Document:

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                                                                     EXHIBIT 4.7

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                                WARRANT AGREEMENT

                                     Between

                                  JOSTENS, INC.

                                       and

                              THE BANK OF NEW YORK

                                as Warrant Agent

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

                            Dated as of May 10, 2000

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                                TABLE OF CONTENTS
                                -----------------

                                                                            Page
                                                                            ----

SECTION 1.   Appointment of Warrant Agent.....................................1

SECTION 2.   Warrant Certificates.............................................1

SECTION 3.   Execution of Warrant Certificates................................1

SECTION 4.   Registration and Countersignature................................2

SECTION 5.   Transfer and Exchange of Warrants................................2

SECTION 6.   Registration of Transfers and Exchanges..........................3

SECTION 7.   Separation of Warrants; Terms of Warrants; Exercise of
             Warrants.........................................................5

SECTION 8.   Payment of Taxes.................................................7

SECTION 9.   Mutilated or Missing Warrant Certificates........................7

SECTION 10.  Reservation of Warrant Shares....................................7

SECTION 11.  Obtaining Stock Exchange Listings................................8

SECTION 12.  Adjustment of Number of Warrant Shares Issuable..................8

SECTION 13.  Fractional Interests............................................15

SECTION 14.  Notice of Certain Distributions; Certain Rights.................15

SECTION 15.  Notices to the Company and Warrant Agent........................16

SECTION 16.  Supplements and Amendments......................................16

SECTION 17.  Concerning the Warrant Agent....................................17

SECTION 18.  Change of Warrant Agent.........................................20

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SECTION 19.  Identity of Transfer Agent......................................20

SECTION 20.  Certain Defined Terms...........................................20

SECTION 21.  Successors......................................................22

SECTION 22.  Termination.....................................................22

SECTION 23.  Governing Law...................................................22

SECTION 24.  Benefits of This Agreement......................................23

SECTION 25.  Counterparts....................................................23

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                                WARRANT AGREEMENT
                                -----------------

         WARRANT AGREEMENT (the "Agreement"), dated as of May 10, 2000, between
Jostens, Inc., a Minnesota corporation (together with any successors and
assigns, the "Company"), and The Bank of New York, a New York banking
corporation, as Warrant Agent (the "Warrant Agent").

         WHEREAS, the Company proposes, among other things, to issue and sell
pursuant to a Purchase Agreement, dated as of May 10, 2000, among the Company
and DB Capital Investors, L.P. ("DB Capital"), (the "Purchase Agreement"), 14%
Senior Redeemable Payment-In-Kind Preferred Stock (the "Preferred Stock"), along
with Class E Common Stock Purchase Warrants (the "Warrants"), for the purchase
of 531,325 shares of its Series E Common Stock, par value $0.01 per share (the
"Class E Common Stock," and the shares of Class E Common Stock issuable upon
exercise of the Warrants, together with any shares of the Class A Common Stock,
par value $0.33-1/3 per share of the Company ("Class A Common Stock") issued
upon conversion of such shares of Class E Common Stock, being referred to herein
as the "Warrant Shares");

         WHEREAS, the Company wishes the Warrant Agent to act on behalf of the
Company and the Warrant Agent is willing to act in connection with the issuance,
division, transfer, exchange and exercise of Warrants as provided herein;

         NOW, THEREFORE, in consideration of the premises and mutual agreements
herein, the Company and the Warrant Agent hereby agree as follows:

         SECTION 1. Appointment of Warrant Agent. The Company hereby appoints
the Warrant Agent to act as agent for the Company in accordance with the
instructions hereinafter set forth in this Agreement, and the Warrant Agent
hereby accepts such appointment.

         SECTION 2. Warrant Certificates. The Warrants will be certificated and
issued in registered form. Any certificates (the "Warrant Certificates")
evidencing the Warrants to be delivered pursuant to this Agreement shall be
substantially in the form set forth in Exhibit A attached hereto.

         SECTION 3. Execution of Warrant Certificates. Warrant Certificates
shall be signed on behalf of the Company by its Chairman of the Board,
President, Chief Executive Officer, Vice President, Treasurer or Chief Financial
Officer and by its Secretary or an Assistant Secretary under its corporate seal.
Each such signature upon the Warrant Certificates may be in the form of a
facsimile signature of the present or any future Chairman of the Board,
President, Chief Executive Officer, Vice President, Treasurer, Chief Financial
Officer, Secretary or Assistant Secretary and may be imprinted or otherwise
reproduced on the Warrant Certificates and for that purpose the Company may
adopt and use the facsimile signature of any person who shall have been Chairman
of the Board, President, Chief Executive Officer, Vice President, Treasurer,
Chief Financial Officer, Secretary or Assistant Secretary, notwithstanding the
fact that at the time the Warrant Certificates shall be countersigned and
delivered or disposed of he shall have ceased to hold such office.
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         The Warrant Agent shall, upon written instructions of the Chairman of
the Board, the President, Chief Executive Officer, a Vice President, the
Treasurer, an Assistant Treasurer, Chief Financial Officer, Secretary or an
Assistant Secretary of the Company, initially countersign and deliver Warrants
entitling the holders thereof to purchase not more than the number of Warrant
Shares referred to above in the first recital hereof and shall thereafter
countersign and deliver Warrants as otherwise provided in this Agreement.

         In case any officer of the Company who shall have signed any of the
Warrant Certificates shall cease to be such officer before the Warrant
Certificates so signed shall have been countersigned by the Warrant Agent, or
disposed of by the Company, such Warrant Certificates nevertheless may be
countersigned and delivered or disposed of as though such person had not ceased
to be such officer of the Company; and any Warrant Certificate may be signed on
behalf of the Company by any person who, at the actual date of the execution of
such Warrant Certificate, shall be a proper officer of the Company to sign such
Warrant Certificate, although at the date of the execution of this Warrant
Agreement any such person was not such officer.

         Warrant Certificates shall be dated the date of countersignature by the
Warrant Agent.

         SECTION 4. Registration and Countersignature. The Warrants shall be
numbered and shall be registered on the books of the Company maintained at the
principal office of the Warrant Agent in the Borough of Manhattan, City of New
York (the "Warrant Register") as they are issued.

         Warrant Certificates shall be manually countersigned by the Warrant
Agent and shall not be valid for any purpose unless so countersigned. The
Warrant Agent shall, upon written instructions of the Chairman of the Board, the
President, Chief Executive Officer, a Vice President, the Treasurer, Chief
Financial Officer, Secretary or an Assistant Secretary of the Company, initially
countersign and deliver Warrants entitling the holders thereof to purchase not
more than the number of Warrant Shares referred to above in the first recital
hereof and shall thereafter countersign and deliver Warrants as otherwise
provided in this Agreement.

         The Company and the Warrant Agent may deem and treat the registered
holders (the "Holders") of the Warrant Certificates as the absolute owners
thereof (notwithstanding any notation of ownership or other writing thereon made
by anyone) for all purposes, and neither the Company nor the Warrant Agent shall
be affected by any notice to the contrary.

         SECTION 5. Transfer and Exchange of Warrants. The Warrant Agent shall
from time to time, subject to the limitations of Section 6, register the
transfer of any outstanding Warrants upon the records to be maintained by it for
that purpose, upon surrender thereof duly endorsed or accompanied (if so
required by it) by a written instrument or instruments of transfer in form
reasonably satisfactory to the Warrant Agent, duly executed by the registered
Holder or Holders thereof or by the duly appointed legal representative thereof
or by a duly authorized attorney. Subject to the terms of this Agreement, each
Warrant Certificate may be exchanged for another certificate or certificates
entitling the Holder thereof to purchase a like aggregate number of Warrant
Shares as the certificate or certificates surrendered then entitle each Holder
to

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purchase. Any Holder desiring to exchange a Warrant Certificate or Certificates
shall make such request in writing delivered to the Warrant Agent, and shall
surrender, duly endorsed or accompanied (if so required by the Warrant Agent) by
a written instrument or instruments of transfer in form reasonably satisfactory
to the Warrant Agent, the Warrant Certificate or Certificates to be so
exchanged.

         Upon registration of transfer, the Company shall execute and the
Warrant Agent shall countersign and deliver, by certified mail or such other
method of delivery which shall provide proof of delivery, a new Warrant
Certificate or Certificates to the persons entitled thereto. The Warrant
Certificates may be exchanged at the option of the Holder thereof, when
surrendered at the office or agency of the Company maintained for such purpose,
which initially will be the corporate trust office of the Warrant Agent in New
York, New York for another Warrant Certificate, or other Warrant Certificates of
different denominations, of like tenor and representing in the aggregate the
right to purchase a like number of Warrant Shares.

         No service charge shall be made for any exchange or registration of
transfer of Warrant Certificates, but the Company may require payment of a sum
sufficient to cover any stamp or other tax or other governmental charge that is
imposed in connection with any such exchange or registration of transfer.

         SECTION 6. Registration of Transfers and Exchanges. (a) Transfer and
Exchange. The Warrants shall be transferable upon the surrender of a Warrant
Certificate for registration of transfer and in compliance with the provisions
of this Agreement. When a Warrant is presented to the Warrant Agent with a
request to register a transfer, the Warrant Agent shall register the transfer as
requested if the requirements of Section 8-401(a) of the Uniform Commercial Code
are met. When Warrants are presented to the Warrant Agent with a request to
exchange them for an equal number of Warrants of other denominations, the
Warrant Agent shall make the exchange as requested if the requirements of
Sections 8-401(a)(1) and (2) of the Uniform Commercial Code of the State of New
York are met. To permit registration of transfers and exchanges, the Company
shall execute Warrant Certificates at the Warrant Agent's request. The Company
may require payment of a sum sufficient to pay all taxes, assessments or other
governmental charges in connection with any transfer, exchange or exercise
pursuant to this Section 6.

         Subject to the restrictions set forth in this Section 6, each Holder
may at any time and from time to time freely transfer its Warrant and the
Warrant Shares in whole or in part. No Warrant has been, and the Warrant Shares
at the time of their issuance may not be, registered under the Securities Act,
and, except as provided in any separate agreement providing for registration
rights, nothing herein contained shall be deemed to require the Company to so
register any Warrant or Warrant Shares. The Warrants and the Warrant Shares are
issued or issuable subject to the provisions and conditions contained herein,
and every Holder of a Warrant or Warrant Shares by accepting such Warrant or
Warrant Shares agrees with the Company to such provisions and conditions, and
represents to the Company that such Warrant has been acquired and the Warrant
Shares will be acquired for the account of such Warrantholder for investment and
not with a view to or for sale in connection with any distribution thereof.

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         Except as otherwise permitted by this Section 6, each Warrant
(including each Warrant issued upon the transfer of any Warrant) and/or all
Warrant Shares, as appropriate, shall be stamped or otherwise imprinted with
legends in substantially the following form:

                  (i) "THIS SECURITY HAS NOT BEEN REGISTERED UNDER THE
         SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT"), OR THE
         SECURITIES LAWS OF ANY STATE OR OTHER JURISDICTION. NEITHER THIS
         SECURITY NOR ANY INTEREST OR PARTICIPATION HEREIN MAY BE REOFFERED,
         SOLD, ASSIGNED, TRANSFERRED, PLEDGED, ENCUMBERED OR OTHERWISE DISPOSED
         OF IN THE ABSENCE OF SUCH REGISTRATION OR UNLESS SUCH TRANSACTION IS
         EXEMPT FROM, OR NOT SUBJECT TO, SUCH REGISTRATION.

                  IN CONNECTION WITH ANY TRANSFER, THE HOLDER WILL DELIVER TO
         THE COMPANY SUCH CERTIFICATES AND OTHER INFORMATION AS THE COMPANY MAY
         REASONABLY REQUIRE TO CONFIRM THAT THE TRANSFER COMPLIES WITH THE
         FOREGOING RESTRICTIONS" and

                  (ii) "THIS SECURITY IS ALSO SUBJECT TO A SHAREHOLDERS
         AGREEMENT, DATED AS OF MAY 10, 2000, AMONG THE COMPANY, INVESTCORP
         INVESTMENT EQUITY LIMITED, THE OTHER HOLDERS OF THE CLASS D COMMON
         STOCK OF THE COMPANY AND DB CAPITAL INVESTORS L.P. A COPY OF SUCH
         SHAREHOLDERS AGREEMENT MAY BE OBTAINED WITHOUT CHARGE AND UPON REQUEST
         ADDRESSED TO THE SECRETARY OF THE COMPANY AT THE REGISTERED OFFICE OF
         THE COMPANY" and

                  (iii) "THE WARRANTS REPRESENTED BY THIS CERTIFICATE MAY BE
         REQUIRED TO BE EXERCISED UPON THE DEMAND OF THE COMPANY, UPON THE
         OCCURRENCE OF CERTAIN EVENTS SPECIFIED IN THE AMENDED AND RESTATED
         ARTICLES OF INCORPORATION OF THE COMPANY. THE COMPANY WILL FURNISH
         WITHOUT CHARGE TO EACH HOLDER WHO SO REQUESTS A COPY OF THE AMENDED AND
         RESTATED ARTICLES OF INCORPORATION OF THE COMPANY" and

                  (iv) "THIS SECURITY IS SUBJECT TO MANDATORY REDEMPTION BY THE
         COMPANY. SUCH REDEMPTION CAN BE ACCOMPLISHED WITHOUT THE CERTIFICATES
         REPRESENTING SUCH SECURITIES BEING SURRENDERED AND WHETHER OR NOT THE
         COMPANY GIVES NOTICE OF SUCH REDEMPTION. THE COMPANY WILL FURNISH
         WITHOUT CHARGE TO EACH SECURITYHOLDER WHO SO REQUESTS A FULL STATEMENT
         OF THE DESIGNATIONS, PREFERENCES, LIMITATIONS AND RELATIVE RIGHTS OF
         EACH CLASS OF STOCK OR SERIES OF STOCK OF THE CORPORATION AUTHORIZED TO
         BE ISSUED, SO FAR AS THEY HAVE BEEN DETERMINED, AND THE AUTHORITY OF
         THE BOARD OF DIRECTORS TO DETERMINE THE RELATIVE RIGHTS AND PREFERENCES
         OF SUBSEQUENT CLASSES OR SERIES".

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         Each Warrant issued upon the transfer of any Warrant shall bear the
restrictive legends set forth above, unless, with respect to the legend in
paragraph (i) above, to the extent that the Holder thereof has delivered to the
Company an opinion of counsel (which may be an opinion of an internal counsel of
the Holder) reasonably satisfactory to the Company to the effect that such
legend is not required in order to ensure compliance with the Securities Act.

         (b) Obligations with Respect to Transfers and Exchanges of Warrants.

                  (i) To permit registrations of transfers and exchanges, the
         Company shall execute, at the Warrant Agent's request, and the Warrant
         Agent shall countersign Warrants.

                  (ii) All Warrants issued upon any registration of transfer or
         exchange of Warrants shall be the valid obligations of the Company,
         entitled to the same benefits under this Agreement as the Warrants
         surrendered upon the registration of transfer or exchange.

         SECTION 7. Separation of Warrants; Terms of Warrants; Exercise of
Warrants. The Preferred Stock and Warrants will be separately transferable as of
the date hereof.

         Subject to the terms of this Agreement, each Warrant holder shall have
the right, which may be exercised commencing on or after the date of issuance
and until 5:00 p.m., New York City time, on May 1, 2011 (the "Expiration Date"),
to receive from the Company upon the exercise of each Warrant the number of
fully paid and nonassessable Warrant Shares which the holder may at the time be
entitled to receive on exercise of such Warrants and payment of the Exercise
Price (as defined) for such Warrant Shares. Each Warrant not exercised prior to
the Expiration Date shall become void and all rights thereunder and all rights
in respect thereof under this Agreement shall cease as of such time. No
adjustments as to dividends will be made upon exercise of the Warrants.

