THE FOLLOWING
SENTENCE. BY ITS ACQUISITION HEREOF OR OF A BENEFICIAL INTEREST HEREIN, THE
HOLDER (i) REPRESENTS THAT (A) IT IS A "QUALIFIED INSTITUTIONAL BUYER" (AS
DEFINED IN RULE 144A UNDER THE SECURITIES ACT) (A "QIB"), (B) IT IS NOT A
U.S. PERSON, IS NOT ACQUIRING THIS NOTE FOR THE ACCOUNT OR BENEFIT OF A U.S.
PERSON AND IS ACQUIRING THIS NOTE IN AN OFFSHORE TRANSACTION IN COMPLIANCE
WITH REGULATION S UNDER THE SECURITIES ACT OR (C) IT IS AN INSTITUTIONAL
"ACCREDITED INVESTOR" (AS DEFINED IN RULE 501(a)(1), (2), (3) OR (7) OF
REGULATION D UNDER THE SECURITIES ACT (AN "IAI"), (ii) AGREES THAT IT WILL
NOT, WITHIN THE TIME PERIOD REFERRED TO UNDER RULE 144(k) (TAKING INTO
ACCOUNT THE PROVISIONS OF RULE 144(d) UNDER THE SECURITIES ACT, IF
APPLICABLE) UNDER THE SECURITIES ACT AS IN EFFECT ON THE DATE OF THE
TRANSFER OF THIS NOTE, RESELL OR OTHERWISE TRANSFER THIS NOTE EXCEPT (A) TO
THE COMPANY OR ANY SUBSIDIARY THEREOF, (B) TO A PERSON WHO THE HOLDER
REASONABLY BELIEVES IS A QIB PURCHASING FOR ITS OWN ACCOUNT OR FOR THE
ACCOUNT OF A QIB IN COMPLIANCE WITH RULE 144A UNDER THE SECURITIES ACT, (C)
OUTSIDE THE UNITED STATES IN AN OFFSHORE TRANSACTION IN COMPLIANCE WITH RULE
904 UNDER THE SECURITIES ACT, (D) PURSUANT TO THE EXEMPTION FROM
REGISTRATION PROVIDED BY RULE 144 UNDER THE SECURITIES ACT (IF AVAILABLE),
(E) TO AN IAI THAT, PRIOR TO SUCH TRANSFER, FURNISHES TO THE TRUSTEE A
SIGNED LETTER CONTAINING



<PAGE>
<PAGE>

CERTAIN REPRESENTATIONS AND AGREEMENTS RELATING TO THE REGISTRATION OF
TRANSFER OF THIS NOTE (THE FORM OF WHICH LETTER CAN BE OBTAINED FROM THE
TRUSTEE) AND AN OPINION OF COUNSEL ACCEPTABLE TO THE COMPANY THAT SUCH
TRANSFER IS IN COMPLIANCE WITH THE SECURITIES ACT OR (F) PURSUANT TO AN
EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT AND, IN EACH CASE,
IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS, AND (iii) AGREES THAT
IT WILL DELIVER TO EACH PERSON TO WHOM THIS NOTE OR AN INTEREST HEREIN IS
TRANSFERRED A NOTICE SUBSTANTIALLY TO THE EFFECT OF THIS LEGEND. IN
CONNECTION WITH ANY TRANSFER OF THIS NOTE OR ANY INTEREST HEREIN WITHIN THE
TIME PERIOD REFERRED TO ABOVE, THE HOLDER MUST CHECK THE APPROPRIATE BOX SET
FORTH ON THE REVERSE HEREOF RELATING TO THE MANNER OF SUCH TRANSFER AND
SUBMIT THIS CERTIFICATE TO THE TRUSTEE. EACH IAI THAT IS NOT A QIB WILL BE
REQUIRED TO EFFECT ANY TRANSFER OF NOTES OR INTERESTS THEREIN (OTHER THAN
PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT) THROUGH ONE OF THE INITIAL
PURCHASERS. AS USED HEREIN, THE TERMS "OFFSHORE TRANSACTION," "UNITED
STATES" AND "U.S. PERSON" HAVE THE MEANINGS GIVEN TO THEM BY RULE 902 OF
REGULATION S UNDER THE SECURITIES ACT. THE INDENTURE CONTAINS A PROVISION
REQUIRING THE TRUSTEE TO REFUSE TO REGISTER ANY TRANSFER OF THIS NOTE IN
VIOLATION OF THE FOREGOING RESTRICTIONS.

