Document:

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                                                                                                                      Exhibit 4(e)

<S>                                <C>                           <C>                                          <C>
ANCHOR NATIONAL                    NEW BUSINESS DOCUMENTS        overnight with checks:
LIFE INSURANCE COMPANY             with checks:                  BONPC
1 SunAmerica Center                P.O. Box 100330               1111 Arroyo Parkway
Los Angeles, CA 90067-6022         Pasadena, CA 91189-0001       Suite 150
                                                                 Lock Box 100330

                                   without checks:               Pasadena, CA 91105                           [ANCHOR NATIONAL LOGO]
                                   P.O. Box 54299
                                   Los Angeles, CA 90054-0299
[WM LOGO]

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PARTICIPANT ENROLLMENT FORM                                                                                           ANG-504 (3/01)
DO NOT USE HIGHLIGHTER. Please print or type.

[A] PARTICIPANT
===================================================================================================================================

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LAST NAME                                           FIRST NAME                                      MIDDLE INITIAL

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STREET ADDRESS

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CITY                                                STATE                                           ZIP CODE

MO.       DAY       YR.                  [ ]M       [ ]F                                                           (    )
------------------------------           ---------------      ------------------------------                       ----------------
DATE OF BIRTH                                  SEX            SOC. SEC. OR TAX ID NUMBER                           TELEPHONE NUMBER

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JOINT PARTICIPANT (If applicable)     LAST NAME                     FIRST NAME                                     MIDDLE INITIAL

MO.       DAY       YR.                  [ ]M       [ ]F                                                           (    )
------------------------------           ---------------      -------------------------------------------------    ----------------
DATE OF BIRTH                                  SEX            SOC. SEC. OR TAX ID NUMBER   RELATIONSHIP TO OWNER   TELEPHONE NUMBER

[B] ANNUITANT (Complete only if different from Participant)
===================================================================================================================================

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LAST NAME                                           FIRST NAME                                      MIDDLE INITIAL

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STREET ADDRESS

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CITY                                                STATE                                           ZIP CODE

MO.       DAY       YR.                  [ ]M       [ ]F                                                           (    )
------------------------------           ---------------      ------------------------------                       ----------------
DATE OF BIRTH                                  SEX            SOC. SEC. OR TAX ID NUMBER                           TELEPHONE NUMBER

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JOINT ANNUITANT (If applicable)     LAST NAME                     FIRST NAME                                       MIDDLE INITIAL

MO.       DAY       YR.                  [ ]M       [ ]F                                                           (    )
------------------------------           ---------------      -------------------------------------------------    ----------------
DATE OF BIRTH                                  SEX            SOC. SEC. OR TAX ID NUMBER   RELATIONSHIP TO OWNER   TELEPHONE NUMBER

[C] BENEFICIARY (Please list additional beneficiaries, if any, in the special instructions section.)
===================================================================================================================================

                                      ---------------------------------------------------------------------------------------------
[X] PRIMARY                           LAST NAME             FIRST NAME             M.I.     RELATIONSHIP           PERCENTAGE

                                      ---------------------------------------------------------------------------------------------
[ ] PRIMARY      [ ] CONTINGENT       LAST NAME             FIRST NAME             M.I.     RELATIONSHIP           PERCENTAGE

                                      ---------------------------------------------------------------------------------------------
[ ] PRIMARY      [ ] CONTINGENT       LAST NAME             FIRST NAME             M.I.     RELATIONSHIP           PERCENTAGE
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<S>                            <C>                           <C>                                             <C>
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PARTICIPANT ENROLLMENT FORM                                                                                   ANG-504 (3/01) SIDE 2
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[D] TYPE OF CERTIFICATE
====================================================================================================================================
(If this is a transfer or 1035 Exchange, please complete form (SA-2500RL) and submit it with this Participant Enrollment Form.)

[ ] NON-QUALIFIED PLAN (Minimum $5,000)                           [ ] QUALIFIED PLANS (Minimum $2,000)
                                             [ ] IRA (tax year) ________________ )   [ ] IRA Transfer
                                             [ ] IRA Rollover     [ ] Roth IRA       [ ] 401(k)    [ ] Keogh        [ ] SEP
                                             [ ] TSA              [ ] 457            [ ] Other ______________________

         [ ] Check included with this Participant Enrollment Form for $ _______________________________________________

[E] ANNUITY DATE
====================================================================================================================================
Date annuity payments ("income payments") begin. Must be at least 2 years after the Certificate Date. Maximum annuitization age is
the later of the Participant's age 90 or 10 years after Certificate Date. NOTE: If left blank, the Annuity Date will default to the
maximum for non-qualified and to 70 1/2 for qualified Certificates.

