Document:

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                                                                     EXHIBIT 4.3

                    CERTIFICATE OF DESIGNATION OF THE POWERS,
                          PREFERENCES AND RIGHTS OF THE
             14% SENIOR REDEEMABLE PAYMENT-IN-KIND PREFERRED STOCK,
            AND QUALIFICATIONS, LIMITATIONS AND RESTRICTIONS THEREOF

                         Pursuant to Section 302A.401 of
                     the Minnesota Business Corporation Act

         Jostens, Inc. (the "Issuer"), a corporation organized and existing
under the Minnesota Business Corporation Act, as amended (the "MBCA"), does
hereby certify that, pursuant to authority conferred upon the Board of Directors
of the Issuer by its Amended and Restated Articles of Incorporation (hereinafter
referred to as the "Articles of Incorporation"), and pursuant to the provisions
of the MBCA the Board of Directors, on May 10, 2000 duly approved and adopted
the following resolution (the "Resolution"):

         RESOLVED, that, pursuant to the authority vested in the Board of
Directors by the Articles of Incorporation, the Board of Directors does hereby
create, authorize and provide for the issuance of a series of 14% Senior
Redeemable Payment-In-Kind Preferred Stock, par value $0.01 per share, with a
stated value of $1,000.00 per share, consisting of 307,500 shares, in each case
having the designations, preferences, relative, participating, optional and
other special rights and the qualifications, limitations and restrictions
thereof that are set forth in the Articles of Incorporation and in this
Resolution as follows:

         This Certificate of Designation shall be deemed effective on May 10,
2000.

                      I. Senior Redeemable Preferred Stock
                      ------------------------------------

         (a) Designation. There is hereby created out of the authorized and
unissued shares of Preferred Stock of the Issuer a series of Preferred Stock
designated as the "14% Senior Redeemable Payment-In-Kind Preferred Stock." The
number of shares constituting such series shall be 307,500 and are referred to
herein as the "Redeemable Preferred Stock." 60,000 shares of Redeemable
Preferred Stock shall be initially issued with an additional 247,500 shares
reserved for issuance in accordance with paragraph (c)(i) and (c)(vi) of this
Article I. The liquidation preference of the Redeemable Preferred Stock shall be
$1,000.00 per share.

         (b) Liquidation Preference. Except as permitted by this Certificate of
Designation, the Redeemable Preferred Stock shall, with respect to dividends and
distributions upon liquidation, winding-up and dissolution of the Issuer, rank
senior to all classes of Common Stock of the Issuer and to each other class of
Capital Stock of the Issuer or series of Preferred Stock of the Issuer hereafter
created (any such Stock other than Senior Stock and Parity Stock, collectively,
referred to as "Junior Stock"). The Issuer may not issue any class or series of
Capital Stock that ranks (x) on a parity with the Redeemable Preferred Stock as
to dividends and distributions upon liquidation, winding-up and dissolution
(collectively, referred to as "Parity Stock") other than in accordance with
paragraph (f)(ii)(A) of Article I hereof or (y) senior to the Redeemable
Preferred Stock as to dividends and distributions upon liquidation, winding-up
and
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dissolution of the Issuer (collectively referred to as "Senior Stock") other
than in accordance with paragraph (f)(ii)(B) of Article I.

         (c) Dividends. (i) The Holders of the outstanding shares of Redeemable
Preferred Stock shall be entitled to receive, when, as and if declared by the
Board of Directors, out of funds legally available therefor, dividends (the
"Regular Dividends") for each Dividend Period on each outstanding share of
Redeemable Preferred Stock, at a rate per annum equal to 14% of the liquidation
preference per share of the Redeemable Preferred Stock, payable quarterly;
provided that so long as an Redeemable Preferred Triggering Event shall have
occurred and be continuing, additional dividends ("Additional Dividends") will
accumulate on the Redeemable Preferred Stock at a rate per annum of 1% of the
liquidation preference per share of the Redeemable Preferred Stock, payable
quarterly. All Regular Dividends, Additional Dividends and Special Dividends
shall be cumulative, whether or not earned or declared, on a daily basis from
the Issue Date of the respective shares of the Redeemable Preferred Stock and
all Regular Dividends (and, if payable, all Additional Dividends and Special
Dividends) shall be payable quarterly in arrears on each Regular Dividend
Payment Date, commencing on the first Regular Dividend Payment Date after the
Issue Date. Regular Dividends (and Additional Dividends and Special Dividends,
if any) may be paid, at the Issuer's option, either in cash or by the issuance
of additional shares of Redeemable Preferred Stock (including fractional shares)
having an aggregate liquidation preference equal to the amount of such Regular
Dividends (and Additional Dividends and Special Dividends, if any) (but not less
than $1.00). Each Regular Dividend or Additional Dividend, to the extent paid in
cash, shall be payable out of funds legally available therefor, to the Holders
of record as they appear on the stock books of the Issuer on the Regular
Dividend Record Date immediately preceding the related Regular Dividend Payment
Date.

                  (ii) All Regular Dividends, Additional Dividends and Special
         Dividends paid in cash with respect to shares of the Redeemable
         Preferred Stock pursuant to paragraphs (c)(i) and (vi) of this Article
         I shall be paid pro rata to the Holders thereof entitled thereto and
         holders of Parity Stock, if any, entitled thereto.

                  (iii) Regular Dividends and Additional Dividends in connection
         with any optional redemption pursuant to paragraph (e) of this Article
         I may be declared and paid at any time, without reference to any
         Regular Dividend Payment Date, to Holders of record on such date, not
         more forty five (45) days prior to the payment thereof, as may be fixed
         by the Board of Directors of the Issuer.

                  (iv) So long as any share of the Redeemable Preferred Stock is
         outstanding, the Issuer shall not declare, pay or set apart for payment
         any dividend on any Junior Stock or Parity Stock or make any payment on
         account of, or set apart for payment money for a sinking or other
         similar fund for, the purchase, redemption or other retirement of, any
         Junior Stock or Parity Stock or any warrants, rights, calls or options
         exercisable for or convertible into any Junior Stock or Parity Stock
         whether in cash, obligations or shares of the Issuer or other property,
         and shall not permit any corporation or other entity directly or
         indirectly controlled by the Issuer to purchase or redeem any Junior
         Stock or Parity Stock or any such warrants, rights, calls or options
         unless full cumulative dividends determined in accordance herewith on
         the Redeemable Preferred Stock have been paid (or are deemed paid) in
         full in cash or in additional shares.

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                  (v) Regular Dividends payable on the Redeemable Preferred
         Stock for any period less than a year shall be computed on the basis of
         a 360-day year of twelve 30-day months and the actual number of days
         elapsed in the period for which payable. The amount of Additional
         Dividends will be determined consistent with the preceding sentence and
         by multiplying the applicable Additional Dividends by a fraction, the
         numerator of which is the number of days (not to exceed 90) such rate
         was applicable during any Dividend Period and the denominator of which
         is 360.

                  (vi) Additional dividends shall become due and payable with
         respect to the Redeemable Preferred Stock as set forth in the
         Registration Rights Agreement (the "Special Dividends").

                  (vii) To the extent payable in cash, all Regular Dividends,
         Additional Dividends, if any, and Special Dividends, if any, on the
         Redeemable Preferred Stock may be made by check mailed to the Holders
         of the Redeemable Preferred Stock at their respective addresses set
         forth in the stock books of the Company; provided that all payments of
         Regular Dividends, Additional Dividends, if any and Special Dividends
         if any, with respect to any Redeemable Preferred Stock the Holders of
         which have given wire transfer instructions to the Issuer will be
         required to be made by wire transfer of immediately available funds to
         the accounts specified by the Holders thereof. The Issuer will be
         deemed to have made the aforementioned payments upon mailing of such
         check or initiating such wire transfer.

                  (viii) In the event that dividends with respect to the
         Redeemable Preferred Stock are paid in additional shares of Redeemable
         Preferred Stock, and U.S. federal withholding tax or backup withholding
         is due with respect to such dividends, the Issuer or the withholding
         agent, as the case may be, may retain all or a portion of these
         additional shares of Redeemable Preferred Stock (A) in the case of
         withholding tax obligations, until such time as (x) the Holder of such
         shares has provided to the Issuer or withholding agent cash in an
         amount equal to the withholding tax due or (y) the Holder authorizes
         the Issuer or withholding agent to reduce such additional shares of
         Redeemable Preferred Stock to cash sufficient to satisfy the requisite
         withholding tax on such additional Redeemable Preferred Stock, or (B)
         in the case of backup withholding obligations, until such time as the
         Holder of such shares has provided the information or certification
         required for the Issuer or withholding agent to meet its backup
         withholding obligations.

         (d) Liquidation Preference. (i) In the event of any voluntary or
involuntary liquidation, dissolution or winding up of the affairs of the Issuer,
the Holders of shares of Redeemable Preferred Stock then outstanding shall be
entitled to be paid out of the assets of the Issuer available for distribution
to its shareholders an amount in cash equal to the liquidation preference for
each share outstanding, plus, without duplication, an amount in cash equal to
accumulated and unpaid Regular Dividends, Additional Dividends and Special
Dividends, if any, thereon to the date fixed for liquidation, dissolution or
winding up (including an amount equal to a prorated Regular Dividend (together
with any applicable Additional Dividends and Special Dividends) for the period
from the last Regular Dividend Payment Date to the date fixed for liquidation,
dissolution or winding up) before any distribution is made on Junior Stock,
including, without limitation, Common Stock of the Issuer. Except as provided in
the preceding sentence, Holders of Redeemable Preferred Stock shall not be
entitled to any distribution in the

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event of any liquidation, dissolution or winding up of the affairs of the
Issuer. If the assets of the Issuer are not sufficient to pay in full the
liquidation payments payable to the Holders of outstanding shares of the
Redeemable Preferred Stock and all Parity Stock, then the holders of all such
shares of Redeemable Preferred Stock and Parity Stock shall share equally and
ratably in such distribution of assets in proportion to the full liquidation
preference to which each is entitled until such preferences are paid in full,
and then in proportion to their respective amounts of accumulated but unpaid
dividends.

                  (ii) For the purposes of this paragraph (d) of this Article I,
         neither the sale, conveyance, exchange or transfer (for cash, shares of
         stock, securities or other consideration) of all or substantially all
         of the property or assets of the Issuer nor the consolidation or merger
         of the Issuer with or into one or more entities or a statutory share
         exchange of any Capital Stock of the Issuer shall be deemed to be a
         liquidation, dissolution or winding up of the affairs of the Issuer.

         (e) Redemption. (i) Except as described in the following paragraphs,
the Redeemable Preferred Stock will not be redeemable at the Issuer's option
prior to 2005, provided, however, that 35% of the Redeemable Preferred Stock
will be redeemable at the Issuer's option, at any time or in part from time to
time, on or prior to May 1, 2005, at a redemption price equal to 114% of the
liquidation preference thereof, plus an amount in cash equal to all accumulated
and unpaid Regular Dividends (together with any applicable Additional Dividends
and Special Dividends) thereon, if any, to the redemption date (including an
amount in cash equal to a prorated Regular Dividend (together with any
applicable Additional Dividends and Special Dividends) for the period from the
Regular Dividend Payment Date immediately prior to the redemption date to the
redemption date), with the net cash proceeds received by the Issuer of an
underwritten, registered public offering of Common Stock of the Issuer, provided
that such redemption shall occur within 60 days of the closing of such
underwritten, registered public offering.

                  (ii) On or after May 1, 2005, the Redeemable Preferred Stock
         will be redeemable, at the Issuer's option, in whole at any time or in
         part from time to time, at the following redemption prices (expressed
         as a percentage of liquidation preference) if redeemed during the
         twelve-month period commencing on May 1 of the applicable year set
         forth below plus, without duplication, an amount in cash equal to all
         accumulated and unpaid dividends (including, but not limited to, an
         amount in cash equal to a prorated Regular Dividend (together with any
         applicable Additional Dividends and Special Dividends) for the period
         from the immediately preceding Regular Dividend Payment Date to the
         redemption date):

                          Year                                 Percentage
                          ----                                 ----------

                          2005                                 107.000 %

                          2006                                 104.667 %

                          2007                                 102.333 %

                          2008 and thereafter                  100.000 %

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                  (iii) At any time and from time to time on or prior to the
         first date on which the Redeemable Preferred Stock may be redeemed as
         described in paragraph (e)(ii) above (the "First Call Date"), the
         Redeemable Preferred Stock may be redeemed as a whole but not in part
         at the option of the Issuer upon the occurrence of a Change of Control,
         at a redemption price equal to 100% of the liquidation preference
         thereof, plus an amount in cash equal to all accumulated and unpaid
         dividends thereon through the redemption date (including, but not
         limited to, an amount in cash equal to a prorated Regular Dividend
         (together with any applicable Additional Dividends and Special
         Dividends) for the period from the immediately preceding Regular
         Dividend Payment Date to the redemption date) plus the Applicable
         Premium. Any redemption pursuant to this paragraph (e)(iii) shall occur
         no more than 120 days after the occurrence of the Change of Control.

                  (iv) On May 1, 2011, the Issuer will be required to redeem
         (subject to the legal availability of funds therefor) all outstanding
         shares of Redeemable Preferred Stock at a redemption price equal to
         100% of the liquidation preference thereof, plus an amount in cash
         equal to all accumulated and unpaid dividends thereon (including, but
         not limited to, an amount in cash equal to a prorated Regular Dividend
         (together with any applicable Additional Dividends and Special
         Dividends) for the period from the immediately preceding Regular
         Dividend Payment Date to the redemption date). The Issuer will not be
         required to make sinking fund payments with respect to the Redeemable
         Preferred Stock.

                  (v) (A) At least thirty (30) days and not more than sixty (60)
         days prior to the date fixed for any redemption of the Redeemable
         Preferred Stock, written notice (the "Redeemable Redemption Notice")
         shall be given by first class mail, postage prepaid, to each Holder of
         record on the record date fixed for such redemption of the Redeemable
         Preferred Stock at such Holder's address as it appears on the stock
         books of the Issuer, provided that no failure to give such notice nor
         any deficiency therein shall affect the validity of the procedure for
         the redemption of any shares of Redeemable Preferred Stock to be
         redeemed except as to the Holder or Holders to whom the Issuer has
         failed to give said notice or except as to the Holder or Holders whose
         notice was defective. The Redeemable Redemption Notice shall state:

                           (1) whether the redemption is pursuant to paragraph
                  (e)(i), (e)(ii), (e)(iii) or (e)(iv) of this Article I;

                           (2) the redemption price;

                           (3) whether all or less than all the outstanding
                  shares of the Redeemable Preferred Stock are to be redeemed
                  and the total number of shares of the Redeemable Preferred
                  Stock being redeemed;

                           (4) the date fixed for redemption (the "Redeemable
                  Redemption Date");

                           (5) that the Holder is to surrender to the Issuer, at
                  the place or places where certificates for shares of
                  Redeemable Preferred Stock are to be surrendered for
                  redemption, in the manner and at the price designated, the
                  certificate or

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                  certificates representing the shares of Redeemable Preferred
                  Stock to be redeemed; and

                           (6) that dividends on the shares of the Redeemable
                  Preferred Stock to be redeemed shall cease to accrue on such
                  Redeemable Redemption Date unless the Issuer defaults in the
                  payment of the redemption price.

                  (B) Each Holder of Redeemable Preferred Stock shall surrender
         the certificate or certificates representing such shares of Redeemable
         Preferred Stock to the Issuer (duly endorsed or assigned for transfer)
         in the manner and at the place designated in the Redeemable Redemption
         Notice, and on the Redeemable Redemption Date. The full redemption
         price for such shares shall be payable in cash to the Person whose name
         appears on such certificate or certificates as the owner thereof, and
         each surrendered certificate shall be canceled and retired. In the
         event that less than all of the shares represented by any such
         certificate are redeemed, a new certificate shall be issued
         representing the unredeemed shares.

                  (C) Unless the Issuer fails to make payment in full of the
         applicable redemption price upon the surrender of the related
         certificates, dividends on the Redeemable Preferred Stock called for
         redemption shall cease to accumulate on the Redeemable Redemption Date.
         The Holders of such redeemed shares shall cease to have any further
         rights with respect thereto from and after the Redeemable Redemption
         Date, other than the right to receive the redemption price, without
         interest, provided, however, that if a notice of redemption shall have
         been given as provided in paragraph (v)(A) above and the funds
         necessary for redemption (including an amount in cash in respect of all
         dividends that will accumulate to the Redeemable Redemption Date) shall
         have been irrevocably deposited in trust for the equal and ratable
         benefit for the Holders of the shares to be redeemed, then, at the
         close of business on the day on which such funds are segregated and set
         aside, the Holders of the shares to be redeemed shall cease to be
         shareholders of the Issuer and shall be entitled only to receive the
         redemption price.

         (f) Voting Rights. (i) The Holders of Redeemable Preferred Stock,
except as otherwise required under Minnesota law or as set forth in paragraphs
(ii), (iii) and (iv) below, shall not be entitled or permitted to vote on any
matter required or permitted to be voted upon by the shareholders of the Issuer.

                  (ii) (A) So long as any shares of the Redeemable Preferred
         Stock are outstanding, the Issuer shall not authorize or issue any
         class of Parity Stock without the affirmative vote of Holders of at
         least a majority of the then outstanding shares of Redeemable Preferred
         Stock, given in person or by proxy, either in writing or by resolution
         adopted at an annual or special meeting; provided, however, that no
         such vote or consent shall be necessary in connection with the
         authorization and issuance of additional shares of (i) Parity Stock if,
         after giving effect to such issuance, the Consolidated Coverage Ratio
         for the Issuer's most recently ended four full fiscal quarters for
         which internal financial statements are available immediately preceding
         the date on which such Parity Stock is issued, is greater than 1.50 to
         1.00; or (ii) Parity Stock with a liquidation preference of $30 million
         or less in the aggregate (plus such amount of

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         additional Parity Stock as may be issuable in payment of dividends
         thereon pursuant to the terms of such Parity Stock).

                           (B) So long as any shares of the Redeemable Preferred
                  Stock are outstanding, the Issuer shall not authorize or issue
                  any class of Senior Stock without the affirmative vote of
                  Holders of at least a majority of the outstanding shares of
                  Redeemable Preferred Stock, given in person or by proxy,
                  either in writing or by resolution adopted at an annual or
                  special meeting.

                           (C) So long as any shares of the Redeemable Preferred
                  Stock are outstanding, the Issuer shall not amend this Article
                  I of this Certificate of Designation so as to affect adversely
                  the specified rights, preferences, privileges or voting rights
                  of Holders of shares of Redeemable Preferred Stock without the
                  affirmative vote of Holders of at least a majority of the
                  issued and outstanding shares of Redeemable Preferred Stock,
                  given in person or by proxy, either in writing or by
                  resolution adopted at an annual or special meeting.

                  (iii) (A) If (1) the Issuer fails to redeem the Redeemable
         Preferred Stock on or before May 1, 2011 or fails to discharge any
         redemption obligation with respect to the Redeemable Preferred Stock or
         (2) the Issuer fails to make a Change of Control Offer if such an offer
         is required by the provisions set forth under paragraph (h)(i) of
         Article I hereof, fails to comply with paragraph (h)(vii) of this
         Article I or fails to purchase shares of Redeemable Preferred Stock
         from Holders who elect to have such shares purchased pursuant to the
         Change of Control Offer or (3) a breach or violation of any of the
         provisions described under paragraph (l) of Article I hereof occurs and
         the beach or violation continues for a period of 60 days or more after
         the Issuer receives notice thereof specifying the default from the
         Holders of at least 25% of the shares of Redeemable Preferred Stock
         then outstanding or (4) the Issuer fails to pay at the final stated
         maturity (giving effect to any extensions thereof) the principal amount
         of any Debt of the Issuer or any Restricted Subsidiary of the Issuer,
         or the final stated maturity of any such Debt is accelerated, if the
         aggregate principal amount of such Debt, together with the aggregate
         principal amount of any other such Debt in default for failure to pay
         principal at the final stated maturity (giving effect to any extensions
         thereof) or which has been accelerated, aggregates $30.0 million or
         more at any time, in each case, after a 30-day period during which such
         default shall not have been cured or such acceleration rescinded or (5)
         the Issuer (x) shall fail to amend its Articles of Incorporation to
         increase the number of shares of authorized Redeemable Preferred Stock
         in an amount sufficient to allow it to pay dividends on the Redeemable
         Preferred Stock in additional shares of Redeemable Preferred Stock and
         (y) shall fail to pay such dividends, when due, in cash or additional
         shares of Redeemable Preferred Stock, as the case may be, for at least
         two quarterly periods (whether or not consecutive), which failure has
         not been cured, then (x) Additional Dividends will accumulate on the
         Redeemable Preferred Stock at a rate per annum of 1% of the liquidation
         preference per share of Redeemable Preferred Stock, payable as
         specified in paragraph (c) above and (y) the number of directors
         constituting the board of directors of the Issuer will be adjusted to
         permit the Holders of a majority of the then outstanding shares of
         Redeemable Preferred Stock, voting together and as a class, to elect
         two directors to the Board of Directors of the Issuer. Each such event
         described in clauses (1) through (5) above is referred to herein as a
         "Redeemable Preferred Triggering Event."

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                           (B) The right of the Holders of Redeemable Preferred
                  Stock to Additional Dividends and, voting together as a
                  separate class, to elect members of the Board of Directors as
                  set forth in subparagraph (f)(iii)(A) above shall continue
                  until such time as (x) in the event such right arises due to a
                  failure to pay a dividend, all accumulated dividends that are
                  in arrears on the Redeemable Preferred Stock are paid in full
                  in cash or in additional shares of Redeemable Preferred Stock;
                  and (y) in all other cases, the failure, breach or default
                  giving rise to such Redeemable Preferred Triggering Event is
                  remedied, cured or waived by the Holders of at least a
                  majority of the shares of Redeemable Preferred Stock then
                  outstanding, at which time (1) Additional Dividends shall
                  cease to accrue, (2) the special right of the Holders of
                  Redeemable Preferred Stock so to vote as a class for the
                  election of directors shall cease and (3) the term of office
                  of the directors elected by the Holders of the Redeemable
                  Preferred Stock shall terminate and the directors elected by
                  the Holders of Common Stock or Capital Stock (other than the
                  Redeemable Preferred Stock) shall constitute the entire Board
                  of Directors. At any time after voting power to elect
                  directors shall have become vested and be continuing in the
                  Holders of Redeemable Preferred Stock pursuant to paragraph
                  (f)(iii) hereof, or if vacancies shall exist in the offices of
                  directors elected by the Holders of Redeemable Preferred
                  Stock, a proper officer of the Issuer may, and upon the
                  written request of the Holders of record of at least
                  twenty-five percent (25%) of the shares of Redeemable
                  Preferred Stock then outstanding addressed to the secretary of
                  the Issuer, shall, call a special meeting of the Holders of
                  the Redeemable Preferred Stock for the purpose of electing
                  directors which such Holders are entitled to elect. If such
                  meeting shall not be called by a proper officer of the Issuer
                  within thirty (30) days after personal service of said written
                  request upon the secretary of the Issuer or within thirty (30)
                  days after mailing the same within the United States by
                  certified mail, addressed to the Secretary of the Issuer, then
                  the Holders of record of at least twenty-five percent (25%) of
                  the outstanding shares of Redeemable Preferred Stock may
                  designate in writing one of their number to call such meeting
                  at the expense of the Issuer, and such meeting may be called
                  by the Person so designated upon the notice required for the
                  annual meetings of shareholders of the Issuer and shall be
                  held at the place for holding the annual meetings of
                  shareholders, if any specified in the bylaws of the Issuer.
                  Any Holder of Redeemable Preferred Stock so designated shall
                  have, and the Issuer shall provide, access to the lists of
                  shareholders to be called pursuant to the provisions hereof.

                           (C) At any meeting held for the purpose of electing
                  directors at which the Holders of Redeemable Preferred Stock
                  shall have the right, voting together as a separate class, to
                  elect directors as aforesaid, the presence in person or by
                  proxy of the Holders of at least a majority of the outstanding
                  shares of Redeemable Preferred Stock entitled to vote thereat
                  shall be required to constitute a quorum of the Holders of
                  such Redeemable Preferred Stock.

                           (D) Any vacancy occurring in the office of a director
                  elected by the Holders of Redeemable Preferred Stock may be
                  filled by the remaining

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                  director elected by the Holders of Redeemable Preferred Stock
                  unless and until such vacancy shall be filled by the Holders
                  of Redeemable Preferred Stock.

                  (iv) In any case in which the Holders of Redeemable Preferred
         Stock shall be entitled to vote pursuant to this paragraph (f) or
         pursuant to Minnesota law, each Holder of Redeemable Preferred Stock
         entitled to vote with respect to such matter shall be entitled to one
         vote for each share of Redeemable Preferred Stock held.

