Document:

WAIVER AND FIRST  AMENDMENT  dated as of February  20, 2001 (this
               "Amendment"),   among   STILWELL   FINANCIAL   INC.,  a  Delaware
               corporation   ("Stilwell"   or  a   "Borrower"),   JANUS  CAPITAL
               CORPORATION, a Colorado corporation ("Janus" or a "Borrower," and
               together  with  Stilwell,  the  "Borrowers"),  the lenders  party
               hereto (the "Lenders"),  CITIBANK,  N.A., as Administrative Agent
               for the Lenders (in such capacity,  the "Agent") and as Swingline
               Lender.

     A. Reference is made to the Credit  Agreement  dated as of December 7, 2000
(as amended,  supplemented or otherwise  modified from time to time, the "Credit
Agreement"),  among the Borrowers,  the Lenders party thereto,  Wells Fargo Bank
West, N.A., as Documentation Agent for the Lenders, The Chase Manhattan Bank, as
Syndication Agent for the Lenders and the Agent.  Capitalized terms used but not
otherwise  defined  herein  have the  meanings  assigned  to them in the  Credit
Agreement.

     B. Stilwell has requested the Lenders to waive compliance with Section 6.01
of the Credit  Agreement in order to permit Stilwell to issue up to $690 million
of Liquid Yield  Option Notes due 2031 (the  "LYONs") for the purpose of funding
the purchase of certain shares of Janus' common stock.

     C. In  consideration  for the Lenders'  agreement to such waiver,  and as a
condition thereto,  the Borrowers are willing to amend certain provisions of the
Credit Agreement as set forth herein.

     D. The Lenders are willing to agree to  Stilwell's  request for such waiver
on the terms and subject to the conditions of this Amendment.

     Accordingly, in consideration of the mutual agreements herein contained and
other good and valuable consideration,  the sufficiency and receipt of which are
hereby acknowledged, the parties hereto hereby agree as follows:

     SECTION 1.  Amendments to Article I of the Credit  Agreement.  Article I of
the Credit Agreement is hereby amended by:

          (a)  adding  in  the  proper  alphabetical  order  the  following  new
     definitions:

          "'Liquid  Assets' shall mean cash, cash  equivalents and other readily
     marketable securities,  the value of which shall be deemed to be the amount
     of cash which would be realized upon prompt  liquidation of such securities
     as reasonably determined by Stilwell.

          `LYONs' shall mean those certain Liquid Yield Option Notes due 2031 to
     be issued by Stilwell under the Indenture dated February 2001."

          (b) deleting the period  after the  definition  of "Change of Control"
     and adding the following new clause:

<PAGE>

          "or (iii) a "change of control" in the indenture under which the LYONs
     are issued shall occur."

     SECTION 2. Amendment to Article V of the Credit Agreement. Article V of the
Credit Agreement is hereby amended by adding the following new Section 5.08:

          "SECTION 5.08. Unencumbered  Liquidity.  Stilwell and its Consolidated
     Subsidiaries  shall at all times maintain Liquid Assets having an aggregate
     fair market value  greater than or equal to the sum of the issue price plus
     all accrued original issue discount at such time of all outstanding LYONs."

     SECTION 3. Amendment to Exhibit D to the Credit Agreement  Exhibit D to the
Credit Agreement is hereby amended by adding to the certification in paragraph 3
thereof after the word "including" a reference to "Section 5.08".

     SECTION 4.  Correction to Schedule 3.07 to the Credit  Agreement.  Schedule
3.07 to the Credit  Agreement is hereby  corrected  to indicate  that the direct
owner  of DST  Systems,  Inc.  is  Stilwell  Management,  Inc.,  a  wholly-owned
subsidiary of Stilwell.  Upon the  effectiveness of this Amendment,  the parties
agree  that such  correction  shall be  effective  as of the date of the  Credit
Agreement  and no breach of any  representation  or  warranty  under the  Credit
Agreement  shall be  deemed  to have  occurred  as a result  of the  inadvertent
misidentification  of the direct  owner of DST  Systems,  Inc. on Schedule  3.07
prior to the date hereof.

     SECTION 5. Waiver. Subject to and upon the effectiveness of this Amendment,
the Lenders hereby waive  Stilwell's  compliance with Section 6.01 of the Credit
Agreement  solely in order to permit  Stilwell to issue LYONs with an  aggregate
gross  issue  price of up to $690  million and as  accretion  of original  issue
discount  to  principal  at a rate to be  determined  at the  time  of  pricing,
provided that the LYONs are issued by Stilwell on the other terms and conditions
set forth on Exhibit A to this  Amendment  and that prior to such  issuance  and
after giving effect thereto (after taking this Waiver into account),  no Default
or Event of Default shall exist.

     SECTION 6. Representations, Warranties and Agreements. Each Borrower hereby
represents and warrants to and agrees with each Lender and the Agent that:

          (a) The  representations  and warranties of each Borrower set forth in
     Article III of the Credit  Agreement  are true and correct in all  material
     respects  with the same effect as if made on the Amendment  Effective  Date
     (as  defined  below),   except  to  the  extent  such  representations  and
     warranties expressly relate to an earlier date.

          (b) Such  Borrower has the  requisite  power and authority to execute,
     deliver and perform its obligations under this Amendment and to perform its
     obligations under the Credit Agreement as amended by this Amendment.

          (c) The execution,  delivery and  performance by each Borrower of this
     Amendment and the performance by each Borrower of the Credit Agreement,  as
     amended by this  Amendment,  (i) have been duly authorized by all requisite
     action and (ii) will not (A) violate  (x) any  provision  of law,  statute,
     rule or regulation,  or of the certificate or articles of  incorporation or
     other constitutive  documents or by-laws of either

<PAGE>

     Borrower,  (y) any order of any Governmental Authority or (z) any provision
     of any indenture, agreement or other instrument to which either Borrower is
     a party or by which  either of them or any of their  property  is or may be
     bound, (B) be in conflict with,  result in a breach of or constitute (alone
     or with  notice  or  lapse  of  time or  both) a  default  under  any  such
     indenture, agreement for borrowed money or other agreement or instrument or
     (C) result in the creation or  imposition  of any Lien upon or with respect
     to any property or assets now owned or hereafter acquired either Borrower.

          (d) This  Amendment  has been  duly  executed  and  delivered  by each
     Borrower.  Each of this Amendment and the Credit  Agreement,  as amended by
     this Amendment,  constitutes a legal,  valid and binding obligation of each
     Borrower,  enforceable  against each Borrower in accordance with its terms,
     except as enforceability  may be limited by (i) any applicable  bankruptcy,
     insolvency,  reorganization,  moratorium  or  similar  laws  affecting  the
     enforcement of creditors'  rights generally and (ii) general  principals of
     equity,

          (e) As of the Amendment Effective Date, no Event of Default or Default
     has occurred and is continuing.

     SECTION  7.  Conditions  to  Effectiveness.  This  Amendment  shall  become
effective    on   the    date   of   the    satisfaction    in   full   of   the
following  conditions  precedent  (the  "Amendment Effective Date"):

          (a) The Agent shall have received duly  executed  counterparts  hereof
     which,  when  taken  together,  bear  the  authorized  signatures  of  each
     Borrower, the Agent and the Required Lenders.

          (b) All legal matters incident to this Amendment shall be satisfactory
     to the Required Lenders, the Agent and Cravath, Swaine & Moore, counsel for
     the Agent.

          (c) The Agent shall have  received such other  documents,  instruments
     and certificates as it or its counsel shall reasonably request.

     SECTION 8. Credit  Agreement.  Except as  specifically  stated herein,  the
Credit  Agreement shall continue in full force and effect in accordance with the
provisions   thereof.  As  used  therein,   the  terms  "Agreement,"   "herein,"
"hereunder,"  "hereto,"  "hereof" and words of similar import shall,  unless the
context  otherwise  requires,  refer to the Credit Agreement as modified hereby.
The execution, delivery and effectiveness of this Amendment shall not operate as
a waiver of any  right,  power or remedy  of the Agent or any  Lender  under the
Credit  Agreement  nor  constitute  a  waiver  of any  provision  of the  Credit
Agreement  except as specifically set forth in Section 5 hereof and relates only
to the specific transaction described therein.

