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EXHIBIT 10.40    
    

THIS
WARRANT AND THE SHARES ISSUABLE HEREUNDER HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1930, AS AMENDED (THE "ACT") OR ANY STATE SECURITIES LAWS THEY MAY NOT BE SOLD, PLEDGED OR OTHERWISE
TRANSFERRED WITHOUT AN EFFECTIVE REGISTRATION THEREOF UNDER SUCH ACT OR PURSUANT TO RULE 144 OR AN OPINION OF COUNSEL REASONABLY SATISFACTORY TO THE CORPORATION AND ITS COUNSEL THAT SUCH REGISTRATION
IS NOT REQUIRED. 

WARRANT TO PURCHASE STOCK 

	Corporation.	 	NuVasive, Inc., a Delaware corporation
	Number of Shares:	 	45,000
	Class of Stock.	 	Series D-1 Preferred
	Initial Exercise Price:	 	$4.30 per share
	Issue Date	 	March 12, 2004
	Expiration Date:	 	March 12, 2014

        THIS
WARRANT CERTIFIES THAT, for good and valuable consideration, the receipt of which is hereby acknowledged, COMERICA BANK or its assignee ("Holder") is entitled to purchase the number
of fully paid and unassessable shares of the class of securities (the "Shares") of the corporation (the "Company") at the initial exercise price per Share (the "Warrant Price") all as set forth above
and as adjusted pursuant to Article 2 of this warrant, subject to the provisions and upon the terms and conditions set forth in this warrant. 

ARTICLE
1.    EXERCISE.    

        1.1    Method of Exercise.    Holder may exercise this warrant by delivering this warrant and a duly executed Notice
of Exercise in substantially the form attached as Appendix 1 to the principal office of the Company. Unless Holder is exercising the conversion right set forth in Section 1.2, Holder
shall also deliver to the Company a check for the aggregate Warrant Price for the Shares being purchased. 

        1.2    Conversion Right.    In lieu of exercising this warrant as specified in Section 1.1, Holder may from
time to time convert this warrant, in whole or in part, into a number of Shares determined by dividing (a) the aggregate fair market value of the Shares or other securities otherwise issuable
upon exercise of this warrant minus the aggregate Warrant Price of such Shares by (b) the fair market value of one Share. The fair market value of the Shares shall be determined pursuant to
Section 1.3. 

        1.3    Fair Market Value.    If the Shares are traded regularly in a public market, the fair market value of the
Shares shall be the average closing price of the Shares (or the closing price of the Company's stock into which the Shares are convertible) reported for the ten business days immediately before Holder
delivers its Notice of Exercise to the Company. If the Shares are not regularly traded in a public market, the Board of Directors of the Company shall determine fair market value in its reasonable
good faith judgment. 

        1.4    Delivery of Certificate and New Warrant.    Promptly after Holder exercises or converts this warrant, the
Company shall deliver to Holder certificates for the Shares acquired and, if this warrant has not been fully exercised or converted and has not expired, a new warrant representing the Shares not so
acquired. 

        1.5    Replacement of Warrants.    On receipt of evidence reasonably satisfactory to the Company of the loss, theft,
destruction or mutilation of this warrant and, in the case of loss, theft or destruction, on delivery of an indemnity agreement reasonably satisfactory in form and amount to the Company or, in 

1

 

the
case of mutilation, on surrender and cancellation of this warrant, the Company at its expense shall execute and deliver, in lieu of this warrant, a new warrant of like tenor. 

        1.6    Sale, Merger, or Consolidation of the Company.    

        1.6.1    "Acquisition."    For the purpose of this warrant,
"Acquisition" means any sale, exclusive license, or other disposition of all or substantially all of the assets (including intellectual property) of the Company, or any reorganization, consolidation,
or merger of the Company where the holders of the Company's securities before the transaction beneficially own less than 50% of the outstanding voting securities of the surviving entity after the
transaction. 

        1.6.2    Assumption of Warrant.    If upon the closing of any Acquisition the successor entity assumes the obligations
of this warrant, then this warrant shall be exercisable for the same securities, cash, and property as would be payable for the Shares issuable upon exercise of the unexercised portion of this warrant
as if such Shares were outstanding on the record date for the Acquisition and subsequent closing. The Warrant Price shall be adjusted accordingly. The Company shall use reasonable efforts to cause the
surviving corporation to assume the obligations of this warrant. 

