Document:

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                                                                     EXHIBIT 4.5

                      WARRANT REGISTRATION RIGHTS AGREEMENT
                      -------------------------------------

     THIS WARRANT REGISTRATION RIGHTS AGREEMENT (this "Agreement") is made as of
May 10, 2000, by and between JOSTENS, INC., a Minnesota corporation (the
"Company"), and Deutsche Bank Securities Inc., UBS Warburg LLC and Goldman,
Sachs & Co. (the "Initial Purchasers").

                                 R E C I T A L S

     This Agreement is entered into in connection with the Purchase Agreement by
and between the Company and the Initial Purchasers, dated as of May 5, 2000 (the
"Purchase Agreement"), which provides for, among other things, the issuance and
sale by the Company to the Initial Purchasers of 225,000 units consisting in the
aggregate of $225,000,000 principal amount of the Company's 12 3/4% Senior
Subordinated Notes due 2010 (the "Notes") and warrants to purchase 425,060
shares of Class E Common Stock of the Company. In order to induce the Initial
Purchasers to enter into the Purchase Agreement, the Company has agreed to
provide the registration rights set forth in this Agreement for the benefit of
the Initial Purchasers and any subsequent holder or holders of the Warrants and
Warrant Shares. The execution and delivery of this Agreement is a condition to
the Initial Purchasers' obligations under the Purchase Agreement. Capitalized
terms used without definition herein have the meanings given to them in the
Warrant Agreement (as defined below).

                                A G R E E M E N T

     The Parties hereby agree as follows:

     SECTION 1. Definitions. As used in this Agreement, the following terms
shall have the following meanings:

          "Charter" means the Articles of Incorporation of the Company in effect
     immediately following the Effective Time, as such Charter may thereafter
     from time to time be amended in accordance with applicable law and such
     Charter.

          "Commission" means the U.S. Securities and Exchange Commission and any
     successor federal agency having similar powers.
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          "Effective Time" shall have the meaning ascribed to that term in the
     Merger Agreement.

          "Holders," as of any date of determination, means the holders of
     record of Registrable Securities as of such date.

          "Initial Public Offering" shall have the meaning ascribed to that term
     in the Charter as in effect immediately following the Effective Time.

          "Merger Agreement" means the merger agreement dated as of December 27,
     1999 by and between the Company and Saturn Acquisition Corporation, a
     Minnesota corporation.

          "Person" means an individual, limited or general partnership, joint
     venture, limited liability company, corporation, trust, unincorporated
     organization or other entity or a government or any department or agency
     thereof.

          "Prospectus" means the Prospectus included in any Registration
     Statement (including, without limitation, any Prospectus subject to
     completion and a Prospectus that includes any information previously
     omitted from a Prospectus filed as part of an effective Registration
     Statement in reliance upon Rule 430A promulgated under the Securities Act),
     as amended or supplemented by any prospectus supplement, with respect to
     the terms of the offering of any portion of the Registrable Securities
     covered by such Registration Statement, and all other amendments and
     supplements to the Prospectus, including post-effective amendments, and all
     material incorporated by reference or deemed to be incorporated by
     reference in such Prospectus.

          "Registrable Securities," as of any date of determination, means (a)
     the Warrants, (b) the Warrant Shares, (c) any shares of Capital Stock of
     the Company issued upon conversion of any of the foregoing pursuant to the
     Charter, (d) any shares of Capital Stock issued on account of any of the
     foregoing in connection with any stock split or stock dividend effected
     after the Effective Time, (e) equity securities of any other issuer issued
     in exchange for any of the foregoing in connection with any merger,
     consolidation, reorganization or recapitalization effected after the
     closing Effective Time (other than equity securities of another issuer
     which are issued pursuant to an effective Registration Statement under the
     Securities Act), and (f) if notice has been given under Section 2(c)(i),
     during the period that a Shelf Registration is required to be effective
     under Section 2(c)(ii), any shares of Capital Stock that is of the same
     class or series as any securities referred to in clause (b), (c), (d) or
     (e). Notwithstanding the foregoing, any particular Registrable Securities
     shall cease to be such when (i) a Registration Statement with respect to
     the sale of such securities shall have become effective under the
     Securities Act and such securities have been disposed of in accordance with
     such Registration Statement or (ii) they shall have ceased to be
     outstanding;
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     provided that clause (i) shall not apply during the period that a Shelf
     Registration is required to be effective under Section 2(c)(ii).

          "Registration Expenses" means all expenses incident to the Company's
     performance of or compliance with its obligations hereunder including,
     without limitation, all Commission and any stock exchange registration,
     listing, filing or NASD fees, all fees and expenses of complying with
     securities or blue sky laws (including reasonable fees and disbursements of
     counsel for the underwriters in connection with blue sky qualifications),
     all messenger and delivery expenses, the fees and disbursements of counsel
     for the Company and of its independent public accountants, including the
     expenses of any special audits or "comfort" letters required by or incident
     to such performance and compliance, any fees and disbursements of
     underwriters customarily paid by issuers or sellers of securities and the
     reasonable fees and expenses of any special experts retained in connection
     with the requested registration and the fees and disbursements of one
     counsel for the Sellers (which counsel shall be selected by the holders of
     a majority in interest of the Registrable Securities included in such
     registration), but excluding underwriting discounts and commissions and
     fees and disbursements of any additional counsel employed by any Seller.

          "Registration Statement" means any Registration Statement of the
     Company, including but not limited to a shelf Registration Statement, that
     covers any of the Registrable Securities pursuant to the provisions of this
     Agreement, including the Prospectus, amendments and supplements to such
     Registration Statement, including post-effective amendments, all exhibits,
     and all material incorporated by reference or deemed to be incorporated by
     reference in such Registration Statement.

          "Seller" means any Holder whose Registrable Securities are included in
     any registration pursuant to Section 2(a) or 2(b) of this Agreement.

          "Warrant Agreement" means the Warrant Agreement dated as of May 10,
     2000 between the Company and The Bank of New York, as warrant agent,
     relating to the Warrants.

          "Warrants" means the warrants issued by the Company pursuant to the
     Purchase Agreement.

          Certain other terms are defined elsewhere in this Agreement.

     SECTION 2. Registration Rights.

     (a) Demand Right.

          (i) Commencing 90 days after the occurrence of the Initial Public
     Offering (subject to any lock-up agreement under Section 2(f) that may be
     in effect), Holders who beneficially own at least 25% of the total
     outstanding Registrable Securities (assuming
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     exercise of all Warrants) referred to in clauses (a)-(e) of the definition
     thereof (the "Demanding Holders") shall have the right to require the
     Company to register under the Securities Act all or a portion of such
     number of Registrable Securities as such Demanding Holders shall designate
     for sale in a written request to the Company (the "Demand Registration");
     provided, however, that the Company shall have the right to delay the
     Demand Registration for an aggregate of up to 60 days if the Board of
     Directors of the Company determines in good faith (a "Registration Delay
     Determination") that (i) required disclosure of information in any related
     Registration Statement, Prospectus or prospectus supplement at such time
     would have a material adverse effect on the Company's business, operations
     or prospects or (ii) a material business transaction that has not yet been
     publicly disclosed would be required to be disclosed in a Registration
     Statement, Prospectus or prospectus supplement and such disclosure would
     jeopardize the success of such transaction. The Company shall not be
     required to effect more than one Demand Registration.

          (ii) The Company will not, without the written consent of a majority
     in interest of the Demanding Holders, include in any Demand Registration
     securities for sale for the account of any Person (including the Company)
     other than the Demanding Holders, except that the Company shall include
     securities held by other holders of securities of the Company from time to
     time having the contractual right to be so included (subject to the
     applicable provisions of this Agreement).

     (b) Piggyback Registration Rights.

          If the Company proposes to file a Registration Statement with respect
     to common equity securities of the Company in connection with or after the
     Initial Public Offering (excluding any Registration Statement on Form S-8
     or S-4 or comparable successor forms or a Registration Statement relating
     to a dividend reinvestment plan), then the Company shall give written
     notice of such proposed filing to each Holder before the anticipated filing
     date of such Registration Statement, and such notice shall offer each
     Holder the opportunity to include in such Registration Statement the
     Registrable Securities then owned by such Holder, as such Holder may
     request in writing within 15 days after receipt of the Company's notice
     (which request shall specify the number of Registrable Securities to be
     included in such Registration Statement and the intended method of
     disposition) (a "Piggyback Registration").

     (c) Shelf Registration.

          (i) If any Initial Purchaser notifies the Company in writing that such
     Initial Purchaser intends to deliver a Prospectus in connection with any
     market-making resales of Registrable Securities, the Registration Statement
     to be filed pursuant to a Demand Registration or (except in the case of an
     underwritten offering) a Piggyback Registration, shall provide for an
     offering to be made on a continuous basis pursuant to Rule 415 under the
     Securities Act covering all of the Registrable Securities (a "Shelf
     Registration"). The Shelf
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     Registration shall be on Form S-1 or another appropriate form permitting
     registration of such Registrable Securities for resale by such Initial
     Purchaser in the manner or manners designated by them.

          (ii) Effectiveness Period. The Company shall use its reasonable best
     efforts to keep the Shelf Registration continuously effective under the
     Securities Act until the date that is two years from the Issue Date or such
     shorter period ending when all Registrable Securities covered by the Shelf
     Registration have been sold in the manner set forth and as contemplated in
     the Shelf Registration (the "Effectiveness Period"); provided, however,
     that upon notice from any Initial Purchaser pursuant to Section 2(c)(i)
     hereof, the Effectiveness Period shall be extended for a period not beyond
     the second anniversary of the date on which the Shelf Registration
     Statement became effective (as extended by any Shelf Blackout Period)
     solely for the purpose of facilitating resales of Registrable Securities by
     any Initial Purchaser until such time as each Initial Purchaser shall have
     notified the Company that neither such Initial Purchaser nor any of its
     affiliates is required by applicable law or SEC policy to deliver a
     prospectus in connection with any resales of Registrable Securities.