     SECTION  9.  Applicable  Law.  THIS  AMENDMENT  SHALL  BE  GOVERNED  BY AND
CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.

     SECTION 10.  Counterparts.  This Amendment may be executed in any number of
counterparts,  each of which shall be an original  but all of which,  when taken
together,  shall

<PAGE>

constitute  but  one  instrument.  Delivery  of  an  executed  counterpart  of a
signature page of this Amendment by facsimile  shall be effective as delivery of
a manually executed counterpart of this Amendment.

     SECTION  11.  Expenses.  Stilwell  agrees  to  reimburse  the Agent for its
out-of-pocket  expenses  in  connection  with  this  Amendment,   including  the
reasonable fees, charges and disbursements of Cravath,  Swaine & Moore,  counsel
for the Agent.

<PAGE>

         IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be
duly executed by their respective authorized officers as of the date first above
written.

                          STILWELL FINANCIAL INC.,

                          by:  /s/ Anthony P. McCarthy
                              -------------------------------------------------
                              Name:    Anthony P. McCarthy
                              Title:   Vice President

                          JANUS CAPITAL CORPORATION,

                          by:  /s/  Thomas A. Early
                              --------------------------------------------------
                              Name:    Thomas A. Early
                              Title:   Vice President and General Counsel

                          CITIBANK, N.A., individually and as Administrative
                          Agent and as Swingline Lender,

                          by:  /s/  Matthew Nicholls
                              --------------------------------------------------
                              Name:    Matthew Nicholls
                              Title:   Vice President

                          WELLS FARGO BANK WEST, N.A., individually
                          and as Documentation Agent,

                          by:  /s/ Gary D. Watkins
                              -------------------------------------------------
                              Name:    Gary D. Watkins /s/
                              Title:   Vice President

                          THE CHASE MANHATTAN BANK, individually
                          and as Syndication Agent,

                          by:   /s/    Robert A. Krasnow
                              --------------------------------------------------
                              Name:    Robert A. Krasnow
                              Title:   Vice President

                          BANK OF AMERICA, N.A.,

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

                          THE GOVERNOR AND COMPANY OF THE
                          BANK OF IRELAND,

                          by:   /s/    Padraig M. Rushe
                              --------------------------------------------------
                              Name:    Padraig M. Rushe
                              Title:   Authorised signatory

                          by:   /s/    Louise Molloy
                              --------------------------------------------------
                              Name:    Louise Molloy
                              Title:   Authorised signatory

                          BANK OF NEW YORK,

                          by:   /s/   Scott H. Buitekant
                              --------------------------------------------------
                              Name:    Scott H. Buitekant
                              Title:   Vice President

                          CREDIT SUISSE FIRST BOSTON,

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

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

<PAGE>

                          FIRSTAR BANK N.A.,

                          by:    /s/  Barry P. Sullivan
                               -------------------------------------------------
                               Name:   Barry P. Sullivan
                               Title:  Vice President

                          FLEET NATIONAL BANK,

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

                          HSBC,

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

                          THE ROYAL BANK OF SCOTLAND plc,

                          by:   /s/  Clark McGinn
                               -------------------------------------------------
                               Name:   Clark McGinn
                               Title:  Senior Vice President

                          STATE STREET BANK AND TRUST COMPANY,

                          by:   /s/  John A. Stankard
                               -------------------------------------------------
                               Name:   John A. Stankard
                               Title:  Vice President

                          UMB, N.A.,

                          by:   /s/  Terry Dierks
                               -------------------------------------------------
                               Name:   Terry Dierks
                               Title:  Vice President

<PAGE>

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

                                    EXHIBIT A

                                  The Offering
LYONs...............
                    $ aggregate principal amount --------- at maturity

                    ($  aggregate  principal  amount  ---------  at  maturity if
                    Merrill Lynch exercises its  over-allotment  option in full)
                    of LYONs due  February , 2031.  We will not pay  interest on
                    the  LYONs  prior to  maturity  unless  contingent  interest
                    becomes  payable.  Each  LYON  will be  issued at a price of
                    $------ per LYON and a principal amount of $1,000.

Maturity of LYONs...
                    February ___, 2031.

Yield to Maturity
 of LYONs...........
                    % per year,  computed on a  semiannual  --- bond  equivalent
                    basis,  calculated  from  February , 2001,  excluding any --
                    contingent interest.

Conversion Rights...
                    For each LYON  surrendered  for  conversion,  a holder  will
                    receive shares of common stock.  The conversion rate will be
                    adjusted for certain reasons specified in the indenture, but
                    will not be adjusted for accrued  original  issue  discount.
                    Upon conversion,  a holder will not receive any cash payment
                    representing  accrued  original  issue  discount.   Instead,
                    accrued  original  issue discount will be deemed paid by the
                    shares of common stock received by the holder on conversion.

                    Holders may surrender  LYONs for  conversion  into shares of
                    common stock in any calendar quarter  commencing after March
                    31, 2001,  if, as of the last day of the preceding  calendar
                    quarter,  the closing  sale price of our common stock for at
                    least 20 trading days in a period of 30 consecutive  trading
                    days  ending  on the  last  trading  day of  such  preceding
                    calendar  quarter  is  more  than  a  specified  percentage,
                    beginning  at  135%  and   declining   0.2083%  per  quarter
                    thereafter,  of the accreted  conversion  price per share of
                    common  stock  on the  last  trading  day of such  preceding
                    calendar quarter. The accreted conversion price per share as
                    of any day will  equal  the  issue  price of a LYON plus the
                    accrued  original issue discount to that day, divided by the
                    number of shares of common stock  issuable upon a conversion
                    of a LYON on that day.

                    On the date the LYONs are originally  issued, the LYONs will
                    not have a credit rating assigned to them. After the date on
                    which either Moody's or Standard & Poor's assigns an initial
                    credit  rating to the LYONs,  holders  may also  surrender a
                    LYON for  conversion  during  any period in which the credit
                    rating assigned to the LYONs by either Moody's or Standard &
                    Poor's is more than  three  rating  subcategories  below the
                    initial credit rating assigned to

<PAGE>

                    the LYONs.

                    LYONs or portions of LYONs in integral  multiples  of $1,000
                    principal  amount at  maturity  that have  been  called  for
                    redemption may be surrendered for conversion until the close
                    of  business  on  the  second  business  day  prior  to  the
                    redemption  date.  In  addition,  if we  make a  significant
                    distribution  to our  stockholders  or if we are a party  to
                    certain consolidations,  mergers or binding share exchanges,
                    LYONs may be  surrendered  for  conversion.  The  ability to
                    surrender LYONs for conversion for any reason will expire at
                    the close of business on February ---- , 2031.

Ranking.............
                    The LYONs will be unsecured and  unsubordinated  obligations
                    and will rank equal in right of payment to all our  existing
                    and  future  unsecured  and   unsubordinated   indebtedness.
                    However,  the LYONs will be effectively  subordinated to all
                    existing  and  future   obligations  of  our   subsidiaries,
                    including Janus.

Original Issue
 Discount...........
                    We are  offering  our LYONs at an issue price  significantly
                    below the  principal  amount at maturity of the LYONs.  This
                    original  issue discount will accrue daily at a rate of ---%
                    per year  beginning  on the date of  issuance  of such LYON,
                    calculated on a semi-annual bond equivalent  basis,  using a
                    360-day year comprised of twelve 30-day months.  The accrual
                    of imputed  interest  income on the LYONs, as calculated for
                    United States  federal  income tax  purposes,  also referred
                    herein to as tax  original  issue  discount,  is expected to
                    exceed the accrued original issue discount.

Contingent
 Interest...........
                    We will pay  contingent  interest  to the  holders  of LYONs
                    during any six-month  period from February --- to August ---
                    , 2006,  if the average  market price of a LYON for the five
                    trading  days ending on the second  trading day  immediately
                    preceding the relevant  six-month period equals 120% or more
                    of the sum of the issue  price and  accrued  original  issue
                    discount for such LYON to the day immediately  preceding the
                    relevant six-month period.