        1.6.3    Nonassumption.    If upon the closing of any Acquisition the successor entity does not assume the obligations
of this warrant and Holder has not otherwise exercised this warrant in full, then this warrant shall be deemed to have been automatically converted pursuant to Section 1.2 immediately prior to
the closing of the Acquisition and thereafter Holder shall participate in the Acquisition on the same terms as other holders of the same class of securities of the Company. 

        1.7    Right to Call Warrant.    At Company's option, Company shall have the right to require the Holder to sell the
warrant to Company under the circumstances set forth on Exhibit A. 

ARTICLE
2.    ADJUSTMENTS TO THE SHARES.    

        2.1    Stock Dividends, Splits, Etc.    If the Company declares or pays a dividend on its
Series D-1 Preferred Stock payable in Series D-1 Preferred Stock, or other securities, subdivides the outstanding Series D-1 Preferred Stock
into a greater amount of
Series D-1 Preferred Stock, then upon exercise of this warrant, for each Share acquired, Holder shall receive, without cost to Holder, the total number and kind of securities to
which Holder would have been entitled had Holder owned the Shares of record as of the date the dividend or subdivision occurred. 

        2.2    Reclassification, Exchange or Substitution.    Upon any reclassification, exchange, substitution, or other
event that results in a change of the number and/or class of the securities issuable upon exercise or conversion of this warrant, Holder shall be untitled to receive, upon exercise or conversion of
this warrant, the number and kind of securities and property that Holder would have received for the Shares if this warrant had been exercised immediately before such reclassification, exchange,
substitution, or other event. Such an event shall include any automatic conversion of the outstanding or issuable securities of the Company of the same class or series as the Shares to common stock
pursuant to the terms of the Company's Certificate of Incorporation upon the closing of a registered public offering of the Company's common stock. The Company or its successor shall promptly issue to
Holder a new warrant for such new securities or other property. The new warrant shall provide for adjustments which shall be as nearly equivalent as may be practicable to the adjustments provided for
in this Article 2 including, without limitation, adjustments to the Warrant Price and to the number of securities or property issuable upon exercise of the new warrant. The provisions of this
Section 2.2 shall similarly apply to successive reclassifications, exchanges, substitutions, or other events. 

        2.3    Adjustments for Combinations, Etc.    If the outstanding Shares are combined or consolidated, by
reclassification or otherwise, into a lesser number or shares, the Warrant Price shall be 

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proportionately
increased. If the outstanding Shares are combined or consolidated, by reclassification or otherwise, into a greater number of shares, the Warrant Price shall be proportionately
decreased. 

        2.4    Adjustments for Diluting Issuances.    The Company's Certificate of Incorporation, as such may be amended from
time to time, sets forth the anti-dilution rights of the Series D-1 Preferred Stock issuable upon exercise of the warrant. 

        2.5    No Impairment.    The Company shall not, by amendment of its Certificate of Incorporation or through a
reorganization, transfer of assets, consolidation, merger, dissolution, issue, or sale of securities or any other voluntary action, avoid or seek to avoid the observance or performance of any of the
terms to be observed or performed under this warrant by the Company, but shall at all times in good faith assist in carrying out all the provisions of this Article 2 and in taking all such
action as may be necessary or appropriate to protect Holder's rights under this Article against impairment. Notwithstanding the above, nothing in this Section 2.5 shall prohibit the Company
from treating Holder in the same manner as all other holders of the class of securities for which this warrant is exercisable. 

        2.6    Certificate as to Adjustments.    Upon each adjustment of the Warrant Price, the Company at its expense shall
promptly compute such adjustment, and furnish Holder with a certificate of its Chief Financial Officer setting forth such adjustment and the facts upon which such adjustment is based. The Company
shall, upon written request, furnish Holder a certificate setting forth the Warrant Price in effect upon the date thereof and the series of adjustments leading to such Warrant Price. 

        2.7    Fractional Shares.    No fractional Shares shall be issuable upon exercise or conversion of this warrant and
the Number of Shares to be issued shall be rounded down to the nearest whole Share. If a fractional share interest arises upon any exercise or conversion of this warrant, the Company shall eliminate
such fractional share interest by paying Holder amount computed by multiplying the fractional interest by the fair market value of a full Share. 