          (iii) Shelf Blackout Period. Notwithstanding the foregoing, the
     Company, upon advising the Holders, may suspend the use of the Prospectus
     included in any Shelf Registration in the event that and for a period of
     time (the "Shelf Blackout Period") not to exceed an aggregate of 60 days in
     any 12-month period if the Board of Directors of the Company has made a
     Registration Delay Determination; provided, that, upon the termination of
     such Shelf Blackout Period, the Company promptly shall advise the Initial
     Purchasers that such Shelf Blackout Period has been terminated.

     (d) Registration Procedures. If and whenever the Company is required to
effect the registration of any Registrable Securities under the Securities Act
as provided in Section 2(a) or (b) hereof, the Company will as expeditiously as
practicable:

          (i) (A) prepare and file with the Commission a Registration Statement
     on the appropriate form which includes such Registrable Securities, and
     furnish to each Seller at least 5 business days prior to the filing thereof
     a copy of such Registration Statement, and not file any such Registration
     Statement to which any Seller shall have reasonably objected on the grounds
     that such Registration Statement does not comply in all material respects
     with the requirements of the Securities Act or of the rules or regulations
     thereunder, (B) promptly respond to all comments received with respect to
     such Registration Statement and make and file all necessary amendments
     thereto, and (C) thereafter use its reasonable best efforts to cause such
     Registration Statement to become effective at the earliest practicable
     date;

          (ii) prepare and file with the Commission such amendments and
     supplements to such Registration Statement and the Prospectus used in
     connection therewith as may be necessary to keep such Registration
     Statement accurate and effective and to comply with the provisions of the
     Securities Act with respect to the disposition of all Registrable
     Securities
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     and other securities covered by such Registration Statement until the
     earlier of such time as all of such Registrable Securities have been
     disposed of by the Sellers thereof set forth in such Registration Statement
     or for the longer of (A) nine months or (B) if such registration is a
     continuous secondary offering pursuant to Rule 415 under the Securities
     Act, two years; and will furnish to each such Seller at least 2 business
     days prior to the filing thereof a copy of any amendment or supplement to
     such Registration Statement or Prospectus and shall not file any such
     amendment or supplement to which any such Seller shall have reasonably
     objected on the grounds that such amendment or supplement does not comply
     in all material respects with the requirements of the Securities Act or of
     the rules or regulations thereunder;

          (iii) furnish to each Seller of such Registrable Securities, upon
     their request, one signed copy of such Registration Statement and of each
     such amendment thereof and supplement thereto (in each case including all
     exhibits), such number of copies of the Prospectus included in such
     Registration Statement (including each preliminary prospectus and any
     summary Prospectus), in conformity with the requirements of the Securities
     Act, such documents, if any, incorporated by reference in such Registration
     Statement or Prospectus, and such other documents as such Seller may
     reasonably request;

          (iv) notify each Seller of such Registrable Securities and, if
     requested, confirm such notice in writing, as soon as practicable after
     notice thereof is received by the Company, (A) when such Registration
     Statement or such amendment thereof or supplement thereto has been filed or
     becomes effective and when the Prospectus or any amendment thereof or
     supplement thereto has been filed, (B) of any request by the Commission for
     any amendments or supplements to the Registration Statement or the
     Prospectus or for additional information, (C) of the receipt by the Company
     of any notification with respect to the suspension of the qualification of
     the Registrable Securities for offering or sale in any jurisdiction or the
     initiation or threatening of any proceeding for such purpose and (D) of any
     stop order issued, or the receipt of notification by the Company that any
     such stop order is threatened to be issued, by the Commission, and use its
     reasonable best efforts to prevent the entry of such stop order or to
     remove it if entered;

          (v) use its reasonable best efforts to register or qualify all
     Registrable Securities covered by such Registration Statement under such
     other securities or blue sky laws of such jurisdictions as each Seller
     shall reasonably request, to keep such registration or qualification in
     effect for so long as such Registration Statement remains in effect, and do
     any and all other acts and things that may be necessary or advisable to
     enable such Seller to consummate the disposition in such jurisdictions of
     its Registrable Securities covered by such Registration Statement, except
     that the Company shall not for any such purpose be required to qualify
     generally to do business as a foreign corporation in any jurisdiction
     wherein it would not but for the requirements of this subdivision (v) be
     obligated to be so qualified, or to subject itself to taxation in any such
     jurisdiction, or to consent to general service of process in any such
     jurisdiction;
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          (vi) if such Registration Statement relates to an underwritten
     offering, obtain and furnish to each Seller a signed counterpart, addressed
     to such Seller, of the legal opinions and accountants' comfort letters
     which are to be delivered to the underwriters;

          (vii) promptly notify each Seller whose Registrable Securities are
     covered by such Registration Statement, at any time when a Prospectus
     relating thereto is required to be delivered under the Securities Act, upon
     discovery that, or upon the happening of any event as a result of which,
     the Prospectus included in such Registration Statement, as then in effect,
     includes an untrue statement of a material fact or omits to state any
     material fact required to be stated therein or necessary to make the
     statements therein not misleading in the light of the circumstances then
     existing, and the Company shall promptly prepare a supplement to or an
     amendment of such Prospectus as may be necessary so that, as thereafter
     delivered to the purchasers of such Registrable Securities, such Prospectus
     shall not include an untrue statement of a material fact or omit to state a
     material fact required to be stated therein or necessary to make the
     statements therein not misleading in the light of the circumstances then
     existing;

          (viii) otherwise use its reasonable best efforts to comply with all
     applicable rules and regulations of the Commission, and make available to
     its securities holders, as soon as reasonably practicable, an earnings
     statement covering the period of at least twelve months, but not more than
     eighteen months, beginning with the first month of the first fiscal quarter
     after the effective date of such Registration Statement, which earnings
     statement shall satisfy the provisions of Section 11(a) of the Securities
     Act and Rule 158 thereunder;

          (ix) promptly make available for inspection by any Seller or
     underwriter participating in any disposition pursuant to any Registration
     Statement, and by any attorney, accountant or other agent or representative
     retained by any Seller or underwriter, all financial and other records,
     pertinent corporate documents and properties of the Company, as shall be
     reasonably necessary to enable them to exercise their due diligence
     responsibility, and cause the Company's officers, directors and employees
     to supply all information reasonably requested by any such Seller or
     underwriter in connection with such Registration Statement;

          (x) if the Common Stock of the Company is listed on a national
     securities exchange or quoted on Nasdaq, use its best efforts to comply
     with the requirements of such exchange or Nasdaq to include shares of
     Registrable Securities covered by such Registration Statement for listing
     on each such securities exchange or for quotation on Nasdaq.

The Company may require each Seller of Registrable Securities as to which any
registration is being effected to furnish the Company such information regarding
such Seller and the distribution of such securities as the Company may from time
to time reasonably request in writing and as shall be required by law or by the
Commission in connection with such registration.
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     (e) Underwriting Agreement. If requested by the underwriters for any
underwritten offering of Registrable Securities on behalf of Sellers pursuant to
a registration covered by Section 2(a) or (b) hereof, the Company will enter
into an underwriting agreement with such underwriters for such offering, such
agreement to contain representations and warranties by the Company and other
terms and provisions not inconsistent with this Section 2 as are customarily
contained in underwriting agreements with respect to secondary distributions,
including, without limitation, indemnities to the effect and to the extent
provided in Section 2(g) hereof, and the Company will cooperate with such
Sellers to the end that the conditions precedent to the obligations of such
Sellers under such underwriting agreement shall not include conditions that are
not customary in underwriting agreements with respect to secondary distributions
and shall be otherwise satisfactory to such Sellers. Sellers on whose behalf
shares are to be distributed by such underwriters shall be parties to any such
underwriting agreement and the representations and warranties by, and the other
agreements on the part of, the Company to and for the benefit of such
underwriters, shall also be made to and for the benefit of such Sellers. Such
Sellers shall not be required by the Company to make any representations or
warranties to or agreements with the Company or the underwriters other than
reasonable representations, warranties or agreements regarding such Sellers,
such Sellers' Registrable Securities and such Sellers' intended method or
methods of disposition and any other representation required by law.

     (f) Lock-Up. If and to the extent requested by the managing underwriter in
connection with the Initial Public Offering, such Holder shall agree in writing
that such Holder will not, without the consent of the managing underwriter and
except for shares included in the Initial Public Offering, if any: (x) effect
any public sale or distribution of any common equity securities of the Company,
or any securities convertible into, or exercisable or exchangeable for, any such
common equity securities for the period requested by the managing underwriter,
not to exceed in any event 180 days following effectiveness of the Registration
Statement relating to the Initial Public Offering, or (y) effect any other
transfer of any of the foregoing during such lock-up period unless the
transferee agrees in writing to be bound by the terms and conditions of this
Section 2(f), in each case, on terms not less favorable than those applicable to
holders of shares of Common Stock generally.

     (g) Registration Expenses. The Company agrees to pay, in connection with
each registration of Registrable Securities covered by Section 2(a) or 2(b)
hereof, all Registration Expenses. All other expenses not paid by the Company
which are otherwise not attributable to a particular Seller will be the
responsibility of and paid for by all of the Sellers on a pro rata basis.

     (h) Indemnification and Contribution.

