Document:

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                         AMENDMENT NO. 1 TO AMENDED AND
                      RESTATED LOAN AND SECURITY AGREEMENT

         THIS AMENDMENT NO. 1 (the "Amendment"), dated as of November 30, 1999,
is made by and among BANK OF AMERICA, N.A., formerly Bank of America National
Trust and Savings Association (the "Bank") and OUTLOOK GROUP CORP., OUTLOOK
LABEL SYSTEMS, INC. and OUTLOOK PACKAGING, INC. (individually, a "Borrower" and,
collectively, the "Borrowers").

                                    RECITALS

         A. The Bank and the Borrowers have entered into an Amended and Restated
Loan and Security Agreement dated as of May 12, 1999 (the "Agreement").

         B. The Bank and the Borrowers desire to amend the Agreement.

                                    AGREEMENT

1. DEFINITIONS. Capitalized terms used, but not defined, in this Amendment shall
have the meaning given to them in the Agreement.

2. AMENDMENT. Section 10.19 of the Agreement is hereby amended and restated in
its entirety to read:

         "10.19. Net Worth. The Borrowers will not permit the Borrowers'
         consolidated net worth, determined as of the last day of each fiscal
         quarter, to be less than the result of (a) $34,000,000 plus (b) 50% of
         the amount of the Borrowers' Earnings from Operations minus (c) up to
         $5,000,000 of stock repurchases for the period from December 1, 1998 to
         such date of determination calculated as if such period were a single
         accounting period."

3. REPRESENTATIONS AND WARRANTIES. The Borrowers hereby represent and warrant to
the Bank that:

         3.1 There is no event which is, or with notice or lapse of time or both
         would be, a Default or an Event of Default under the Agreement except
         those Defaults or Events of Default, if any, that have been disclosed
         in writing to the Bank or waived in writing by the Bank;

         3.2 The representations and warranties of the Borrowers set forth in
         the Loan Documents are true and correct on the date of this Amendment
         as if made on the date of this Amendment;

         3.3 The Borrowers have notified the Bank in writing of any change in
         (i) the locations of the Borrowers' place of business or, if the
         Borrowers have more than one place of business, the Borrowers' chief
         executive office and any collateral; and (ii) the Borrowers' names,
         identities or business structures.

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         3.4 This Amendment is within the Borrowers' power, has been duly
         authorized, and does not conflict with any of the Borrowers'
         organization papers; and

         3.5 This Amendment does not conflict with any law, agreement, or
         obligation by which the Borrowers are bound.

4. CONDITIONS. This Amendment will become effective on the date first set forth
above, provided, however, that the effectiveness of this
Amendment is subject to receipt by the Bank of an original of this Amendment
duly executed by the Borrowers.

5. EFFECT OF AMENDMENT. Except as provided in this Amendment, all of the terms
and conditions of the Agreement shall remain in full force and effect.

6. COUNTERPARTS. This Amendment may be executed in counterparts, each of which
when so executed shall be deemed an original, but all such counterparts together
shall constitute but one and the same instrument.

This Amendment is executed and delivered as of the date set forth above.

BANK OF AMERICA, N.A.                            OUTLOOK GROUP CORP.

By:  /s/ Gregory Mojica                          By: /s/ Paul M. Drewek
     --------------------------                      ---------------------------
Title:  Vice President                           Title:  Chief Financial Officer

                                                 OUTLOOK LABEL SYSTEMS, INC.

                                                 By: /s/ Paul M. Drewek
                                                     ---------------------------
                                                 Title:  Chief Financial Officer

                                                 OUTLOOK PACKAGING, INC.

                                                 By: /s/ Paul M. Drewek
                                                     ---------------------------
                                                 Title:  Chief Financial Officer

                                       2<PAGE>
                         AMENDMENT NO. 2 TO AMENDED AND
                      RESTATED LOAN AND SECURITY AGREEMENT

         THIS AMENDMENT NO. 2 (the "Amendment"), dated as of November 6, 2000,
is made by and among BANK OF AMERICA, N.A., formerly Bank of America National
Trust and Savings Association (the "Bank") and OUTLOOK GROUP CORP., OUTLOOK
LABEL SYSTEMS, INC. and OUTLOOK PACKAGING, INC. (individually, a "Borrower" and,
collectively, the "Borrowers").

