Document:

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                                                                   EXHIBIT 10.23

                 FIFTH AMENDMENT AND WAIVER TO CREDIT AGREEMENT

          FIFTH AMENDMENT AND WAIVER TO CREDIT AGREEMENT (this "Amendment"),
dated as of November 26, 2001, among VERTIS HOLDINGS, INC. (f/k/a Big Flower
Holdings, Inc.), a Delaware corporation ("Holdings"), VERTIS, INC. (f/k/a Big
Flower Press Holdings, Inc.), a Delaware corporation ("Vertis"), VERTIS LIMITED
(f/k/a Big Flower Limited), a Wholly-Owned Subsidiary of Vertis and a limited
company organized under the laws of England ("VL"), VERTIS DIRECT MARKETING
SERVICES (CROYDON) LIMITED (f/k/a Olwen Direct Mail Limited), a Wholly-Owned
Subsidiary of VL and a limited company organized under the laws of England
("VDMS"), VERTIS DIGITAL SERVICES LIMITED (f/k/a Big Flower Digital Services
Limited), an indirect Wholly-Owned Subsidiary of Vertis and a limited company
organized under the laws of England ("VDSL"), FUSION PREMEDIA GROUP LIMITED
(f/k/a Troypeak Limited), an indirect Wholly-Owned Subsidiary of Vertis and a
limited company organized under the laws of England ("Fusion"), PISMO LIMITED,
an indirect Wholly-Owned Subsidiary of Vertis and a limited company organized
under the laws of England ("Pismo"), VERTIS DIRECT RESPONSE LIMITED (f/k/a
Colorgraphic Direct Response Limited), a Wholly-Owned Subsidiary of VL and a
limited company organized under the laws of England ("VDRL"), and THE ADMAGIC
GROUP LIMITED, an indirect Wholly-Owned Subsidiary of Vertis and a limited
company organized under the laws of England ("Admagic" and, together with
Vertis, VL, VDMS, VDSL, Fusion, Pismo and VDRL, the "Borrowers", and each, a
"Borrower"), the Lenders from time to time party to the Credit Agreement
referred to below, CHASE SECURITIES, INC. and DEUTSCHE BANK SECURITIES, INC., as
Joint Lead Arrangers and Joint Book Managers (in such capacity, the "Joint Lead
Arrangers"), JP MORGAN CHASE BANK (f/k/a The Chase Manhattan Bank), as
Administrative Agent (the "Administrative Agent"), BANKERS TRUST COMPANY, as
Syndication Agent, BANK OF AMERICA, N.A., as Documentation Agent, and certain
Managing Agents party to the Credit Agreement. All capitalized terms used herein
and not otherwise defined shall have the respective meanings provided such terms
in the Credit Agreement.

                              W I T N E S S E T H:

          WHEREAS, Holdings, the Borrowers, the Lenders, the Agents, the Joint
Lead Arrangers and the Managing Agents are parties to a Credit Agreement, dated
as of December 7, 1999 (as amended, modified or supplemented from time to time
to, but not including, the date hereof, the "Credit Agreement"); and

          WHEREAS, subject to the terms and conditions of this Amendment, the
parties hereto wish to amend the Credit Agreement and the Lenders wish to grant
certain waivers to the provisions of the Credit Agreement, in each case as
herein provided;

          NOW, THEREFORE, it is agreed:

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I.   AMENDMENTS AND WAIVERS TO CREDIT AGREEMENT.

          1.   Section 4.02(c) of the Credit Agreement is hereby amended by (i)
deleting the text "with respect to no more than $75,000,000 in the aggregate of
such Net Sale Proceeds (other than Net Sale Proceeds from the sale of any Public
Internet Investment) received by Holdings or its Subsidiaries in any fiscal year
of Holdings," appearing immediately after the text "PROVIDED that" appearing in
the first sentence of said Section and inserting the following text in lieu
thereof:

     "with respect to Net Sale Proceeds (other than Net Sale Proceeds from the
     sale of any Public Internet Investment) received by Holdings or its
     Subsidiaries in any fiscal year of Holdings not to exceed (in the
     aggregate) $20,000,000 (or, at any time on or after the Revised Financial
     Covenants Compliance Date, $75,000,000),",

and (ii) deleting the second sentence appearing in said Section and inserting
the following new sentence in lieu thereof:

     "Notwithstanding the foregoing provisions of this Section 4.02(c), (x) any
     mandatory repayment or commitment reduction not required to be made
     pursuant to the immediately preceding proviso prior to the Fifth Amendment
     Effective Date as a result of the application of the second sentence
     appearing in this Section 4.02(c) (as in effect immediately prior to the
     Fifth Amendment Effective Date) shall be required to be made on the Fifth
     Amendment Effective Date and (y) so long as no Default or Event of Default
     shall have occurred and be continuing (and subject to the following
     sentence), on and after the Revised Financial Covenants Compliance Date, no
     mandatory repayments or commitment reductions shall be required pursuant to
     the immediately preceding proviso appearing in this Section 4.02(c) until
     the date on which the aggregate Net Sale Proceeds from all Asset Sales not
     reinvested within the time periods specified by said proviso equals or
     exceeds $5,000,000.".

          2.   Section 8.01(f) of the Credit Agreement is hereby amended by (i)
deleting the word "and" appearing immediately prior to the text "(ix)" appearing
in clause (z) of said Section and inserting a comma in lieu thereof and (ii)
inserting the text "and (x)" immediately after the text "(ix)" appearing in
clause (z) of said Section.

          3.   Notwithstanding anything to the contrary contained in Sections
8.13, 9.02(vi) and 9.05(viii) of the Credit Agreement, at all times on and after
the Fifth Amendment Effective Date (as defined below) and prior to the Revised
Financial Covenants Compliance Date (as defined in the Credit Agreement after
giving effect to this Amendment), neither Vertis nor any of its Subsidiaries
shall be permitted to consummate any Permitted Acquisition without the express
written consent of the Required Lenders.

          4.   Notwithstanding anything to the contrary contained in Section
9.02(vii) of the Credit Agreement, neither Vertis nor any of its Subsidiaries
shall consummate any acquisition, merger, consolidation or combination pursuant
to (or in reliance on the provisions of) said Section 9.02(vii) at any time on
or after the Fifth Amendment Effective Date and prior to

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the Revised Financial Covenants Compliance Date.

          5.   Section 9.02(xiii) of the Credit Agreement is hereby amended by
inserting the text "at any time on and after the Revised Financial Covenants
Compliance Date" immediately after the text "PROVIDED that" appearing in said
Section.

          6.   Notwithstanding anything to the contrary contained in Section
9.03(xii) of the Credit Agreement, no cash Dividends may be made or paid by
Vertis to Holdings pursuant to (or in reliance on the provisions of) said
Section 9.03(xii) at any time on or after the Fifth Amendment Effective Date and
prior to the Revised Financial Covenants Compliance Date.

          7.   Section 9.04(xv) of the Credit Agreement is hereby amended by
deleting the figure "$25,000,000" appearing in said Section and inserting the
text "$15,000,000 (or, at any time on or after the Revised Financial Covenants
Compliance Date, $25,000,000)" in lieu thereof.

          8.   Section 9.04(xviii) of the Credit Agreement is hereby amended by
deleting the figure "$50,000,000" appearing in said Section and inserting the
text "$7,000,000 (or, at any time on or after the Revised Financial Covenants
Compliance Date, $50,000,000)" in lieu thereof.

          9.   Notwithstanding anything to the contrary contained in Section
9.05(vii) of the Credit Agreement, neither Vertis nor any of its Subsidiaries
shall make any Investment pursuant to (or in reliance on the provisions of) said
Section 9.05(vii) at any time on or after the Fifth Amendment Effective Date and
prior to the Revised Financial Covenants Compliance Date, except that Vertis
Direct Marketing Services (Leicester) Limited, a U.K. Subsidiary of Vertis, may
contribute to a joint venture to be formed by it and one or more third-parties
as a common equity capital contribution printing presses with a fair market
value (as determined in good faith by senior management of Holdings) not to
exceed $3,000,000 pursuant to (and in reliance on) said Section 9.05(vii).

          10.  Notwithstanding anything to the contrary contained in Section
9.05(xxii) of the Credit Agreement, neither Vertis nor any of its Subsidiaries
shall make any cash equity contributions pursuant to (or in reliance on the
provisions of) said Section 9.05(xxii) at any time on or after the Fifth
Amendment Effective Date and prior to the Revised Financial Covenants Compliance
Date.

          11.  Section 9.07(a) of the Credit Agreement is hereby amended by (i)
inserting the text "December 31, 2001 $75,200,000" into the table appearing in
said Section directly below the text "December 31, 2000 $125,000,000" appearing
in said table and (ii) deleting the figure "$100,000,000" appearing in the table
in said Section opposite the text "Each fiscal year ended thereafter" and
inserting the text "$50,000,000 (or, at any time on or after the Revised
Financial Covenants Compliance Date, $100,000,000)" in lieu thereof.

          12.  Notwithstanding anything to the contrary contained in Sections
9.07(b), (c), (f) and (g) of the Credit Agreement, neither Vertis nor any of its
Subsidiaries shall make any

                                        3
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Capital Expenditures pursuant to (or in reliance on the provisions of) any of
said Sections at any time on or after the Fifth Amendment Effective Date and
prior to the Revised Financial Covenants Compliance Date.

          13.  The Lenders hereby waive compliance by Holdings with Section 9.08
of the Credit Agreement for (and only for) the Test Period ending on the last
day of the fiscal quarter of Holdings ended September 30, 2001.

          14.  The Lenders hereby waive compliance by Holdings with Section 9.09
of the Credit Agreement at all times during (and only during) the period
commencing on September 30, 2001 and ending on the Fifth Amendment Effective
Date.

          15.  Section 9.08 of the Credit Agreement is hereby amended by (i)
deleting the ratio "1.65:1.00" appearing in the table in said Section opposite
the fiscal quarter ending December 31, 2001 and inserting the ratio "1.50:1.00"
in lieu thereof, (ii) deleting the ratio "1.80:1.00" appearing in the table in
said Section opposite the fiscal quarter ending March 31, 2002 and inserting the
ratio "1.50:1.00" in lieu thereof, (iii) deleting the ratio "1.80:1.00"
appearing in the table in said Section opposite the fiscal quarter ending June
30, 2002 and inserting the ratio "1.55:1.00" in lieu thereof, (iv) deleting the
ratio "1.80:1.00" appearing in the table in said Section opposite the fiscal
quarter ending September 30, 2002 and inserting the ratio "1.60:1.00" in lieu
thereof, and (v) deleting the ratio "1.80:1.00" appearing in the table in said
Section opposite the fiscal quarter ending December 31, 2002 and inserting the
ratio "1.60:1.00" in lieu thereof.

          16.  Section 9.09 of the Credit Agreement is hereby amended by (i)
deleting the ratio "6.00:1.00" appearing in the table in said Section opposite
the fiscal quarter ending December 31, 2001 and inserting the ratio "6.50:1.00"
in lieu thereof, (ii) deleting the ratio "5.25:1.00" appearing in the table in
said Section opposite the fiscal quarter ending March 31, 2002 and inserting the
ratio "6.50:1.00" in lieu thereof, (iii) deleting the ratio "5.25:1.00"
appearing in the table in said Section opposite the fiscal quarter ending June
30, 2002 and inserting the ratio "6.35:1.00" in lieu thereof, (iv) deleting the
ratio "5.25:1.00" appearing in the table in said Section opposite the fiscal
quarter ending September 30, 2002 and inserting the ratio "6.25:1.00" in lieu
thereof, and (v) deleting the ratio "5.25:1.00" appearing in the table in said
Section opposite the fiscal quarter ending December 31, 2002 and inserting the
ratio "6.15:1.00" in lieu thereof.

