<PAGE>

                               COURIER CORPORATION
                             COURIER-CITIZEN COMPANY
                             COURIER COMPANIES, INC.
                      COURIER DELAWARE HOLDING CORPORATION
                    COURIER FOREIGN SALES CORPORATION LIMITED
                         COURIER INVESTMENT CORPORATION
                           COURIER KENDALLVILLE, INC.
                            COURIER PROPERTIES, INC.
                             COURIER STOUGHTON, INC.
                             COURIER WESTFORD, INC.
                           NATIONAL PUBLISHING COMPANY
                             COURIER NEW MEDIA, INC.
                              BOOK-MART PRESS, INC.
                              THE HOME SCHOOL, INC.

                                                     Dated as of:  July 22, 1999

State Street Bank and Trust Company,
  Individually and as Agent
225 Franklin Street
Boston, Massachusetts 02110

BankBoston, N.A.
100 Federal Street
Boston, Massachusetts  02110

KeyBank National Association
286 Water Street
Augusta, Maine 04332

         Re:      AMENDMENT NO. 4 TO REVOLVING CREDIT AGREEMENT

Ladies and Gentlemen:

         We refer to the Revolving Credit Agreement, dated as of March 18, 1997
(as amended, the "Agreement"), among COURIER CORPORATION, COURIER-CITIZEN
COMPANY, COURIER COMPANIES, INC., COURIER DELAWARE HOLDING CORPORATION, COURIER
FOREIGN SALES CORPORATION LIMITED, COURIER INVESTMENT CORPORATION, COURIER
KENDALLVILLE, INC., COURIER PROPERTIES, INC., COURIER STOUGHTON, INC., COURIER
WESTFORD, INC., NATIONAL PUBLISHING COMPANY, COURIER NEW MEDIA, INC., BOOK-MART
PRESS, INC. and THE HOME SCHOOL, INC. (each a
<PAGE>

"Borrower" and collectively the "Borrowers"), STATE STREET BANK AND TRUST
COMPANY, in its capacity as a Bank ("SSB"), BANKBOSTON, N.A. (f/k/a The First
National Bank of Boston), in its capacity as a Bank ("BKB"; and together with
SSB, the "Banks") and STATE STREET BANK AND TRUST COMPANY, in its capacity as
agent for the Banks (the "Agent").

         Terms used in this letter of agreement (this "Amendment") which are not
defined herein, but which are defined in the Agreement, shall have the same
respective meanings herein as therein.

         We have requested you to make certain amendments to the Agreement. You
have advised us that you are prepared and would be pleased to make the
amendments so requested by us on the condition that we join with you in this
Amendment.

         Accordingly, in consideration of these premises, the promises, mutual
covenants and agreements contained in this Amendment, and fully intending to be
legally bound by this Amendment, we hereby agree with you as follows:

                                    ARTICLE I

                             AMENDMENTS TO AGREEMENT

         Effective July 22, 1999, the Agreement is amended as follows:

         (a) The term "Loan Documents" shall, wherever used in the Agreement or
any of the other Loan Documents, be deemed to also mean and include Amendment
No. 4 to Revolving Credit Agreement, the BKB Allonge, the SSB Allonge and the
Key Note.

         (b) Section 1.1.8 of the Agreement is amended to read in its entirety
as follows:

         "1.1.8 "Banks" means, collectively, (i) SSB, (ii) BKB, (iii) Key, and
         (iv) each of the other financial institutions which may after the date
         hereof become a party to this Agreement as a Bank hereunder."

         (c) Section 1.1.14 of the Agreement is amended to read in its entirety
as follows:

         "1.1.14 "Commitment Percentage" means, with respect to the Revolving
         Credit Commitment, (i) in relation to SSB, 33-1/3%, (ii) in relation to
         BKB, 33-1/3%, and (iii) in relation to Key, 33-1/3%."

         (d) Section 1.1.41 of the Agreement is amended to read in its entirety
as follows:


                                      -2-
<PAGE>

         "1.1.41 "EBITDA" means for any fiscal period, on a Consolidated basis,
         an amount equal to (i) EBIT for such period, and (ii) plus all
         depreciation, amortization and other non-cash charges of the Borrowers
         and their respective Subsidiaries taken in accordance with GAAP and
         deducted in computing Consolidated Net Income for such period."

         (e) Section 1.1.48 is amended to read in its entirety as follows:

         "1.1.48 "Rate Period" means the period beginning on the day following
         delivery to the Agent and the Banks of the financial statements
         required to be delivered pursuant to 5.1(ii) hereof (and pursuant to
         Section 5.1(i) hereof in the case of the Borrowers' fiscal year-end)
         and ending one day after the day on which the next such financial
         statements (as applicable) are delivered to the Agent and the Banks."

         (f) Section 1.1.56 of the Agreement is amended to read in its entirety
as follows:

         "1.1.56    "Revolving Loan Maturity Date" means March 15, 2002."

         (g) Section 1.1.57 of the Agreement is amended to read in its entirety
as follows:

         "1.1.57  "Revolving Loan Maximum Amount" means $30,000,000."

         (h) Section 1.1 of the Agreement is further amended by inserting at the
end thereof the following additional subsection 1.1.63 as follows:

         "1.1.63  "Key" means KeyBank National Association, a national banking
         association."

         (i) Section 1.1 of the Agreement is further amended by inserting at the
end of Section 1.1.63 the following new Section 1.1.64 as follows:

         "1.1.64  "Funded Debt Ratio" shall have the meaning set forth in
         Section 5.24 hereof."

         (j) Section 1.1 of the Agreement is further amended by inserting at the
end of Section 1.1.64 the following new Section 1.1.65 as follows:

         "1.1.65 "Total Funded Debt" means, in relation to the Borrowers and
         their respective Subsidiaries on a Consolidated basis for any period,
         all Indebtedness for borrowed money outstanding at the end of such
         period (including, without limitation, the Obligations and obligations
         in respect of letters of credit and capital leases)."