                    The  amount  of  contingent  interest  payable  per  LYON in
                    respect of any quarterly period within a six-month period in
                    which contingent  interest is payable will equal the greater
                    of (a) the amount of regular cash  dividends  paid by us per
                    share on our  common  stock  during  that  quarterly  period
                    multiplied by the number of shares of common stock  issuable
                    upon  conversion  of a LYON or (b)  0.0625% of such  average
                    market  price  of a LYON  for the five  trading  day  period
                    referred to above, except that if we have declare a dividend
                    for which the record  date falls prior to the first day of a
                    six-month period but the payment date falls within such six-
                    month   period,   then  the  five  trading  day  period  for
                    determining  the average market price of a LYON to calculate
                    the amount of  contingent  interest will be the five trading
                    days ending on the second trading day immediately  preceding
                    such record date.

<PAGE>

                    Contingent  interest,  if any, will accrue and be payable to
                    holders  of LYONs  as of the  record  date  for the  related
                    common stock  dividend or, if no cash dividend is paid by us
                    during a quarter within the relevant  six-month  period,  to
                    holders of LYONs as of the  fifteenth day preceding the last
                    day of the relevant six-month period.  Such payments will be
                    paid  on the  payment  date  of  the  related  common  stock
                    dividend  or,  if no cash  dividend  is paid by us  during a
                    quarter within the relevant  six-month  period,  on the last
                    day of the relevant  six-month  period.  The original  issue
                    discount  will  continue  to accrue at the yield to maturity
                    whether or not contingent interest is paid.

Contingent
 Rating.............
                    After the issuance of the LYONs,  we will endeavor to obtain
                    the  Required  Credit  Rating for the LYONs from  Moody's or
                    Standard & Poor's. The Required Credit Rating means a rating
                    that is equal to or higher  than Baa2 by  Moody's  or BBB by
                    Standard & Poor's. If we fail to obtain such a rating within
                    150 days after the  issuance of the LYONs,  then we will pay
                    interest  in cash to the holders of the LYONs at the rate of
                    0.50% of the  original  issue  price of the LYONs per annum,
                    payable  semiannually  on the  last  day of  each  six-month
                    period,  commencing  with the six month period ending August
                    --,  2001.  Such  interest,  if any,  will be payable to the
                    holders of LYONs as of the  fifteenth day preceding the last
                    day of the relevant six-month period.

Tax Original Issue
 Discount...........
                    The LYONs will be debt instruments subject to the contingent
                    payment debt regulations. Imputed interest, also referred to
                    herein as tax original issue discount, will accrue at a rate
                    currently  estimated  at  7.61%  per  year,  computed  on  a
                    semiannual  bond  equivalent  basis,  which  represents  the
                    assumed   yield   on  our   noncontingent,   nonconvertible,
                    fixed-rate debt with terms  otherwise  similar to the LYONs.
                    The rate at  which  the tax  original  issue  discount  will
                    accrue for United  States  federal  income tax purposes will
                    exceed the  stated  yield of ---% for the  accrued  original
                    issue discount.

Sinking Fund........
                    None.

Redemption of LYONs
 at the Option of
 Stilwell...........
                    We may  redeem all or a portion of the LYONs for cash at any
                    time on or after February __, 2006, at the redemption prices
                    set forth in the Indenture.

Purchase of LYONs
 by Stilwell at
 the Option of the
 Holder.............
                    Holders may require us to purchase all or a portion of their
                    LYONs:

                           on February --,. 2002 at a price of $--- per LYON;

                           on February --,. 2004 at a price of $--- per LYON;

                           on February --,. 2006 at a price of $--- per LYON;

<PAGE>

                           on February --,. 2011 at a price of $--- per LYON;

                           on February --,. 2016 at a price of $--- per LYON;

                           on February --,. 2021 at a price of $--- per LYON;

                           on February --,. 2026 at a price of $--- per LYON;

                    We may choose to pay the purchase  price in cash,  shares of
                    common stock or a  combination  of cash and shares of common
                    stock.

Change in Control...
                    Upon a change in control of Stilwell  occurring on or before
                    February  --,  2006,  each holder may require us to purchase
                    all or a portion of such holder's  LYONs for cash at a price
                    equal to the issue price of such LYONs plus accrued original
                    issue discount to the date of purchase. Under the Indenture,
                    a "change in control" of Stilwell is deemed to have occurred
                    at such time as:

                    o    any person,  including its affiliates  and  associates,
                         other  than  us,  our  subsidiaries  or  our  or  their
                         employee  benefit  plans,   files  a  Schedule  13D  or
                         Schedule TO (or any successor schedule,  form or report
                         under the Exchange Act) disclosing that such person has
                         become  the  beneficial  owner  of 50% or  more  of the
                         voting power of Stilwell's common stock is reclassified
                         or changed, with certain exceptions; or

                    o    there  shall  be   consummated   any  share   exchange,
                         consolidation  or merger of Stilwell  pursuant to which
                         Stilwell's  common stock would be converted  into cash,
                         securities or other property, in each case other than a
                         share exchange,  consolidation or merger of Stilwell in
                         which the holders of our common stock immediately prior
                         to the share  exchange,  consolidation  or merger have,
                         directly  or  indirectly,  continue  to hold at least a
                         majority of the total voting power in the  aggregate of
                         all  classes  of  capital  stock of the  continuing  or
                         surviving  corporation   immediately  after  the  share
                         exchange,  consolidation or merger.

Optional Conversion
 to Semiannual Coupon
 Notes Upon Tax
 Event..............
                    From and after the  occurrence of a Tax Event,  as described
                    in Indenture, at the option of Stilwell, interest instead of
                    future  original  issue  discount  shall accrue on each LYON
                    from the  option  exercise  date at  -----%  per year on the
                    restated principal amount and shall be payable  semiannually
                    on each  interest  payment  date to holders of record at the
                    close of business on cash  regular  record date  immediately
                    preceding  such  interest  payment  date.  Interest  will be
                    computed on the basis of a 360-day year  comprised of twelve
                    30-day  months and will  accrue from the most recent date to
                    which  interest  has been paid or, if no  interest  has been
                    paid,  the  option   exercise  date.  In  such  event,   the
                    redemption  price,  purchase  price and  change  in  control
                    purchase price shall be adjusted,  and

                    no  future  contingent  interest  will be paid on the  LYONS
                    other  than  interest  payable  as a result of a failure  to
                    obtain the Required Credit Rating for the LYONs or to timely
                    file  or make  effective  a  shelf  registration  statement.
                    However, there will be no changes in the holder's conversion
                    rights.

Events of Default...
                    If there is an event of  default  on the  LYONs,  the  issue
                    price of the LYONs plus the accrued  original issue discount
                    may be declared  immediately due and payable.  These amounts
                    automatically  become  due and  payable  in the  case of our
                    bankruptcy  or   insolvency.   Events  of  Default   include
                    non-payment,  failure to comply  with  agreements  under the
                    Indenture  for 60 days  after  notice,  the  non-payment  or
                    acceleration of other indebtedness in excess of $10,000,000,
                    or  bankruptcy,   insolvency  or  similar   proceedings  are
                    commenced      by     or     against      us.

Use of Proceeds.....
                    The net proceeds of this offering will be used to purchase a
                    total of  ------  shares  of Janus  common  stock,  of which
                    600,000  shares  are being  sold by  Thomas H.  Bailey to us
                    pursuant to his put rights  under the Janus  Stock  Purchase
                    Agreement and the remaining shares are being sold by certain
                    other minority  stockholders  of Janus pursuant to their put
                    rights under their respective stock purchase agreements. The
                    total  purchase price for these ----- shares of Janus common
                    stock  will be  approximately  $-------  million.  After the
                    purchase  of  these  shares,  we may use any  remaining  net
                    proceeds of this  offering for general  corporate  purposes,
                    including acquisitions.

DTC Eligibility.....
                    The  LYONs  will be issued  in  book-entry  form and will be
                    represented  by one or more  permanent  global  certificates
                    deposited with a custodian for and registered in the name of
                    a nominee of DTC in New York, New York. Beneficial interests
                    in any such  securities will be shown on, and transfers will
                    be effected only through,  records maintained by DTC and its
                    direct and indirect  participants  and any such interest may
                    not be  exchanged  for  certificated  securities,  except in
                    limited circumstances.