          17.  The definition of "Applicable Margin" appearing in Section 11.01
of the Credit Agreement is hereby amended by (i) deleting the first sentence
appearing in said definition in its entirety and inserting the following new
text in lieu thereof:

          "Applicable Margin" shall mean (I) at all times on and after the Fifth
     Amendment Effective Date and prior to the Revised Financial Covenants
     Compliance Date, a percentage per annum equal to (i) in the case of Tranche
     A Term Loans and Revolving Loans maintained as (x) Base Rate Loans, 2.50%
     and (y) Euro Rate Loans, 3.50%, (ii) in the case of Swingline Loans
     maintained as (x) Base Rate Loans, 2.50% and (y) Euro Rate Loans, 4.50%,
     (iii) in the case of Tranche B Term Loans maintained as (x) Base Rate

                                        4
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     Loans, 3.25% and (y) Eurodollar Loans, 4.25% and (iv) in the case of any
     Commitment Commission, 0.500% and (II) at all times on and after the
     Revised Financial Covenants Compliance Date (but subject to any
     qualification for different rates pursuant to the immediately succeeding
     sentence) a percentage per annum equal to (i) in the case of Tranche A Term
     Loans and Revolving Loans maintained as (x) Base Rate Loans, 2.00% and (y)
     Euro Rate Loans, 3.00%, (ii) in the case of Swingline Loans maintained as
     (x) Base Rate Loans, 2.00% and (y) Euro Rate Loans, 4.00%, (iii) in the
     case of Tranche B Term Loans maintained as (x) Base Rate Loans, 2.75% and
     (y) Eurodollar Loans, 3.75% and (iv) in the case of any Commitment
     Commission, 0.500%.",

(ii) inserting the text "on or after the Revised Financial Covenants Compliance
Date" immediately prior to the text "in accordance with the following sentence
indicating an entitlement" appearing in the second sentence in said definition,
(iii) inserting the text "as calculated for purposes of the preceding sentence
on and after the Revised Financial Covenants Compliance Date" immediately after
the text "Leverage Ratio" in the first place such text appears in the second
paragraph appearing in said definition, (iv) inserting the text "clause (II) of"
immediately prior to the text "the first sentence of this definition" in each
place such text appears in the second sentence of the second paragraph appearing
in said definition, (v) inserting the text "on and after the Revised Financial
Covenants Compliance Date" immediately prior to the text "during which there
shall exist any Default" appearing in the last sentence of said definition and
(vi) inserting the following paragraph at the end of said definition:

          "It is understood and agreed that (i) the new "Applicable Margins"
     included in clause (I) of the first sentence of this definition pursuant to
     the Fifth Amendment shall be effective for all purposes of this Agreement
     on and after the Fifth Amendment Effective Date and prior to the Revised
     Financial Covenants Compliance Date and shall not be effective for periods
     prior to the Fifth Amendment Effective Date and (ii) the definition of
     Revised Financial Covenants Compliance Date appearing above in this
     definition may be amended as provided in the definition thereof.".

          18.  The definition of "Available Basket Amount" appearing in Section
11.01 of the Credit Agreement is hereby amended by inserting the following new
sentence at the end of said definition:

     "Notwithstanding anything to the contrary contained above in this
     definition, in the case of any determination of the Available Basket Amount
     at any time on and after the Fifth Amendment Effective Date and prior to
     the Revised Financial Covenants Compliance Date, the term "Available Basket
     Amount" shall mean an amount equal to the remainder of (x) $3,000,000 MINUS
     (y) fair market value (as determined in good faith by senior management of
     Holdings) of all Investments made in reliance on the exception described in
     Section 10 of the Fifth Amendment."

          19.  The definition of "Consolidated EBITDA" appearing in Section
11.01 of the Credit Agreement is hereby amended by (i) deleting the word "and"
appearing at the end of clause (viii) appearing in the first sentence of said
definition and inserting a comma in lieu

                                       -5-
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thereof, and (ii) inserting the following text immediately after clause (ix)
appearing in the first sentence of said definition:

     "and (x) for any Test Period which includes any portion of the period from
     April 1, 2001 to and including June 30, 2002, to the extent deducted in any
     determination of Consolidated EBITDA (directly or through reductions to
     Consolidated Net Income), severance costs, lease buy-out costs and certain
     one-time restructuring costs not reported as such in accordance with GAAP
     (such as retention bonuses and employee relocation costs) incurred (on an
     accrual basis) by Holdings and its Subsidiaries on or after April 1, 2001
     and on or prior to June 30, 2002, so long as (x) the aggregate amount of
     all such costs so incurred and added to Consolidated EBITDA pursuant to
     this clause (x) after the Fifth Amendment Effective Date does not exceed
     $25,000,000 and (y) Holdings has at all times complied with the
     requirements of clause (z) of Section 8.01(f), requiring Holdings to
     certify as to the amount and type of such costs so incurred in any fiscal
     quarter of Holdings included in such Test Period and added back to
     Consolidated EBITDA for such Test Period".

          20.  Section 11.01 of the Credit Agreement is hereby further amended
by inserting the following new definitions in appropriate alphabetical order in
said Section:

          "Fifth Amendment Effective Date" shall have the meaning provided in
the Fifth Amendment.

          "Fifth Amendment" shall mean the Fifth Amendment and Waiver to this
     Agreement, dated as of November 26, 2001.

          "Revised Financial Covenants Compliance Date" shall mean the earlier
     to occur of (i) the date of the first delivery by Holdings of a compliance
     certificate pursuant to (and in accordance with the requirements of)
     Section 8.01(f) in respect of any fiscal quarter or fiscal year of Holdings
     ending on or after the fiscal year of Holdings ended December 31, 2002,
     demonstrating, INTER ALIA, compliance with the financial covenants
     contained in Sections 9.08 and 9.09 as at the end of the relevant fiscal
     quarter or fiscal year, as the case may be, and (ii) the first date
     occurring after December 31, 2002 on which the chief financial officer of
     Holdings shall have delivered to the Lenders a compliance certificate to
     the effect that, to the best of such officer's knowledge, Holdings is in
     compliance with the financial covenants contained in Sections 9.08 and 9.09
     as at the end of the relevant fiscal quarter or fiscal year, as the case
     may be, then last ended, together with calculations (in reasonable detail)
     required to establish such compliance, it being understood and agreed that
     this definition (as used anywhere in this Agreement) may be amended by the
     Required Lenders with the consent of each Credit Agreement Party.

                                        6
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II.  MISCELLANEOUS PROVISIONS.

          1.   In order to induce the Lenders to enter into this Amendment, each
Credit Agreement Party hereby represents and warrants that:

          (a)  no Default or Event of Default exists as of the Fifth Amendment
     Effective Date, both immediately before and immediately after giving effect
     to this Amendment; and

          (b)  all of the representations and warranties contained in the Credit
     Agreement or the other Credit Documents are true and correct in all
     material respects on the Fifth Amendment Effective Date both immediately
     before and immediately after giving effect to this Amendment, with the same
     effect as though such representations and warranties had been made on and
     as of the Fifth Amendment Effective Date (it being understood that any
     representation or warranty made as of a specific date shall be true and
     correct in all material respects as of such specific date).

          2.   This Amendment is limited as specified and shall not constitute a
modification, acceptance or waiver of any other provision of the Credit
Agreement or any other Credit Document.

          3.   This Amendment may be executed in any number of counterparts and
by the different parties hereto on separate counterparts, each of which
counterparts when executed and delivered shall be an original, but all of which
shall together constitute one and the same instrument. A complete set of
counterparts shall be lodged with Holdings and the Administrative Agent.

          4.   THIS AMENDMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES
HEREUNDER SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAW OF THE
STATE OF NEW YORK.

          5.   This Amendment shall become effective on the date (the "Fifth
Amendment Effective Date") when (i) each Credit Agreement Party and the Lenders
constituting the Required Lenders shall have signed a counterpart hereof
(whether the same or different counterparts) and shall have delivered (including
by way of facsimile transmission) the same to the Administrative Agent at its
Notice Office and (ii) the Lenders shall have received an amendment to the
Mezzanine Subordinated Debt Agreement executed by Holdings and the Requisite
Noteholders under, and as defined in, the Mezzanine Subordinated Debt Agreement,
which amendment shall modify the cash-pay interest provisions thereunder on
terms satisfactory to the Required Lenders and otherwise be in form and
substance satisfactory to the Required Lenders.

          6.   From and after the Fifth Amendment Effective Date, all references
in the Credit Agreement and each of the other Credit Documents to the Credit
Agreement shall be deemed to be references to the Credit Agreement as modified
hereby.

                                        7
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          7.   The Borrowers hereby covenant and agree (on a joint and several
basis) that, so long as the Fifth Amendment Effective Date occurs, they shall
pay (in U.S. Dollars) to each Lender which executes and delivers to the
Administrative Agent (or its designee) a counterpart hereof by the later to
occur of (x) the close of business on the Fifth Amendment Effective Date or (y)
5:00 p.m. (New York City time) on November 28, 2001 (such later date, the
"Outside Date"), a non-refundable cash fee (the "Amendment Fee") in an amount
equal to 37.5 basis points (0.375%) of an amount equal to the sum of (i) the
aggregate principal amount of all Term Loans made by such Lender and outstanding
on the Fifth Amendment Effective Date PLUS (ii) the Revolving Loan Commitment of
such Lender as in effect on the Fifth Amendment Effective Date, which Amendment
Fee shall not be subject to counterclaim or set-off, or be otherwise affected
by, any claim or dispute relating to any other matter and shall be paid by the
Borrowers to the Administrative Agent for distribution to the Lenders not later
than the second Business Day following the Outside Date.

          8.   This Amendment supersedes the Waiver to Credit Agreement, dated
as of September 20, 2001, among the Borrowers, the Joint Lead Arrangers, the
Administrative Agent and various Lenders party thereto, to the extent any
provision hereof is inconsistent with any provision thereof.

                                        8
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          IN WITNESS WHEREOF, the parties hereto have caused their duly
authorized officers to execute and deliver this Amendment as of the date first
above written.