ARTICLE
3.    REPRESENTATIONS AND COVENANTS OF THE COMPANY.    

        3.1    Representations and Warranties.    The Company hereby represents and warrants to the Holder as follows: 

        (a)   All
Shares which may be issued, upon the exercise of the purchase right represented by this warrant, and all securities, if any, issuable upon conversion of the Shares,
shall, upon issuance, be duly authorized, validly issued, fully paid and nonassessable, and free of any liens and encumbrances except for restrictions an transfer provided for herein or under
applicable federal and state securities laws. 

        (b)   The
Company's capitalization table attached to this warrant is true and complete as of the Issue Date. 

        3.2    Notice of Certain Events.    If the Company proposes at any time (a) to declare any dividend or
distribution upon its common stock, whether in cash, property, stock, or other securities and whether or not a regular cash dividend; (b) to effect any reclassification or recapitalization of
common stock; or (c) to merge or consolidate with or into any other corporation (such that the holders of the Company's securities before the transaction own less than 50% of the outstanding
voting securities of the surviving entity after the transaction), or sell, lease, exclusively license, or convey all or substantially all of its assets, or to liquidate, dissolve or windup, then, in
connection with each such event, the Company shall give Holder (1) at least 10 days prior written notice of the date on which a record will be taken for such dividend or distribution
rights (and specifying the date on which the holders of common stock will be entitled thereto) or for determining rights to vote, if any, in respect of the matters referred to in (a) above; and
(2) in the case of the matters referred to in (b) and (c) above at least 10 days prior written notice of the date when the same will take place (and specifying the date on
which the holders 

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of
common stock will be entitled to exchange their common stock for securities or other property deliverable upon the occurrence of such event). 

        3.3    Information Rights.    So long as the Holder holds this warrant and/or any of the Shares, the Company shall
deliver to the Holder (a) within one hundred twenty (120) days after the end of each fiscal year of the Company, the annual audited financial statements of the Company certified by  independent
public accountants of recognized standing and (b) within forty-five (45) days after the end of each of the first
three quarters of each fiscal year, the Company's quarterly, unaudited financial statements. 

ARTICLE
4.    REPRESENTATIONS AND WARRANTIES OF HOLDER.    Holder (and its affiliates) hereby represents and warrants to and for the
benefit of the company, with knowledge that the company is relying thereon in entering into this warrant and issuing this warrant to holder, as follows: 

        4.1    Purchase Entirely for Own Account.    By Holder's (and its affiliates') execution of this Warrant, Holder (and
its affiliates) hereby confirms that this Warrant, the Shares issuable upon exercise of this Warrant, and any shares of the Company's common stock issued upon conversion of the Shares (collectively,
the "Securities") shall be acquired for investment for Holder's (and its affiliates') own account, not as a nominee or agent, and not with a view to the resale or distribution of any part thereof, and
that Holder (and its affiliates) has no present intention of selling, granting any participation in, or otherwise distributing the same; provided,  however,
that Holder (and its affiliates) may transfer all or part of this Warrant, the Shares issuable upon exercise of this Warrant and any shares of
the Company's common stock issued upon conversion of the Shares to its affiliates. By executing this Warrant, Holder (and its affiliates) further represents that Holder (and its affiliates) does not
have any contract, undertaking, agreement or arrangement with any person to sell, transfer or grant participation to such person, or to any third person, with respect to any of the Securities. Holder
(and its affiliates) represents that it has full power and authority to enter into this Warrant. 

        4.2    Investment Experience.    Holder (and its affiliates) is an investor in securities of companies in the
development stage and acknowledges that it is able to fend for itself, can bear the economic risk of its investment, and has such knowledge and experience in financial or business matters that it is
capable of evaluating the merits and risks of the investment in the Securities. 

        4.3    Accredited Investor.    Holder (and its affiliates) is an "accredited investor" within the meaning of
Securities and Exchange Commission Rule 501 of Regulation D, as now in effect. 

        4.4    Restricted Securities.    Holder (and its affiliates) understands that the Securities it is and shall be
purchasing are characterized as "restricted securities" under the federal securities laws inasmuch as they are being acquired from the Company in a transaction not involving a public offering and that
under such laws and applicable regulations such securities may be resold without registration under the Securities Act of 1933, as amended (the "Act"), only in certain limited circumstances. In this
connection, Holder (and its affiliates) represents that it is familiar with Rule 144 promulgated under the Act, as now in effect, and understands the resale limitations imposed thereby and by
the Act. 