         The price per share at which Warrant Shares shall be purchasable upon
exercise of Warrants (the "Exercise Price") regardless of the Exercise Rate (as
defined) then in effect shall be $0.01. A Warrant may be exercised upon
surrender at the office or agency of the Company maintained for such purpose,
which initially will be the corporate trust office of the Warrant Agent in New
York, New York, of the certificate or certificates evidencing the Warrants to be
exercised with the form of election to purchase on the reverse thereof duly
filled in and signed, which signature shall be guaranteed by a participant in a
recognized Signature Guarantee Medallion Program, and upon payment to the
Warrant Agent for the account of the Company of the Exercise Price for the
number of Warrant Shares in respect of which such Warrants are then exercised.
The "Exercise Date" for a Warrant shall be the date when all of the items
referred to in the immediately preceding sentence are received by the Warrant
Agent at or prior to 11:00 a.m., New York City time, on a Business Day and the
exercise of the Warrants will be effective as of such Exercise Date. If any
items referred to in such sentence are received after 11:00 a.m., New York City
time, on a Business Day, the exercise of the Warrants to which such item relates
will be effective on the next succeeding Business Day. Notwithstanding the
foregoing, in the case of an exercise of Warrants on the Expiration Date, if all
of the items referred to in such sentence are received by the Warrant Agent at
or prior to 5:00 p.m., New York City time, on the Expiration Date, the exercise
of the Warrants to which such items relate will be effective on the Expiration
Date. Payment of the aggregate Exercise Price shall be made

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(i) in cash or by certified or official bank check to the order of the Company
in New York Clearing House Funds, (ii) by wire transfer to an account specified
by the Company on request of the Holder, such request to be made not less than
two Business Days prior to the proposed exercise of the Warrants or (iii)
without the payment of cash, by reducing the number of shares of Class E Common
Stock obtainable upon the exercise of a Warrant and payment of the Exercise
Price in cash so as to yield a number of shares of Class E Common Stock upon the
exercise of such Warrant equal to the product of (A) the number of shares of
Class E Common Stock issuable as of the Exercise Date upon the exercise of such
Warrant (if payment of the Exercise Price were being made in cash) and (B) a
fraction (the "Cashless Exercise Ratio"), the numerator of which is the excess
of the Current Market Value (as defined below) per share of the Class A Common
Stock of the Company on the Exercise Date over the Exercise Price per share as
of the Exercise Date of such Warrant and the denominator of which is the Current
Market Value per share of the Class A Common Stock of the Company on such
Exercise Date. An exercise of a Warrant in accordance with the immediately
preceding clause (ii) is herein called a "Cashless Exercise." Upon surrender of
a Warrant Certificate representing more than one Warrant in connection with the
Holder's option to elect a Cashless Exercise, the number of shares of Class E
Common Stock deliverable upon a Cashless Exercise shall be equal to the number
of shares of Common Stock issuable upon the exercise of Warrants that the Holder
specifies are to be exercised pursuant to a Cashless Exercise multiplied by the
Cashless Exercise Ratio. All provisions of this Agreement shall be applicable
with respect to a surrender of a Warrant Certificate pursuant to a Cashless
Exercise for less than the full number of Warrants represented thereby.

         Subject to the provisions of Section 6 hereof, upon such surrender of
Warrants and payment of the Exercise Price or the election of a Cashless
Exercise, the Company shall issue and cause to be delivered with all reasonable
dispatch to or upon the written order of the Holder and in such name or names as
the Warrantholder may designate a certificate or certificates for the number of
Warrant Shares issuable upon the exercise of such Warrants together with cash as
provided in Section 13.

         The Warrants shall be exercisable, at the election of the holders
thereof, either in full or from time to time in part and, in the event that a
certificate evidencing Warrants is exercised in respect of fewer than all of the
Warrant Shares issuable on such exercise at any time prior to the date of
expiration of the Warrants, a new certificate evidencing the remaining Warrant
or Warrants will be issued, and the Warrant Agent is hereby irrevocably
authorized to countersign and to deliver the required new Warrant Certificate or
Certificates pursuant to the provisions of this Section and of Section 3 hereof,
and the Company, whenever required by the Warrant Agent, will promptly supply
the Warrant Agent with Warrant Certificates duly executed on behalf of the
Company for such purpose.

         All Warrant Certificates surrendered upon exercise of Warrants shall be
cancelled by the Warrant Agent. Such cancelled Warrant Certificates shall then
be disposed of by the Warrant Agent in a manner consistent with the Warrant
Agent's customary procedure for such disposal and in a manner reasonably
satisfactory to the Company. The Warrant Agent shall account promptly to the
Company with respect to Warrants exercised and concurrently pay to the

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Company all monies received by the Warrant Agent for the purchase of the Warrant
Shares through the exercise of such Warrants.

         The Warrant Agent shall keep copies of this Agreement and any notices
given or received hereunder available for inspection by the holders during
normal business hours at its office. The Company shall supply the Warrant Agent
from time to time with such numbers of copies of this Agreement as the Warrant
Agent may request.

         SECTION 8. Payment of Taxes. The Company will pay all documentary stamp
taxes attributable to the initial issuance of Warrant Shares upon the exercise
of Warrants; provided, however, that the Company shall not be required to pay
any tax or taxes which may be payable in respect of any transfer involved in the
issue of any Warrant Certificates or any certificates for Warrant Shares in a
name other than that of the registered holder of a Warrant Certificate
surrendered upon the exercise of a Warrant, and the Company shall not be
required to issue or deliver such Warrant Certificates unless or until the
person or persons requesting the issuance thereof shall have paid to the Company
the amount of such tax or shall have established to the satisfaction of the
Company that such tax has been paid.

         SECTION 9. Mutilated or Missing Warrant Certificates. In case any of
the Warrant Certificates shall be mutilated, lost, stolen or destroyed, the
Company may at its discretion issue and the Warrant Agent may countersign, in
exchange and substitution for and upon cancellation of the mutilated Warrant
Certificate, or in lieu of and substitution for the Warrant Certificate lost,
stolen or destroyed, a new Warrant Certificate of like tenor and representing an
equivalent number of Warrants, but only upon receipt of evidence satisfactory to
the Company and the Warrant Agent of such loss, theft or destruction of such
Warrant Certificate and indemnity also satisfactory to them.

         SECTION 10. Reservation of Warrant Shares. The Company will at all
times reserve and keep available, free from preemptive rights, out of the
aggregate of its authorized but unissued Class E Common Stock or its authorized
and issued Class E Common Stock held in its treasury, for the purpose of
enabling it to satisfy an obligation to issue shares of Class E Common Stock
upon exercise of Warrants, the maximum number of shares of Class E Common Stock
which may then be deliverable upon the exercise of all outstanding Warrants. In
addition, the Company will at all times reserve and keep available, free from
preemptive rights, out of the aggregate of its authorized but unissued Class A
Common Stock or its authorized and issued Class A Common Stock held in its
treasury, for the purpose of enabling it to satisfy an obligation to issue
shares of Class A Common Stock upon the conversion of shares of Class E Common
Stock issuable upon the exercise of Warrants, the maximum number of shares of
Class A Common Stock which may then be deliverable upon the conversion of all
such shares of Class E Common Stock.

         The Company or, if appointed, the transfer agent for the Class A Common
Stock and the Class E Common Stock (the "Transfer Agent") and every subsequent
transfer agent for any shares of the Company's capital stock issuable upon the
exercise of any of the rights of purchase aforesaid will be irrevocably
authorized and directed at all times to reserve such number of authorized shares
as shall be required for such purpose. The Company will keep a copy of this
Agreement on file with the Transfer Agent and with every subsequent transfer
agent

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for any shares of the Company's capital stock issuable upon the exercise of the
rights of purchase represented by the Warrants. The Warrant Agent is hereby
irrevocably authorized to requisition from time to time from such Transfer Agent
the stock certificates required to honor outstanding Warrants upon exercise
thereof in accordance with the terms of this Agreement. The Company will supply
such Transfer Agent with duly executed certificates for such purposes and will
provide or otherwise make available any cash which may be payable as provided in
Section 13. The Company will furnish such Transfer Agent a copy of all notices
of adjustments and certificates related thereto transmitted to each holder
pursuant to Section 14 hereof.

         The Company covenants that all shares of Class E Common Stock which may
be issued upon exercise of Warrants made in accordance with the terms of this
Agreement will, upon payment of the Exercise Price therefor (or the election of
a Cashless Exercise, as the case may be) and issue, be validly authorized and
issued, fully paid, nonassessable, free of preemptive rights and free from all
taxes, liens, charges and security interests with respect to the issuance
thereof. The Company further covenants that all shares of Class A Common Stock
which may be issued upon the conversion in accordance with the terms thereof of
any shares of Class E Common Stock issuable upon the exercise of Warrants made
in accordance with the terms of this Agreement will be validly authorized and
issued, fully paid, non-assessable, free of preemptive rights and free from all
taxes, liens, charges and security interests with respect to the issuance
thereof. The Company will take no action to increase the par value of the Class
E Common Stock to an amount in excess of the Exercise Price, and the Company
will not enter into any agreements inconsistent with the rights of Holders
hereunder. The Company will use its reasonable best efforts to obtain all such
authorizations, exemptions or consents from any public regulatory body having
jurisdiction thereof as may be necessary to enable the Company to perform its
obligations under this Agreement. The Company shall not take any action
reasonably within its control, including the hiring of a broker to solicit
exercises, which would render unavailable an exemption from registration under
the Securities Act which might otherwise be available with respect to the
issuance of Warrant Shares upon exercise of any Warrants.

         SECTION 11. Obtaining Stock Exchange Listings. The Company will from
time to time take all action which may be necessary so that the Warrant Shares
which are shares of Class A Common Stock, immediately upon their issuance upon
the conversion of the shares of Class E Common Stock issuable upon the exercise
of Warrants, will be listed on the principal securities exchanges and markets
within the United States of America (including the NASDAQ National Market
System), if any, on which other shares of Class A Common Stock are then listed.
In the event that, at any time during the period in which the Warrants are
exercisable, the Class A Common Stock is not listed on any principal securities
or exchanges or markets within the United States of America, the Company will
use its reasonable best efforts to permit the Warrant Shares to be designated
PORTAL securities in accordance with the rules and regulations adopted by the
National Association of Securities Dealers, Inc. relating to trading in the
Private Offering, Resales and Trading through Automated Linkages market.

         SECTION 12. Adjustment of Number of Warrant Shares Issuable. The number
of shares of Class E Common Stock issuable upon the exercise of each Warrant
(the "Exercise

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Rate") is subject to adjustment from time to time upon the occurrence of the
events enumerated in this Section 12. The Exercise Rate shall initially be one
(1.00).

                  (a) Adjustment for Change in Capital Stock. If, after the
         Issue Date, the Company:

                           (i) pays a dividend or makes a distribution on shares
                  of any class or series of its Common Stock payable in shares
                  of its Common Stock of the Company, except to the extent any
                  such dividend or distribution results in the grant, issuance,
                  sale or making of Distribution Rights or a Distribution
                  pursuant to Section 12(c);

                           (ii) subdivides or splits any of its outstanding
                  shares of any class or series of Common Stock into a greater
                  number of shares;

                           (iii) combines any of its outstanding shares of any
                  class or series of Common Stock into a smaller number of
                  shares; or

                           (iv) issues by reclassification of any class or
                  series of its Common Stock any shares of any of its Capital
                  Stock;

then the Exercise Rate in effect immediately prior to such action for each
Warrant then outstanding shall be adjusted by multiplying the Exercise Rate in
effect immediately prior to such action by a fraction (A) the numerator of which
shall be the number of shares of all classes or series of Common Stock
outstanding immediately after such action and (B) the denominator of which shall
be the number of shares of all classes or series of Common Stock outstanding
immediately prior to such action or the record date applicable to such action,
if any (regardless of whether the Warrants then outstanding are then exercisable
and without giving effect to the Cashless Exercise option). The adjustment shall
become effective immediately after the record date in the case of a dividend or
distribution and immediately after the effective date in the case of a
subdivision, combination or reclassification. In the event that such dividend or
distribution is not so paid or made or such subdivision, combination or
reclassification is not effected, the Exercise Rate shall again be adjusted to
be the Exercise Rate which would then be in effect if such record date or
effective date had not been so fixed.

         If after an adjustment a holder of a Warrant upon exercise of such
Warrant may receive shares of two or more classes or series of Capital Stock of
the Company, the Exercise Rate shall thereafter be subject to adjustment upon
the occurrence of an action taken with respect to any such class or series of
Capital Stock as is contemplated by this Section 12 with respect to the Common
Stock, on terms comparable to those applicable to Common Stock in this Section
12.

         (b) Adjustment for Certain Sales of Common Stock Below Current Market
Value. If, after the Issue Date, the Company (i) grants or sells to any
Affiliate of the Company (other than a Subsidiary) or (ii) grants or sells, or
offers to grant or sell to all holders of any class or series of Common Stock,
shares of any class or series of Common Stock or any securities convertible into
or exchangeable or exercisable for any class or series of Common Stock (other
than (1) pursuant to the exercise of the Warrants, (2) pursuant to any security
convertible into, or

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exchangeable or exercisable for, shares of Common Stock outstanding as of the
Issue Date, (3) upon the conversion, exchange or exercise of any convertible,
exchangeable or exercisable security as to which upon the issuance thereof an
adjustment pursuant to this Section 12 has been made or (4) upon the conversion,
exchange or exercise of convertible, exchangeable or exercisable securities of
the Company outstanding on the Issue Date (to the extent in accordance with the
terms of such securities as in effect on such date), including any warrants
issued to purchasers of the Company's 12 3/4% Senior Subordinated Notes due 2010
at a price per share below the then Current Market Value, the Exercise Rate for
each Warrant then outstanding shall be adjusted in accordance with the formula:

                         E/1/    =       E x (O+N)
                                      -----------------
                                       (O + (N x P/M))

where:

E/1/   =    the adjusted Exercise Rate for each Warrant then outstanding;

E      =    the then current Exercise Rate for each Warrant then outstanding;

O      =    the aggregate number of shares of Common Stock of all
            classes outstanding immediately prior to the sale of such
            Common Stock or issuance of securities convertible,
            exchangeable or exercisable for Common Stock;

N      =    the number of shares of Common Stock of any class or series
            so sold or the maximum stated number of shares of Common Stock
            of any class or series issuable upon the conversion, exchange
            or exercise of any such convertible, exchangeable or
            exercisable securities, as the case may be;

P      =    the proceeds per share of Common Stock of the relevant class
            or series received by the Company, which (i) in the case of
            shares of Common Stock of any class or series is the amount
            received by the Company in consideration for the sale and
            issuance of such shares; and (ii) in the case of securities
            convertible into or exchangeable or exercisable for shares of
            Common Stock of any class or series is the amount received by
            the Company in consideration for the sale and issuance of such
            convertible or exchangeable or exercisable securities, plus
            the minimum aggregate amount of additional consideration,
            other than the surrender of such convertible or exchangeable
            securities, payable to the Company upon exercise, conversion
            or exchange thereof; and

M      =    the Current Market Value as of the Time of Determination or
            at the time of sale, as the case may be, of a share of Common
            Stock of the relevant class or series.

         The adjustment shall become effective immediately after the record date
for the determination of shareholders entitled to receive the rights, warrants
or options to which this paragraph (b) applies or upon consummation of the sale
of Common Stock, as the case may be. To the extent that shares of Common Stock
are not delivered after the expiration of such rights, warrants or options, the
Exercise Rate for each Warrant then outstanding shall be readjusted to the
Exercise Rate which would otherwise be in effect had the adjustment made upon
the issuance of such rights, warrants or options been made on the basis of
delivery of only the number of shares of Common Stock actually delivered. In the
event that such rights or warrants are not so issued, the Exercise Rate for each
Warrant then outstanding shall again be adjusted to

                                       10
<PAGE>

be the Exercise Rate which would then be in effect if such date fixed for
determination of shareholders entitled to receive such rights, warrants or
options had not been so fixed.

         No adjustment shall be made under this paragraph (b) if the application
of the formula stated above in this paragraph (b) would result in a value of E1
that is lower than the value of E.

         No adjustment shall be made under this paragraph (b) for any adjustment
which is the subject of paragraphs (a) and (e) of this Section 12.