         (g) Mergers and Consolidations. The Issuer may not consolidate or merge
with or into (whether or not the Issuer is the surviving corporation), or sell,
assign, transfer, lease, convey or otherwise dispose of all or substantially all
of its properties or assets in one or more related transactions, to another
Person unless:

                  (1) the Issuer is the surviving corporation or the Person
         formed by or surviving any such consolidation or merger (if other than
         the Issuer) or to which such sale, assignment, transfer, lease,
         conveyance or other disposition shall have been made is a corporation
         organized or existing under the laws of the United States, any state
         thereof or the District of Columbia;

                  (2) the Redeemable Preferred Stock shall have been converted
         into or exchanged for and shall become shares of the surviving entity
         having in respect of such surviving entity substantially the same
         rights and privileges that the Redeemable Preferred Stock had
         immediately prior to such transaction with respect to the Issuer and
         shall not be subordinated to any Preferred Stock of the surviving
         entity unless the Holders of a majority of the outstanding Redeemable
         Preferred Stock consent thereto as required by paragraph (f)(ii)(B) of
         this Article I;

                  (3) immediately before and immediately after giving effect to
         such transaction (including giving effect to any Debt being incurred in
         connection with the transaction) no Redeemable Preferred Triggering
         Event exists; and

                  (4) except in the case of a merger of the Issuer with or into
         a Wholly Owned Restricted Subsidiary of the Issuer, the Issuer or the
         Person formed by or surviving any such consolidation or merger (if
         other than the Issuer), or to which such sale, assignment, transfer,
         lease, conveyance or other disposition shall have been made will, at
         the time of such transaction and after giving pro forma effect thereto
         as if such transaction had occurred at the beginning of the applicable
         four-quarter period, either (a) be permitted to incur at least $1.00 of
         additional Debt pursuant to the Coverage Ratio Exception or (b) have a
         Consolidated Coverage Ratio at least equal to the Consolidated Coverage
         Ratio of the Issuer for such four-quarter reference period.

         Notwithstanding the foregoing clauses (3) and (4):

         (a) any Restricted Subsidiary may consolidate with, merge into or
transfer all or part of its properties and assets to the Issuer; and

         (b) the Issuer may merge with an Affiliate incorporated solely for the
purpose of reincorporating the Issuer in another jurisdiction.

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         For purposes of the foregoing, the transfer (by lease, assignment, sale
or otherwise, in a single transaction or series of related transactions) of all
or substantially all of the properties and assets of one or more Restricted
Subsidiaries of the Issuer, the Capital Stock of which constitutes all or
substantially all of the assets and properties of the Issuer (determined on a
consolidated basis for the Issuer and its Subsidiaries), shall be deemed to be
the transfer of all or substantially all of the properties and assets of the
Issuer.

         This covenant shall not apply to the merger of Saturn Acquisition
Corporation with and into the Issuer on the Closing Date.

         (h) Change of Control. (i) Upon the occurrence of a Change of Control,
unless all Redeemable Preferred Stock has been called for redemption pursuant to
paragraph (e) of this Article I, each Holder of Redeemable Preferred Stock will
have the right to require the Issuer to repurchase all or any part (equal to
$1,000 or an integral multiple thereof) of such Holder's Redeemable Preferred
Stock pursuant to an offer (the "Redeemable Preferred Change of Control Offer")
at an offer price in cash (the "Redeemable Preferred Change of Control Payment")
equal to 101% of the aggregate liquidation preference thereof plus an amount in
cash equal to all accumulated and unpaid Regular Dividends, Additional Dividends
and Special Dividends, if any, for the period from the immediately preceding
Regular Dividend Payment Date to the Redeemable Preferred Change of Control
Payment Date.

                  (ii) The Issuer shall not be required to make an Redeemable
         Preferred Change of Control Offer upon a Change of Control if a third
         party makes and consummates and Redeemable Preferred Change of Control
         Offer in accordance with the provisions of this paragraph (h); provided
         that if such third-party Redeemable Preferred Change of Control Offer
         is made, but not consummated, the obligations of the Issuer to make a
         Redeemable Preferred Change of Control Offer hereunder shall be
         reinstated with the same effect as if such third-party Redeemable
         Preferred Change of Control Offer had not been made.

                  (iii) In the event that the Issuer shall be required to
         commence a Redeemable Preferred Change of Control Offer, the Issuer
         shall follow the procedures specified in this Section (iii). Within 30
         days after a Change of Control (unless (a) the Issuer is not required
         to make such offer pursuant to paragraph (ii) of this Section or (b)
         all shares of Redeemable Preferred Stock have been called for
         redemption pursuant to paragraph (e) of this Article I), the Issuer
         shall (x) commence a Redeemable Preferred Change of Control Offer,
         which shall remain open for a period of at least 20 Business Days
         following its commencement (the "Offer Period") and (y) send, by first
         class mail, a notice to its Agent and each of the Holders of Redeemable
         Preferred Stock which shall contain all instructions and materials
         necessary to enable such Holders to tender their shares of Redeemable
         Preferred Stock pursuant to such Redeemable Preferred Change of Control
         Offer. The notice, which shall govern the terms of the Redeemable
         Preferred Change of Control Offer, shall describe the transaction and
         transactions that constitute the Change of Control and shall state:

                           (1) that the Redeemable Preferred Change of Control
                  Offer is being made pursuant to this paragraph (h);

                                      -10-
<PAGE>

                           (2) that the Issuer is required to offer to purchase
                  all of the outstanding shares of Redeemable Preferred Stock at
                  a purchase price equal to the Redeemable Preferred Change of
                  Control Payment, and that on the date specified in such notice
                  (the "Redeemable Preferred Change of Control Payment Date"),
                  which date shall be no earlier than 30 days and no later than
                  60 days from the date such notice is mailed, the Issuer shall
                  repurchase all shares of Redeemable Preferred Stock validly
                  tendered and not withdrawn pursuant to this Section (h);

                           (3) that any outstanding shares of Redeemable
                  Preferred Stock not tendered or accepted for payment shall
                  continue to accumulate dividends;

                           (4) that, unless the Issuer defaults in making such
                  payment, shares of Redeemable Preferred Stock accepted for
                  payment pursuant to the Redeemable Preferred Change of Control
                  Offer shall cease to accrue dividends after the Redeemable
                  Preferred Change of Control Payment Date;

                           (5) that Holders of outstanding Redeemable Preferred
                  Stock electing to have such shares purchased pursuant to a
                  Redeemable Preferred Change of Control Offer may elect to have
                  all or any portion of such shares purchased;

                           (6) that Holders of outstanding Redeemable Preferred
                  Stock electing to have such shares purchased pursuant to a
                  Redeemable Preferred Change of Control Offer shall be required
                  to surrender the Redeemable Preferred Stock with such
                  customary documents of surrender and transfer as the Issuer
                  may reasonably request, duly completed, or transfer by
                  book-entry transfer, to the Issuer, or its agent at the
                  address specified in the notice prior to the Redeemable
                  Preferred Change of Control Payment Date;

                           (7) that Holders will be entitled to withdraw their
                  election if the Issuer receives, not later than the expiration
                  of the Offer Period, a telegram, telex, facsimile transmission
                  or letter setting forth the name of the Holder, the aggregate
                  liquidation preference of the Redeemable Preferred Stock the
                  Holder delivered for purchase and a statement that such Holder
                  is withdrawing its election to have such Redeemable Preferred
                  Stock purchased; and

                           (8) that Holders whose Redeemable Preferred Stock is
                  being purchased only in part will be issued new certificates
                  representing the number of shares of Redeemable Preferred
                  Stock equal to the unpurchased portion of the certificates
                  surrendered.

                  (iv) On the Redeemable Preferred Change of Control Payment
         Date, the Issuer shall:

                           (1) accept for payment, the outstanding Redeemable
                  Preferred Stock or portions thereof validly tendered pursuant
                  to the Redeemable Preferred Change of Control Offer and not
                  theretofore withdrawn; and

                                      -11-
<PAGE>

                           (2) deliver or cause to be delivered to the Transfer
                  Agent the shares of Redeemable Preferred Stock so accepted
                  together with an Officer's Certificate stating the aggregate
                  liquidation preference of such Redeemable Preferred Stock or
                  portions thereof being purchased by the Issuer.

         The Issuer or the Transfer Agent, as the case may be, shall promptly
mail or deliver to each tendering Holder an amount equal to the Redeemable
Preferred Change of Control Payment with respect to the Redeemable Preferred
Stock tendered by such Holder and accepted by the Issuer for purchase. The
Issuer shall promptly issue new certificates representing shares of Redeemable
Preferred Stock and mail (or cause to be transferred by book entry) to each
Holder a new certificate representing shares of Redeemable Preferred Stock equal
in liquidation preference to any unpurchased portion of the Redeemable Preferred
Stock so surrendered, if any.

         Any Redeemable Preferred Stock not so accepted shall be promptly mailed
or delivered by the Issuer to the Holder thereof. All Redeemable Preferred Stock
or portions thereof purchased pursuant to the Redeemable Preferred Change of
Control Offer will be cancelled by the Issuer or the Transfer Agent, as the case
may be. The Issuer shall publicly announce the results of the Redeemable
Preferred Change of Control Offer on or as soon as practicable after the
Redeemable Preferred Change of Control Payment Date.

                  (v) On or after the Redeemable Preferred Change of Control
         Payment Date, and unless the Issuer fails to pay the redemption price
         payable in respect of shares of the Redeemable Preferred Stock tendered
         by the Holder and payable in connection with a Redeemable Preferred
         Change of Control Offer, dividends shall cease to accrue on the
         Redeemable Preferred Stock or the portions of Redeemable Preferred
         Stock repurchased and all rights of Holders of such tendered shares
         shall terminate, except for the right to receive payment therefor.

                  (vi) The Issuer shall comply with the requirements of Rule
         14e-1 under the Exchange Act and any other securities laws and
         regulations thereunder to the extent such laws and regulations are
         applicable in connection with the repurchase of the Redeemable
         Preferred Stock as a result of a Change of Control. To the extent that
         the provisions of any applicable securities laws or regulations
         conflict with the provisions of this paragraph (h), the Issuer will
         comply with such securities laws and regulations and will not be deemed
         to have breached its obligations under this paragraph (h) by virtue
         thereof.

                  (vii) Prior to the mailing of the notice referred to in this
         paragraph (h), but in any event within 90 days following the date on
         which a Change of Control occurs, the Issuer covenants that, if the
         purchase of the Redeemable Preferred Stock would violate or constitute
         a default or be prohibited under any instrument governing any Debt or
         Senior Stock outstanding at the time, then the Issuer will, either (i)
         repay in full all Debt or redeem any Senior Stock under any such
         instrument or (ii) obtain the requisite consents under the New Credit
         Facility, the Indenture or any such other instrument, as the case may
         be, to permit the redemption of the Redeemable Preferred Stock as
         provided above. The Issuer will first comply with the covenant in the
         preceding sentence before it will be required to redeem Redeemable
         Preferred Stock pursuant to the provisions described above.

                                      -12-
<PAGE>

         (i) Conversion or Exchange. The Holders of shares of Redeemable
Preferred Stock shall not have any rights hereunder to convert such shares into
or exchange such shares for shares of any other class or classes or of any other
series of any class or classes of Capital Stock of the Issuer.

         (j) Reissuance of Redeemable Preferred Stock. Shares of Redeemable
Preferred Stock that have been issued and reacquired in any manner, including
shares purchased or redeemed or exchanged, shall (upon compliance with any
applicable provisions of the laws of Minnesota) have the status of authorized
and unissued shares of Preferred Stock undesignated as to series and may be
redesignated and reissued as part of any series of Preferred Stock, provided
that the issuance of such shares of Preferred Stock is not prohibited by the
terms hereof.

         (k) Business Day. If any payment, redemption, repurchase or exchange
shall be required by the terms hereof to be made on a day that is not a Business
Day, such payment, redemption, repurchase or exchange shall be made on the
immediately succeeding Business Day and no interest or dividends shall accrue on
the intervening period.

         (l) Certain Additional Provisions. (i) Limitation on Debt. The Issuer
will not, and will not permit any of its Restricted Subsidiaries to, directly or
indirectly, create, incur, issue, assume, guarantee or otherwise become directly
or indirectly liable, contingently or otherwise, with respect to (collectively,
"incur") any Debt (including Acquired Debt) or issue any Disqualified Stock and
the Issuer will not permit any of its Restricted Subsidiaries to issue any
shares of Preferred Stock; provided, however, that if no Redeemable Preferred
Triggering Event shall have occurred and be continuing at the time of or as a
consequence of the incurrence or issuance of any such Debt or shares of
Disqualified Stock or Permitted Subsidiary Preferred Stock, the Issuer and its
Restricted Subsidiaries may incur Debt (including Acquired Debt) or issue shares
of Disqualified Stock, and Restricted Subsidiaries may issue Permitted
Subsidiary Preferred Stock, if, in any such case, the Consolidated Coverage
Ratio for the Issuer's most recently ended four full fiscal quarters for which
internal financial statements are available immediately preceding the date on
which such additional Debt is incurred or such Disqualified Stock or Permitted
Subsidiary Preferred Stock is issued, would have been at least 2.00 to 1.00,
determined on a pro forma basis (including a pro forma application of the net
proceeds therefrom), as if the additional Debt had been incurred or the
Disqualified Stock or Permitted Subsidiary Preferred Stock had been issued, as
the case may be, at the beginning of such four-quarter period (the "Coverage
Ratio Exception"). For purposes of the foregoing, Preferred Stock of a Person
that becomes a Restricted Subsidiary after the Closing Date shall be considered
"issued" on the date such Person becomes a Restricted Subsidiary.

         The provisions of the first paragraph of this covenant will not apply
to the incurrence of any of the following items of Debt (collectively,
"Permitted Debt"):

                  (1) the incurrence by the Issuer or any of its Restricted
         Subsidiaries of term and revolving Debt and letters of credit (with
         letters of credit being deemed to have a principal amount equal to the
         undrawn face amount thereof) under Credit Facilities (including
         Guarantees of such Debt by the Issuer or any of its Subsidiaries);
         provided that the aggregate principal amount of such Debt outstanding
         pursuant to this clause (1) without duplication, does not exceed an
         amount equal to the sum of (a) $500.0 million

                                      -13-
<PAGE>

         and (b) the greater of $170.0 million and the Borrowing Base at the
         time such Debt is incurred;

                  (2) the incurrence by the Issuer and its Restricted
         Subsidiaries of Existing Debt;

                  (3) the incurrence by the Issuer of Debt represented by the
         Notes issued on the Closing Date and by the Guarantors of Debt
         represented by the Note Guarantees relating to such Notes;

                  (4) the incurrence by the Issuer or any of its Restricted
         Subsidiaries of (a) Acquired Debt or (b) Debt (including Capital Lease
         Obligations) for the purpose of financing or refinancing all or any
         part of the lease, purchase price or cost of construction or
         improvement of any property (real or personal) or other assets that are
         used or useful in the business of the Issuer or such Restricted
         Subsidiary (whether through the direct purchase of assets or the
         Capital Stock of any Person owning such assets and whether such Debt is
         owed to the seller or Person carrying out such construction or
         improvement or to any third party), in an aggregate principal amount at
         the date of such incurrence (including all Permitted Refinancing Debt
         incurred to refund, refinance or replace any other Debt incurred
         pursuant to this clause (4)) not to exceed an amount equal $50.0
         million; provided that such Debt exists at the date of such purchase or
         transaction, or is created within 180 days thereafter;

                  (5) the incurrence by the Issuer or any of its Restricted
         Subsidiaries of Permitted Refinancing Debt in exchange for, or the net
         proceeds of which are used to refund, refinance or replace Debt (other
         than intercompany Debt) incurred pursuant to the Coverage Ratio
         Exception, or pursuant to clauses (2), (3) or (4) of this paragraph;

                  (6) the incurrence by the Issuer or any of its Restricted
         Subsidiaries of intercompany Debt or Preferred Stock owed or issued to
         and held by the Issuer and any of its Restricted Subsidiaries including
         any Debt arising in connection with a Qualified Receivables
         Transaction, provided, however, that (A) any subsequent issuance or
         transfer of Equity Interests or other action that results in any such
         Debt or Preferred Stock being held by a Person other than the Issuer or
         a Restricted Subsidiary and (B) any sale or other transfer of any such
         Debt or Preferred Stock to a Person that is not either the Issuer or a
         Restricted Subsidiary shall be deemed, in each case, to constitute an
         incurrence of such Debt or issuance of such Preferred Stock by the
         Issuer or such Restricted Subsidiary, as the case may be, that was not
         permitted by this clause (6);

                  (7) the incurrence by the Issuer or any of its Restricted
         Subsidiaries of Hedging Obligations that are incurred (a) for the
         purpose of fixing or hedging interest rate risk with respect to any
         floating rate Debt that is permitted by the terms of this Certificate
         of Designation to be outstanding in a notional amount not exceeding the
         amount of such Debt or (b) for the purpose of fixing or hedging
         currency exchange rate risk or commodity price risk incurred in the
         ordinary course of business, and in each case, not for speculative
         purposes;

                                      -14-
<PAGE>

                  (8) the guarantee by the Issuer or any Restricted Subsidiary
         of Debt of the Issuer or a Restricted Subsidiary of the Issuer that was
         permitted to be incurred by another provision of this covenant;

                  (9) the incurrence by Foreign Subsidiaries of Debt for working
         capital purposes (including acquisitions), and by the Issuer or any of
         its Restricted Subsidiaries of Guarantees of Debt of Foreign
         Subsidiaries or foreign joint ventures, provided that the aggregate
         principal amount of such Debt and of the Debt so Guaranteed at any time
         outstanding does not exceed $30.0 million;

                  (10) the incurrence by the Issuer or any of its Restricted
         Subsidiaries of additional Debt (which may comprise Debt under the New
         Credit Facility) in an aggregate principal amount (or accreted value,
         as applicable) at any time outstanding, pursuant to this clause (10)
         not to exceed an amount equal to $70.0 million; and

                  (11) the issuance by any Joint Venture Subsidiary of any
         Permitted Joint Venture Subsidiary Preferred Stock, provided that all
         Investments made by the Company or any Restricted Subsidiary in such
         Joint Venture Subsidiary (giving effect to Investments made prior to
         the issuance of such Preferred Stock) are then permissible under
         paragraph (l)(ii) of this Article I.

         Notwithstanding any other provision in this covenant, the maximum
amount of Debt that the Issuer or any Restricted Subsidiary may incur pursuant
to this covenant shall not be deemed to be exceeded as a result of fluctuations
in the exchange rates of currencies. For purposes of determining compliance with
this covenant:

                  (1) the outstanding principal amount of any particular Debt
         shall be counted only once and any obligation arising under any
         guarantee, Lien, letter of credit or similar instrument supporting such
         Debt shall be disregarded;

                  (2) in the event that an item of Debt meets the criteria of
         more than one of the categories of Permitted Debt described in clauses
         (1) through (10) above or is entitled to be incurred pursuant to the
         first paragraph of this covenant, the Issuer shall, in its sole
         discretion, classify such item of Debt in any manner that complies with
         this covenant and such item of Debt will be treated as having been
         incurred pursuant to only one of such clauses or pursuant to the first
         paragraph hereof; provided that all outstanding Debt under the New
         Credit Facility immediately following the Recapitalization shall be
         deemed to have been incurred pursuant to clause (1) of the definition
         of Permitted Debt; and

                  (3) accrual of interest and the accretion of accreted value
         will not be deemed to be an incurrence of Debt.

         (ii) Limitation on Restricted Payments. The Issuer will not, and will
not permit any of its Restricted Subsidiaries to, directly or indirectly:

                  (1) declare or pay any dividend or make any other distribution
         (including any payment by the Issuer or any Restricted Subsidiary in
         connection with any

                                      -15-
<PAGE>

         merger or consolidation involving the Issuer or any of its Restricted
         Subsidiaries) on account of any Junior Equity Interests of the Issuer
         or Equity Interests of any Restricted Subsidiary other than: (A)
         dividends or distributions payable in Junior Equity Interests of the
         Issuer (other than Disqualified Stock) and (B) dividends payable to the
         Issuer or any Restricted Subsidiary;

                  (2) purchase, redeem, or otherwise acquire or retire for value
         (including any acquisition or retirement by the Issuer or any
         Restricted Subsidiary in connection with any merger or consolidation)
         any Junior Equity Interests of the Issuer or any Equity Interests of
         any Restricted Subsidiary of the Issuer held by persons other than the
         Issuer or any Restricted Subsidiary; or

                  (3) make any Restricted Investment

(all such payments and other actions set forth in clauses (1) through (3) above
being collectively referred to as "Restricted Payments"); unless, at the time of
and after giving effect to such Restricted Payment:

         (a) no Redeemable Preferred Triggering Event shall have occurred and be
continuing or would occur as a consequence thereof;

         (b) the Issuer would, at the time of such Restricted Payment and after
giving pro forma effect thereto as if such Restricted Payment had been made at
the beginning of the applicable four-quarter period, have been permitted to
incur at least $1.00 of additional Debt pursuant to the Coverage Ratio
Exception; and

         (c) such Restricted Payment, together with (without duplication) the
aggregate amount of all other such Restricted Payments made by the Issuer and
its Restricted Subsidiaries after the Closing Date is less than the sum (without
duplication)(the "Restricted Payments Basket") of:

                  (i) 50% of the Consolidated Net Income of the Issuer for the
         period (taken as one accounting period) from the beginning of the
         fiscal quarter during which the Closing Date occurs to the end of the
         Issuer's most recently ended fiscal quarter for which internal
         financial statements are available at the time of such Restricted
         Payment (or, if such Consolidated Net Income for such period is
         negative 100% of such negative amount); plus

                  (ii) 100% of the aggregate net cash proceeds, and the fair
         market value of any property other than cash, received by the Issuer
         from the issue or sale (other than to a Subsidiary) of, or from capital
         contributions with respect to, Junior Equity Interests of the Issuer
         (other than Disqualified Stock and all warrants, options or other
         rights to acquire Disqualified Stock (but excluding any debt security
         that is convertible into, or exchangeable for, Disqualified Stock or
         any warrants, options or other rights to acquire Disqualified Stock)),
         in either case after the Closing Date; plus

                  (iii) the amount by which the aggregate principal amount (or
         accreted value, if less) of Debt or Disqualified Stock of the Issuer or
         any Restricted Subsidiary is reduced on the Issuer's consolidated
         balance sheet upon the conversion or exchange after the Closing Date of

                                      -16-
<PAGE>

         any Debt convertible into or exchangeable for Junior Equity Interests
         (other than Disqualified Stock, or any warrants, options or other
         rights to acquire Disqualified Stock) of the Issuer, together with the
         net cash proceeds received by the Issuer at the time of such
         conversion; plus

                  (iv) 100% of the aggregate net cash proceeds received by the
         Issuer or a Restricted Subsidiary of the Issuer since the Closing Date
         (to the extent not included in Consolidated Net Income of the Issuer)
         from (A) Restricted Investments, whether through interest payments,
         principal payments, dividends or other distributions and payments, or
         the sale or other disposition (other than to the Issuer or a Restricted
         Subsidiary) thereof made by the Issuer and its Restricted Subsidiaries
         (less the cost of such sale or disposition, if any) and (B) a cash
         dividend from, or the sale (other than to the Issuer or a Restricted
         Subsidiary) of the stock of, an Unrestricted Subsidiary; plus

                  (v) upon the redesignation as a Restricted Subsidiary of any
         Subsidiary that was designated an Unrestricted Subsidiary after the
         Closing Date, the fair market value of the Restricted Investments of
         the Issuer and its Restricted Subsidiaries (other than such Subsidiary)
         in such Subsidiary.

         The foregoing provisions will not prohibit:

                  (1) the payment of any dividend within 60 days after the date
         of declaration thereof, if at such date of declaration such payment
         would have complied with the provisions of this Certificate of
         Designation;

                  (2) the redemption, repurchase, retirement, defeasance or
         other acquisition of any Junior Equity Interests of the Issuer or
         Equity Interests of any Restricted Subsidiary in exchange for, or out
         of the net cash proceeds of the substantially concurrent sale (other
         than to a Restricted Subsidiary of the Issuer) of, Junior Equity
         Interests (other than any Disqualified Stock or warrants, options or
         other rights to acquire Disqualified Stock) or a capital contribution
         to the Issuer, provided that the amount of any such net cash proceeds
         that are utilized for any such redemption, repurchase, retirement,
         defeasance or other acquisition shall not increase the Restricted
         Payments Basket;

                  (3) the redemption, repurchase, retirement, defeasance or
         other acquisition of Junior Equity Interests of the Issuer upon a
         Change of Control to the extent required by the agreement or
         certificate of designation governing such Junior Equity Interests, but
         only if the Issuer shall have previously complied with paragraph (h) of
         Article I and purchased all Redeemable Preferred Stock validly tendered
         pursuant to the offer required by such covenant prior to purchasing or
         repaying such Junior Equity Interests;

                  (4) the payment of any dividend by a Restricted Subsidiary of
         the Issuer to the Holders of its common Equity Interests on a pro rata
         basis;

                  (5) to the extent constituting Restricted Payments, the
         Specified Affiliate Payments; and

                                      -17-
<PAGE>

                  (6) Restricted Payments in an aggregate amount not to exceed
         $20.0 million.

         In determining the aggregate amount of Restricted Payments made after
the Closing Date in accordance with clause (c) of the second preceding
paragraph, amounts expended pursuant to clauses (1) (without duplication) and
(4) (but not amounts under any other clauses of the immediately preceding
paragraph) shall be included in such calculation; provided that any amounts
expended pursuant to such clause (4) relating to dividends paid to the Issuer or
one of its Restricted Subsidiaries shall not be included in such calculation.

         The amount of all Restricted Payments (other than cash) shall be the
fair market value on the date of the Restricted Payment of the asset(s) or
securities proposed to be transferred or issued by the Issuer or such Restricted
Subsidiary, as the case may be, pursuant to the Restricted Payment. The fair
market value of any non-cash Restricted Payment or any property other than cash
that increases the Restricted Payments Basket shall be determined in good faith
by the Board of Directors of the Issuer.