                                      -3-
<PAGE>

         (k) Section 1.1 of the Agreement is further amended by inserting at the
end of Section 1.1.65 the following new Section 1.1.66 as follows:

         "1.1.66  "Applicable Commitment Fee Margin" shall have the meaning set
         forth in Section 2.5.1(ii) hereof."

         (l) Section 2.5.1 of the Agreement is amended to read in its entirety
as follows:

         "(ii) For purposes of this Section 2.5.1 and also Section 2.5.4 below,
         (x) the "Applicable Prime Rate Margin" shall be equal to the annual
         percentage determined for each Rate Period by reference to Table 1
         below, (y) the "Applicable Euroloan Margin" shall be equal to the
         annual percentage determined for each Rate Period by reference to Table
         1 below, and (z) the "Applicable Commitment Fee Margin" shall be equal
         to the annual percentage determined for each Rate Period by reference
         to Table 1 below:

<TABLE>
<CAPTION>
                                                  Table 1
                                                  -------
                                                             Applicable           Applicable          Applicable
                                                             Prime Rate            Euroloan           Commitment
                       Funded Debt Ratio                       Margin               Margin            Fee Margin
                       -----------------                     ----------           ----------          ----------
         <S>                                                   <C>                  <C>                 <C>
         a)  greater than 2.5 to 1                             0.00%                1.500%              0.375%

         b)  greater than 2.0 to 1, but less than or
             equal to 2.5 to 1                                 0.00%                1.125%              0.325%

         c)  greater than 1.5 to 1, but less than or
             equal to 2.0 to 1                                 0.00%                0.875%              0.250%

         d)  greater than 1.0 to 1, but less than or
             equal to 1.5 to 1                                 0.00%                0.750%              0.200%

         e)  less than or equal to 1.0 to 1                    0.00%                0.500%              0.175%
</TABLE>


         For purposes of determining the Applicable Prime Rate Margin, the
         Applicable Euroloan Margin and the Applicable Commitment Fee Margin,
         the Funded Debt Ratio will be tested quarterly based on the financial
         statements required to be delivered pursuant to Section 5.1(ii) hereof
         (and pursuant to Section 5.1(i) hereof in the case of the Borrowers'
         fiscal year-end). For purposes of determining the interest rate for any
         Rate Period hereunder, any interest rate change shall be effective five
         (5) days after the date on which the financial statements required to


                                      -4-
<PAGE>

         be delivered pursuant to Sections 5.1(i) or 5.1(ii), as applicable, are
         delivered to the Agent and the Banks, together with a notice to the
         Agent (which shall be verified by the Agent) specifying any change in
         the Applicable Prime Rate Margin, the Applicable Euroloan Margin and
         the Applicable Commitment Fee Margin, and if the Borrowers have failed
         to deliver the financial statements required to be delivered by them
         pursuant to Sections 5.1(i) or 5.1(ii), as applicable, the Applicable
         Prime Rate Margin, the Applicable Euroloan Margin and the Applicable
         Commitment Fee Margin shall automatically be increased to 0.50%, 1.50%
         and 0.375%, respectively, until such financial statements are
         delivered." Notwithstanding the foregoing, the Funded Debt Ratio shall
         be deemed to be (subject to the preceding sentence if the Borrowers
         have failed to deliver financial statements) at level "C" of TABLE 1
         above from July 22, 1999 (the "Fourth Amendment Date") through the
         later of (x) the date which is 90 days after the Fourth Amendment Date
         and (y) the date which is five (5) days after the annual financial
         statements for the fiscal year ending September 25, 1999 are delivered
         to the Agent and the Banks.

         (m) Section 2.5.2 of the Agreement is amended by deleting the phrase
"computed at the annual rate of one-quarter of one percent (1/4%)," and by
inserting in place thereof the following: "in accordance with the Applicable
Commitment Fee Margin,".

         (n) Section 5.24 of the Agreement is amended to read in its entirety as
follows:

         "5.24 FUNDED DEBT RATIO. At the end of each fiscal quarter, for the
         preceding four consecutive fiscal quarters commencing with the fiscal
         quarter ending March 27, 1999, the Borrowers shall not cause or permit
         the ratio of (i) Consolidated Total Funded Debt to (ii) Consolidated
         EBITDA to be greater than 3.0 to 1 (the "Funded Debt Ratio")."

         (o) Section 5.25 of the Agreement is amended to read in its entirety as
follows:

         "5.25 CURRENT RATIO. The Borrowers shall not cause or permit the ratio
         of (i) Current Assets to (ii) Current Liabilities at the end of any
         fiscal quarter of the Borrowers to be less than 1.20 to 1."

         (p) Section 5.26 of the Agreement is amended to read in its entirety as
follows:

         "5.26 DEBT SERVICE COVERAGE. At the end of each fiscal quarter, for the
         preceding four consecutive fiscal quarters commencing with the fiscal
         quarter ending March 27, 1999, the Borrowers shall not cause or permit
         the ratio of (i)


                                      -5-
<PAGE>

         Consolidated EBITDA to (ii) Consolidated Total Debt Service to be less
         than 3.0 to 1."

         (q) Section 5.29 of the Agreement is amended to read in its entirety as
follows:

         "5.29 CAPITAL EXPENDITURES. The Borrowers shall not make any Capital
         Expenditures in excess of (i) $10,000,000 in the aggregate during each
         of the fiscal years ending September 30, 1999 and September 30, 2000,
         and (ii) $12,000,000 in the aggregate during each fiscal year
         thereafter. Notwithstanding the foregoing provisions of this Section
         5.29, any unexpended portion of the amount permitted for Capital
         Expenditures in any fiscal year may be carried forward and included in
         the aggregate amount permitted for Capital Expenditures in the
         following fiscal year only.