ARTICLE
5.    MISCELLANEOUS.    

        5.1    Term: Notice of Expiration.    This warrant is exercisable in whole or in part at any time and from time to
time on or before the Expiration Date set forth above. If this warrant has not been exercised prior to the Expiration Date, this warrant shall be deemed to have been automatically exercised on the
Expiration Date by "cashless" conversion pursuant to Section 1.2. 

        5.2    Legends.    This warrant and the Shares (and the securities issuable, directly or indirectly, upon conversion
of the Shares, if any) shall be imprinted with a legend in substantially the following form: 

THIS
SECURITY HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE "ACT"), OR ANY STATE SECURITIES LAWS, AND MAY NOT 

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BE
SOLD, PLEDGED OR OTHERWISE TRANSFERRED WITHOUT AN EFFECTIVE REGISTRATION THEREOF UNDER SUCH ACT OR PURSUANT TO RULE 144 OR AN OPINION OF COUNSEL REASONABLY SATISFACTORY TO THE CORPORATION AND ITS
COUNSEL THAT SUCH REGISTRATION IS NOT REQUIRED. 

THIS
SECURITY IS SUBJECT TO THE RESTRICTIONS ON TRANSFER OF A CERTAIN WARRANT DATED JANUARY 09, 2003 BY AND BETWEEN THE CORPORATION AND THE
HOLDER THEREOF, INCLUDING WITHOUT LIMITATION SECTION 5.10 PROVIDING FOR MARKET STAND-OFF RIGHTS. 

        In
addition, the Securities shall be imprinted with any legend required by the laws of the State of California, including any legend required by the California Department of Corporations
and Sections 417 and 418 of the California Corporations Code. 

        5.3    Compliance with Securities Laws on Transfer.    This warrant and the Shares issuable upon exercise of this
warrant (and the securities issuable, directly or indirectly, upon conversion of the Shares, if any) may not be transferred or assigned in whole or in part (i) unless and until the transferee
has agreed in writing for the benefit of the Company to be bound by all of the provisions of this warrant as if such transferee were the original Holder hereof, and (ii) without compliance with
applicable federal and state securities laws by the transferor and the transferee (including, without limitation, the delivery of investment representation letters and legal opinion reasonably
satisfactory to the Company). The Company shall not require Holder to provide an opinion of counsel if the transfer is to an affiliate (as such term is defined under the Act) of Holder or if there is
no material question as to the availability of current information as referenced in Rule 144(c), Holder represents that it has complied with Rule 144(d) and (e) in reasonable
detail, the selling broker represents that it has complied with Rule 144(f), and the Company is provided with a copy of Holder's notice of proposed sale. 

        5.4    Transfer Procedure.    Subject to the provisions of Section 5.3, Holder may transfer all or part of this
warrant or the Shares issuable upon exercise of this warrant (or the securities issuable, directly or indirectly, upon conversion of the Shares, if any) by giving the Company notice of the portion of
the warrant being transferred setting forth the name, address and taxpayer identification number of the transferee and surrendering this warrant to the Company for reissuance to the transferee(s) (and
Holder, if applicable); provided, however, subject to the provisions of Section 5.3, that Holder
may transfer all or part of this warrant to its affiliates, including, without limitation, Comerica Incorporated, at any time without notice to the Company, and such affiliate shall then be entitled
to all the rights of Holder under this warrant and any related agreement, and the Company shall cooperate fully in ensuring that any stock issued upon exercise of this warrant is issued in the name of
the affiliate that exercises the warrant. The terms and conditions of this warrant shall inure to the benefit of, and be binding upon, the Company and the holders hereof and their respective permitted
successors and assigns. Unless the Company is filing financial information with the SEC pursuant to the Securities Exchange Act of 1934, the Company shall have the right to refuse to transfer any
portion of this warrant to any person who directly competes with the Company. 