Transfer
 Restrictions.......
                    The LYONs and the common stock  issuable upon  conversion of
                    the LYONs have not been registered  under the Securities Act
                    or any state securities law. Unless they are registered, the
                    LYONs  and such  common  stock  may not be  offered  or sold
                    except  pursuant to an exemption from or in transaction  not
                    subject to the  registration  requirements of the Securities
                    Act and applicable state laws.

Registration
 Rights.............
                    We will,  for the benefit of  holders,  file with the SEC as
                    soon as  practicable,  but in any event within 90 days after
                    the date of the  original  issuance  of the  LYONs,  a shelf
                    registration statement covering resales of the LYONs and the
                    shares of  common  stock  issuable  upon  conversion  of the
                    LYONs.  We will use  reasonable  efforts  to cause the shelf
                    registration  statement  to become  effective as promptly as
                    practicable  after filing,  but in any event within 210

<PAGE>

                    days after the date of original  issuance of the LYONs,  and
                    keep such shelf registration  statement  effective until the
                    earlier of (i) the sale  pursuant to the shelf  registration
                    statement  of all the LYONs and the  shares of common  stock
                    issuable   upon   conversion  of  the  LYONs  and  (ii)  the
                    expiration  of  the  holding   period   applicable  to  such
                    securities held b y our non-affiliates  under Rule 144(k) of
                    the Securities Act, or any successor  provision,  subject to
                    certain permitted exceptions.

Trading.............
                    The LYONs will not be listed on any  securities  exchange or
                    included in any automated quotation system.<PAGE>

                    SECOND AMENDMENT TO CREDIT AGREEMENT

     This SECOND AMENDMENT TO CREDIT AGREEMENT (this "Second Amendment") is
                                                      ----------------
entered into as of March 28, 2001 among Mail-Well I Corporation, a Delaware
corporation (the "Company"), as borrower, Mail-Well, Inc., a Colorado
                  -------
corporation (the "Parent"), and certain other U.S. Subsidiaries of the
                  ------
Parent, as guarantors, the several financial institutions from time to time
party to the Credit Agreement referred to below (individually, a "Lender"
                                                                  ------
and, collectively, the "Lenders"), ABN AMRO Bank N.V., as syndication agent,
                        -------
The Bank of Nova Scotia, as documentation agent, SunTrust Bank, Union Bank
of California, N.A. and Wells Fargo Bank, N.A., as managing agents, and Bank
of America, N.A., as Issuing Bank, Swingline Bank and as administrative
agent for itself and the other Lenders (in such capacity, the "Agent").
                                                               -----

     WHEREAS, the Company, the Parent and the other Loan Parties, the Lenders
and the Agent entered into a Credit Agreement dated as of February 18, 2000,
as amended by that certain First Amendment to Credit Agreement dated as of
July 28, 2000 (as so amended, the "Credit Agreement"); and
                                   ----------------

     WHEREAS, the Company has requested that the Majority Lenders agree to
certain amendments to the Credit Agreement, and the Majority Lenders have
agreed to such request, subject to the terms and conditions of this Second
Amendment;

     NOW, THEREFORE, the parties hereto agree as follows:

1.   Definitions; References; Interpretation.
     ---------------------------------------

     (a)   Unless otherwise specifically defined herein, each term used herein
(including in the Recitals hereof) which is defined in the Credit Agreement
shall have the meaning assigned to such term in the Credit Agreement.

     (b)   Each reference to "this Second Amendment", "hereof", "hereunder",
"herein" and "hereby" and each other similar reference contained in the
Credit Agreement, and each reference to "the Credit Agreement" and each
other similar reference in the other Loan Documents, shall from and after
the Effective Date refer to the Credit Agreement as amended hereby.

     (c)   The rules of interpretation set forth in Section 1.02 of the Credit
Agreement shall be applicable to this Second Amendment.

2.   Amendments to the Credit Agreement. Subject to the terms and conditions
     ----------------------------------
hereof, the Credit Agreement is amended as follows, effective as of the date
of satisfaction of the conditions set forth in Section 4 (the "Effective Date"):
                                                               --------------

     (a)   Subsection 8.21(b) of the Credit Agreement is amended and restated
in its entirety as follows:

     "(b)   The Parent shall not permit the Total Leverage Ratio as of the last
day of any fiscal quarter to be greater than (i) 4.50 to 1.00 for the fourth
fiscal quarter of 2000, for each of the first, second, third and fourth
fiscal quarters of 2001, and for the first fiscal quarter of

                                     1

<PAGE>
<PAGE>

2002, (ii) 4.25 to 1.00 for the second fiscal quarter of 2002, and (iii) 4.00
to 1.00 for the third fiscal quarter of 2002 and each fiscal quarter ending
thereafter; provided that, at any time on or after the Collateral Release
            --------
Date, the Parent shall not permit the Total Leverage Ratio to be greater
than 3.50 to 1.00."

     (b)   Annex I to the Credit Agreement is amended and restated in its
           -------
entirety as set forth on Annex I to this Second Amendment.
                         -------
3.   Representations and Warranties. The Parent and the Company hereby
     ------------------------------
represent and warrant to the Agent and the Lenders as follows:

     (a)   No Default or Event of Default has occurred and is continuing (or
would result from the amendment of the Credit Agreement contemplated
hereby).

     (b)   The execution, delivery and performance by the Parent, the Company
and the other Loan Parties of this Second Amendment and the Credit Agreement
(as amended by this Second Amendment) have been duly authorized by all
necessary corporate and other action and do not and will not require any
registration with, consent or approval of, or notice to or action by, any
Person (including any Governmental Authority) in order to be effective and
enforceable.

     (c)   This Second Amendment and the Credit Agreement (as amended by this
Second Amendment) constitute the legal, valid and binding obligations of the
Parent, the Company and each other Loan Party, enforceable against it in
accordance with their respective terms.

     (d)   All representations and warranties of the Parent, the Company and
the other Loan Parties contained in the Credit Agreement are true and
correct (except to the extent such representations and warranties expressly
refer to an earlier date, in which case they shall be true and correct as of
such earlier date and except that this subsection (d) shall be deemed
instead to refer to the last day of the most recent quarter and year for
which financial statements have then been delivered in respect of the
representation and warranty made in subsection 6.11(a) of the Credit
Agreement and to take into account any amendments to the Schedules to the
Credit Agreement and other disclosures made in writing by the Parent or the
Company to the Agent and the Lenders after the Closing Date and approved by
the Agent and the Majority Lenders).

     (e)   The Parent, the Company and each other Loan Party is entering into
this Second Amendment on the basis of its own investigation and for its own
reasons, without reliance upon the Agent and the Lenders or any other
Person.

     (f)   The Parent's, the Company's and each other Loan Party's obligations
under the Credit Agreement and under the other Loan Documents are not subject
to any defense, counterclaim, set-off, right of recoupment, abatement or other
claim.

4.   Conditions of Effectiveness.
     ---------------------------

     (a)   The effectiveness of Section 2 of this Second Amendment shall be
subject to the satisfaction of each of the following conditions precedent:

                                     2

<PAGE>
<PAGE>

           (1)   The Agent shall have received from the Company all amounts
payable under that certain fee letter dated as of March 28, 2001 delivered by
the Company to the Agent in connection herewith.

           (2)   The Agent shall have received from the Parent, the Company
and each other Loan Party and the Majority Lenders a duly executed original
(or, if elected by the Agent, an executed facsimile copy) of this Second
Amendment.

           (3)   The Agent shall have received all other documents it or the
Majority Lenders may reasonably request relating to any matters relevant
hereto, all in form and substance satisfactory to the Agent and the
Majority Lenders.

           (4)  The representations and warranties in Section 3 of this Second
Amendment shall be true and correct on and as of the Effective Date with the
same effect as if made on and as of the Effective Date.