                  Capitalized terms used herein shall have the meanings
assigned to them in the Indenture referred to below unless otherwise
indicated.

         6. Interest. Mail-Well I Corporation, a Delaware corporation (the
            --------
"Company"), promises to pay interest on the principal amount of this Note at
7 7/8% per annum from the date hereof until maturity and shall pay the
Liquidated Damages payable pursuant to Section 6 of the Registration Rights
Agreement referred to below. The Company will pay interest and Liquidated
Damages semi-annually on June 1 and December 1 of each year, or if any such
day is not a Business Day, on the next succeeding Business Day (each an
"Interest Payment Date"). Interest on the Notes will accrue from the most
recent date to which interest has been paid or, if no interest has been
paid, from the date of issuance; provided that if there is no existing
Default in the payment of interest, and if this Note is authenticated
between a record date referred to on the face hereof and the next succeeding
Interest Payment Date, interest shall accrue from such next succeeding
Interest Payment Date; provided, further, that the first Interest Payment
Date shall be June 1, 2004. The Company shall pay interest (including
post-petition interest in any proceeding under any Bankruptcy Law) on
overdue principal and premium, if any, from time to time on demand at a rate
that is 1% per annum in excess of the rate then in effect; it shall pay
interest (including post-petition interest in any proceeding under any
Bankruptcy Law) on overdue installments of interest and Liquidated Damages



<PAGE>
<PAGE>

(without regard to any applicable grace periods) from time to time on demand
at the same rate to the extent lawful. Interest will be computed on the
basis of a 360-day year of twelve 30-day months.

         7. Method of Payment. The Company will pay interest on the Notes
            -----------------
(except defaulted interest) and Liquidated Damages to the Persons who are
registered Holders of Notes at the close of business on the May 15 or
November 15, next preceding the Interest Payment Date, even if such Notes
are canceled after such record date and on or before such Interest Payment
Date, except as provided in Section 2.12 of the Indenture with respect to
defaulted interest. The Notes will be payable as to principal, premium and
Liquidated Damages, if any, and interest at the office or agency of the
Company maintained for such purpose within or without the City and State of
New York, or, at the option of the Company, payment of interest and
Liquidated Damages may be made by check mailed to the Holders at their
addresses set forth in the register of Holders, and provided that payment by
wire transfer of immediately available funds will be required with respect
to principal of and interest, premium and Liquidated Damages on, all Global
Notes and all other Notes the Holders of which shall have provided wire
transfer instructions to the Company or the Paying Agent. Such payment shall
be in such coin or currency of the United States of America as at the time
of payment is legal tender for payment of public and private debts.

         8. Paying Agent and Registrar. Initially, U.S. Bank National
            --------------------------
Association, the Trustee under the Indenture, will act as Paying Agent and
Registrar. The Company may change any Paying Agent or Registrar without
notice to any Holder. The Company or any of the Guarantors may act in any
such capacity.

         9. Indenture. The Company issued the Notes under an Indenture dated
            ---------
as of February 4, 2004 ("Indenture") among the Company, the Guarantors and
the Trustee. This Note is one of a duly authorized issue of Notes of the
Company designated as its 7 7/8% Senior Subordinated Notes due 2013, which
may be issued under the Indenture. The Company shall be entitled to issue
Additional Notes pursuant to the Indenture. The Notes, any Additional Notes
and any Exchange Notes issued in accordance with the Indenture are treated
as a single class of securities under the Indenture unless otherwise
specified. The terms of the Notes include those stated in the Indenture and
those made part of the Indenture by reference to the Trust Indenture Act of
1939, as amended (15 U.S. Code Sections 77aaa-77bbbb). The Notes are subject
to all such terms, and Holders are referred to the Indenture and such Act
for a statement of such terms. To the extent any provision of this Note
conflicts with the express provisions of the Indenture, the provisions of
the Indenture shall govern and be controlling. The Notes are senior
unsecured obligations of the Company.

         10. Optional Redemption.
             -------------------

                  (c) Except as set forth in subparagraph (b) of this
Paragraph 5, the Company shall not have the option to redeem the Notes prior
to December 1, 2008.