         (r) Section 8.3 of the Agreement is amended to read in its entirety as
follows:

         "8.3 FUTURE ADVANCES. In order to more conveniently administer the
         Revolving Loans, BKB and Key do hereby authorize the Agent and SSB to
         make all Revolving Loans and advances, subject to the terms and
         conditions of this Agreement, to the Borrowers, which are requested by
         the Borrowers on any Business Day. BKB and Key do hereby further
         irrevocably agree, whether or not this Agreement has been terminated,
         an Event of Default has occurred, the Agent has accelerated the
         Obligations or the Agent is proceeding to liquidate any collateral, to
         transfer to the Agent on each Business Day, if not already transferred,
         sufficient immediately available federal funds to reimburse SSB for BKB
         and Key's respective Commitment Percentages of all Revolving Loans and
         other advances made during such Business Day after taking into account
         payments received by the Agent. Any payments made by the Agent on
         behalf of any Borrower shall constitute Revolving Loans initially made
         by the Agent at such time as such funds are actually provided, or such
         payments are made, by the Agent. All Revolving Loans and other advances
         made by the Agent on behalf of BKB and Key shall be, for purposes of
         interest income and other charges, considered loans from BKB and Key to
         the Borrowers at such time as the Agent receives from BKB and Key funds
         as provided in this Section 8.3, and prior to such time such Revolving
         Loans and advances shall be considered, for purposes of interest income
         and other charges, loans from SSB. The Agent may at any time upon
         notice to BKB and Key (i) refuse to make Revolving Loans and advances
         on behalf of BKB and Key unless BKB and Key shall have provided to the
         Agent immediately available federal funds sufficient to cause the
         outstanding Revolving Loans to equal each of the Banks' respective
         Commitment Percentage; (ii) require BKB and Key to fund such Revolving
         Loans and advances before making such Revolving Loans and advances to
         the Borrower requesting the same; or (iii) require that BKB and Key
         immediately transfer to the Agent on each Business Day immediately
         available federal funds sufficient to cause the


                                      -6-
<PAGE>

         outstanding Revolving Loans to equal each of the Banks' respective
         Commitment Percentage. Notwithstanding the provisions hereof, the
         obligations to make Revolving Loans and advances under the terms of
         this Agreement shall be the several and not joint obligation of BKB,
         Key and SSB, and any advances made by the Agent on behalf of BKB and
         Key are strictly for the administrative convenience of the parties and
         shall in no way diminish BKB and Key's liability to the Agent and SSB
         to repay the Agent for such Revolving Loans and advances."

         (s) Section 8.5(ii) of the Agreement is amended to read in its entirety
as follows:

         "(ii) All payments received by the Agent pursuant to Section 10.7 of
         this Agreement shall be applied by the Agent to reimburse itself, SSB,
         BKB or Key as the case may be, on account of the Obligation, tax,
         charge or expense in respect of which such payment is made."

         (t) Section 8.8 of the Agreement is amended by deleting the reference
to "each of SSB and FNBB" in the first sentence thereof and inserting in place
thereof "each of the Banks."

         (u) Section 10.1 of the Agreement is amended by inserting the following
clause at the end of the second to last sentence: ", and written notices to Key
shall be sent to the attention of such officer as may be designated by Key, with
a copy to Preti, Flaherty, Beliveau, Pachios & Haley, LLC, 45 Memorial Circle,
P.O. Box 1058, Augusta, Maine 04332-1058, Attention: James C. Pitney, Jr., Esq."

         (v) Section 10.8 of the Agreement is amended to read in its entirety as
follows:

         "10.8 AMENDMENTS, WAIVERS, ETC. Except as otherwise expressly provided
         in this Agreement or any of the other Loan Documents: (i) each of the
         Loan Documents may be modified, amended or supplemented in any respect
         whatever only with the prior written consent or approval of the
         Majority Banks and the Borrowers; and (ii) the performance or
         observance by the Borrowers of any of their covenants, agreements or
         obligations under any of the Loan Documents may be waived only with the
         written consent of the Majority Banks; PROVIDED, HOWEVER, that the
         following changes shall require the written consent, agreement or
         approval of all of the Banks: (A) any decrease in the amount or
         postponement of the due date of any of the Obligations; (B) any
         decrease in the interest rates prescribed in any of the Notes; (C) any
         increase in the Revolving Credit Commitment or Commitment Percentage of
         any of the Banks, except as permitted by Section 10.10; (D) any change
         in the definition of Majority Banks; and (E) any change in the terms of
         this Section 10.8. Any change to Section 8 or any other provision of
         this Agreement


                                      -7-
<PAGE>

         affecting the rights or obligations of the Agent shall not be amended
         or modified without the prior written consent of the Agent.

         Without limitation of the foregoing, it is agreed that any requirement
         in any Loan Document of the consent or waiver of the Banks shall be
         deemed to require the consent or waiver of the Majority Banks.

         As used herein, the term "Majority Banks" means those Banks whose
         aggregate Revolving Credit Commitments constitute at least fifty-one
         percent (51%) of the Revolving Credit Maximum Amount in effect at the
         relevant time of reference."

         (w) EXHIBIT A to the Agreement is amended (i) by deleting each
reference to "$15,000,000" or "Fifteen Million Dollars ($15,000,000)" and
inserting in place thereof either "$10,000,000" or "Ten Million Dollars
($10,000,000)," as the case may be, and (ii) by adding a new Revolving Credit
Note of the Borrowers to Key.

         (x) The Agreement and each of the other Loan Documents is amended (i)
by deleting all references to "either Bank" or "either of the Banks" and
inserting in place thereof "each Bank," "each of the Banks," "any Bank" or "any
of the Banks," as the case may be and as the context may require, (ii) by
deleting all references to "both Banks" or "both of the Banks" and inserting in
place thereof "all Banks" or "all of the Banks," as the case may be, and (iii)
to the extent not already amended pursuant to any other provision of this
Amendment No. 4, by deleting all references to "FNBB" and inserting in place
thereof "BKB."

                                   ARTICLE II

                       AMENDMENT TO REVOLVING CREDIT NOTES

         Effective on July 22, 1999, the Revolving Credit Notes to SSB and BKB
are amended as set forth in the Allonges respectively attached hereto as ANNEX 1
and ANNEX 2. In addition, the Revolving Loans shall be evidenced by a separate
Revolving Credit Note of the Borrowers to Key substantially in the form of ANNEX
3 attached hereto.