         Notwithstanding the foregoing, no adjustment in the Exercise Rate shall
be required upon the grant, conversion, exchange or exercise of options to or by
officers, directors or employees of the Company to acquire Common Stock that (i)
are granted or exercised pursuant to any option or option plan as in effect on
the Issue Date or described in the offering memorandum concerning the Units or
(ii) have an exercise price, at the time of issuance thereof, at least equal to
the then Current Market Value of the Common Stock underlying such options.

         (c) Adjustment Upon Certain Distributions.

                  (i) If at any time after the Issue Date, the Company grants,
         issues or sells any Capital Stock or other securities (other than
         Common Stock), any Convertible Security, or options, warrants or rights
         to purchase Capital Stock or other securities (other than Common Stock)
         pro rata to the record holders of any class or series of Common Stock
         (the "Distribution Rights") or, without duplication, makes any
         distribution (other than a distribution pursuant to a plan of
         liquidation) (a "Distribution") on shares of any class or series of
         Common Stock (whether in cash, property, evidences of indebtedness, or
         otherwise), then the Exercise Rate shall be adjusted in accordance with
         the formula:

                         E/1/      =        E x (M/(M-F))

where:

E/1/   =    the adjusted Exercise Rate;

E      =    the current Exercise Rate for each Warrant;

M      =    the Current Market Value per share of Class A Common Stock at the
            Time of Determination;

F      =    the fair market value at the Time of Determination of such
            portion of the options, Convertible Securities, warrants,
            cash, property or other securities or assets distributable
            pursuant to such Distribution Rights or Distribution per share
            of outstanding of Common Stock.

                                       11
<PAGE>

                  The adjustment shall become effective immediately after the
         Time of Determination with respect to the shareholders entitled to
         receive the options, Convertible Securities, warrants, cash, property,
         evidences of indebtedness or other securities or assets to which this
         paragraph (c)(i) applies. No adjustment shall be made under this
         paragraph (b) if the application of the formula stated above in this
         paragraph (c)(i) would result in a value of E1 that is lower than the
         value of E. This paragraph (c)(i) does not apply to any securities
         which result in an adjustment pursuant to paragraphs (a) or (b) of this
         Section 12.

                  (ii) Notwithstanding the provisions of paragraph (c)(i) of
         this Section 12, an event which would otherwise give rise to an
         adjustment pursuant to Section 12(c)(i) shall not give rise to such
         adjustment if the Company grants, issues or sells Distribution Rights
         to the Holders of Warrants or includes the holders of the Warrants in
         such Distribution, in each case on a pro rata basis, assuming for the
         purpose of this Section 12(c)(ii) that (x) all outstanding shares of
         Common Stock are of one class and (y) the Warrants had been exercised
         (disregarding for this purpose all provisions with respect to Cashless
         Exercise).

                  (iii) Notwithstanding anything to the contrary set forth in
         this Section 12(c), if, at any time, the Company makes any distribution
         pursuant to any plan of liquidation (a "Liquidating Distribution") on
         shares of Class A Common Stock or Class E Common Stock (whether in
         cash, property, evidences of indebtedness or otherwise), then, subject
         to applicable law, the Company shall make to each Holder of Warrants
         the aggregate Liquidating Distribution which such Holder would have
         acquired if such Holder had held the maximum number of shares of Class
         E Common Stock acquirable upon the complete exercise of each Holder's
         Warrants (regardless of whether the Warrants are then exercisable and
         without giving effect to the Cashless Exercise option) immediately
         before the Time of Determination of shareholders entitled to receive
         Liquidating Distributions; provided, any Holder of Warrants may elect
         to receive Liquidating Distributions on the basis that such Holder held
         the maximum number of shares of Class A Common Stock into which the
         shares of Class E Common Stock described in this sentence could be
         converted (without reference to any required holding period)
         immediately before the Time of Determination of shareholders entitled
         to receive Liquidating Distributions.

         (d) Notice of Adjustment. Whenever the Exercise Rate is adjusted, the
Company shall promptly mail to holders of Warrants then outstanding at the
addresses appearing on the Warrant Register a notice of the adjustment. The
Company shall file with the Warrant Agent and any other Registrar such notice
and a certificate from the Company's independent public accountants briefly
stating the facts requiring the adjustment and the manner of computing it. The
certificate shall be conclusive evidence that the adjustment is correct, absent
manifest error. Neither the Warrant Agent nor any such Registrar shall be under
any duty or responsibility with respect to any such certificate except to
exhibit the same during normal business hours to any holder desiring inspection
thereof.

         (e) Reorganization of Company; Fundamental Transaction.

                  (i) If the Company, in a single transaction or through a
         series of related transactions, consolidates with or merges with or
         into any other person or sells, assigns, transfers, leases, conveys or
         otherwise disposes of all or substantially all of its properties and
         assets to another person or group of affiliated persons or is a party
         to a merger or binding share exchange

                                       12
<PAGE>

         which reclassifies or changes its outstanding Common Stock (a
         "Fundamental Transaction"), as a condition to consummating any such
         transaction the person formed by or surviving any such consolidation or
         merger if other than the Company or the person to whom such transfer
         has been made (the "Surviving Person") shall enter into a supplemental
         warrant agreement. The supplemental warrant agreement shall provide (a)
         that the holder of a Warrant then outstanding may exercise the Warrant
         for the kind and amount of securities, cash or other assets which such
         holder would have received immediately after the Fundamental
         Transaction if such holder had exercised the Warrant and, if such
         Warrant is then exercisable into shares of a class or series of Common
         Stock (such as Class E Common Stock as constituted on the Issue Date)
         that is convertible into shares of another class or series of Common
         Stock (such as Class A Common Stock as constituted on the Issue Date)
         if such holder had converted such Warrant Shares into such other class
         or series of Common Stock, in each case immediately before the
         effective date of the transaction (whether or not the Warrants were
         then exercisable and without giving effect to the Cashless Exercise
         option), it being understood that the Warrants will remain exercisable
         only in accordance with their terms so that conditions to exercise will
         remain applicable, such as payment of Exercise Price, assuming (to the
         extent applicable) that such holder (i) was not a constituent person or
         an affiliate of a constituent person to such transaction, (ii) made no
         election with respect thereto, and (iii) was treated alike with the
         plurality of non-electing holders, and (b) that the Surviving Person
         shall succeed to and be substituted to every right and obligation of
         the Company in respect of this Agreement and the Warrants. The
         supplemental warrant agreement shall provide for adjustments which
         shall be as nearly equivalent as may be practicable to the adjustments
         provided for in this Section 12. The Surviving Person shall mail to
         holders of Warrants at the addresses appearing on the Warrant Register
         a notice briefly describing the supplemental warrant agreement. If the
         issuer of securities deliverable upon exercise of Warrants is an
         affiliate of the Surviving Person, that issuer shall join in the
         supplemental warrant agreement.

                  (ii) Notwithstanding the foregoing, if the Company enters into
         a Fundamental Transaction with another Person (other than a subsidiary
         of the Company) and consideration is payable to holders of shares of
         Capital Stock (or other securities or property) issuable or deliverable
         upon exercise of the Warrants that are exercisable in exchange for such
         shares in connection with such Fundamental Transaction which
         consideration consists solely of cash ( assuming (to the extent
         applicable) that each such holder (i) was not a constituent person or
         an affiliate of a constituent person to such transaction, (ii) made no
         election with respect thereto, and (iii) was treated alike with the
         plurality of non-electing holders), then the holders of Warrants shall
         be entitled to receive distributions on the date of such event on an
         equal basis with holders of such shares (or other securities issuable
         upon exercise of the Warrants) as if the Warrants had been exercised
         immediately prior to such event, less the aggregate Exercise Price
         therefor. Upon receipt of such payment, if any, the rights of a holder
         of such Warrant shall terminate and cease and such holder's Warrants
         shall expire.

                  (iii) If this paragraph (e) applies, it shall supersede the
         application of paragraph (a) of this Section 12.

         (f) Other Events. If any event occurs as to which the foregoing
provisions of this Section 12 are not strictly applicable or, if strictly
applicable, would not, in the good faith

                                       13
<PAGE>

judgment of the Board of Directors, fairly and adequately protect the purchase
rights of the Warrants in accordance with the essential intent and principles of
such provisions, then such Board of Directors shall make such adjustments in the
application of such provisions, in accordance with such essential intent and
principles, as shall be reasonably necessary, in the good faith opinion of such
Board of Directors, to protect such purchase rights as aforesaid, but in no
event shall any such adjustment have the effect of decreasing the Exercise Rate
or decreasing the number of Warrant Shares issuable upon exercise of the
Warrants.

         (g) Warrant Agent's Adjustment Disclaimer. The Warrant Agent shall have
no duty to determine when an adjustment under this Section 12 should be made,
how it should be made or what it should be. The Warrant Agent shall have no duty
to determine whether a supplemental warrant agreement under paragraph (e) need
be entered into or whether any provisions of any supplemental warrant agreement
are correct. The Warrant Agent shall not be accountable for and makes no
representation as to the validity or value of any securities or assets issued
upon exercise of Warrants. The Warrant Agent shall not be responsible for the
Company's failure to comply with this Section 12.

         (h) Adjustment for Tax Purposes. In the event of a taxable distribution
to holders of shares of Common Stock which results in an adjustment to the
number of shares of Common Stock or other consideration for which such a Warrant
may be exercised, the holders of the Warrants may, in certain circumstances, be
deemed to have received a distribution subject to United States federal income
tax as a dividend.

         (i) Specificity of Adjustment. Regardless of any adjustment in the
number or kind of shares purchasable upon the exercise of the Warrants, Warrant
Certificates theretofore or thereafter issued may continue to express the same
number and kind of Warrant Shares per Warrant as are stated on the Warrant
Certificates initially issuable pursuant to this Agreement.

         (j) Voluntary Adjustment. The Company from time to time may increase
the Exercise Rate by any number and for any period of time provided that such
period is not less than 20 Business Days. Whenever the Exercise Rate is so
increased, the Company shall mail to holders at the addresses appearing on the
Warrant Register and file with the Warrant Agent a notice of the increase. The
Company shall give the notice at least 15 days before the date the increased
Exercise Rate takes effect. The notice shall state the increased Exercise Rate
and the period it will be in effect. A voluntary increase in the Exercise Rate
shall not change or adjust the Exercise Rate otherwise in effect as determined
by this Section 12.

         (k) Multiple Adjustments. After an adjustment to the Exercise Rate for
outstanding Warrants under this Section 12, any subsequent event requiring an
adjustment under this Section 12 shall cause an adjustment to the Exercise Rate
for outstanding Warrants as so adjusted.

         (l) When De Minimis Adjustment May Be Deferred. No adjustment in the
Exercise Rate need be made unless the adjustment would require an increase of at
least one percent (1%) in the Exercise Rate. Any adjustments that are not made
shall be carried forward and taken into account in any subsequent adjustments.
All calculations under this Section 12 shall be made to the nearest 1/1000th of
a share, as the case may be.

                                       14
<PAGE>

         (m) Treasury Shares Disregarded. For purposes of this Section 12, the
number of shares of Common Stock at any time outstanding shall not include
shares held in the treasury of the Company. The Company shall not pay any
dividend or make any distribution on shares of Common Stock held in the treasury
of the Company.

         (n) Tag-Along Transfers.

                  (i) If the Company receives any Transfer Notice by a holder of
         Class D Common Stock in respect of a proposed Tag-Along Transfer, as
         contemplated by Section 4 of the Amended and Restated Articles of
         Incorporation of the Company (the "Articles"), the Company shall
         promptly provide a copy of such notice to each Holder of a Warrant.

                  (ii) Notwithstanding anything herein to the contrary, upon a
         Tag-Along Transfer of a number of shares of Class D Common Stock equal
         to or greater than 80% of the outstanding shares of Class D Common
         Stock, then to the extent the Warrants shall not have been exercised or
         the holder of the Warrant Shares issued upon such exercise shall not
         have given a Tag-Along Notice in each case on or before the Tag-Along
         Acceptance Date, such Warrants shall be subject to redemption pursuant
         to Section 5 of the Articles and the Holders thereof shall be entitled
         to receive the Tag-Along Redemption Price (reduced by the aggregate
         Exercise Price payable by such Holders), in each case as if such
         Warrants had been exercised immediately prior to the Tag-Along
         Acceptance Date. Upon receipt of such payment, if any, the rights of a
         holder of such Warrant shall terminate and cease and such holder's
         Warrants shall expire.

                  (iii) Capitalized terms not otherwise defined in this Section
         12(n) have the meanings set forth in the Articles.

                  (iv) Sections 4 and 5 of the Articles shall not be amended
         without the consent of a majority-in-interest of the Holders of
         Warrants.

         SECTION 13. Fractional Interests. The Company shall not be required to
issue fractional Warrant Shares on the exercise of Warrants. If more than one
Warrant shall be presented for exercise in full at the same time by the same
holder, the number of full Warrant Shares which shall be issuable upon the
exercise thereof shall be computed on the basis of the aggregate number of
Warrant Shares purchasable on exercise of the Warrants so presented. If any
fraction of a Warrant Share would, except for the provisions of this Section 13,
be issuable on the exercise of any Warrants (or specified portion thereof), the
Company shall pay an amount in cash equal to the Current Market Value per share
of the Class A Common Stock of the Company on the day immediately preceding the
date the Warrant is presented for exercise, multiplied by such fraction.

         SECTION 14. Notice of Certain Distributions; Certain Rights. The
Company shall give prompt written notice to the Warrant Agent and shall cause
the Warrant Agent, on behalf of and at the expense of the Company to give to
each Holder written notice of any determination to make a distribution to the
holders of its Common Stock of any cash dividends, assets, debt securities,
preferred stock, or any rights or warrants to purchase debt securities,
preferred stock, assets or other securities (other than Common Stock, or rights,
options, or warrants to purchase Common Stock) of the Company, which notice
shall state the nature and

                                       15
<PAGE>

amount of such planned dividend or distribution and the record date therefor,
and shall be received by the Holders at least 20 days prior to such record date
therefor.

         Nothing contained in this Agreement or in any Warrant Certificate shall
be construed as conferring upon the Holders the right to vote or to consent or
to receive notice as shareholders in respect of the meetings of shareholders or
the election of directors of the Company or any other matter, or any rights
whatsoever as shareholders of the Company.

         SECTION 15. Notices to the Company and Warrant Agent. Any notice or
demand authorized by this Agreement to be given or made by the Warrant Agent or
by any Holder to or on the Company shall be sufficiently given or made when
received at the office of the Company expressly designated by the Company as its
office for purposes of this Agreement (until the Warrant Agent is otherwise
notified in accordance with this Section 15 by the Company), as follows:

         Jostens Inc.
         5501 Norman Center Drive
         Minneapolis, Minnesota  55437
         Attn:  General Counsel

         with a copy to:

         Gibson, Dunn & Crutches LLP
         200 Park Avenue
         47th Floor
         New York, New York  10166
         Attention:  Joerg H. Esdorn, Esq.

         Any notice pursuant to this Agreement to be given by the Company or by
any Holder(s) to the Warrant Agent shall be sufficiently given when received by
the Warrant Agent at the address appearing below (until the Company is otherwise
notified in accordance with this section by the Warrant Agent).

         Any notice or communication to a Holder shall be mailed by first class
mail, postage prepaid, to its address shown on the register kept by Warrant
Agent.

         SECTION 16. Supplements and Amendments. (a) The Company and the Warrant
Agent may from time to time supplement or amend this Agreement without the
approval of any holders of Warrants in order to cure any ambiguity or to correct
or supplement any provision contained herein which may be defective or
inconsistent with any other provision herein, or to make any other provisions in
regard to matters or questions arising hereunder which the Company may deem
necessary or desirable and which shall not in any way adversely affect the
interests of any holder of Warrants as evidenced by an opinion of counsel which
may be in-house counsel delivered to the Warrant Agent.