         In making the computations required by this covenant:

                  (1) the Issuer or the relevant Restricted Subsidiary shall use
         audited financial statements for the portions of the relevant period
         for which audited financial statements are available on the date of
         determination and unaudited financial statements and other current
         financial data based on the books and records of the Issuer for the
         remaining portion of such period; and

                  (2) the Issuer or the relevant Restricted Subsidiary will be
         permitted to rely in good faith on the financial statements and other
         financial data derived from the books and records of the Issuer and the
         Restricted Subsidiary that are available on the date of determination.

         If the Issuer makes a Restricted Payment that, at the time of the
making of such Restricted Payment, would in the good faith determination of the
Issuer or any Restricted Subsidiary be permitted under the requirements of this
Certificate of Designation, such Restricted Payment will be deemed to have been
made in compliance with this Certificate of Designation notwithstanding any
subsequent adjustments made in good faith to the Issuer's or any Restricted
Subsidiary's financial statements, affecting Consolidated Net Income of the
Issuer for any period. For the avoidance of doubt, it is expressly agreed that
no payment or other transaction permitted by clauses (1), (4), (6), (7) and (8)
of paragraph (l)(iii) of Article I and no payment contemplated or otherwise
arising pursuant to the Recapitalization, shall be considered a Restricted
Payment for purposes of, or otherwise restricted by, this Certificate of
Designation.

                  (iii) Limitation on Affiliate Transactions. The Issuer will
         not, and will not permit any of its Restricted Subsidiaries to, make
         any payment to, or sell, lease, transfer or otherwise dispose of any of
         its properties or assets to, or purchase any property or assets from,
         or enter into or make or amend any contract, agreement, understanding,
         loan, advance, guarantee or other transaction with, or for the benefit
         of, any Affiliate of the Issuer (each of the foregoing, an "Affiliate
         Transaction"), unless:

                                      -18-
<PAGE>

                           (a) such Affiliate Transaction is on terms that,
                  taken as a whole, are no less favorable to the Issuer or the
                  relevant Restricted Subsidiary than those that would have been
                  obtained in a comparable transaction by the Issuer or such
                  Restricted Subsidiary with an unrelated Person; and

                           (b) the Issuer delivers to the Trustee:

                                    (i) with respect to any Affiliate
                           Transaction entered into after the Closing Date
                           involving aggregate consideration in excess of $4.0
                           million, a resolution of the Board of Directors set
                           forth in an Officers' Certificate certifying that
                           such Affiliate Transaction complies with clause (a)
                           above and that such Affiliate Transaction has been
                           approved by a majority of the members of the Board of
                           Directors; and

                                    (ii) with respect to any Affiliate
                           Transaction involving aggregate consideration in
                           excess of $10.0 million, an opinion as to the
                           fairness to the Issuer or such Restricted Subsidiary
                           of such Affiliate Transaction from a financial point
                           of view issued by an investment banking, appraisal or
                           accounting firm of national standing.

         Notwithstanding the foregoing, the following will not be deemed to be
Affiliate Transactions:

                  (1) any employment agreements, non-competition agreements,
         stock purchase or option agreements, collective bargaining agreements,
         employee benefit plans or arrangements (including vacation plans,
         health and life insurance plans, deferred compensation plans, stock
         loan programs, long-term incentive plans, directors' and officers'
         indemnification agreements and retirement, savings or similar plans),
         related trust agreements or any similar arrangements, in each case in
         respect of employees, officers or directors and entered into in the
         ordinary course of business, any payments or other transactions
         contemplated by any of the foregoing and any other payments of
         compensation to employees, officers, directors or consultants in the
         ordinary course of business or in connection with the Issuer's
         transition to new ownership;

                  (2) transactions between or among (a) the Issuer and/or its
         Restricted Subsidiaries or (b) the Issuer and/or one or more of its
         Restricted Subsidiaries and any joint venture; provided no Affiliate of
         the Issuer (other than a Restricted Subsidiary) owns Capital Stock of
         any such joint venture;

                  (3) Permitted Investments and Restricted Payments that are
         permitted by paragraph (l)(ii) of this Article I;

                  (4) loans or advances to employees (or guarantees of
         third-party loans to employees) in the ordinary course of business or
         pursuant to a stock loan program;

                  (5) transactions among the Issuer and/or one or more of its
         Subsidiaries effected as part of a Qualified Receivables Transaction;

                                      -19-
<PAGE>

                  (6) payments to Investcorp and its Affiliates (whether or not
         such Persons are Affiliates of the Issuer) for (A) any financial
         advisory, financing, underwriting or placement services or in respect
         of other investment banking activities and related expenses, including
         in connection with acquisitions or divestitures, which payments are
         approved by the Board of Directors of the Issuer in good faith and (B)
         annual management, consulting and advisory fees and related expenses;

                  (7) any other agreement as in effect on the Closing Date
         (including the Recapitalization Agreement) or any amendment thereto (so
         long as any such amendment is not disadvantageous to the Holders in any
         material respect) or any transaction pursuant thereto (including the
         payment of all fees and expenses related to the Recapitalization);

                  (8) transactions with customers, clients, suppliers, or
         purchasers or sellers of goods or services, in each case in the
         ordinary course of business and otherwise in compliance with the terms
         of this Certificate of Designation which are fair to the Issuer or its
         Restricted Subsidiaries, or are on terms at least as favorable as might
         reasonably have been obtained at such time from an unaffiliated party,
         in each case in the reasonable determination of the Board of Directors
         of the Issuer or the senior management thereof;

                  (9) Debt permitted by paragraph (10) of the second paragraph
         of paragraph (l)(i) of Article I on terms that, taken as a whole, are
         no less favorable to the Issuer or the relevant Restricted Subsidiary
         than those that would have been obtained in a comparable transaction
         with an unrelated Person, or, if there is no comparable transaction,
         have been negotiated in good faith by the parties thereto and, if any
         member of management is then a member of the Board of Directors of the
         Issuer or the relevant Restricted Subsidiary, also approved by such
         member;

                  (10) any transaction on arm's length terms with non-affiliates
         that become Affiliates as a result of such transaction; and

                  (11) the issuance of Common Stock of the Issuer.

         (iv) Dividend and Other Payment Restrictions Affecting Restricted
Subsidiaries. The Issuer will not, and will not permit any of its Restricted
Subsidiaries to, directly or indirectly, create or otherwise cause or suffer to
exist or become effective any consensual encumbrance or restriction on the
ability of any Restricted Subsidiary to:

                  (1) (a) pay dividends or make any other distributions to the
         Issuer or any of its Restricted Subsidiaries (i) on its Capital Stock
         or (ii) with respect to any other interest or participation in, or
         measured by, its profits, or (b) pay any Debt owed to the Issuer or any
         of its Restricted Subsidiaries;

                  (2) make loans or advances to the Issuer or any of its
         Restricted Subsidiaries; or

                  (3) transfer any of its properties or assets to the Issuer or
         any of its Restricted Subsidiaries.

                                      -20-
<PAGE>

                  However, the preceding restrictions will not apply to
         encumbrances or restrictions existing under or by reason of:

                           (a) contracts in effect on the Issue Date as in
                  effect on the Issue Date, including the New Credit Facility
                  and other Existing Debt and the related documentation;

                           (b) this Certificate of Designation, the Redeemable
                  Preferred Stock, the Indenture, the Notes, the Note Guarantees
                  and any other agreement entered into after the Issue Date,
                  provided that the encumbrances or restrictions in such
                  agreements are not materially more restrictive than those
                  contained in the foregoing agreements or instruments;

                           (c) any agreement or other instrument of a Person
                  acquired by the Issuer or any of its Restricted Subsidiaries
                  as in effect at the time of such acquisition (but not created
                  in connection with or in contemplation of such acquisition),
                  which encumbrance or restriction is not applicable to any
                  Person, or the properties or assets of any Person, other than
                  the Person, or the property or assets of the Person, so
                  acquired;

                           (d) purchase money obligations (including Capital
                  Lease Obligations) for property acquired in the ordinary
                  course of business that impose restrictions of the nature
                  described in clause (3) above on the property so acquired;

                           (e) Debt or other contractual requirements in
                  connection with a Qualified Receivables Transaction that, in
                  the good faith determination of the Board of Directors or
                  senior management of the Issuer, are necessary or advisable to
                  effect such Qualified Receivables Transaction;

                           (f) in the case of clause (3) above, any encumbrance
                  or restriction (i) that restricts in a customary manner the
                  subletting, assignment, or transfer of any property or asset
                  that is subject to a lease, license or similar contract or
                  (ii) contained in security agreements or mortgages securing
                  Debt to the extent such encumbrance or restriction restricts
                  the transfer of the property subject to such security
                  agreements or mortgages;

                           (g) in the clause (3) above, any Lien on property or
                  assets of the Issuer or any Restricted Subsidiary not
                  otherwise prohibited by this Certificate of Designation or the
                  Indenture;

                           (h) any restriction under an agreement (including an
                  option or right) to sell property or assets of, or Equity
                  Interests in, the Issuer or any Restricted Subsidiary pending
                  the closing of such sale, which sale is permitted under the
                  Indenture;

                           (i) restrictions on cash or other deposits or net
                  worth imposed by leases or other agreements entered into in
                  the ordinary course of business;

                           (j) customary provisions in joint venture agreements
                  and other similar agreements (in each case relating solely to
                  the respective joint venture or similar entity or the Equity
                  Interests therein) entered into in the ordinary course of
                  business;

                                      -21-
<PAGE>

                           (k) any encumbrances or restrictions created with
                  respect to Debt or Preferred Stock permitted to be incurred or
                  issued subsequent to the Issue Date pursuant to paragraph
                  (l)(i) of Article I hereof;

                           (l) any encumbrances or restrictions required by any
                  governmental, local or regulatory authority having
                  jurisdiction over the Issuer or any of its Restricted
                  Subsidiaries or any of their businesses in connection with any
                  development grant made or other assistance provided to the
                  Issuer or any of its Restricted Subsidiaries by such
                  governmental authority; or

                           (m) any amendments, modifications, restatements,
                  renewals, increases, supplements, refundings, replacements or
                  refinancings of the contracts, instruments or obligations
                  referred to in clauses (a) through (l) above, provided that
                  such amendments, modifications, restatements, renewals,
                  increases, supplements, refundings, replacements or
                  refinancings, taken as a whole, are, in the good faith
                  judgment of the Issuer, not materially more restrictive with
                  respect to such encumbrances or restrictions than those
                  contained in the contracts, instruments or obligations prior
                  to such amendment, modification, restatement, renewal,
                  increase, supplement, refunding, replacement or refinancing.

         (m) Limitations on Designations of Unrestricted Subsidiaries. The Board
of Directors may designate (a "Designation") any Restricted Subsidiary
(including any newly acquired or newly formed Subsidiary of the Issuer) to be an
Unrestricted Subsidiary unless such Subsidiary owns any Capital Stock of, or
owns or holds any Lien on any property of, the Issuer or any Restricted
Subsidiary, so long as such Designation would not cause a Redeemable Preferred
Triggering Event; provided that:

                  (1) any then existing Guarantee by the Issuer or any
         Restricted Subsidiary of any Debt of the Subsidiary being so designated
         shall be deemed an "incurrence" of such Debt at the time of such
         Designation; and

                  (2) either (a) the Subsidiary to be so designated has total
         assets of $1.0 million or less or (b) if such Subsidiary has assets
         greater than $1.0 million, the "incurrence" of Debt referred to in
         clause (1) of this provision would be permitted under paragraph (l)(i)
         of this Article I.

         For purposes of making the determination of whether such Designation
would cause a Redeemable Preferred Triggering Event, the portion of the fair
market value of the net assets of any Subsidiary of the Issuer at the time that
such Subsidiary is designated an Unrestricted Subsidiary that is represented by
the interest of the Issuer and its Restricted Subsidiaries (excluding Permitted
Investments) in such Subsidiary, in each case as determined in good faith by the
Board of Directors of the Issuer shall be deemed to be a Restricted Payment.
Such Designation will only be permitted if such Restricted Payment would be
permitted at such time.

         The Board of Directors may revoke any Designation of a Subsidiary as an
Unrestricted Subsidiary (a "Revocation"); provided that:

                                      -22-
<PAGE>

                  (1) no Redeemable Preferred Triggering Event shall have
         occurred and be continuing at the time of or after giving effect to
         such Revocation; and

                  (2) all Liens and Debt of such Unrestricted Subsidiary
         outstanding immediately after such Revocation would, if incurred at
         such time, have been permitted to be incurred (and shall be deemed to
         have been incurred) for all purposes of this Certificate of
         Designation.

         (n) SEC Reports. Notwithstanding that the Issuer may not be required to
remain subject to the reporting requirements of Section 13 or 15(d) of the
Exchange Act, to the extent permitted by the Exchange Act, the Issuer will file
with the Commission, and provide, within 15 days after the Issuer is required to
file the same with the Commission, the Holders with the annual reports and the
information, documents and other reports that are specified in Sections 13 and
15(d) of the Exchange Act. In the event the Issuer is not permitted to file such
reports, documents and information with the Commission, the Issuer will provide
substantially similar information to the Holders, as if the Issuer were subject
to the reporting requirements of Section 13 or 15(d) of the Exchange Act.

         (o) Conduct of Business. The Issuer will not, and will not permit any
Restricted Subsidiary to, engage in any business other than Permitted
Businesses, except to the extent as is not material to the Issuer and its
Restricted Subsidiaries taken as a whole.

                  II. Legal Defeasance and Covenant Defeasance.
                  ---------------------------------------------

         (a) Legal Defeasance and Covenant Defeasance. (i) The Issuer may, at
the option of the Board of Directors evidenced by a resolution set forth in an
Officer's Certificate, at any time, elect to have either paragraph (a)(ii) or
(a)(iii) of this Article II be applied to all outstanding Redeemable Preferred
Stock upon compliance with the conditions set forth in this Article II.

                  (ii) Upon the Issuer's exercise under paragraph (a)(i) of this
         Article II of the option applicable to this paragraph (a)(ii) of
         Article II, the Issuer shall, subject to the satisfaction of the
         conditions set forth in paragraph (b) of this Article II, be deemed to
         have been discharged from its obligations with respect to all
         outstanding Redeemable Preferred Stock, as applicable, on the date the
         conditions set forth below are satisfied (hereinafter, "Legal
         Defeasance"). For this purpose, Legal Defeasance means that the Issuer
         shall be deemed to have paid and discharged all the obligations
         represented by the outstanding Redeemable Preferred Stock, which
         Redeemable Preferred Stock shall thereafter be deemed to be
         "outstanding" only for the purposes of paragraph (c) of this Article II
         and the other sections of this Certificate of Designation referred to
         in (1) and (2) below, and to have satisfied all its other obligations
         under such Redeemable Preferred Stock and this Certificate of
         Designation, except for the following provisions which shall survive
         until otherwise terminated or discharged hereunder: (1) the rights of
         Holders of outstanding Redeemable Preferred Stock to receive solely
         from the trust fund described in this Article II, as more fully set
         forth in such Article, payments in respect of the liquidation
         preference of, accumulated and unpaid dividends on, and Special
         Dividends, if any, on such Redeemable Preferred Stock when such
         payments are due and payable and (2) this Article II. Subject to
         compliance with this Article II, the Issuer may exercise its option
         under this

                                      -23-
<PAGE>

         paragraph (a)(ii) of Article II notwithstanding the prior exercise of
         its option under paragraph (a)(iii) of this Article II.

                  (iii) Upon the Issuer's exercise under paragraph (a)(i) of
         this Article II of the option applicable to this paragraph (a)(iii),
         the Issuer shall, subject to the satisfaction of the conditions set
         forth in paragraph (b) of this Article II, be released from its
         obligations under Article I, paragraphs (f)(ii), (g)(4), (h), (l), (m),
         (n) and (o) with respect to the outstanding Redeemable Preferred Stock
         on and after the date the conditions set forth below are satisfied
         (hereinafter, "Covenant Defeasance"), and the Redeemable Preferred
         Stock shall thereafter be deemed not "outstanding" for the purposes of
         any direction, waiver, consent or declaration or act of Holders (and
         the consequences of any thereof) in connection with such Articles and
         paragraphs, but shall continue to be deemed "outstanding" for all other
         purposes hereunder (it being understood that such Redeemable Preferred
         Stock shall not be deemed outstanding for accounting purposes). For
         this purpose, Covenant Defeasance means that, with respect of any term,
         condition or limitation set forth in any such Article or paragraph,
         whether directly or indirectly, by reason of any reference elsewhere
         herein to any such Article or paragraph or by reason of any reference
         in any such Article or paragraph or any other provision herein or in
         any other document, such omission to comply shall not constitute a
         Redeemable Preferred Triggering Event under Article I, paragraph (f),
         In addition, paragraph (f)(iii)(A)(4) shall cease to be applicable on
         and after the date such conditions are satisfied. But except as
         specified above, the remainder of this Certificate of Designation and
         such Redeemable Preferred Stock shall be unaffected thereby.

         (b) Conditions to Legal or Covenant Defeasance. The following shall be
the conditions to the application of either paragraph (a)(ii) or (a)(iii) hereof
to the outstanding Redeemable Preferred Stock:

         In order to exercise either Legal Defeasance or Covenant Defeasance:

                  (i) the Issuer must irrevocably deposit with a commercial bank
         or trust company having a combined capital and surplus of at least
         $250,000,000 appointed by the Issuer to act for the benefit of the
         Holders (the "Agent") in trust, cash in United States dollars,
         Government Notes, or a combination thereof, in such amounts as will be
         sufficient (without reinvestment), in the opinion of a nationally
         recognized firm of independent public accountants to pay the aggregate
         liquidation preference of, accumulated and unpaid dividends on, and
         Special Interest, if any, on the outstanding Redeemable Preferred Stock
         on the stated date for payment thereof or on the Redeemable Preferred
         Redemption Date;

                  (ii) in the case of an election under paragraph (a)(ii) of
         this Article II, the Issuer shall have delivered to its Agent an
         Opinion of Counsel in the United States reasonably acceptable to the
         Agent confirming that (A) the Issuer has received from, or there has
         been published by, the United States Internal Revenue Service a ruling
         or (B) since the date hereof, there has been a change in the applicable
         federal income tax law, in either case to the effect that, and based
         thereon, such Opinion of Counsel shall confirm that, the Holders will
         not recognize income, gain or loss for federal income tax purposes as a
         result of such Legal Defeasance and will be subject to federal income
         tax on the same amounts, in the same manner and at the same times as
         would have been the case if such Legal Defeasance had not occurred;

                                      -24-
<PAGE>

                  (iii) in the case of an election under paragraph (a)(iii) of
         this Article II, the Issuer shall have delivered to its Agent an
         Opinion of Counsel in the United States, subject to customary
         assumptions and exclusions, reasonably acceptable to the Agent
         confirming that the Holders will not recognize income, gain or loss for
         federal income tax purposes as a result of such Covenant Defeasance and
         will be subject to federal income tax on the same amounts, in the same
         manner and at the same times as would have been the case if such
         Covenant Defeasance had not occurred;

                  (iv) no Redeemable Preferred Triggering Event (or event which,
         but for the giving of notice or the passage of time, or both, would
         result in a Redeemable Preferred Triggering Event) shall have occurred
         and be continuing on the date of such deposit (other than a Redeemable
         Preferred Triggering Event resulting from the incurrence of Debt) all
         or a portion of the proceeds of which will be used to defease the
         Redeemable Preferred Stock pursuant to this Article II concurrently
         with such incurrence;

                  (v) such Legal Defeasance or Covenant Defeasance shall not
         result in a breach or violation of, or constitute a default under, any
         material agreement or instrument (other than this Certificate of
         Designation) to which the Issuer or any of its Subsidiaries is a party
         or by which the Issuer or any of its Subsidiaries is bound;

                  (vi) the Issuer shall have delivered to the Agent an Opinion
         of Counsel, subject to customary assumptions and exclusions, to the
         effect that after the after the 91st day following the deposit pursuant
         to paragraph (b)(i) of this Article II, the trust funds will not be
         part of any "estate" formed by the bankruptcy or reorganization of the
         Issuer or subject to the "automatic stay" under the Bankruptcy Code, or
         in the case of a Covenant Defeasance, will be subject to a first
         priority Lien in favor of the Agent for the benefit of the Holders;

                  (vii) the Issuer shall have delivered to the Agent an
         Officer's Certificate stating that the deposit was not made by the
         Issuer with the intent of preferring the Holders over an other
         creditors of the Issuer or with the intent of defeating, hindering,
         delaying or defrauding any other creditors of the Issuer;

                  (viii) the Issuer shall have delivered to the Agent an
         Officer's Certificate and an Opinion of Counsel, subject to customary
         assumptions and exclusions, each stating that all conditions precedent
         provided for or relating to the Legal Defeasance or the Covenant
         Defeasance have been complied with; and

                  (ix) the Issuer shall have delivered to the Agent an Opinion
         of Counsel from Minnesota counsel, subject to customary assumptions,
         confirming that (1) the deposit of funds by the Issuer into the trust
         in accordance with Article II and (2) the rights of Holders to receive
         subsequent distributions from the trust fund described in this Article
         II when due and payable (x) at the time of the deposit and at the time
         of payment will not constitute an illegal redemption of the Redeemable
         Preferred Stock under the MBCA, and (y) are not and will not be
         otherwise in violation of the MBCA, as amended.

         (c) Deposited Money and Government Securities Held in Trust;
Miscellaneous Provisions. Subject to paragraph (d) of this Article II, all money
and Government Notes

                                      -25-
<PAGE>

(including the proceeds thereof) deposited with the Agent pursuant to paragraph
(b) of this Article II in respect of the outstanding Redeemable Preferred Stock
shall be held in trust and applied by the Agent, in accordance with the
provision of such Redeemable Preferred Stock and this Certificate of
Designation, to the payment, either directly or through any paying agent
(including the Issuer acting as paying agent) as the Agent may determine, to the
Holders of such Redeemable Preferred Stock of all sums due and to become due
thereon in respect of the liquidation preference of and accumulated and unpaid
dividends on the Redeemable Preferred Stock, but such money need not be
segregated from other funds except to the extent required by law.

         (d) Repayment to Issuer. Any money deposited with the Agent or any
paying agent, or then held by the Issuer, in trust for the payment of the
aggregate liquidation preference of, accumulated and unpaid dividends on and
Special Dividends, if any, and remaining unclaimed for two years after such
amounts have become due and payable shall be paid to the Issuer on its request
or (if then held by the Issuer) shall be discharged from such trust; and the
Holder of such Security shall thereafter, as an unsecured general creditor, look
only to the Issuer for payment thereof, and all liability of the Agent with
respect to such trust money, and all liability of any paying agent (including
the Issuer as paying agent) thereof, shall thereupon cease; provided, however,
that the Agent or paying agent, before being required to make any such
repayment, may at the expense of the Issuer, cause to be published once, in the
Wall Street Journal (national edition), notice that such money remains unclaimed
and that, after a date specified therein, which shall not be less than 30 days
from the date of such notification or publication, any unclaimed balance of such
money then remaining will be repaid to the Issuer.

         (e) Reinstatement. If the Agent is unable to apply any United States
dollars or Government Notes in accordance with this Article II by reason of any
order, or judgment of any court or governmental authority enjoining, restraining
or otherwise prohibiting such application, then the Issuer's obligations under
this Certificate of Designation and Redeemable Preferred Stock shall be revived
and reinstated as though no deposit had occurred pursuant to this Article II
until such time as the Agent is permitted to apply all such money in accordance
with this Article II, provided, however, that if the Issuer makes any payment on
account of the Redeemable Preferred Stock following the reinstatement of its
obligations, the Issuer shall be subrogated to the rights of the Holders of such
Redeemable Preferred Stock to receive such payment from the money held by the
Agent or any paying agent.

                            III. Registration Rights.
                            -------------------------

         So long as any shares of Redeemable Preferred Stock constitute
"Transfer Restricted Securities," as defined in the Registration Rights
Agreement, each Holder of Transfer Restricted Securities shall be entitled to
the rights granted by the Issuer thereunder, and shall be bound by the
restrictions contained therein, on the certificates representing the Transfer
Restricted Securities and in any offering memorandum for additional shares of
Redeemable Preferred Stock

                               IV. Miscellaneous.
                               ------------------

         (a) Remedies. The sole remedy to Holders of Redeemable Preferred Stock
in the event of the Issuer's failure to comply with any of the provisions hereof
and the sole consequence

                                      -26-
<PAGE>

of any such failure will be the voting rights and Additional Dividends described
in paragraph (f) of Article I.

         (b) Preemptive Rights. No shares of Redeemable Preferred Stock shall
have any rights of preemption whatsoever as to any securities of the Issuer, or
any warrants, rights or options issued or granted with respect thereto,
regardless of how such securities or such warrants, rights or options may be
designated, issued or granted.

         (c) Waiver. The Holders of at least a majority of the outstanding
shares of Redeemable Preferred Stock, voting as one class, may also amend and
waive compliance with any provision of this Certificate of Designation.

         (d) Certificate as to Conditions Precedent. Upon any request or
application by the Issuer to the Agent to take or refrain from taking any action
under this Certificate of Designation, at the request of the Agent, the Issuer
shall furnish to the Agent:

                  (1) an Officers' Certificate in form and substance reasonably
         satisfactory to the Agent (which shall include the statements set forth
         in paragraph (e) below) stating that in the opinion of the signers, all
         conditions precedent, if any, provided for in this Certificate of
         Designation relating to the proposed action have been complied with;
         and

                  (2) an Opinion of Counsel in form and substance reasonably
         satisfactory to the Agent (which shall include the statements set forth
         in paragraph (e) below) stating that, in the opinion of such counsel,
         all such conditions precedent have been complied with.