<PAGE>
<PAGE>

Thereafter, the Company shall have the option to redeem the Notes, in whole
or in part upon not less than 30 nor more than 60 days' notice, at the
redemption prices (expressed as percentages of principal amount) set forth
below plus accrued and unpaid interest and Liquidated Damages thereon to the
applicable redemption date, if redeemed during the twelve-month period
beginning on December 1 of the years indicated below:

                      YEAR                               PERCENTAGE
                      ----                               ----------
                      2008........................       103.938%
                      2009........................       102.625%
                      2010........................       101.313%
                      2011 and thereafter.........       100.000%

                  (d) Notwithstanding the provisions of subparagraph (a) of
this Paragraph 5, at any time prior to December 1, 2006, the Company may at
its option redeem, on one or more occasions, up to an aggregate of 35% of
the aggregate principal amount of Notes (including Additional Notes, if any)
issued at a redemption price equal to 107.875% of the principal amount
thereof, plus accrued and unpaid interest and Liquidated Damages thereon, if
any, to the redemption date, with the net cash proceeds of one or more
Equity Offerings; provided that at least 65% of such aggregate principal
amount of Notes (including Additional Notes, if any) originally issued
remain outstanding immediately after the occurrence of such redemption,
excluding Notes held directly or indirectly by the Parent Company, the
Company and their Affiliates; and each such redemption shall occur within 90
days of the date of the closing of such Equity Offering.

         6. Mandatory Redemption.
            --------------------

                  Except as set forth in paragraph 7 below, the Company
shall not be required to make mandatory redemption payments with respect to
the Notes.

         7. Repurchase At Option of Holder.
            ------------------------------

                  (a) If there is a Change of Control, each Holder of Notes
will have the right to require the Company to repurchase all or any part
(equal to $1,000 or an integral multiple thereof) of each Holder's Notes
(the "Change of Control Offer") at a purchase price equal to 101% of the
aggregate principal amount thereof plus accrued and unpaid interest and
Liquidated Damages thereon, if any, to the date of purchase (the "Change of
Control Payment"). Within 30 days following any Change of Control, the
Company shall mail a notice to each Holder setting forth the procedures
governing the Change of Control Offer as required by the Indenture.


<PAGE>
<PAGE>

                  (b) If the Company or any of its Restricted Subsidiaries
consummate an Asset Sale, the Company shall, if required by Section 4.07 of
the Indenture, promptly commence an offer to all Holders of Notes (an "Asset
Sale Offer") pursuant to Section 3.09 of the Indenture to purchase the
maximum principal amount of Notes that may be purchased out of the Net
Proceeds at an offer price in cash in an amount equal to 100% of the
principal amount thereof plus accrued and unpaid interest and Liquidated
Damages thereon, if any, to the date of purchase in accordance with the
procedures set forth in the Indenture. If the aggregate principal amount of
Notes surrendered by Holders thereof exceeds the amount of Excess Proceeds,
the Trustee shall select the Notes to be purchased on a pro rata basis.
Holders of Notes that are the subject of an offer to purchase will receive
an Asset Sale Offer from the Company prior to any related purchase date and
may elect to have such Notes purchased by completing the form entitled
"Option of Holder to Elect Purchase" on the reverse of the Notes.

         8. Notice of Redemption. Notice of redemption will be mailed at
            --------------------
least 30 days but not more than 60 days before the redemption date to each
Holder whose Notes are to be redeemed at its registered address. Notes in
denominations larger than $1,000 may be redeemed in part but only in whole
multiples of $1,000, unless all of the Notes held by a Holder are to be
redeemed. On and after the redemption date interest ceases to accrue on
Notes or portions thereof called for redemption.

           9. Denominations, Transfer, Exchange. The Notes are in registered
              ---------------------------------
form without coupons in denominations of $1,000 and integral multiples of
$1,000. The transfer of Notes may be registered and Notes may be exchanged
as provided in the Indenture. The Registrar and the Trustee may require a
Holder, among other things, to furnish appropriate endorsements and transfer
documents and the Company may require a Holder to pay any taxes and fees
required by law or permitted by the Indenture. The Company need not exchange
or register the transfer of any Note or portion of a Note selected for
redemption, except for the unredeemed portion of any Note being redeemed in
part. Also, it need not exchange or register the transfer of any Notes for a
period of 15 days before the mailing of a notice of redemption or during the
period between a record date and the corresponding Interest Payment Date.

         10. Persons Deemed Owners. The registered Holder of a Note may be
             ---------------------
treated as its owner for all purposes.