                                  VERTIS HOLDINGS, INC. (f/k/a Big Flower
                                      Holdings, Inc.), as a Guarantor

                                  By  /s/ Dean D. Durbin
                                      ------------------------------------
                                      Name:  Dean D. Durbin
                                      Title: Chief Financial Officer

                                  VERTIS, INC. (f/k/a Big Flower Press
                                      Holdings,    Inc.), as a Borrower and a
                                      Guarantor

                                  By  /s/ Dean D. Durbin
                                      ------------------------------------
                                  Name:      Dean D. Durbin
                                      Title: Chief Financial Officer

                                  VERTIS LIMITED (f/k/a Big Flower Limited)
                                      as a Borrower

                                  By  /s/ Dean D. Durbin
                                      ------------------------------------
                                  Name:      Dean D. Durbin
                                      Title: Chief Financial Officer

                                  FUSION PREMEDIA GROUP LIMITED (f/k/a
                                      Troypeak Limited), as a Borrower

                                  By  /s/ Dean D. Durbin
                                      ------------------------------------
                                      Name:  Dean D. Durbin
                                      Title: Chief Financial Officer

                                  PISMO LIMITED,  as a Borrower

                                  By  /s/ Dean D. Durbin
                                      ------------------------------------
                                      Name:  Dean D. Durbin
                                      Title: Chief Financial Officer

<Page>

                                  VERTIS DIRECT RESPONSE LIMITED (f/k/a
                                      Colorgraphic Direct Response Limited),
                                      as a Borrower

                                  By  /s/ Dean D. Durbin
                                      ------------------------------------
                                      Name:  Dean D. Durbin
                                      Title: Chief Financial Officer

                                  THE ADMAGIC GROUP LIMITED, as a
                                      Borrower

                                  By  /s/ Dean D. Durbin
                                      ------------------------------------
                                      Name:  Dean D. Durbin
                                      Title: Chief Financial Officer

                                  VERTIS DIRECT MARKETING SERVICES
                                      (CROYDON) LIMITED (f/k/a Olwen Direct
                                      Mail Limited)

                                  By  /s/ Dean D. Durbin
                                      ------------------------------------
                                      Name:  Dean D. Durbin
                                      Title: Chief Financial Officer

<Page>

                                  VERTIS DIGITAL SERVICES LIMITED (f/k/a
                                      Big Flower Digital Services Limited)

                                  By  /s/ Dean D. Durbin
                                      ------------------------------------
                                      Name:  Dean D. Durbin
                                      Title: Chief Financial Officer

<Page>

                                  JP  MORGAN CHASE BANK (f/k/a The Chase
                                      Manhattan Bank), Individually, and as
                                      Administrative Agent

                                  By  /s/ Robert T. Sacks
                                      ------------------------------------
                                      Name:  Robert T. Sacks
                                      Title: Managing Director

                                  BANKERS TRUST COMPANY, Individually,
                                      and as Syndication Agent

                                  By  /s/ Susan Lefevre
                                      ------------------------------------
                                      Name:  Susan LeFevre
                                      Title: Director

                                  BANK OF AMERICA, N.A. Individually, and
                                      as Documentation Agent

                                  By  /s/ S. Paul Tedasani, III
                                      ------------------------------------
                                      Name:  S. Paul Tedasani, III
                                      Title: Managing Director

                                  ADDISON CDO, LIMITED

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

                                  AMARA-I FINANCE, LTD.

                                  By: INVESCO Senior Secured Management, Inc.
                                      as Subadviser

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

<Page>

                                  ARCHIMEDES FUNDING II, LTD.

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

                                  ATHENA CDO, LIMITED

                                  By: Pacific Investment Management
                                      Company,
                                      as its Investment Advisor

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

                                  AVALON CAPITAL LTD.

                                  By: INVESCO Senior Secured Management,
                                      Inc., as ortfolio Advisor

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

                                  AVALON CAPITAL LTD. II

                                  By: INVESCO Senior Secured Management,
                                      Inc., as Portfolio Advisor

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

                                  FLEET NATIONAL BANK

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

<Page>

                                  BEFORD CDO, LIMITED

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

                                  BLUE SQUARE FUNDING LTD., SERIES 3

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

                                  BOEING CAPITAL CORPORATION

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

                                  CAPTIVA III FINANCE LTD., as advised by
                                      Pacific Investment Management Company

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

                                  CAPTIVA IV FINANCE LTD., as advised by
                                      Pacific Investment Management Company

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

<Page>

                                  CATALINA CDO LTD.

                                  By: Pacific Investment Management Company,
                                      as its Investment Advisor

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

                                  THE CIT GROUP/EQUIPMENT
                                      FINANCING, INC.

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

                                  CREDIT AGRICOLE INDOSUEZ

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

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

                                  CYPRESSTREE SENIOR FLOATING RATE FUND

                                  By: CypressTree Investment Management
                                      Company, Inc. as Portfolio Manager

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

<Page>

                                  CYPRESTREE INVESTMENT FUND, LLC

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

                                  THE DAI-ICHI KANGYO BANK, LIMITED

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

                                  DELANO COMPANY

                                  By: Pacific Investment Management Company,
                                      as its Investment Advisor

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

                                  ELF FUNDING TRUST I

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

                                  EMERALD ORCHARD LIMITED

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

<Page>

                                  FIRST UNION NATIONAL BANK N.C.

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

                                  FLOATING RATE PORTFOLIO

                                  BY: INVESCO Senior Secured Management,
                                      Inc. as Attorney in Fact

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

                                  FRANKLIN FLOATING RATE TRUST

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

                                  GENERAL ELECTRIC CAPITAL CORP.

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

<Page>

                                  GLENEAGLES TRADING LLC

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

                                  HIGHLAND LEGACY LIMITED

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

                                  JISSEKIKUN FUNDING, LTD.

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

                                  KZH CYPRESSTREE-1 LLC

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

                                  KZH LANGDALE LLC

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

                                  KZH HIGHLAND-2 LLC

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

<Page>

                                  LONGHORN CDO (Cayman) LTD.

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

                                  MAPLEWOODS (CAYMAN) LIMITED

                                  By: MASSACHUSETTS MUTUAL LIFE
                                       INSURANCE COMPANY, AS
                                       INVESTMENT MANAGER

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

                                  MASSACHUSETTS MUTUAL LIFE
                                    INSURANCE COMPANY

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

                                  MASSMUTUAL HIGH YIELD PARTNERS II,
                                    LLC

                                  By: HYP Management, Inc.

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

                                  MERRILL LYNCH SENIOR FLOATING
                                    RATE FUND, INC.

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

<Page>

                                  MASTER SENIOR FLOATING RATE
                                    TRUST, INC.

                                  By: Merrill Lynch Asset Management, L.P.,
                                      as Investment Advisor

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

                                  MERRILL LYNCH PRIME RATE
                                    PORTFOLIO

                                  By: Merrill Lynch Asset Management, L.P.,
                                      as Investment Advisor

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

                                  METROPOLITAN LIFE INSURANCE COMPANY

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

                                  ML CLO XX PILGRIM AMERICA
                                    (CAYMAN)

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

                                  MORGAN STANLEY DEAN WITTER
                                    PRIME INCOME TRUST

<Page>

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

                                  NATEXIS BANQUE POPULAIRES

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

                                  NEMEAN CLO, LTD.

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

                                  NORTH AMERICAN SENIOR FLOATING
                                    RATE FUND

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

                                  OAK HILL SECURITIES FUND, L.P.

                                  By: OAK HILL SECURITIES GENPAR, L.P.,
                                      ITS GENERAL PARTNER
                                  By: OAK HILL SECURITIES MGP, INC.,
                                      ITS GENERAL PARTNER

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

                                  OAK HILL SECURITIES FUND II, L.P.

                                  By: OAK HILL SECURITIES GENPAR II, L.P.,
                                      ITS GENERAL PARTNER

<Page>

                                  By: OAK HILL SECURITIES MGP II, INC., ITS
                                      GENERAL PARTNER

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

                                  OASIS COLLATERALIZED HIGH INCOME
                                    PORTFOLIO-1, LTD.

                                  By: INVESCO Senior Secured Management,
                                      Inc. as Subadviser

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

                                  ORIX USA CORPORATION

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

                                  PILGRIM PRIME RATE TRUST

                                  By: Pilgrim Investments, Inc.,
                                      as its investment manager

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

<Page>

                                  PAMCO CAYMAN LTD.

                                  By: Highland Capital Management, L.P. as
                                      Collateral Manager

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

                                  PILGRIM AMERICA HIGH INCOME
                                    INVESTMENTS LTD.

                                  By: Pilgrim Investments, Inc.
                                      as its investment manager

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

                                  PILGRIM CLO 1999-1 LTD.

                                  By: Pilgrim Investments, Inc.
                                      as its investment manager

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

                                  PROMETHEUS INVESTMENT FUNDING I
                                    LTD

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

<Page>

                                  PUTNAM DIVERSIFIED INCOME TRUST

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

                                  PUTNAM HIGH YIELD ADVANTAGE FUND

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

                                  PUTNAM HIGH YIELD MANAGED TRUST

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

                                  PUTNAM HIGH YIELD TRUST

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

                                  PUTNAM HIGH YIELD TRUST II

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

                                  PUTNAM MASTER INCOME TRUST

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

<Page>

                                  PUTNAM MASTERINTERMEDIATE INCOME TRUST

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

                                  PUTNAM PREMIER INCOME TRUST

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

                                  PUTNAM STRATEGIC INCOME FUND

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

                                  PUTNAM VT DIVERSIFIED INCOME FUND

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

                                  PUTNAM VARIABLE TRUST HIGH YIELD
                                    FUND

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

<Page>

                                  ROYALTON COMPANY

                                  By: Pacific Investment Management Company,
                                      as its Investment Advisor

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

                                  SEQUILS - PILGRIM I, LTD.

                                  By: Pilgrim Investments, Inc.
                                      as its investment manager

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

                                  SIMSBURY CLO, LIMITED

                                  By: MASSACHUSETTS MUTUAL LIFE INSURANCE
                                      COMPANY, AS COLLATERAL MANAGER

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

                                  SRV HIGHLANDS, INC.

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

                                  TEXTRON FINANCIAL CORPORATION

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

<Page>

                                  TORONTO DOMINION (NEW YORK), INC

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

                                  TRAVELERS SERIES FUND-PUTNAM DIV.

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

                                  TRITON CDO IV LIMITED

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

                                  VAN KAMPEN PRIME RATE INCOME TRUST

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

                                  VAN KAMPEN SENIOR FLOATING RATE FUND

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

                                  VAN KAMPEN SENIOR INCOME TRUST

                                  By
                                     -------------------------------------
                                      Name:
                                      Title:<Page>

                                                                   EXHIBIT 10.24

    SIXTH AMENDMENT AND CONSENT TO CREDIT AGREEMENT; AND FIRST AMENDMENT TO
                            SUBORDINATION AGREEMENT

          SIXTH AMENDMENT AND CONSENT TO CREDIT AGREEMENT; AND FIRST AMENDMENT
TO SUBORDINATION AGREEMENT (collectively, this "Amendment"), dated as of June
13, 2002, among VERTIS HOLDINGS, INC. (f/k/a Big Flower Holdings, Inc.), a
Delaware corporation ("Holdings"), VERTIS, INC. (f/k/a Big Flower Press
Holdings, Inc.), a Delaware corporation ("Vertis"), VERTIS LIMITED (f/k/a Big
Flower Limited), a Wholly-Owned Subsidiary of Vertis and a limited company
organized under the laws of England ("VL"), VERTIS DIRECT MARKETING SERVICES
(CROYDON) LIMITED (f/k/a Olwen Direct Mail Limited), a Wholly-Owned Subsidiary
of VL and a limited company organized under the laws of England ("VDMS"), VERTIS
DIGITAL SERVICES LIMITED (f/k/a Big Flower Digital Services Limited), an
indirect Wholly-Owned Subsidiary of Vertis and a limited company organized under
the laws of England ("VDSL"), FUSION PREMEDIA GROUP LIMITED (f/k/a Troypeak
Limited), an indirect Wholly-Owned Subsidiary of Vertis and a limited company
organized under the laws of England ("Fusion"), PISMO LIMITED, an indirect
Wholly-Owned Subsidiary of Vertis and a limited company organized under the laws
of England ("Pismo"), VERTIS DIRECT RESPONSE LIMITED (f/k/a Colorgraphic Direct
Response Limited), a Wholly-Owned Subsidiary of VL and a limited company
organized under the laws of England ("VDRL"), and THE ADMAGIC GROUP LIMITED, an
indirect Wholly-Owned Subsidiary of Vertis and a limited company organized under
the laws of England ("Admagic" and, together with Vertis, VL, VDMS, VDSL,
Fusion, Pismo and VDRL, the "Borrowers", and each, a "Borrower"), the Lenders
from time to time party to the Credit Agreement referred to below, J.P. MORGAN
SECURITIES, INC. and DEUTSCHE BANK SECURITIES, INC., as Joint Lead Arrangers and
Joint Book Managers (in such capacity, the "Joint Lead Arrangers"), JPMORGAN
CHASE BANK (f/k/a The Chase Manhattan Bank), as Administrative Agent (the
"Administrative Agent"), DEUTSCHE BANK TRUST COMPANY AMERICAS (f/k/a Bankers
Trust Company), as Syndication Agent, BANK OF AMERICA, N.A., as Documentation
Agent, and certain Managing Agents party to the Credit Agreement. All
capitalized terms used herein and not otherwise defined shall have the
respective meanings provided such terms in the Credit Agreement.