         (e) Statements Required in Certificate. Each certificate or opinion
with respect to compliance with a covenant or condition provided for in this
Certificate of Designation shall include:

                  (1) a statement that the individual making such certificate or
         opinion has read such covenant or condition;

                  (2) a brief statement as to the nature and scope of the
         examination or investigation upon which the statements or opinions
         contained in such certificate or opinion are based;

                  (3) a statement that, in the opinion of such individual, he
         has made such examination or investigation as is necessary to enable
         him to express an informed opinion as to whether or not such covenant
         or condition has been complied with; and

                  (4) a statement as to whether or not, in the opinion of such
         individual, such covenant or condition has been complied with.

         (f) Notice. Any notice or communication given pursuant to this
Certificate of Designation shall be in writing and delivered in person or mailed
by first-class mail addressed as follows:

                                      -27-
<PAGE>

                           if to the Issuer, to:

                           Jostens, Inc.
                           5501 Norman Center Drive
                           Minneapolis, Minnesota 55437
                           Attn:  General Counsel
                           Phone:  (612) 830-3309
                           Fax:  (612) 830-3380

                           with copies to:

                           Investcorp International Inc.
                           280 Park Avenue
                           37th Floor West
                           New York, New York 10017
                           Attn:  Charles J. Philippin
                           Phone:  (212) 599-4100
                           Fax:  (212) 983-7073

                           Gibson, Dunn & Crutcher LLP
                           200 Park Avenue, 48th Floor
                           New York, New York  10166
                           Attn:  Joerg H. Esdorn
                           Phone:  (212) 351-4000
                           Fax:  (212) 351-4035

         The Issuer may designate additional or different addresses for
subsequent notices or communications. Any notice or communication mailed to a
Holder of Redeemable Preferred Stock shall be mailed to the Holder at the
Holder's address as it appears in the stock register of the Issuer and shall be
sufficiently given if so mailed within the time prescribed. Failure to mail a
notice or communication to a Holder or any defect in such notice shall not
affect its sufficiency with respect to other Holders. If a notice or
communication is mailed in the manner provided above, it is duly given, whether
or not the addressee receives it.

         (g) Rules of Construction. For the purposes of this Certificate of
Designation (i) words in the singular shall be held to include the plural and
vice versa and words of one gender shall be held to include the other gender as
the context requires, (ii) the word "including" and words of similar import
shall mean "including, without limitation," (iii) a word has the meaning
assigned to it, (iv) an accounting term not otherwise defined has the meaning
assigned to it in accordance with GAAP, and (v) "or" is not exclusive.

                            V. Transfer Restrictions.
                            -------------------------

         (a) The certificates evidencing the Redeemable Preferred Stock shall,
unless otherwise agreed to by the Issuer and the Holders of any such
certificates, bear a legend substantially to the following effect:

                                      -28-
<PAGE>

         THESE SECURITIES HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF
         1933 OR THE SECURITIES LAWS OF ANY STATE AND MAY NOT BE OFFERED, SOLD,
         OR OTHERWISE TRANSFERRED OTHER THAN IN ACCORDANCE WITH REGULATIONS
         PROMULGATED UNDER THAT ACT, OR IF SO REGISTERED UNDER THAT ACT, OR IF
         AN EXEMPTION FROM SUCH REGISTRATION IS AVAILABLE.

         THESE SECURITIES ARE SUBJECT TO MANDATORY REDEMPTION BY THE
         CORPORATION. THE CORPORATION WILL FURNISH WITHOUT CHARGE TO EACH
         STOCKHOLDER WHO SO REQUESTS THE POWERS, DESIGNATION, PREFERENCES AND
         RELATIVE, PARTICIPATING, OPTIONAL OR OTHER SPECIAL RIGHTS OF EACH CLASS
         OF STOCK OR SERIES OF STOCK OF THE CORPORATION AUTHORIZED TO BE ISSUED,
         SO FAR AS THEY HAVE BEEN DETERMINED, AND THE AUTHORITY OF THE BOARD OF
         DIRECTORS TO DETERMINE THE RELATIVE RIGHTS AND PREFERENCES OF
         SUBSEQUENT CLASSES OR SERIES.

         (b) The Issuer shall be entitled to, and the Transfer Agent shall
refuse to register any attempted transfer of shares of Redeemable Preferred
Stock not in compliance with paragraph (a) hereof. As a condition to any
registration of transfer, the Issuer and the Transfer Agent may require an
opinion of counsel or other evidence satisfactory to it that the legend in
paragraph (a) is being complied with.

         (c) The legend provided in paragraph (a) hereof may be removed if the
Redeemable Preferred Stock has been registered pursuant to an effective
registration statement under the Securities Act.

                                      -29-
<PAGE>

                            VI. Certain Definitions.
                            ------------------------

         As used in this Certificate of Designation, the following terms shall
have the following meanings (with terms defined in the singular having
comparable meanings when used in the plural and vice versa), unless the context
otherwise requires:

         "Acquired Debt" means, with respect to any specified Person:

         (1) Debt of any other Person existing at the time such other Person is
merged with or into or became a Restricted Subsidiary of such specified Person,
including Debt incurred in connection with, or in contemplation of, such other
Person's merging with or into or becoming a Restricted Subsidiary of such
specified Person; and

         (2) Debt secured by a Lien encumbering any asset acquired by such
specified Person.

         "Additional Dividends" has the meaning ascribed to it in paragraph (c)
of Article I hereof.

         "Additional Notes" shall mean up to $125,000,000 in aggregate principal
amount of Notes initially issued subsequent to the Closing Date pursuant to
Article II of the Indenture and in compliance with Section 4.03 of the
Indenture.

         "Affiliate" of any specified Person means:

         (1) any other Person, directly or indirectly, controlling or controlled
by or under direct or indirect common control with such specified Person;

         (2) any other Person that owns, directly or indirectly, 5% or more of
such specified Person's Voting Stock; or

         (3) any Person who is a director or officer (a) of such Person, (b) of
any Subsidiary of such Person or (c) of any Person described in clause (1) or
(2) above.

         For purposes of this definition, "control" (including, with correlative
meanings, the terms "controlling," "controlled by" and "under common control
with"), as used with respect to any Person, shall mean the possession, directly
or indirectly, of the power to direct or cause the direction of the management
or policies of such Person, whether through the ownership of voting securities,
by agreement or otherwise.

         "Affiliate Transaction" has the meaning ascribed to it in paragraph
(l)(iii) of Article I hereof.

         "Agent" has the meaning ascribed to it in paragraph (b)(i) of Article
II hereof.

         "Applicable Premium" means, with respect to a share of Redeemable
Preferred Stock the greater of (i) 1.0% of the liquidation preference of such
share and (ii) the excess of (A) the

                                      -30-
<PAGE>

present value at such time of (1) the redemption price of such share at the
First Call Date (such redemption price being set forth in the table located in
paragraph (e) of Article I hereof) plus (2) all Regular Dividends which would
have accrued pursuant to the terms of the Redeemable Preferred Stock through the
First Call Date, each computed using a discount rate equal to the Treasury Rate
plus 50 basis points, over (B) the liquidation preference of such share, if
greater.

         "Articles of Incorporation" has the meaning ascribed to it in the
preamble to this Certificate of Designation.

         "Average Life" means, as of the date of determination, with respect to
any Debt or Preferred Stock, the quotient obtained by dividing (i) the sum of
the product of the numbers of years (rounded upwards to the nearest month) from
the date of determination to the dates of each successive scheduled principal
payment of such Debt or redemption or similar payment with respect to Preferred
Stock multiplied by the amount of such payment by (ii) the sum of all such
payments.

         "Bankruptcy Law" means, Title 11, United States Code, or any similar
federal or state law for the relief of debtors.

         "Board of Directors" means, with respect to any Person, the Board of
Directors of such Person, or (except if used in the definition of "Change of
Control") any authorized committee of the Board of Directors of such Person.

         "Borrowing Base" means, as of any date, an amount equal to the sum of:

                  (1) 85% of the aggregate book value of all accounts receivable
         of the Issuer and its Restricted Subsidiaries; and

                  (2) 60% of the aggregate book value of all inventory owned by
         the Issuer and its Restricted Subsidiaries, all calculated on a
         consolidated basis and in accordance with GAAP.

         To the extent that information is not available as to the amount of
accounts receivable or inventory as of a specific date, the Issuer shall use the
most recent available information for purposes of calculating the Borrowing
Base.

         "Bridge Commitment Letter" means the bridge commitment letter dated
December 24, 1999 among Investcorp Investment Equity Limited, DB Capital
Investors, L.P, Bankers Trust Corporation, UBS AG, Stamford Branch and Goldman
Sachs Credit Partners, L.P.

         "Business Day" means any day except a Saturday, a Sunday, or any day on
which banking institutions in New York are authorized or required by law to
close.

         "Calculation Date" means the date of the transaction giving rise to the
need to calculate the Consolidated Coverage Ratio.

                                      -31-
<PAGE>

         "Capital Lease Obligation" means, at the time any determination thereof
is to be made, the amount of the liability in respect of a capital lease that
would at such time be required to be capitalized on a balance sheet in
accordance with GAAP.

         "Capital Stock" means:

                  (1) in the case of a corporation, corporate stock;

                  (2) in the case of a partnership or limited liability company,
         partnership or membership interests (whether general or limited); and

                  (3) in the case of an association or other business entity,
         any and all shares, interests, participations, rights or other
         equivalents (however designated) of stock.

         "Cash Equivalents" means:

                  (1) securities issued or directly and fully guaranteed or
         insured by the United States government or any agency or
         instrumentality thereof;

                  (2) certificates of deposit and eurodollar time deposits with
         maturities of one year or less from the date of acquisition, bankers'
         acceptances with maturities not exceeding one year and overnight bank
         deposits, in each case with any commercial bank or trust company having
         capital and surplus in excess of $300 million;

                  (3) repurchase obligations with a term of not more than seven
         days for underlying securities of the types described in clauses (1)
         and (2) above entered into with any financial institution meeting the
         qualifications specified in clause (2) above;

                  (4) commercial paper having the highest rating obtainable from
         Moody's Investors Service, Inc. ("Moody's") or Standard & Poor's
         Ratings Services, a division of the McGraw-Hill Companies, Inc. ("S&P")
         and in each case maturing within one year after the date of
         acquisition;

                  (5) readily marketable direct obligations issued by any state
         of the United States of America or any political subdivision thereof
         having one of the two highest rating categories obtainable from either
         Moody's or S&P;

                  (6) Debt with a rating of "A" or higher from S&P or "A2" or
         higher from Moody's; and

                  (7) investment funds investing at least 95% of their assets in
         securities of the types described in clauses (1)-(4) above.

         "Certificate of Designation" means this Certificate of Designation
creating the Redeemable Preferred Stock.

         "Change of Control" means the occurrence of any of the following
events:

                                      -32-
<PAGE>

                  (1) prior to the first public offering after the Closing Date
         of Voting Stock of the Issuer, the Initial Control Group ceases to be
         the "beneficial owner" (as defined in Rules 13d-3 and 13d-5 under the
         Exchange Act), directly or indirectly, of more than 50% of the total
         voting power of the Voting Stock of the Issuer, whether as a result of
         the issuance of securities of the Issuer, any merger, consolidation,
         liquidation or dissolution of the Issuer, any direct or indirect
         transfer of securities by the Initial Control Group or otherwise (for
         purposes of this clause (1) and clause (2) below, the Initial Control
         Group shall be deemed to beneficially own any Voting Stock of an entity
         (the "specified entity") held by any other entity (the "parent entity")
         so long as the Initial Control Group beneficially owns (as so defined),
         directly or indirectly, in the aggregate a majority of the voting power
         of the Voting Stock of the parent entity);

                  (2) following the first public offering after the Closing Date
         of Voting Stock of the Issuer (a) any "person" (as such term is used in
         Sections 13(d) and 14(d) of the Exchange Act), other than one or more
         members of the Initial Control Group, is or becomes the beneficial
         owner (as defined in clause (1) above), directly or indirectly, of more
         than 40% of the total voting power of the Voting Stock of the Issuer
         and (b) the Initial Control Group "beneficially owns" (as defined in
         clause (1) above), directly or indirectly, in the aggregate a lesser
         percentage of the total voting power of the Voting Stock of the Issuer
         than such other person and does not have the right or ability by voting
         power, contract or otherwise to elect or designate for election a
         majority of the Board of Directors of the Issuer (for purposes of this
         clause (2), such other person shall be deemed to beneficially own any
         Voting Stock of a specified entity held by a parent entity, if such
         other person "beneficially owns" (as defined in clause (1) above),
         directly or indirectly, in the aggregate more than 40% of the voting
         power of the Voting Stock of such parent entity and the Initial Control
         Group "beneficially owns" (as defined in clause (1) above), directly or
         indirectly, in the aggregate a lesser percentage of the voting power of
         the Voting Stock of such parent entity and does not have the right or
         ability by voting power, contract or otherwise to elect or designate
         for election a majority of the Board of Directors of such parent
         entity); or

                  (3) at any time after the first public offering of Common
         Stock of the Issuer, any person other than the Initial Control Group
         and the then incumbent Board of Directors, (a) (i) nominates one or
         more individuals for election to the Board of Directors of the Issuer,
         and (ii) solicits proxies, authorizations or consents in connection
         therewith and (b) such number of nominees elected to serve on the Board
         of Directors in such election and all previous elections after the
         Closing Date represents a majority of the Board of Directors of the
         Issuer, following such election.

         "Closing Date" means the date on which the first shares of Redeemable
Preferred Stock are issued hereunder.

         "Code" means the Internal Revenue Code of 1986, as amended.

         "Commission" shall mean the Securities and Exchange Commission.

         "Commodity Hedging Agreements" means any futures contract or other
similar agreement or arrangement designed to protect the Issuer or any
Restricted Subsidiary against fluctuations in commodities prices.

                                      -33-
<PAGE>

         "Common Stock" of any Person means Capital Stock of such Person that
does not rank prior, as to the payment of dividends or as to the distribution of
assets upon any voluntary or involuntary liquidation, dissolution or winding up
of such Person, to shares of Capital Stock of any other class of such Person.

         "Consolidated Cash Flow" means, with respect to any Person for any
period, the Consolidated Net Income of such Person for such period:

                  (1) plus without duplication to the extent deducted in
         computing such Consolidated Net Income:

                           (a) Consolidated Interest Expense and the
                  amortization of debt issuance costs, commissions, fees and
                  expenses of such Person and its Restricted Subsidiaries for
                  such period;

                           (b) provision for taxes based on income or profits
                  (including franchise taxes) of such Person and its Restricted
                  Subsidiaries for such period;

                           (c) depreciation and amortization expense, including
                  amortization of inventory write-up under APB 16, amortization
                  of intangibles (including goodwill and the non-cash costs of
                  Interest Rate Agreements, Commodity Hedging Agreements or
                  Currency Agreements, license agreements and non-competition
                  agreements), amortization of management fees, non-cash
                  amortization of Capital Lease Obligations, and organization
                  costs;

                           (d) expenses and charges related to any equity
                  offering or incurrence of Debt permitted to be incurred by
                  this Certificate of Designation (including any such expenses
                  or charges relating to the Recapitalization);

                           (e) the amount of any restructuring or other type of
                  special charge or reserve;

                           (f) unrealized gains and losses from hedging, foreign
                  currency or commodities translations and transactions;

                           (g) expenses consisting of internal software
                  development costs that are expensed during the period but
                  could have been capitalized in accordance with GAAP;

                           (h) any write-downs, write-offs, and other non-cash
                  charges, items and expenses;

                           (i) the amount of any expense relating to any
                  minority interest of Restricted Subsidiaries; and

                           (j) costs of surety bonds in connection with
                  financing activities, and

                  (2) minus any cash payment for which a reserve or charge of
         the kind described in clauses (e), (h) or (i) of subclause (1) above
         was taken previously during such period.

                                      -34-
<PAGE>

         "Consolidated Coverage Ratio" means with respect to any Person, the
ratio of the Consolidated Cash Flow of such Person and its Restricted
Subsidiaries for the four full fiscal quarters ending on or prior to the date of
the transaction giving rise to the need to calculate the Consolidated Coverage
Ratio (the "Calculation Date") for which financial statements are available to
the Consolidated Interest Expense of such Person and its Restricted Subsidiaries
for such period. In the event that the Issuer or any of its Restricted
Subsidiaries incurs, assumes, Guarantees or redeems any Debt (other than working
capital borrowings) or issues or redeems Preferred Stock subsequent to the
commencement of the period for which the Consolidated Coverage Ratio is being
calculated but prior to Calculation Date, then the Consolidated Coverage Ratio
shall be calculated giving pro forma effect to such incurrence, assumption,
Guarantee or redemption of Debt, or such issuance or redemption of Preferred
Stock, as if the same had occurred at the beginning of the applicable
four-quarter reference period.

         For purposes of making the computation referred to above, Investments,
acquisitions, dispositions, mergers and consolidations that have been made by
the Issuer or any of its Restricted Subsidiaries during the four-quarter
reference period or subsequent to such reference period and on or prior to the
Calculation Date, and discontinued operations determined in accordance with GAAP
on or prior to the Calculation Date, shall be given effect on a pro forma basis
assuming that all such Investments, acquisitions, dispositions, mergers and
consolidations or discontinued operations (and the reduction or increase of any
associated Consolidated Interest Expense, and the change in Consolidated Cash
Flow, resulting therefrom, including because of Pro Forma Cost Savings) had
occurred on the first day of the four-quarter reference period. If since the
beginning of such period any Person (that subsequently became a Restricted
Subsidiary or was merged with or into the Issuer or any Restricted Subsidiary
since the beginning of such period) shall have made any Investment, acquisition,
disposition, merger or consolidation or determined a discontinued operation,
that would have required adjustment pursuant to this definition, then the
Consolidated Coverage Ratio shall be calculated giving pro forma effect thereto
for such period as if such Investment, acquisition, disposition, merger or
consolidation or discontinued operations had occurred at the beginning of the
applicable four-quarter period.

         For purposes of this definition, whenever pro forma effect is to be
given to a transaction, the pro forma calculations shall be made in good faith
by a financial or accounting officer of the Issuer. If any Debt to which pro
forma effect is given bears interest at a floating rate, the interest expense on
such Debt shall be calculated as if the rate in effect on the Calculation Date
had been the applicable interest rate for the entire period (taking into account
any Interest Rate Agreement in effect on the Calculation Date). Interest on a
Capital Lease Obligation shall be deemed to accrue at an interest rate
reasonably determined by a responsible financial or accounting officer of the
Issuer to be the rate of interest implicit in such Capital Lease Obligation in
accordance with GAAP. Interest on Debt that may optionally be determined at an
interest rate based upon a factor of a prime or similar rate, a eurocurrency
interbank offered rate, or other rate, shall be deemed to have been based upon
the rate actually chosen, or, if none, then based upon such optional rate chosen
as the Issuer may designate.

         "Consolidated Interest Expense" means, with respect to any Person for
any period, the sum, without duplication, of:

                                      -35-
<PAGE>

                  (1) the consolidated net interest expense of such Person and
         its Restricted Subsidiaries for such period, whether paid or accrued
         (including amortization of original issue discount, non-cash interest
         payments, the interest component of any deferred payment obligations,
         the interest component of all payments associated with Capital Lease
         Obligations, commissions, discounts and other fees and charges incurred
         in respect of letter of credit or bankers' acceptance financings or any
         Qualified Receivables Transaction, and net payments (if any) pursuant
         to Hedging Obligations relating to Interest Rate Agreements or Currency
         Agreements with respect to Debt, excluding, however (a) amortization of
         debt issuance costs, commissions, fees and expenses and (b) customary
         commitment, administrative and transaction fees and charges);

                  (2) dividends paid in respect of any Disqualified Stock of the
         Issuer (or solely for purposes of paragraph (f)(ii)(A) of Article I,
         dividends paid in respect of any Preferred Stock of the Issuer, other
         than Junior Equity Interests) or any Restricted Subsidiary, or cash
         dividends paid in respect of any Preferred Stock of a Restricted
         Subsidiary of the Issuer held by Persons other than the Issuer or a
         Subsidiary; and

                  (3) commissions, discounts and other fees and charges incurred
         in connection with a Qualified Receivables Transaction of the Issuer or
         any Restricted Subsidiary,

in each case, on a consolidated basis and in accordance with GAAP.

         "Consolidated Net Income" means, with respect to any Person for any
period, the aggregate of the Net Income of such Person and its Restricted
Subsidiaries for such period, on a consolidated basis, determined in accordance
with GAAP; provided that:

                  (1) the Net Income of any Person that is not a Restricted
         Subsidiary or that is accounted for by the equity method of accounting
         shall be included only to the extent of the amount of dividends or
         distributions paid in cash to the referent Person or a Restricted
         Subsidiary of such Person and the net losses of any such Person shall
         only be included to the extent funded with cash or property from the
         Issuer or any Restricted Subsidiary;

                  (2) the Net Income of any Restricted Subsidiary shall be
         excluded to the extent that the declaration or payment of dividends or
         similar distributions by that Restricted Subsidiary of that Net Income
         is not at the date of determination permitted without any prior
         governmental approval (that has not been obtained) or, directly or
         indirectly, prohibited by operation of the terms of its charter or any
         agreement, instrument, judgment, decree, order, statute, rule or
         governmental regulation applicable to that Restricted Subsidiary or its
         stockholders unless such restriction with respect to the payment of
         dividends has been permanently waived;

                  (3) except for purposes of calculating the Consolidated
         Coverage Ratio, the Net Income of any Person acquired in a pooling of
         interests transaction for any period prior to the date of such
         acquisition shall be excluded;

                  (4) the cumulative effect of a change in accounting principles
         shall be excluded (effected either through cumulative effect adjustment
         or a retroactive application, in each case, in accordance with GAAP);

                                      -36-
<PAGE>

                  (5) to the extent deducted in determining Net Income, the
         fees, expenses and other costs incurred in connection with the
         Recapitalization, including payments to management contemplated by the
         Recapitalization Agreement, or in connection with the Issuer's
         transition to new ownership, in each case, to the extent that such fee,
         expense, cost or payment was disclosed in the Offering Memorandum,
         shall be excluded; and

                  (6) with respect to periods prior to the Closing Date,
         Consolidated Net Income shall include (without duplication) all
         adjustments relating to reductions in costs related to employee
         terminations, elimination of certain unprofitable businesses, excess
         rebates related to the JDS program, closing the Mexico manufacturing
         facility, excess labor costs associated with the recognition segment
         and other items in each case of the type reflected in the calculation
         of Adjusted EBITDA set forth in the Offering Memorandum in footnote 5
         to "Summary Consolidated Historical and Unaudited Pro Forma Financial
         Data". To the extent that all employee terminations referred to above
         have not been completed before the Closing Date, such costs shall be
         added back to Consolidated Net Income in periods after the Closing
         Date; provided, however, that if Consolidated Net Income is being
         calculated after September 30, 2000, the expected cost savings of such
         employee terminations with respect to employees that have not been
         terminated prior to the date of such calculation shall not be added
         back to Consolidated Net Income.

         "Coverage Ratio Exception" has the meaning ascribed to it in paragraph
(l)(i) of Article I.

         "Credit Facilities" means, with respect to the Issuer and its
Restricted Subsidiaries, one or more unsubordinated debt facilities (including
the New Credit Facility) or commercial paper facilities with banks, insurance
companies or other institutional lenders providing for unsubordinated revolving
credit loans, unsubordinated term loans, unsubordinated notes, factoring or
other receivables financing (including through the sale of receivables to such
lenders or to special purpose entities formed to borrow from or issue securities
to such lenders against such receivables) or unsubordinated letters of credit or
other unsubordinated credit facilities, in each case, as amended, restated,
modified, renewed, refunded, replaced or refinanced in whole or in part from
time to time.

         "Currency Agreement" means any foreign exchange contract, currency swap
agreement or other similar agreement or arrangement to which the Issuer or any
Restricted Subsidiary is a party or of which it is a beneficiary.