         Month__________________________________  Day_____________________________________     Year__________________________

[F] SPECIAL FEATURES (Optional)
====================================================================================================================================

[ ] SYSTEMATIC WITHDRAWAL: Include Form Number (SA-5550SW) with this Participant Enrollment Form.
[ ] OPTIONAL DEATH BENEFIT ELECTION: Include Form Number (DS-2220POS) with this Participant Enrollment Form.
[ ] PRINCIPAL ADVANTAGE: Check the appropriate fixed account below and specify the other allocations as percentages in section J.
    [ ] 1 Year Fixed [ ] 3 Year MVA Fixed [ ] 5 Year MVA Fixed [ ] 7 Year MVA Fixed [ ] 10 Year MVA Fixed
[ ] AUTOMATIC ASSET REBALANCING: I request the accounts to be REBALANCED as designated in section J at the frequency initialed
    below:
    (Select only one)     NA   Monthly             Quarterly            Semi-Annually            Annually
                       -------            --------             --------                 --------

[G] TELEPHONE TRANSFERS AUTHORIZATION
====================================================================================================================================

I [ ] DO [ ] DO NOT authorize telephone transfers, subject to the conditions set forth below. If no election is made, the Company
will assume that you do authorize telephone transfers. (North Dakota: If no election is made, the Company will assume you do NOT
wish to authorize telephone transfers.)

I authorize the Company to accept telephone instructions for transfers in any amount among investment options from anyone providing
proper identification subject to restrictions and limitations contained in the Certificate and related prospectus, if any. I
understand that I bear the risk of loss in the event of a telephone instruction not authorized by me. The Company will not be
responsible for any losses resulting from unauthorized transactions if it follows reasonable procedures designed to verify the
identity of the requestor and therefore, the Company will record telephone conversations containing transaction instructions,
request personal identification information before acting upon telephone instructions and send written confirmation statements of
transactions to the address of record.

[H] ADDITIONAL INSTRUCTIONS (Additional Beneficiaries, Transfer Company Information, etc.)
====================================================================================================================================

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[I] DISCLOSURE NOTICES
====================================================================================================================================

THE FOLLOWING FRAUD WARNING APPLIES EXCEPT IN VIRGINIA AND THE STATES NOTED BELOW.

FRAUD WARNING: Any person who with intent to defraud or knowing that he is facilitating a fraud against an insurer, submits an
application or files a claim containing a false or deceptive statement may be guilty of insurance fraud.

FOR APPLICANTS IN ARIZONA: Upon your written request, we will provide you within a reasonable period of time, reasonable, factual
information regarding the benefits and provisions of the annuity contract for which you are applying. If for any reason you are not
satisfied with the contract, you may return the contract within ten days after you receive it. If the contract you are applying for
is a variable annuity, you will receive an amount equal to the sum of (1) the difference between the premiums paid and the amounts
allocated to any account under the contract and (2) the Contract Value on the date the returned contract is received by our company
or agent.
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<S>                                <C>                           <C>                                            <C>
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PARTICIPANT ENROLLMENT FORM                                                                                   ANG-504 (3/01) SIDE 3
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[I] DISCLOSURE NOTICES (CONTINUED)
====================================================================================================================================

FOR APPLICANTS IN COLORADO: FRAUD WARNING: It is unlawful to knowingly provide false, incomplete, or misleading facts or information
to an insurance company for the purpose of defrauding or attempting to defraud the company. Penalties may include imprisonment,
fines, denial of insurance, and civil damages. Any insurance company or agent of an insurance company who knowingly provides false,
incomplete, or misleading facts or information to a policyholder or claimant for the purpose of defrauding or attempting to defraud
the policyholder or claimant with regard to a settlement or award payable from insurance proceeds shall be reported to the Colorado
Division of Insurance within the Department of Regulatory Services.

FOR APPLICANTS IN DISTRICT OF COLUMBIA: WARNING: It is a crime to provide false of misleading information to an insurer for the
purpose of defrauding the insurer or any other person. Penalties include imprisonment and/or fines. In addition, an insurer may deny
insurance benefits if false information materially related to a claim was provided by the applicant.