                              W I T N E S S E T H:

          WHEREAS, Holdings, the Borrowers, the Lenders, the Agents, the Joint
Lead Arrangers and the Managing Agents are parties to a Credit Agreement, dated
as of December 7, 1999 (as amended, modified or supplemented from time to time
to, but not including, the date hereof, the "Credit Agreement");

          WHEREAS, Holdings, the Borrowers, various Subsidiaries of Holdings and
the Administrative Agent are parties to a Subordination Agreement, dated as of
December 7, 1999 (as amended, modified or supplemented from time to time to, but
not including, the date hereof, the "Subordination Agreement"); and

<Page>

          WHEREAS, subject to the terms and conditions of this Amendment, the
parties hereto wish to amend the Credit Agreement and the Subordination
Agreement and to enter into certain agreements relating to the Credit Agreement,
and the Lenders party hereto wish to grant certain consents to the provisions of
the Credit Agreement, in each case as herein provided;

          NOW, THEREFORE, it is agreed:

I.   AMENDMENTS AND CONSENTS TO CREDIT AGREEMENT.

          1.     Section 1.03(b) of the Credit Agreement is hereby amended by
deleting the text "1:30 P.M." appearing in said Section and inserting the text
"2:00 P.M." in lieu thereof.

          2.     Section 1.04 of the Credit Agreement is hereby amended by (i)
deleting the text "1:00 P.M. (London Time)" appearing in said Section and
inserting the text "2:00 P.M. (London Time) (or, if later, one hour after the
receipt of the related notice of borrowing)" in lieu thereof and (ii) deleting
the text "2:00 P.M. (London time)" appearing in clause (z) of said Section and
inserting the text "3:00 P.M. (London time)" in lieu thereof.

          3.     Section 1.09 of the Credit Agreement is hereby amended by
inserting the text "or two-week" immediately after the text "Revolving Loans, a
one-week" appearing in clause (z) of the preamble of said Section.

          4.     Section 4.02(c) of the Credit Agreement is hereby amended by
(i) deleting the text "PROVIDED that with respect to Net Sale Proceeds (other
than Net Sale Proceeds from the sale of any Public Internet Investment) received
by Holdings or its Subsidiaries in any fiscal year of Holdings not to exceed (in
the aggregate) $20,000,000 (or, at any time on or after the Revised Financial
Covenants Compliance Date, $75,000,000)," appearing in the first sentence of
said Section and inserting the following text in lieu thereof:

     "PROVIDED that with respect to Net Sale Proceeds (other than Net Sale
     Proceeds from the sale of any Public Internet Investment) received by
     Holdings or its Subsidiaries (I) on and after the Fifth Amendment Effective
     Date and prior to the Second Revised Financial Covenants Compliance Date in
     an amount not to exceed (in the aggregate) $20,000,000 and (II) at any time
     on or after the Second Revised Financial Covenants Compliance Date, in any
     fiscal year of Holdings in an amount not to exceed (in the aggregate)
     $75,000,000,",

(ii) inserting the text "Second" immediately before the text "Revised Financial
Covenants Compliance Date" appearing in the second sentence of said Section and
(iii) inserting the text ", Permanent Senior Notes, Permitted Senior Note
Refinancing Indebtedness, Holdings Senior Notes, Permitted Holdings Senior Note
Refinancing Indebtedness" immediately after the text "Permitted Subordinated
Refinancing Indebtedness" in each place such text appears in said Section.

          5.     Section 4.02(d) of the Credit Agreement is hereby amended by
deleting said Section in its entirety and inserting the following new Section
4.02(d) in lieu thereof:

          "(d)   In addition to any other mandatory repayments or commitment
reductions pursuant to this Section 4.02, on each date on or after the Effective
Date on which

                                       -2-
<Page>

     Holdings or any of its Subsidiaries receives any cash proceeds from any
     incurrence of Indebtedness (other than Indebtedness permitted to be
     incurred pursuant to clauses (i) through (xxi), inclusive, clause (xxii)
     (other than Excess Permanent Senior Note Indebtedness) and clauses (xxiii),
     (xxiv) and (xxv) of Section 9.04 as in effect on the Sixth Amendment
     Effective Date and any Attributed Receivables Facility Indebtedness) or any
     issuance of Preferred Stock by Holdings or any issuance of capital stock or
     other equity interests by any Subsidiary of Holdings (other than issuances
     of equity by any Subsidiary of Holdings to Holdings or any other
     Wholly-Owned Subsidiary of Holdings), an amount equal to 100% of the Net
     Cash Proceeds of the respective incurrence of Indebtedness or issuance of
     Preferred Stock or other equity interests shall be applied as a mandatory
     repayment and/or commitment reduction in accordance with the requirements
     of Sections 4.02(i) and (j)."

6.   Section 4.02(i) of the Credit Agreement is hereby amended by (i) inserting
the text "(x)" immediately after the text "PROVIDED that" appearing in the last
sentence of said Section and (ii) inserting the following text at the end of the
proviso appearing in the last sentence of said Section:

     "and (y) any repayment of outstanding Tranche A Term Loans required to be
     made pursuant to Sections 4.02(d) and (i) with the proceeds of Excess
     Permanent Senior Note Indebtedness incurred pursuant to the first (and only
     the first) issuance of Permanent Senior Notes shall be applied in direct
     order of maturity to reduce the then remaining Tranche A Term Loan
     Scheduled Repayments (based upon the then remaining Tranche A Term Loan
     Scheduled Repayments after giving effect to all prior reductions
     thereto).".

          7.     Section 7.25(b) of the Credit Agreement is hereby amended by
inserting the text ", Holdings Senior Notes, Permitted Holdings Senior Note
Refinancing Indebtedness" immediately after the text "Permitted Subordinated
Refinancing Indebtedness" appearing in said Section.

          8.     Section 7.26(b) of the Credit Agreement is hereby amended by
deleting said Section in its entirety and inserting the following new Section
7.26(b) in lieu thereof:

          "(b) (x) The Receivables Subsidiary in existence on December 7, 1999
     was formed for the purpose of purchasing, and receiving contributions of,
     receivables from any U.S. Subsidiary Guarantor, and selling such
     receivables to, or obtaining secured loans from, the Receivables Purchasers
     (or to the Master Trust created pursuant to the Receivables Facility),
     pursuant to the Receivables Facility; and (y) except in connection with the
     foregoing (and activities reasonably incidental thereto), and the
     purchasing of, and receiving contributions of, receivables from Vertis and
     any U.S. Subsidiary Guarantor, and selling such receivables to, or
     obtaining secured loans from, the Receivables Purchasers (or to the Master
     Trust created pursuant to the Receivables Facility), pursuant to the
     Receivables Facility (and activities reasonably incidental thereto), the
     Receivables Subsidiary engages in no business activiti4

          and has no significant assets or liabilities and shall in no event
     purchase receivables from any Unrestricted Subsidiary.".

                                       -3-
<Page>

          9.     Section 8.01(f) of the Credit Agreement is hereby amended by
(i) deleting the word "and" appearing immediately prior to the text "(x)"
appearing in clause (z) of said Section and inserting a comma in lieu thereof
and (ii) inserting the text "and (xi)" immediately after the text "(x)"
appearing in clause (z) of said Section.

          10.    Section 8.01(h) of the Credit Agreement is hereby amended by
inserting the text ", the Permanent Senior Notes, any Permitted Senior Note
Refinancing Indebtedness, the Holdings Senior Notes, any Permitted Holdings
Senior Note Refinancing Indebtedness" immediately after the text "the Permanent
Senior Subordinated Notes" appearing in said Section.

          11.    Section 8 of the Credit Agreement is hereby amended by
inserting the following new Section 8.22 at the end of said Section:

          "8.22 HOLDINGS SENIOR NOTES, ETC. (a) On and after the date of the
     initial issuance of Holdings Senior Notes, Holdings shall pay interest
     owing on any outstanding Holdings Senior Notes solely through (x) the
     accretion of the principal amount thereof or (y) the issuance of additional
     Holdings Senior Notes, rather than in cash, to the maximum extent permitted
     by the Holdings Senior Notes Documents.

          (b) On and after the date of the initial issuance of any Permitted
     Holdings Senior Note Refinancing Indebtedness, Holdings shall pay interest
     owing on any outstanding Permitted Holdings Senior Note Refinancing
     Indebtedness solely through (x) the accretion of the principal amount
     thereof or (y) the issuance of additional notes evidencing Permitted
     Holdings Senior Note Refinancing Indebtedness, rather than in cash, to the
     maximum extent permitted by the Permitted Holdings Senior Note Refinancing
     Indebtedness (and the documentation governing the same).".

          12.    Notwithstanding anything to the contrary contained in Sections
8.13, 9.02(vi) and 9.05(viii) of the Credit Agreement or in the Fifth Amendment,
at all times on and after the Fifth Amendment Effective Date and prior to the
First Revised Financial Covenants Compliance Date (as defined in the Credit
Agreement after giving effect to this Amendment), neither Vertis nor any of its
Subsidiaries shall be permitted to consummate any Permitted Acquisition without
the express written consent of the Required Lenders. The Credit Agreement
Parties and the Lenders understand and agree that this Section 12 supersedes and
replaces Part I, Section 3 of the Fifth Amendment.

          13.    Section 8.13(a) of the Credit Agreement is hereby amended by
(A) inserting the text "(I) at any time on and after the First Revised Financial
Covenants Compliance Date and prior to the Second Revised Financial Covenants
Compliance Date, $10,000,000 and (II) at all times on and after the Second
Revised Financial Covenants Compliance Date," immediately after the text "does
not exceed" appearing in clause (vii) of said Section, (B) inserting the text
"(I) at any time on and after the First Revised Financial Covenants Compliance
Date and prior to the Second Revised Financial Covenants Compliance Date,
$10,000,000 and (II) at all times on and after the Second Revised Financial
Covenants Compliance Date," immediately after the text "does not exceed"
appearing in clause (viii) of said Section, (C) inserting the text "(I) at any
time on and after the First Revised Financial Covenants Compliance Date and
prior to the Second Revised Financial Covenants Compliance Date, $10,000,000 and

                                       -4-
<Page>

(II) at all times on and after the Second Revised Financial Covenants Compliance
Date," immediately after the text "does not exceed" appearing in clause (ix) of
said Section and (D) deleting the text "$25,000,000" appearing in clause (x) of
said Section and inserting in lieu thereof the text "(I) at any time on and
after the Sixth Amendment Effective Date and prior to the Second Revised
Financial Covenants Compliance Date, $5,000,000 and (II) at all times on and
after the Second Revised Financial Covenants Compliance Date, $25,000,000".

          14.    Notwithstanding anything to the contrary contained in Section
9.02(vii) of the Credit Agreement or in the Fifth Amendment, neither Vertis nor
any of its Subsidiaries shall consummate any acquisition, merger, consolidation
or combination pursuant to (or in reliance on the provisions of) said Section
9.02(vii) at any time on or after the Fifth Amendment Effective Date and prior
to the First Revised Financial Covenants Compliance Date. The Credit Agreement
Parties and the Lenders understand and agree that this Section 14 supersedes and
replaces Part I, Section 4 of the Fifth Amendment.