         (b) No other amendment or modifications of any provision of this
Agreement or the Warrant Certificates or consent to any departure by the Company
therefrom, shall in any

                                       16
<PAGE>

event be effective without written consent of the Holders of Warrants
representing at least a majority of all the Warrant Shares issued or issuable
upon exercise of the Warrants (the "Requisite Holders"), provided, however, that
without the consent of each Holder affected thereby, no amendment, modification,
termination or waiver may:

         (i)      make any change to the definition of "Requisite Holders"; or

         (ii)     make any change in the foregoing amendment and waiver
                  provisions.

         After an amendment or modification under this Section 16 becomes
effective, the Company shall mail to the Holders affected thereby a notice
briefly describing such amendment or modification. Any failure of the Company to
mail such notice, or any defect therein, shall not, however, in any way impair
or affect the validity of any such amendment or modification.

         In connection with any amendment or modification under this Section 16,
the Company may offer, but shall not be obligated to offer, to any Holder who
consents to such amendment or modification, consideration for such Holder's
consent, so long as such consideration is offered to all Holders.

         (c) The Company will not effect any proposed amendment or modification
of any of the provisions of this Agreement or the Warrant Certificates unless
each Holder (irrespective of the amount of Warrants or Warrant Shares then owned
by it) shall be informed thereof by the Company prior to the effectuation
thereof (but only to the extent the Company has been provided with addresses for
the Holders) and shall be afforded the opportunity of considering the same and
shall be supplied by the Company with sufficient information to enable it to
make an informed decision with respect thereto. Executed or true and correct
copies of any amendment or modification effected pursuant to the provisions of
this Section 16 shall be delivered by the Company to each Holder of outstanding
Warrants or Warrant Shares forthwith following the date on which the same shall
have been executed and delivered by the Holder or Holders of the requisite
percentage of outstanding Warrant Shares (but only to the extent the Company has
been provided with the addresses for the Holders).

         SECTION 17. Concerning the Warrant Agent. The Warrant Agent undertakes
the duties and obligations imposed by this Agreement upon the following terms
and conditions, by all of which the Company and the Holders, by their acceptance
of Warrants, shall be bound (it being understood that the Company, to the extent
that it acts as Warrant Agent, shall not be entitled to the benefits or
protections of this Section 17.):

                  (a) The statements contained herein and in the Warrant
         Certificate shall be taken as statements of the Company, and the
         Warrant Agent assumes no responsibility for the correctness of any of
         the same except such as describe the Warrant Agent or any action taken
         by it. The Warrant Agent assumes no responsibility with respect to the
         distribution of the Warrants except as herein otherwise provided.

                  (b) The Warrant Agent shall not be responsible for and shall
         incur no liability to the Company or any Holder for any failure of the
         Company to comply with the covenants contained in this Agreement or in
         the Warrants to be complied with by the Company.

                                       17
<PAGE>

                  (c) The Warrant Agent may execute and exercise any of the
         rights or powers hereby vested in it or perform any duty hereunder
         either itself (through its employees) or by or through its attorneys or
         agents (which shall not include its employees) and shall not be
         responsible for the misconduct of any attorney or agent appointed with
         due care.

                  (d) The Warrant Agent may consult at any time with legal
        counsel satisfactory to it (who may be counsel for the Company), and the
        Warrant Agent shall incur no liability or responsibility to the Company
        or to any holder in respect of any action taken, suffered or omitted by
        it hereunder in good faith and in accordance with the opinion or the
        advice of such counsel.

                  (e) Whenever in the performance of its duties under this
        Agreement the Warrant Agent shall deem it necessary or desirable that
        any fact or matter be proved or established by the Company prior to
        taking or suffering any action hereunder, such fact or matter (unless
        such evidence in respect thereof be herein specifically prescribed) may
        be deemed conclusively to be proved and established by a certificate
        signed by the Chairman of the Board, the President, one of the Vice
        Presidents, the Treasurer or the Secretary of the Company and delivered
        to the Warrant Agent; and such certificate shall be full authorization
        to the Warrant Agent for any action taken or suffered in good faith by
        it under the provisions of this Agreement in reliance upon such
        certificate.

                  (f) The Company agrees to pay the Warrant Agent such
         compensation for all services rendered by the Warrant Agent in the
         performance of its duties under this Agreement as may be separately
         agreed in writing, to reimburse the Warrant Agent for all expenses,
         taxes and governmental charges and other charges of any kind and nature
         incurred by the Warrant Agent in the performance of its duties under
         this Agreement (including, without limitation, reasonable fees and
         expenses of counsel), and to indemnify the Warrant Agent and its
         agents, employees, directors, officers and affiliates and save it and
         them harmless against any and all liabilities, losses and expenses,
         including, without limitation, judgments, costs and counsel fees, for
         anything done or omitted by the Warrant Agent in the performance of its
         duties under this Agreement, except as a result of the Warrant Agent's
         negligence or bad faith. The provisions of this paragraph shall survive
         the resignation or removal of the Warrant Agent and the termination of
         this Agreement.

                  (g) The Warrant Agent shall be under no obligation to
         institute any action, suit or legal proceeding or to take any other
         action likely to involve expense unless the Company or one or more
         holders shall furnish the Warrant Agent with reasonable security and
         indemnity for any costs and expenses which may be incurred, but this
         provision shall not affect the power of the Warrant Agent to take such
         action as the Warrant Agent may consider proper, whether with or
         without any such security or indemnity. All rights of action under this
         Agreement or under any of the Warrants may be enforced by the Warrant
         Agent without the possession of any of the Warrants or the production
         thereof at any trial or other proceeding relative thereto, and any such
         action, suit or proceeding instituted by the Warrant Agent shall be
         brought in its name as Warrant Agent, and any recovery of judgment
         shall be for the ratable benefit of the holders, as their respective
         rights or interests may appear.

                                       18
<PAGE>

                  (h) The Warrant Agent and any stockholder, director, officer
         or employee ("Related Parties") of the Warrant Agent may buy, sell or
         deal in any of the Warrants or other securities of the Company or
         become pecuniarily interested in any transactions in which the Company
         may be interested, or contract with or lend money to the Company or
         otherwise act as fully and freely as though it were not Warrant Agent
         under this Agreement or such director, officer or employee. Nothing
         herein shall preclude the Warrant Agent or any Related Party from
         acting in any other capacity for the Company or for any other legal
         entity including, without limitation, acting as Transfer Agent or as a
         lender to the Company or an affiliate thereof.

                  (i) The Warrant Agent shall act hereunder solely as agent, and
         its duties shall be determined solely by the provisions thereof. The
         Warrant Agent shall not be liable for anything which it may do or
         refrain from doing in connection with this Agreement except for its own
         negligence or bad faith. No implied duties or obligations shall be read
         into this Agreement against the Warrant Agent.

                  (j) The Warrant Agent will not incur any liability or
         responsibility to the Company or to any holder for any action taken in
         reliance on any notice, resolution, waiver, consent, order,
         certificate, or other paper, document or instrument reasonably believed
         by it to be genuine and to have been signed, sent or presented by the
         proper party or parties.

                  (k) The Warrant Agent shall not be under any responsibility in
         respect of the validity of this Agreement or the execution and delivery
         hereof (except the due execution hereof by the Warrant Agent) or in
         respect of the validity or execution of any Warrant (except its
         countersignature thereof); nor shall the Warrant Agent by any act
         hereunder be deemed to make any representation or warranty as to the
         authorization or reservation of any Warrant Shares (or other stock) to
         be issued pursuant to this Agreement or any Warrant, or as to whether
         any Warrant Shares (or other stock) will, when issued, be validly
         issued, fully paid and nonassessable, or as to the Exercise Price or
         the number or amount of Warrant Shares or other securities or other
         property issuable upon exercise of any Warrant.

                  (l) The Warrant Agent is hereby authorized and directed to
         accept instructions with respect to the performance of its duties
         hereunder from the Chairman of the Board, the President, Treasurer any
         Vice President or the Secretary of the Company, and to apply to such
         officers for advice or instructions in connection with its duties, and
         shall not be liable for any action taken or suffered to be taken by it
         in good faith and without negligence in accordance with instructions of
         any such officer or officers.

                  (m) By countersigning Warrant Certificates or by any other act
         hereunder the Warrant Agent shall not be deemed to make any
         representations as to validity or authorization of the Warrants or the
         Warrant Certificates (except as to its countersignature thereon) or of
         any securities or other property delivered upon exercise or tender of
         any Warrant, or as to the accuracy of the computation of the Exercise
         Price or the number or kind or amount of stock or other securities or
         other property deliverable upon exercise of any Warrant or the
         correctness of the representations of the Company made in any
         certifications that the Warrant Agent receives.

                                       19
<PAGE>

         The Warrant Agent shall not have any duty to calculate or determine any
         adjustments with respect either to the Exercise Price or the kind and
         amount of shares or other securities or any property receivable by
         holders of Warrants upon the exercise or tender of Warrants required
         from time to time, and the Warrant Agent shall have no duty or
         responsibility in determining the accuracy or correctness of any such
         calculation.

         SECTION 18. Change of Warrant Agent. The Warrant Agent may resign and
be discharged from its duties under this Agreement by giving to the Company 30
days' notice in writing. The Warrant Agent may be removed by like notice to the
Warrant Agent from the Company. If the Warrant Agent shall resign or be removed
or shall otherwise become incapable of acting, the Company shall appoint a
successor to the Warrant Agent. If the Company shall fail to make such
appointment within a period of 30 days after such removal or after it has been
notified in writing of such resignation or incapacity by the resigning or
incapacitated Warrant Agent or by any holder (who shall with such notice submit
his Warrant for inspection by the Company), then the resigning or removed
Warrant Agent or any holder may apply to any court of competent jurisdiction for
the appointment of a successor to the Warrant Agent. Pending appointment of a
successor to the Warrant Agent, either by the Company or by such court, the
duties of the Warrant Agent shall be carried out by the Company. Any successor
warrant agent, whether appointed by the Company or such a court, shall be a bank
or trust company in good standing, incorporated under the laws of the United
States of America or any State thereof or the District of Columbia and having at
the time of its appointment as warrant agent a combined capital and surplus of
at least $250,000,000. After appointment, the successor warrant agent shall be
vested with the same powers, rights, duties and responsibilities as if it had
been originally named as Warrant Agent without further act or deed; but the
former Warrant Agent shall deliver and transfer to the successor warrant agent
any property at the time held by it hereunder, and execute and deliver any
further assurance, conveyance, act or deed necessary for such purpose. Failure
to file any notice provided for in this Section 18, however, or any defect
therein, shall not affect the legality or validity of the resignation or removal
of the Warrant Agent or the appointment of the successor warrant agent, as the
case may be. In the event of such resignation or removal, the Company or the
successor warrant agent shall mail by first class mail, postage prepaid, to each
Holder, written notice of such removal or resignation and the name and address
of such successor warrant agent.

         SECTION 19. Identity of Transfer Agent. Forthwith upon the appointment
of any Transfer Agent for the Class A Common Stock or the Class E Common Stock,
or any other shares of the Company's capital stock issuable upon the exercise of
the Warrants, the Company shall file with the Warrant Agent (or if the Company
is the Warrant Agent, deliver to the Warrantholders) a statement setting forth
the name and address of such Transfer Agent.

         SECTION 20. Certain Defined Terms. Defined terms used in this Agreement
shall, unless the context otherwise requires, have the meanings specified below.
Certain additional terms are set forth elsewhere in this Agreement. Any
reference to any section of applicable law shall be deemed to include successor
provisions thereto.

         "Affiliate" of any specified Person means (i) any other Person,
directly or indirectly, controlling or controlled by or under direct or indirect
common control with such specified

                                       20
<PAGE>

person; (ii) any other Person that owns, directly or indirectly, 5% or more of
such specified Person's Voting Stock; or (iii) any Person who is a director or
officer (a) of such person, (b) of any Subsidiary of Such Person or (c) any
Person described in clause (1) or (2) above.

         "Capital Stock" means, with respect to any Person, any and all shares,
interests, participations, rights in or other equivalents (however designated
and whether voting or non-voting) of, such Person's capital stock, whether
outstanding on the Issue Date or issued after the Issue Date, and any and all
rights (other than any evidence of indebtedness), warrants or options
exchangeable for or convertible into such capital stock.

         "Common Stock" means all shares of Capital Stock of the Company,
whether or not denominated as "common stock" which are entitled to share ratably
in the ordinary dividends of the Company or share ratably in the proceeds of any
liquidation of the Company after the payment of all preferential claims, and
shall include, without limitation, the Class A Common Stock, Class B Common
Stock, Class C Common Stock, Class D Common Stock or Class E Common Stock of the
Company authorized on the Issue Date.

         "Convertible Security" shall mean any securities convertible or
exercisable or exchangeable into Common Stock of the Company of the same class
as Warrant Shares, whether outstanding on the Issue Date or thereafter issued.

         "Current Market Value" per share of any class or series of Common Stock
of the Company at any date shall mean (i) if no class or series of Common Stock
is then (A) registered under the Exchange Act and (B) traded on a national
securities exchange or on the NASDAQ National Market System, (a) the value of
such class or series of Common Stock, determined in good faith by the board of
directors of the Company and certified in a board resolution, taking into
account the most recently completed arms-length transaction between the Company
and a Person other than an Affiliate of the Company and the closing of which
occurs on such date or shall have occurred within the six-month period preceding
such date, or (b) if no such transaction shall have occurred on such date or
within such six-month period, the fair market value of the security as
determined by a nationally recognized Independent Financial Expert, provided
that, in the case of the calculation of Current Market Value for determining the
cash value of fractional shares, any such determination within six months that
is, in the good faith judgment of the board of directors, a reasonable
determination of value, may be utilized) or (ii) (a) if any class or series of
Common Stock is then (A) registered under the Exchange Act and (B) traded on a
national securities exchange or on the NASDAQ National Market System, the
average of the daily closing sales prices of such class or series of Common
Stock for the 20 consecutive trading days immediately preceding such date, or
(b) if such class or series of Common Stock has been registered under the
Exchange Act and traded on a national securities exchange or on the NASDAQ
National Market System for less than 20 consecutive trading days before such
date, then the average of the daily closing sales prices for all of the trading
days before such date for which closing sales prices are available, in the case
of each of (ii)(a) and (ii)(b), as certified to the Warrant Agent by the chief
executive officer, the president, any executive vice president or the chief
financial officer of the Company. The closing sales price for each such trading
day shall be the closing sales price, regular way, on such day, or if no sale
takes place on such day, the average of the closing bid and asked prices on such
day.

                                       21
<PAGE>

         "Exchange Act" means the Securities Exchange Act of 1934, as amended.

         "Independent Financial Expert" means a nationally recognized
independent financial expert, investment banking firm or accounting firm.

         "Issue Date" means the date of this Agreement.

         "Person" means any individual, corporation, limited liability company,
partnership, joint venture, association, joint-stock company, trust,
unincorporated organization or government or any agency or political subdivision
thereof.

         "Subsidiary" means with respect to any Person, (i) any corporation,
association or other business entity of which more than 50% of the total voting
power of shares of Capital Stock entitled (without regard to the occurrence of
any contingency) to vote in the election of directors, managers or trustees
thereof is at the time owned or controlled, directly or indirectly, by such
Person or one or more other Subsidiaries of that Person (or a combination
thereof); and (ii) any partnership (a) the sole general partner or the managing
general partner of which is such Person or a Subsidiary of such Person or (b)
the only general partners of which are such Person or one or more Subsidiaries
of such Person (or any combination thereof).

         "Time of Determination" means, (i) in the case of any distribution of
securities or other property to existing shareholders to which Section 12(b) or
(c) applies, the time and date of the determination of shareholders entitled to
receive such securities or property or (ii) in the case of any other issuance
and sale to which Section 12(b) or (c) applies, the time and date of such
issuance or sale.

         "Voting Stock" of any Person means any Capital Stock of such Person
that is at the time entitled to vote in the election of the Board of Directors
of such Person.

         SECTION 21. Successors. All the covenants and provisions of this
Agreement by or for the benefit of the Company, the Warrant Agent or any holder
of Warrants shall bind and inure to the benefit of their respective successors
and assigns hereunder.

         SECTION 22. Termination. This Agreement shall terminate on the
Expiration Date. Notwithstanding the foregoing, this Agreement will terminate on
any earlier date if all Warrants have been exercised or redeemed pursuant to
this Agreement or the Articles.