FOR APPLICANTS IN KENTUCKY: FRAUD WARNING: Any person, who knowingly and with intent to defraud any insurance company or other
person, files an application for insurance containing any materially false information or conceals, for the purpose of misleading,
information concerning any fact hereto commits a fraudulent act, which is a crime.

FOR APPLICANTS IN NEW JERSEY: FRAUD WARNING: Any person who includes any false information on an application for an insurance policy
is subject to criminal and civil penalties.

FOR APPLICANTS IN MAINE: FRAUD WARNING: Any person, who knowingly and with intent to defraud any insurance company or other person,
files an application for insurance containing any materially false information or conceals, for the purpose of misleading,
information concerning any fact hereto commits a fraudulent act, which is a crime and subjects such person to criminal and civil
penalties.

[J] INVESTMENT & DCA INSTRUCTIONS (Allocations must be expressed in whole percentages and total allocation must equal 100%)
====================================================================================================================================

PAYMENT        DCA TARGET                                                             FIXED ACCOUNT OPTIONS
ALLOCATIONS    ALLOCATIONS        PORTFOLIO

                                                                       NON-MVA FIXED OPTION

STRATEGIC ASSET MANAGEMENT PORTFOLIOS
                                                                   _______% 1 yr.
_______%       _______%      WM Strategic Growth
                                                                   MVA FIXED OPTIONS
_______%       _______%      WM Conservative Growth

_______%       _______%      WM Balanced                           _______% 3 yr.

_______%       _______%      WM Conservative Balanced              _______% 5 yr.

_______%       _______%      WM Flexible Income                    _______% 7 yr.

                                                                   _______% 10 yr.

EQUITY FUNDS
                                                                   DCA OPTIONS AND PROGRAM(*)
_______%       _______%      WM Equity Income

_______%       _______%      WM Growth & Income                    _______% 6 Month DCA Account
                                                                            (Monthly DCA Only)
_______%       _______%      Davis Venture Value

_______%       _______%      WM Growth Fund of the Northwest
                                                                   _______% 1 yr. DCA Account
_______%       _______%      Alliance Growth

_______%       _______%      WM Growth                             Frequency (Select one below)

_______%       _______%      Capital Appreciation                  [ ] Monthly    [ ] Quarterly

_______%       _______%      MFS Mid-Cap Growth
                                                                   (*)  The DCA Program will begin 30 days (if monthly) or 90 days
_______%       _______%      WM Mid Cap Stock                           (if quarterly) from the date of deposit. Please indicate
                                                                        the target account(s) in the spaces provided to the left.
_______%       _______%      WM Small Cap Stock                         The total must equal 100%. The minimum transfer amount is
                                                                        $100. We reserve the right to adjust the number of
_______%       _______%      Global Equities                            transfers in order to meet the minimum transfer amount.

_______%       _______%      WM International Growth

_______%       _______%      Technology

FIXED INCOME FUNDS

_______%       _______%      WM Money Market

_______%       _______%      WM Short Term Income

_______%       _______%      WM U.S. Government Securities

_______%       _______%      WM Income
</TABLE>

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<S>                                <C>                           <C>                                            <C>
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PARTICIPANT ENROLLMENT FORM                                                                                   ANG-504 (3/01) SIDE 4
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[K] STATEMENT OF PARTICIPANT

Will this Certificate replace an existing life insurance or annuity contract? [ ] YES [ ] NO (If yes, please attach transfer forms,
replacement forms and indicate the name and contract number of the issuing company below.)

---------------------------------------------------------------------------------------------------        ------------------------
COMPANY NAME                                                                                               CONTRACT NUMBER