          (i) The Company agrees, to indemnify and hold harmless each Initial
     Purchaser, each Holder of Registrable Securities, and each Person, if any,
     who controls such
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     Person or its affiliates within the meaning of Section 15 of the Securities
     Act or Section 20 of the Exchange Act (each, a "Participant") against any
     losses, claims, damages or liabilities to which any Participant or such
     controlling person may become subject under the Securities Act, the
     Exchange Act or otherwise, insofar as any such losses, claims, damages or
     liabilities (or actions in respect thereof) arise out of or are based upon:

               (a) any untrue statement or alleged untrue statement made by the
          Company contained in any application or any other document or any
          amendment or supplement thereto executed by the Company based upon
          written information furnished by or on behalf of the Company filed in
          any jurisdiction in order to qualify the Registrable Securities under
          the securities or "Blue Sky" laws thereof or filed with the SEC or any
          securities association or securities exchange (each, an
          "Application");

               (b) any untrue statement or alleged untrue statement of any
          material fact contained in any Registration Statement (or any
          amendment thereto) or Prospectus (as amended or supplemented if the
          Company shall have furnished any amendments or supplements thereto) or
          any preliminary prospectus; or

               (c) the omission or alleged omission to state, in any
          Registration Statement (or any amendment thereto) or Prospectus (as
          amended or supplemented if any of the Company shall have furnished any
          amendments or supplements thereto) or any preliminary prospectus or
          any Application or any other document or any amendment or supplement
          thereto, a material fact required to be stated therein or necessary to
          make the statements therein not misleading;

     and will reimburse, as incurred, the Participant and each such controlling
     person for any legal or other expenses incurred by the Participant or such
     controlling person in connection with investigating, defending against or
     appearing as a third-party witness in connection with any such loss, claim,
     damage, liability or action; provided, however, (i) the Company will not be
     liable in any such case to the extent that any such loss, claim, damage, or
     liability arises out of or is based upon any untrue statement or alleged
     untrue statement or omission or alleged omission made in any Registration
     Statement (or any amendment thereto) or Prospectus (as amended or
     supplemented if the Company shall have furnished any amendments or
     supplements thereto) or any preliminary prospectus or Application or any
     amendment or supplement thereto in reliance upon and in conformity with
     information relating to any Participant furnished to the Company by such
     Participant specifically for use therein, and (ii) the Company shall not be
     liable to any Participant under the indemnity agreement in this subsection
     (a) with respect to the preliminary prospectus to the extent that any such
     loss, claim, damage, liability or expense of such Participant results from
     the fact that such
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     Participant sold Registrable Securities to a person as to whom it shall be
     established that there was not sent or given, at or prior to the written
     confirmation of such sale, a copy of the Prospectus (or the Prospectus as
     then amended or supplemented if the Company shall have furnished such
     Participant with such amendment or supplement thereto on a timely basis),
     in any case where such delivery is required by applicable law and the loss,
     claim, damage, liability or expense of such Participant results from an
     untrue statement or omission of a material fact contained in the
     preliminary prospectus which was corrected in the Prospectus (or in the
     Prospectus as then amended or supplemented if the Company shall have
     furnished such Participant with such amendment or supplement thereto on a
     timely basis). The indemnity provided for in this Section (h) will be in
     addition to any liability that the Company may otherwise have to the
     indemnified parties. The Company shall not be liable under this Section (h)
     for any settlement of any claim or action effected without its prior
     written consent, which shall not be unreasonably withheld.

          (ii) Each Participant, severally and not jointly, agrees to indemnify
     and hold harmless the Company, its directors, its officers and each person,
     if any, who controls the Company within the meaning of Section 15 of the
     Securities Act or Section 20 of the Exchange Act against any losses,
     claims, damages or liabilities to which the Company or any such director,
     officer or controlling person may become subject under the Securities Act,
     the Exchange Act or otherwise, insofar as such losses, claims, damages or
     liabilities (or actions in respect thereof) arise out of or are based upon
     (i) any untrue statement or alleged untrue statement of any material fact
     contained in any Registration Statement or Prospectus, any amendment or
     supplement thereto, or any preliminary prospectus, or (ii) the omission or
     the alleged omission to state therein a material fact necessary to make the
     statements therein not misleading, in each case to the extent, but only to
     the extent, that such untrue statement or alleged untrue statement or
     omission or alleged omission was made in reliance upon and in conformity
     with written information concerning such Participant, furnished to the
     Company by the Participant, specifically for use therein; and subject to
     the limitation set forth immediately preceding this clause, will reimburse,
     as incurred, any legal or other expenses incurred by the Company or any
     such director, officer or controlling person in connection with
     investigating or defending against or appearing as a third party witness in
     connection with any such loss, claim, damage, liability or action in
     respect thereof. The indemnity provided for in this Section (h) will be in
     addition to any liability that the Participants may otherwise have to the
     indemnified parties. The Participants shall not be liable under this
     Section (h) for any settlement of any claim or action effected without
     their consent, which shall not be unreasonably withheld. The Company shall
     not, without the prior written consent of such Participant, effect any
     settlement or compromise of any pending or threatened proceeding in respect
     of which any Participant is or could have been a party, or indemnity could
     have been sought hereunder by any Participant, unless such settlement (A)
     includes an unconditional written release of the Participants, in form and
     substance reasonably satisfactory to the Participants, from all liability
     on claims that are the subject matter of such
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                                      -11-

     proceeding and (B) does not include any statement as to an admission of
     fault, culpability or failure to act by or on behalf of any Participant.

          (iii) Promptly after receipt by an indemnified party under this
     Section (h) of notice of the commencement of any action for which such
     indemnified party is entitled to indemnification under this Section (h),
     such indemnified party will, if a claim in respect thereof is to be made
     against the indemnifying party under this Section (h), notify the
     indemnifying party of the commencement thereof in writing; but the omission
     to so notify the indemnifying party (a) will not relieve it from any
     liability under paragraph (i) or (ii) above unless and to the extent such
     failure results in the forfeiture by the indemnifying party of substantial
     rights and defenses and (b) will not, in any event, relieve the
     indemnifying party from any obligations to any indemnified party other than
     the indemnification obligation provided in paragraphs (i) and (ii) above.
     In case any such action is brought against any indemnified party, and it
     notifies the indemnifying party of the commencement thereof, the
     indemnifying party will be entitled to participate therein and, to the
     extent that it may wish, jointly with any other indemnifying party
     similarly notified, to assume the defense thereof, with counsel reasonably
     satisfactory to such indemnified party; provided, however, that if (i) the
     use of counsel chosen by the indemnifying party to represent the
     indemnified party would present such counsel with a conflict of interest,
     (ii) the defendants in any such action include both the indemnified party
     and the indemnifying party and the indemnified party shall have been
     advised by counsel that there may be one or more legal defenses available
     to it and/or other indemnified parties that are different from or
     additional to those available to the indemnifying party, or (iii) the
     indemnifying party shall not have employed counsel reasonably satisfactory
     to the indemnified party to represent the indemnified party within a
     reasonable time after receipt by the indemnifying party of notice of the
     institution of such action, then, in each such case, the indemnifying party
     shall not have the right to direct the defense of such action on behalf of
     such indemnified party or parties and such indemnified party or parties
     shall have the right to select separate counsel to defend such action on
     behalf of such indemnified party or parties. After notice from the
     indemnifying party to such indemnified party of its election so to assume
     the defense thereof and approval by such indemnified party of counsel
     appointed to defend such action, the indemnifying party will not be liable
     to such indemnified party under this Section (h) for any legal or other
     expenses, other than reasonable costs of investigation, subsequently
     incurred by such indemnified party in connection with the defense thereof,
     unless (i) the indemnified party shall have employed separate counsel in
     accordance with the proviso to the immediately preceding sentence (it being
     understood, however, that in connection with such action the indemnifying
     party shall not be liable for the expenses of more than one separate
     counsel (in addition to local counsel) in any one action or separate but
     substantially similar actions in the same jurisdiction arising out of the
     same general allegations or circumstances, designated by Participants who
     sold a majority in interest of the Registrable Securities sold by all such
     Participants in the case of paragraph (i) of this Section (h) or the
     Company in the case of paragraph (ii) of this Section (h), representing the
     indemnified parties under such paragraph (i) or paragraph (ii), as
<PAGE>

                                      -12-

     the case may be, who are parties to such action or actions) or (ii) the
     indemnifying party has authorized in writing the employment of counsel for
     the indemnified party at the expense of the indemnifying party. All fees
     and expenses reimbursed pursuant to this paragraph (c) shall be reimbursed
     as they are incurred. After such notice from the indemnifying party to such
     indemnified party, the indemnifying party will not be liable for the costs
     and expenses of any settlement of such action effected by such indemnified
     party without the prior written consent of the indemnifying party (which
     consent shall not be unreasonably withheld), unless such indemnified party
     waived in writing its rights under this Section (h), in which case the
     indemnified party may effect such a settlement without such consent.