                                      -8-
<PAGE>

                                   ARTICLE III

                     CONDITIONS PRECEDENT TO AMENDMENT NO. 4

         This Amendment shall become and be effective as of the date hereof, but
only if:

         (a) The Borrowers shall have executed and delivered to BKB an Allonge
to the Revolving Credit Note issued in favor of BKB in the form of ANNEX 1 (the
"BKB Allonge");

         (b) The Borrowers shall have executed and delivered to SSB an Allonge
to the Revolving Credit Note issued in favor of SSB in the form of ANNEX 2 (the
"SSB Allonge");

         (c) The Borrowers shall have executed and delivered to Key a Revolving
Credit Note in favor of Key in the form of ANNEX 3 (the "Key Note"); and

         (d) This Amendment shall have been signed by the Borrowers, the Agent
and the Banks.

                                   ARTICLE IV

                         REPRESENTATIONS AND WARRANTIES

         The Borrowers jointly and severally represent and warrant to you as
follows:

         (a) REPRESENTATIONS IN AGREEMENT. Each of the representations and
warranties made by the Borrowers in the Agreement was true, correct and complete
when made and is true, correct and complete on and as of the date hereof with
the same full force and effect as if each of such representations and warranties
had been made by the Borrowers on the date hereof and in this Amendment (except
to the extent that such representations and warranties relate expressly to an
earlier date).

         (b) NO DEFAULTS OR EVENTS OF DEFAULT. No Event of Default, or any event
which, with the giving of notice or the passage of time, or both, would
constitute an Event of Default, exists on the date of this Amendment (after
giving effect to all of the arrangements and transactions contemplated by this
Amendment).

         (c) BINDING EFFECT OF DOCUMENTS. This Amendment has been duly
authorized, executed and delivered to you by the Borrowers and is in full force
and effect as of the date hereof, and the agreements and obligations of the
Borrowers contained herein constitute the joint and several, and legal, valid
and binding obligations of the Borrowers enforceable against the Borrowers in
accordance with their respective terms.


                                      -9-
<PAGE>

         (d) SOLVENCY. Both before and after giving effect to all indebtedness
incurred by the Borrowers on the date of this Amendment, the Borrowers taken as
a whole (i) are not Insolvent (as hereinafter defined), and will not be rendered
Insolvent by the indebtedness incurred in connection therewith, (ii) will not be
left with unreasonably small capital with which to engage in their businesses,
even allowing for a reasonable margin of error in the projections of the future
performance of the Borrowers, (iii) will not have incurred indebtedness beyond
their ability to pay such indebtedness as it matures, and (iv) will not fail to
have assets (both tangible and intangible) having a present fair salable value
in excess of the amount required to pay the probable liability on their then
existing debts (whether matured or unmatured, liquidated or unliquidated,
absolute fixed or contingent).

         As used herein, the term "Insolvent" means the occurrence of one or
more of the following events with respect to a Borrower: dissolution;
termination of existence; insolvency within the meaning of the United States
Bankruptcy Code or other applicable statutes; such Borrower's inability to pay
its debts as they come due; appointment of a receiver of any part of the
property of, execution of a trust mortgage or an assignment for the benefit of
creditors by, or the entry of an order for relief or the filing of a petition in
bankruptcy or the commencement of any proceedings under any bankruptcy or
insolvency laws, or any laws relating to the relief of debtors, readjustment of
indebtedness or reorganization of debtors, or the offering of a plan to
creditors for composition or extension, except for an involuntary proceeding
commenced against such Borrower which is dismissed within 60 days after the
commencement thereof without the entry or an order for relief or the appointment
of a trustee.

                                    ARTICLE V

                                  MISCELLANEOUS

         This Amendment may be executed in any number of counterparts, each of
which when executed and delivered shall be deemed an original, but all of which
together shall constitute one instrument. In making proof of this Amendment, it
shall not be necessary to produce or account for more than one counterpart
thereof signed by each of the parties hereto. Except to the extent specifically
amended and supplemented hereby, all of the terms, conditions and the provisions
of the Agreement and each of the Loan Documents shall remain unmodified, and the
Agreement and each of the Loan Documents, as amended and supplemented by this
Amendment, are confirmed as being in full force and effect.

         If you are in agreement with the foregoing, please sign the form of
acceptance on the enclosed counterpart of this Amendment and return such
counterpart to the undersigned, together with the signed documents referred to
in Article III, whereupon this


                                      -10-
<PAGE>

Amendment, as so accepted by you, shall become a binding agreement among you and
the undersigned.

                                 Very truly yours,

                                 THE BORROWERS:

                                 COURIER CORPORATION

                                 By: /s/ Lee E. Cochrane
                                     ----------------------------------
                                     Title: V.P. & Treasurer

                                 COURIER CITIZEN COMPANY

                                 By: /s/ Lee E. Cochrane
                                     ----------------------------------
                                     Title: V.P. & Treasurer

                                 COURIER COMPANIES, INC.

                                 By: /s/ Lee E. Cochrane
                                     ----------------------------------
                                     Title: Asst. Treasurer

                                 COURIER DELAWARE HOLDING CORPORATION

                                 By: /s/ William L. Lampe, Jr.
                                     ----------------------------------
                                     Title: V.P. & Treasurer

                                 COURIER FOREIGN SALES CORPORATION LIMITED

                                 By: /s/ Lee E. Cochrane
                                     ----------------------------------
                                     Title: Treasurer

                                 COURIER INVESTMENT CORPORATION

                                 By: /s/ Lee E. Cochrane
                                     ----------------------------------
                                     Title: Asst. Treasurer


                                      -11-
<PAGE>

                                 COURIER KENDALLVILLE, INC.

                                 By: /s/ Lee E. Cochrane
                                     ----------------------------------
                                     Title: Asst. Treasurer

                                 COURIER PROPERTIES, INC.

                                 By: /s/ Lee E. Cochrane
                                     ----------------------------------
                                     Title: Asst. Treasurer

                                 COURIER STOUGHTON, INC.