I hereby represent my answers to the above questions to be correct and true to the best of my knowledge and belief and agree that
this Participant Enrollment Form shall be a part of any Certificate issued by the Company. I VERIFY MY UNDERSTANDING THAT ALL
PURCHASE PAYMENTS AND VALUES PROVIDED BY THE CERTIFICATE, WHEN BASED ON INVESTMENT EXPERIENCE OF THE VARIABLE PORTFOLIOS, ARE
VARIABLE AND NOT GUARANTEED AS TO DOLLAR AMOUNT. IF THE RETURN OF PURCHASE PAYMENTS IS REQUIRED UNDER THE RIGHT TO EXAMINE PROVISION
OF THE CERTIFICATE, I UNDERSTAND THAT THE COMPANY RESERVES THE RIGHT TO ALLOCATE MY PURCHASE PAYMENT(S) TO THE CASH MANAGEMENT
PORTFOLIO UNTIL THE END OF THE RIGHT TO EXAMINE PERIOD. I FURTHER UNDERSTAND THAT AT THE END OF THE RIGHT TO EXAMINE PERIOD, THE
COMPANY WILL ALLOCATE MY FUNDS ACCORDING TO MY INVESTMENT INSTRUCTIONS. I UNDERSTAND THAT ALL PAYMENTS AND VALUES BASED ON THE
MULTI-YEAR FIXED ACCOUNT OPTIONS ARE SUBJECT TO A MARKET VALUE ADJUSTMENT FORMULA, WHICH MAY RESULT IN UPWARD AND DOWNWARD
ADJUSTMENTS IN AMOUNTS AVAILABLE FOR WITHDRAWAL. I ACKNOWLEDGE RECEIPT OF THE CURRENT PROSPECTUSES FOR DIVERSIFIED STRATEGIES,
INCLUDING THE SUNAMERICA SERIES TRUST, ANCHOR SERIES TRUST AND WM VARIABLE TRUST PROSPECTUSES. I HAVE READ THEM CAREFULLY AND
UNDERSTAND THEIR CONTENTS. I FURTHER VERIFY MY UNDERSTANDING THAT THIS VARIABLE ANNUITY IS SUITABLE TO MY OBJECTIVES AND NEEDS.

Signed at
          ----------------------------------------------------------------------------------              -------------------------
          CITY                                        STATE                                               DATE

-------------------------------------------------     -----------------------------------------------------------------------------
PARTICIPANT'S SIGNATURE                               JOINT PARTICIPANT'S SIGNATURE (IF APPLICABLE)

-------------------------------------------------
REGISTERED REPRESENTATIVE'S SIGNATURE

[L] LICENSED / REGISTERED REPRESENTATIVE INFORMATION
====================================================================================================================================

Will this Certificate replace in whole or in part any existing life insurance or annuity contract?    [ ] YES    [ ] NO

---------------------------------------------------------------------------------------------------       -------------------------
PRINTED NAME OF REGISTERED REPRESENTATIVE                                                                 SOCIAL SECURITY NUMBER

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REPRESENTATIVE'S STREET ADDRESS                    CITY                         STATE                     ZIP

                                                   (    )
--------------------------------------------       ------------------------------------------------       ------------------------
BROKER / DEALER FIRM NAME                          REPRESENTATIVE'S PHONE NUMBER                          AGENT'S LICENSE ID NUMBER

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 For Office Use Only                                                   Account #:
 WM Diversified Strategies / Product Code 6                            Branch #:
                                                                       Trade #:
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</TABLE><PAGE>   1
                                                                   Exhibit 10.35

                          AMENDMENT TO CREDIT AGREEMENT

         MULTI-COLOR CORPORATION, an Ohio corporation (the "Company"),
MCC-BATAVIA, LLC, an Ohio limited liability company ("MCC-Batavia"),
MCC-UNIFLEX, LLC, an Ohio limited liability company ("MCC-Uniflex" and together
with MCC-Batavia, the "Subsidiaries"), PNC BANK, NATIONAL ASSOCIATION and
KEYBANK NATIONAL ASSOCIATION (each individually a "Lender" and collectively the
"Lenders") and PNC BANK, NATIONAL ASSOCIATION, as agent for the Lenders (the
"Agent"), hereby agree as follows effective as of February 8, 2001 ("Effective
Date"):

1.       RECITALS.

         1.1      On June 6, 2000, the Company, the Subsidiaries, the Lenders
                  and the Agent entered into a Fourth Amended and Restated
                  Credit, Reimbursement and Security Agreement, which amended
                  and fully restated a Credit, Reimbursement and Security
                  Agreement dated as of July 15, 1994 (the "Credit Agreement").
                  Capitalized terms used herein and not otherwise defined herein
                  will have the meanings given such terms in the Credit
                  Agreement.

         1.2      The Company and the Subsidiaries have requested that the
                  Lenders amend certain provisions of the Credit Agreement, and
                  the Lenders are willing to do so subject to and in accordance
                  with the terms of this Amendment to Credit Agreement (this
                  "Agreement").

2.       AMENDMENTS.

         2.1      Section 1.1.72 of the Credit Agreement is hereby deleted in
                  its entirety and replaced with the following:

                  1.1.72   "Leverage Ratio" will mean the ratio of (i)
                           Indebtedness to (ii) Adjusted EBITDA, on a
                           consolidated basis for the Company and its
                           Subsidiaries, calculated as of the end of each Fiscal
                           Quarter for the immediately preceding four Fiscal
                           Quarters.