        5.5    Notices.    All notices and other communications from the Company to the Holder, or vice versa, shall be deemed
delivered and effective when given personally or mailed by first-class registered or certified mail, postage prepaid, at such address, as may have been furnished to the Company or the 

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Holder,
as the case may be, in writing by the Company or such Holder from. time to time. All notices to the Holder shall be addressed as follows: 

	 	 	Comerica Bank

Attn: Warrant Administrator

Technology and, Life Sciences Division

P.O. Box 7279

San Francisco, CA 94120 7279	 	 
	

 	
 	

With a copy to	
 	

 
	

 	
 	

Comerica Bank

Attn Warrant Administrator

Technology and Life Sciences Division

5 Palo Alto Square,, Suite 800

3000 El Camino Real

Palo Alto, CA 943 06	
 	

 

        5.6    Amendments.    This warrant and any term hereof may be changed, waived, discharged or terminated only by an
instrument in writing signed by the party against which enforcement of such change, waiver, discharge or termination is sought. 

        5.7    Attorneys' Fees.    In the event of any dispute between the parties concerning the terms and provisions of this
warrant, the party prevailing in such dispute shall be entitled to collect from the other party all costs incurred in such dispute, including reasonable attorneys' fees. 

        5.8    Governing Law.    This warrant shall be governed by and construed in accordance with the laws of the State of
California, without giving effect to its principles regarding conflicts of law. 

        5.9    No Stockholder Rights.    Except as expressly set forth herein, this warrant in and of itself shall not entitle
the Holder to any voting rights or other rights as a stockholder of the Company. 

        5.10    Market Stand-off.    Holder hereby agrees that, during the period of duration specified by the
Company and an underwriter of common stock or other securities of the Company, following the effective date of a registration statement of the Company filed under the Act, it shall not, to the extent
requested by the Company and such underwriter, directly or indirectly sell, offer to sell, contract to sell (including, without limitation, any short sale), grant any option to purchase or otherwise
transfer or dispose of any securities of the Company held by it at any time during such period except common stock included in such registration; provided, however, that such agreement shall only
apply to the first such registration statement of the Company which covers common stock (or other securities) to be sold on its behalf to the public in an underwritten offering and that such agreement
shall not exceed 180 days after the effective date for such registration statement. In order to enforce the foregoing covenant, the Company may impose stop-transfer instructions
with respect to the securities of Holder (and the shares or securities of every other person subject to the foregoing restriction) until the end of such period. 

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        5.11    Counterparts.    This warrant may be executed in one or more counterparts, each of which shall be deemed an
original, but all of which together shall constitute one and the same instrument. 

	 	 	 	 	NUVASIVE, INC.
	

 	
 	

 	
 	

By:	
 	

Kevin O'Boyle

	

 	
 	

 	
 	

Name:	
 	

/s/  KEVIN O'BOYLE      

	

 	
 	

 	
 	

Title:	
 	

CFO

	

 	
 	

 	
 	

By:	
 	

Robert A. Daniel

	

 	
 	

 	
 	

Name:	
 	

/s/  ROBERT A. DANIEL      

	

 	
 	

 	
 	

Title:	
 	

Controller

	

        Authorized signatories under Corporate Resolutions to Borrow or an authorized signer(s) under a resolution covering warrants must sign the warrant.
	

ACKNOWLEDGED AND AGREED:	
 	

 	
 	

 
	

COMMERCIA BANK	
 	

 	
 	

 
	

By:	
 	

/s/  PETER M. DREES      
	
 	

 	
 	

 
	

Name:	
 	

Peter M. Drees
	
 	

 	
 	

 
	

Title:	
 	

VP
	
 	

 	
 	

 

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EXHIBIT A    
    
    Call Right    
    

        Upon written notice to the Holder, Company shall have the right (the "Call Right") to require that the Holder sell the warrant to Company in consideration of the
Company's payment to Holder (due upon delivery of Company's written notice) of $10,000. The foregoing notwithstanding, Company may only exercise the Call Right during the period commencing on the
Issue Date and ending one hundred and eighty days (180) thereafter. 

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APPENDIX 1    
    
    NOTICE OF EXERCISE    
    

        1.     The
undersigned hereby elects to purchase                        shares of
the                        stock of NuVasive, Inc. pursuant to the terms of the attached warrant, and
tenders herewith payment of the purchase price of such shares in full. 

        1.     The
undersigned hereby elects to convert the attached warrant into shares in the manner specified in the warrant. This conversion is exercised with respect
to                        of the shares covered by the warrant. 

        [Strike paragraph that does not apply.]