                                 By: /s/ Lee E. Cochrane
                                     ----------------------------------
                                     Title: Asst. Treasurer

                                 COURIER WESTFORD, INC.

                                 By: /s/ Lee E. Cochrane
                                     ----------------------------------
                                     Title: Asst. Treasurer

                                 NATIONAL PUBLISHING COMPANY

                                 By: /s/ William L. Lampe, Jr.
                                     ----------------------------------
                                     Title: Treasurer

                                 COURIER NEW MEDIA, INC.

                                 By: /s/ Lee E. Cochrane
                                     ----------------------------------
                                     Title: Asst. Treasurer

                                 BOOK-MART PRESS, INC.

                                 By: /s/ Lee E. Cochrane
                                     ----------------------------------
                                     Title: Asst. Treasurer


                                      -12-
<PAGE>

                                 THE HOME SCHOOL, INC.

                                 By: /s/ Lee E. Cochrane
                                     ----------------------------------
                                     Title: Asst. Treasurer

         The foregoing Amendment is hereby accepted by the undersigned as of
July 22, 1999.

                                 THE BANKS:

                                 STATE STREET BANK AND TRUST COMPANY

                                 By: /s/ C. Andrew Picculell
                                     ----------------------------------
                                     Title: Vice President

                                 BANKBOSTON, N.A. (f/k/a The First National
                                 Bank of Boston)

                                 By: /s/ Christopher S. Allen
                                     ----------------------------------
                                     Title: Director

                                 KEYBANK NATIONAL ASSOCIATION

                                 By: /s/ V. Levesque
                                     ----------------------------------
                                     Title: Vice President

                                 THE AGENT:

                                 STATE STREET BANK AND TRUST COMPANY

                                 By: /s/ C. Andrew Picculell
                                     ----------------------------------
                                     Title: Vice President


                                      -13-
<PAGE>

                                                                         ANNEX 1

                        ALLONGE TO REVOLVING CREDIT NOTE

$10,000,000.00                                       Dated as of:  July 22, 1999

         This Allonge is made by COURIER CORPORATION, COURIER-CITIZEN COMPANY,
COURIER COMPANIES, INC., COURIER DELAWARE HOLDING CORPORATION, COURIER FOREIGN
SALES CORPORATION LIMITED, COURIER INVESTMENT CORPORATION, COURIER KENDALLVILLE,
INC., COURIER PROPERTIES, INC., COURIER STOUGHTON, INC., COURIER WESTFORD, INC.,
NATIONAL PUBLISHING COMPANY, COURIER NEW MEDIA, INC., BOOK-MART PRESS, INC. and
THE HOME SCHOOL, INC. (collectively, the "Borrowers"), to that certain Revolving
Credit Note dated March 18, 1997, in the face amount of $10,000,000 (as amended
by that certain Allonge dated July 22, 1997, February 27, 1998 and February 26,
1999 the "Note"), executed and delivered by the Borrowers to BankBoston, N.A.,
f/k/a The First National Bank of Boston, (the "Bank") pursuant to the terms of a
Revolving Credit Agreement, dated as of March 18, 1997, among the Borrowers, the
Bank, and State Street Bank and Trust Company, Individually and as Agent (as
amended, the "Loan Agreement").

         Effective on the day and year first above written, each reference in
the Note to "$15,000,000" or to "FIFTEEN MILLION DOLLARS ($15,000,000)" shall be
deemed to be a reference to "$10,000,000" or "TEN MILLION DOLLARS
($10,000,000)," as the case may be.

         Effective on the day and year first above written, and without
prejudice to Section 2.4.3 of the Loan Agreement, the Revolving Loan Maturity
Date shall be extended to March 15, 2002.

         The Borrowers hereby confirm their joint and several promise to pay as
set forth in the Note, and all other terms and conditions of the Note, as
modified by this Allonge.

         All capitalized terms used herein but not defined herein shall have the
same meaning as set forth in the Note.


                                      -14-
<PAGE>

         This Allonge shall become part of the Note, and although it is the
intent of the parties that this Allonge be affixed to the Note, this Allonge
shall continue in full force and effect even if it has not been so affixed.

         Executed as a sealed instrument as of the date first above written.

                                 THE BORROWERS:

WITNESS:                                  COURIER CORPORATION

/s/ Elaine Imbrogna                       By: /s/ Lee E. Cochrane
--------------------------                    ----------------------------------
Title:                                        Title: V.P. & Treasurer

WITNESS:                                  COURIER CITIZEN COMPANY

/s/ Elaine Imbrogna                       By: /s/ Lee E. Cochrane
--------------------------                    ----------------------------------
Title:                                        Title: V.P. & Treasurer

WITNESS:                                  COURIER COMPANIES, INC.

/s/ Elaine Imbrogna                       By: /s/ Lee E. Cochrane
--------------------------                    ----------------------------------
Title:                                        Title: Asst. Treasurer

WITNESS:                                  COURIER DELAWARE HOLDING CORPORATION

/s/ Joan Cavaliere                        By: /s/ William L. Lampe, Jr.
--------------------------                    ----------------------------------
Title:                                        Title: V.P. & Treasurer

                       (signatures continue on next page)


                                      -2-
<PAGE>

WITNESS:                                  COURIER FOREIGN SALES CORPORATION
                                          LIMITED

/s/ Elaine Imbrogna                       By: /s/ Lee E. Cochrane
--------------------------                    ----------------------------------
Title:                                        Title: Treasurer

WITNESS:                                  COURIER INVESTMENT CORPORATION

/s/ Elaine Imbrogna                       By: /s/ Lee E. Cochrane
--------------------------                    ----------------------------------
Title:                                        Title: Asst. Treasurer

WITNESS:                                  COURIER KENDALLVILLE, INC.

/s/ Elaine Imbrogna                       By: /s/ Lee E. Cochrane
--------------------------                    ----------------------------------
Title:                                        Title: Asst. Treasurer

WITNESS:                                  COURIER PROPERTIES, INC.

/s/ Elaine Imbrogna                       By: /s/ Lee E. Cochrane
--------------------------                    ----------------------------------
Title:                                        Title: Asst. Treasurer

WITNESS:                                  COURIER STOUGHTON, INC.