         "Debt" means, with respect to any Person (without duplication):

                  (1) any indebtedness of such Person, whether or not
         contingent, in respect of borrowed money or evidenced by bonds, notes,
         debentures or similar instruments or letters of credit (or
         reimbursement agreements in respect thereof) or banker's acceptances or
         representing Capital Lease Obligations or the balance deferred and
         unpaid of the purchase price of any property, which purchase price is
         due more than six months after the date of placing such property in
         final service or taking final delivery thereof, or representing any
         Hedging Obligations, except any such balance that constitutes an
         accrued expense or trade payable, if and to the extent any of the
         foregoing indebtedness (other than letters of credit and Hedging

                                      -37-
<PAGE>

         Obligations) would appear as a liability upon a balance sheet of such
         Person prepared in accordance with GAAP;

                  (2) all indebtedness under clause (1) of other Persons secured
         by a Lien on any asset of such Person (whether or not such indebtedness
         is assumed by such Person) provided that the amount of indebtedness of
         such Person shall be the lesser of:

                           (a) the fair market value of such asset at such date
                  of determination; and

                           (b) the amount of such indebtedness of such other
                  Persons, and

                  (3) to the extent not otherwise included, the Guarantee by
         such Person of any Debt under clause (1) of any other Person;

         provided, however, that Debt shall not include:

                           (a) obligations and liabilities in respect of
                  synthetic lease facilities that are accounted for as operating
                  leases in accordance with GAAP (including Guarantees of loans
                  then outstanding by the lenders under any such facility to the
                  lessor thereunder);

                           (b) obligations of the Issuer or any of its
                  Restricted Subsidiaries arising from agreements of the Issuer
                  or a Restricted Subsidiary providing for indemnification,
                  adjustment of purchase price or similar obligations, in each
                  case, incurred or assumed in connection with the disposition
                  of any business, assets or a Subsidiary, other than guarantees
                  of Debt incurred by any Person acquiring all or any portion of
                  such business, assets or a Subsidiary for the purpose of
                  financing such acquisition; provided, however, that:

                                    (i) such obligations are not reflected on
                           the balance sheet of the Issuer or any Restricted
                           Subsidiary (contingent obligations referred to in a
                           footnote to financial statements and not otherwise
                           reflected on the balance sheet will not be deemed to
                           be reflected on such balance sheet for purposes of
                           this clause (i)); and

                                    (ii) the maximum assumable liability in
                           respect of all such obligations shall at no time
                           exceed the gross proceeds including noncash proceeds
                           (the fair market value of such noncash proceeds being
                           measured at the time received and without giving
                           effect to any subsequent changes in value) actually
                           received by the Issuer and its Restricted
                           Subsidiaries in connection with such disposition,

                           (c) (i) obligations under (or constituting
                  reimbursement obligations with respect to) letters of credit,
                  performance bonds, surety bonds, appeal bonds, completion
                  guarantees or similar instruments issued in connection with
                  the ordinary course of a Permitted Business, including letters
                  of credit in respect of workers' compensation claims, security
                  or lease deposits and self-insurance; provided, however, that
                  upon the drawing of such letters of credit or other
                  instrument, such obligations are reimbursed within 30 days
                  following such drawing, and (ii) obligations arising from the
                  honoring by a bank or other financial institution of a check,
                  draft or similar instrument inadvertently (except in the case
                  of daylight overdrafts) drawn against

                                      -38-
<PAGE>

                  insufficient funds in the ordinary course of business;
                  provided, however, that such obligations are extinguished
                  within three Business Days of incurrence;

                           (d) purchase price holdbacks in connection with
                  purchasing assets in the ordinary course of business of the
                  Issuer and its Restricted Subsidiaries; or

                           (e) leases of precious metals used in the ordinary
                  course of business of the Issuer and its Restricted
                  Subsidiaries, whether or not accounted for as operating leases
                  under GAAP; or

                           (f) customer deposits in the ordinary course of
                  business.

         Except as otherwise expressly provided in this definition, the amount
of any Debt outstanding as of any date shall be:

                  (i) the accreted value thereof, in the case of any Debt issued
         at a discount to par value; and

                  (ii) the principal amount thereof in the case of any other
         Debt.

         "Disqualified Stock" means any class or series of Capital Stock of any
Person that by its terms or otherwise is:

                  (1) required to be redeemed or is redeemable at the option of
         the holder of such class or series of Capital Stock at any time on or
         prior to the date on which the Redeemable Preferred Stock is subject to
         mandatory redemption as described in this Certificate of Designation;
         or

                  (2) convertible into or exchangeable at the option of the
         holder thereof for Capital Stock referred to in clause (1) above or
         Debt having a scheduled maturity on or prior to the date on which the
         Redeemable Preferred Stock is subject to mandatory redemption as
         described in this Certificate of Designation;

         Notwithstanding the preceding sentence, (A) if such Capital Stock is
issued to any plan for the benefit of employees or by any such plan to such
employees, in each case in the ordinary course of business of the Issuer or its
Subsidiaries, such Capital Stock shall not constitute Disqualified Stock solely
because it may be required to be repurchased by the Issuer in order to satisfy
applicable statutory or regulatory obligations, (B) any Capital Stock that would
constitute Disqualified Stock solely because the Holders of the Capital Stock
have the right to require the Issuer to repurchase such Capital Stock upon the
occurrence of a Change of Control or an "Asset Sale" will not constitute
Disqualified Stock if the terms of such Capital Stock provide that the Issuer
may not repurchase or redeem any such Capital Stock pursuant to such provisions
unless such repurchase or redemption complies with Section (l)(ii) of Article I
and (C) the Redeemable Preferred Stock shall not constitute Disqualified Stock
under this Certificate of Designation.

         For purposes hereof, the amount of any Disqualified Stock shall be
equal to the greater of its liquidation preference and its maximum fixed
repurchase price, but excluding accrued dividends, if any. The "maximum fixed
repurchase price" of any Disqualified Stock which does not have a fixed
repurchase price shall be calculated in accordance with the terms of such
Disqualified Stock as if such Disqualified Stock were purchased on any date as
of which the

                                      -39-
<PAGE>

Consolidated Coverage Ratio shall be required to be determined pursuant to this
Certificate of Designation, and if such price is based upon, or measured by, the
fair market value of such Disqualified Stock, such fair market value shall be
determined reasonably and in good faith by the Board of Directors of the issuer
of such Disqualified Stock..

         "Dividend Period" means the Initial Dividend Period and, thereafter,
each quarterly dividend period.

         "Equity Interests" means Capital Stock and all warrants, options or
other rights to acquire Capital Stock (but excluding any debt security that is
convertible into, or exchangeable for, Capital Stock).

         "Exchange Act" means the Securities Exchange Act of 1934, as amended,
and the rules and regulations promulgated thereunder.

         "Existing Debt" means Debt of the Issuer and its Restricted
Subsidiaries (other than Debt under the New Credit Facility) in existence on the
Closing Date, until such amounts are repaid.

         "First Call Date" has the meaning ascribed to it in paragraph (e)(iii)
of Article I hereof.

         "Foreign Subsidiary" means any Subsidiary of the Issuer formed under
the laws of any jurisdiction other than the United States or any political
subdivision thereof substantially all of the assets of which are located outside
the United States or that conducts substantially all of its business outside of
the United States.

         "GAAP" means generally accepted accounting principles in the United
States of America as in effect from time to time, including those set forth in
the opinions and pronouncements of the Accounting Principles Board of the
American Institute of Certified Public Accountants and statements and
pronouncements of the Financial Accounting Standards Board or in such other
statements by such other entity as have been approved by a significant segment
of the accounting profession. All ratios and computations based on GAAP
contained in this Certificate of Designation shall be computed in conformity
with GAAP as in effect as of the Closing Date.

         "Government Notes" means direct obligations (or certificates
representing an ownership interest in such obligations) of, the United States of
America (including any agency or instrumentality thereof) for the payment of
which the full faith and credit of the United States of America is pledged.

         "Guarantee" means a guarantee (other than by endorsement of negotiable
instruments for collection in the ordinary course of business), direct or
indirect, in any manner (including letters of credit and reimbursement
agreements in respect thereof), of all or any part of any Debt.

         "Hedging Obligations" means, with respect to any Person, the
obligations of such Person under Interest Rate Agreements, Currency Agreements
or Commodity Hedging Agreements.

         "Holder" means a holder of shares of Redeemable Preferred Stock, as the
context requires, as reflected in the stock books of the Issuer.

                                      -40-
<PAGE>

         "Incur" has the meaning ascribed to it in paragraph (l)(i) of Article I
hereof.

         "Indenture" means (i) the Indenture dated as of May 10, 2000, by, and
among the Issuer and The Bank of New York, as Trustee or (ii) any loan agreement
or indenture evidencing bridge loans made or bridge notes issued pursuant to the
Bridge Commitment Letter.

         "Initial Control Group" means Investcorp S.A., D.B. Capital Investors,
L.P., their respective Affiliates, any Person acting in the capacity of an
underwriter or initial purchaser in connection with a public or private offering
of the Issuer's Capital Stock, or any Permitted Transferee of any of the
foregoing Persons.

         "Initial Dividend Period" means in respect of any share of Redeemable
Preferred Stock, the dividend period commencing on the Issue Date and ending on
the first Regular Dividend Payment Date to occur thereafter.

         "Interest Rate Agreement" means any interest rate swap agreement,
interest rate cap agreement, repurchase agreement, futures contract or other
financial agreement or arrangement designed to protect the Issuer or any
Restricted Subsidiary against fluctuations in interest rates.

         "Investments" means, with respect to any Person, all investments by
such Person in other Persons (including Affiliates) in the forms of direct or
indirect loans (but excluding Guarantees of Debt not otherwise prohibited to be
incurred under this Certificate of Designation (to the extent that such
Guarantees of Debt do not then require cash payments by the Issuer and in the
event that cash payments are then required, such payments shall constitute an
Investment only 90 days subsequent to such payment)), advances or capital
contributions (excluding commission, travel, payroll, entertainment, relocation
and similar advances to officers and employees and profit sharing plan
contributions made in the ordinary course of business), and purchases or other
acquisitions for consideration of Debt, Equity Interests or other securities. If
the Issuer or any Restricted Subsidiary of the Issuer sells or otherwise
disposes of any Equity Interests of any direct or indirect Subsidiary of the
Issuer such that, after giving effect to any such sale or disposition, such
Person is no longer a Subsidiary of the Issuer, the Issuer shall be deemed to
have made an Investment on the date of any such sale or disposition equal to the
fair market value of the Equity Interests of such Subsidiary not sold or
disposed of in an amount determined as provided in the second to last paragraph
of (l)(ii) of Article I hereof.

         "Issue Date" means, in respect of any shares of Redeemable Preferred
Stock, the date on which such shares of Redeemable Preferred Stock are issued.

         "Issuer" means Jostens, Inc.

         "Joint Venture Subsidiary" means any Restricted Subsidiary that is a
joint venture between or among (i) the Company or any Restricted Subsidiary of
the Company, and (ii) one or more other Persons.

         "Junior Equity Interests" means Junior Stock or warrants, options or
other rights to acquire Junior Stock (but excluding any debt security that is
convertible into, or exchangeable for, Junior Stock).

                                      -41-
<PAGE>

         "Junior Stock" has the meaning ascribed to it in paragraph (b) of
Article I.

         "Lien" means, with respect to any asset, any mortgage, lien, pledge,
charge, security interest or encumbrance of any kind in respect of such asset,
whether or not filed, recorded or otherwise perfected under applicable law
(including any conditional sale or other title retention agreement or any lease
in the nature thereof); provided that in no event shall an operating lease be
deemed to constitute a Lien.

         "MBCA" means the Minnesota Business Corporation Act, as amended.

         "Net Income" means, with respect to any Person and any period, the net
income (or loss) of such Person (but not any Subsidiaries) for such period,
determined in accordance with GAAP and before any reduction in respect of
Preferred Stock dividends of such Person (but not any Subsidiaries) excluding,
however:

         (1) any extraordinary or non-recurring gains or losses or charges
(including non-cash charges resulting from any write-up, write-down or write-off
of amounts in connection with the Recapitalization) and gains or losses or
charges from the sale of assets outside the ordinary course of business,
together with any related provision for taxes on such gain or loss or charges;
and

         (2) deferred financing costs written off in connection with the early
extinguishment of Debt; provided, however, that Net Income shall be deemed to
include any increases during such period to shareholder's equity of such Person
attributable to tax benefits from net operating losses and the exercise of stock
options that are not otherwise included in Net Income for such period.

         "New Credit Facility" means the Credit Agreement expected to be dated
as of May 10, 2000 among the Issuer, the Subsidiaries of the Issuer party
thereto and the financial institutions named therein, and any related notes,
collateral documents, letters of credit and Guarantees, including any
appendices, exhibits or schedules to any of the foregoing (as the same may be in
effect from time to time), in each case, as such agreements may be amended,
modified, supplemented or restated from time to time, or refunded, refinanced,
restructured, replaced, renewed, repaid or extended from time to time (whether
with the original agents and lenders or other agents or lenders or otherwise,
and whether provided under the original credit agreement or other credit
agreements or otherwise).

         "Note Guarantee" means the unconditional Guarantee by certain
Subsidiaries of the Issuer's Obligations under the Notes.

         "Notes" means (i) the $225,000,000 aggregate principal amount of Senior
Subordinated Notes due 2010 to be issued by the Issuer pursuant to the Indenture
on the Closing Date together with any Additional Notes that may be issued at any
time after the Closing Date or (ii) if no such Senior Subordinated Notes are
issued on the Closing Date, $225,000,000 aggregate principal amount of bridge
loans made or bridge notes issued in lieu of the issuance of such Senior
Subordinated Notes pursuant to the Bridge Commitment Letter.

                                      -42-
<PAGE>

         "Obligations" means any principal, interest, penalties, fees,
indemnifications, reimbursements, damages, Guarantees and other liabilities
payable under the documentation governing any Debt, in each case, whether now or
hereafter existing, renewed or restructured, whether or not from time to time
decreased or extinguished and later increased, created or incurred, whether or
not arising on or after the commencement of a proceeding under Title 11, U.S.
Code or any similar federal or state law for the relief of debtors (including
post-petition interest) and whether or not allowed or allowable as a claim in
any such proceeding.

         "Offering Memorandum" means the final offering memorandum dated May 5,
2000 in respect of the Notes.

         "Offer Period" has the meaning ascribed to it in paragraph (h)(iii) of
Article I hereof.

         "Officers" means any of the following: Chairman, President, Chief
Executive Officer, Treasurer, Chief Financial Officer, Executive Vice President,
Senior Vice President, Vice President, Assistant Vice President, Secretary,
Assistant Secretary or any other officer reasonably acceptable to the Trustee

         "Officers' Certificate" means a certificate signed by two Officers.

         "Opinion of Counsel" means a written opinion from legal counsel who is
reasonably acceptable to the Agent. The counsel may be an employee of or counsel
to the Issuer or the Agent.

         "Parity Stock" has the meaning ascribed to it in paragraph (b) of
Article I hereof.

         "Permitted Businesses" means the businesses conducted by the Issuer and
its Subsidiaries as of the date of this Certificate of Designation and any other
business reasonably related, complementary or incidental to any of those
businesses including the provision of goods or services related to educational
institutions.

         "Permitted Debt" has the meaning ascribed to it in paragraph (l)(i) of
Article I.

         "Permitted Investments" means:

                  (1) any Investment in the Issuer or in a Restricted Subsidiary
         (including in any Equity Interests of a Restricted Subsidiary), other
         than an Investment in a Joint Venture Subsidiary that has then
         outstanding any Permitted Joint Venture Subsidiary Preferred Stock;

                  (2) any Investment in (a) cash, Cash Equivalents or Investment
         Grade Securities or (b) to the extent determined by the Issuer in good
         faith to be necessary for local currency working capital requirements
         of a Foreign Subsidiary, other cash equivalents, provided in the case
         of clause (b), the Investment is made by the Foreign Subsidiary having
         such operations;

                  (3) any Investment by the Issuer or any Restricted Subsidiary
         of the Issuer in a Person, other than a Joint Venture Subsidiary that
         has then outstanding or is issuing any Permitted Joint Venture
         Subsidiary Preferred Stock, if as a result of such Investment (A) such
         Person becomes a Restricted Subsidiary or (B) such Person, in one
         transaction or a series of

                                      -43-
<PAGE>

         substantially concurrent related transactions, is merged, consolidated
         or amalgamated with or into, or transfers or conveys substantially all
         of its assets to, or is liquidated into, the Issuer or a Restricted
         Subsidiary;

                  (4) any securities received or other Investments made as a
         result of the receipt of non-cash consideration from a disposition of
         assets under an Asset Sale (as such term is defined in the Offering
         Memorandum) made pursuant to and in compliance with the Indenture, or
         in connection with any other disposition of assets;

                  (5) any acquisition of assets solely in exchange for the
         issuance of Equity Interests (other than Disqualified Stock) of the
         Issuer;

                  (6) any Investments relating to a Receivables Subsidiary;

                  (7) loans or advances to employees (or guarantees of
         third-party loans to employees) in the ordinary course of business or
         pursuant to a stock loan program;

                  (8) stock, obligations or securities received in satisfaction
         of judgments, foreclosure of liens or settlement of debts (whether
         pursuant to a plan of reorganization or similar arrangement);

                  (9) receivables owing to the Issuer or any Restricted
         Subsidiary, if created or acquired in the ordinary course of business
         and payable or dischargeable in accordance with customary trade terms
         (including such concessionary terms as the Issuer or such Restricted
         Subsidiary deems reasonable);

                  (10) any Investment existing on the Closing Date or made
         pursuant to legally binding written commitments in existence on the
         Closing Date which Investment is disclosed in the Offering Memorandum;

                  (11) Investments in Interest Rate Agreements, Currency
         Agreements and Commodity Hedging Agreements not otherwise prohibited
         under this Certificate of Designation;

                  (12) any Investment in a Permitted Business having an
         aggregate fair market value, taken together with all other Investments
         made pursuant to this clause (12) that are at that time outstanding,
         not to exceed 12.5% of Total Assets at the time of such Investment
         (with the fair market value of each Investment being measured at the
         time made and without giving effect to subsequent changes in value);
         and

                  (13) additional Investments having an aggregate fair market
         value, taken together with all other Investments made pursuant to this
         clause (13) that are at that time outstanding, not to exceed 2.5% of
         Total Assets at the time of such Investment (with the fair market value
         of each Investment being measured at the time made and without giving
         effect to subsequent changes in value).

         "Permitted Joint Venture Subsidiary Preferred Stock" means any
Preferred Stock of a Joint Venture Subsidiary issued upon formation of such
Joint Venture Subsidiary to a joint

                                      -44-
<PAGE>

venture partner (other than a financial institution or other Person in the
business of investing in or underwriting securities).

         "Permitted Refinancing Debt" means any Debt of the Issuer or any of its
Restricted Subsidiaries issued in exchange for, or the net proceeds of which are
used to extend, refinance, renew, replace, defease or refund other Debt of the
Issuer or any of its Restricted Subsidiaries incurred in compliance with this
Certificate of Designation; provided that:

         (1) the principal amount (or accreted value, if applicable) of such
Permitted Refinancing Debt does not exceed the principal amount of (or accreted
value, if applicable), plus accrued interest on, the Debt so extended,
refinanced, renewed, replaced, defeased or refunded (plus the amount of
reasonable premium and fees and expenses incurred in connection therewith);

         (2) in the case of term Debt, principal payments required under such
Permitted Refinancing Debt have a Stated Maturity no earlier than the earlier of
(A) the Stated Maturity of those under the Debt being refinanced and (B) the
maturity date of the Notes, and such Permitted Refinancing Debt has a Weighted
Average Life to Maturity equal to or greater than the lesser of the Weighted
Average Life to Maturity of the Debt being extended, refinanced, renewed,
replaced, defeased or refunded and the Weighted Average Life to Maturity of the
Notes; and

         (3) such Debt is incurred either by the Restricted Subsidiary who is
the obligor on the Debt being extended, refinanced, renewed, replaced, defeased
or refunded or by the Issuer.

         The Issuer may incur Permitted Refinancing Debt not more than six
months prior to the application of the proceeds thereof to repay the Debt to be
refinanced; provided that upon the incurrence of such Permitted Refinancing
Debt, the Issuer shall provide written notice thereof to the Trustee,
specifically identifying the Debt to be refinanced with Permitted Refinancing
Debt.

         "Permitted Subsidiary Preferred Stock" means, any Preferred Stock of a
Restricted Subsidiary outstanding at the time such Person becomes a Restricted
Subsidiary and not issued in anticipation thereof.

         "Permitted Transferee" means, with respect to any Person:

         (1) any other Person, directly or indirectly, controlling or controlled
by or under direct or indirect common control with such specified Person; and

         (2) any investment fund or investment entity that is a subsidiary of
such Person or a Permitted Transferee of such Person.

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

         "Preferred Stock" means, with respect to any Person, any Capital Stock
of such Person (however designated) that is preferred as to the payment of
dividends or distributions, or as to the distribution of assets upon any
voluntary or involuntary liquidation or dissolution of such Person,

                                      -45-
<PAGE>

over shares of Capital Stock of any other class of such Person. With respect to
the Issuer, "Preferred Stock" includes the Redeemable Preferred Stock.

         "Pro Forma Cost Savings" means, with respect to any period ended on any
Calculation Date, the reductions in costs with respect to the applicable
four-quarter reference period that (1) are directly attributable to any
Investments, acquisitions, dispositions, mergers, consolidations or discontinued
operations and calculated on a basis that is consistent with Article 11 of
Regulation S-X under the Securities Act as in effect on the Closing Date or (2)
have begun to be implemented prior to the Calculation Date by, or have been
identified and approved in good faith by the Board of Directors of, the Issuer,
any Restricted Subsidiary or the business that was the subject of any such
Investments, acquisitions, dispositions, mergers, consolidations or discontinued
operations pursuant to a formalized plan, in the case of each of clause (1) and
(2), based on a supportable, good faith estimate of the Chief Financial Officer
or other senior financial officer of the Issuer and determined on a pro forma
basis as if all such reductions in costs had been effected as of the beginning
of such period, decreased by any incremental expenses (other than capitalized
expenses) incurred or to be incurred during the four-quarter reference period in
order to achieve such reduction in costs.

         "Qualified Receivables Transaction" means any transaction or series of
transactions that may be entered into by the Issuer, any Restricted Subsidiary
or any Receivables Subsidiary pursuant to which the Issuer, any Restricted
Subsidiary or any Receivables Subsidiary may sell, convey or otherwise transfer
to, or grant a security interest in for the benefit of, (a) a Receivables
Subsidiary (in the case of a transfer or encumbrancing by the Issuer or a
Restricted Subsidiary) and (b) any other Person, accounts and other receivables
(whether now existing or arising in the future) of the Issuer or a Restricted
Subsidiary which arose in the ordinary course of business of the Issuer or a
Restricted Subsidiary, and any assets related thereto, including all collateral
securing such receivables, all contracts and all guarantees or other obligations
in respect of such receivables, proceeds of such receivables and other assets
which are customarily transferred or in respect of which security interests are
customarily granted in connection with asset securitization or factoring
transactions involving receivables.

         "Recapitalization" means the recapitalization of the Issuer pursuant to
which Saturn Acquisition Corporation was merged with and into the Issuer and the
financing transactions related thereto.

         "Recapitalization Agreement" means the Agreement and Plan of Merger
dated as of December 27, 1999 by and between the Issuer and Saturn Acquisition
Corporation, as amended through the Closing Date.

         "Receivables Subsidiary" means a Wholly Owned Subsidiary of the Issuer
which engages in no activities other than in connection with the financing of
receivables and related assets which is designated by the Board of Directors of
the Issuer as a Receivables Subsidiary (a) no portion of any Debt or any other
obligations (contingent or otherwise) of which, directly or indirectly,
contingently or otherwise, (1) is guaranteed by the Issuer or a Restricted
Subsidiary of the Issuer (excluding Standard Securitization Undertakings), (2)
is recourse to or obligates the Issuer or a Restricted Subsidiary of the Issuer
in any way other than pursuant to Standard Securitization Undertakings, or (3)
subjects any asset of the Issuer or a Restricted Subsidiary of

                                      -46-
<PAGE>

the Issuer to the satisfaction thereof, other than Standard Securitization
Undertakings, (b) with which neither the Issuer nor a Restricted Subsidiary of
the Issuer has any material contract, agreement, arrangement or understanding
other than those customarily entered into in connection with the Qualified
Receivables Transactions, and (c) with which neither the Issuer nor a Restricted
Subsidiary of the Issuer has any obligation, directly or indirectly,
contingently or otherwise, to maintain or preserve such Subsidiary's financial
condition or cause such Subsidiary to achieve certain levels of operating
results.

         "Redeemable Preferred Change of Control Offer" has the meaning ascribed
to it in paragraph (h)(i) of Article I.

         "Redeemable Preferred Change of Control Payment" has the meaning
ascribed to it in paragraph (h)(i) of Article I.

         "Redeemable Preferred Change of Control Payment Date" has the meaning
ascribed to it in paragraph (h)(iii)(2) of Article I.

         "Redeemable Preferred Stock" has the meaning ascribed to it in
paragraph (a) of Article I.

         "Redeemable Preferred Triggering Event" has the meaning ascribed to it
in paragraph (f)(iii) of Article I.

         "Redeemable Redemption Date" has the meaning ascribed to it in
paragraph (e)(v)(A)(4) of Article I.

         "Redeemable Redemption Notice" has the meaning ascribed to it in
paragraph (e)(v) of Article I.

         "Registration Rights Agreement" means the Preferred Stock Registration
Rights Agreement dated as of the Closing Date between the Issuer and DB Capital
Investors, L.P.

         "Regular Dividend Payment Date" means February 1, May 1, August 1 and
November 1 of each year, commencing August 1, 2000.

         "Regular Dividend Record Date" means January 15, April 15, July 15 and
October 15 of each year.

         "Regular Dividends" has the meaning ascribed to it in paragraph (c)(i)
of Article I.

         "Resolution" has the meaning ascribed to it in the preamble to this
Certificate of Designation.

         "Restricted Investment" means an Investment other than a Permitted
Investment.

         "Restricted Payment" has the meaning ascribed to it in paragraph
(l)(ii) of Article I.

                                      -47-
<PAGE>

         "Restricted Payments Basket" has the meaning ascribed to it in
paragraph (l)(ii) of Article I hereof.

         "Restricted Subsidiary" of a person means any Subsidiary of the
referent Person that is not an Unrestricted Subsidiary.

         "Revocation" has the meaning ascribed to it in paragraph (m) of Article
I hereof.

         "Securities Act" means the Securities Act of 1933, as amended, and the
rules and regulations promulgated thereunder.