                                    RECITALS

         A. The Bank and the Borrowers have entered into an Amended and Restated
Loan and Security Agreement dated as of May 12, 1999, as amended by that certain
Amendment No. 1 to Amended and Restated Loan and Security Agreement dated as of
November 30, 1999 (as so amended, the "Agreement").

         B. The Bank and the Borrowers desire to amend the Agreement.

                                    AGREEMENT

1. DEFINITIONS. Capitalized terms used, but not defined, in this Amendment shall
have the meaning given to them in the Agreement.

2. AMENDMENT. Section 10.21 of the Agreement is hereby amended and restated in
its entirety to read:

         "10.21 Capital Expenditures. The Borrowers will not, and will not
         permit their Subsidiaries to, make or incur any Capital Expenditure, if
         after giving effect thereto, the aggregate amount of all Capital
         Expenditures made or incurred by the Borrowers on a consolidated basis,
         would exceed $4,000,000 in any Fiscal Year; provided, however, that for
         the Fiscal Year End May 31, 2001 only, the aggregate amount of all
         Capital Expenditures made or incurred by the Borrowers on a
         consolidated basis shall not exceed $9,000,000."

3. REPRESENTATIONS AND WARRANTIES. The Borrowers hereby represent and warrant to
the Bank that:

         3.1 There is no event which is, or with notice or lapse of time or both
         would be, a Default or an Event of Default under the Agreement except
         those Defaults or Events of Default, if any, that have been disclosed
         in writing to the Bank or waived in writing by the Bank;

         3.2 The representations and warranties of the Borrowers set forth in
         the Loan Documents are true and correct on the date of this Amendment
         as if made on the date of this Amendment;

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         3.3 The Borrowers have notified the Bank in writing of any change in
         (i) the locations of the Borrowers' place of business or, if the
         Borrowers have more than one place of business, the Borrowers' chief
         executive office and any collateral; and (ii) the Borrowers' names,
         identities or business structures.

         3.4 This Amendment is within the Borrowers' power, has been duly
         authorized, and does not conflict with any of the Borrowers'
         organization papers; and

         3.5 This Amendment does not conflict with any law, agreement, or
         obligation by which the Borrowers are bound.

4. CONDITIONS. This Amendment will become effective on the date first set forth
above, provided, however, that the effectiveness of this
Amendment is subject to receipt by the Bank of an original of this Amendment
duly executed by the Borrowers.

5. EFFECT OF AMENDMENT. Except as provided in this Amendment, all of the terms
and conditions of the Agreement shall remain in full force and effect.

6. COUNTERPARTS. This Amendment may be executed in counterparts, each of which
when so executed shall be deemed an original, but all such counterparts together
shall constitute but one and the same instrument.

This Amendment is executed and delivered as of the date set forth above.

BANK OF AMERICA, N.A.                            OUTLOOK GROUP CORP.

By: /s/ Gregory Mojica                           By: /s/ Paul M. Drewek
    -------------------------                       ----------------------------
Title:  Vice President                           Title:  Chief Financial Officer

                                                 OUTLOOK LABEL SYSTEMS, INC.

                                                 By: /s/ Paul M. Drewek
                                                     ---------------------------
                                                 Title:  Chief Financial Officer

                                                 OUTLOOK PACKAGING, INC.

                                                 By: /s/ Paul M. Drewek
                                                     ---------------------------
                                                 Title:  Chief Financial Officer

                                       2<PAGE>

                         AMENDMENT NO. 5 TO AMENDED AND
                      RESTATED LOAN AND SECURITY AGREEMENT

         THIS AMENDMENT NO. 5 (the "Amendment"), dated as of October 11, 2002,
is made by and among BANK OF AMERICA, N.A. (the "Bank") and OUTLOOK GROUP CORP.
and OUTLOOK LABEL SYSTEMS, INC. (individually, a "Borrower" and, together, the
"Borrowers").