/s/ Elaine Imbrogna                       By: /s/ Lee E. Cochrane
--------------------------                    ----------------------------------
Title:                                        Title: Asst. Treasurer

WITNESS:                                  COURIER WESTFORD, INC.

/s/ Elaine Imbrogna                       By: /s/ Lee E. Cochrane
--------------------------                    ----------------------------------
Title:                                        Title: Asst. Treasurer

                       (signatures continue on next page)


                                      -3-
<PAGE>

WITNESS:                                  NATIONAL PUBLISHING COMPANY

/s/ Joan Cavaliere                        By: /s/ William L. Lampe, Jr.
--------------------------                    ----------------------------------
Title:                                        Title: Treasurer

WITNESS:                                  COURIER NEW MEDIA, INC.

/s/ Elaine Imbrogna                       By: /s/ Lee E. Cochrane
--------------------------                    ----------------------------------
Title:                                        Title: Asst. Treasurer

WITNESS:                                  BOOK-MART PRESS, INC.

/s/ Elaine Imbrogna                       By: /s/ Lee E. Cochrane
--------------------------                    ----------------------------------
Title:                                        Title: Asst. Treasurer

WITNESS:                                  THE HOME SCHOOL, INC.

/s/ Elaine Imbrogna                       By: /s/ Lee E. Cochrane
--------------------------                    ----------------------------------
Title:                                        Title: Asst. Treasurer


                                      -4-
<PAGE>

                                                                         ANNEX 2

                        ALLONGE TO REVOLVING CREDIT NOTE

$10,000,000.00                                       Dated as of:  July 22, 1999

         This Allonge is made by COURIER CORPORATION, COURIER-CITIZEN COMPANY,
COURIER COMPANIES, INC., COURIER DELAWARE HOLDING CORPORATION, COURIER FOREIGN
SALES CORPORATION LIMITED, COURIER INVESTMENT CORPORATION, COURIER KENDALLVILLE,
INC., COURIER PROPERTIES, INC., COURIER STOUGHTON, INC., COURIER WESTFORD, INC.,
NATIONAL PUBLISHING COMPANY, COURIER NEW MEDIA, INC., BOOK-MART PRESS, INC. and
THE HOME SCHOOL, INC. (collectively, the "Borrowers"), to that certain Revolving
Credit Note dated March 18, 1997, in the face amount of $10,000,000 (as amended
by that certain Allonge dated July 22, 1997, February 27, 1998, and February 26,
1999 the "Note"), executed and delivered by the Borrowers to State Street Bank
and Trust Company (the "Bank"), pursuant to the terms of a Revolving Credit
Agreement, dated as of March 18, 1997, among the Borrowers, BankBoston, N.A.,
f/k/a The First National Bank of Boston, and State Street Bank and Trust
Company, Individually and as Agent (as amended, the "Loan Agreement").

         Effective on the day and year first above written, each reference in
the Note to "$15,000,000" or to "FIFTEEN MILLION DOLLARS ($15,000,000)" shall be
deemed to be a reference to "$10,000,000" or "TEN MILLION DOLLARS
($10,000,000)," as the case may be.

         Effective on the day and year first above written, and without
prejudice to Section 2.4.3 of the Loan Agreement, the Revolving Loan Maturity
Date shall be extended to March 15, 2002.

         The Borrowers hereby confirm their joint and several promise to pay as
set forth in the Note, and all other terms and conditions of the Note, as
modified by this Allonge.

         All capitalized terms used herein but not defined herein shall have the
same meaning as set forth in the Note.


                                      -18-
<PAGE>

         This Allonge shall become part of the Note, and although it is the
intent of the parties that this Allonge be affixed to the Note, this Allonge
shall continue in full force and effect even if it has not been so affixed.

         Executed as a sealed instrument as of the date first above written.

                                 THE BORROWERS:

WITNESS:                                  COURIER CORPORATION

/s/ Elaine Imbrogna                       By: /s/ Lee E. Cochrane
--------------------------                    ----------------------------------
Title:                                        Title: V.P. & Treasurer

WITNESS:                                  COURIER CITIZEN COMPANY

/s/ Elaine Imbrogna                       By: /s/ Lee E. Cochrane
--------------------------                    ----------------------------------
Title:                                        Title: V.P. & Treasurer

WITNESS:                                  COURIER COMPANIES, INC.

/s/ Elaine Imbrogna                       By: /s/ Lee E. Cochrane
--------------------------                    ----------------------------------
Title:                                        Title: Asst. Treasurer

WITNESS:                                  COURIER DELAWARE HOLDING CORPORATION

/s/ Joan Cavaliere                        By: /s/ William L. Lampe, Jr.
--------------------------                    ----------------------------------
Title:                                        Title: V.P. & Treasurer

WITNESS:                                  COURIER FOREIGN SALES CORPORATION
                                          LIMITED

/s/ Elaine Imbrogna                       By: /s/ Lee E. Cochrane
--------------------------                    ----------------------------------
Title:                                        Title: Treasurer

                       (signatures continue on next page)


                                      -2-
<PAGE>

WITNESS:                                  COURIER INVESTMENT CORPORATION

/s/ Elaine Imbrogna                       By: /s/ Lee E. Cochrane
--------------------------                    ----------------------------------
Title:                                        Title: Asst. Treasurer

WITNESS:                                  COURIER KENDALLVILLE, INC.

/s/ Elaine Imbrogna                       By: /s/ Lee E. Cochrane
--------------------------                    ----------------------------------
Title:                                        Title: Asst. Treasurer

WITNESS:                                  COURIER PROPERTIES, INC.

/s/ Elaine Imbrogna                       By: /s/ Lee E. Cochrane
--------------------------                    ----------------------------------
Title:                                        Title: Asst. Treasurer

WITNESS:                                  COURIER STOUGHTON, INC.

/s/ Elaine Imbrogna                       By: /s/ Lee E. Cochrane
--------------------------                    ----------------------------------
Title:                                        Title: Asst. Treasurer

WITNESS:                                  COURIER WESTFORD, INC.