          (iv) In circumstances in which the indemnity agreement provided for in
     the preceding paragraphs of this Section (h) is unavailable to, or
     insufficient to hold harmless, an indemnified party in respect of any
     losses, claims, damages or liabilities (or actions in respect thereof),
     each indemnifying party, in order to provide for just and equitable
     contribution, shall contribute to the amount paid or payable by such
     indemnified party as a result of such losses, claims, damages or
     liabilities (or actions in respect thereof) in such proportion as is
     appropriate to reflect (a) the relative benefits received by the
     indemnifying party or parties on the one hand and the indemnified party on
     the other from the offering of the Units or (b) if the allocation provided
     by the foregoing clause (a) is not permitted by applicable law, not only
     such relative benefits but also the relative fault of the indemnifying
     party or parties on the one hand and the indemnified party on the other in
     connection with the statements or omissions or alleged statements or
     omissions that resulted in such losses, claims, damages or liabilities (or
     actions in respect thereof). The relative benefits received by the Company
     on the one hand and such Participant on the other shall be deemed to be in
     the same proportion as the total proceeds from the offering (before
     deducting expenses) of the Units received by the Company bear to the total
     net profit received by such Participant in connection with its resale of
     its Registrable Securities. The relative fault of the parties shall be
     determined by reference to, among other things, whether the untrue or
     alleged untrue statement of a material fact or the omission or alleged
     omission to state a material fact relates to information supplied by the
     Company on the one hand, or the Participants on the other, the parties'
     relative intent, knowledge, access to information and opportunity to
     correct or prevent such statement or omission or alleged statement or
     omission, and any other equitable considerations appropriate in the
     circumstances. The parties agree that it would not be equitable if the
     amount of such contribution were determined by pro rata or per capita
     allocation or by any other method of allocation that does not take into
     account the equitable considerations referred to in the first sentence of
     this paragraph (iv). Notwithstanding any other provision of this paragraph
     (iv), no Participant shall be obligated to make contributions hereunder
     that in the aggregate exceed the total net profit received by such
     Participant in connection with the sale of its Registrable Securities, less
     the aggregate amount of any damages that such Participant has otherwise
     been required to pay by reason of the untrue or alleged untrue statements
     or the omissions or alleged omissions to state a material fact, and no
     person guilty of fraudulent misrepresentation (within the meaning of
     Section 11(f) of the Securities Act) shall be entitled to contribution
<PAGE>

                                      -13-

     from any person who was not guilty of such fraudulent misrepresentation.
     For purposes of this paragraph (iv), each person, if any, who controls a
     Participant within the meaning of Section 15 of the Securities Act or
     Section 20 of the Exchange Act shall have the same rights to contribution
     as the Participants, and each director of the Company, each officer of the
     Company and each person, if any, who controls any Issuer within the meaning
     of Section 15 of the Securities Act or Section 20 of the Exchange Act,
     shall have the same rights to contribution as the Company.

     (i) Rule 144 Sales.

          (i) Compliance. The Company covenants that, to the extent that it is
     subject to the reporting requirements of the Exchange Act, it will use its
     reasonable best efforts to file the reports required to be filed by it
     under the Exchange Act so as to enable any Holder to sell Registrable
     Securities without registration pursuant to Rule 144 under the Securities
     Act.

          (ii) Cooperation with Holders. In connection with any sale, transfer
     or other disposition by any Holder of any Registrable Securities pursuant
     to Rule 144 under the Securities Act, the Company shall, to the extent
     permissible under applicable law, cooperate with such Holder to facilitate
     the timely preparation and delivery of certificates representing
     Registrable Securities to be sold and not bearing any Securities Act
     legend, and enable certificates for such Registrable Securities to be
     issued at least two business days prior to any sale of such Registrable
     Securities for such number of shares and registered in such names as the
     Holder may reasonably request upon ten (10) business days prior notice. The
     Company's obligation set forth in the previous sentence shall be subject to
     the delivery, if reasonably requested by the Company or its transfer agent,
     by counsel to such Holder (which counsel shall be reasonably acceptable to
     the Company and its transfer agent), in form and substance reasonably
     satisfactory to the Company and its transfer agent, of an opinion that such
     Securities Act legend need not appear on such certificate.

     (j) Selection of Managing Underwriter. With respect to any Registration
Statement covered by Section 2(a) or (b) hereof, the Company shall select the
managing underwriter or underwriters subject to the applicable provisions of the
Common Equity Registration Rights Agreement dated as of May 10, 2000 by and
among the Company and the holders of the Company's equity securities parties
thereto.

     (k) Underwriter Cutbacks. Notwithstanding anything in this Agreement to the
contrary and in addition to any other limitations on rights to participate in a
Registration Statement hereunder:

          (A) if (x) the Registration Statement relates to an underwritten
     offering which includes common equity to be offered and sold for the
     account of the Company and (y) the managing underwriter of any such
     offering advises the Company in writing (with a copy to the Holders and the
     Other Rights Holders) that the total number of common equity
<PAGE>

                                      -14-

     which the Company, the Holders, and other Persons whose contractual rights
     (now existing or hereafter granted) give them the right to be included in
     such registration (the "Other Rights Holders") intend to include in such
     offering exceeds the maximum amount of common equity that may be
     distributed without adversely affecting the price, timing or distribution
     of the common equity being offered, then the amount of common equity to be
     included in such Registration Statement and offering for the account of the
     Holders and the Other Rights Holders shall be reduced pro rata so that the
     aggregate amount of common equity included in such Registration Statement
     and offering for the account of the Holders and the Other Rights Holders,
     together with the common equity to be sold for the account of the Company,
     does not exceed the amount that such managing underwriter determines in
     good faith can be sold in such offering without causing such adverse
     effect; and

          (B) if (x) the Registration Statement relates to an underwritten
     offering which does not include common equity to be sold for the account of
     the Company and (y) the managing underwriter advises (in writing) the
     Holders and the Other Rights Holders who have requested that common equity
     be included therein that the total number of common equity which the
     Holders and the Other Rights Holders intend to include in such offering
     exceeds the maximum amount of common equity that may be distributed without
     adversely affecting the price, timing or distribution of the common equity
     being offered, then the amount of common equity to be included in such
     Registration Statement and offering for the accounts of the Holders and the
     Other Rights Holders shall be reduced pro rata so that the aggregate amount
     of common equity included in such Registration Statement and offering for
     the accounts of Holders and the Other Rights Holders in the aggregate does
     not exceed the amount that such managing underwriter determines in good
     faith can be sold in such offering without causing such adverse effect.

     SECTION 3. Miscellaneous.

     (a) Notices. Any notices in connection with this Agreement shall be in
writing and may be given by (i) personal delivery, (ii) fax, (iii) certified
mail, return receipt requested, postage prepaid, or (iv) a nationally recognized
overnight courier as follows: (x) if to any Holder, at the address of record for
such Holder on the records of the Company (or such other address as such Holder
shall furnish the Company in writing to receive notices hereunder); and (y) if
to the Company, to Jostens, Inc., 5501 Norman Center Drive, Minneapolis,
Minnesota 55437, with a copy to Gibson, Dunn & Crutcher LLP, 200 Park Avenue,
New York, New York 10166, Attention: E. Michael Greaney.

     Notices shall be deemed to have been given (A) when actually delivered
(including by fax with confirmation of transmission), (B) the next business day
if sent by overnight courier (with proof of delivery), and (C) on the fifth day
after mailing by certified mail.
<PAGE>

                                      -15-

     (b) Assignability. This Agreement shall be binding upon the Company and its
successors and upon the successors and all transferees and assignees of the
Holders.

     (c) Amendment and Waiver. The rights of the Holders and the obligations the
Company hereunder are subject to amendment upon the written consent of the
Company and a majority in interest of the Holders. Any noncompliance of any
provision of this Agreement by the Company may be waived by written consent of a
majority in interest of the Holders. Any such amendment or waiver shall be
binding upon all Holders.

     (d) Governing Law. This Agreement shall be construed both as to validity
and performance in accordance with, and governed by, the laws of the State of
New York without regard to principles of conflict of laws of such jurisdiction
or any other jurisdiction.

     (e) Headings; Sections. All headings and captions in this Agreement are for
purposes of reference only and shall not be construed to limit or affect the
substance of this Agreement. All references to Section in this Agreement refer
to Sections of this Agreement, unless the context otherwise expressly provides.

     (f) Entire Agreement. This Agreement contains, and is intended as, a
complete statement of all the terms of the arrangements provided for herein, and
supersedes any previous agreements and understandings with respect to such
arrangements.

     (g) Specific Performance. The Company acknowledges and agrees that in the
event of any breach of this Agreement by the Company, the Holders would be
irreparably harmed and could not be made whole by monetary damages. Accordingly,
the Company hereby agrees that in addition to any other remedy to which the
Holders may be entitled at law or in equity, the Holders shall be entitled to
compel specific performance of this Agreement in any action instituted in any
court of the United States or any state thereof having subject matter
jurisdiction for such action.
<PAGE>

                                      -16-

     IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of
the date first above written.

                                        JOSTENS, INC.,
                                          a Minnesota corporation

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

                                      -17-

The foregoing Agreement is hereby
confirmed and accepted as of the
date first above written.

DEUTSCHE BANK SECURITIES INC.

By:  /s/ [Signature Illegible]
   --------------------------------
   Name:
   Title:

UBS WARBURG LLC

By:  /s/ Robert Parsons
    ----------------------------------
    Name:  Robert Parsons
    Title: Managing Director
           Leveraged Finance

By:  /s/ P. Whitridge Williams
    ----------------------------------
    Name:  P. Whitridge Williams
    Title: Director
           Leveraged Finance

GOLDMAN, SACHS & CO.

 /s/ GOLDMAN, SACHS & CO.
-----------------------------------<PAGE>

                                                                     EXHIBIT 4.6

                                  Jostens, Inc.

                                 $60,000,000 of
           14% Senior Redeemable Payment In-Kind Preferred Stock with
           Warrants to Purchase 531,325 Shares of Class E Common Stock

                               PURCHASE AGREEMENT
                               ------------------

                                                         May 10, 2000

DB Capital Investors, L.P.
130 Liberty Street
25th Floor
New York, NY  10006

Ladies and Gentlemen:

         The undersigned hereby confirms its agreement with you (the
"Purchaser") as set forth below.

         1. The Securities. Subject to the terms and conditions herein
contained, Jostens, Inc., a Minnesota corporation (the "Company"), proposes to
issue and sell to the Purchaser 60,000 shares of the 14% Senior Redeemable
Payment In-Kind Preferred Stock of the Company (the "Preferred Stock") with an
aggregate liquidation preference of $60,000,000, together with Warrants (the
"Warrants") to purchase an aggregate of 531,325 shares of the Series E common
stock of the Company, par value $0.01 per share (the "Common Stock"), to be
issued upon exercise of the Warrants (the "Warrant Shares") representing 5% of
the outstanding Common Stock of the Company on a fully diluted basis. The
Preferred Stock and the Warrants are referred to herein collectively as the
"Securities".