         SECTION 23. Governing Law. This Agreement and each Warrant Certificate
issued hereunder shall be deemed to be a contract made under the laws of the
State of New York and shall be governed by and construed in accordance with the
laws of said State, without regard to the conflict of law rules thereof.

         SECTION 24. Benefits of This Agreement. Nothing in this Agreement shall
be construed to give to any person or corporation other than the Company, the
Warrant Agent and the registered holders of the Warrant Certificates any legal
or equitable right, remedy or claim under this Agreement; but this Agreement
shall be for the sole and exclusive benefit of the Company, the Warrant Agent
and the registered holders of the Warrant Certificates.

                                       22
<PAGE>

         SECTION 25. Counterparts. This Agreement may be executed in any number
of counterparts and each of such counterparts shall for all purposes be deemed
to be an original, and all such counterparts shall together constitute but one
and the same instrument.

                                       23
<PAGE>

                  IN WITNESS WHEREOF, the parties hereto have caused this
Agreement to be duly executed, as of the day and year first above written.

                                        JOSTENS, INC.

                                        By:  /s/ Lee U. McGrath
                                           ----------------------------
                                           Name:  Lee U. McGrath
                                           Title: Managing Director

                                        THE BANK OF NEW YORK
                                        as Warrant Agent

                                        By:  /s/ Terence Rawlins
                                           ----------------------------
                                           Name:  Terence Rawlins
                                           Title: Assistant Vice President

                                       24
<PAGE>

                      [FORM OF FACE OF WARRANT CERTIFICATE]

THIS SECURITY HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED (THE "SECURITIES ACT"), OR THE SECURITIES LAWS OF ANY STATE OR OTHER
JURISDICTION. NEITHER THIS SECURITY NOR ANY INTEREST OR PARTICIPATION HEREIN MAY
BE REOFFERED, SOLD, ASSIGNED, TRANSFERRED, PLEDGED, ENCUMBERED OR OTHERWISE
DISPOSED OF IN THE ABSENCE OF SUCH REGISTRATION OR UNLESS SUCH TRANSACTION IS
EXEMPT FROM, OR NOT SUBJECT TO, SUCH REGISTRATION.

IN CONNECTION WITH ANY TRANSFER, THE HOLDER WILL DELIVER TO THE COMPANY SUCH
CERTIFICATES AND OTHER INFORMATION AS THE COMPANY MAY REASONABLY REQUIRE TO
CONFIRM THAT THE TRANSFER COMPLIES WITH THE FOREGOING RESTRICTIONS.

THIS SECURITY IS ALSO SUBJECT TO A SHAREHOLDERS AGREEMENT, DATED AS OF MAY 10,
2000, AMONG THE COMPANY, INVESTCORP INVESTMENT EQUITY LIMITED, THE OTHER HOLDERS
OF THE CLASS D COMMON STOCK OF THE COMPANY AND DB CAPITAL INVESTORS L.P. A COPY
OF SUCH SHAREHOLDERS AGREEMENT MAY BE OBTAINED WITHOUT CHARGE AND UPON REQUEST
ADDRESSED TO THE SECRETARY OF THE COMPANY AT THE REGISTERED OFFICE OF THE
COMPANY.

THE WARRANTS REPRESENTED BY THIS CERTIFICATE MAY BE REQUIRED TO BE EXERCISED
UPON THE DEMAND OF THE COMPANY, UPON THE OCCURRENCE OF CERTAIN EVENTS SPECIFIED
IN THE AMENDED AND RESTATED ARTICLES OF INCORPORATION OF THE COMPANY. THE
COMPANY WILL FURNISH WITHOUT CHARGE TO EACH HOLDER WHO SO REQUESTS A COPY OF THE
AMENDED AND RESTATED ARTICLES OF INCORPORATION OF THE COMPANY.

THIS SECURITY IS SUBJECT TO MANDATORY REDEMPTION BY THE COMPANY. SUCH REDEMPTION
CAN BE ACCOMPLISHED WITHOUT THE CERTIFICATES REPRESENTING SUCH SECURITIES BEING
SURRENDERED AND WHETHER OR NOT THE COMPANY GIVES NOTICE OF SUCH REDEMPTION. THE
COMPANY WILL FURNISH WITHOUT CHARGE TO EACH SECURITYHOLDER WHO SO REQUESTS A
FULL STATEMENT OF THE DESIGNATIONS, PREFERENCES, LIMITATIONS AND RELATIVE RIGHTS
OF EACH CLASS OF STOCK OR SERIES OF STOCK OF THE CORPORATION AUTHORIZED TO BE
ISSUED, SO FAR AS THEY HAVE BEEN DETERMINED, AND THE AUTHORITY OF THE BOARD OF
DIRECTORS TO DETERMINE THE RELATIVE RIGHTS AND PREFERENCES OF SUBSEQUENT CLASSES
OR SERIES.

                                       25
<PAGE>

No. [     ]

                      CLASS E COMMON STOCK PURCHASE WARRANT
                                       OF
                                  JOSTENS, INC.

THIS CERTIFIES THAT [                             ], or its registered assigns,
is the registered holder of ____________________ Class E Common Stock Purchase
Warrants (the "Warrants"). Each Warrant entitles the holder thereof (the
"Holder"), at its option and subject to the provisions contained herein and in
the Warrant Agreement referred to below, to purchase from Jostens, Inc., a
Minnesota corporation (the "Company"), one (1) share of Class E Common Stock,
par value $0.01 per share, of the Company (the "Common Stock") at the per share
exercise price of $0.01 (the "Exercise Price") or by Cashless Exercise referred
to below. This Warrant Certificate shall terminate and become void as of the
close of business on May 1, 2011 (the "Expiration Date") or upon the exercise
hereof as to all the shares of Class E Common Stock subject hereto. The number
of shares issuable upon exercise of the Warrants shall be subject to adjustment
from time to time as set forth in the Warrant Agreement (as defined).

This Warrant Certificate is issued under and in accordance with a Warrant
Agreement dated as of May 10, 2000 (the "Warrant Agreement"), between the
Company and The Bank of New York, as Warrant Agent, and is subject to the terms
and provisions contained in the Warrant Agreement, to all of which terms and
provisions the Holder of this Warrant Certificate consents by acceptance hereof.
The Warrant Agreement is hereby incorporated herein by reference and made a part
hereof. Reference is hereby made to the Warrant Agreement for a full statement
of the respective rights, limitations of rights, duties and obligations of the
Company and the Warrantholders. Capitalized terms used but not defined herein
shall have the meanings ascribed thereto in the Warrant Agreement. A copy of the
Warrant Agreement may be obtained for inspection by the Holder hereof upon
written request to the Company at 5501 Norman Center Drive, Minneapolis,
Minnesota 55437, Attn: General Counsel.

Subject to the terms of the Warrant Agreement, the Warrants may be exercised
upon surrender at the office or agency of the Company maintained for such
purpose, which initially will be the principal office of the Company of the
certificate or certificates evidencing the Warrants to be exercised with the
form of election to purchase on the reverse thereof duly filled in and signed,
which signature shall be guaranteed by a participant in a recognized Signature
Guarantee Medallion Program, and upon payment to the Warrant Agent for the
account of the Company of the Exercise Price for the number of Warrant Shares in
respect of which such Warrants are then exercised. Payment of the aggregate
Exercise Price shall be made (i) in cash or by certified or official bank check
to the order of the Company in New York Clearing House Funds, (ii) by wire
transfer to an account specified by the Company on request of the Holder, such
request to be made not less than two Business Days prior to the proposed
exercise of the Warrants or (iii) without the payment of cash, by reducing the
number of shares of Common Stock obtainable upon the exercise of a Warrant and
payment of the Exercise Price in cash so as to yield a number

                                       26
<PAGE>

of shares of Common Stock upon the exercise of such Warrant equal to the product
of (A) the number of shares of Common Stock issuable as of the Exercise Date
upon the exercise of such Warrant (if payment of the Exercise Price were being
made in cash) and (B) the Cashless Exercise Ratio.

The Warrants shall be exercisable, either in full or from time to time in part
and, in the event that a certificate evidencing Warrants is exercised in respect
of fewer than all of the Warrant Shares issuable on such exercise at any time
prior to the date of expiration of the Warrants, a new certificate evidencing
the remaining Warrant or Warrants will be issued, and the Warrant Agent is
irrevocably authorized to countersign and to deliver the required new Warrant
Certificate or Certificates pursuant to the Warrant Agreement, and the Company,
whenever required by the Warrant Agent, will promptly supply the Warrant Agent
with Warrant Certificates duly executed on behalf of the Company for such
purpose.

This Warrant Certificate shall not be valid unless countersigned by the Warrant
Agent as such term is used in the Warrant Agreement.

As provided in the Warrant Agreement, the Exercise Rate is subject to adjustment
upon the happening of certain events.

The Company will pay all documentary stamp taxes attributable to the initial
issuance of Warrant Shares upon the exercise of Warrants; provided, however,
that the Company shall not be required to pay any tax or taxes which may be
payable in respect of any transfer involved in the issue of any Warrant
Certificates or any certificates for Warrant Shares in a name other than that of
the registered holder of a Warrant Certificate surrendered upon the exercise of
a Warrant, and the Company shall not be required to issue or deliver such
Warrant Certificates unless or until the person or persons requesting the
issuance thereof shall have paid to the Company the amount of such tax or shall
have established to the satisfaction of the Company that such tax has been paid.

The Company shall not be required to issue fractional Warrant Shares on the
exercise of Warrants. If more than one Warrant shall be presented for exercise
in full at the same time by the same holder, the number of full Warrant Shares
which shall be issuable upon the exercise thereof shall be computed on the basis
of the aggregate number of Warrant Shares purchasable on exercise of the
Warrants so presented. If any fraction of a Warrant Share would be issuable on
the exercise of any Warrants (or specified portion thereof), the Company shall
pay an amount in cash equal to the Current Market Value per share of the Class A
Common Stock of the Company on the day immediately preceding the date the
Warrant is presented for exercise, multiplied by such fraction.

All shares of Common Stock issuable by the Company upon the exercise of the
Warrants shall, upon such issue, be duly and validly issued and fully paid and
non-assessable.

The Company and the Warrant Agent may deem and treat Holders of the Warrant
Certificates as the absolute owners thereof (notwithstanding any notation of
ownership or other writing thereon made by anyone) for all purposes, and neither
the Company nor the Warrant Agent shall be affected by any notice to the
contrary.

                                       27
<PAGE>

The Warrants do not entitle any Holder hereof to any of the rights of a
stockholder of the Company.

                                        JOSTENS, INC.

                                        By:
                                           ------------------------------
                                           Name:
                                           Title:

Attest:

-------------------------------
Name:
Title:

DATED:

COUNTERSIGNED:

THE BANK OF NEW YORK,
as Warrant Agent

By:
   ------------------------------
       Authorized Signature

                                       28
<PAGE>

                   FORM OF ELECTION TO PURCHASE WARRANT SHARES
                 (to be executed only upon exercise of Warrants)

                                  JOSTENS, INC.

         The undersigned hereby irrevocably elects to exercise ________________
Warrants to acquire shares of Class E Common Stock, par value $0.01 per share,
of Jostens, Inc., (i) at an exercise price per share of Class E Common Stock of
$0.01 or (ii) through Cashless Exercise and otherwise on the terms and
conditions specified in the Warrant Certificate and the Warrant Agreement,
surrenders this Warrant Certificate and all right, title and interest therein to
Jostens, Inc. and directs that the shares of Class E Common Stock deliverable
upon the exercise of such Warrants be registered or placed in the name and at
the address specified below and delivered thereto.

                 Check method of exercise:

                 Exercise at $0.01 per share of Common Stock: ___

                 Cashless Exercise:  _____

Date:_____________________ , ______

_____________________________________________________________/1/
(Signature of Owner)

(Street Address)

_____________________________________________________________
(City)    (State)   (Zip Code)

Signature Guaranteed by:

_____________________________________________________________

----------
/1/      The signature must correspond with the name as written upon the face of
         the Warrant Certificate in every particular, without alteration or
         enlargement or any change whatever, and must be guaranteed by a
         national bank or trust company or by a member firm of any national
         securities exchange.

                                       29
<PAGE>

Securities and/or check to be issued to:

Please insert social security or identifying number:

Name:

Street Address:

City, State and Zip Code:

A new Warrant Certificate evidencing any unexercised Warrants evidenced by the
within Warrant Certificate is to be issued to:

Please insert social security or identifying number:

Name:

Street Address:

City, State and Zip Code:

                                       30
<PAGE>

                                 ASSIGNMENT FORM

To assign this Warrant, fill in the form below:

I or we assign and transfer this Warrant to

(Print or type assignee's name, address and zip code)
(Insert assignee's soc. sec. or tax I.D. No.)

and irrevocably appoint            agent to transfer this Warrant on the books
of the Company.  The agent may substitute another to act for him.

_____________________________________________________________

Date: __________  Your Signature: _______________________

_____________________________________________________________
The signature must correspond with the name as written upon the face of the
Warrant Certificate in every particular, without alteration or enlargement or
any change whatever, and must be guaranteed by a national bank or trust company
or by a member firm of any national securities exchange.

                                       31<PAGE>

                                                                     EXHIBIT 4.8

================================================================================

                  PREFERRED STOCK REGISTRATION RIGHTS AGREEMENT

                  =============================================

                            Dated as of May 10, 2000

                                  by and among

                                  JOSTENS, INC.

                                       and

                           DB CAPITAL INVESTORS, L.P.

================================================================================

<PAGE>

                                TABLE OF CONTENTS
                                -----------------
                                                                            Page
                                                                            ----

1.  Definitions..............................................................1

2.  Shelf Registration.......................................................3

3.  Additional Dividends.....................................................4

4.  Registration Procedures..................................................6

5.  Registration Expenses...................................................12

6.  Indemnification.........................................................12

7.  Rule 144................................................................15

8.  Underwritten Registrations..............................................15

9.  Miscellaneous...........................................................16

    (a)  No Inconsistent Agreements.........................................16
    (b)  Adjustments Affecting Transfer Restricted Securities...............16
    (c)  Amendments and Waivers.............................................16
    (d)  Notices............................................................16
    (e)  Successors and Assigns.............................................17
    (f)  Counterparts.......................................................17
    (g)  Headings...........................................................17
    (h)  Governing Law......................................................17
    (i)  Severability.......................................................18
    (j)  Preferred Stock Held by the Company or Their Affiliates............18
    (k)  Third Party Beneficiaries..........................................18
<PAGE>

                  PREFERRED STOCK REGISTRATION RIGHTS AGREEMENT
                  ---------------------------------------------

     This Preferred Stock Registration Rights Agreement (the "Agreement") is
dated as of May 10, 2000, by and between Jostens, Inc., a Minnesota corporation
(the "Company") and DB Capital Investors L.P., a Delaware limited partnership
(the "Purchaser") on its own behalf and on behalf of all subsequent holders of
Preferred Stock and Warrants (as defined below).

     This Agreement is entered into in connection with the Purchase Agreement,
dated as of May 10, 2000, between the Company and the Purchaser (the "Purchase
Agreement"), which provides for the sale by the Company to the Purchaser of
60,000 shares of the 14.0% Senior Redeemable Payment-in-Kind Preferred Stock
(the "Preferred Stock") with an aggregate liquidation preference of
$60,000,000.00, together with warrants to purchase an aggregate of 531,325
shares of Series E common stock of the Company (the "Warrants" and, together
with the Preferred Stock, the "Securities"). In order to induce the Purchaser to
enter into the Purchase Agreement, the Company has agreed to provide the
registration rights set forth in this Agreement for the benefit of the Purchaser
and their direct and indirect transferees. The execution and delivery of this
Agreement is a condition to the obligation of the Purchaser to purchase the
Securities under the Purchase Agreement.

     The parties hereby agree as follows:

     1. Definitions. As used in this Agreement, the following terms shall have
the following meanings:

          Advice: Has the meaning provided in the last paragraph of Section 4
     hereof.