         11. Amendment, Supplement and Waiver. Subject to certain
             --------------------------------
exceptions, the Indenture or the Notes may be amended or supplemented with
the consent of the Holders of at least a majority in principal amount of the
then outstanding Notes, and any existing default or compliance with any
provision of the Indenture, the Guarantees, or the Notes may be waived with
the consent of the Holders of a majority in principal amount of the then
outstanding Notes. Without the consent of any Holder of a Note, the
Indenture, the



<PAGE>
<PAGE>

Guarantees, or the Notes may be amended or supplemented to cure any
ambiguity, defect or inconsistency, to provide for uncertificated Notes in
addition to or in place of certificated Notes, to provide for the assumption
of the Company's or a Guarantor's obligations to Holders of the Notes in
case of a merger or consolidation, to make any change that would provide any
additional rights or benefits to the Holders of the Notes or that does not
adversely affect the legal rights under the Indenture of any such Holder, or
to comply with the requirements of the SEC in order to effect or maintain
the qualification of the Indenture under the Trust Indenture Act.

         12. Defaults and Remedies. Events of Default include: (i) default
             ---------------------
for 30 days in the payment when due of interest on or Liquidated Damages, if
any, with respect to the Notes; (ii) default in payment when due of the
principal of or premium, if any, on the Notes; (iii) failure by the Company
or any of its Restricted Subsidiaries to comply with Sections 3.09, 4.06,
4.07, 4.08 and 4.09 of the Indenture; (iv) failure by the Company or any of
its Restricted Subsidiaries for 60 days after notice to the Company by the
Trustee or the Holders of at least 25% in principal amount of the Notes then
outstanding to comply with certain other agreements in the Indenture or the
Notes; (v) default under any mortgage, indenture or instrument under which
there may be issued or by which there may be secured or evidenced any
Indebtedness for money borrowed by the Company or any of its Restricted
Subsidiaries (or the payment of which is guaranteed by the Company or any of
its Restricted Subsidiaries) whether such Indebtedness or guarantee now
exists, or is created after the date of the Indenture, which default (a) is
caused by a failure to pay principal of or premium, if any, or interest on
such Indebtedness prior to the expiration of the grace period provided in
such Indebtedness on the date of such default (a "Payment Default") or (b)
results in the acceleration of such Indebtedness prior to its express
maturity and, in each case, the principal amount of any such Indebtedness,
together with the principal amount of any other such Indebtedness under
which there has been a Payment Default or the maturity of which has been so
accelerated, aggregates $25.0 million or more; (vi) the failure by the
Company or any of its Restricted Subsidiaries to pay final judgments by
courts of competent jurisdiction aggregating in excess of $25.0 million,
which judgments are not paid, discharged or stayed for a period of 60 days;
(vii) except as permitted by the Indenture, any Note Guarantee of a
Guarantor shall be held in any judicial proceeding to be unenforceable or
invalid or shall cease for any reason to be in full force and effect or any
Guarantor, or any Person acting on behalf of any Guarantor, shall deny or
disaffirm its obligations under its Note Guarantee; and (viii) certain
events of bankruptcy or insolvency with respect to the Company or any
Restricted Subsidiary that is a Significant Subsidiary, or any group of
Restricted Subsidiaries that, taken together, would constitute a Significant
Subsidiary. If any Event of Default occurs and is continuing, the Trustee or
the Holders of at least 25% in principal amount of the then outstanding
Notes may declare all the Notes to be due and payable. Notwithstanding the
foregoing, in the case of an Event of Default arising from certain events of
bankruptcy or insolvency, with respect to the Company, any Guarantor
constituting a Significant Subsidiary or any group of Guarantors that, taken
together, would constitute a Significant Subsidiary, all outstanding Notes
will



<PAGE>
<PAGE>

become due and payable without further action or notice. Holders may not
enforce the Indenture or the Notes except as provided in the Indenture.
Subject to certain limitations, Holders of a majority in principal amount of
the then outstanding Notes may direct the Trustee in its exercise of any
trust or power. The Trustee may withhold from Holders of the Notes notice of
any continuing Default or Event of Default (except a Default or Event of
Default relating to the payment of principal or interest) if it determines
that withholding notice is in their interest. If an Event of Default occurs
by reason of willful action (or inaction) taken (or not taken) by or on
behalf of the Company with the intention of avoiding payment of the premium
that the Company would have had to pay if the Company then had elected to
redeem the Notes pursuant to Section 3.07 of the Indenture, then, upon
acceleration of the Notes, an equivalent premium shall also become and be
immediately due and payable, to the extent permitted by law, anything in the
Indenture or herein to the contrary notwithstanding. If an Event of Default
occurs prior to December 1, 2008 by reason of any willful action (or
inaction) taken (or not taken) by or on behalf of the Company with the
intention of avoiding the prohibition on redemption of the Notes prior to
such date, then, upon acceleration of the Notes, an additional premium shall
also become and be immediately due and payable in an amount, for each of the
years beginning on December 1, of the years set forth below, as set forth
below (expressed as percentages of principal amount):