         The Securities will be offered and sold to the Purchaser without being
registered under the Securities Act of 1933, as amended (the "Act"), in reliance
on exemptions therefrom.

         The Securities will be offered in connection with a recapitalization
transaction (such transaction, together with the Merger referred to below, the
"Recapitalization") as a result of which (x) Investcorp Investment Equity
Limited and certain of its affiliates (collectively, "Investcorp") and certain
other institutional equity investors would own up to approximately 94% of the
outstanding common stock of the Company and (y) the Company's existing
shareholders would retain the remaining common stock in the Company. The
undersigned understands that the Recapitalization will be effected by means of a
merger of a newly formed company created by Investcorp and its affiliates
("MergerCo") with and into the Company, with the Company being the surviving
corporation (the "Surviving Corporation") of such merger (the "Merger"),
pursuant to an agreement and plan of merger entered into between MergerCo and
the Company (the "Merger Agreement") dated as of December 27, 1999. Concurrently
with the consummation of the Recapitalization, the Company and its subsidiaries
will refinance
<PAGE>

substantially all of their outstanding debt (the "Refinancing" and, together
with the Recapitalization and the incurrence of the financings described below,
the "Transaction").

         In connection with the issuance of senior subordinated notes generating
gross cash proceeds of $240.0 million (the "Senior Subordinated Notes"), the
Company has prepared a preliminary offering memorandum dated April 16, 2000 (the
"Preliminary Memorandum") and will prepare a final offering memorandum to be
dated May 3, 2000 (the "Final Memorandum"; the Preliminary Memorandum and the
Final Memorandum each herein being referred to as the "Memorandum," and if the
Final Memorandum is not prepared, then each reference to the Final Memorandum
herein shall be deemed a reference to the Preliminary Memorandum) setting forth
or including a description of the Company and the Subsidiaries (as defined
below) and any material developments relating to the Company and the
Subsidiaries occurring after the date of the most recent historical financial
statements included therein.

         The Company will enter into (i) a registration rights agreement with
respect to the Preferred Stock, whereby the Company will agree to file a shelf
registration statement covering resales of the Preferred Stock (the "Preferred
Stock Registration Rights Agreement"), (ii) a registration rights agreement with
respect to the Warrant Shares and certain other shares of the capital stock of
the Company, whereby the Company will agree to file a registration statement
covering resales of the Warrant Shares (the "Registration Rights Agreement") and
(iii) a Warrant Agreement (the "Warrant Agreement"), prior to, or concurrently
with, the issuance of the Securities. In addition, the Company will file a
Certificate of Designation with respect to the Preferred Stock (the "Certificate
of Designation") with the Secretary of State of the State of Minnesota.

         2. Representations and Warranties. The Company represents and warrants
to, and agrees with the Purchaser that:

                  (a) Neither the Preliminary Memorandum as of the date thereof
         nor the Final Memorandum nor any amendment or supplement thereto as of
         the date thereof and, in the case of the Final Memorandum and any
         amendment or supplement thereto, at all times subsequent thereto up to
         the Closing Date (as defined in Section 3 below) contained or shall
         contain any untrue statement of a material fact or omitted or omits to
         state a material fact necessary to make the statements therein, in the
         light of the circumstances under which they were made, not misleading,
         except that (i) the representations and warranties set forth in this
         Section 2(a) do not apply to statements or omissions made in reliance
         upon and in conformity with information furnished to the Company in
         writing by the Purchaser expressly for use in the Preliminary
         Memorandum, the Final Memorandum or any amendment or supplement thereto
         and (ii) the Memorandum was designed as an offering memorandum for the
         Senior Subordinated Notes and not the Securities. The Final Memorandum
         conforms in all material respects to the requirements of the Act and
         the rules and regulations promulgated thereunder as if it was a
         prospectus filed as part of a registration statement on Form S-3
         relating to the Senior Subordinated Notes.

                  (b) After giving effect to the Merger, as of the Closing Date,
         the Company will have the authorized and issued capital stock set forth
         in the Final Memorandum under the

                                       2
<PAGE>

         heading entitled "Capitalization"; the Company will own the percentage
         of the issued and outstanding stock (or other equity securities) of
         each of the Subsidiaries as listed on Schedule 1 hereto; all of the
         outstanding shares of capital stock of the Company and the Subsidiaries
         as of the Closing Date will be duly authorized and validly issued, are
         fully paid and nonassessable and were not issued in violation of any
         preemptive rights; except as set forth in the Final Memorandum and
         certain warrants in favor of Investcorp or its affiliates that will be
         exercisable for Class B common stock of the Company to the extent an
         equal number of shares of Class B common stock of the Company is being
         redeemed contemporaneously, there are no outstanding (i) options,
         warrants or other rights to purchase from the Company and the
         Subsidiaries, (ii) agreements or other obligations of the Company or
         any of the Subsidiaries to issue or (iii) other rights to convert any
         obligation into, or exchange any securities of, shares of capital stock
         of, or other equity securities of, the Company or any of the
         Subsidiaries. The entities listed on Schedule 1 hereto (collectively,
         the "Subsidiaries") are the only subsidiaries, direct or indirect, of
         the Company. Except as disclosed on Schedule 1, the Company does not
         own, directly or indirectly, any capital stock or any other equity/or
         long-term debt securities or have any equity interests in any firm,
         partnership, joint venture, limited liability company or other entity.

                  (c) The Company and each of the Subsidiaries has been duly
         incorporated, is validly existing and is in good standing as a
         corporation under the laws of its jurisdiction of incorporation, with
         all requisite corporate power and authority to own its properties and
         conduct its business as now conducted, and as described in the Final
         Memorandum; each of the Company and the Subsidiaries is duly qualified
         to do business as a foreign corporation in good standing in all other
         jurisdictions where the ownership or leasing of its properties or the
         conduct of its business requires such qualification, except where the
         failure to be so qualified would not, individually or in the aggregate,
         reasonably be expected to affect the business, financial condition or
         results of operations of the Company, together with its Subsidiaries,
         taken as a whole, excluding in all cases: any events or conditions
         generally affecting the industries in which the Company operates or
         arising from changes in general business or economic conditions (a
         "Material Adverse Effect").

                  (d) The Company has all requisite corporate power and
         authority to execute, deliver and perform its obligations under each of
         the Preferred Stock Registration Rights Agreement, the Registration
         Rights Agreement and the Warrant Agreement. Each of such agreements has
         been duly and validly authorized, executed and delivered by the Company
         and will constitute a valid and legally binding agreement of the
         Company enforceable against the Company in accordance with its terms,
         except as the enforceability thereof may be limited by bankruptcy,
         insolvency, reorganization, fraudulent conveyance, moratorium,
         indemnity, contribution or other similar laws affecting the enforcement
         of creditors' rights generally and by general equitable principles
         (regardless of whether the issue of enforceability is considered in a
         proceeding in equity or at law).

                                       3
<PAGE>

                  (e) The Warrants have been duly authorized by the Company and,
         when issued and delivered by the Company in accordance with the terms
         of this Agreement and the Warrant Agreement, will constitute valid and
         legally binding obligations of the Company, enforceable in accordance
         with their terms, except as the enforceability thereof may be limited
         by bankruptcy, insolvency, reorganization, fraudulent conveyance,
         moratorium or other similar laws affecting the enforcement of
         creditors' rights generally and by general equitable principles
         (regardless of whether the issue of enforceability is considered in a
         proceeding in equity or at law).

                  (f) The Warrant Shares have been duly and validly authorized
         and validly reserved for issuance and when issued and paid for upon
         exercise of the Warrants in accordance with the terms of the Warrants
         and the Warrant Agreement, will be validly issued, fully paid,
         nonassessable and free of preemptive rights.

                  (g) The Certificate of Designation relating to the Preferred
         Stock and any additional Preferred Stock issued as dividends in
         accordance with the terms of the Certificate of Designation (such
         additional Preferred Stock being referred to herein as the "Dividend
         PIK Preferred Stock") have been duly authorized by the Company. Upon
         filing of such Certificate of Designation with the Secretary of State
         of the State of Minnesota, the Preferred Stock and the Dividend PIK
         Preferred Stock will be duly authorized and, when issued and delivered
         by the Company against payment therefor in accordance with, in the case
         of the Preferred Stock, the provisions of this Agreement and, in the
         case of the Dividend PIK Preferred Stock, in accordance with the terms
         of the Certificate of Designation, will be validly issued, fully paid
         and nonassessable and free of any preemptive rights; the certificates
         for the Preferred Stock and the Dividend PIK Preferred Stock will be in
         due and proper form; and the holders of such Preferred Stock and
         Dividend PIK Preferred Stock will not be subject to personal liability
         by reason of being such holders. The Company has reserved for issuance,
         and duly authorized the issuance of, the number of shares of Preferred
         Stock (60,000 shares), and the maximum number of shares of Dividend PIK
         Preferred Stock issuable as dividends pursuant to the terms of the
         Certificate of Designation allowed by its certificate of incorporation
         (247,500 shares). The certificate of incorporation of the Company, by
         virtue of the filing of the Certificate of Designation, will set forth
         the rights, preferences and priorities of the Preferred Stock and the
         Dividend PIK Preferred Stock.

                  (h) The Company has all requisite corporate power and
         authority to execute, deliver and perform its obligations under this
         Agreement and to consummate the transactions contemplated hereby. This
         Agreement has been duly and validly authorized, executed and delivered
         by the Company.