          15.    Section 9.02(xiii) of the Credit Agreement is hereby amended by
inserting the text "First" immediately prior to the text "Revised Financial
Covenants Compliance Date," appearing in said Section.

          16.    The Credit Agreement Parties and the Lenders understand and
agree that the prohibitions on certain cash Dividends described in Part I,
Section 6 of the Fifth Amendment shall (i) cease to be effective on and after
the Sixth Amendment Effective Date and (ii) be replaced and superseded by any
new prohibitions included in revised Section 9.03(xii) of the Credit Agreement
pursuant to Part I, Section 17 of this Amendment.

          17.    Section 9.03 of the Credit Agreement is hereby amended by (i)
deleting clause (xii) of said Section in its entirety and inserting the
following new clause (xii) in lieu thereof:

          "(xii) Vertis may pay cash Dividends to Holdings, which in turn shall
     utilize the full amount of such cash Dividends for the purpose of paying
     (and so long as Holdings, by the immediately succeeding Business Day,
     utilizes the full amount of such cash Dividends to pay) cash interest as
     and when due on the Mezzanine Subordinated Debt then outstanding, PROVIDED
     that (x) notwithstanding the foregoing provisions of this clause (xii), no
     cash Dividends may be made or paid by Vertis to Holdings pursuant to (or in
     reliance on the provisions of) this clause (xii) at any time on or after
     the Sixth Amendment Effective Date and prior to the Second Revised
     Financial Covenants Compliance Date, (y) the amount of cash Dividends
     payable by Vertis pursuant to this clause (xii) shall not exceed the
     amounts necessary to pay the cash interest owing with respect to the
     Mezzanine Subordinated Debt and (z) no such Dividends shall be paid at any
     time following the occurrence and during the continuance of any Default or
     Event of Default or if a Default or Event of Default would exist
     immediately after giving effect to the payment of such Dividend;",

(ii) deleting the period at the end of clause (xiii) of said Section and
inserting the text "; and" in lieu thereof and (iii) inserting the following new
clause (xiv) at the end of said Section:

                                       -5-
<Page>

          "(xiv) Vertis may pay cash Dividends to Holdings, which in turn shall
     utilize the full amount of such cash Dividends for the purpose of paying
     (and so long as Holdings, by the immediately succeeding Business Day,
     utilizes the full amount of such cash Dividends to pay) cash interest as
     and when due on the Holdings Senior Notes or any Permitted Holdings Senior
     Note Refinancing Indebtedness then outstanding, PROVIDED that (x)
     notwithstanding the foregoing provisions of this clause (xiv), no cash
     Dividends may be made or paid by Vertis to Holdings pursuant to (or in
     reliance on the provisions of) this clause (xiv) at any time on or after
     the Sixth Amendment Effective Date and prior to the Second Revised
     Financial Covenants Compliance Date, (y) the amount of cash Dividends
     payable by Vertis pursuant to this clause (xiv) shall not exceed the
     amounts necessary to pay the cash interest owing with respect to the
     Holdings Senior Notes or the Permitted Holdings Senior Note Refinancing
     Indebtedness, as the case may be, and (z) no such Dividends shall be paid
     at any time following the occurrence and during the continuance of any
     Default or Event of Default or if a Default or Event of Default would exist
     immediately after giving effect to the payment of such Dividend.".

          18.    Section 9.04(vi) of the Credit Agreement is hereby amended by
deleting said Section in its entirety and inserting the following new Section
9.04(vi) in lieu thereof:

          "(vi) Indebtedness under Interest Rate Protection Agreements
     reasonably related to outstanding floating or fixed rate debt permitted
     under this Agreement, so long as at least 50% of the aggregate Indebtedness
     of Holdings and its Subsidiaries at any time outstanding constitutes "fixed
     rate debt" (whether by virtue of the interest rate provisions applicable
     thereto or as a result of Interest Rate Protection Agreements which
     effectively fix the interest rate applicable thereto);".

          19.    Section 9.04(xiii) of the Credit Agreement is hereby amended by
inserting the text "(including any deemed repayment occurring as a result of any
exchange of Mezzanine Subordinated Debt for Holdings Senior Notes issued
pursuant to clause (xxiv) below)" immediately after the text "reduced by any
repayments of principal thereof" appearing in said Section.

          20.    Section 9.04(xv) of the Credit Agreement is hereby amended by
inserting the text "Second" immediately before the text "Revised Financial
Covenants Compliance Date" appearing in said Section.

          21.    Section 9.04(xviii) of the Credit Agreement is hereby amended
by deleting the text "$7,000,000 (or, at any time on or after the Revised
Financial Covenants Compliance Date, $50,000,000)" appearing in said Section and
inserting the text "$7,000,000 (or, (I) at any time on or after the First
Revised Financial Covenants Compliance Date and prior to the Second Revised
Financial Covenants Compliance Date, $15,000,000 and (II) at any time on and
after the Second Revised Financial Covenants Compliance Date, $50,000,000)" in
lieu thereof.

          22.    Section 9.04 of the Credit Agreement is hereby further amended
by (i) deleting the word "and" appearing at the end of clause (xx) of said
Section, (ii) deleting clause (xxi) of said Section in its entirety and
inserting the following new clause (xxi) in lieu thereof:

                                       -6-
<Page>

          (xxi) at any time on and after the first issuance of Permanent Senior
     Notes, Indebtedness of Vertis, and subordinated guarantees thereof by the
     U.S. Subsidiary Guarantors, under the Permanent Senior Subordinated Notes
     and the other Permanent Senior Subordinated Notes Documents may be incurred
     in an aggregate principal amount at any time outstanding not to exceed the
     remainder of (x) the sum of the aggregate principal amount of each issuance
     of Permanent Senior Subordinated Notes on the respective dates of issuance
     thereof in accordance with the requirements of the definition thereof LESS
     (y) any repayment of principal of any such Permanent Senior Subordinated
     Notes, so long as same is incurred in accordance with the requirements of
     the definition of Permanent Senior Subordinated Notes;",

and (iii) inserting the following new clauses (xxii), (xxiii), (xxiv) and (xxv)
at the end of said Section:

          "(xxii) unsecured Indebtedness of Vertis, and senior unsecured
     guarantees thereof by the U.S. Subsidiary Guarantors, under the Permanent
     Senior Notes and the other Permanent Senior Notes Documents in an aggregate
     principal amount at any time outstanding not to exceed the remainder of (x)
     the sum of the Permanent Senior Notes Issuance Amounts of each issuance of
     Permanent Senior Notes LESS (y) any repayment of principal of any such
     Permanent Senior Notes, so long as (A) the sum of the Permanent Senior
     Notes Issuance Amounts of each issuance of Permanent Senior Notes shall not
     exceed $350,000,000, (B) such Indebtedness is incurred in accordance with
     the requirements of the definition of Permanent Senior Notes, (C) in the
     case of any incurrence of such Indebtedness pursuant to a second or any
     further issuance of Permanent Senior Notes, the holders of the Permitted
     Subordinated Refinancing Indebtedness (if outstanding after giving effect
     to the incurrence of such Indebtedness) shall have consented thereto, to
     the extent required under the documentation relating to the Permitted
     Subordinated Refinancing Indebtedness and (D) promptly following the
     incurrence thereof, (I) Net Cash Proceeds of such Indebtedness constituting
     Excess Permanent Senior Note Indebtedness shall have been applied to repay
     Loans (and/or reduce the Total Revolving Loan Commitment) in accordance
     with the requirements of Sections 4.02(d) and (i) and (II) after giving
     effect to the application of Net Cash Proceeds from the incurrence of
     Excess Permanent Senior Note Indebtedness pursuant to preceding subclause
     (I), the remaining portion of the Net Cash Proceeds from the incurrence of
     such Indebtedness shall have been applied to repay Permitted Subordinated
     Refinancing Indebtedness in accordance with the requirements of Section
     9.10;

          (xxiii) Permitted Senior Note Refinancing Indebtedness, so long as no
     Default or Event of Default is in existence at the time of the incurrence
     of such Permitted Senior Note Refinancing Indebtedness and immediately
     after giving effect thereto;

          (xxiv) Indebtedness of Holdings under the Holdings Senior Notes and
     the other Holdings Senior Notes Documents in an aggregate principal amount
     at any time outstanding not to exceed an amount equal to the sum of (i)
     $100,000,000 PLUS (ii) the aggregate principal amount of all Mezzanine
     Subordinated Debt issued to pay-in-kind regularly accruing interest on
     outstanding Mezzanine Subordinated Debt after the Initial Borrowing Date
     and prior to the date of the first issuance of the Holdings Senior Notes

                                       -7-
<Page>

     PLUS (iii) the amount of reasonable fees, commissions and expenses actually
     paid by Holdings in connection with the issuance of the Holdings Senior
     Notes (as such amount may be (x) increased as a result of (I) the accretion
     of the principal amount of Holdings Senior Notes in accordance with the
     terms of the Holdings Senior Notes Documents or (II) the issuance of
     additional Holdings Senior Notes to pay in kind any regularly accruing
     interest on then outstanding Holdings Senior Notes in accordance with the
     terms of the Holdings Senior Notes Documents and (y) reduced by any
     repayments of principal thereof); and

          (xxv) Permitted Holdings Senior Note Refinancing Indebtedness, so long
     as no Default or Event of Default is in existence at the time of the
     incurrence of such Permitted Holdings Senior Note Refinancing Indebtedness
     and immediately after giving effect thereto.".

          23.    Section 9.04 of the Credit Agreement is hereby further amended
by deleting clauses (w) and (x) appearing in the last sentence of said Section
and inserting the following new clauses (v), (w) and (x) in lieu thereof:

     "(v) in no event shall any Subsidiary of Holdings guarantee any
     Indebtedness of Holdings under the Holdings Senior Notes Documents, (w)
     Indebtedness incurred to Refinance any theretofore outstanding Senior
     Subordinated Bridge Loans, Permitted Subordinated Refinancing Indebtedness,
     Permanent Senior Notes and Permitted Senior Note Refinancing Indebtedness
     may only be incurred pursuant to the provisions of clauses (xx), (xxi),
     (xxii) and (xxiii) of Section 9.04 (and not in reliance on any other
     provisions of Section 9.04), (x) at no time shall the aggregate principal
     amount of all Indebtedness outstanding at any time pursuant to clauses
     (xix), (xx), (xxi), (xxii) and (xxiii) (except (I) in the case of clauses
     (xxii) and (xxiii), to the extent the Indebtedness incurred thereunder
     constitutes Excess Permanent Senior Note Indebtedness or refinancing
     Indebtedness in respect thereof, as the case may be, and (II) in the case
     of clauses (xxi), (xxii) and (xxiii), to the extent the Indebtedness
     incurred thereunder was incurred (A) to pay reasonable fees, commissions
     and expenses incurred in connection with the incurrence of the respective
     Indebtedness or (B) to Refinance Indebtedness of the type described in
     clause (A), as the case may be) exceed $450,000,000,".

          24.    Notwithstanding anything to the contrary contained in Section
9.05(vii) of the Credit Agreement or in the Fifth Amendment, neither Vertis nor
any of its Subsidiaries shall make any Investment pursuant to (or in reliance on
the provisions of) said Section 9.05(vii) at any time on or after the Fifth
Amendment Effective Date and prior to the First Revised Financial Covenants
Compliance Date, except that Vertis Direct Marketing Services (Leicester)
Limited, a U.K. Subsidiary of Vertis, may contribute to a joint venture to be
formed by it and one or more third-parties as a common equity capital
contribution printing presses with a fair market value (as determined in good
faith by senior management of Holdings) not to exceed $3,000,000 pursuant to
(and in reliance on) said Section 9.05(vii). The Credit Agreement Parties and
the Lenders understand and agree that this Section 24 supersedes and replaces
Part I, Section 9 of the Fifth Amendment.