          Additional Dividends: Has the meaning provided in Section 3(a) hereof.

          Agreement: Has the meaning provided in the first introductory
     paragraph hereto.

          Blackout Period: Has the meaning provided in Section 4(k) hereof.

          Certificate of Designation: The Certificate of Designation of the
     Powers, Preferences and Rights of 14% Senior Redeemable Payment-in-Kind
     Preferred Stock and Qualifications, Limitations and Restrictions Thereof.

          Company: Has the meaning provided in the first introductory paragraph
     hereto.

          Demand Date: The date on which Holders of a majority-in-interest of
     the outstanding liquidation preference of the Preferred Stock constituting
     Transfer Restricted Securities deliver a Demand Notice.

          Demand Notice: A notice signed by either (x) the Purchaser or (y)
     Holders of a majority-in-interest of the outstanding liquidation preference
     of the Preferred Stock constituting Transfer Restricted Securities,
     pursuant to which such Holders request the Company to effect the
     registration of Transfer Restricted Securities contemplated hereby.
<PAGE>

          Effectiveness Date: The 180th day after the Demand Date.

          Effectiveness Period: Has the meaning provided in Section 2(a) hereof.

          Event Date: Has the meaning provided in Section 3(b) hereof.

          Exchange Act: The Securities Exchange Act of 1934, as amended, and the
     rules and regulations of the SEC promulgated thereunder.

          Filing Date: The 120th day after the Demand Date.

          Holder: Any holder of Transfer Restricted Securities.

          Indemnified Person: Has the meaning provided in Section 6(c) hereof.

          Indemnifying Person: Has the meaning provided in Section 6(c) hereof.

          Inspectors: Has the meaning provided in Section 4(n) hereof.

          Issue Date: The date on which the Preferred Stock was sold to the
     Purchaser pursuant to the Purchase Agreement.

          NASD: Has the meaning provided in Section 4(p) hereof.

          Participant: Has the meaning provided in Section 6(a) hereof.

          Persons: An individual, trustee, corporation, partnership, limited
     liability company, joint stock company, trust, unincorporated association,
     union, business association, firm or other legal entity.

          Preferred Stock: Has the meaning provided in the second introductory
     paragraph hereof.

          Prospectus: The prospectus included in the Shelf Registration
     Statement (including, without limitation, any prospectus subject to
     completion and a prospectus that includes any information previously
     omitted from a prospectus filed as part of an effective registration
     statement in reliance upon Rule 430A promulgated under the Securities Act),
     as amended or supplemented by any prospectus supplement, and all other
     amendments and supplements to the Prospectus, with respect to the terms of
     the offering of any portion of the Transfer Restricted Securities covered
     by the Shelf Registration Statement including post-effective amendments,
     and all material incorporated by reference or deemed to be incorporated by
     reference in such Prospectus.

          Purchase Agreement: Has the meaning provided in the second
     introductory paragraph hereto.

          Purchaser: Has the meaning provided in the first introductory
     paragraph hereto.

                                       2
<PAGE>

          Records: Has the meaning provided in Section 4(n) hereof.

          Rule 415: Rule 415 promulgated under the Securities Act, as such Rule
     may be amended from time to time, or any similar rule or regulation
     hereafter adopted by the SEC.

          Rule 144(k): Rule 144(k) promulgated under the Securities Act, as such
     rule may be amended from time to time, or any similar rule (other than Rule
     144A) or regulation hereafter adopted by the SEC as a replacement thereto
     having substantially the same effect as such rule.

          SEC: The United States Securities and Exchange Commission.

          Securities: Has the meaning provided in the second introductory
     paragraph hereof.

          Securities Act: The Securities Act of 1933, as amended, and the rules
     and regulations of the SEC promulgated thereunder.

          Shelf Registration Statement: shall mean a "shelf" registration
     statement of the Company which covers all of the Transfer Restricted
     Securities on an appropriate form under Rule 415 under the Securities Act,
     or any similar rule that may be adopted by the SEC, and all amendments and
     supplements to such registration statement, including post-effective
     amendments, in each case including the Prospectus contained therein, all
     exhibits thereto and all material incorporated by reference therein.

          Transfer Restricted Securities: Each share of Preferred Stock (no
     matter when issued) upon original issuance of such Preferred Stock and at
     all times subsequent thereto and all Warrants issued pursuant to the
     Purchase Agreement or otherwise issued in respect of the Preferred Stock,
     until, in the case of any such Security, the earliest to occur of (i) the
     Shelf Registration Statement covering such Security has been declared
     effective by the SEC and such Security has been disposed of in accordance
     with such effective Shelf Registration Statement, (ii) such Security is or
     may be sold in compliance with Rule 144(k) or any successor provision, or
     (iii) such Security ceases to be outstanding.

          Underwritten registration or underwritten offering: A registration in
     which securities of the Company are sold to an underwriter for reoffering
     to the public.

          Warrants: Has the meaning provided in the second introductory
     paragraph hereof.

     2. Shelf Registration. (a) Shelf Registration. At any time after the Issue
Date, either (x) the Purchaser or (y) the Holders of a majority-in-interest of
the outstanding liquidation preference of the Preferred Stock constituting
Transfer Restricted Securities may file with the Company a Demand Notice
requesting the Company to file the Shelf Registration Statement and otherwise
effect the registration of Transfer Restricted Securities contemplated hereby.
Upon receiving a Demand Notice, the Company shall file with the SEC no later
than the Filing Date the Shelf Registration Statement for an offering to be made
on a continuous basis pursuant to Rule 415 covering all of the Transfer
Restricted Securities (including shares of Preferred Stock constituting
Additional Dividends issued during the Effectiveness Period as

                                       3
<PAGE>

dividends in respect of outstanding shares of Preferred Stock). The Shelf
Registration Statement shall be on Form S-3 or another appropriate form
permitting registration of such Transfer Restricted Securities for resale by any
Holder in the manner or manners designated by it (including, without limitation,
one or more underwritten offerings). Upon receipt of a Demand Notice, the
Company shall promptly (but in any event within ten (10) days) give written
notice of such receipt to all Holders of Transfer Restricted Securities.

     The Company shall use its reasonable best efforts to cause the Shelf
Registration Statement to be declared effective under the Securities Act by the
Effectiveness Date and to keep the Shelf Registration Statement continuously
effective under the Securities Act until the date which is two years from the
date on which the Shelf Registration Statement first becomes effective (the
"Effectiveness Period"), subject to extension pursuant to the last paragraph of
Section 4 hereof subject to extension pursuant to the last sentence of Section
4(k) hereof, or such shorter period ending when all Holders of shares of
Transfer Restricted Securities have sold all shares of Transfer Restricted
Securities held by them.

     No action taken by the Company that results in a Blackout Period shall be
considered to constitute a failure of the Company to use its reasonable best
efforts under this Section 2(a).

          (b) Withdrawal of Stop Orders. If the Shelf Registration Statement
     ceases to be effective for any reason at any time during the Effectiveness
     Period (other than because of the sale of all of the securities registered
     thereunder), the Company shall use its reasonable best efforts to obtain
     the prompt withdrawal of any order suspending the effectiveness thereof..
     No action taken by the Company that results in a Blackout Period shall be
     considered to constitute a failure of the Company to use its reasonable
     best efforts under this Section 2(b).

          (c) Supplements and Amendments. The Company shall promptly supplement
     and amend the Shelf Registration Statement other than during a Blackout
     Period, if required by the rules, regulations or instructions applicable to
     the registration form used for such Shelf Registration Statement, if
     required by the Securities Act, or if reasonably requested for such purpose
     by the Holders of a majority-in-interest of the outstanding liquidation
     preference of the Preferred Stock constituting Transfer Restricted
     Securities covered by such Shelf Registration Statement or by any
     underwriter of such Transfer Restricted Securities.

     3. Additional Dividends. (a) The Company and the Purchaser agree that the
Holders of Transfer Restricted Securities will suffer damages if the Company
fails to fulfill its obligations under Section 2 hereof and that it would not be
feasible to ascertain the extent of such damages with precision. Accordingly,
the Company agrees to pay, as liquidated damages and as the sole and exclusive
remedy therefor, additional dividends on the Preferred Stock constituting
Transfer Restricted Securities ("Additional Dividends") under the circumstances
and to the extent set forth below:

               (i) if the Shelf Registration Statement is not filed with the SEC
          on or prior to the Filing Date, Additional Dividends shall accrue on
          the Preferred Stock constituting Transfer Restricted Securities over
          and above the stated dividend rate at a rate of 0.25% per annum for
          the first 60 days commencing on the 121st day after the Issue Date,
          such

                                       4
<PAGE>

          Additional Dividend rate increasing by an additional 0.25% per annum
          at the beginning of each subsequent 90-day period;

               (ii) if the Shelf Registration Statement is not declared
          effective on or prior to the Effectiveness Date, Additional Dividends
          shall accrue on the Preferred Stock constituting Transfer Restricted
          Securities over and above the stated dividend rate at a rate of 0.25%
          per annum for the first 90 days commencing on the 181st day after the
          Issue Date, such Additional Dividend rate increasing by an additional
          0.25% per annum at the beginning of each subsequent 90-day period; or

               (iii) if the Shelf Registration Statement has been declared
          effective and such Shelf Registration Statement ceases to be effective
          at any time prior to the second anniversary of the date on which the
          Shelf Registration Statement (unless all shares of Transfer Restricted
          Securities have been sold thereunder), then Additional Dividends shall
          accrue on the Preferred Stock constituting Transfer Restricted
          Securities over and above the stated interest at a rate of 0.25% per
          annum for the first 90 days commencing on the day on which such Shelf
          Registration Statement ceases to be effective, such Additional
          Dividend rate increasing by an additional 0.25% per annum at the
          beginning of each subsequent 90-day period;

provided, however, that the Additional Dividends on the Preferred Stock
constituting Transfer Restricted Securities under clauses (i), (ii) and (iii)
above may not exceed in the aggregate 1.00% per annum in the aggregate; and
provided further, that (1) upon the filing of the Shelf Registration Statement
(in the case of clause (i) above), (2) upon the effectiveness of the Shelf
Registration Statement (in the case of (ii) above), or (3) upon the
effectiveness of the Shelf Registration Statement which had ceased to remain
effective (in the case of clause (iii) above), Additional Dividends on the
Transfer Restricted Securities as a result of such clause (or the relevant
subclause thereof), as the case may be, shall cease to accrue. Notwithstanding
anything to the contrary in this paragraph (a), no action taken by the Company
that results in a Blackout Period shall result in any Additional Dividends. The
sole and exclusive remedy of the Holders for the occurrence of any Blackout
Period shall be the extension of the Effectiveness Period for the same number of
days as the Blackout Period.

          (b) The Company shall notify the Purchaser and any transfer agent in
     respect of the Preferred Stock within three business day after each and
     every date on which an event occurs in respect of which Additional
     Dividends are required to be paid (an "Event Date"). The Company shall pay
     the Additional Dividends due on the Preferred Stock constituting Transfer
     Restricted Securities by paying or depositing with the transfer agent
     (which shall not be the Company for these purposes) for the Preferred Stock
     in trust, for the benefit of the holders thereof, prior to 11:00 A.M. on
     the next dividend payment date specified by the Certificate of Designation,
     sums of cash and/or additional shares of Preferred Stock sufficient to pay
     the Additional Dividends then due. Any Additional Dividends due pursuant to
     clauses (a)(i), (a)(ii) or (a)(iii) of this Section 3 will be payable to
     the Holders of affected Preferred Stock quarterly on each dividend payment
     date specified by the Certificate of Designation to the record holders
     entitled to receive the dividend payment to be made on such date,
     commencing with the first such date occurring after any such Additional
     Dividends commence to accrue. The amount of Additional Dividends will be
     determined by multiplying the applicable Additional Dividend rate

                                       5
<PAGE>

     by the aggregate liquidation preference of the affected Preferred Stock of
     such Holders, multiplied by a fraction, the numerator of which is the
     number of days such Additional Dividend rate was applicable during such
     period (determined on the basis of a 360-day year comprised of twelve
     30-day months and, in the case of a partial month, the actual number of
     days elapsed), and the denominator of which is 360.

     4. Registration Procedures. In connection with the filing of the Shelf
Registration Statement pursuant to Section 2 hereof, the Company shall effect
such registration(s) to permit the sale of the securities covered thereby in
accordance with the intended method or methods of disposition thereof, and
pursuant thereto and in connection with the Shelf Registration Statement filed
by the Company hereunder, the Company shall:

          (a) Prepare and file with the SEC on or prior to the Filing Date the
     Shelf Registration Statement as prescribed by Section 2 hereof, and use its
     reasonable best efforts to cause such Shelf Registration Statement to
     become effective and remain effective as provided herein; provided,
     however, that the Company shall, if requested in writing, furnish to and
     afford the Holders of the Transfer Restricted Securities covered by such
     Shelf Registration Statement, their counsel and the managing underwriters,
     if any, a reasonable opportunity to review copies of all such documents
     (including copies of any documents to be incorporated by reference therein
     and all exhibits thereto) proposed to be filed (in each case at least five
     (5) business days prior to such filing). The Company shall not file any
     Registration Statement or Prospectus or any amendments or supplements
     thereto in respect of which the Holders must be afforded an opportunity to
     review prior to the filing of such document under the immediately preceding
     sentence, if the Holders of a majority in aggregate principal amount of the
     Transfer Restricted Securities covered by the Shelf Registration Statement,
     their counsel, or the managing underwriters, if any, shall reasonably
     object directly to the Company in writing, on the grounds that such
     Registration Statement or Prospectus or amendment or supplement thereto
     does not comply in all material respects with the requirements of the
     Securities Act or the rules and regulations thereunder.

          (b) Prepare and file with the SEC such amendments and post-effective
     amendments to the Shelf Registration Statement, other than during a
     Blackout Period, as may reasonably be necessary to keep such Shelf
     Registration Statement continuously effective for the Effectiveness Period,
     cause the related Prospectus to be supplemented by any Prospectus
     supplement required by applicable law, and as so supplemented to be filed
     pursuant to Rule 424 (or any similar provisions then in force) promulgated
     under the Securities Act; and comply with the provisions of the Securities
     Act and the Exchange Act applicable to it with respect to the disposition
     of all securities covered by such Shelf Registration Statement as so
     amended or in such Prospectus as so supplemented.

          (c) Notify the selling Holders of Transfer Restricted Securities,
     their counsel and the managing underwriters, if any, promptly (but in any
     event within two business days), and, if requested, confirm such notice in
     writing, (i) when a Prospectus or any Prospectus supplement or
     post-effective amendment has been filed, and, with respect to the Shelf
     Registration Statement or any post-effective amendment, when the same has
     become effective under the Securities Act (including in such notice a
     written statement that any Holder may, upon request, obtain, at the sole
     expense of the Company, one conformed copy of such Shelf

                                       6
<PAGE>

     Registration Statement or post-effective amendment including financial
     statements and schedules, documents incorporated or deemed to be
     incorporated by reference and exhibits), (ii) of the issuance by the SEC of
     any stop order suspending the effectiveness of the Shelf Registration
     Statement or of any order preventing or suspending the use of any
     preliminary prospectus or the initiation of any proceedings for that
     purpose, (iii) of the receipt by the Company of any notification with
     respect to the suspension of the qualification or exemption from
     qualification of the Shelf Registration Statement, (iv) of the happening of
     any event, the existence of any condition or any information becoming known
     that makes any statement made in such Shelf Registration Statement or
     related Prospectus or any document incorporated or deemed to be
     incorporated therein by reference untrue in any material respect or that
     requires the making of any changes in or amendments or supplements to such
     Shelf Registration Statement, Prospectus or documents so that, in the case
     of the Shelf Registration Statement, it will not contain any untrue
     statement of a material fact or omit to state any material fact required to
     be stated therein or necessary to make the statements therein not
     misleading, and that in the case of the Prospectus, it will not contain any
     untrue statement of a material fact or omit to state any material fact
     required to be stated therein or necessary to make the statements therein,
     in light of the circumstances under which they were made, not misleading,
     and (v) of the determination by the Company that a post-effective amendment
     to the Shelf Registration Statement would be appropriate.