                  (i) No consent, approval, authorization or order of any court
         or governmental agency or body or third party is required for the
         execution, delivery or performance by the Company or any Subsidiary of
         this Agreement, the Preferred Stock Registration Rights Agreement, the
         Registration Rights Agreement, the Warrant Agreement, and the
         Certificate of Designation, or the consummation by the Company or any
         of the Subsidiaries of the transactions contemplated hereby or thereby
         that are to be completed

                                       4
<PAGE>

         on or before the Closing Date, except such as have been obtained or
         disclosed in the Final Memorandum and except for approvals and
         authorizations contemplated by the Preferred Stock Registration Rights
         Agreement and the Registration Rights Agreement. None of the Company or
         any of the Subsidiaries is (i) in violation of its articles of
         incorporation or bylaws (or similar organizational document), (ii) in
         breach or violation of any statute, judgment, decree, order, rule or
         regulation applicable to any of them or any of their respective
         properties or assets, or (iii) in breach of or in default under (nor
         has any event occurred which, with notice or passage of time or both,
         would constitute a default under) or in violation of any of the terms
         or provisions of any indenture, mortgage, deed of trust, loan
         agreement, note, lease, license, franchise agreement, permit,
         certificate, contract or other agreement or instrument to which any of
         them is a party or to which any of them or their respective properties
         or assets is subject (collectively, "Contracts") except in the case of
         clauses (ii) and (iii) above such violations, breaches or defaults that
         would not, individually or in the aggregate, have a Material Adverse
         Effect.

                  (j) The execution, delivery and performance by the Company of
         this Agreement, the Preferred Stock Registration Rights Agreement, the
         Registration Rights Agreement, the Warrant Agreement and the
         Certificate of Designation, and the consummation by the Company of the
         transactions contemplated hereby and thereby, will not conflict with or
         constitute or result in a breach of or a default under (or an event
         which with notice or passage of time or both would constitute a default
         under) or violation of any of (i) the terms or provisions of any
         Contract except such conflicts, breaches, defaults or violations, that
         would not, individually or in the aggregate, have a Material Adverse
         Effect, (ii) the certificate of incorporation or by-laws (or similar
         organizational documents) of the Company, or (iii) any statute,
         judgment, decree, order, rule or regulation applicable to the Company
         or any of its properties or assets except such conflicts, breaches,
         defaults or violations that would not, individually or in the
         aggregate, have a Material Adverse Effect.

                  (k) None of the Company, the Subsidiaries nor any agent acting
         on any of their behalf has taken or will take any action that might
         cause this Agreement or the sale of the Securities to violate
         Regulation T, U or X of the Board of Governors of the Federal Reserve
         System, in each case as in effect, or as the same may hereafter be in
         effect, on the Closing Date.

         3. Purchase, Sale and Delivery of the Securities. On the basis of the
representations, warranties, agreements and covenants herein contained and
subject to the terms and conditions herein set forth, the Company agrees to
issue and sell to the Purchaser, and the Purchaser agrees to purchase from the
Company 60,000 shares of Preferred Stock and Warrants to purchase an aggregate
of 531,325 Warrant Shares for an aggregate purchase price of $60.0 million. One
or more certificates in definitive form for the shares of Preferred Stock and
the Warrants that the Purchaser has agreed to purchase hereunder, and in such
denomination or denominations and registered in such name or names as the
Purchaser requests upon notice to the Company at least 48 hours prior to the
Closing Date, shall be delivered by or on behalf of the Company to the
Purchaser, against payment by or on behalf of the Purchaser of the purchase

                                       5
<PAGE>

price therefor by wire transfer to such account or accounts as the Company shall
specify prior to the Closing Date, or by such means as the parties hereto shall
agree prior to the Closing Date. Such delivery of and payment for the Securities
shall be made at the offices of Gibson, Dunn & Crutcher LLP, 200 Park Avenue,
New York, New York 10166 at 10:00 A.M., New York time, on May 9, 2000, or at
such other place, time or date as the Purchaser, on the one hand, and the
Company, on the other hand, may agree upon, such time and date of delivery
against payment being herein referred to as "Closing Date." The Company will
make such certificate or certificates for the Securities available for
inspection by the Purchaser at such place as designated by the Purchaser at
least 24 hours prior to the Closing Date.

         4. Representations and Warranties of Purchaser. Purchaser hereby
represents and warrants to the Company as follows:

                  (a) Purchaser is a limited partnership duly organized, validly
         existing and in good standing under the laws of Delaware and has full
         power and authority to enter into and consummate the transactions
         contemplated by this Agreement.

                  (b) Purchaser is an "accredited investor" as such term is
         defined in Rule 501(a) promulgated under the Act, and is financially
         able to hold the Securities for long term investment and to suffer a
         complete loss of its investment in the Securities. The Securities are
         being purchased by Purchaser for its own account for investment
         purposes, and not with a view to any distribution thereof within the
         meaning of the Act. Purchaser has had the opportunity to ask questions
         of the Company and its officers and employees and to receive to its
         satisfaction such information about the business and financial
         condition of the Company as it considers necessary or appropriate for
         deciding whether to purchase the Securities, and Purchaser is fully
         capable of understanding and evaluating the risks associated with the
         ownership of the Securities.

                  (c) Purchaser has conducted its own diligence investigation
         with respect to the merits and risks associated with the Merger and
         related financings. Notwithstanding that representatives of Investcorp
         may have provided information to Purchaser (including, without
         limitation, information concerning Jostens, the Merger and related
         matters), Purchaser is not relying on and has not relied on any
         representation by Investcorp or any affiliate or representative of
         Investcorp with respect to any aspect of the Merger, the financings or
         the business or prospects of Jostens, other than the representations
         and warranties of the Company hereunder and those representations and
         warranties of the Company contained in the Merger Agreement.

         5. Acknowledgments and Agreements of Purchaser. Purchaser acknowledges
and agrees that:

                  (a) The Securities will not be registered under the Act or
         under the securities laws of any state and must be held by Purchaser
         indefinitely unless the resale of the Securities is subsequently
         registered under the Act and any applicable state securities law or an
         exemption from such registration becomes or is available. In addition
         to any legend required by law or any other agreement by which Purchaser
         is bound, the Company shall

                                       6
<PAGE>

         place a legend in substantially the following form on any certificate
         representing the Securities:

                  "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."

                  Additionally, the Company shall place a legend in
         substantially the following form of any certificate representing the
         Securities:

                  "THESE SECURITIES ARE SUBJECT TO MANDATORY REDEMPTION BY THE
                  CORPORATION. THE CORPORATION WILL FURNISH WITHOUT CHARGE TO
                  EACH SHAREHOLDER 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 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."

                  "THIS SECURITY IS ALSO SUBJECT TO A SHAREHOLDERS AGREEMENT,
                  DATED AS OF MAY 10 , 2000, AMONG THE COMPANY, INVESTCORP
                  INVESTMENT EQUITY LIMITED, THE OTHER HOLDERS OF THE CLASS D
                  COMMON STOCK OF THE COMPANY AND DB CAPITAL INVESTORS L.P. A
                  COPY OF SUCH SHAREHOLDERS AGREEMENT MAY BE OBTAINED WITHOUT
                  CHARGE AND UPON REQUEST ADDRESSED TO THE SECRETARY OF THE
                  COMPANY AT THE REGISTERED OFFICE OF THE COMPANY"

         6. Expenses. The Company agrees to pay, upon the consummation of the
Recapitalization (including the purchase of the Securities pursuant to this
Agreement), all reasonable costs and expenses of the Purchaser and its
affiliates (including the reasonable fees and expenses of White & Case LLP and
other counsel to the Purchaser and the Purchaser's and its affiliates', out of
pocket expenses) arising in connection with the purchase of the Securities, the
Recapitalization and the other transactions contemplated hereby and thereby (and
the Purchaser's due diligence efforts in connection herewith).

         7. Conditions of the Purchaser's Obligations. The obligation of the
Purchaser to purchase and pay for the Securities shall, in their reasonable
discretion, be subject to the satisfaction or waiver of the following conditions
on or prior to the Closing Date:

                (a) On the Closing Date, the Purchaser shall have received the
         opinion, dated as of the Closing Date and addressed to the Purchaser,
         of Faegre & Benson LLP, Minnesota

                                       7
<PAGE>

         counsel to the Company, or, as to paragraphs (iii), (iv) and (viii) (to
         the extent relating to matters under New York state or Federal law or
         to the extent relating to the filing of the Certificate of
         Designation), paragraph (ix) (to the extent relating to any matters
         under New York state or Federal law), and paragraphs (xi), (xiii) and
         (xiv), of Gibson, Dunn and Crutcher LLP, New York counsel for the
         Company, or, as to paragraphs (ii) (to the extent relating to shares of
         capital stock issued prior to the Closing Date, contractual preemptive
         or similar rights or the second sentence of paragraph (ii)), (iii) and
         (iv) (to the extent relating to execution, issuance and delivery by the
         Company), (v) (to the extent relating to contractual preemptive
         rights), (vi) (to the extent relating to contractual preemptive
         rights), (vii) (to the extent relating to execution and delivery,
         (viii) (second sentence), (ix) (to the extent relating to Material
         Contracts (as defined herein)), (x) and (xii), by William George,
         General Counsel to the Company in form and substance reasonably
         satisfactory for counsel to the Purchaser, dated the Closing Date,
         substantially to the effect that:

                           (i) The Company has been duly incorporated, is
                  validly existing and is in good standing as a corporation
                  under the laws of its jurisdiction of incorporation, with all
                  requisite corporate power and authority to own its properties
                  and conduct its business as now conducted, and as described in
                  the Final Memorandum.

                           (ii) All of the outstanding shares of capital stock
                  of the Company as of the Closing Date are duly authorized and
                  validly issued, are fully paid and nonassessable and were not
                  issued in violation of any preemptive or similar rights;
                  Except as set forth in the Final Memorandum and certain
                  warrants in favor of Investcorp or its affiliates that will be
                  exercisable for Class B common stock to the extent an equal
                  number of shares of Class B common stock is being redeemed
                  contemporaneously there are no outstanding (i) options,
                  warrants or other rights to purchase shares of capital stock
                  of the Company from the Company or the Subsidiaries, (ii)
                  agreements or other obligations of the Company or any of the
                  Subsidiaries to issue or (iii) other rights to convert any
                  obligation into, or exchange any securities of, shares of
                  capital stock of, or other equity securities of, the Company.