/s/ Elaine Imbrogna                       By: /s/ Lee E. Cochrane
--------------------------                    ----------------------------------
Title:                                        Title: Asst. Treasurer

WITNESS:                                  NATIONAL PUBLISHING COMPANY

/s/ Joan Cavaliere                        By: /s/ William L. Lampe, Jr.
--------------------------                    ----------------------------------
Title:                                        Title: Treasurer

WITNESS:                                  COURIER NEW MEDIA, INC.

/s/ Elaine Imbrogna                       By: /s/ Lee E. Cochrane
--------------------------                    ----------------------------------
Title:                                        Title: Asst. Treasurer

                       (signatures continue on next page)


                                      -3-
<PAGE>

WITNESS:                                  BOOK-MART PRESS, INC.

/s/ Elaine Imbrogna                       By: /s/ Lee E. Cochrane
--------------------------                    ----------------------------------
Title:                                        Title: Asst. Treasurer

WITNESS:                                  THE HOME SCHOOL, INC.

/s/ Elaine Imbrogna                       By: /s/ Lee E. Cochrane
--------------------------                    ----------------------------------
Title:                                        Title: Asst. Treasurer


                                      -4-
<PAGE>

                                                                         ANNEX 3

                              REVOLVING CREDIT NOTE

$10,000,000.00                              Boston, Massachusetts
                                            July 22, 1999

         FOR VALUE RECEIVED, the undersigned (hereinafter, together with their
respective successors in title and assigns, collectively called the
"Borrowers"), by this promissory note (hereinafter, called "this Note"),
absolutely and unconditionally promise to pay to the order of KeyBank National
Association, a national banking association organized under the laws of the
United States of America (hereinafter, together with its successors in title and
assigns, called the "Bank"), the principal sum of TEN MILLION DOLLARS
($10,000,000), or so much thereof as shall have been advanced by the Bank to the
Borrowers by way of revolving loans under the Credit Agreement (as hereinafter
defined) and shall remain outstanding, such payment to be made as hereinafter
provided, and to pay interest on the principal sum outstanding hereunder from
time to time from the date hereof until the said principal sum or the unpaid
portion thereof shall have become due and payable as hereinafter provided.

         The entire unpaid principal (not at the time overdue) of this Note
shall bear interest at the rate or rates from time to time in effect under the
Credit Agreement. Accrued interest on the unpaid principal under this Note shall
be payable on the dates specified in the Credit Agreement.

         On March 15, 2002, the date of the final maturity of this Note (unless
extended pursuant to Section 2.4.3 of the Credit Agreement), there shall become
absolutely due and payable by the Borrowers hereunder, and the Borrowers hereby
jointly and severally promise to pay to the holder hereof, the balance (if any)
of the principal hereof then remaining unpaid, all of the unpaid interest
accrued hereon and all (if any) other amounts payable on or in respect of this
Note or the indebtedness evidenced hereby.

         Each overdue amount (whether of principal, interest or otherwise)
payable on or in respect of this Note or the indebtedness evidenced hereby shall
(to the extent permitted by applicable law) bear interest at the rates and on
the terms provided by the Credit Agreement. The unpaid interest accrued on each
overdue amount in accordance with the foregoing terms of this paragraph shall
become and be absolutely due and payable by the Borrowers to the holder hereof
on demand by the holder of this Note. Interest on each overdue amount will
continue to accrue as provided by the foregoing terms of this paragraph, and
will (to the extent permitted by applicable law) be compounded monthly until the
obligations of the Borrowers in respect of the payment of such overdue amount
shall be discharged (whether before or after judgment).


                                      -22-
<PAGE>

         Each payment of principal, interest or other sum payable on or in
respect of this Note or the indebtedness evidenced hereby shall be made by the
Borrowers directly to the Agent in U.S. Dollars, at the Agent's Head Office (as
hereinafter defined), on the due date of such payment, and in immediately
available and freely transferable funds. All payments on or in respect of this
Note or the indebtedness evidenced hereby shall be made without set-off or
counterclaim and free and clear of and without any deductions, withholdings,
restrictions or conditions of any nature.

         This Note is made and delivered by the Borrowers to the Bank pursuant
to a Revolving Credit Agreement, dated as of March 18, 1997, among the
Borrowers, the Banks and the Agent (hereinafter, as originally executed, or, if
varied or supplemented or amended and restated, called the "Credit Agreement").
This Note evidences the joint and several obligations of the Borrowers (a) to
repay the principal amount of each Revolving Loan (as defined in the Credit
Agreement) made by the Bank to the Borrowers pursuant to the Credit Agreement;
(b) to pay interest, as herein and therein provided, on the principal amount
hereof remaining unpaid from time to time; and (c) to pay other amounts which
may become due and payable hereunder as herein provided. Reference is hereby
made to the Credit Agreement (including the EXHIBITS annexed thereto) for a
complete statement of the terms thereof.

         No reference herein to the Credit Agreement or to any provisions
thereof shall impair the obligations of the Borrowers, which are absolute,
unconditional and irrevocable, to pay the principal of and the interest on this
Note and to pay all (if any) other amounts which may become due and payable on
or in respect of this Note or the indebtedness evidenced hereby, strictly in
accordance with the terms and the tenor of this Note.

         For all purposes of this Note, the following terms shall have the
respective meanings set forth below:

                  (a) "Agent" means State Street Bank and Trust Company, acting
         in its capacity as Agent for the Banks under the Credit Agreement.

                  (b) "Agent's Head Office" means the head office of State
         Street Bank and Trust Company located at 225 Franklin Street, Boston,
         Massachusetts 02110.

                  (c) "Banks" shall have the meaning ascribed to such term in
         the Credit Agreement.

                  (d) "holder" means the Bank in possession of this Note or any
         other Person who is at the time the lawful holder in possession of this
         Note.