          (d) Use its reasonable best efforts to prevent the issuance of any
     order suspending the effectiveness of the Shelf Registration Statement or
     of any order preventing or suspending the use of a Prospectus or suspending
     the qualification (or exemption from qualification) of any of the Transfer
     Restricted Securities for sale in any jurisdiction, and, if any such order
     is issued, to use its reasonable best efforts to obtain the withdrawal of
     any such order at the earliest possible moment. No action taken by the
     Company that results in a Blackout Period shall be considered to constitute
     a failure of the Company to use its reasonable best efforts under this
     Section 4(d).

          (e) If requested, other than in a Blackout Period, by the managing
     underwriter or underwriters (if any), or the Holders of a majority in
     aggregate principal amount of the Transfer Restricted Securities being sold
     in connection with an underwritten offering, (i) promptly incorporate in a
     prospectus supplement or post-effective amendment such information as the
     managing underwriter or underwriters (if any), such Holders, or counsel for
     any of them reasonably request to be included therein, (ii) make all
     required filings of such prospectus supplement or such post-effective
     amendment as soon as practicable after the Company has received
     notification of the matters to be incorporated in such prospectus
     supplement or post-effective amendment, and (iii) supplement or make
     amendments to such Shelf Registration Statement.

          (f) Furnish to each selling Holder of Transfer Restricted Securities
     who so requests and to such Holder's counsel and each managing underwriter,
     if any, at the sole expense of the Company, one conformed copy of the Shelf
     Registration Statement and each post-effective amendment thereto, including
     financial statements and schedules, and, if requested, all documents
     incorporated or deemed to be incorporated therein by reference and all
     exhibits.

                                       7
<PAGE>

          (g) Deliver to each selling Holder of Transfer Restricted Securities,
     their counsel, and the underwriter, if any, at the sole expense of the
     Company, as many copies of the Prospectus or Prospectuses (including each
     form of preliminary prospectus) and each amendment or supplement thereto
     and any documents incorporated by reference therein as such Persons may
     reasonably request; and, subject to the last paragraph of this Section 4,
     the Company hereby consents to the use of such Prospectus and each
     amendment or supplement thereto by each of the selling Holders of Transfer
     Restricted Securities and the underwriter, if any, in connection with the
     offering and sale of the Transfer Restricted Securities covered by such
     Prospectus and any amendment or supplement thereto.

          (h) Prior to any public offering of Transfer Restricted Securities to
     use its reasonable best efforts to register or qualify such Transfer
     Restricted Securities (and to cooperate with selling Holders of Transfer
     Restricted Securities, each managing underwriter or underwriters, if any,
     and their respective counsel in connection with the registration or
     qualification (or exemption from such registration or qualification) of
     such Transfer Restricted Securities) for offer and sale under the
     securities or Blue Sky laws of such jurisdictions within the United States
     as any selling Holder, or the managing underwriter or underwriters
     reasonably request in writing; provided, however, that where Transfer
     Restricted Securities are offered other than through an underwritten
     offering, the Company agrees to cause their counsel to perform Blue Sky
     investigations and file registrations and qualifications required to be
     filed pursuant to this Section 4(h); keep each such registration or
     qualification (or exemption therefrom) effective during the period the
     Shelf Registration Statement is required to be kept effective and do any
     and all other acts or things reasonably necessary or advisable to enable
     the disposition in such jurisdictions of the Transfer Restricted Securities
     covered by the Shelf Registration Statement; provided, however, that the
     Company shall not be required to (A) qualify generally to do business in
     any jurisdiction where it is not then so qualified, (B) take any action
     that would subject it to general service of process in any such
     jurisdiction where it is not then so subject or (C) subject itself to
     taxation in excess of a nominal dollar amount in any such jurisdiction
     where it is not then so subject.

          (i) Cooperate with the selling Holders of Transfer Restricted
     Securities and the managing underwriter or underwriters, if any, to
     facilitate the timely preparation and delivery of certificates representing
     Transfer Restricted Securities to be sold, which certificates shall not
     bear any restrictive legends and shall be in a form eligible for deposit
     with The Depository Trust Company; and enable such Transfer Restricted
     Securities certificates to be in such denominations and registered in such
     names as the managing underwriter or underwriters, if any, or Holders may
     reasonably request.

          (j) Use its reasonable best efforts to cause the Transfer Restricted
     Securities covered by the Shelf Registration Statement to be registered
     with or approved by such other governmental agencies or authorities as may
     be necessary to enable the Holders thereof or the underwriter, if any, to
     dispose of such Transfer Restricted Securities, except as may be required
     solely as a consequence of the nature of a selling Holder's business, in
     which case the Company will cooperate in all reasonable respects with the
     filing of the Shelf Registration Statement and the granting of such
     approvals.

                                       8
<PAGE>

          (k) Upon the occurrence of any event contemplated by paragraph
     4(c)(iv) or 4(c)(v) hereof, as promptly as practicable prepare and (subject
     to Section 4(a) hereof) file with the SEC, at the sole expense of the
     Company, a supplement or post-effective amendment to the Shelf Registration
     Statement or a supplement to the related Prospectus or any document
     incorporated or deemed to be incorporated therein by reference, or file any
     other required document so that, as thereafter delivered to the purchasers
     of the Transfer Restricted Securities being sold thereunder any such
     Prospectus will not contain an untrue statement of a material fact or omit
     to state a material fact required to be stated therein or necessary to make
     the statements therein, in light of the circumstances under which they were
     made, not misleading; provided, that this Section 4(k) shall not be deemed
     to require the Company to disclose any information that, in the good faith
     opinion of the management of the Company, is not yet required to be
     disclosed and would not be in the best interests of the Company to disclose
     for that period of time (not to exceed 90 days in the aggregate in any 360
     day period) that in the good faith opinion of the management of the Company
     such information is not required to be disclosed (the "Blackout Period"),
     so long as the Company complies with all applicable laws and government
     regulations and the last paragraph of this Section 4. The Company shall
     promptly advise the Holders of Transfer Restricted Securities of any
     commencement of a Blackout Period. Upon termination of any such Blackout
     Period, the Company promptly shall advise the Holders of Transfer
     Restricted Securities. In the event of any Blackout Period, the
     Effectiveness Period shall be extended for a number of days equal to the
     duration of the Blackout Period.

          (l) Prior to the effective date of the Shelf Registration Statement
     relating to the Transfer Restricted Securities, provide a CUSIP number for
     the Warrants and the Preferred Stock.

          (m) In connection with any underwritten offering initiated by the
     Company of Transfer Restricted Securities pursuant to the Shelf
     Registration Statement, enter into an underwriting agreement as is
     customary in underwritten offerings of securities similar to the Preferred
     Stock and take all such other actions as are reasonably requested by the
     managing underwriter or underwriters in order to facilitate the
     registration or the disposition of such Transfer Restricted Securities and,
     in such connection, (i) make such representations and warranties to, and
     covenants with, the underwriters with respect to the business of the
     Company and its respective subsidiaries and the Shelf Registration
     Statement, Prospectus and documents, if any, incorporated or deemed to be
     incorporated by reference therein, in each case, as are customarily made by
     companies to underwriters in underwritten offerings of securities similar
     to the Securities, and confirm the same in writing if and when requested;
     (ii) obtain the written opinion of counsel to the Company and written
     updates thereof in form, scope and substance reasonably satisfactory to the
     managing underwriter or underwriters, addressed to the underwriters
     covering the matters customarily covered in opinions requested in
     underwritten offerings of securities similar to the Securities and such
     other matters as may be reasonably requested by the managing underwriter or
     underwriters; (iii) obtain "cold comfort" letters and updates thereof in
     form, scope and substance reasonably satisfactory to the managing
     underwriter or underwriters from the independent certified public
     accountants of the Company (and, if necessary, any other independent
     certified public accountants of any subsidiary of any of the Company or of
     any business acquired by any of the Company for which financial statements
     and financial data are, or are required to be, included or incorporated by
     reference in the Shelf

                                       9
<PAGE>

     Registration Statement), addressed to each of the underwriters, such
     letters to be in customary form and covering matters of the type
     customarily covered in "cold comfort" letters in connection with
     underwritten offerings of securities similar to the Securities and such
     other matters as reasonably requested by the managing underwriter or
     underwriters; and (iv) if an underwriting agreement is entered into, the
     same shall contain indemnification provisions and procedures no less
     favorable than those set forth in Section 6 hereof (or such other
     provisions and procedures acceptable to Holders of a majority in aggregate
     of the liquidation preference of Preferred Stock constituting Transfer
     Restricted Securities covered by such Shelf Registration Statement and the
     managing underwriter or underwriters or agents) with respect to all parties
     to be indemnified pursuant to said Section. The above shall be done at each
     closing under such underwriting agreement, or as and to the extent required
     thereunder.

          (n) Make available for inspection by any selling Holder of such
     Transfer Restricted Securities being sold, any underwriter participating in
     any such disposition of Transfer Restricted Securities, if any, and any
     attorney, accountant or other agent retained by any such selling Holder
     (any such Holder, underwriter, attorney, accountant or other agent a
     "Reviewing Party," and collectively, the "Reviewing Parties"), at the
     offices where normally kept, during reasonable business hours, all
     financial and other records, pertinent corporate documents and instruments
     of the Company and its subsidiaries (collectively, the "Records") as shall
     be reasonably necessary to enable them to exercise any applicable due
     diligence responsibilities, and cause the officers, directors and employees
     of the Company and its respective subsidiaries to make available for
     inspection all information reasonably requested by any such Reviewing Party
     in connection with such Shelf Registration Statement. Records which the
     Company determine, in good faith, to be confidential and any Records which
     it notifies the Reviewing Parties are confidential shall not be disclosed
     by the Reviewing Parties unless (i) the disclosure of such Records is
     necessary to avoid or correct a misstatement or omission in such Shelf
     Registration Statement, (ii) the release of such Records is ordered
     pursuant to a subpoena or other order from a court of competent
     jurisdiction, (iii) disclosure of such information is, in the opinion of
     counsel for any Reviewing Party, necessary in connection with any action,
     claim, suit or proceeding, directly or indirectly, involving or potentially
     involving such Reviewing Party and arising out of, based upon, relating to,
     or involving this Agreement, or any transactions contemplated hereby or
     arising hereunder, or (iv) the information in such Records has been made
     generally available to the public. Each selling Holder of such Registrable
     Securities will be required to agree that information obtained by it as a
     result of such inspections shall be deemed confidential and shall not be
     used by it as the basis for any market transactions in the securities of
     the Company unless and until such information is generally available to the
     public. Each selling Holder of such Transfer Restricted Securities will be
     required to further agree that it will, upon learning that disclosure of
     such Records is sought in a court of competent jurisdiction or is
     contemplated pursuant to clause (iii), give such notice as is practicable
     to the Company and, to the extent practicable, allow the Company to
     undertake appropriate action to prevent disclosure of the Records deemed
     confidential at the Company's sole expense.

          (o) Comply with all applicable rules and regulations of the SEC and
     make generally available to its securityholders earnings statements
     satisfying the provisions of Section 11(a) of the Securities Act and Rule
     158 thereunder (or any similar rule promulgated under the Securities Act)
     no later than 45 days after the end of any 12-month period (or 90 days
     after the

                                       10
<PAGE>

     end of any 12-month period if such period is a fiscal year) (i) commencing
     at the end of any fiscal quarter in which Transfer Restricted Securities
     are sold to underwriters in a firm commitment or best efforts underwritten
     offering and (ii) if not sold to underwriters in such an offering,
     commencing on the first day of the first fiscal quarter of the Company
     after the effective date of the Shelf Registration Statement, which
     statements shall cover said 12-month periods.

          (p) Cooperate with each seller of Transfer Restricted Securities
     covered by the Shelf Registration Statement and each underwriter, if any,
     participating in the disposition of such Transfer Restricted Securities and
     their respective counsel in connection with any filings required to be made
     with the National Association of Securities Dealers, Inc. (the "NASD").

          (q) Use its reasonable best efforts to take all other steps necessary
     or advisable to effect the registration of the Transfer Restricted
     Securities covered by the Shelf Registration Statement contemplated hereby.

     The Company may require each seller of Transfer Restricted Securities as to
which the Shelf Registration Statement is being effected to furnish to the
Company such information regarding such seller and the distribution of such
Transfer Restricted Securities as the Company may, from time to time, reasonably
request. The Company may exclude from such Shelf Registration Statement the
Transfer Restricted Securities of any seller who unreasonably fails to furnish
such information within a reasonable time after receiving such request. Each
seller as to which the Shelf Registration Statement is being effected agrees to
furnish promptly to the Company all information required to be disclosed in
order to make the information previously furnished to the Company by such seller
not materially misleading.

     Each Holder of Transfer Restricted Securities agrees by acquisition of such
Transfer Restricted Securities that, upon actual receipt of any notice from the
Company of the happening of any event of the kind described in Section 4(c)(ii),
4(c)(iii), 4(c)(iv), or 4(c)(v) hereof, such Holder will forthwith discontinue
disposition of such Transfer Restricted Securities covered by such Shelf
Registration Statement or Prospectus to be sold by such Holder or Participating
Broker-Dealer, as the case may be, until such Holder's receipt of the copies of
the supplemented or amended Prospectus contemplated by Section 4(k) hereof, or
until it is advised in writing (the "Advice") by the Company that the use of the
applicable Prospectus may be resumed, and has received copies of any amendments
or supplements thereto. In the event the Company shall give any such notice, the
Effectiveness Period shall be extended by the number of days during such periods
from and including the date of the giving of such notice to and including the
date when each seller of Transfer Restricted Securities covered by the Shelf
Registration Statement shall have received (x) the copies of the supplemented or
amended Prospectus contemplated by Section 4(k) hereof or (y) the Advice. In the
event the Company does not give any such notice within five business days, each
Holder shall return the Shelf Registration Statement or Prospectus to the
Company or destroy all copies of the Shelf Registration Statement or Prospectus;
and if so requested by the Company, shall certify that all copies of the Shelf
Registration Statement or Prospectus were destroyed.

     5. Registration Expenses. (a) All fees and expenses incident to the
performance of or compliance with this Agreement by the Company shall be borne
by the

                                       11
<PAGE>

Company whether or not the Shelf Registration Statement is filed or
becomes effective, including, without limitation, (i) all registration and
filing fees (including, without limitation, (A) fees with respect to filings
with the SEC, (B) fees with respect to filings required to be made with the NASD
in connection with an underwritten offering and (C) fees and expenses of
compliance with state securities or Blue Sky laws (including, without
limitation, reasonable fees and disbursements of the Company's counsel in
connection with Blue Sky qualifications of the Transfer Restricted Securities
and determination of the eligibility of the Transfer Restricted Securities for
investment under the laws of such jurisdictions where the holders of Transfer
Restricted Securities are located, (ii) printing expenses, including, without
limitation, expenses of printing certificates for Transfer Restricted Securities
in a form eligible for deposit with The Depository Trust Company and of printing
Prospectuses if the printing of Prospectuses is requested by the managing
underwriter or underwriters, if any, by the Holders of a majority in aggregate
principal amount of the Transfer Restricted Securities included in the Shelf
Registration Statement, (iii) messenger, telephone and delivery expenses, (iv)
fees and disbursements of counsel for the Company, (v) fees and disbursements of
all independent certified public accountants referred to in Section 4(m)(iii)
hereof (including, without limitation, the expenses of any special audit and
"cold comfort" letters required by or incident to such performance by or
incident to such performance), (vi) rating agency fees, if any, (vii) Securities
Act liability insurance, if the Company desires such insurance, (viii) fees and
expenses of all other Persons retained by the Company, (ix) internal expenses of
the Company (including, without limitation, all salaries and expenses of
officers and employees of the Company performing legal or accounting duties),
(x) the expense of any annual audit, (xi) the fees and expenses incurred in
connection with the listing of the securities to be registered on any securities
exchange or any inter-dealer quotation system, if applicable, and (xii) the
expenses relating to printing, word processing and distributing the Shelf
Registration Statement, underwriting agreements, securities sales agreements,
indentures and any other documents necessary in order to comply with this
Agreement. The Company shall not be responsible for any underwriter's discounts,
fees or commissions incurred in connection with the sale of any Transfer
Restricted Securities pursuant to the Shelf Registration Statement, which such
discounts, fees and commissions shall be for the account of the Holders.