                                       -8-
<Page>

          25.    Notwithstanding anything to the contrary contained in Section
9.05(xxii) of the Credit Agreement or in the Fifth Amendment, neither Vertis nor
any of its Subsidiaries shall make any cash equity contributions pursuant to (or
in reliance on the provisions of) said Section 9.05(xxii) at any time on or
after the Fifth Amendment Effective Date and prior to the First Revised
Financial Covenants Compliance Date. The Credit Agreement Parties and the
Lenders understand and agree that this Section 25 supersedes and replaces Part
I, Section 10 of the Fifth Amendment.

          26.    Section 9.05(xv) of the Credit Agreement is hereby amended by
deleting the text "to the capital of Treasure Chest, which shall in turn
contribute such promissory notes" appearing immediately after the text "BFPH may
at any time contribute one or more promissory notes" appearing in said Section.

          27.    Notwithstanding anything to the contrary contained in Section
9.06 of the Credit Agreement, Holdings may enter into, and perform its
obligations under, the Holdings Senior Notes Documents, certain debt and warrant
exchange agreements and certain warrant, registration rights and related
agreements to be entered into by Holdings in connection with the issuance of
units of Holdings consisting of Holdings Senior Notes and warrants to purchase
Holdings Common Stock; PROVIDED that (i) promptly upon the execution and
delivery of such documents and agreements, true and correct copies of the same
shall have been delivered to the Administrative Agent and (ii) neither Holdings,
Vertis nor any of their respective Subsidiaries shall be required to make any
cash payments to their Affiliates under any such documents and agreements (other
than (x) payments of interest and principal on the Holdings Senior Notes in
accordance with the terms of the Holdings Senior Notes Documents and (y)
payments pursuant to customary indemnity provisions therein).

          28.    Section 9.07(a) of the Credit Agreement is hereby amended by
inserting the text "First" immediately prior to the text "Revised Financial
Covenants Compliance Date, $100,000,000)" appearing in the table in said Section
opposite the text "Each fiscal year ended thereafter".

          29.    Notwithstanding anything to the contrary contained in Sections
9.07(b), (c), (f) and (g) of the Credit Agreement or in the Fifth Amendment,
neither Vertis nor any of its Subsidiaries shall make any Capital Expenditures
pursuant to (or in reliance on the provisions of) any of said Sections at any
time on or after the Fifth Amendment Effective Date and prior to the First
Revised Financial Covenants Compliance Date. The Credit Agreement Parties and
the Lenders understand and agree that this Section 29 supersedes and replaces
Part I, Section 12 of the Fifth Amendment.

          30.    Section 9.08 of the Credit Agreement is hereby amended by
deleting the table appearing in said Section in its entirety and inserting the
following new table in lieu thereof:

<Table>
<Caption>
                 FISCAL QUARTER ENDED                      RATIO
                 --------------------                      -----
                <S>                                       <C>
                March 31, 2002                            1.50:1.0
</Table>

                                       -9-
<Page>

<Table>
                <S>                                       <C>
                June 30, 2002                             1.55:1.0
                September 30, 2002                        1.60:1.0
                December 31, 2002                         1.60:1.0

                March 31, 2003                            1.60:1.0
                June 30, 2003                             1.60:1.0
                September 30, 2003                        1.60:1.0
                December 31, 2003                         1.60:1.0

                March 31, 2004                            1.60:1.0
                June 30, 2004                             1.60:1.0
                September 30, 2004                        1.60:1.0
                December 31, 2004                         1.60:1.0

                March 31, 2005                            1.75:1.0
                June 30, 2005                             1.75:1.0
                September 30, 2005                        1.80:1.0
                December 31, 2005                         1.90:1.0

                March 31, 2006 and each                   2.25:1.0
                fiscal quarter of Holdings
                thereafter
</Table>

          31.    Section 9.09 of the Credit Agreement is hereby amended by
deleting the table appearing in said Section in its entirety and inserting the
following new table in lieu thereof:

<Table>
<Caption>
                 FISCAL QUARTER ENDED                      RATIO
                 --------------------                      -----
                <S>                                       <C>
                March 31, 2002                            6.50:1.0
                June 30, 2002                             6.35:1.0
                September 30, 2002                        6.25:1.0
                December 31, 2002                         6.15:1.0

                March 31, 2003                            6.15:1.0
                June 30, 2003                             6.00:1.0
                September 30, 2003                        6.00:1.0
                December 31, 2003                         5.75:1.0

                March 31, 2004                            5.65:1.0
                June 30, 2004                             5.50:1.0
                September 30, 2004                        5.50:1.0
                December 31, 2004                         5.25:1.0

                March 31, 2005                            4.95:1.0
</Table>

                                      -10-
<Page>

<Table>
                 FISCAL QUARTER ENDED                      RATIO
                 --------------------                      -----
                <S>                                       <C>
                June 30, 2005                             4.75:1.0
                September 30, 2005                        4.75:1.0
                December 31, 2005                         4.50:1.0

                March 31, 2006 and each                   4.25:1.0
                fiscal quarter of Holdings
                ended thereafter
</Table>

          32.    Section 9.10 of the Credit Agreement is hereby amended by (i)
inserting the text ", any Permanent Senior Notes Document, any Holdings Senior
Notes Document" immediately after the text "any Permitted Acquired Subsidiary
Preferred Stock" in each place where such text appears in said Section, (ii)
deleting the proviso appearing at the end of clause (ii) of said Section in its
entirety and inserting the following new proviso in lieu thereof:

     "PROVIDED that so long as no Default or Event of Default then exists or
     would result therefrom, Mezzanine Subordinated Debt may be Refinanced with
     the issuance of Holdings Senior Notes in accordance with the requirements
     of the definition thereof and the other relevant provisions of this
     Agreement",

(iii) inserting the text ", any Permanent Senior Note, any Holdings Senior Note"
immediately after the text "any Qualified Preferred Stock" appearing in clause
(iii) of said Section, (iv) inserting the text ", Permanent Senior Notes"
immediately after the text "Permanent Senior Subordinated Notes" appearing in
subclause (B) of the proviso contained in clause (iii) of said Section, (v)
deleting the word "and" appearing immediately prior to the text "(D)" appearing
in the proviso to clause (iii) of said Section and (vi) inserting the following
new subclauses (E), (F), (G) and (H) after subclause (D) of the proviso
contained in clause (iii) of said Section:

     ", (E) Permanent Exchange Senior Notes may be issued as contemplated by the
     definition of Permanent Senior Notes and consistent with the definition of
     Permanent Exchange Senior Notes, (F) so long as no Default or Event of
     Default then exists or would result therefrom, Permanent Senior Notes and
     any Permitted Senior Note Refinancing Indebtedness incurred to Refinance
     same may be Refinanced with Permitted Senior Note Refinancing Indebtedness
     in accordance with the relevant requirements of this Agreement, (G)
     Permanent Exchange Holdings Senior Notes may be issued as contemplated by
     the definition of Holdings Senior Notes and consistent with the definition
     of Permanent Exchange Holdings Senior Notes and (H) so long as no Default
     or Event of Default then exists or would result therefrom, Holdings Senior
     Notes and any Permitted Holdings Senior Note Refinancing Indebtedness
     incurred to Refinance same may be Refinanced with Permitted Holdings Senior
     Note Refinancing Indebtedness in accordance with the relevant requirements
     of this Agreement".

          33.    Notwithstanding anything to the contrary contained in Section
9.10 of the Credit Agreement, the Lenders hereby agree that Holdings and the
holders of the Mezzanine

                                      -11-
<Page>

Subordinated Debt may amend the Mezzanine Subordinated Debt Documents to (i)
increase the rate of interest on the Mezzanine Subordinated Debt from 12% per
annum to up to 13% per annum, (ii) provide that the full amount of such interest
(or such lesser portion thereof as may be agreed by Holdings) shall be payable
in cash on and after the Second Revised Financial Covenants Compliance Date (or
such later date as may be agreed by Holdings) and (iii) incorporate new
market-based covenants therein, so long as such covenants (x) do not provide for
guaranties or security and (y) are not, taken as a whole, less favorable to
Holdings and its Subsidiaries than those applicable to Vertis and its
Subsidiaries and contained in the agreement governing the Permitted Subordinated
Refinancing Indebtedness and (after the execution and delivery thereof) the
Permanent Senior Notes Indenture, so long as, in the case of any such amendment
described in this clause (iii), the Mezzanine Amendment/Refinancing Condition
has been satisfied (or, immediately after giving effect to the respective
amendment or amendments, will be satisfied).

          34.    Section 9.14(a) of the Credit Agreement is hereby amended by
inserting the text ", the Permanent Senior Notes Documents and the Holdings
Senior Notes Documents" immediately after the text "Permanent Senior
Subordinated Notes Documents" appearing in said Section.

          35.    [Intentionally omitted].

          36.    The definition of "Applicable Margin" appearing in Section
11.01 of the Credit Agreement is hereby amended by (i) inserting the text ",
Permanent Senior Notes, Holdings Senior Notes" immediately after the text
"Permanent Senior Subordinated Notes" in the first two places such text appears
in said definition, (ii) inserting the text "Permanent Senior Notes, Holdings
Senior Notes," immediately after the text "Permanent Senior Subordinated Notes,"
in the third and fourth places such text appears in said definition and (iii)
inserting the text "First" immediately before the text "Revised Financial
Covenants Compliance Date" in each place such text appears in said definition.

          37.    The definition of "Available Basket Amount" appearing in
Section 11.01 of the Credit Agreement is hereby amended by deleting the last
sentence appearing in said definition in its entirety and inserting the
following new sentence in lieu thereof:

     "Notwithstanding anything to the contrary contained above in this
     definition, (I) in the case of any determination of the Available Basket
     Amount at any time on and after the Fifth Amendment Effective Date and
     prior to the First Revised Financial Covenants Compliance Date, the term
     "Available Basket Amount" shall mean an amount equal to the remainder of
     (x) $3,000,000 MINUS (y) fair market value (as determined in good faith by
     senior management of Holdings) of all Investments made in reliance on the
     exception described in Section 24 of the Sixth Amendment and (II) in the
     case of any determination of the Available Basket Amount at any time on and
     after the First Revised Financial Covenants Compliance Date and prior to
     the Second Revised Financial Covenants Compliance Date, the term "Available
     Basket Amount" shall mean an amount equal to the remainder of (i)
     $10,000,000 MINUS (ii) the aggregate amount of consideration paid by
     Holdings and its Subsidiaries (including the amount of any Indebtedness
     assumed) in connection with acquisitions effected pursuant to Section
     9.02(vii) on and after the First

                                      -12-
<Page>

     Revised Financial Covenants Compliance Date, MINUS (iii) the aggregate
     amount of Investments made pursuant to Section 9.05(vii) on and after the
     First Revised Financial Covenants Compliance Date, MINUS (iv) the aggregate
     amount of Capital Expenditures made pursuant to Section 9.07(g) on and
     after the First Revised Financial Covenants Compliance Date."

          38.    The definition of "Change of Control" appearing in Section
11.01 of the Credit Agreement is hereby amended by inserting the text "any
Permanent Senior Notes Document, any Permitted Senior Note Refinancing
Indebtedness, any Holdings Senior Notes Document, any Permitted Holdings Senior
Note Refinancing Indebtedness," immediately after the text "any Permanent Senior
Subordinated Notes Document," in each place such text appears in said
definition.