                      YEAR                                PERCENTAGE
                      ----                                ----------
                      2003..........................       110.503%
                      2004..........................       109.190%
                      2005..........................       107.877%
                      2006..........................       106.564%
                      2007..........................       105.251%

The Holders of a majority in aggregate principal amount of the Notes then
outstanding by notice to the Trustee may on behalf of the Holders of all of
the Notes waive any existing Default or Event of Default and its
consequences under the Indenture except a continuing Default or Event of
Default in the payment of interest on, or the principal of, the Notes. The
Company is required to deliver to the Trustee annually a statement regarding
compliance with the Indenture, and the Company is required upon becoming
aware of any Default or Event of Default, to deliver to the Trustee a
statement specifying such Default or Event of Default.

         13. Trustee Dealings with Company. The Trustee, in its individual
             -----------------------------
or any other capacity, may make loans to, accept deposits from, and perform
services for the Company or its Affiliates, and may otherwise deal with the
Company or its Affiliates, as if it were not the Trustee.

         14. No Recourse Against Others. A director, officer, employee,
             --------------------------
incorporator or stockholder of the Company or the Guarantors, as such, shall
not have any



<PAGE>
<PAGE>

liability for any obligations of the Company or the Guarantors under the
Notes, the Indenture or the Guarantees, or for any claim based on, in
respect of, or by reason of, such obligations or their creation. Each Holder
by accepting a Note waives and releases all such liability. The waiver and
release are part of the consideration for the issuance of the Notes.

         15. Authentication. This Note shall not be valid until
             --------------
authenticated by the manual signature of the Trustee or an authenticating
agent.

         16. Abbreviations. Customary abbreviations may be used in the name
             -------------
of a Holder or an assignee, such as: TEN COM (= tenants in common), TEN ENT
(= tenants by the entireties), JT TEN (= joint tenants with right of
survivorship and not as tenants in common), CUST (= Custodian), and U/G/M/A
(= Uniform Gifts to Minors Act).

         17. Additional Rights of Holders of Restricted Global Notes and
             -----------------------------------------------------------
Restricted Definitive Notes. In addition to the rights provided to Holders
---------------------------
of Notes under the Indenture, Holders of Restricted Global Notes and
Restricted Definitive Notes shall have all the rights set forth in the
Registration Rights Agreement dated as of February 4, 2004, among the
Company, the Guarantors and the parties named on the signature pages thereof
(the "Registration Rights Agreement").

         18. CUSIP Numbers. Pursuant to a recommendation promulgated by the
             -------------
Committee on Uniform Security Identification Procedures, the Company has
caused CUSIP numbers to be printed on the Notes and the Trustee may use
CUSIP numbers in notices of redemption as a convenience to Holders. No
representation is made as to the accuracy of such numbers either as printed
on the Notes or as contained in any notice of redemption and reliance may be
placed only on the other identification numbers placed thereon.

         The Company will furnish to any Holder upon written request and
without charge a copy of the Indenture and/or the Registration Rights
Agreement. Requests may be made to:

                  Mail-Well I Corporation
                  c/o Mail-Well, Inc.
                  8310 S. Valley Highway, #400
                  Englewood, Colorado 80012
                  Attention: Secretary



<PAGE>
<PAGE>

                               ASSIGNMENT FORM

To assign this Note, fill in the form below: (I) or (we) assign and transfer
this Note to

----------------------------------------------------------------------------
                (Insert assignee's soc. sec. or tax I.D. No.)

----------------------------------------------------------------------------

----------------------------------------------------------------------------

----------------------------------------------------------------------------
            (Print or type assignee's name, address and zip code)

and irrevocably appoint
                       -----------------------------------------------------

to transfer this Note on the books of the Company. The agent may substitute
another to act for him.