                           (iii) The Company has all requisite corporate power
                  and authority to execute, deliver and perform its obligations
                  under each of the Preferred Stock Registration Rights
                  Agreement, the Registration Rights Agreement and the Warrant
                  Agreement. Each of such agreements has been duly and validly
                  authorized, executed and delivered by the Company and
                  constitutes a valid and legally binding agreement of the
                  Company enforceable against the Company in accordance with its
                  terms, except as the enforceability thereof may be limited by
                  bankruptcy, insolvency, reorganization, fraudulent conveyance,
                  moratorium, indemnity, contribution or other similar laws
                  affecting the enforcement of creditors' rights generally and
                  by general equitable principles (regardless of whether the
                  issue of enforceability is considered in a proceeding in
                  equity or at law).

                                       8
<PAGE>

                           (iv) The Warrants have been duly authorized by the
                  Company and, when issued and delivered by the Company in
                  accordance with the terms of this Agreement, will constitute
                  valid and legally binding obligations of the Company,
                  enforceable in accordance with their terms, except as the
                  enforceability thereof may be limited by bankruptcy,
                  insolvency, reorganization, fraudulent conveyance, moratorium
                  or other similar laws affecting the enforcement of creditors'
                  rights generally and by general equitable principles
                  (regardless of whether the issue of enforceability is
                  considered in a proceeding in equity or at law).

                           (v) The Warrant Shares have been duly and validly
                  authorized and validly reserved for issuance, and when issued
                  and paid for upon exercise of the Warrants in accordance with
                  the terms of the Warrants and the Warrant Agreement, will be
                  validly issued, fully paid, nonassessable and free of
                  preemptive rights.

                           (vi) The Certificate of Designation relating to the
                  Preferred Stock and any Dividend PIK Preferred Stock has been
                  duly authorized by the Company. Upon filing of such
                  Certificate of Designation with the Secretary of State of the
                  State of Minnesota, the Preferred Stock and the Dividend PIK
                  Preferred Stock will be duly authorized and, when issued and
                  delivered by the Company against payment therefor in
                  accordance with the provisions of this Agreement and, in the
                  case of any Dividend PIK Preferred Stock, in accordance with
                  the terms of the Certificate of Designation, will be validly
                  issued, fully paid and nonassessable and free of any
                  preemptive rights; the certificates for the Preferred Stock
                  and the Dividend PIK Preferred Stock will be in due and proper
                  form; and the holders of such Preferred Stock and Dividend PIK
                  Preferred Stock will not be subject to personal liability
                  under the Minnesota Business Corporation Act by reason of
                  being such holders. The Company has reserved for issuance, and
                  duly authorized the issuance of, the number of shares of
                  Preferred Stock (60,000 shares), and the maximum number of
                  shares of Dividend PIK Preferred Stock issuable as dividends
                  pursuant to the terms of the Certificate of Designation
                  allowed by its certificate of incorporation (247,500 shares).
                  The articles of incorporation of the Company, by virtue of the
                  filing of the Certificate of Designation, will set forth the
                  rights, preferences and priorities of the Preferred Stock and
                  the Dividend PIK Preferred Stock.

                           (vii) The Company has all requisite corporate power
                  and authority to execute, deliver and perform its obligations
                  under this Agreement and to consummate the transactions
                  contemplated hereby. This Agreement has been duly and validly
                  authorized, executed and delivered by the Company.

                           (viii) No consent, approval, authorization or order
                  of any United States federal, or New York or Minnesota state
                  court or governmental agency or body is required for the
                  execution, delivery or performance by the Company of this
                  Agreement, the Preferred Stock Registration Rights Agreement,
                  the Registration Rights Agreement, the Warrant Agreement, and
                  the Certificate of Designation, or the consummation by the
                  Company or any of the Subsidiaries of the transactions

                                       9
<PAGE>

                  contemplated hereby or thereby that are to be completed prior
                  to or on the date hereof, except such as have been obtained or
                  disclosed in the Final Memorandum and for approvals and
                  authorizations contemplated by the Preferred Stock
                  Registration Rights Agreement or the Registration Rights
                  Agreement. The Company is not in violation of its articles of
                  incorporation or bylaws (or similar organizational document),
                  except such violations as would not, individually or in the
                  aggregate, have a Material Adverse Effect.

                           (ix) The execution, delivery and performance by the
                  Company of this Agreement, the Preferred Stock Registration
                  Rights Agreement, the Registration Rights Agreement, the
                  Warrant Agreement and the Certificate of Designation, and the
                  consummation by the Company of the transactions contemplated
                  hereby and thereby, and the fulfillment of the terms hereof
                  and thereof, will not constitute or result in a breach of or a
                  default under (or an event which with notice or passage of
                  time or both would constitute a default under) any material
                  contract filed as an exhibit to the Company's annual report on
                  Form 10-K for the fiscal year ended 1999 (a "Material
                  Contract") or violate any of the articles of incorporation or
                  by-laws of the Company or violate any statute, judgment,
                  decree, order, rule or regulation of the United States or the
                  States of Minnesota or New York (of which such counsel is
                  aware) applicable to the Company or any of their respective
                  properties or assets except such breaches, defaults or
                  violations that would not, individually or in the aggregate,
                  have a Material Adverse Effect.

                           (x) To the knowledge of such counsel, there is not
                  pending or threatened any action, suit, proceeding, inquiry,
                  investigation or legislative mandate to which the Company is a
                  party or to which the property or assets of the Company are
                  subject, before or brought by any court, arbitrator or
                  governmental agency or body which seeks to restrain, enjoin,
                  prevent the consummation of or otherwise challenge the
                  issuance or sale of the Securities to be sold hereunder.

                           (xi) The execution, delivery and performance by the
                  Company of this Agreement or the sale of the Securities does
                  not violate Regulation T, U or X of the Board of Governors of
                  the Federal Reserve System, in each case as in effect on the
                  date hereof.

                           (xii) To the knowledge of such counsel, there are no
                  legal or governmental proceedings involving or affecting the
                  Company or any Subsidiary or any of their respective
                  properties or assets which would be required to be described
                  in a prospectus forming part of a registration statement filed
                  with the Commission pursuant to the Act that are not described
                  in the Preliminary Memorandum and the Final Memorandum.

                           (xiii) Neither the Company nor any of the
                  Subsidiaries is or immediately after the sale of the
                  Securities to be sold hereunder and the application of the
                  proceeds from such sale (as described in the Final Memorandum
                  under the caption "Use of Proceeds") will be an "investment
                  company" as such term is

                                       10
<PAGE>

                  defined in the Investment Company Act of 1940, as amended, and
                  the rules and regulations thereunder.

                           (xiv) Assuming accuracy of the representations and
                  warranties by the Purchaser under, and compliance by the
                  Purchaser with the provisions of, this Agreement, no
                  registration under the Act of the Securities is required in
                  connection with the sale of the Securities to the Purchaser.

         In rendering such opinion, such counsel may make such opinion subject
to such assumptions, qualifications and limitations as are customary for
transactions of this type and, without limitation, as to matters of fact, to the
extent they deem proper, on certificates of responsible officers of the Company
and public officials.

         (b) On the Closing Date, the Purchaser shall have received good
standing certificates for each of the Company and each of its Subsidiaries
guaranteeing the Issuer's Senior Subordinated Notes due 2010.

         (c) On the Closing Date, the Purchaser shall have received the
following documents duly authorized, executed and delivered by each of the
parties thereto, in form and substance reasonably satisfactory for counsel to
the Purchaser, and containing such terms and conditions that are usual and
customary in transactions similar to those contemplated hereby and thereby,
dated the Closing Date:

                  (i)      the Warrant Agreement;

                  (ii)     the Preferred Stock Registration Rights Agreement;

                  (iii)    the Registration Rights Agreement; and

                  (iv)     the Certificate of Designation.

         (d) The representations and warranties of the Company contained in this
Agreement shall be true and correct on and as of the date hereof and on and as
of the Closing Date as if made on and as of the Closing Date; the statements of
the Company's officers made pursuant to any certificate delivered in accordance
with the provisions hereof shall be true and correct on and as of the date made
and on and as of the Closing Date; the Company shall have performed in all
material respects all covenants and agreements and satisfied all conditions on
its part to be performed or satisfied hereunder at or prior to the Closing Date;
and, except as described in the Final Memorandum (exclusive of any amendment or
supplement thereto after the date hereof), subsequent to the date of the most
recent financial statements in such Final Memorandum, there shall have been no
event or development that, individually or in the aggregate, has had, or would
be reasonably likely to have, a Material Adverse Effect.

         (e) The sale of the Securities hereunder shall not be enjoined
(temporarily or permanently) on the Closing Date.

                                       11
<PAGE>

         (f) There shall not have occurred or become known to the Purchaser any
change in the business, financial condition or results of operations of the
Company, together with its Subsidiaries, taken as a whole, from that set forth
in the Final Memorandum that constitutes or would be reasonably expected to
constitute a Material Adverse Effect.

         (g) The Purchaser shall have received certificates of the Company,
dated the Closing Date, signed by its Chief Executive Officer and Chief
Financial Officer, to the effect that:

                  (w) The representations and warranties of the Company
         contained in this Agreement are true and correct as of the date hereof
         and as of the Closing Date, and the Company has performed all covenants
         and agreements and satisfied all conditions on their part to be
         performed or satisfied hereunder at or prior to the Closing Date;

                  (x) At the Closing Date, since the date hereof or since the
         date of the most recent financial statements in the Final Memorandum
         (exclusive of any amendment or supplement thereto after the date
         hereof), no event or events have occurred, no information has become
         known nor does any condition exist that, individually or in the
         aggregate, has had, or could reasonably be expected to have, a Material
         Adverse Effect;

                  (y) The sale of Securities hereunder has not been enjoined
         (temporarily or permanently); and

                  (z) Such other information as the Purchaser may reasonably
         request.