        2.     Please
issue a certificate or certificates representing said shares in the name of the undersigned or in such other name as is specified below: 

Comerica
Bank

Attn: Warrant Administrator

Technology and Life Sciences Division

11.0. Box 7279

San Francisco, CA 941204279 

        3.     The
undersigned represents it is acquiring the shares solely for its own account and not as a nominee for any other party and not with a view toward the resale or
distribution thereof except in compliance with applicable securities laws. 

	COMERICA BANK, or Registered Assignee	 	 
	

 
 (Signature)	
 	

 
	

 
 (Date)	
 	

 

9

QuickLinks

EXHIBIT 10.40

EXHIBIT A Call Right

APPENDIX 1 NOTICE OF EXERCISE<PAGE>

EXHIBIT 4.3

                                                                 CUSIP/CINS:
                                                                   56032EAE3

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

No. 1                                                    $ 317,825,000

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

promises to pay to Cede & Co.

or registered assigns,

the principal sum of                   DOLLARS AND NO CENTS

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

Dollars on December 1, 2013.

Interest Payment Dates:  June 1 and December 1

Record Dates:  May 15 and November 15

                             Dated: February 4, 2004

                             MAIL-WELL I CORPORATION

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

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

<PAGE>
<PAGE>

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

U.S. BANK NATIONAL ASSOCIATION
 as Trustee

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

<PAGE>
<PAGE>

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

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

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

<PAGE>
<PAGE>

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

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

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

<PAGE>
<PAGE>

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

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

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

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

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

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

<PAGE>
<PAGE>

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

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

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

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

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

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

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

<PAGE>
<PAGE>

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

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

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

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

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

<PAGE>
<PAGE>

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

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

<PAGE>
<PAGE>

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

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

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

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

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

<PAGE>
<PAGE>

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

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

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

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

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

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

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

<PAGE>
<PAGE>

                               ASSIGNMENT FORM

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

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

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

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

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

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

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

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

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

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

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

<PAGE>
<PAGE>

                     OPTION OF HOLDER TO ELECT PURCHASE

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

                  Section 3.09      Section 4.06

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

$________________

Date:_________________

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

                                  Tax Identification No.:____________________

                                  Signature Guarantee:_______________________

<PAGE>
<PAGE>

            SCHEDULE OF EXCHANGES OF INTERESTS IN THE GLOBAL NOTE

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

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

</TABLE>

<PAGE>
<PAGE>

                                  GUARANTEE

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

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

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

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

                                  EACH ENTITY LISTED ON SCHEDULE I HERETO

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

<PAGE>
<PAGE>

                                 SCHEDULE I

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

<PAGE>
<PAGE>

                                                                 CUSIP/CINS:
                                                                   U55762AC9

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

No. 2                                             $ 2,175,000

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

promises to pay to Cede & Co.

or registered assigns,

the principal sum of                  DOLLARS AND NO CENTS

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

Dollars on December 1, 2013.

Interest Payment Dates: June 1 and December 1

Record Dates: May 15 and November 15

                                  Dated: February 4, 2004

                                  MAIL-WELL I CORPORATION

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

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

<PAGE>
<PAGE>

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

U.S. BANK NATIONAL ASSOCIATION
 as Trustee

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

<PAGE>
<PAGE>

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

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

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

<PAGE>
<PAGE>

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

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

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

<PAGE>
<PAGE>

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

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

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

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

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

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

<PAGE>
<PAGE>

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

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

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

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

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

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

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

<PAGE>
<PAGE>

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

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

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

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

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

<PAGE>
<PAGE>

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

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

<PAGE>
<PAGE>

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

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

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

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

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

<PAGE>
<PAGE>

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

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

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

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

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

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

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

<PAGE>
<PAGE>

                               ASSIGNMENT FORM

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

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

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

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

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

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

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

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

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

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

<PAGE>
<PAGE>

                     OPTION OF HOLDER TO ELECT PURCHASE

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

                  Section 3.09        Section 4.06

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

$________________

Date:_________________

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

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

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

<PAGE>
<PAGE>

            SCHEDULE OF EXCHANGES OF INTERESTS IN THE GLOBAL NOTE

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

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

</TABLE>

<PAGE>
<PAGE>

                                  GUARANTEE

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

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

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

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

                                 EACH ENTITY LISTED ON SCHEDULE I HERETO

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

<PAGE>
<PAGE>

                                 SCHEDULE I

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

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