         2.2      Section 1.1.113 (definition of Sinking Fund Account) of the
                  Credit Agreement is hereby deleted in its entirety.

         2.3      Section 2.2A.1 of the Credit Agreement is hereby deleted in
                  its entirety and replaced with the following:

                  2.2A.1   PNC Bank, National Association ("PNC Bank") hereby
                           agrees, on the terms and subject to the conditions
                           set forth herein and in the other Loan Documents and
                           the Swingline Documents, to make loans to the
                           Company, in Dollars, at any time and from time to
                           time during the period from and including the Closing
                           Date to but not including the Termination Date (each
                           such loan, a "Swingline Loan" and collectively, the
                           "Swingline Loans"); provided that

<PAGE>   2

                           (i) the aggregate principal amount of the Swingline
                           Loans outstanding at any one time shall not exceed
                           the Swingline Commitment, (ii) the aggregate amount
                           of Swingline Loans outstanding plus the aggregate
                           amount of Revolving Credit Loans outstanding plus the
                           stated amount of all Standby Letters of Credit shall
                           not exceed the Revolving Commitment and (iii)
                           Swingline Loans shall accrue interest at the interest
                           rate(s) set forth in the Swingline Documents. Prior
                           to the Termination Date, Swingline Loans may be
                           repaid and reborrowed by the Company in accordance
                           with the provisions of this Fourth Restated Credit
                           Agreement and the Swingline Documents.

         2.4      The second sentence of Section 2.10.5.3a. of the Credit
                  Agreement is hereby deleted in its entirety and replaced with
                  the following: "During the period, if any, that Unremarketed
                  Tendered Bonds are held by the Agent, the Company will
                  continue to make all principal and interest payments on such
                  Bonds."

         2.5      The reference to "Sinking Fund Account" in Section 2.13.4
                  (Charge to Accounts) of the Credit Agreement is hereby
                  deleted.

         2.6      Section 4.1 of the Credit Agreement is hereby deleted in its
                  entirety and replaced with the following:

                  4.1      COMPANY BOND REDEMPTION. The Company will redeem
                           outstanding Boone Bonds, 1997 Scottsburg Bonds and
                           Scottsburg Bonds (in such order as the Company and
                           the Agent may agree) in the aggregate principal
                           amount of $200,000 on each January 1, April 1, July 1
                           and October 1 during the term of this Fourth Restated
                           Credit Agreement, or in such other amounts or at such
                           other times as the Agent and the Company may agree
                           from time to time. Such redemptions will be
                           accomplished pursuant to the optional redemption
                           provisions contained in the Indenture. The Company
                           hereby authorizes any Lender to charge the Cash
                           Collateral Account (or any other account of the
                           Company at any Lender) to reimburse the Agent or any
                           Lender for any draws under any Letter of Credit in
                           connection with such redemptions.

         2.7      Section 9.1 (Sinking Fund) of the Credit Agreement is hereby
                  deleted in its entirety.

         2.8      Section 11.1 of the Credit Agreement is hereby deleted in its
                  entirety and replaced with the following:

                  11.1     PAYMENT. The non-payment of (a) any principal amount
                           of any of the Advances, (b) any mandatory prepayment
                           pursuant to this Fourth Restated Credit Agreement,
                           (c) any amounts due under this Fourth Restated Credit
                           Agreement as reimbursement for a drawing

                                       2
<PAGE>   3

                           under the Letters of Credit or Standby Letters of
                           Credit, Letter of Credit Fees, or interest on any
                           such drawing or Letter of Credit Fees, or (d) any
                           interest, fees or other amounts owing hereunder or
                           under any of the other Loan Documents within ten (10)
                           days of when the same is due; or

3.       REPRESENTATIONS, WARRANTIES AND COVENANTS OF COMPANY AND SUBSIDIARIES.
         To induce the Lenders and the Agent to enter into this Agreement, the
         Company and the Subsidiaries each represents, warrants and covenants as
         follows:

         3.1      The representations and warranties of the Company and the
                  Subsidiaries contained in Section 8 of the Credit Agreement
                  are deemed to have been made again on and as of the date of
                  execution of this Agreement and are true and correct as of the
                  date of execution of this Agreement.