         The Borrowers will have the right to prepay the unpaid principal of
this Note in full or in part upon the terms contained in the Credit Agreement.
The Borrowers will have an obligation to prepay principal of this Note upon the
terms contained in the Credit


                                      -23-
<PAGE>

Agreement. Any partial payment of the indebtedness evidenced by this Note shall
be applied in accordance with the terms of the Credit Agreement.

         Pursuant to, and upon the terms contained in, Section 6 of the Credit
Agreement, the entire unpaid principal of this Note, all of the interest accrued
on the unpaid principal of this Note and all (if any) other amounts payable on
or in respect of this Note or the indebtedness evidenced hereby may be declared
to be immediately due and payable, whereupon the entire unpaid principal of this
Note, all of the interest accrued on the unpaid principal of this Note and all
(if any) other amounts payable on or in respect of this Note or the indebtedness
evidenced hereby shall (if not already due and payable) forthwith become and be
due and payable to the holder of this Note without presentment, demand, protest
or any other formalities of any kind, all of which are hereby expressly and
irrevocably waived by the Borrowers.

         All computations of interest payable as provided in this Note shall be
made by the Agent on the basis of the actual number of days elapsed divided by
360. The Prime Rate (as defined in the Credit Agreement) in effect from time to
time shall be determined in accordance with the terms of the Credit Agreement.

         Should all or any part of the indebtedness represented by this Note be
collected by action at law, or in bankruptcy, insolvency, receivership or other
court proceedings, or should this Note be placed in the hands of attorneys for
collection after default, the Borrowers hereby jointly and severally promise to
pay to the holder of this Note, upon demand by the holder hereof at any time, in
addition to principal, interest and all (if any) other amounts payable on or in
respect of this Note or the indebtedness evidenced hereby, all court costs and
attorneys' fees and all other collection charges and expenses reasonably
incurred or sustained by the holder of this Note.

         The Borrowers hereby irrevocably waive notice of acceptance,
presentment, notice of nonpayment, protest, notice of protest, suit and all
other conditions precedent in connection with the delivery, acceptance,
collection and/or enforcement of this Note. The Borrowers hereby absolutely and
irrevocably consent and submit to the jurisdiction of the Courts of the
Commonwealth of Massachusetts and of any Federal Court located in the said
Commonwealth in connection with any actions or proceedings brought against the
Borrowers by the holder hereof arising out of or relating to this Note.

         This Note is intended to take effect as a sealed instrument. This Note
and the obligations of the Borrowers hereunder shall be governed by and
interpreted and determined in accordance with the laws of the Commonwealth of
Massachusetts.

         Each of the Borrowers shall be jointly and severally liable for the
full amount owing under this Note.


                                      -24-
<PAGE>

         IN WITNESS WHEREOF, this REVOLVING CREDIT NOTE has been duly executed
by the undersigned on the day and in the year first above written in Boston,
Massachusetts.

                                 THE BORROWERS:

WITNESS:                                  COURIER CORPORATION

/s/ Elaine Imbrogna                       By: /s/ Lee E. Cochrane
--------------------------                    ----------------------------------
Title:                                        Title: V.P. & Treasurer

WITNESS:                                  COURIER CITIZEN COMPANY

/s/ Elaine Imbrogna                       By: /s/ Lee E. Cochrane
--------------------------                    ----------------------------------
Title:                                        Title: V.P. & Treasurer

WITNESS:                                  COURIER COMPANIES, INC.

/s/ Elaine Imbrogna                       By: /s/ Lee E. Cochrane
--------------------------                    ----------------------------------
Title:                                        Title: Asst. Treasurer

WITNESS:                                  COURIER DELAWARE HOLDING CORPORATION

/s/ Joan Cavaliere                        By: /s/ William L. Lampe, Jr.
--------------------------                    ----------------------------------
Title:                                        Title: V.P. & Treasurer

WITNESS:                                  COURIER FOREIGN SALES CORPORATION
                                          LIMITED

/s/ Elaine Imbrogna                       By: /s/ Lee E. Cochrane
--------------------------                    ----------------------------------
Title:                                        Title: Treasurer

WITNESS:                                  COURIER INVESTMENT CORPORATION

/s/ Elaine Imbrogna                       By: /s/ Lee E. Cochrane
--------------------------                    ----------------------------------
Title:                                        Title: Asst. Treasurer
<PAGE>


WITNESS:                                  COURIER KENDALLVILLE, INC.

/s/ Elaine Imbrogna                       By: /s/ Lee E. Cochrane
--------------------------                    ----------------------------------
Title:                                        Title: Asst. Treasurer

WITNESS:                                  COURIER PROPERTIES, INC.

/s/ Elaine Imbrogna                       By: /s/ Lee E. Cochrane
--------------------------                    ----------------------------------
Title:                                        Title: Asst. Treasurer

WITNESS:                                  COURIER STOUGHTON, INC.

/s/ Elaine Imbrogna                       By: /s/ Lee E. Cochrane
--------------------------                    ----------------------------------
Title:                                        Title: Asst. Treasurer

WITNESS:                                  COURIER WESTFORD, INC.

/s/ Elaine Imbrogna                       By: /s/ Lee E. Cochrane
--------------------------                    ----------------------------------
Title:                                        Title: Asst. Treasurer

WITNESS:                                  NATIONAL PUBLISHING COMPANY

/s/ Joan Cavaliere                        By: /s/ William L. Lampe, Jr.
--------------------------                    ----------------------------------
Title:                                        Title: Treasurer

WITNESS:                                  COURIER NEW MEDIA, INC.

/s/ Elaine Imbrogna                       By: /s/ Lee E. Cochrane
--------------------------                    ----------------------------------
Title:                                        Title: Asst. Treasurer

WITNESS:                                  BOOK-MART PRESS, INC.

/s/ Elaine Imbrogna                       By: /s/ Lee E. Cochrane
--------------------------                    ----------------------------------
Title:                                        Title: Asst. Treasurer
<PAGE>

WITNESS:                                  THE HOME SCHOOL, INC.

/s/ Elaine Imbrogna                       By: /s/ Lee E. Cochrane
--------------------------                    ----------------------------------
Title:                                        Title: Asst. Treasurer


                                      -4-