     (b)   For purposes of determining compliance with the conditions
specified in Section 4(a), each Lender that has executed this Second
Amendment shall be deemed to have consented to, approved or accepted, or to
be satisfied with, each document or other matter either sent, or made
available for inspection, by the Agent to such Lender for consent, approval,
acceptance or satisfaction, or required hereunder to be consented to or
approved by or acceptable or satisfactory to such Lender.

     (c)   From and after the Effective Date, the Credit Agreement is amended
as set forth herein. Except as expressly amended pursuant hereto, the Credit
Agreement shall remain unchanged and in full force and effect and is hereby
ratified and confirmed in all respects.

     (d) The Agent will notify the Parent, the Company and the Lenders of
the occurrence of the Effective Date.

5.   Consent of Guarantors. Each of the Parent and the other Guarantors,
     ---------------------
in its capacity as a Guarantor, acknowledges that its consent to this
Second Amendment and the amendments to the Credit Agreement contemplated hereby
is not required, but each of such Persons nevertheless does hereby consent to
this Second Amendment and the amendments to the Credit Agreement contemplated
hereby and to the documents and agreements referred to herein. Nothing herein
shall in any way limit any of the terms or provisions of the Guaranty of the
Parent or any of the other Guarantors or the Collateral Documents executed by
the Parent or any of the other Guarantors in the Agent's and the Lenders'
favor, or any other Loan Document executed by the Parent or any of the other
Guarantors (as the same may be amended from time to time), all of which are
hereby ratified and affirmed in all respects.

6.   Miscellaneous.
     -------------
     (a)   The Parent, the Company and each other Loan Party acknowledges and
agrees that the execution and delivery by the Agent and the Majority Lenders
of this Second Amendment shall not be deemed to create a course of dealing
or an obligation to execute similar waivers or amendments under the same or
similar circumstances in the future.

                                     3

<PAGE>
<PAGE>

     (b)   This Second Amendment and the Credit Agreement as amended by this
Second Amendment shall be binding upon and inure to the benefit of the
parties hereto and thereto and their respective successors and assigns.

     (c)   This Second Amendment shall be governed by and construed in
accordance with the law of the State of California, provided that the Agent
                                                    --------
and the Lenders shall retain all rights arising under Federal law.

     (d)   This Second Amendment may be executed in any number of
counterparts, each of which shall be deemed an original, but all such
counterparts together shall constitute but one and the same instrument. Each
of the parties hereto understands and agrees that this document (and any
other document required herein) may be delivered by any party thereto either
in the form of an executed original or an executed original sent by
facsimile transmission to be followed promptly by mailing of a hard copy
original, and that receipt by the Agent of a facsimile transmitted
document purportedly bearing the signature of a Lender or any Loan Party
shall bind such Lender or such Loan Party, respectively, with the same force
and effect as the delivery of a hard copy original. Any failure by the Agent
to receive the hard copy executed original of such document shall not
diminish the binding effect of receipt of the facsimile transmitted executed
original of such document of the party whose hard copy page was not received
by the Agent.

     (e)   This Second Amendment contains the entire and exclusive agreement
of the parties hereto with reference to the matters discussed herein. This
Second Amendment supersedes all prior drafts and communications with respect
hereto. This Second Amendment may not be amended except in accordance with
the provisions of Section 11.01 of the Credit Agreement.

     (f)   If any term or provision of this Second Amendment shall be deemed
prohibited by or invalid under any applicable law, such provision shall be
invalidated without affecting the remaining provisions of this Second
Amendment, the Credit Agreement or the other Loan Documents.

     (g)   The Company agrees to pay or reimburse BofA (including in its
capacity as Agent), upon demand, for all reasonable costs and expenses
(including reasonable Attorney Costs) incurred by BofA (including in its
capacity as Agent) in connection with the development, preparation,
negotiation, execution and delivery of this Second Amendment.

                                     4

<PAGE>
<PAGE>

     IN WITNESS WHEREOF, the parties hereto have caused this Second
Amendment to be duly executed and delivered in San Francisco, California, by
their proper and duly authorized officers as of the day and year first above
written.

                                    MAIL-WELL, INC.

                                    By:    /s/ Robert Meyer
                                       -------------------------------------
                                           Robert Meyer

                                    Title: V.P. Treasury and Tax

                                    MAIL-WELL I CORPORATION

                                    By:    /s/ Robert Meyer
                                       ------------------------------------
                                           Robert Meyer

                                    Title: V.P. Treasury and Tax

                                    EACH SUBSIDIARY GUARANTOR LISTED ON
                                    ANNEX II

                                    By:    /s/ Robert Meyer
                                       ------------------------------------
                                           Robert Meyer

                                    Title: V.P. Treasury and Tax

                                    BANK OF AMERICA, N.A., as Agent, Issuing
                                    Bank, Swingline Bank and as a Lender

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

                                     5

<PAGE>
<PAGE>

     IN WITNESS WHEREOF, the parties hereto have caused this Second
Amendment to be duly executed and delivered in San Francisco, California, by
their proper and duly authorized officers as of the day and year first above
written.

                                    MAIL-WELL, INC.

                                    By:
                                       ------------------------------------

                                    Title:
                                          ---------------------------------

                                    MAIL-WELL I CORPORATION

                                    By:
                                       ------------------------------------

                                    Title:
                                          ---------------------------------

                                    EACH SUBSIDIARY GUARANTOR LISTED ON
                                    ANNEX II

                                    By:
                                       ------------------------------------

                                    Title:
                                          ---------------------------------

                                    BANK OF AMERICA, N.A., as Agent, Issuing
                                    Bank, Swingline Bank and as a Lender

                                    By:    /s/ Kevin C. Leader
                                       ------------------------------------
                                           Kevin C. Leader

                                    Title: Managing Director

                                     5

<PAGE>
<PAGE>
                                    ABN AMRO BANK N.V.

                                    By:    /s/ Mary L. Honda
                                       -------------------------------------
                                           Mary L. Honda

                                    Title: Group Vice President

                                    By:    /s/ Christopher Luke
                                       -------------------------------------
                                           Christopher Luke

                                    Title: Senior Vice President
                                           Diversified Industries Central

<PAGE>
<PAGE>
                                    BANK OF CHINA, LOS ANGELES BRANCH

                                    By:    /s/ Luo Xiaoming
                                       -------------------------------------
                                           Luo Xiaoming

                                    Title: Branch Manager

                                    Dated: 3/27/01
                                           ---------------------------------

BANK OF CHINA SIGNATURE PAGE
MAIL-WELL CORP. - BANK OF AMERICA
FINAL SECOND AMENDMENT TO MAIL-WELL I CREDIT AGREEMENT

<PAGE>
<PAGE>
                                    BANK OF HAWAII

                                    By:    /s/ Andrew Ishii
                                       -------------------------------------
                                           Andrew Ishii

                                    Title: Vice President

<PAGE>
<PAGE>

                                    THE BANK OF NEW YORK

                                    By:    /s/ Lisa Y. Brown
                                       -------------------------------------
                                           Lisa Y. Brown

                                    Title: Vice President

<PAGE>
<PAGE>

                                    THE BANK OF NOVA SCOTIA

                                    By:    /s/ Signature
                                       -------------------------------------

                                    Title: Managing Director

<PAGE>
<PAGE>

                                 BHF (USA) CAPITAL CORPORATION

                                 By:    /s/ Hans J. Scholz     /s/ Jennifer M. U
                                    --------------------------------------------
                                        Hans J. Scholz             Jennifer M. U

                                 Title: Vice President             Associate

<PAGE>
<PAGE>

                                    BNP PARIBAS

                                    By:    /s/ David W. Low
                                       -------------------------------------
                                           David W. Low

                                    Title: Director

<PAGE>
<PAGE>

                                    THE CIT GROUP/EQUIPMENT FINANCING, INC.

                                    By:    /s/ Undrae L. Mitchell
                                       -------------------------------------
                                           Undrae L. Mitchell

                                    Title: Senior Credit Analyst

<PAGE>
<PAGE>

                                    COMERICA BANK

                                    By:    /s/ Signature
                                       -------------------------------------

                                    Title: Assistant Vice President

<PAGE>
<PAGE>

                                    THE DAI-ICHI KANGYO BANK LIMITED

                                    By:    /s/ Signature
                                       -------------------------------------

                                    Title: Vice President

<PAGE>
<PAGE>

                                    FIRST UNION NATIONAL BANK

                                    By:    /s/ Signature
                                       -------------------------------------

                                    Title: Vice President

<PAGE>
<PAGE>

                                    FIRSTAR BANK, N.A.