         3.2      No Event of Default (as such term is defined in Section 11 of
                  the Credit Agreement) or event or condition which with the
                  lapse of time or giving of notice or both would constitute an
                  Event of Default exists on the date hereof.

         3.3      The person executing this Agreement on behalf of the Company
                  is a duly elected and acting officer of the Company and is
                  duly authorized by the Board of Directors of the Company to
                  execute and deliver this Agreement on behalf of the Company.

         3.4      The person executing this Agreement on behalf of MCC-Batavia
                  is a duly elected and acting officer or agent of MCC-Batavia
                  and is duly authorized by the Members of MCC-Batavia to
                  execute and deliver this Agreement on behalf of MCC-Batavia.

         3.5      The person executing this Agreement on behalf of MCC-Uniflex
                  is a duly elected and acting officer or agent of MCC-Uniflex
                  and is duly authorized by the Members of MCC-Uniflex to
                  execute and deliver this Agreement on behalf of MCC-Uniflex.

4.       CLAIMS AND RELEASE OF CLAIMS BY COMPANY AND SUBSIDIARIES. The Company
         and each Subsidiary represents and warrants that neither the Company
         nor any Subsidiary has any claims, counterclaims, setoffs, actions or
         causes of actions, damages or liabilities of any kind or nature
         whatsoever whether at law or in equity, in contract or in tort, whether
         now accrued or hereafter maturing (collectively, "Claims") against any
         Lender or the Agent, their respective direct or indirect parent
         corporations or any direct or indirect affiliates of such parent
         corporation, or any of the foregoing's respective directors, officers,
         employees, agents, attorneys and legal representatives, or the
         successors or assigns of any of them (collectively, "Lender Parties"),
         that directly or indirectly arise out of, are based upon or are in any
         manner connected with any Prior Related Event. As an inducement to the
         Lenders and the Agent to enter into this Agreement, the Company and
         each Subsidiary on behalf of itself, and all of its successors and
         assigns hereby knowingly and voluntarily releases and discharges all
         Lender Parties from any and all Claims, whether

                                       3
<PAGE>   4

         known or unknown, that directly or indirectly arise out of, are based
         upon or are in any manner connected with any Prior Related Event. As
         used herein, the term "Prior Related Event" means any transaction,
         event, circumstance, action, failure to act, occurrence of any sort or
         type, whether known or unknown, which occurred, existed, was taken,
         permitted or begun at any time prior to the Effective Date or occurred,
         existed, was taken, was permitted or begun in accordance with, pursuant
         to or by virtue of any of the terms of the Credit Agreement or any
         documents executed in connection with the Credit Agreement or which was
         related to or connected in any manner, directly or indirectly, to any
         of the Notes or Letters of Credit.

5.       CONDITIONS. The Lenders' and Agent's obligations pursuant to this
         Agreement are subject to the following conditions:

         5.1      The representations and warranties of the Company and the
                  Subsidiaries in Section 3, above, shall be true.

         5.2      The Company shall pay all expenses and attorneys fees
                  reasonably incurred by the Lenders in connection with the
                  preparation, execution and delivery of this Agreement and the
                  related documents.

6.       GENERAL.

         6.1      Except as expressly modified herein, the Credit Agreement is
                  and remains in full force and effect.

         6.2      Nothing contained herein will be construed as waiving any
                  Default or Event of Default under the Credit Agreement or will
                  affect or impair any right, power or remedy of the Lenders or
                  the Agent under or with respect to the Credit Agreement or any
                  agreement or instrument guaranteeing, securing or otherwise
                  relating to the Credit Agreement.

         6.3      This Agreement will be binding upon and inure to the benefit
                  of the Company, the Subsidiaries, the Lenders and the Agent
                  and their respective successors and assigns.

         6.4      All representations, warranties and covenants made by the
                  Company and the Subsidiaries herein will survive the execution
                  and delivery of this Agreement.

         6.5      This Agreement may be executed in one or more counterparts,
                  each of which will be deemed an original and all of which
                  together will constitute one and the same instrument.

         6.6      This Agreement will in all respects be governed and construed
                  in accordance with the laws of the State of Ohio.

                                       4
<PAGE>   5

         Executed as of the Effective Date.

                             MULTI-COLOR CORPORATION

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

                             MCC-BATAVIA, LLC

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

                             MCC-UNIFLEX, LLC

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

                             PNC BANK, NATIONAL ASSOCIATION,
                               on its own behalf as Lender and as Agent

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

                             KEYBANK NATIONAL ASSOCIATION

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

                                       5

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