Date:
     ---------------------

                                   Your Signature:
                                                  ---------------------------
                                                  (Sign exactly as your name
                                                  appears on the face of
                                                  this Note)

                                   Signature Guarantee:
                                                       ----------------------







<PAGE>
<PAGE>

                     OPTION OF HOLDER TO ELECT PURCHASE

         If you want to elect to have this Note purchased by the Company
pursuant to Section 3.09 or 4.06 of the Indenture, check the box below:

                  Section 3.09        Section 4.06

         If you want to elect to have only part of the Note purchased by the
Company pursuant to Section 3.09 or Section 4.06 of the Indenture, state the
amount you elect to have purchased:

$________________

Date:_________________


                                   Your Signature:
                                                  ---------------------------
                                                  (Sign exactly as your name
                                                  appears on the Note)

                                   Tax Identification No.:
                                                          -------------------

                                   Signature Guarantee:
                                                       ----------------------


<PAGE>
<PAGE>

            SCHEDULE OF EXCHANGES OF INTERESTS IN THE GLOBAL NOTE

                  The following exchanges of a part of this Global Note for
an interest in another Global Note or for a Definitive Note, or exchanges of
a part of another Global Note or Definitive Note for an interest in this
Global Note, have been made:

<TABLE>
<CAPTION>
                                                                     Principal Amount of        Signature of
                         Amount of decrease    Amount of increase      this Global Note      authorized officer
       Date of          in Principal Amount   in Principal Amount       following such       of Trustee or Note
       Exchange         of this Global Note   of this Global Note   decrease (or increase)       Custodian
------------------- ------------------------ --------------------- ------------------------ -----------------------
<S>                 <C>                      <C>                   <C>                      <C>

</TABLE>




<PAGE>
<PAGE>

                                  GUARANTEE

         Each of the corporations listed on Schedule I hereto (hereinafter
referred to as the "Guarantors", which term includes any successor or
additional Guarantor under the Indenture (the "Indenture") referred to in
the Note upon which this notation is endorsed) (i) has unconditionally
guaranteed (a) the due and punctual payment of the principal of and interest
on the Notes, whether at maturity or interest payment date, by acceleration,
call for redemption or otherwise, (b) the due and punctual payment of
interest on the overdue principal of and (if lawful) interest on the Notes,
(c) the due and punctual performance of all other obligations of the Company
to the Holders or the Trustee, all in accordance with the terms set forth in
the Indenture, and (d) in case of any extension of time of payment or
renewal of any Notes or any of such other obligations, the same will be
promptly paid in full when due or performed in accordance with the terms of
the extension or renewal, whether at stated maturity, by acceleration or
otherwise and (ii) has agreed to pay any and all costs and expenses
(including reasonable attorneys' fees) incurred by the Trustee or any Holder
in accordance with the terms of the Indenture in enforcing any rights under
this Guarantee.

         No stockholder, officer, director, employee or incorporator, as
such, past, present or future, of the Guarantors shall have any personal
liability under this Guarantee by reason of his or its status as such
stockholder, officer, director, employee or incorporator.

         This Guarantee shall be binding upon each Guarantor and its
successors and assigns and shall inure to the benefit of the successors and
assigns of the Trustee and the Holders and, in the event of any transfer or
assignment of rights by any Holder or the Trustee, the rights and privileges
herein conferred upon that party shall automatically extend to and be vested
in such transferee or assignee, all subject to the terms and conditions
hereof.

         This Guarantee shall not be valid or obligatory for any purpose
until the certificate of authentication on the Note upon which this
Guarantee is noted shall have been executed by the Trustee under the
Indenture by the manual signature of one of its authorized officers.

                                 EACH ENTITY LISTED ON SCHEDULE I HERETO


                                 By:
                                    ------------------------------------------
                                    Name:  Herbert H. Davis
                                    Title: Senior Vice President - Corporate
                                           Development and Chief Legal Officer



<PAGE>
<PAGE>

                                 SCHEDULE I


Mail-Well, Inc.
ABP Books, Inc.
Discount Labels, Inc.
Hill Graphics, Inc.
Mail-Well Commercial Printing, Inc.
Mail-Well Mexico Holdings, Inc.
Mail-Well Services, Inc.
Mail-Well Texas Finance LP
Mail-Well West, Inc.
National Graphics Company
Poser Business Forms, Inc.
Wisco III, L.L.C.