          39.    The definition of "Consolidated EBITDA" appearing in Section
11.01 of the Credit Agreement is hereby amended by (i) deleting the word "and"
at the end of clause (ix) of said definition and inserting a comma in lieu
thereof and (ii) inserting the following text immediately after clause (x) of
said definition:

     "and (xi) for any Test Period which includes any portion of the period from
     April 1, 2002 to and including December 31, 2002, to the extent deducted in
     any determination of Consolidated EBITDA (directly or through reductions to
     Consolidated Net Income), severance costs and certain one-time
     restructuring costs not reported as such in accordance with GAAP (such as
     retention bonuses and employee relocation costs) incurred (on an accrual
     basis) by Holdings and its Subsidiaries on or after April 1, 2002 and on or
     prior to December 31, 2002, so long as (x) the aggregate amount of all such
     costs so incurred and added to Consolidated EBITDA pursuant to this clause
     (xi) after the Sixth Amendment Effective Date does not exceed $12,000,000
     and (y) Holdings has at all times complied with the requirements of clause
     (z) of Section 8.01(f), requiring Holdings to certify as to the amount and
     type of such costs so incurred in any fiscal quarter of Holdings included
     in such Test Period and added back to Consolidated EBITDA for such Test
     Period.".

          40.    The definition of "Document" appearing in Section 11.01 of the
Credit Agreement is hereby amended by (i) deleting the word "and" appearing
immediately prior to the text "(x)" appearing in said definition and inserting a
comma in lieu thereof and (ii) inserting the text "and, on and after the
execution and delivery thereof, (xi) the Permanent Senior Subordinated Notes
Documents, (xii) the Permanent Senior Notes Documents, (xiii) the instruments
and agreements governing any Permitted Senior Note Refinancing Indebtedness,
(xiv) the Holdings Senior Notes Documents and (xv) the instruments and
agreements governing any Permitted Holdings Senior Note Refinancing
Indebtedness" immediately after clause (x) appearing in said definition.

          41.    The definition of "Minimum Borrowing Amount" appearing in
Section 11.01 of the Credit Agreement is hereby amended by deleting the text
"125,000" appearing in clause (vi) of said Section and inserting the text
"50,000" in lieu thereof.

                                      -13-
<Page>

          42.    The definition of "Permitted Debt" appearing Section 11.01 of
the Credit Agreement is hereby amended by inserting the text ", Permitted Senior
Note Refinancing Indebtedness, Permitted Holdings Senior Note Refinancing
Indebtedness" immediately after the text "Permitted Subordinated Refinancing
Indebtedness" appearing in said definition.

          43.    The definition of "Receivables Amendment Conditions" appearing
in Section 11.01 of the Credit Agreement is hereby amended by (i) inserting the
text "Vertis and" immediately after the text "shrinkage of receivables of"
appearing in clause (A) of said definition, (ii) inserting the following text
before the semi-colon appearing in clause (B) of said definition:

     ", it being understood, for avoidance of doubt, that this condition
     requires only that such new scheduled maturities extend to a point in time
     equal to or beyond the then maturities of the Investor Certificates issued
     under the then existing Receivables Facility (not that the absolute
     duration of the scheduled maturities of Investor Certificates issued under
     a replacement Receivables Facility are identical to that of the then
     existing Receivables Facility)",

(iii) inserting the following proviso before the semi-colon appearing in clause
(C) of said definition:

     "; PROVIDED that if the pricing condition in this clause (C) is to be
     satisfied at the time the then existing Receivables Facility is to be
     replaced in its entirety as contemplated by the definition of "Receivables
     Facility", the PER ANNUM interest rate applicable to such replacement
     "Receivables Facility" shall not be subject to the limitations described
     above in this clause (C), so long as same does not exceed the PER ANNUM
     market interest rate then applicable to a receivables facility which
     otherwise meets the requirements of this definition (as determined by
     Holdings and the Administrative Agent)",

and (iv) inserting the following proviso before the semi-colon appearing in
clause (G) of said definition:

     "; PROVIDED that notwithstanding the foregoing, if the condition in this
     clause (G) is to be satisfied at the time the then existing Receivables
     Facility is to be replaced in its entirety as contemplated by the
     definition of "Receivables Facility", the condition in this clause (G)
     shall be deemed to be satisfied so long as any such additional covenants
     included in the Receivables Documents are determined by Holdings and the
     Administrative Agent as market covenants for a Receivables Facility which
     otherwise meets the requirements of this definition".

          44.    The definition of "Receivables Facility" appearing in Section
11.01 of the Credit Agreement is hereby amended by inserting the text "Vertis
and" immediately after the text "pursuant to which (x)" appearing in said
definition.

          45.    The definition of "Receivables Facility Assets" appearing in
Section 11.01 of the Credit Agreement is hereby amended by inserting the text
"Vertis and" immediately prior to the text "any of the Domestic Subsidiaries"
appearing in said definition.

                                      -14-
<Page>

          46.    The definition of "Receivables Facility Threshold Amount"
appearing in Section 11.01 of the Credit Agreement is hereby amended by deleting
the text "the sum of (x) $130,000,000 plus (y) the Initial Receivables Facility
Reduction Amount (if greater than $0)" appearing in said definition and
inserting the text "$150,000,000" in lieu thereof.

          47.    The definition of "Revised Financial Covenants Compliance Date"
appearing in Section 11.01 of the Credit Agreement is hereby amended by
inserting the text "First" immediately before the text "Revised" appearing in
said definition.

          48.    The definition of "Senior Debt" appearing in Section 11.01 of
the Credit Agreement is hereby amended by (i) deleting the word "and" appearing
immediately prior to the text "(vii)" appearing in said definition and inserting
a comma in lieu thereof and (ii) inserting the text ", (viii) the aggregate
outstanding principal amount of the Holdings Senior Notes at such time and (ix)
the aggregate outstanding principal amount of any Permitted Holdings Senior Note
Refinancing Indebtedness at such time" immediately after clause (vii) appearing
in said definition.

          49.    The definition of "Treasure Chest" appearing in Section 11.01
of the Credit Agreement is hereby amended by deleting the text "and a
Wholly-Owned Subsidiary of BFPH" appearing in said definition and inserting the
text ", and any successor thereto by merger or consolidation, to the extent such
transaction is permitted by this Agreement" in lieu thereof.

          50.    Section 11.01 of the Credit Agreement is hereby amended by (i)
deleting the definitions of "Excess Senior Subordinated Note Indebtedness",
"Mezzanine Subordinated Debt" and "Permanent Senior Subordinated Notes"
appearing in said Section and (ii) inserting the following new definitions in
appropriate alphabetical order:

          "Excess Permanent Senior Note Indebtedness" shall mean the
     Indebtedness of Vertis under the Permanent Senior Notes required to be
     applied to Refinance outstanding Loans as contemplated by clause (II) and
     subclauses (e) and (f) appearing in the first sentence of the definition of
     Permanent Senior Notes.

          "Holdings Senior Notes" shall mean any Indebtedness of Holdings
     evidenced by senior notes issued to (A) Refinance outstanding Mezzanine
     Subordinated Debt in aggregate principal amount not to exceed the sum of
     (i) $100,000,000 PLUS (ii) the aggregate principal amount of all Mezzanine
     Subordinated Debt issued to pay-in-kind regularly accruing interest on
     outstanding Mezzanine Subordinated Debt after the Initial Borrowing Date
     and prior to the date of the initial incurrence of such Indebtedness and
     (B) pay in kind regularly accruing interest on any such theretofore
     outstanding senior notes, so long as (a) such Indebtedness has a final
     maturity not earlier than the date occurring 6 months after the final
     maturity of the Permitted Subordinated Refinancing Indebtedness, (b) such
     Indebtedness does not (x) provide for guaranties (except for guaranties by
     Subsidiaries of Holdings, in the event such Subsidiaries guarantee any
     other Indebtedness incurred by Holdings after the initial issuance of the
     Holdings Senior Notes (other than any Indebtedness of Holdings incurred
     under the "Senior Credit Facility" (as defined in the Senior Subordinated
     Credit Agreement, without giving effect to any termination thereof)) or
     security (it being understood, however, that such

                                      -15-
<Page>

     Indebtedness may include a customary negative pledge covenant consistent
     with the requirements of clause (f) below) or (y) in the case of the
     Indebtedness incurred as contemplated by clause (A) above, increase the
     principal amount of the Indebtedness being Refinanced thereby and
     outstanding immediately prior to such refinancing (except to the extent of
     reasonable fees, commissions and expenses actually paid in connection with
     such refinancing), (c) such Indebtedness does not provide for the payment
     of cash interest prior to the Second Revised Financial Covenants Compliance
     Date, (d) the interest rate applicable to such Indebtedness does not exceed
     13.0% per annum, (e) the Mezzanine Amendment/Refinancing Condition shall
     have been satisfied (or, immediately after giving effect to the incurrence
     of such Indebtedness, shall have been satisfied), and (f) all other terms
     of such Indebtedness (including, without limitation, with respect to
     amortization, redemption provisions, maturities, covenants, and defaults),
     are not, taken as a whole, less favorable in any material respect to
     Holdings and its Subsidiaries than those applicable to Vertis and its
     Subsidiaries and contained in the agreement governing the Permitted
     Subordinated Refinancing Indebtedness and (after the execution and delivery
     thereof) the Permanent Senior Notes Indenture, except that the initial
     amount of the basket for indebtedness under the Credit Documents contained
     in the debt covenant in the indenture governing such Indebtedness may be
     reduced from $850.0 million (as set forth in the documentation governing
     the Permitted Subordinated Refinancing Indebtedness) to the Senior Credit
     Facility Basket Amount referred to in the definition of Permanent Senior
     Notes, it being understood that the terms and conditions of such
     Indebtedness specifically required (or expressly permitted) pursuant to the
     immediately preceding exception or the other subclauses of this definition
     shall not be taken into account in making any determination pursuant to
     this clause (f). As used herein, the term "Holdings Senior Notes" shall
     also include any Permanent Exchange Holdings Senior Notes issued pursuant
     to the Holdings Senior Notes Indenture in exchange for theretofore
     outstanding Holdings Senior Notes as contemplated by the definition of
     Permanent Exchange Holdings Senior Notes. The issuance of Holdings Senior
     Notes shall be deemed to be a representation and warranty by Holdings that
     all conditions thereto have been satisfied in all material respects and
     that same is permitted in accordance with the terms of this Agreement,
     which representation and warranty shall be deemed to be a representation
     and warranty for all purposes hereunder, including, without limitation,
     Sections 5.03(a) and 10.

          "Holdings Senior Notes Documents" shall mean the Holdings Senior Notes
     Indenture, the Holdings Senior Notes and each other agreement, document or
     instrument relating to the issuance of the Holdings Senior Notes.

          "Holdings Senior Notes Indenture" shall mean any indenture or similar
     agreement entered into in connection with the issuance of Holdings Senior
     Notes or Permanent Exchange Holdings Senior Notes.

          "Mezzanine Amendment/Refinancing Condition" shall mean (i) in the case
     of a proposed amendment to the Mezzanine Subordinated Debt Documents as
     contemplated by Section 33, Part I of the Sixth Amendment, the requirement
     that at least 75% of the aggregate outstanding principal amount of
     Mezzanine Subordinated Debt be held by persons other than Permitted Holders
     and their Affiliates and (ii) in the case of an

                                      -16-
<Page>

     issuance of Holdings Senior Notes, the requirement that at least 75% of the
     aggregate outstanding principal amount of the Holdings Senior Notes
     (determined immediately after giving effect to such issuance) be held by
     persons other than Permitted Holders and their Affiliates.