         (h) The Purchaser shall have received a certificate from the corporate
secretary of the Company, dated the Closing Date, attaching certified copies of
(i) all resolutions of the Board of Directors of the Company authorizing (a) the
transactions contemplated by this Agreement and (b) the entering into of this
Agreement, the Preferred Stock Registration Rights Agreement, the Registration
Rights Agreement and the Warrant Agreement and (ii) the articles of
incorporation and by-laws of the Company and certifying the names and true
signatures of those officers of the Company executing any documents contemplated
by this Agreement.

         (i) The Company shall have received, contemporaneously with the Merger,
the gross proceeds from an offering of the Senior Subordinated Notes in an
amount (currently anticipated to be $240.0 million) which, together with the
proceeds of the Credit Facility (as defined herein) and the net proceeds from
the issuance of the Securities and the capital contribution by MergerCo referred
to in paragraph (o) below, are sufficient to fund the Merger, which such Senior
Subordinated Notes shall be on customary terms for securities of their type and
maturity issued by issuers of similar credit quality, such terms to be
reasonably satisfactory to Purchaser in all material respects. Notwithstanding
anything to the contrary set forth herein, the Company shall be permitted to
initially obtain the funds anticipated to be received from the issuance of the

                                       12
<PAGE>

Senior Subordinated Notes out of the proceeds of a bridge financing on
substantially the terms and conditions of the bridge commitment letter (the
"Bridge Commitment Letter") among Investcorp, Bankers Trust Corporation, UBS AG,
Stamford Branch and West Street Fund I, L.L.C., dated as of December 27, 1999
and otherwise on material terms and conditions reasonably satisfactory to
Purchaser.

         (j) The Company shall have entered into (x) a revolving credit facility
and (y) one or more term loan facilities (the "Credit Facility") on
substantially the terms and conditions of the commitment letter (the "Credit
Facility Commitment Letter") among Investcorp, The Chase Manhattan Bank, Chase
Securities, Inc., Deutsche Bank AG, Goldman Sachs Credit Partners L.P. and UBS
AG, Stamford Branch, dated as of December 27, 1999 and otherwise on material
terms and conditions reasonably satisfactory to Purchaser.

         (k) There not having occurred or become known to Purchaser any material
adverse condition or material adverse change in or affecting, or which is
reasonably expected to affect the business, financial condition or results of
the Company, together with its subsidiaries, taken as a whole, excluding in all
cases any events or conditions generally affecting the industries in which the
Company operates or arising from changes in general business or economic
conditions (a "Material Adverse Effect").

         (l) All material governmental (domestic and foreign) and third party
approvals and/or consents in connection with the Merger and the other
transactions contemplated hereby or otherwise referred to herein being obtained
and remaining in effect, and all applicable waiting periods having expired
without any action being taken by any competent authority which restrains,
prevents or imposes materially adverse conditions upon, the consummation of the
transactions contemplated hereby or otherwise referred to herein.

         (m) There shall not exist any judgment, order, injunction or other
restraint prohibiting or imposing materially adverse conditions upon the
transactions contemplated hereby or referred to herein.

         (n) All purchases of Purchaser shall be in compliance with the Bank
Holding Company Act of 1956, and all other applicable foreign and domestic
banking statutes, and all regulations (including, without limitation, all
regulations of the Federal Reserve Board) promulgated thereunder, in each case
as amended through the closing. Assuming that the investments by the Purchaser
that are contemplated by this Purchase Agreement are consummated on the basis
set forth in this Purchase Agreement, the Purchaser believes that such
investments will be in compliance with the Bank Holding Company Act of 1956, and
all other applicable foreign and domestic banking statutes, and all regulations
(including, without limitation, all regulations of the Federal Reserve Board)
promulgated thereunder, in each case as amended through the closing.

         (o) The Company shall have received a common equity contribution in an
amount not less than $208,700,000 from MergerCo.

                                       13
<PAGE>

         On or before the Closing Date, the Purchaser and counsel for the
Purchaser shall have received such further documents, certificates, letters and
schedules or instruments relating to the business, corporate, legal and
financial affairs of the Company and the Subsidiaries as they shall have
heretofore reasonably requested from the Company and the Subsidiaries.

         All such documents, opinions, certificates, letters, schedules or
instruments delivered pursuant to this Agreement will comply with the provisions
hereof only if they are reasonably satisfactory in all material respects to the
Purchaser and counsel for the Purchaser. The Company and the Subsidiaries shall
furnish to the Purchaser such conformed copies of such documents, opinions,
certificates, letters, schedules and instruments in such quantities as the
Purchaser shall reasonably request.

         8. Termination. (p) This Agreement may be terminated in the sole
discretion of the Purchaser by notice to the Company given prior to the Closing
Date in the event that the Company shall have failed, refused or been unable to
perform all obligations and satisfy all conditions on their respective part to
be performed or satisfied hereunder at or prior thereto or, if at or prior to
the Closing Date any of the following shall have occurred:

                  (i) any of the Company or the Subsidiaries shall have
         sustained any loss or interference with respect to its businesses or
         properties from fire, flood, earthquakes, hurricane, accident or other
         calamity, whether or not covered by insurance, or from any strike,
         labor dispute, slow down or work stoppage or any legal or governmental
         proceeding, which loss or interference has had or would be reasonably
         likely to have a Material Adverse Effect, or there shall have been, in
         the sole judgment of the Purchaser, any other event or development
         that, individually or in the aggregate, has or could be reasonably
         likely to have a Material Adverse Effect (including without limitation
         a change in control of the Company or the Subsidiaries), except in each
         case as described in the Final Memorandum (exclusive of any amendment
         or supplement thereto);

                  (ii) the sale of the Securities to the Purchaser hereunder
         would violate the Bank Holding Company Act of 1956, as amended; and

                  (iii) a preliminary or permanent injunction or other order
         shall have been issued by any court or by any government agency or body
         which prohibits the consummation of the Merger or the other
         transactions contemplated by the Agreement and is in effect at the
         Closing Date.

         (q) Termination of this Agreement pursuant to this Section 8 shall be
without liability of any party to any other party.

         9. Notices. All communications hereunder shall be in writing and, if
sent to the Purchaser, shall be mailed or delivered to (i) DB Capital Investors,
L.P., 130 Liberty Street, 25th Floor, New York, New York 10006, Attention:
Robert Sharp, with a copy to White & Case LLP, 1155 Avenue of the Americas, New
York, New York 10036, Attention: S. Ward Atterbury, Esq.; if sent to the
Company, shall be mailed or delivered to the Company at 5501 Norman Center
Drive, Minneapolis, Minnesota 55437 Attn: General Counsel.

                                       14
<PAGE>

         All such notices and communications shall be deemed to have been duly
given: when delivered by hand, if personally delivered; five business days after
being deposited in the mail, postage prepaid, if mailed; and one business day
after being timely delivered to a next-day air courier.

         10. Successors. This Agreement shall inure to the benefit of and be
binding upon the Purchaser, the Company, the Subsidiaries and their respective
successors and legal representatives, and nothing expressed or mentioned in this
Agreement is intended or shall be construed to give any other person (including
any purchaser of any Securities from the Purchaser) any legal or equitable
right, remedy or claim under or in respect of this Agreement, or any provisions
herein contained; this Agreement and all conditions and provisions hereof being
intended to be and being for the sole and exclusive benefit of such persons and
for the benefit of no other person.

         11. APPLICABLE LAW. THE VALIDITY AND INTERPRETATION OF THIS AGREEMENT,
AND THE TERMS AND CONDITIONS SET FORTH HEREIN, SHALL BE GOVERNED BY AND
CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK APPLICABLE TO
CONTRACTS MADE AND TO BE PERFORMED WHOLLY THEREIN, WITHOUT GIVING EFFECT TO ANY
PROVISIONS THEREOF RELATING TO CONFLICTS OF LAW THAT WOULD REQUIRE THE
APPLICATION OF ANY OTHER LAW.

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

                                       15
<PAGE>

         If the foregoing correctly sets forth our understanding, please
indicate your acceptance thereof in the space provided below for that purpose,
whereupon this letter shall constitute a binding agreement between the Company
and the Purchaser.

                                                     Very truly yours,

                                        JOSTENS, INC.

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

The foregoing Agreement is hereby
confirmed and accepted as of the
date first above written.

DB CAPITAL INVESTORS, L.P.

By:    DB Capital Partners, L.P.
       its General Partner

By:    DB Capital Partners, Inc.,
       its General Partner

By:  /s/ Robert Sharp
   -------------------------------
   Name:  Robert Sharp
   Title: Managing Director

                                       16
<PAGE>

                                                                      SCHEDULE 1
                                                                      ----------

                           Subsidiaries of the Company

                                                          Jurisdiction of
Name                                                      Incorporation
----                                                      -------------

American Yearbook Company, Inc.                           Kansas
Jostens Canada, Ltd.                                      Canada
Balfirm Canada, Inc.                                      Canada
Jostens Can Investments B.V.                              The Netherlands
Jostens International Holding B.V.                        The Netherlands
C.V. Jostens Global Trading                               The Netherlands
JC Trading, Inc.                                          Puerto Rice
Conceptos Jostens, S.A. de C.V.                           Mexico
Reconocimientos E Incentivos, S.A. de C.V.                Mexico
JostFer S.A. de C.V.                                      Mexico
Reconocimientos, S.A.                                     Columbia

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