                                    By:    /s/ Signature
                                       -------------------------------------

                                    Title: Vice President

<PAGE>
<PAGE>

                                    FLEET NATIONAL BANK

                                    By:    /s/ Jeffrey C. Lynch
                                       -------------------------------------
                                           Jeffrey C. Lynch

                                    Title: Managing Director

<PAGE>
<PAGE>

                                    THE FUJI BANK, LTD.

                                    By:    /s/ Masahito Fukuda
                                       -------------------------------------
                                           Masahito Fukuda

                                    Title: Senior Vice President

<PAGE>
<PAGE>

                                    GMAC COMMERCIAL CREDIT LLC

                                    By:    /s/ Signature
                                       -------------------------------------

                                    Title: Senior Vice President

<PAGE>
<PAGE>

                                    HARRIS TRUST AND SAVINGS BANK

                                    By:    /s/ Scott M. Ferris
                                       -------------------------------------
                                           Scott M. Ferris

                                    Title: Managing Director

<PAGE>
<PAGE>

Second Amendment to Mail-Well Credit Agreement dated 28 March 2001-03-28
------------------------------------------------------------------------

                                    IKB Deutsche Industriebank AG
                                    Luxembourg Branch
                                    as a Lender

                                    By:    /s/ Signature
                                       -------------------------------------
                                           Name

                                    Title: Manager

                                    By:    /s/ Manfred Ziwey
                                       -------------------------------------
                                           Manfred Ziwey

                                    Title: Director

<PAGE>
<PAGE>

                                   THE INDUSTRIAL BANK OF JAPAN, LIMITED
                                   NEW YORK BRANCH

                                   By:    /s/ Ryusuke Aya
                                      -----------------------------------------
                                          Ryusuke Aya

                                   Title: Senior Vice President, Houston Office

<PAGE>
<PAGE>

                                    KEYBANK NATIONAL ASSOCIATION

                                    By:    /s/ Cheryl L. Ebner
                                       -------------------------------------
                                           Cheryl L. Ebner

                                    Title: Senior Vice President

<PAGE>
<PAGE>

                                    THE MITSUBISHI TRUST & BANKING CORPORATION

                                    By:    /s/ Signature
                                       ---------------------------------------

                                    Title: Senior Vice President

<PAGE>
<PAGE>

                                    NATIONAL CITY BANK

                                    By:    /s/ Peter W. Richer
                                       -------------------------------------
                                           Peter W. Richer

                                    Title: Vice President

<PAGE>
<PAGE>

                                    NORWEST BANK COLORADO, N.A.

                                    By:    /s/ Catherine M. Jones
                                       -------------------------------------

                                    Title: Vice President

<PAGE>
<PAGE>

                                    SUNTRUST BANK

                                    By:    /s/ Charles C. Pick
                                       -------------------------------------
                                           Charles C. Pick

                                    Title: Vice President

<PAGE>
<PAGE>

                                    TRANSAMERICA BUSINESS CAPITAL CORPORATION,
                                    as successor in interest to Transamerica
                                    Business Credit Corporation

                                    By:    /s/ Signature
                                       -------------------------------------

                                    Title: Senior Vice President

<PAGE>
<PAGE>

                                    UNION BANK OF CALIFORNIA, N.A.

                                    By:    /s/ Signature
                                       -------------------------------------

                                    Title: Vice President

<PAGE>
<PAGE>

                                    U.S. BANK NATIONAL ASSOCIATION

                                    By:    /s/ Signature
                                       -------------------------------------

                                    Title: Vice President

<PAGE>
<PAGE>

                                    WASHINGTON MUTUAL BANK, FA, as
                                    successor in interest to BANK UNITED FSB

                                    By:    /s/ David M. Purcell
                                       -------------------------------------
                                           David M. Purcell

                                    Title: Vice President

<PAGE>
<PAGE>

Signature page to the Second Amendment to
MAIL-WELL CREDIT AGREEMENT

Addison CDO, Limited (Acct 1279)
By:   Pacific Investment Management Company LLC,
      as its Investment Advisor

      By:    /s/ Mohan V. Phansalkar
        --------------------------------
             Mohan V. Phansalkar
             Executive Vice President

<PAGE>
<PAGE>

                                    AIMCO CDO Series 2000-A

                                    By:    /s/ Jerry D. Zinkula
                                       -------------------------------------
                                           Jerry D. Zinkula

                                    Title: Authorized Signatory

                                    By:    /s/ Patricia W. Wilson
                                       -------------------------------------
                                           Patricia W. Wilson

                                    Title: Authorized Signatory

<PAGE>
<PAGE>

                                    ALLSTATE LIFE INSURANCE COMPANY

                                    By:    /s/ Jerry D. Zinkula
                                       -------------------------------------
                                           Jerry D. Zinkula

                                    Title: Authorized Signatory

                                    By:    /s/ Patricia W. Wilson
                                       -------------------------------------
                                           Patricia W. Wilson

                                    Title: Authorized Signatory

<PAGE>
<PAGE>

Signature page to the Second Amendment to
MAIL-WELL CREDIT AGREEMENT

Athena CDO, Limited (Acct 1277)
By:   Pacific Investment Management Company LLC,
      as its Investment Advisor

      By:    /s/ Mohan V. Phansalkar
        --------------------------------
             Mohan V. Phansalkar
             Executive Vice President

<PAGE>
<PAGE>

                                    BALANCE HIGH-YIELD FUND I LTD.
                                    BY: ING Capital Advisors LLC,
                                        as Asset Manager

                                    By:    /s/ Michael J. Campbell
                                       -------------------------------------
                                           Michael J. Campbell

                                    Title: Managing Director

<PAGE>
<PAGE>

Signature page to the Second Amendment to
MAIL-WELL CREDIT AGREEMENT

CAPTIVA III Finance Ltd. (Acct. 275),
as advised by Pacific Investment Management Company LLC

By: /s/ David Dyer
   -------------------------------
    Name:    David Dyer
         -------------------------
    Title:   Director
          ------------------------

<PAGE>
<PAGE>

Signature page to the Second Amendment to
MAIL-WELL CREDIT AGREEMENT

CAPTIVA IV Finance Ltd. (Acct. 1275),
as advised by Pacific Investment Management Company LLC

By: /s/ David Dyer
   --------------------------------
    Name:    David Dyer
         -------------------------
    Title:   Director
          ------------------------

<PAGE>
<PAGE>

                                    CARLYLE HIGH YIELD PARTNERS II, LTD.

                                    By:    /s/ Linda M. Pace
                                       -------------------------------------
                                           Linda M. Pace

                                    Title: Vice President

<PAGE>
<PAGE>

                                    CYPRESSTREE INSTITUTIONAL FUND, LLC
                                    By: CypressTree Investment Management
                                    Company as Portfolio Manager

                                           /s/ Philip C. Robbins

                                    By:    Philip C. Robbins

                                    Title: Vice President

<PAGE>
<PAGE>

                                    CYPRESSTREE FOCUSED INVESTMENT FUND, LLC
                                    By: CypressTree Investment Management
                                    Company as Portfolio Manager

                                           /s/ Philip C. Robbins

                                    By:    Philip C. Robbins

                                    Title: Vice President

<PAGE>
<PAGE>

                                    CYPRESSTREE INVESTMENT PARTNERS I, LTD.
                                    By: CypressTree Investment Management
                                    Company as Portfolio Manager

                                           /s/ Philip C. Robbins

                                    By:    Philip C. Robbins

                                    Title: Vice President

<PAGE>
<PAGE>

                                    CYPRESSTREE INVESTMENT PARTNERS II, LTD
                                    By: CypressTree Investment Management
                                    Company as Portfolio Manager

                                           /s/ Philip C. Robbins

                                    By:    Philip C. Robbins

                                    Title: Vice President

<PAGE>
<PAGE>

Signature page to the Second Amendment to
MAIL-WELL CREDIT AGREEMENT

DELANO Company (Acct 274)
By:   Pacific Investment Management Company LLC,
      as its Investment Advisor

      By:    /s/ Mohan V. Phansalkar
        --------------------------------
             Mohan V. Phansalkar
             Executive Vice President

<PAGE>
<PAGE>

                                    ELT LTD.