                                    RECITALS

         A. The Bank and the Borrowers have entered into an Amended and Restated
Loan and Security Agreement dated as of May 12, 1999, as amended by an Amendment
No. 1 thereto dated as of November 30, 1999, Amendment No. 2 thereto dated as of
November 6, 2000, Amendment No. 3 thereto dated as of May 12, 2002 and Amendment
No. 4 thereto dated as of August 12, 2002 (as so amended, the "Agreement").

         B. The Bank and the Borrowers desire to further amend the Agreement to
extend the Stated Termination Date and to make certain other changes thereto, as
set forth herein.

                                    AGREEMENT

1. DEFINITIONS. Capitalized terms used, but not defined, in this Amendment shall
have the meaning given to them in the Agreement.

2. AMENDMENT. The Agreement is hereby amended as follows:

         2.1 Section 1 of the Agreement is hereby amended by restating the
         defined term "Fixed Charges" as follows:

                           "Fixed Charges" means as to the Borrowers on a
                  consolidated basis, for any fiscal period, the sum of (i)
                  interest expensed paid or payable in cash, (ii) scheduled
                  installments of principal paid or payable with respect to Debt
                  for borrowed money and Capital Leases, (iii) that portion of
                  Capital Expenditures not financed by borrowings from third
                  parties, (iv) income taxes paid or payable in cash, and (v)
                  Distributions made in accordance with Section 10.8 hereof.

         2.2 Section 1 of the Agreement is hereby further amended by restating
         the defined term "Stated Termination Date" as follows:

                           "Stated Termination Date" means April 12, 2004.

         2.3. Section 10.8 of the Agreement is hereby restated as follows:

                           10.8 Distributions; Capital Changes. No Borrower or
              any of its Subsidiaries shall: (a) directly or indirectly declare
              or make,

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                  or incur any liability to make, any Distribution, except (i)
                  Distributions made to a Borrower by a Subsidiary wholly-owned
                  by such Borrower, subject to the limitations set forth in
                  Section 10.13 hereof and (ii) Distributions made by the
                  Borrowers not exceeding in the aggregate of $1,500,000 in any
                  fiscal year provided that immediately prior and after giving
                  effect to the payment of such Distribution, no Default or
                  Event of Default shall have occurred and be continuing or
                  would result therefrom or (b) make any change in its capital
                  structure which could adversely affect the repayment of the
                  Obligations.

3. REPRESENTATIONS AND WARRANTIES. The Borrowers hereby represent and warrant to
the Bank that:

         3.1 There is no event which is, or with notice or lapse of time or both
         would be, a Default or an Event of Default under the Agreement except
         those Defaults or Events of Default, if any, that have been disclosed
         in writing to the Bank or waived in writing by the Bank;

         3.2 The representations and warranties of the Borrowers set forth in
         the Loan Documents are true and correct on the date of this Amendment
         as if made on the date of this Amendment;

         3.3 This Amendment has been duly authorized, and does not conflict with
         any of the Borrowers' articles of incorporation or by-laws; and

         3.4 This Amendment does not conflict with any law, agreement, or
         obligation by which the Borrowers are bound.

4. CONDITIONS. This Amendment will become effective on the date first set forth
above provided, however, that the effectiveness of this Amendment is subject to
receipt by the Bank of (a) an original of this Amendment, duly executed by the
Borrowers and (b) evidence of the corporate authority of the Borrowers to
execute and deliver this Amendment.

5. EFFECT OF AMENDMENT. Except as provided in this Amendment, all of the terms
and conditions of the Agreement shall remain in full force and effect.

6. COUNTERPARTS. This Amendment may be executed in counterparts, each of which
when so executed shall be deemed an original, but all such counterparts together
shall constitute but one and the same instrument.

                            [signature page follows]

                                       2
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This Amendment is executed and delivered as of the date set forth above.

                                             OUTLOOK GROUP CORP.

                                             By:  /s/ Paul M. Drewek
                                                  ------------------------------
                                             Title:  Chief Financial Officer

                                             OUTLOOK LABEL SYSTEMS, INC.

                                             By:  /s/ Paul M. Drewek
                                                  ------------------------------
                                             Title:  Chief Financial Officer

                                             BANK OF AMERICA, N.A.

                                             By:  /s/
                                                  ------------------------------
                                             Title:  Vice President

                                       3

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