         "Senior Officer" means the Chief Executive Officer or the Chief
Financial Officer of the Issuer.

         "Senior Stock" has the meaning ascribed to it in paragraph (b) of
Article I hereof.

         "Special Dividends" has the meaning ascribed to it in paragraph (c)(vi)
of Article I hereof.

         "Specified Affiliate Payments" means:

         (1) the direct or indirect repurchase, redemption or other acquisition
or retirement for value of any Equity Interests of the Issuer or any Restricted
Subsidiary of the Issuer, held by any future, present or former employee,
director, officer or consultant of the Issuer (or any of its Restricted
Subsidiaries) pursuant to any management equity subscription agreement, stock
option agreement or plan, stock ownership plan, put agreement, stockholder
agreement or similar agreement that may be in effect from time to time; provided
that the aggregate price paid for all such repurchased, redeemed, acquired or
retired Equity Interests shall not exceed $5.0 million in any calendar year
(with unused amounts in any calendar year being carried over to succeeding
calendar years subject to a maximum amount of repurchases, redemptions or other
acquisitions or retirements pursuant to this clause (1) (without giving effect
to the immediately following proviso) of $10.0 million in any calendar year) and
no Redeemable Preferred Triggering Event resulting from a payment default shall
have occurred and been continuing; provided further that such amount in any
calendar year may be increased by an amount not to exceed:

                  (a) the cash proceeds received by the Issuer (including by way
         of capital contribution) since the Closing Date from the sale of Junior
         Equity Interests of the Issuer to employees, directors, officers or
         consultants of, the Issuer or its Subsidiaries that occurs in such
         calendar year (it being understood that such cash proceeds shall be
         excluded from clause (c)(ii) of the first paragraph under Article I,
         paragraph (l)(ii) hereof; plus

                  (b) the cash proceeds from key man life insurance policies
         received by the Issuer and its Restricted Subsidiaries in such calendar
         year (including proceeds from the sale of such policies to the person
         insured thereby); provided further that cancellation of Debt owing to
         the Issuer from employees, directors, officers or consultants of the
         Issuer or any of its Subsidiaries in connection with a repurchase of
         Junior Equity Interests of the

                                      -48-
<PAGE>

         Issuer will not be deemed to constitute a Restricted Payment for
         purposes of this Certificate of Designation;

         (2) repurchases of Equity Interests deemed to occur upon exercise of
stock options or warrants as a result of the payment of all or a portion of the
exercise price of such options or warrants with Equity Interests; and

         (3) payments by the Issuer to shareholders or members of management of
the Issuer and its Subsidiaries in connection with the Recapitalization that are
reflected as adjustments to the pro forma financial statements included in the
Offering Memorandum.

         "Standard Securitization Undertakings" means representations,
warranties, covenants and indemnities entered into by the Issuer or a Restricted
Subsidiary which are reasonably customary in a receivables securitization
transaction.

         "Stated Maturity" means, (i) with respect to any class or series of
Debt (including any Debt security), any installment of interest on or principal
of, or any other amount payable in respect of, any such class or series of Debt,
the date on which such interest, principal or other amount is scheduled to be
paid in the documentation governing such Debt, and shall not include any
contingent obligations to repay, redeem or repurchase any such interest,
principal or other amount prior to the date scheduled for the payment thereof,
and (ii) with respect to any other security, the date specified in such security
when the principal amount, liquidation amount or other similar amount thereof is
due and payable in accordance with the terms of such security, including,
pursuant to any mandatory redemption provision.

         "Subsidiary" means, with respect to any Person:

         (1) any corporation, association or other business entity of which more
than 50% of the total voting power of shares of Capital Stock entitled (without
regard to the occurrence of any contingency) to vote in the election of
directors, managers or trustees thereof is at the time owned or controlled,
directly or indirectly, by such Person or one or more of the other Subsidiaries
of that Person (or a combination thereof); and

         (2) any partnership (a) the sole general partner or the managing
general partner of which is such Person or a Subsidiary of such Person or (b)
the only general partners of which are such Person or one or more Subsidiaries
of such Person (or any combination thereof). Unless otherwise specified,
"Subsidiary" refers to a Subsidiary of the Issuer.

         "Total Assets" means, at any time, the total consolidated assets of the
Issuer and its Restricted Subsidiaries at such time, determined in accordance
with GAAP. For the purposes of clause (4) of the second paragraph of (l)(i) of
Article I of this Certificate of Designation, Total Assets shall be determined
giving pro forma effect to the lease, acquisition, construction or improvement
of the assets being leased, acquired, constructed or improved with the proceeds
of the relevant Debt.

         "Transfer Agent" means any transfer agent with respect to the
Redeemable Preferred Stock appointed by the Issuer, after the Closing Date at
its option.

                                      -49-
<PAGE>

         "Transfer Restricted Securities" has the meaning ascribed to it in
Article III hereof.

         "Treasury Rate" means the yield to maturity at the time of computation
of United States Treasury securities with a constant maturity (as compiled and
published in the most recent Federal Reserve Statistical Release H. 15(519)
which has become publicly available at least two Business Days prior to the
redemption date (or, if such Statistical Release is no longer published, any
publicly available source or similar market data)) most nearly equal to the
period from the redemption date to the First Call Date, provided, however, that
if the period from the redemption date to the First Call Date is not equal to
the constant maturity of a United States Treasury security for which a weekly
average yield is given, the Treasury Rate shall be obtained by linear
interpolation (calculated to the nearest one-twelfth of a year) from the weekly
average yields of United States Treasury securities for which such yields are
given, except that if the period from the redemption date to the First Call Date
is less than one year, the weekly average yield on actually traded United States
Treasury securities adjusted to a constant maturity of one year shall be used.

         "Unrestricted Subsidiary" means:

         (1) any Subsidiary of the Issuer that is designated an Unrestricted
Subsidiary by the Board of Directors of the Issuer in the manner provided in
paragraph (m) of Article I hereof, and

         (2) any Subsidiary of an Unrestricted Subsidiary;

but only to the extent permissible under this Certificate of Designation, as
described above under paragraph (m) of Article I hereof.

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

         "Weighted Average Life to Maturity" means, when applied to any Debt at
any date, the number of years obtained by dividing:

         (1) the sum of the products obtained by multiplying (a) the amount of
each then remaining installment, sinking fund, serial maturity or other required
payments of principal, including payment at final maturity, in respect thereof,
by (b) the number of years (calculated to the nearest one-twelfth) that will
elapse between such date and the making of such payment, by

         (2)      the then outstanding principal amount of such Debt.

         "Wholly Owned Restricted Subsidiary" of any Person means a Restricted
Subsidiary of such Person all of the outstanding Capital Stock or other
ownership interests of which (other than directors' qualifying shares) shall at
the time be owned by such Person or by one or more Wholly Owned Restricted
Subsidiaries of such Person.

         "Wholly Owned Subsidiary" of any Person means a Subsidiary of such
Person all of the outstanding Capital Stock or other ownership interests of
which (other than directors' qualifying shares) shall at the time be owned by
such Person or by one or more Wholly Owned Subsidiaries of such Person.

                                      -50-
<PAGE>

     IN WITNESS WHEREOF, the Issuer has caused this Certificate of Designation
to be signed by its Treasurer, this 10th day of May, 2000.

                                        JOSTENS, INC., a Minnesota Corporation

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

                                                                     EXHIBIT 4.4

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

                                WARRANT AGREEMENT

                                     Between

                                  JOSTENS, INC.

                                       and

                              THE BANK OF NEW YORK,
                                       as
                                  Warrant Agent

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

                            Dated as of May 10, 2000

================================================================================
<PAGE>

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

                                                                            Page
                                                                            ----

SECTION 1.   Appointment of Warrant Agent.....................................4

SECTION 2.   Warrant Certificates.............................................4

SECTION 3.   Execution of Warrant Certificates................................5

SECTION 4.   Registration and Countersignature................................5

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

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

             (a)  Transfer and Exchange of Warrants...........................6
             (b)  Restrictions on Transfer of a Definitive Warrant for
                    a Beneficial Interest in a Global Warrant.................7
             (c)  Transfer or Exchange of Global Warrants.....................8
             (d)  Transfer or Exchange of a Beneficial Interest in a
                    Global Warrant for a Definitive Warrant...................8
             (e)  Restrictions on Transfer or Exchange of Global Warrants....10
             (f)  Authentication of Definitive Warrants in Absence of
                    Depositary...............................................10
             (g)  Cancellation or Adjustment of a Global Warrant.............10
             (h)  Legends....................................................10
             (i)  Obligations with Respect to Transfers and Exchanges
                    of Definitive and Global Warrants........................11
             (j)  Payment of Taxes...........................................11

SECTION 7.   Terms of Warrants; Exercise of Warrants.........................11

SECTION 8.   Payment of Taxes................................................14

SECTION 9.   Mutilated or Missing Warrant Certificates.......................15

SECTION 10.  Reservation of Warrant Shares...................................15

SECTION 11.  Obtaining Stock Exchange Listings...............................16

SECTION 12.  Adjustment of Number of Warrant Shares Issuable.................16

             (a)  Adjustment for Change in Capital Stock.....................16

                                       i
<PAGE>

             (b)  Adjustment for Certain Sales of Common Stock Below
                    Current Market Value.....................................17
             (c)  Adjustment upon Certain Distributions......................19
             (d)  Notice of Adjustment.......................................21
             (e)  Reorganization of Company; Fundamental Transaction.........21
             (f)  Other Events...............................................22
             (g)  Company Determination Final................................22
             (h)  Warrant Agent's Adjustment Disclaimer......................22
             (i)  Specificity of Adjustment..................................22
             (j)  Voluntary Adjustment.......................................23
             (k)  Multiple Adjustments.......................................23
             (l)  When De Minimis Adjustment May Be Deferred.................23
             (m)  Tag-Along Transfers........................................23
             (n)  Amendments of the Articles of Incorporation................24

SECTION 13.  Fractional Interests............................................24

SECTION 14.  Notice of Certain Distributions; Certain Rights.................24

SECTION 15.  Notices to the Company and Warrant Agent........................24

SECTION 16.  Supplements and Amendments......................................25

SECTION 17.  Concerning the Warrant Agent....................................26

SECTION 18.  Change of Warrant Agent.........................................29

SECTION 19.  Identity of Transfer Agent......................................29

SECTION 20.  SEC Reports and Other Information...............................29

SECTION 21.  Successors......................................................30

SECTION 22   Termination.....................................................30

SECTION 23.  Governing Law...................................................30

SECTION 24.  Benefits of This Agreement......................................30

SECTION 25.  Counterparts....................................................30

Exhibit A    Class E Common Stock Purchase Warrant of Jostens, Inc.
Exhibit B(1) Private Placement Legend
Exhibit B(2) Unit Legend

                                       ii
<PAGE>

Exhibit B(3) Global Warrant Legend
Exhibit C    Certificate to be Delivered upon Exchange or Registration of
               Transfer of Warrants
Exhibit D    Form of Transferee Letter of Representation in Connection
               with Transfers to Institutional Accredited Investors
Exhibit E    Form of Transferee Letter of Representation in Connection with
               Transfers Pursuant to Regulation S

                                      iii
<PAGE>

         WARRANT AGREEMENT (the "Agreement"), dated as of May 10, 2000, between
JOSTENS, INC., a Minnesota corporation (together with any successors and
assigns, the "Company"), and THE BANK OF NEW YORK, as warrant agent (with any
successor warrant agent, the "Warrant Agent").

         A. Pursuant to a purchase agreement (the "Purchase Agreement") dated
May 5, 2000 between the Company and Deutsche Bank Securities Inc., UBS Warburg
LLC and Goldman, Sachs & Co. (the "Initial Purchasers"), the Company has agreed
to sell to the Initial Purchasers 225,000 units (the "Units"), each consisting
of (i) $1,000 principal amount of 12 3/4% Senior Subordinated Notes due 2010
(the "Notes") of the Company and (ii) one warrant (collectively, the
"Warrants"), each Warrant initially entitling the holder thereof to purchase
1.889155 shares of Class E Common Stock (as defined herein) of the Company.

         B. The Notes and the Warrants comprising the Units shall not be
separately transferable until the Separability Date (as defined herein).

         C. The holders of the Warrants are entitled to the benefits of a
Registration Rights Agreement dated as of May 10, 2000 by and between the
Company and the Initial Purchasers (the "Warrant Registration Rights
Agreement").

         D. The Company desires the Warrant Agent as warrant agent to assist the
Company in connection with the issuance, exchange, cancellation, replacement and
exercise of the Warrants, and in this Agreement wishes to set forth, among other
things, the terms and conditions on which the Warrants may be issued, exchanged,
canceled, replaced and exercised.

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

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

         "Affiliate" has the meaning given to it in the Indenture.

         "Business Day" means any day that is not a Saturday, Sunday or a day on
which banking institutions in New York are authorized or required by law to be
closed.

         "Capital Stock" means, with respect to any Person, any and all shares,
interests, participations, rights in or other equivalents (however designated
and whether voting or non-voting) of such Person's capital stock, whether
outstanding on the Issue Date or issued
<PAGE>

                                      -2-

after the Issue Date, and any and all rights (other than any evidence of
indebtedness), warrants or options exchangeable for or convertible into such
capital stock.

         "class" means, when referring to any Capital Stock, any class or series
of such Capital Stock.

         "Class A Common Stock" means the Class A Common Stock of the Company,
par value $0.33-1/3 per share.

         "Class E Common Stock" means the Class E Common Stock of the Company,
par value $0.01 per share. Each issued and outstanding share of Class E Common
Stock is convertible at the option of the holder thereof into one share of Class
A Common Stock at any time commencing 30 days after the original date of
issuance of such share of Class E Common Stock.

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

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

         "DB Capital Warrants" means the warrants issued on the Issue Date to DB
Capital Investors, L.P. to purchase shares of Class E Common Stock.

         "Distribution Compliance Period" means the period from the Issue Date
through the first anniversary of the Issue Date.

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

         "Exchange Offer Registration Statement" means the registration
statement to be filed by the Company under the Securities Act with respect to
the exchange of the Notes for Exchange Notes (as defined in the Note
Registration Rights Agreement).

         "Guarantor" means American Yearbook Company, Inc.

         "Indenture" means the indenture dated as of May 10, 2000, among the
Company, the Guarantor and The Bank of New York, as trustee, relating to the
Notes.
<PAGE>

                                      -3-

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

         "Initial Public Equity Offering" means a primary public offering
(whether or not underwritten) of Common Stock pursuant to an effective
registration statement under the Securities Act, but excluding any offering
pursuant to Form S-8 (or any successor form) under the Securities Act or any
other publicly registered offering pursuant to the Securities Act pertaining to
an issuance of shares of Common Stock or securities exercisable therefor under
any benefit plan, employee compensation plan, or employee or director stock
purchase plan.

         "Issue Date" means May 10, 2000, the date of the Indenture.

         "Note Registration Rights Agreement" means the Registration Rights
Agreement dated as of May 10, 2000 among the Company, the Guarantor and the
Initial Purchasers relating to the registration of the Notes.

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

         "SEC" means the Securities and Exchange Commission.

         "Securities Act" means the Securities Act of 1933, as amended.

         "Separability Date" means the earliest of: (1) the date which is 210
days after the Issue Date; (2) the date on which an Event of Default has
occurred or the time immediately prior to the occurrence of a Change of Control
(each as such term is defined in the Indenture); (3) the date on which a
registration statement filed pursuant to the Note Registration Rights Agreement
has become effective; (4) the date immediately preceding an Initial Public
Equity Offering; (5) the date on which a "Transfer Notice" is given by a holder
of Class D Common Stock in respect of a proposed "Tag-Along Transfer," as
contemplated by article IV of the amended and restated articles of incorporation
of the Company; and (6) such earlier date that Deutsche Bank Securities Inc., in
its sole discretion, notifies the Company is the Separability Date.

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

         "Warrant Shares" means the shares of Class E Common Stock or other
securities issuable upon exercise of Warrants from time to time.
<PAGE>

                                      -4-

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

         SECTION 2. Warrant Certificates. (a) The certificates representing the
Warrants ("Warrant Certificates") will initially be issued either in global form
(the "Global Warrants") or in registered form as definitive Warrant Certificates
(the "Definitive Warrants"), in either case substantially in the form of Exhibit
A attached hereto. Any Global Warrants to be delivered pursuant to this
Agreement shall bear the legend set forth in Exhibit B(3) attached hereto. The
Global Warrants shall represent such of the outstanding Warrants as shall be
specified therein, and each Global Warrant shall provide that it shall represent
the aggregate amount of outstanding Warrants from time to time endorsed thereon
and that the aggregate amount of outstanding Warrants represented thereby may
from time to time be reduced or increased, as appropriate. Any endorsement of a
Global Warrant to reflect the amount of any increase or decrease in the amount
of outstanding Warrants represented thereby shall be made by the Warrant Agent
and the Depositary in accordance with instructions given by the holder thereof.
The Depository Trust Company ("DTC") shall act as the "Depositary" with respect
to the Global Warrants until a successor shall be appointed by the Company and
the Warrant Agent. Upon written request, a holder of Warrants may receive from
the Warrant Agent or the Depositary Definitive Warrants as set forth in Section
6 hereof.

         (b) Warrants sold in offshore transactions in reliance on Regulation S
will initially be represented by one or more temporary legended Global Warrants
in definitive, fully registered form (each a "Legended Regulation S Global
Warrant") and shall bear a legend substantially to the effect set forth in
Exhibit B(1). The Company may execute, and the Warrant Agent shall countersign
and deliver, Legended Regulation S Global Warrant Certificates, which are
printed, lithographed, typewritten or otherwise produced, substantially of the
tenor of the definitive Warrant Certificates in lieu of which they are issued
and with such appropriate insertions, omissions, substitutions and other
variations as the officers executing such Warrant Certificates may determine, as
evidenced by their execution of such Warrant Certificates. The Legended
Regulation S Global Warrants will be exchangeable for one or more unlegended
permanent Global Warrants on or after the first anniversary of the Issue Date.
Subject to the provisions of Section 5 hereof, such exchange shall be without
charge to the holder. Upon surrender for cancellation of any one or more
Legended Regulation S Global Warrant Certificates, the Company shall execute,
and the Warrant Agent shall countersign and deliver in exchange therefor, one or
more unlegended permanent global Warrant Certificates representing in the
aggregate a like number of Warrants. Until so exchanged, the holder of a
Legended Regulation S Global Warrant Certificate shall in all respects be
entitled to the same benefits under this Agreement as a holder of an unlegended
permanent global Warrant Certificate.
<PAGE>

                                      -5-

         SECTION 3. Execution of Warrant Certificates. Warrant Certificates
shall be signed on behalf of the Company by its Chairman of the Board,
President, Chief Executive Officer, a Vice President, Treasurer, an Assistant
Treasurer or Chief Financial Officer and by its Secretary or an Assistant
Secretary under its corporate seal. Each such signature upon the Warrant
Certificates may be in the form of a facsimile signature of any such present or
future officer and may be imprinted or otherwise reproduced on the Warrant
Certificates.

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

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

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

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

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

         SECTION 5. Transfer and Exchange of Warrants. The Warrant Agent shall
from time to time, subject to the limitations of Section 6, register the
transfer of any outstanding Warrants upon the records to be maintained by it for
that purpose, upon surrender
<PAGE>

                                      -6-

thereof duly endorsed or accompanied (if so required by it) by a written
instrument or instruments of transfer in form satisfactory to the Warrant Agent,
duly executed by the registered Holder or Holders thereof or by the duly
appointed legal representative thereof or by a duly authorized attorney. Subject
to the terms of this Agreement, each Warrant Certificate may be exchanged for
another certificate or certificates entitling the Holder thereof to purchase a
like aggregate number of Warrant Shares as the certificate or certificates
surrendered then entitle each Holder to purchase. Any Holder desiring to
exchange a Warrant Certificate or Certificates shall make such request in
writing delivered to the Warrant Agent, and shall surrender, duly endorsed or
accompanied (if so required by the Warrant Agent) by a written instrument or
instruments of transfer in form satisfactory to the Warrant Agent, the Warrant
Certificate or Certificates to be so exchanged.

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

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

         SECTION 6. Registration of Transfers and Exchanges.

         (a) Transfer and Exchange of Warrants. When Warrants are presented to
the Warrant Agent with a request:

                  (i)      to register the transfer of the Warrants; or

                  (ii)     to exchange such Definitive Warrants for an equal
                           number of Warrants of other authorized denominations,

the Warrant Agent shall register the transfer or make the exchange as requested
if (and may refuse to register any transfer or exchange unless) the requirements
under this Agreement as set forth in this Section 6 for such transactions are
met; provided, however, that the Warrants presented or surrendered for
registration of transfer or exchange:
<PAGE>

                                      -7-

         (x)      shall be duly endorsed or accompanied by a written instruction
                  of transfer in form satisfactory to the Company and the
                  Warrant Agent, duly executed by the holder thereof or by his
                  or her attorney, duly authorized in writing; and

         (y)      in the case of Warrants the offer and sale of which have not
                  been registered under the Securities Act, such Warrants shall
                  be accompanied, in the sole discretion of the Company, by the
                  following additional information and documents, as applicable,
                  it being understood, however, that the Warrant Agent need not
                  determine which clause (A) through (D) below is applicable:

                  (A)      if such Warrant is being delivered to the Warrant
                           Agent by a holder for registration in the name of
                           such holder, without transfer, a certification from
                           such holder to that effect (in substantially the form
                           of Exhibit C); or

                  (B)      if such Warrant is being transferred to a qualified
                           institutional buyer (as defined in Rule 144A under
                           the Securities Act ("Rule 144A")) (a "QIB") in
                           accordance with Rule 144A or pursuant to an exemption
                           from registration in accordance with Rule 144 or
                           Regulation S under the Securities Act, a
                           certification to that effect (in substantially the
                           form of Exhibit C); or

                  (C)      if such Warrant is being transferred to an
                           institutional accredited investor within the meaning
                           of subparagraph (a)(1), (a)(2), (a)(3) or (a)(7) of
                           Rule 501 under the Securities Act (an "Institutional
                           Accredited Investor"), delivery of a Certificate of
                           Transfer (in substantially the form of Exhibit D) and
                           an opinion of counsel and/or other information
                           reasonably acceptable to the Company to the effect
                           that such transfer is in compliance with the
                           Securities Act; or

                  (D)      if such Warrant is being transferred in reliance on
                           another exemption from the registration requirements
                           of the Securities Act, a certification to that effect
                           from the transferee or transferor (in substantially
                           the form of Exhibit C), and an opinion of counsel
                           from the transferee or transferor reasonably
                           acceptable to the Company to the effect that such
                           transfer is in compliance with the Securities Act. If
                           such transfer is made specifically pursuant to
                           Regulation S, delivery by the transferor must also
                           deliver a Certificate for Regulation S Transfers in
                           substantially the form of Exhibit E.

         (b) Restrictions on Transfer of a Definitive Warrant for a Beneficial
Interest in a Global Warrant. A Definitive Warrant may not be transferred by a
holder for a beneficial interest in a Global Warrant except upon satisfaction of
the requirements set forth below.
<PAGE>

                                      -8-

Upon receipt by the Warrant Agent of a Definitive Warrant, duly endorsed or
accompanied by appropriate instruments of transfer, in form satisfactory to the
Warrant Agent, together with:

         (i)      certification from such holder (in substantially the form of
                  Exhibit C) that such Definitive Warrant is being transferred
                  to a QIB in accordance with Rule 144A under the Securities
                  Act; and

         (ii)     written instructions directing the Warrant Agent to make, or
                  to direct the Depositary to make, an endorsement on the Global
                  Warrant to reflect an increase in the aggregate amount of the
                  Warrants represented by the Global Warrant,

then the Warrant Agent shall cancel such Definitive Warrant and cause, or direct
the Depositary to cause, in accordance with the standing instructions and
procedures existing between the Depositary and the Warrant Agent, the number of
Warrant Shares represented by the Global Warrant to be increased accordingly. If
no Global Warrant is then outstanding, the Company shall issue and the Warrant
Agent shall upon written instructions from the Company authenticate a new Global
Warrant in the appropriate amount.

         (c) Transfer or Exchange of Global Warrants. The transfer or exchange
of Global Warrants or beneficial interests therein shall be effected through the
Depositary, in accordance with this Section 6, the Private Placement Legend set
forth in Exhibit B(1), this Agreement (including the restrictions on transfer
set forth herein) and the procedures of the Depositary therefor.

         (d) Transfer or Exchange of a Beneficial Interest in a Global Warrant
for a Definitive Warrant.