          (b) The Company shall reimburse the Holders of the Transfer Restricted
     Securities being registered in a Shelf Registration Statement for the
     reasonable fees and disbursements of not more than one counsel chosen in
     writing by the Holders of a majority in aggregate principal amount of the
     Transfer Restricted Securities to be included in the Shelf Registration
     Statement.

     6. Indemnification. (a) The Company agrees to indemnify and hold harmless
each Holder of Transfer Restricted Securities offered pursuant to the Shelf
Registration Statement, the affiliates, directors, officers, agents,
representatives and employees of each such Person or its affiliates, and each
other Person, if any, who controls any such Person or its affiliates within the
meaning of either Section 15 of the Securities Act or Section 20 of the Exchange
Act (each, a "Participant") from and against any and all losses, claims, damages
and liabilities (including, without limitation, the reasonable legal fees and
other expenses actually incurred in connection with any suit, action or
proceeding or any claim asserted) caused by, arising out of or based upon any
untrue statement or alleged untrue statement of a material fact

                                       12
<PAGE>

contained in the Shelf Registration Statement pursuant to which the offering of
such Transfer Restricted Securities is registered (or any amendment thereto) or
related Prospectus (or any amendments or supplements thereto) or any related
preliminary prospectus, or caused by, arising out of or based upon any omission
or alleged omission to state therein a material fact required to be stated
therein or necessary to make the statements therein, in light of the
circumstances under which they were made, not misleading; provided, however,
that the Company will not be required to indemnify a Participant if (i) such
losses, claims, damages or liabilities are caused by any untrue statement or
omission or alleged untrue statement or omission made in reliance upon and in
conformity with information furnished to the Company in writing by or on behalf
of such Participant expressly for use therein or (ii) if such Participant sold
to the person asserting the claim the Transfer Restricted Securities which are
the subject of such claim and such untrue statement or omission or alleged
untrue statement or omission was contained or made in any preliminary prospectus
and corrected in the Prospectus or any amendment or supplement thereto and the
Prospectus does not contain any other untrue statement or omission or alleged
untrue statement or omission of a material fact that was the subject matter of
the related proceeding and such Participant failed to deliver or provide a copy
of the Prospectus (as amended or supplemented) to such Person with or prior to
the confirmation of the sale of such Transfer Restricted Securities sold to such
Person if required by applicable laws, unless such failure to deliver or provide
a copy of the Prospectus (as amended or supplemented) was a result of
noncompliance by the Company with Section 4 of this Agreement.

          (b) Each Participant agrees, severally and not jointly, to indemnify
     and hold harmless the Company, its respective directors, officers, agents,
     representatives, employees and each Person who controls the Company within
     the meaning of Section 15 of the Securities Act or Section 20 of the
     Exchange Act to the same extent as the foregoing indemnity from the Company
     to each Participant, but only (i) with reference to information furnished
     to the Company in writing by or on behalf of such Participant expressly for
     use in the Shelf Registration Statement or Prospectus, any amendment or
     supplement thereto, or any preliminary prospectus or (ii) with respect to
     any untrue statement or representation made by such Participant in writing
     to the Company.

          (c) If any suit, action, proceeding (including any governmental or
     regulatory investigation), claim or demand shall be brought or asserted
     against any Person in respect of which indemnity may be sought pursuant to
     either of the two preceding paragraphs, such Person (the "Indemnified
     Person") shall promptly notify the Person against whom such indemnity may
     be sought (the "Indemnifying Person") in writing, and the Indemnifying
     Person shall have the right to retain counsel reasonably satisfactory to
     the Indemnified Person to represent the Indemnified Person and any others
     the Indemnifying Person may reasonably designate in such proceeding and
     shall pay the reasonable fees and expenses actually incurred by such
     counsel related to such proceeding; provided, however, that the failure to
     so notify the Indemnifying Person shall not relieve it of any obligation or
     liability which it may have hereunder or otherwise (unless and only to the
     extent that the Indemnifying Person has been prejudiced in any material
     respect by such failure). Subject in all cases to the immediately following
     sentence, after notice from the Indemnifying Person to the Indemnified
     Person of its election to assume such defense, the Indemnifying Person
     shall not be liable to the Indemnified Person for any legal or other
     expenses subsequently incurred by the Indemnified Person in connection with
     such defense

                                       13
<PAGE>

     other than reasonable costs of investigation. In any such proceeding, any
     Indemnified Person shall have the right to retain its own counsel, but the
     fees and expenses of such counsel shall be at the expense of such
     Indemnified Person unless (i) the Indemnifying Person and the Indemnified
     Person shall have mutually agreed in writing to the contrary, (ii) the
     Indemnifying Person shall have failed within a reasonable period of time to
     retain counsel reasonably satisfactory to the Indemnified Person or (iii)
     the named parties in any such proceeding (including any impleaded parties)
     include both the Indemnifying Person and the Indemnified Person and the
     Indemnified Person has been advised in good faith by counsel that
     representation of both parties by the same counsel would be inappropriate
     due to actual or potential differing interests between them. It is
     understood that, unless there exists a conflict among Indemnified Persons,
     the Indemnifying Person shall not, in connection with any one such
     proceeding or separate but substantially similar related proceeding in the
     same jurisdiction arising out of the same general allegations, be liable
     for the reasonable fees and expenses of more than one separate firm (in
     addition to any local counsel) for all Indemnified Persons, and that all
     such fees and expenses shall be reimbursed promptly as they are incurred.
     Any such separate firm for the Participants and such control Persons of
     Participants shall be designated in writing by Participants who sold a
     majority-in-interest of the aggregate liquidation preference of the
     Preferred Stock constituting Transfer Restricted Securities sold by all
     such Participants and any such separate firm for the Company, its
     directors, their officers and such control Persons of the Company shall be
     designated in writing by the Company. The Indemnifying Person shall not be
     liable for any settlement of any proceeding effected without its prior
     written consent. No Indemnifying Person shall consent to entry of any
     judgment or enter into any settlement that does not include an
     unconditional written release of such Indemnified Person, in form and
     substance reasonably satisfactory to such Indemnified Person, from all
     liability on claims that are the subject matter of such proceeding.

          (d) If the indemnification provided for in Sections 6(a) and 6(b)
     hereof is for any reason unavailable to, or insufficient to hold harmless,
     an Indemnified Person in respect of any losses, claims, damages or
     liabilities referred to therein, then each Indemnifying Person under such
     paragraphs, in lieu of indemnifying such Indemnified Person thereunder and
     in order to provide for just and equitable contribution, shall contribute
     to the amount paid or payable by such Indemnified Person as a result of
     such losses, claims, damages or liabilities in such proportion as is
     appropriate to reflect the relative fault of the Indemnifying Person or
     Persons on the one hand and the Indemnified Person or Persons on the other
     in connection with the statements or omissions or alleged statements or
     omissions that resulted in such losses, claims, damages or liabilities (or
     actions in respect thereof). The relative fault of the parties shall be
     determined by reference to, among other things, whether the untrue or
     alleged untrue statement of a material fact or the omission or alleged
     omission to state a material fact relates to information supplied by the
     Company on the one hand or such Participant or such other Indemnified
     Person, as the case may be, on the other, the parties' relative intent,
     knowledge, access to information and opportunity to correct or prevent such
     statement or omission, and any other equitable considerations appropriate
     in the circumstances.

          (e) The parties agree that it would not be just and equitable if
     contribution pursuant to this Section 6 were determined by pro rata
     allocation (even if the Participants were treated as one entity for such
     purposes) or by any other method of allocation that does not take account
     of the equitable considerations referred to in the immediately preceding
     paragraph. The

                                       14
<PAGE>

     amount paid or payable by an Indemnified Person as a result of the losses,
     claims, damages and liabilities referred to in the immediately preceding
     paragraph shall be deemed to include, subject to the limitations set forth
     above, any reasonable legal or other expenses actually incurred by such
     Indemnified Person in connection with investigating or defending any such
     action or claim. Notwithstanding the provisions of this Section 6, in no
     event shall a Participant be required to contribute any amount in excess of
     the amount by which proceeds received by such Participant from sales of
     Transfer Restricted Securities exceeds the amount of any damages that such
     Participant has otherwise been required to pay or has paid by reason of
     such untrue or alleged untrue statement or omission or alleged omission. No
     Person guilty of fraudulent misrepresentation (within the meaning of
     Section 11(f) of the Securities Act) shall be entitled to contribution from
     any Person who was not guilty of such fraudulent misrepresentation. No
     party shall be liable for contribution with respect to any action or claim
     settled without its consent, which consent may not be unreasonably withheld
     or delayed.

          (f) The indemnity and contribution agreements contained in this
     Section 6 will be in addition to any liability which the Indemnifying
     Persons may otherwise have to the Indemnified Persons referred to above.

     7. Rule 144. The Company covenants that it will use its reasonable best
efforts to file the reports required to be filed by it under the Exchange Act
and the rules and regulations adopted by the SEC thereunder in a timely manner
in accordance with the requirements of the Exchange Act and, if at any time the
Company is not required to file such reports, it will, upon the request of any
Holder of Transfer Restricted Securities, make publicly available annual reports
and such information, documents and other reports of the type specified in
Sections 13 and 15(d) of the Exchange Act. The Company further covenants for so
long as any Transfer Restricted Securities remain outstanding, to make available
to any Holder or beneficial owner of Transfer Restricted Securities in
connection with any sale thereof and any prospective purchaser of such Transfer
Restricted Securities from such Holder or beneficial owner the information
required by the Securities Act in order to permit resales of such Transfer
Restricted Securities pursuant to Rule 144.

     8. Underwritten Registrations. If any of the Transfer Restricted Securities
covered by the Shelf Registration Statement are to be sold in an underwritten
offering, the investment banker or investment bankers and manager or managers
that will manage the offering will be selected by the Holders of a majority in
aggregate principal amount of such Transfer Restricted Securities included in
such offering and reasonably acceptable to the Company.

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

                                       15
<PAGE>

     9. Miscellaneous.

          (a) No Inconsistent Agreements. The Company has not entered, as of the
     date hereof, and the Company shall not, after the date of this Agreement,
     enter into any agreement with respect to any of its securities that is
     inconsistent with the rights granted to the Holders of Transfer Restricted
     Securities in this Agreement or otherwise conflicts with the provisions
     hereof. The Company has not entered and the Company will not enter into any
     agreement with respect to any of its securities which will grant to any
     Person piggy-back registration rights with respect to the Shelf
     Registration Statement.

          (b) Adjustments Affecting Transfer Restricted Securities. The Company
     shall not, directly or indirectly, take any action with respect to the
     Transfer Restricted Securities as a class that would adversely affect the
     ability of the Holders of Transfer Restricted Securities to include such
     Transfer Restricted Securities in a registration undertaken pursuant to
     this Agreement.

          (c) Amendments and Waivers. The provisions of this Agreement may not
     be amended, modified or supplemented, and waivers or consents to departures
     from the provisions hereof may not be given, otherwise than with the prior
     written consent of the Holders of not less than a majority in aggregate
     principal amount of the then outstanding Transfer Restricted Securities.
     Notwithstanding the foregoing, a waiver or consent to depart from the
     provisions hereof with respect to a matter that relates exclusively to the
     rights of Holders of Transfer Restricted Securities whose securities are
     being sold pursuant to the Shelf Registration Statement and that does not
     directly or indirectly affect, impair, limit or compromise the rights of
     other Holders of Transfer Restricted Securities may be given by Holders of
     at least a majority-in-interest of the outstanding liquidation preference
     of the Preferred Stock constituting Transfer Restricted Securities being
     sold by such Holders pursuant to the Shelf Registration Statement;
     provided, however, that the provisions of this sentence may not be amended,
     modified or supplemented except in accordance with the provisions of the
     immediately preceding sentence.

          (d) Notices. All notices and other communications provided for or
     permitted hereunder shall be made in writing by hand-delivery, registered
     first-class mail, next-day air courier or facsimile:

               1. if to a Holder of the Transfer Restricted Securities, at the
          most current address of such Holder set forth on the records of the
          Company, with a copy in like manner to the Purchaser as follows:

                  DB Capital Investors, L.P.
                  c/o DB Capital Partners, Inc.
                  130 Liberty Street
                  25th Floor
                  New York, New York  10006
                  Attention:  Robert Sharp
                              Managing Director

                                       16
<PAGE>

          with a copy to:

                  White & Case LLP
                  1155 Avenue of the Americas
                  New York, NY  10036
                  Facsimile No:  (212) 354-8113
                  Attention:  S. Ward Atterbury, Esq.

               2. if to the Purchaser, at the addresses specified in Section
          10(d)(1);

               3. if to the Company, as follows:

                  Jostens, Inc.
                  5501 Norman Center Drive
                  Minneapolis, Minnesota  55437
                  Attention:  General Counsel

          All such notices and communications shall be deemed to have been duly
     given: when delivered by hand, if personally delivered; five business days
     after being deposited in the mail, postage prepaid, if mailed; one business
     day after being timely delivered to a next-day air courier; and when
     receipt is acknowledged by the addressee, if sent by facsimile.

          (e) Successors and Assigns. This Agreement shall inure to the benefit
     of and be binding upon the successors and assigns of each of the parties
     hereto; provided, however, that this Agreement shall not inure to the
     benefit of or be binding upon a successor or assign of a Holder unless and
     to the extent such successor or assign holds Certificates representing
     Transfer Restricted Securities.

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

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

          (h) Governing Law. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED
     IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, AS APPLIED TO
     CONTRACTS MADE AND PERFORMED WHOLLY WITHIN THE STATE OF NEW YORK, WITHOUT
     REGARD TO PRINCIPLES OF CONFLICTS OF LAW. EACH OF THE PARTIES HERETO AGREES
     TO SUBMIT TO THE JURISDICTION OF THE COURTS OF THE STATE OF NEW YORK IN ANY
     ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT.

          (i) Severability. If any term, provision, covenant or restriction of
     this Agreement is held by a court of competent jurisdiction to be invalid,
     illegal, void or

                                       17
<PAGE>

     unenforceable, the remainder of the terms, provisions, covenants and
     restrictions set forth herein shall remain in full force and effect and
     shall in no way be affected, impaired or invalidated, and the parties
     hereto shall use their best efforts to find and employ an alternative means
     to achieve the same or substantially the same result as that contemplated
     by such term, provision, covenant or restriction. It is hereby stipulated
     and declared to be the intention of the parties that they would have
     executed the remaining terms, provisions, covenants and restrictions
     without including any of such that may be hereafter declared invalid,
     illegal, void or unenforceable.

          (j) Preferred Stock Held by the Company or Their Affiliates. Whenever
     the consent or approval of Holders of a specified percentage of Transfer
     Restricted Securities is required hereunder, Transfer Restricted Securities
     held by the Company or its affiliates (as such term is defined in Rule 405
     under the Securities Act) shall not be counted in determining whether such
     consent or approval was given by the Holders of such required percentage.

          (k) Third Party Beneficiaries. Holders of Transfer Restricted
     Securities are intended third party beneficiaries of this Agreement and
     this Agreement may be enforced by such Persons.

                                       18
<PAGE>

     IN WITNESS WHEREOF, the parties have executed the Agreement as of the date
first written above.

                                       JOSTENS, INC.

                                       By:   /s/ Lee U. McGrath
                                           -------------------------------------
                                           Name:  Lee U. McGrath
                                           Title: Vice President and Treasurer

The foregoing Agreement is hereby confirmed and accepted as of the date first
above written:

DB CAPITAL INVESTORS, L.P.

By:    DB Capital Partners, L.P.
       its General Partner

By:    DB Capital Partners, Inc.
       its General Partner

        /s/  Robert Sharp
       ---------------------------
       Name: Robert Sharp
       Title: Managing Director

                                       19

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