                                    By:    /s/ Ann E. Morris
                                       -------------------------------------
                                           Ann E. Morris

                                    Title: Authorized Agent

<PAGE>
<PAGE>

                                    CITIBANK, N.A. as Additional Investment
                                    Manager for and on behalf of

                                    FIVE FINANCE CORPORATION

                                    By:    /s/ Mike Regan
                                       -------------------------------------
                                           Mike Regan

                                    Title: Alternative Investment Strategies
                                           399 Park Ave./7th Fl./7.n. 2
                                           Ph: (212) 559-9121

                                    By:    /s/ Daniel Slotkin
                                       -------------------------------------
                                           Daniel Slotkin

                                    Title: Vice President

<PAGE>
<PAGE>

                                    FIRST DOMINION FUNDING I

                                    By:    /s/ Andrew H. Marshak
                                       -------------------------------------
                                           Andrew H. Marshak

                                    Title: Authorized Signatory

<PAGE>
<PAGE>

                                    FIRST DOMINION FUNDING II

                                    By:    /s/ Andrew H. Marshak
                                       -------------------------------------
                                           Andrew H. Marshak

                                    Title: Authorized Signatory

<PAGE>
<PAGE>

                                    FRANKLIN CLO I, LIMITED

                                    By:    /s/ Chauncey Lufkin
                                       -------------------------------------
                                           Chauncey Lufkin

                                    Title: Vice President

<PAGE>
<PAGE>

                                    FRANKLIN FLOATING RATE MASTER SERIES

                                    By:    /s/ Chauncey Lufkin
                                       -------------------------------------
                                           Chauncey Lufkin

                                    Title: Vice President

<PAGE>
<PAGE>

                                    FRANKLIN FLOATING RATE TRUST

                                    By:    /s/ Chauncey Lufkin
                                       -------------------------------------
                                           Chauncey Lufkin

                                    Title: Vice President

<PAGE>
<PAGE>

                                    HARBOURVIEW CDO II, LTD.

                                    By:    /s/ Lisa Chaffee
                                       -------------------------------------
                                           Lisa Chaffee

                                    Title: Manager

<PAGE>
<PAGE>

                                    HELLER FINANCIAL, INC.

                                           /s/ David R. Campbell

                                    By:    David R. Campbell

                                    Title: Vice President

<PAGE>
<PAGE>

Signature page to the Second Amendment to
MAIL-WELL CREDIT AGREEMENT

Jissekikun Funding, Ltd. (Acct 1288)
By:   Pacific Investment Management Company LLC,
      as its Investment Advisor

      By:    /s/ Mohan V. Phansalkar
        --------------------------------
             Mohan V. Phansalkar
             Executive Vice President

<PAGE>
<PAGE>

                                    KEMPER FLOATING RATE FUND

                                    By:   /s/ Kelly D. Babson
                                       -------------------------------------
                                       Name:  Kelly D. Babson

                                       Title: Managing Director

<PAGE>
<PAGE>

                                    KZH CYPRESSTREE-I LLC

                                    By:    /s/ Susan Lee
                                       -------------------------------------
                                           Susan Lee

                                    Title: Authorized Agent

<PAGE>
<PAGE>

                                    KZH LANGDALE LLC

                                    By:    /s/ Susan Lee
                                       -------------------------------------
                                           Susan Lee

                                    Title: Authorized Agent

<PAGE>
<PAGE>

                                    KZH SHOSHONE LLC

                                    By:    /s/ Susan Lee
                                       -------------------------------------
                                           Susan Lee

                                    Title: Authorized Agent

<PAGE>
<PAGE>

                                    KZH SOLEIL-2 LLC

                                    By:    /s/ Susan Lee
                                       -------------------------------------
                                           Susan Lee

                                    Title: Authorized Agent

<PAGE>
<PAGE>

                                    ML CLO XII PILGRIM AMERICA (CAYMAN) LTD.
                                    By: ING Pilgrim Investments,
                                        as its investment manager

                                    By:    /s/ Robert L. Wilson
                                       -------------------------------------
                                           Robert L. Wilson

                                    Title: Vice President

<PAGE>
<PAGE>

                                    ML CLO XV PILGRIM AMERICA (CAYMAN) LTD.
                                    By: ING Pilgrim Investments,
                                        as its investment manager

                                    By:    /s/ Robert L. Wilson
                                       -------------------------------------
                                           Robert L. Wilson

                                    Title: Vice President

<PAGE>
<PAGE>

                                    ML CLO XX PILGRIM AMERICA (CAYMAN) LTD.
                                    By: ING Pilgrim Investments,
                                        as its investment manager

                                    By:    /s/ Robert L. Wilson
                                       -------------------------------------
                                           Robert L. Wilson

                                    Title: Vice President

<PAGE>
<PAGE>

                                    PILGRIM AMERICA HIGH INCOME
                                    INVESTMENTS LTD.
                                    By: ING Pilgrim Investments,
                                        as its investment manager

                                    By:    /s/ Robert L. Wilson
                                       -------------------------------------
                                           Robert L. Wilson

                                    Title: Vice President

<PAGE>
<PAGE>

                                    PILGRIM PRIME RATE TRUST
                                    By: ING Pilgrim Investments,
                                        as its investment manager

                                    By:    /s/ Robert L. Wilson
                                       -------------------------------------
                                           Robert L. Wilson

                                    Title: Vice President

<PAGE>
<PAGE>

                                    PILGRIM CLO 1999-1 LTD.
                                    By: ING Pilgrim Investments,
                                        as its investment manager

                                    By:    /s/ Robert L. Wilson
                                       -------------------------------------
                                           Robert L. Wilson

                                    Title: Vice President

<PAGE>
<PAGE>

                                    Monument Capital Ltd., as Assignee
                                    By: Alliance Capital Management L.P., as
                                    Investment Manager

                                    By: Alliance Capital Management Corporation
                                    as General Partner

                                    By:   /s/ Teresa McCarthy
                                       -------------------------------------
                                       Name:  Teresa McCarthy
                                       Title: Vice President

Second Amendment to Credit Agreement
for Mail-Well, Inc.

<PAGE>
<PAGE>

                                    MORGAN STANLEY DEAN WITTER PRIME
                                    INCOME TRUST

                                    By:    /s/ Sheila A. Finnerty
                                       -------------------------------------
                                           Sheila A. Finnerty

                                    Title: Senior Vice President

<PAGE>
<PAGE>

                                    MOUNTAIN CAPITAL CLO I, LTD.

                                    By:    /s/ Darren P. Riley
                                       -------------------------------------
                                           Darren P. Riley

                                    Title: Director

<PAGE>
<PAGE>

                                    MOUNTAIN CAPITAL CLO II, LTD.

                                    By:    /s/ Darren P. Riley
                                       -------------------------------------
                                           Darren P. Riley

                                    Title: Director

<PAGE>
<PAGE>

                                    MUIRFIELD TRADING LLC

                                    By:    /s/ Ann E. Morris
                                       -------------------------------------
                                           Ann E. Morris

                                    Title: Asst. Vice President

<PAGE>
<PAGE>

                                    NORTH AMERICAN SENIOR FLOATING
                                    RATE FUND
                                    By: CypressTree Investment Management
                                    Company as Portfolio Manager

                                           /s/ Philip C. Robbins

                                    By:    Philip C. Robbins

                                    Title: Vice President

<PAGE>
<PAGE>

                                    OLYMPIC FUNDING TRUST, SERIES 1999-1

                                    By:    /s/ Ann E. Morris
                                       -------------------------------------
                                           Ann E. Morris

                                    Title: Authorized Agent

<PAGE>
<PAGE>

                                    PPM SPYGLASS FUNDING TRUST

                                    By:    /s/ Ann E. Morris
                                       -------------------------------------
                                           Ann E. Morris

                                    Title: Authorized Agent

<PAGE>
<PAGE>

                                  Signature page to the Second Amendment to
                                  MAIL-WELL CREDIT AGREEMENT

                                  ROYALTON COMPANY (Acct 280)
                                  By: Pacific Investment Management Company LLC,
                                      as its Investment Advisor

                                      By:    /s/ Mohan V. Phansalker
                                         -------------------------------------
                                             Mohan V. Phansalker
                                             Executive Vice President

<PAGE>
<PAGE>

                              Sankaty Advisors, Inc. as Collateral Manager for
                              GREAT POINT CLO I 1999-1 LTD., as Term Lender

                              By:    /s/ Diane J. Exter
                                 -----------------------------------------
                                     Diane J. Exter

                              Title: Managing Director, Portfolio Manager

<PAGE>
<PAGE>

                                    SANKATY HIGH YIELD PARTNERS II, L.P.