         (i)      Any Person having a beneficial interest in a Global Warrant
                  may transfer or exchange such beneficial interest for a
                  Definitive Warrant upon receipt by the Warrant Agent of
                  written instructions or such other form of instructions as is
                  customary for the Depositary from the Depositary or its
                  nominee on behalf of any Person having a beneficial interest
                  in a Global Warrant, including a written order containing
                  registration instructions and the following additional
                  information and documents:

                  (A)      if such beneficial interest is being transferred to
                           the Person designated by the Depositary as being the
                           beneficial owner, a certification from such Person to
                           that effect (in substantially the form of Exhibit C);
                           or
<PAGE>

                                      -9-

                  (B)      if such beneficial interest is being transferred to a
                           QIB in accordance with Rule 144A under the Securities
                           Act, a certification from the transferor to that
                           effect (in substantially the form of Exhibit C); or

                  (C)      if such beneficial interest is being transferred to
                           an Institutional Accredited Investor, delivery of a
                           Certificate of Transfer to that effect (in
                           substantially the form of Exhibit D) and an opinion
                           of counsel and/or other information reasonably
                           acceptable to the Company to the effect that such
                           transfer is in compliance with the Securities Act; or

                  (D)      if such beneficial interest is being transferred in
                           reliance on another exemption from the registration
                           requirements of the Securities Act, a certification
                           to that effect from the transferee or transferor to
                           that effect (in substantially in the form of Exhibit
                           C) and an opinion of counsel and/or other information
                           reasonably acceptable to the Company to the effect
                           that such transfer is in compliance with the
                           Securities Act (if such transfer is made specifically
                           pursuant to Regulation S, the transferor must also
                           deliver a Certificate for Regulation S Transfers in
                           substantially the form of Exhibit E),

                  then the Warrant Agent will cause, in accordance with the
                  standing instructions and procedures existing between the
                  Depositary and the Warrant Agent, the aggregate amount of the
                  Global Warrant to be reduced and, following such reduction,
                  the Company will execute and, upon receipt of an
                  countersignature order in the form of an officers' certificate
                  (a certificate signed by two officers of the Company, one of
                  whom must be the principal executive officer, principal
                  financial officer or principal accounting officer) (an
                  "Officers' Certificate"), the Warrant Agent will countersign
                  and deliver to the transferee a Definitive Warrant.

         (ii)     Definitive Warrants issued in exchange for a beneficial
                  interest in a Global Warrant pursuant to this Section 6 shall
                  be registered in such names and in such authorized
                  denominations as the Depositary, pursuant to instructions from
                  its direct or indirect participants or otherwise, shall
                  instruct the Warrant Agent in writing. The Warrant Agent shall
                  deliver such Definitive Warrants to the Persons in whose names
                  such Warrants are so registered and adjust the Global Warrant
                  pursuant to paragraph (h) of this Section 6.
<PAGE>

                                      -10-

         (e) Restrictions on Transfer or Exchange of Global Warrants.
Notwithstanding any other provisions of this Agreement (other than the
provisions set forth in subsection (f) of this Section 6), a Global Warrant may
not be transferred or exchanged as a whole except by the Depositary to a nominee
of the Depositary or by a nominee of the Depositary to the Depositary or another
nominee of the Depositary or by the Depositary or any such nominee to a
successor Depositary or a nominee of such successor Depositary.

         (f) Countersignature of Definitive Warrants in Absence of Depositary.
If at any time:

                    (i)    the Depositary for the Global Warrants notifies the
                           Company that the Depositary is unwilling or unable to
                           continue as Depositary for the Global Warrants and a
                           successor Depositary for the Global Warrant is not
                           appointed by the Company within 90 days after
                           delivery of such notice; or

                   (ii)    the Company, at its sole discretion, notifies the
                           Warrant Agent in writing that it elects to cause the
                           issuance of Definitive Warrants for all Global
                           Warrants under this Agreement,

then the Company will execute, and the Warrant Agent will, upon receipt of an
Officers' Certificate requesting the countersignature and delivery of Definitive
Warrants, countersign and deliver Definitive Warrants, in an aggregate number
equal to the aggregate number of Warrants represented by the Global Warrant, in
exchange for such Global Warrant.

         (g) Cancellation or Adjustment of a Global Warrant. At such time as all
beneficial interests in a Global Warrant have either been exchanged for
Definitive Warrants, redeemed, repurchased or canceled, such Global Warrant
shall be returned to the Company or, upon written order to the Warrant Agent in
the form of an Officers' Certificate from the Company, retained and canceled by
the Warrant Agent. At any time prior to such cancellation, if any beneficial
interest in a Global Warrant is exchanged for Definitive Warrants, redeemed,
repurchased or canceled, the number of Warrants represented by such Global
Warrant shall be reduced and an endorsement shall be made on such Global Warrant
by the Warrant Agent to reflect such reduction.

         (h) Legends.

                  (i)      Private Placement Legend. Except as permitted by the
                           following sentence, each Warrant Certificate
                           evidencing the Warrants (and all Warrants issued in
                           exchange therefor or substitution thereof and, if the
                           Company deems appropriate, Warrant Shares issuable
                           upon exercise of the Warrants) shall bear a legend
                           substantially to the effect set forth in Exhibit
                           B(1). Upon any sale or transfer of a Warrant or
                           Warrant Share
<PAGE>

                                      -11-

                           pursuant to Rule 144 under the Securities Act in
                           accordance with this Section 6 or under an effective
                           registration statement under the Securities Act, the
                           Warrant Agent shall permit the holder of a Warrant to
                           exchange such Warrant for a Definitive Warrant and
                           the Company shall permit the holder of a Warrant
                           Share to exchange such Warrant Share for a share of
                           Common Stock, in each case, that does not bear the
                           legend set forth in Exhibit B(1).

                  (ii)     Unit Legend. Each Warrant issued prior to the
                           Separability Date shall bear a legend substantially
                           to the effect set forth in Exhibit B(2).

         (i) Obligations with Respect to Transfers and Exchanges of Definitive
and Global Warrants.

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

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

                  (iii)    Prior to due presentment for registration of transfer
                           of any Warrant, the Warrant Agent and the Company may
                           deem and treat the Person in whose name any Warrant
                           is registered as the absolute owner of such Warrant,
                           and neither the Warrant Agent nor the Company shall
                           be affected by notice to the contrary.

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

         SECTION 7. Terms of Warrants; Exercise of Warrants. Subject to the
terms of this Agreement, each Warrantholder shall have the right, which may be
exercised
<PAGE>

                                      -12-

commencing on or after the Separability Date and until 5:00 p.m., New York City
time, on May 1, 2010 (the "Expiration Date"), to receive from the Company upon
the exercise of each Warrant the number of fully paid and nonassessable Warrant
Shares which the holder may at the time be entitled to receive on exercise of
such Warrants and payment of the Exercise Price (as defined) for such Warrant
Shares. Each Warrant not exercised prior to the Expiration Date shall become
void and all rights thereunder and all rights in respect thereof under this
Agreement shall cease as of such time. No adjustments as to dividends will be
made upon exercise of the Warrants.

         The price per share at which Warrant Shares shall be purchasable upon
exercise of Warrants (the "Exercise Price") regardless of the Exercise Rate (as
defined) then in effect, shall be equal to $0.01. A Warrant may be exercised
upon surrender at the office or agency of the Company maintained for such
purpose, which initially will be at the principal office of the Company, of the
Warrant Certificate or Certificates evidencing the Warrants to be exercised with
the form of election to purchase on the reverse thereof (the "Election to
Exercise") duly filled in and signed, which signature shall be guaranteed by a
participant in a recognized Signature Guarantee Medallion Program.

         The "Exercise Date" for a Warrant shall be the date when all of the
items referred to in the immediately preceding sentence are received by the
Warrant Agent at or prior to 11:00 a.m., New York City time, on a Business Day
and the exercise of the Warrants will be effective as of such Exercise Date. If
any items referred to in such sentence are received after 11:00 a.m., New York
City time, on a Business Day, the exercise of the Warrants to which such item
relates will be effective on the next succeeding Business Day. Notwithstanding
the foregoing, in the case of an exercise of Warrants on the Expiration Date, if
all of the items referred to in such sentence are received by the Warrant Agent
at or prior to 5:00 p.m., New York City time, on the Expiration Date, the
exercise of the Warrants to which such items relate will be effective on the
Expiration Date.

         The Exercise Price may be paid only by the surrender of one or more
Warrant Certificates (and without the payment of the Exercise Price in cash) in
exchange for a number of Warrant Shares equal to the product of (a) the number
of Warrant Shares for which such Warrant is exercisable as of the Exercise Date
(if the Exercise Price were being paid in cash), and (b) the Cashless Exercise
Ratio. The "Cashless Exercise Ratio" shall equal a fraction, the numerator of
which is the excess of the Current Market Value per Warrant Share on the
Exercise Date over the Exercise Price per Warrant Share as of the Exercise Date
and the denominator of which is the Current Market Value per Warrant Share on
the Exercise Date. Upon surrender of a Warrant Certificate representing more
than one Warrant in connection with the holder's option to exercise, the number
of Warrant Shares deliverable upon exercise shall be equal to the product of the
number of Warrant Shares issuable in respect of those Warrants that the holder
specifies are to be exercised pursuant to a Cashless Exercise multiplied by the
Cashless Exercise Ratio. All provisions of this Agreement shall be
<PAGE>

                                      -13-

applicable with respect to a surrender of a Warrant Certificate for less than
the full number of Warrants represented thereby.

         "Current Market Value" per share of any class of Common Stock of the
Company at any date shall mean:

                  (1) if no class of Common Stock is then registered under the
         Exchange Act and traded on a national securities exchange or on the
         Nasdaq National Market System,

                           (a) the value of such class of Common Stock,
                  determined in good faith by the board of directors of the
                  Company and certified in a board resolution, taking into
                  account the most recently completed arm's-length transaction
                  between the Company and a Person other than an Affiliate of
                  the Company and the closing of which occurs on such date or
                  shall have occurred within the six-month period preceding such
                  date, or

                           (b) if no such transaction shall have occurred on
                  such date or within such six-month period, the fair market
                  value of the security as determined by a nationally recognized
                  Independent Financial Expert; provided that, in the case of
                  the calculation of Current Market Value for determining the
                  cash value of fractional shares, any such determination within
                  six months that is, in the good faith judgment of the board of
                  directors, a reasonable determination of value may be
                  utilized, or

                  (2) (a) if any class of Common Stock is then registered under
                  the Exchange Act and traded on a national securities exchange
                  or on the Nasdaq National Market System, the average of the
                  daily closing sales prices of such class of Common Stock for
                  the 20 consecutive trading days immediately preceding such
                  date, or

                           (b) if such class of Common Stock has been registered
                  under the Exchange Act and traded on a national securities
                  exchange or on the Nasdaq National Market System for less than
                  20 consecutive trading days before such date, then the average
                  of the daily closing sales prices for all of the trading days
                  before such date for which closing sales prices are available,
                  in the case of each of (2)(a) and (2)(b), as certified to the
                  Warrant Agent by the Chief Executive Officer, the President,
                  any Executive Vice President or the Chief Financial Officer of
                  the Company. The closing sales price for each such trading day
                  shall be the closing sales price, regular way, on such day or,
                  if no sale takes place on such day, the average of the closing
                  bid and asked prices on such day. The Current Market Value of
                  the Class E Common Stock shall be deemed to be equal to the
                  Current Market Value of the Class A Common Stock.
<PAGE>

                                      -14-

         Subject to the provisions of Section 6 hereof, upon such surrender of
Warrants, the Company shall issue and cause to be delivered with all reasonable
dispatch to or upon the written order of the Holder and in such name or names as
the Warrantholder may designate a certificate or certificates for the number of
Warrant Shares issuable upon the exercise of such Warrants. Such certificate or
certificates shall be deemed to have been issued and any Person so designated to
be named therein shall be deemed to have become a holder of record of such
Warrant Shares as of the date of the surrender of such Warrants. At the election
of the Company with the consent of the holder of record of the relevant Warrant
Shares, Warrant Shares may initially be issued in global form (the "Global
Shares"). Such Global Shares shall represent such of the outstanding Warrant
Shares as shall be specified therein and each Global Share shall provide that it
represents the aggregate amount of outstanding Warrant Shares from time to time
endorsed thereon and that the aggregate amount of outstanding Warrant Shares
represented thereby may from time to time be reduced or increased, as
appropriate. Any endorsement of a Global Share to reflect any increase or
decrease in the amount of outstanding Warrant Shares represented thereby shall
be made by the registrar for the Warrant Shares and the Depositary (referred to
below) in accordance with instructions given by the holder thereof. DTC shall
(if possible) act as the Depositary with respect to the Global Shares until a
successor shall be appointed by the Company and the registrar for the Warrant
Shares.

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

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

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

         SECTION 8. Payment of Taxes. The Company will pay all documentary stamp
taxes attributable to the initial issuance of Warrant Shares upon the exercise
of Warrants; provided, however, that the Company shall not be required to pay
any tax or taxes
<PAGE>

                                      -15-

which may be payable in respect of any transfer involved in the issue of any
Warrant Certificates or any certificates for Warrant Shares in a name other than
that of the registered holder of a Warrant Certificate surrendered upon the
exercise of a Warrant, and the Company shall not be required to issue or deliver
such Warrant Certificates unless or until the Person or Persons requesting the
issuance thereof shall have paid to the Company the amount of such tax or shall
have established to the satisfaction of the Company that such tax has been paid.

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

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

         The Company or, if appointed, the transfer agent for the Class A Common
Stock and the Class E Common Stock (the "Transfer Agent") and every subsequent
transfer agent for any shares of the Company's Capital Stock issuable upon the
exercise of any of the rights of purchase aforesaid will be irrevocably
authorized and directed at all times to reserve such number of authorized shares
as shall be required for such purpose. The Company will keep a copy of this
Agreement on file with the Transfer Agent and with every subsequent transfer
agent for any shares of the Company's Capital Stock issuable upon the exercise
of the rights of purchase represented by the Warrants. The Warrant Agent is
hereby irrevocably authorized to requisition from time to time from such
Transfer Agent the stock certificates required to honor outstanding Warrants
upon exercise thereof in accordance with the terms of this Agreement. The
Company will supply such Transfer Agent with duly executed certificates for such
purposes and will provide or otherwise make available any cash which
<PAGE>

                                      -16-

may be payable as provided in Section 13. The Company will furnish such Transfer
Agent a copy of all notices of adjustments and certificates related thereto
transmitted to each holder pursuant to Section 14 hereof.

         The Company covenants that all Warrant Shares which may be issued upon
exercise of Warrants made in accordance with the terms of this Agreement will,
upon issuance, be validly authorized and issued, fully paid, nonassessable, free
of preemptive rights and free from all taxes, liens, charges and security
interests with respect to the issuance thereof. The Company covenants that all
shares of Class A Common Stock issuable upon conversion of all shares of Class E
Common Stock issuable upon exercise of all Warrants in accordance with this
Agreement will, upon issuance, be validly authorized and issued, fully paid,
nonassessable, free of preemptive rights and free from all taxes, liens, charges
and security interests with respect to the issuance thereof. The Company will
take no action to increase the par value of the Class E Common Stock to an
amount in excess of the Exercise Price, and the Company will not enter into any
agreements inconsistent with the rights of Holders hereunder. The Company will
use its reasonable best efforts to obtain all such authorizations, exemptions or
consents from any public regulatory body having jurisdiction thereof as may be
necessary to enable the Company to perform its obligations under this Agreement.

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

         SECTION 12. Adjustment of Number of Warrant Shares Issuable. The number
of shares of Class E Common Stock issuable upon the exercise of each Warrant
(the "Exercise Rate") is subject to adjustment from time to time upon the
occurrence of the events enumerated in this Section 12. The Exercise Rate shall
initially be 1.889155.

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

                  (i) pays a dividend or makes a distribution on shares of any
         class of its Common Stock payable in shares of its Common Stock or
         other Capital Stock of the Company (except to the extent any such
         dividend results in the grant, issuance, sale or
<PAGE>

                                      -17-

         making of Distribution Rights or Distributions to holders of Warrants
         pursuant to Section 12(c));

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

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

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

then the Exercise Rate in effect immediately prior to such action for each
Warrant then outstanding shall be adjusted by multiplying the Exercise Rate in
effect immediately prior to such action by a fraction (A) the numerator of which
shall be the number of shares of all classes of Common Stock outstanding
immediately after such action and (B) the denominator of which shall be the
number of shares of all classes of Common Stock outstanding immediately prior to
such action or the record date applicable to such action, if any (regardless of
whether the Warrants then outstanding are then exercisable). The adjustment
shall become effective immediately after the record date in the case of a
dividend or distribution and immediately after the effective date in the case of
a subdivision, combination or reclassification. In the event that such dividend
or distribution is not so paid or made or such subdivision, combination or
reclassification is not effected, the Exercise Rate shall again be adjusted to
be the Exercise Rate which would then be in effect if such record date or
effective date had not been so fixed.

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

         (b) Adjustment for Certain Sales of Common Stock Below Current Market
Value. If, after the Issue Date, the Company (i) grants or sells to any
Affiliate of the Company (other than a subsidiary of the Company) or (ii)
grants, sells or offers to grant or sell to all holders of any class of Common
Stock, any shares of any class of Common Stock or any securities convertible
into or exchangeable or exercisable for any class of Common Stock (other than
(1) pursuant to the exercise of the Warrants, (2) pursuant to any security
convertible into, or exchangeable or exercisable for, shares of Common Stock
outstanding as of the Issue Date, (3) upon the conversion, exchange or exercise
of any convertible, exchangeable or exercisable security as to which upon the
issuance thereof an adjustment pursuant to this Section 12 has been made or (4)
upon the conversion, exchange or exercise of
<PAGE>

                                      -18-

convertible, exchangeable or exercisable securities of the Company outstanding
on the Issue Date (to the extent in accordance with the terms of such securities
as in effect on such date), including any DB Capital Warrants) at a price below
the then Current Market Value, the Exercise Rate for each Warrant then
outstanding shall be adjusted in accordance with the formula:

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

where:

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

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

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

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

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

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

         The adjustment shall become effective immediately after the record date
for the determination of shareholders entitled to receive the rights, warrants
or options to which this paragraph (b) applies or upon consummation of the sale
of Common Stock, as the case
<PAGE>

                                      -19-

may be. To the extent that shares of Common Stock are not delivered after the
expiration of such rights, warrants or options, the Exercise Rate for each
Warrant then outstanding shall be readjusted to the Exercise Rate which would
otherwise be in effect had the adjustment made upon the issuance of such rights,
warrants or options been made on the basis of delivery of only the number of
shares of Common Stock actually delivered. In the event that such rights or
warrants are not so issued, the Exercise Rate for each Warrant then outstanding
shall again be adjusted to be the Exercise Rate which would then be in effect if
such date fixed for determination of shareholders entitled to receive such
rights, warrants or options had not been so fixed.

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

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

         Notwithstanding the foregoing, no adjustment in the Exercise Rate will
be required in respect of: (a) the grant of any stock option or other stock
incentive award pursuant to any stock option or stock incentive plan or
arrangement as disclosed in the Offering Memorandum dated May 5, 2000 relating
to the Units, (b) the grant of any stock option or stock incentive award at an
exercise price at least equal to the lesser of $25.25 per share (other than in
the case of Class D Common Stock) or the then Current Market Value, (c) the
grant of any other stock option or stock incentive award to any officer,
director or employee of the Company or any of its Subsidiaries pursuant to any
compensatory plan or arrangement that has been approved by the Company's Board
of Directors, or (d) the exercise of any such option or award.

         (c) Adjustment upon Certain Distributions.

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

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

where:
<PAGE>

                                      -20-

E/1/   =          the adjusted Exercise Rate;

E      =          the current Exercise Rate for each Warrant;

M      =          the Current Market Value per Warrant Share at the Time of
                  Determination;

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

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

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

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

                                      -21-

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

         (e) Reorganization of Company; Fundamental Transaction.

                  (i) If the Company, in a single transaction or through a
         series of related transactions, consolidates with or merges with or
         into any other person or sells, assigns, transfers, leases, conveys or
         otherwise disposes of all or substantially all of its properties and
         assets to another person or group of affiliated persons or is a party
         to a merger or binding share exchange which reclassifies or changes its
         outstanding Common Stock (a "Fundamental Transaction"), as a condition
         to consummating any such transaction the person formed by or surviving
         any such consolidation or merger if other than the Company or the
         person to whom such transfer has been made (the "Surviving Person")
         shall enter into a supplemental warrant agreement. The supplemental
         warrant agreement shall provide (a) that the holder of a Warrant then
         outstanding may exercise the Warrant for the kind and amount of
         securities, cash or other assets which such holder would have received
         immediately after the Fundamental Transaction if such holder had
         exercised the Warrant and, if such Warrant is then exercisable into
         shares of a class of Common Stock (such as Class E Common Stock as
         constituted on the Issue Date) that is convertible into shares of
         another class of Common Stock (such as Class A Common Stock as
         constituted on the Issue Date) if such holder had converted such
         Warrant Shares into such other class of Common Stock, in each case
         immediately before the effective date of the transaction (whether or
         not the Warrants were then exercisable), it being understood that the
         Warrants will remain exercisable only in accordance with their terms so
         that conditions to exercise will remain applicable, such as surrender
         of the Warrant Certificate, assuming (to the extent applicable) that
         such holder (i) was not a constituent person or an affiliate of a
         constituent person to such transaction, (ii) made no election with
         respect thereto, and (iii) was treated alike with the plurality of
         non-electing holders, and (b) that the Surviving Person shall succeed
         to and be substituted to every right and obligation of the Company in
         respect of this Agreement and the Warrants. The supplemental warrant
         agreement shall provide for adjustments which shall be as nearly
         equivalent as may be practicable to the adjustments provided for in
         this Section 12. The Surviving Person shall mail to holders of Warrants
         at the addresses appearing on the Warrant Register a notice briefly
         describing the supplemental warrant agreement. If the issuer of
         securities deliverable upon exercise of Warrants is an affiliate of the
         Surviving Person, that issuer shall join in the supplemental warrant
         agreement.
<PAGE>

                                      -22-

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

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

         (f) Other Events. If any event occurs as to which the provisions of
this Section 12 are not strictly applicable or, if strictly applicable, would
not, in the good faith judgment of the Board of Directors of the Company, fairly
and adequately protect the rights of the Warrantholders in accordance with the
essential intent and principles of such provisions, then such Board of Directors
shall make such adjustments in the application of such provisions, in accordance
with such essential intent and principles, as shall be reasonably necessary, in
the good faith opinion of such Board of Directors, to protect such rights as
aforesaid, but in no event shall any such adjustment have the effect of
decreasing the Exercise Rate or decreasing the number of Warrant Shares issuable
upon exercise of the Warrants.

         (g) Company Determination Final. Any determination that the Company or
the board of directors of the Company must make pursuant to this Section 12
shall be conclusive, absent manifest error.

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

         (i) Specificity of Adjustment. Regardless of any adjustment in the
number or kind of shares purchasable upon the exercise of the Warrants, Warrant
Certificates theretofore
<PAGE>

                                      -23-

or thereafter issued may continue to express the same number and kind of Warrant
Shares per Warrant as are stated on the Warrant Certificates initially issuable
pursuant to this Agreement.

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

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

         (l) When De Minimis Adjustment May Be Deferred. No adjustment in the
Exercise Rate shall be required unless such adjustment would require an increase
or decrease of at least 1% in such rate; provided, however, that any adjustments
which by reason of the foregoing are not required to be made shall be carried
forward and taken into account in any subsequent adjustment. All calculations
shall be made by the Issuer and shall be rounded to the sixth decimal place. No
adjustment need be made for a change in the par value or no par value of the
Class A Common Stock or Class E Common Stock and no adjustment shall be deferred
beyond the date on which a Warrant is exercised.

         (m) Tag-Along Transfers.

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

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

                                      -24-

         payment, if any, the rights of a holder of such Warrant shall terminate
         and cease and such holder's Warrants shall expire.

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

         (n) Amendments of the Articles of Incorporation. The Company shall not
amend Section 4, Section 5, Section 6(b) or Section 8 of Article IV of its
Articles of Incorporation in a manner that adversely affects the holders of
Warrants, without the prior consent of the holders of a majority of the Warrants
outstanding (excluding Warrants held by the Company or any of its Affiliates).

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

         SECTION 14. Notice of Certain Distributions; Certain Rights. The
Company shall give prompt written notice to the Warrant Agent and shall cause
the Warrant Agent, on behalf of and at the expense of the Company to give to
each Holder written notice of any determination to make a distribution to the
holders of its Common Stock of any cash dividends, assets, debt securities,
preferred stock, or any rights or warrants to purchase debt securities,
preferred stock, assets or other securities (other than Common Stock, or rights,
options, or warrants to purchase Common Stock) of the Company, which notice
shall state the nature and amount of such planned dividend or distribution and
the record date therefor, and shall be received by the Holders at least 20 days
prior to such record date therefor.

         Except as expressly provided in this Agreement or in any Warrant
Certificate, the Holders shall have no right to vote, to consent, to exercise
any preemptive rights or to receive notice as shareholders in respect of the
meetings of shareholders or the election of directors of the Company or any
other matter, or any rights whatsoever as shareholders of the Company.

         SECTION 15. Notices to the Company and Warrant Agent. Any notice or
demand authorized by this Agreement to be given or made by the Warrant Agent or
by any Holder to or on the Company shall be sufficiently given or made when
received at the office of the Company expressly designated by the Company as its
office for purposes of this
<PAGE>

                                      -25-

Agreement (until the Warrant Agent is otherwise notified in accordance with this
Section 15 by the Company), as follows:

         Jostens Inc.                      copies to:
         5501 Norman Center Drive          Gibson, Dunn & Crutcher, LLP
         Minneapolis, Minnesota  55437     200 Park Avenue
         Attn:  General Counsel            47th Floor
                                           New York, NY  10166
                                           Attn:  Joerg H. Esdorn

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

         The Bank of New York
         101 Barclay Street, 21W
         New York, NY  10286
         Attn:  Corporate Trust Trustee Administration

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

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

         (b) No other amendment or modifications of any provision of this
Agreement or the Warrant Certificates or consent to any departure by the Company
therefrom, shall in any event be effective without written consent of the
Holders of a majority of the Warrants, excluding Warrants held by the Company or
any of its Affiliates. The consent of each Holder of Warrants affected shall be
required for any amendment pursuant to which the Exercise Price would be
increased or the Exercise Rate would be decreased (other than pursuant to
adjustments provided in this Agreement) or any of the adjustment provisions in
this Agreement would be changed in a manner that would have any such effect.
<PAGE>

                                      -26-

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

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

         (c) Executed or true and correct copies of any amendment or
modification effected pursuant to the provisions of this Section 16 shall be
delivered by the Company to each Holder of outstanding Warrants or Warrant
Shares forthwith following the date on which the same shall have been executed
and delivered by the Holder or Holders of the requisite percentage of
outstanding Warrant Shares (but only to the extent the Company has been provided
with the addresses for the Holders).