                                    By:    /s/ Diane J. Exter
                                       -----------------------------------------
                                           Diane J. Exter

                                    Title: Managing Director, Portfolio Manager

<PAGE>
<PAGE>

                                STEIN ROE FLOATING RATE LIMITED
                                LIABILITY COMPANY

                                By:    /s/ James R. Fellows
                                   ---------------------------------------------
                                       James R. Fellows

                                Title: Senior Vice President
                                       Stein Roe & Farnham Incorporated
                                       as Advisor to the Stein Roe Floating Rate
                                       Limited Liability Company

<PAGE>
<PAGE>

                                LIBERTY-STEIN ROE ADVISOR FLOATING
                                RATE ADVANTAGE FUND

                                By:    /s/ James R. Fellows
                                   ---------------------------------------------
                                       James R. Fellows

                                Title: Senior Vice President & Portfolio Manager

<PAGE>
<PAGE>

                               STEIN ROE & FARNHAM CLO I LTD.

                               By: Stein Roe & Farnham Inc., as Portfolio
                                   Manager

                               By:    /s/ James R. Fellows
                                  ------------------------------------------
                                      James R. Fellows

                               Title: Sr. Vice President & Portfolio Manager

<PAGE>
<PAGE>

                                    STRATEGIC MANAGED LOAN PORTFOLIO
                                    By: CITIBANK, N.A. as Manager

                                    By:    /s/ Mike A. Regan
                                       -------------------------------------
                                           Mike A. Regan

                                    Title: Alternative Investment Strategies
                                           309 Park Ave./7th Fl./7.n. 2
                                           Ph: (212) 559-9221

<PAGE>
<PAGE>

                                    THE SUMITOMO TRUST AND BANKING
                                    COMPANY LTD., New York Branch

                                    By:    /s/ Stephen A. Stratico
                                       -----------------------------------------
                                           Stephen A. Stratico

                                    Title: Vice President

<PAGE>
<PAGE>

                                    TORONTO DOMINION (NEW YORK), INC.

                                    By:    /s/ Stacey Malek
                                       -----------------------------------------
                                           Stacey Malek

                                    Title: Vice President

<PAGE>
<PAGE>

                                    VAN KAMPEN CLO I, LIMITED
                                    By: VAN KAMPEN
                                    MANAGEMENT INC.,
                                    as Collateral Manager

                                    By:    /s/ Darvin D. Pierce
                                       ----------------------------------------
                                           Darvin D. Pierce

                                    Title: Principal

<PAGE>
<PAGE>

                                    VAN KAMPEN CLO II, LIMITED
                                    By: VAN KAMPEN
                                    MANAGEMENT INC.,
                                    as Collateral Manager

                                    By:    /s/ Darvin D. Pierce
                                       -----------------------------------------
                                           Darvin D. Pierce

                                    Title: Principal

<PAGE>
<PAGE>

                                    VAN KAMPEN
                                    PRIME RATE INCOME TRUST
                                    By: Van Kampen Investment Advisory Corp.

                                    By:    /s/ Darvin D. Pierce
                                       -----------------------------------------
                                           Darvin D. Pierce

                                    Title: Principal

<PAGE>
<PAGE>

                                    VAN KAMPEN
                                    SENIOR INCOME TRUST
                                    By: Van Kampen Investment Advisory Corp.

                                    By:    /s/ Darvin D. Pierce
                                       -----------------------------------------
                                           Darvin D. Pierce

                                    Title: Principal

<PAGE>
<PAGE>

                                    WEBSTER BANK

                                    By:    /s/ Signature
                                       -----------------------------------------

                                    Title: Vice President

<PAGE>
<PAGE>

                                  ANNEX I

                  To Second Amendment to Credit Agreement
                  ---------------------------------------

                                  ANNEX I
                                  -------

                                PRICING GRID
                                ------------

     From the Closing Date until the date on which the Parent delivers a
Compliance Certificate pursuant to Section 7.02(c) of the Credit Agreement
for the fiscal quarter ending June 30, 2000 (the "Initial Period"), the
                                           --------------
Applicable Margin and the Applicable Fee Amount shall be fixed at Level 5. From
and after the last day of the Initial Period, the Applicable Margin and the
Applicable Fee Amount for any day shall be the amount per annum set forth
below based on the Total Leverage Ratio set forth in the most recently
delivered Compliance Certificate delivered by the Parent pursuant to Section
7.02(c) of the Credit Agreement. Changes in the Applicable Margin and the
Applicable Fee Amount resulting from a change in the Total Leverage Ratio shall
become effective on the date of delivery by the Parent to the Agent of a new
Compliance Certificate pursuant to Section 7.02(c), except that no such
change shall take effect until the end of the Initial Period. If the Parent
shall fail to deliver a Compliance Certificate and accompanying financial
statements within the number of days after the end of any fiscal quarter or
fiscal year as required pursuant to Section 7.02(c), the parties agree that
the Applicable Margin and the Applicable Fee Amount shall be fixed at Level
5 until such time as the Parent delivers such new Compliance Certificate and
accompanying financial statements pursuant to Section 7.02(c).
Notwithstanding the foregoing, the Applicable Margin for Tranche B Term
Loans shall be 3.00% for Offshore Rate Loans and 1.75% for Base Rate Loans
at all times.

<TABLE>
<CAPTION>

                                       OFFSHORE RATE   BASE RATE    LETTER OF    COMMITMENT
LEVEL      TOTAL LEVERAGE RATIO           SPREAD        SPREAD     CREDIT FEE       FEE
---------------------------------------------------------------------------------------------
<S>        <C>                             <C>           <C>          <C>          <C>
Level 5    greater than or equal to        2.75%         1.50%        2.75%        0.500%
           4.25 to 1.00
---------------------------------------------------------------------------------------------

Level 4    greater than or equal to        2.50%         1.25%        2.50%        0.500%
           3.50 to 1.00 and less
           than 4.25 to 1.00
---------------------------------------------------------------------------------------------

Level 3    greater than or equal to        2.25%         1.00%        2.25%        0.500%
           3.00 to 1.00 and less
           than 3.50 to 1.00
---------------------------------------------------------------------------------------------

Level 2    greater than or equal to        2.00%         0.75%        2.00%        0.500%
           2.50 to 1.00 and less
           than 3.00 to 1.00
---------------------------------------------------------------------------------------------

Level 1    less than 2.50 to 1.00          1.75%         0.50%        1.75%        0.375%
---------------------------------------------------------------------------------------------
</TABLE>

                              ANNEX I--PAGE 1

<PAGE>
<PAGE>

                                  ANNEX II

                  To Second Amendment to Credit Agreement
                  ---------------------------------------

ABP Books, Inc.
Curtis 1000, Inc.
Discount Labels, Inc.
Hill Graphics, Inc.
Mail-Well Canada Holdings, Inc.
Mail-Well Commercial Printing, Inc.
Mail-Well Europe Holdings, LLC
Mail-Well Label USA, Inc.
Mail-Well Mexico Holdings, Inc.
Mail-Well Services, Inc.
Mail-Well West, Inc.
National Graphics Company
Poser Business Forms, Inc.
Vanier Graphics Corporation
Wisco III, LLC

                              ANNEX II--PAGE 1

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