         SECTION 17. Concerning the Warrant Agent. The Warrant Agent undertakes
the duties and obligations imposed by this Agreement upon the following terms
and conditions, by all of which the Company and the Holders, by their acceptance
of Warrants, shall be bound:

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

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

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

         (d) The Warrant Agent may consult at any time with legal counsel
satisfactory to it (who may be counsel for the Company), and the Warrant Agent
shall incur no liability or responsibility to the Company or to any holder in
respect of any action taken, suffered or
<PAGE>

                                      -27-

omitted by it hereunder in good faith and in accordance with the opinion or the
advice of such counsel.

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

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

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

                                      -28-

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

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

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

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

         (l) By countersigning Warrant Certificates or by any other act
hereunder the Warrant Agent shall not be deemed to make any representations as
to validity or authorization of the Warrants or the Warrant Certificates (except
as to its countersignature thereon) or of any securities or other property
delivered upon exercise or tender of any Warrant, or as to the accuracy of the
computation of the Exercise Price or the number or kind or amount of stock or
other securities or other property deliverable upon exercise of any Warrant or
the correctness of the representations of the Company made in any certifications
that the Warrant Agent receives. The Warrant Agent shall not have any duty to
calculate or determine any adjustments with respect either to the Exercise Price
or the kind and amount of shares or other securities or any property receivable
by holders of Warrants upon the exercise or tender of Warrants required from
time to time, and the Warrant Agent shall have no duty or responsibility in
determining the accuracy or correctness of any such calculation.
<PAGE>

                                      -29-

         (m) No provision of this Agreement shall require the Warrant Agent to
expend or risk its own funds or otherwise incur any financial liability in the
performance of any of its duties hereunder or in the exercise of its rights if
there shall be reasonable grounds for believing that repayment of such funds or
adequate indemnification against such risk or liability is not reasonably
assured to it.

         SECTION 18. Change of Warrant Agent. The Warrant Agent may resign and
be discharged from its duties under this Agreement by giving to the Company 30
days' notice in writing. The Warrant Agent may be removed by like notice to the
Warrant Agent from the Company. If the Warrant Agent shall resign or be removed
or shall otherwise become incapable of acting, the Company shall appoint a
successor to the Warrant Agent. If the Company shall fail to make such
appointment within a period of 30 days after such removal or after it has been
notified in writing of such resignation or incapacity by the resigning or
incapacitated Warrant Agent or by any holder (who shall with such notice submit
his Warrant for inspection by the Company), then any holder or the resigning or
removed Warrant Agent may apply to any court of competent jurisdiction for the
appointment of a successor to the Warrant Agent. Pending appointment of a
successor to the Warrant Agent, either by the Company or by such court, the
duties of the Warrant Agent shall be carried out by the Company. Any successor
warrant agent, whether appointed by the Company or such a court, shall be a bank
or trust company in good standing, incorporated under the laws of the United
States of America or any State thereof or the District of Columbia and having at
the time of its appointment as warrant agent a combined capital and surplus of
at least $50,000,000. After appointment, the successor warrant agent shall be
vested with the same powers, rights, duties and responsibilities as if it had
been originally named as Warrant Agent without further act or deed; but the
former Warrant Agent shall deliver and transfer to the successor warrant agent
any property at the time held by it hereunder, and execute and deliver any
further assurance, conveyance, act or deed necessary for such purpose. Failure
to file any notice provided for in this Section 18, however, or any defect
therein, shall not affect the legality or validity of the resignation or removal
of the Warrant Agent or the appointment of the successor warrant agent, as the
case may be. In the event of such resignation or removal, the Company or the
successor warrant agent shall mail by first class mail, postage prepaid, to each
Holder, written notice of such removal or resignation and the name and address
of such successor warrant agent.

         SECTION 19. Identity of Transfer Agent. Forthwith upon the appointment
of any Transfer Agent for the Common Stock, or any other shares of the Company's
Capital Stock issuable upon the exercise of the Warrants, the Company shall file
with the Warrant Agent a statement setting forth the name and address of such
Transfer Agent.

         SECTION 20. SEC Reports and Other Information. The Company shall at all
times provide the Warrant Agent and Holders of Warrants with such annual reports
and such information, documents and other reports as are specified in Sections
13 and 15(d) of the
<PAGE>

                                      -30-

Exchange Act of documents and other reports to be so provided at the times
specified for the filing of such information, documents and reports under such
Sections of the Exchange Act. In addition, for so long as any Warrants remain
outstanding, the Company will furnish to the Holders and to prospective
investors, upon their request, the information required to be delivered pursuant
to Rule 144A(d)(4) under the Securities Act, and, to beneficial holders of
Warrants, if not obtainable from the SEC, information of the type that would be
filed with the SEC pursuant to the foregoing provisions, upon the request of any
such holder. Delivery of such reports, information and documents to the Warrant
Agent is for informational purposes only and the Warrant Agent's receipt of such
shall not constitute constructive notice of any information contained therein or
determinable from information contained therein, including the Company's
compliance with any of its covenants hereunder (as to which the Warrant Agent is
entitled to rely exclusively on Officers' Certificates).

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

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

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

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

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

                                      -31-

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

                                        JOSTENS, INC.

                                        By:  /s/ Robert C. Buhrmaster
                                           ------------------------------
                                            Name:  Robert C. Buhrmaster
                                            Title: Chairman of the Board,
                                                   President and Chief
                                                   Executive Officer

                                        THE BANK OF NEW YORK, as Warrant Agent

                                        By:  /s/ Terence Rawlins
                                           ------------------------------------
                                           Name:  Terence Rawlins
                                           Title: Asst. Vice President
<PAGE>

                                                                       Exhibit A

         The Warrants represented by this certificate may be required to be
exercised upon the demand of the Company, upon the occurrence of certain events
specified in the amended and restated articles of incorporation of the Company.
The Company will furnish without charge to each holder who so requests a copy of
the amended and restated articles of incorporation of the Company.

         This security is subject to mandatory redemption by the Company. Such
redemption can be accomplished without the certificates representing such
security being surrendered and whether or not the Company gives notice of such
redemption. The Company will furnish without charge to each securityholder who
so requests a full statement of the designations, preferences, limitations and
relative rights of each class of stock or series of stock of the Company
authorized to be issued, so far as they have been determined, and the authority
of the board of directors to determine the relative rights and preferences of
subsequent classes or series.

No. [     ]

                      CLASS E COMMON STOCK PURCHASE WARRANT
                                       OF
                                  JOSTENS, INC.

         THIS CERTIFIES THAT [              ], or its registered assigns, is
the registered holder of ______________ Warrants (the "Warrants"). Each Warrant
entitles the holder thereof (the "Holder"), at its option at any time on or
after the Separability Date and subject to the provisions contained herein and
in the Warrant Agreement referred to below, to purchase from Jostens, Inc., a
Minnesota corporation (the "Company"), 1.889155 shares of Class E Common Stock,
par value $0.01 per share, of the Company at an exercise price per share equal
to $0.01 (the "Exercise Price").

         This Warrant Certificate shall terminate and become void as of the
close of business on May 1, 2010 (the "Expiration Date") or, if earlier, upon
the exercise hereof as to all the shares of Class E Common Stock subject hereto.
The number of shares issuable upon exercise of the Warrants shall be subject to
adjustment from time to time as set forth in the Warrant Agreement (as defined).

         This Warrant Certificate is issued under and in accordance with a
Warrant Agreement dated as of May 10, 2000 (the "Warrant Agreement"), between
the Company and The Bank of New York, as Warrant Agent, and is subject to the
terms and provisions

                                      A-1
<PAGE>

contained in the Warrant Agreement, to all of which terms and provisions the
Holder of this Warrant Certificate consents by acceptance hereof. The Warrant
Agreement is hereby incorporated herein by reference and made a part hereof.
Reference is hereby made to the Warrant Agreement for a full statement of the
respective rights, limitations of rights, duties and obligations of the Company
and the Warrantholders. Capitalized terms used but not defined herein shall have
the meanings ascribed thereto in the Warrant Agreement. A copy of the Warrant
Agreement may be obtained for inspection by the Holder hereof upon written
request to the Company at 5501 Norman Center Drive, Minneapolis, Minnesota
55437, Attn: General Counsel.

         Subject to the terms of the Warrant Agreement, the Warrants may be
exercised upon surrender at the office or agency of the Company maintained for
such purpose, which initially will be the corporate trust office of the Warrant
Agent in New York, New York, of the certificate or certificates evidencing the
Warrants to be exercised with the form of election to purchase on the reverse
thereof duly filled in and signed, and upon payment to the Warrant Agent for the
account of the Company of the Exercise Price for the number of Warrant Shares in
respect of which such Warrants are then exercised. The Exercise Price may be
paid only by the surrender of one or more warrant certificates (and without the
payment of the Exercise Price in cash) in exchange for such number of shares of
Common Stock equal to the product of (a) the number of Warrant Shares for which
such Warrant is exercisable as of the Exercise Date (if the Exercise Price were
being paid in cash), and (b) the Cashless Exercise Ratio. The "Cashless Exercise
Ratio" shall equal a fraction, the numerator of which is the excess of the
Current Market Value per Warrant Share on the Exercise Date over the Exercise
Price per share as of the Exercise Date and the denominator of which is the
Current Market Value per Warrant Share on the Exercise Date. Upon surrender of a
Warrant Certificate representing more than one Warrant in connection with the
holder's option to elect a Cashless Exercise, the number of Warrant Shares
deliverable upon a Cashless Exercise shall be equal to the product of the number
of Warrant Shares issuable in respect of those Warrants that the holder
specifies are to be exercised pursuant to a Cashless Exercise multiplied by the
Cashless Exercise Ratio. All provisions of the Agreement shall be applicable
with respect to a surrender of a Warrant Certificate for less than the full
number of Warrants represented thereby.

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

                                      A-2
<PAGE>

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

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

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

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

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

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

                                       A-3
<PAGE>

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

                                        JOSTENS, INC.

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

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

DATED:

COUNTERSIGNED:

THE BANK OF NEW YORK,
as Warrant Agent

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

                                      A-4
<PAGE>

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

                                  JOSTENS, INC.

         The undersigned hereby irrevocably elects to exercise ________________
Warrants on the terms and conditions specified in the Warrant Certificate and
the Warrant Agreement, surrenders this Warrant Certificate and all right, title
and interest therein to Jostens, Inc. and directs that the Warrant Shares
deliverable upon the exercise of such Warrants be registered or placed in the
name and at the address specified below and delivered thereto.

Date: ____________, ____

Your Signature.______________________________________________________________
                      (Sign exactly as your name appears on the face
                                of this Warrant Certificate)

_____________________________________________________________________________
                                (Street Address)

_____________________________________________________________________________
(City)                             (State)                         (Zip Code)

Signature Guaranteed by:

____________________________________________
Signatures must be guaranteed by an
"eligible guarantor institution" meeting the
requirements of the Registrar, which
requirements include membership or
participation in the Security Transfer Agent
Medallion Program ("STAMP") or such other
"signature guarantee program" as may be
determined by the Registrar in addition to,
or in substitution for, STAMP, all in
accordance with the Securities Exchange Act
of 1934, as amended.
<PAGE>

Securities and/or check to be issued to:

Please insert social security or identifying number:

Name:

Street Address:

City, State and Zip Code:

                                                                               2
<PAGE>

                                 ASSIGNMENT FORM

To assign this Warrant, fill in the form below:

I or we assign and transfer this Warrant to

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

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

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

_____________________________________________________________________________

Date: _____________________

Your Signature: _____________________________________________________________
                         (Sign exactly as your name appears on the face
                                   of  this Warrant Certificate)

Signature Guaranteed by:

____________________________________________
Signatures must be guaranteed by an
"eligible guarantor institution" meeting the
requirements of the Registrar, which
requirements include membership or
participation in the Security Transfer Agent
Medallion Program ("STAMP") or such other
"signature guarantee program" as may be
determined by the Registrar in addition to,
or in substitution for, STAMP, all in
accordance with the Securities Exchange Act
of 1934, as amended.
<PAGE>

                                                                    Exhibit B(1)

                           [Private Placement Legend]

         Neither this security nor any security issuable upon the exercise
hereof has been registered under the Securities Act of 1933, as amended (the
"Securities Act"), or the securities laws of any state or other jurisdiction.
Neither such security nor any interest or participation herein or therein may be
reoffered, sold, assigned, transferred, pledged, encumbered or otherwise
disposed of in the absence of such registration or unless such transaction is
exempt from, or not subject to, such registration. By its acquisition hereby
(but subject to certain rights to require registration of the warrants), the
holder (1) represents that (a) it is a "qualified institutional buyer" (as
defined in Rule 144A under the Securities Act), (b) it is an "accredited
investor" (as defined in Rule 501(a)(1), (2), (3), or (7) under the Securities
Act) or (c) it is a foreign purchaser and is acquiring this security outside the
United States within the meaning of Regulation S under the Securities Act; (2)
agrees that it will not prior to two years after the later to occur of (i) the
original issuance of the warrant evidenced hereby or (ii) acquisition thereof
from an affiliate of Jostens, Inc. (or such later date specified in the warrant
agreement referred to below, the "Resale Restriction Termination Date") resell
or otherwise transfer the warrant evidenced hereby, except pursuant to an
effective registration statement under the Securities Act or in a transaction
not requiring registration under the Securities Act (a) to Jostens, Inc. or any
subsidiary thereof, (b) inside the United States to a qualified institutional
buyer in compliance with Rule 144A under the Securities Act, (c) inside the
United States to an accredited investor that, prior to such transfer, furnishes
to The Bank of New York (or any successor, the "Warrant Agent") a signed letter
containing certain representations and agreements relating to the restriction on
transfer of the warrants evidenced hereby (the form of which letter can be
obtained from Jostens, Inc. or the Warrant Agent), (d) outside the United States
in compliance with Regulation S promulgated under the Securities Act, (e)
pursuant to any other available exemption from the registration requirements of
the Securities Act, including the exemption provided by Rule 144 under the
Securities Act (if available), subject in each of the foregoing cases to any
requirement of law that the disposition of the property of such holder be at all
times within such holder's control and to compliance with any applicable state
securities laws; and (3) agrees that it will deliver to each person to whom this
warrant is transferred a notice substantially to the effect of this legend. In
connection with any transfer of the warrant evidenced hereby prior to the
restriction termination date, in the case of certain transfers pursuant to
clause (2)(b), 2(c) or (2)(d), the holder must make certain certifications to
the Warrant Agent to confirm that such transfers are being made pursuant an
exemption from, or in a transaction not subject to, the registration
requirements of the Securities Act. In addition, in the case of any transfer
referred to in clause (2)(e) above, the holder must, prior to such transfer
furnish to the Warrant Agent such certifications, legal opinions or other
information as Jostens, Inc. or the Warrant Agent may reasonably require to
confirm that such transfer is being made pursuant to an exemption from, or in a

                                      B-1-1
<PAGE>

transaction not subject to, the registration requirements of the Securities Act.
Hedging transactions involving this security or any security issuable upon
exercise hereof may not be conducted unless in compliance with the Securities
Act.

                                      B-1-2
<PAGE>

                                                                    Exhibit B(2)

                                  [Unit Legend]

         [Any Warrant issued on or after the Issue Date and prior to the
Separability Date shall bear the legend set forth in the following paragraph:]

         The Warrants evidenced by this certificate are initially issued as part
of an issuance of units, each of which consists of $1,000 principal amount of
the 12 3/4% Senior Subordinated Notes due 2010 of Jostens, Inc. (the "Notes")
and one warrant (each, a "Warrant" and collectively, the "Warrants"), each
Warrant initially entitling the holder thereof to purchase 1.889155 shares of
Class E Common Stock, $0.01 par value, of Jostens, Inc. (the "Class E Common
Stock"). Prior to the Separability Date, the Warrants evidenced by this
certificate may not be transferred or exchanged separately from, and may be
transferred or exchange only together with, the Notes.

                                      B-2-1
<PAGE>

                                                                    Exhibit B(3)

                             [GLOBAL WARRANT LEGEND]

         Any Global Warrant countersigned and delivered hereunder shall bear a
legend in substantially the following form:

         This security is a Global Warrant within the meaning of the Warrant
         Agreement hereinafter referred to and is registered in the name of a
         depository or a successor depository. This security is not exchangeable
         for securities registered in the name of a person other than the
         depository or its nominee except in the limited circumstances described
         in the Warrant Agreement, and no transfer of this security (other than
         a transfer of this security as a whole by the depository to a nominee
         of the depository or by a nominee of the depository to the depository
         or another nominee of the depository) may be registered except in the
         limited circumstances described in the Warrant Agreement. Unless this
         certificate is presented by an authorized representative of The
         Depository Trust Company, a New York corporation ("DTC"), to the issuer
         or its agent for registration of transfer, exchange, or payment, and
         any certificate issued is registered in the name of Cede & Co. or in
         such other name as is requested by an authorized representative of DTC
         (and any payment is made to Cede & Co. or to such other entity as is
         requested by an authorized representative of DTC), any transfer, pledge
         or other use hereof for value or otherwise by or to any person is
         wrongful inasmuch as the registered owner hereof, Cede & Co., has an
         interest herein.

                                      B-3-1
<PAGE>

                                                                       Exhibit C

                    CERTIFICATE TO BE DELIVERED UPON EXCHANGE
                     OR REGISTRATION OF TRANSFER OF WARRANTS

Re: Warrants to Purchase Class E Common Stock (the "Warrants")
    of Jostens, Inc.

         This Certificate relates to ________________________ Warrants held by
______________________ (the "Transferor").

         The Transferor has requested the Warrant Agent by written order to
exchange or register the transfer of a Warrant or Warrants.

         In connection with such request and in respect of each such Warrant,
the Transferor hereby certifies that the Transferor is familiar with the Warrant
Agreement dated as of May 10, 2000, between Jostens, Inc., a Minnesota
corporation, and The Bank of New York, as warrant agent (the "Warrant
Agreement"), relating to the above captioned Warrants and the restrictions on
transfers thereof as provided in Section 1.08 of such Warrant Agreement, and
that the transfer of this Warrant does not require registration under the
Securities Act of 1933, as amended (the "Act"), because*:

         [_] Such Warrant is being acquired for the Transferor's own account,
without transfer (in satisfaction of Section 6(a)(y)(A) of the Warrant
Agreement).

         [_] Such Warrant is being transferred to a qualified institutional
buyer (as defined in Rule 144A under the Act) in reliance on Rule 144A or is
being transferred in accordance with Regulation S under the Act.

         [_] Such Warrant is being transferred in accordance with Rule 144 under
the Act.

         [_] Such Warrant is being transferred in reliance on and in compliance
with an exemption from the registration requirements of the Act, other than Rule
144A or Rule 144 or Regulation S under the Act. An opinion of counsel to the
effect that such transfer does not require registration under the Act
accompanies this Certificate.

                                       C-1
<PAGE>

                                        ______________________________________
                                        [INSERT NAME OF TRANSFEROR]

                                        By:___________________________________

Date:___________________________
       *Check applicable box.

                                       C-2
<PAGE>

                                                                       Exhibit D

                  [Form of Transferee Letter of Representation
       in Connection with Transfers to Institutional Accredited Investors]

The Bank of New York
[address]

Ladies and Gentlemen:

         In connection with our proposed purchase of warrants to purchase Class
E Common Stock, par value $0.01 per share (the "Securities"), of Jostens, Inc.
(the "Company"), we confirm that:

                  1. We understand that the Securities have not been registered
         under the Securities Act of 1933, as amended (the "Securities Act"),
         and, unless so registered, may not be offered, sold or otherwise
         transferred except as permitted in the following sentence. We agree on
         our own behalf and on behalf of any investor account for which we are
         purchasing Securities to offer, sell or otherwise transfer such
         Securities prior to the date which is two years after the later of the
         date of original issue and the last date on which the Company or any
         affiliate of the Company was the owner of such Securities (or any
         predecessor Securities) (the "Resale Restriction Termination Date")
         only (a) to the Company, (b) pursuant to a registration statement which
         has been declared effective under the Securities Act, (c) for so long
         as the Securities are eligible for resale pursuant to Rule 144A under
         the Securities Act, to a person we reasonably believe is a qualified
         institutional buyer as defined in Rule 144A (a "QIB") that purchases
         for its own account or for the account of a QIB and to whom notice is
         given that the transfer is being made in reliance on Rule 144A, (d)
         pursuant to offers and sales that occur outside the United States
         within the meaning of Regulation S under the Securities Act, (e) to an
         institutional "accredited investor" within the meaning of subparagraph
         (a)(1), (a)(2), (a)(3) or (a)(7) of Rule 501 under the Securities Act
         that is acquiring the Securities for its own account or for the account
         of such an institutional "accredited investor", for investment purposes
         and not with a view to, or for offer or sale in connection with, any
         distribution in violation of the Securities Act, or (f) pursuant to
         another available exemption from the registration requirements of the
         Securities Act, subject in each of the foregoing cases to any
         requirement of law that the disposition of our property or the property
         of such investor account or accounts be at all times within our or
         their control and to compliance with any applicable state securities
         laws. The foregoing restrictions on resale will not apply subsequent to
         the Resale Restriction Termination Date. If any resale or other
         transfer of the Securities is proposed to be made pursuant to clause
         (e) above prior to the Resale Restriction Termination Date, the
         transferor shall deliver a letter from the

                                      D-1
<PAGE>

         transferee substantially in the form of this letter to the warrant
         agent under the Warrant Agreement pursuant to which the Securities were
         issued (the "Warrant Agent") which shall provide, among other things,
         that the transferee is an institutional "accredited investor" within
         the meaning of subparagraph (a)(1), (a)(2), (a)(3) or (a)(7) of Rule
         501 under the Securities Act and that it is acquiring such Securities
         for investment purposes and not for distribution in violation of the
         Securities Act. The Warrant Agent and the Company reserve the right
         prior to any offer, sale or other transfer prior to the Resale
         Restriction Termination Date of the Securities pursuant to clause (c),
         (d), (e) or (f) above to require the delivery of a written opinion of
         counsel, certifications, and or other information satisfactory to the
         Company and the Warrant Agent.

                  2. We are an institutional "accredited investor" (as defined
         in Rule 501(a)(1), (a)(2), (a)(3) or (a)(7) of Regulation D under the
         Securities Act) purchasing for our own account or for the account of
         such an institutional "accredited investor", and we are acquiring the
         Securities for investment purposes and not with a view to, or for offer
         or sale in connection with, any distribution in violation of the
         Securities Act and we have such knowledge and experience in financial
         and business matters as to be capable of evaluating the merits and
         risks of our investment in the Securities, and we and any accounts for
         which we are acting are each able to bear the economic risk of our or
         its investment for an indefinite period.

                  3. We are acquiring the Securities purchased by us for our own
         account or for one or more accounts as to each of which we exercise
         sole investment discretion.

                                      D-2
<PAGE>

                  4. You and your counsel are entitled to rely upon this letter
         and you are irrevocably authorized to produce this letter or a copy
         hereof to any interested party in any administrative or legal
         proceeding or official inquiry with respect to the matters covered
         hereby.

                                        Very truly yours,

                                        ________________________________
                                        (Name of Purchaser)

                                        By:_____________________________

                                        Date:___________________________

         Upon transfer the Securities would be registered in the name of the new
beneficial owner as follows:

Name:______________________________

Address:___________________________

Taxpayer ID Number:________________

                                      D-3
<PAGE>

                                                                       Exhibit E

                  [Form of Transferee Letter of Representation
             in Connection with Transfers Pursuant to Regulation S]

The Bank of New York
[Address]

Ladies and Gentlemen:

         In connection with our proposed purchase of warrants (the "Securities")
to purchase Class E Common Stock, par value $0.01 per share, of Jostens, Inc.
(the "Company"), we confirm that such sale has been effected pursuant to and in
accordance with Regulation S under the Securities Act of 1933, as amended (the
"Securities Act"), and, accordingly, we represent that:

                  (1) The undersigned certifies that it is not a U.S. person and
         is not acquiring the Securities for the account or benefit of any U.S.
         person.

                  (2) The undersigned agrees to resell the Securities only in
         accordance with the provisions of Regulation S, pursuant to
         registration under the Securities Act of 1933 or pursuant to an
         available exemption from registration.

                  (3) The undersigned agrees not to engage in hedging
         transactions with regard to the Securities unless in compliance with
         the Securities Act.

         You and your counsel are entitled to rely upon this letter and are
irrevocably authorized to produce this letter or a copy hereof to any interested
party in any administrative or legal proceedings or official inquiry with
respect to the matters covered hereby. Defined terms used herein without
definition have the respective meanings provided in Regulation S under the
Securities Act.

                                        Very truly yours,

                                        (Name of Purchaser)

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

                                      E-1
<PAGE>

         Upon transfer the Securities would be registered in the name of the new
beneficial owner as follows:

Name:___________________________________

Address:________________________________

Taxpayer ID Number:_____________________

                                      E-2

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