          "Mezzanine Subordinated Debt" shall mean the unsecured Mezzanine
     Subordinated Notes due 2010 issued by Holdings under the Mezzanine
     Subordinated Debt Documents, which notes bear interest at a rate of (i) at
     all times on and after the Initial Borrowing Date and prior to the later to
     occur of (x) the Second Financial Covenants Compliance Date and (y) the
     date of the effectiveness of the amendment described in Part I, Section 33
     of the Sixth Amendment, 12% per annum (10% per annum of which shall be
     payable in cash and 2% per annum of which shall be payable in kind) and
     (ii) at all times on after the later to occur of the dates referred to in
     subclauses (x) and (y) of preceding clause (i), 13% per annum (or such
     lesser percentage as may be agreed by Holdings), all of which (or such
     lesser portion of which (as may be agreed by Holdings)) shall be payable in
     cash.

          "Permanent Exchange Holdings Senior Notes" shall mean senior
     subordinated notes issued in exchange for Holdings Senior Notes pursuant to
     the Holdings Senior Notes Indenture, which Permanent Exchange Holdings
     Senior Notes are substantially identical securities to the Holdings Senior
     Notes and shall be issued pursuant to a registered exchange offer or
     private exchange offer for the Holdings Senior Notes; PROVIDED that in no
     event will the issuance of any Permanent Exchange Holdings Senior Notes
     increase the aggregate principal amount of Holdings Senior Notes
     theretofore outstanding or otherwise result in an increase in the interest
     rate applicable to the Holdings Senior Notes.

          "Permanent Exchange Senior Notes" shall mean senior notes issued in
     exchange for Permanent Senior Notes pursuant to the Permanent Senior Notes
     Indenture, which Permanent Exchange Senior Notes are substantially
     identical securities to the Permanent Senior Notes and shall be issued
     pursuant to a registered exchange offer or private exchange offer for the
     Permanent Senior Notes; PROVIDED that in no event will the issuance of any
     Permanent Exchange Senior Notes increase the aggregate principal amount of
     Permanent Senior Notes theretofore outstanding or otherwise result in an
     increase in the interest rate applicable to the Permanent Senior Notes.

          "Permitted Holdings Senior Note Refinancing Indebtedness" shall mean
     any Indebtedness of Holdings incurred (A) to Refinance Holdings Senior
     Notes or any other Indebtedness incurred pursuant to this definition to so
     Refinance any theretofore outstanding Indebtedness incurred pursuant to
     this definition, (B) to pay in kind regularly accruing interest on any
     Indebtedness theretofore issued pursuant to this definition and/or (C) as a
     result of the accretion of the principal amount of theretofore outstanding
     Indebtedness at the rate specified therein, so long as (a) such
     Indebtedness has a weighted average life to maturity greater than or equal
     to the weighted average life to maturity of the Indebtedness being
     refinanced, (b) in the case of the Indebtedness incurred as contemplated by
     clause (A) above, such Indebtedness does not increase the amount of such
     Indebtedness outstanding immediately prior to such refinancing (except to
     the extent

                                      -17-
<Page>

     of reasonable fees and expenses actually paid in connection with such
     refinancing), (c) such Indebtedness does not add guarantors, obligors or
     security from that which applied to such Indebtedness being Refinanced, (d)
     such Indebtedness does not provide for the payment of cash interest prior
     to the Second Revised Financial Covenants Compliance Date, (e) the interest
     rate applicable to such Indebtedness does not exceed 13.0% per annum, and
     (f) all other terms of such Indebtedness (including, without limitation,
     with respect to the amortization, redemption provisions, maturities,
     covenants, defaults and remedies), are not, taken as a whole, less
     favorable in any material respect to Holdings and its Subsidiaries than
     those previously existing with respect to the Indebtedness being
     Refinanced.

          "Permanent Senior Notes" shall mean any Indebtedness of Vertis
     evidenced by senior notes and incurred to Refinance (I) up to $162,500,000
     in aggregate principal amount of then outstanding Permitted Subordinated
     Refinancing Indebtedness and (II) up to $187,500,000 in aggregate principal
     amount of outstanding Loans, so long as (a) such Indebtedness has a final
     maturity equal to or later than the seventh anniversary of the date of the
     incurrence of such Indebtedness and no required amortizations prior to such
     date, (b) such refinancing does not (x) add guarantors, obligors or
     security from that which applied to the Permitted Subordinated Refinancing
     Indebtedness, except that the terms of such Indebtedness may require
     (pursuant to a lien covenant contained in the documentation therefor) that
     a pledge of any assets of Vertis and its Subsidiaries to secure new debt of
     Vertis and its Subsidiaries incurred after the Sixth Amendment Effective
     Date (excluding (A) Indebtedness under the "Senior Credit Facility" (as
     defined in the Senior Subordinated Credit Agreement, without giving effect
     to any termination thereof), (B) Indebtedness under Interest Rate
     Protection Agreements and Currency Agreements, (C) Attributed Receivables
     Facility Indebtedness, (D) capitalized lease obligations and certain
     acquired indebtedness expressly permitted to be incurred under the
     documentation governing such Indebtedness and (E) additional Indebtedness
     in an aggregate principal amount equal to $35.0 million) secure such
     Indebtedness on an equal and ratable basis with such new debt (or on a
     senior basis, if such new debt is subordinated to such Indebtedness) or (y)
     increase the principal amount of the Indebtedness being Refinanced and
     outstanding immediately prior to such refinancing (except to the extent of
     reasonable fees, commissions and expenses actually paid in connection with
     such refinancing), (c) the interest rate applicable to such Indebtedness
     shall not exceed the rate applicable to the Permitted Subordinated
     Refinancing Indebtedness, (d) all terms of such Indebtedness (including,
     without limitation, with respect to amortization, redemption provisions,
     maturities, covenants, defaults and remedies), are not, taken as a whole,
     less favorable in any material respect to Vertis and its Subsidiaries than
     those previously existing with respect to the Permitted Subordinated
     Refinancing Indebtedness, except that (i) the indenture governing such
     Indebtedness may contain a lien covenant restricting liens, and providing
     for equal and ratable security, on the basis described in the exception set
     forth in clause (b)(x) above, (ii) such Indebtedness may have a final
     maturity shorter than the final maturity of the Permitted Subordinated
     Refinancing Indebtedness and (iii) the initial amount of the basket for
     indebtedness under the Credit Documents contained in the debt covenant in
     the indenture governing such Indebtedness may be reduced from $850.0
     million (as set forth in the documentation governing the Permitted
     Subordinated Refinancing Indebtedness) to an

                                      -18-
<Page>

     amount (the "Senior Credit Facility Basket Amount") equal to the sum of (I)
     the Total Revolving Loan Commitment as in effect on the date of the first
     incurrence of such Indebtedness, (II) the aggregate principal amount of the
     Term Loans outstanding on the date of the first incurrence of such
     Indebtedness (after giving effect to any repayment thereof with the
     proceeds of such Indebtedness on such date) PLUS (III) $35.0 million, it
     being understood that the terms and conditions of such Indebtedness
     specifically required (or expressly permitted) pursuant to immediately
     preceding clauses (i) and (ii) or the other subclauses of this definition
     shall not be taken into account in making any determination pursuant to
     this clause (d), (e) in connection with the first incurrence of such
     Indebtedness, Net Cash Proceeds in an amount equal to the sum of (x)
     $25,000,000 PLUS (y) 50% of the Net Cash Proceeds from such incurrence in
     excess of $25,000,000, shall have been applied to repay Loans (and/or
     reduce the Total Revolving Loan Commitment) in accordance with the
     requirements of Sections 4.02(d) and (i) and (f) in connection with any
     subsequent incurrence of such Indebtedness, Net Cash Proceeds in an amount
     equal to 50% of the Net Cash Proceeds from such incurrence of Indebtedness
     shall have been applied to repay Loans (and/or reduce the Total Revolving
     Loan Commitment) in accordance with the requirements of Sections 4.02(d)
     and (i). As used herein, the term "Permanent Senior Notes" shall also
     include any Permanent Exchange Senior Notes issued pursuant to the
     Permanent Senior Notes Indenture in exchange for theretofore outstanding
     Permanent Senior Notes as contemplated by the definition of Permanent
     Exchange Senior Notes. The issuance of Permanent Senior Notes shall be
     deemed to be a representation and warranty by Vertis that all conditions
     thereto have been satisfied in all material respects and that same is
     permitted in accordance with the terms of this Agreement, which
     representation and warranty shall be deemed to be a representation and
     warranty for all purposes hereunder, including, without limitation,
     Sections 5.03(a) and 10.

          "Permanent Senior Notes Documents" shall mean the Permanent Senior
     Notes Indenture, the Permanent Senior Notes and each other agreement,
     document or instrument relating to the issuance of the Permanent Senior
     Notes.

          "Permanent Senior Notes Indenture" shall mean any indenture or similar
     agreement entered into in connection with the issuance of Permanent Senior
     Notes or Permanent Exchange Senior Notes.

          "Permanent Senior Notes Issuance Amount" shall mean, as to any
     issuance of Permanent Senior Notes, the aggregate principal amount of such
     Permanent Senior Notes on the date of issuance thereof.

          "Permanent Senior Subordinated Notes" shall mean any Indebtedness of
     Vertis evidenced by senior subordinated notes and incurred pursuant to one
     or more issuances of such subordinated notes to Refinance all or a portion
     of the then outstanding Permitted Subordinated Refinancing Indebtedness, so
     long as (a) such Indebtedness has (x) a weighted average life to maturity
     greater than or equal to the weighted average life to maturity of the
     Permitted Subordinated Refinancing Indebtedness and (y) a final maturity
     identical to or later than the final maturity of the Permitted Subordinated
     Refinancing Indebtedness, (b) such Indebtedness does not (x) add
     guarantors, obligors or security

                                      -19-
<Page>

     from that which applied to the Permitted Subordinated Refinancing
     Indebtedness or (y) increase the principal amount of the Indebtedness being
     refinanced and outstanding immediately prior to such refinancing (except to
     the extent of reasonable fees, commissions and expenses actually paid in
     connection with such refinancing), (c) such Indebtedness has substantially
     the same (or, from the perspective of the Lenders, more favorable)
     subordination provisions as those contained in the Senior Subordinated
     Credit Agreement, and (d) all other terms of such Indebtedness (including,
     without limitation, with respect to amortization, redemption provisions,
     maturities, covenants, defaults and remedies), are not, taken as a whole,
     less favorable in any material respect to Vertis and its Subsidiaries than
     those previously existing with respect to the Permitted Subordinated
     Refinancing Indebtedness, except that the initial amount of the basket for
     indebtedness under the Credit Documents contained in the debt covenant in
     the indenture governing such Indebtedness may be reduced from $850.0
     million (as set forth in the documentation governing the Permitted
     Subordinated Refinancing Indebtedness) to the Senior Credit Facility Basket
     Amount referred to in the definition of Permanent Senior Notes, it being
     understood that the terms and conditions of such Indebtedness specifically
     required (or expressly permitted) pursuant to the immediately preceding
     exception or the other subclauses of this definition shall not be taken
     into account in making any determination pursuant to this clause (d). As
     used herein, the term "Permanent Senior Subordinated Notes" shall also
     include any Permanent Exchange Senior Subordinated Notes issued pursuant to
     the Permanent Senior Subordinated Notes Indenture in exchange for
     theretofore outstanding Permanent Senior Subordinated Notes as contemplated
     by the definition of Permanent Exchange Senior Subordinated Notes. The
     issuance of Permanent Senior Subordinated Notes shall be deemed to be a
     representation and warranty by Vertis that all conditions thereto have been
     satisfied in all material respects and that same is permitted in accordance
     with the terms of this Agreement, which representation and warranty shall
     be deemed to be a representation and warranty for all purposes hereunder,
     including, without limitation, Sections 5.03(a) and 10.

          "Permitted Senior Note Refinancing Indebtedness" shall mean any
     Indebtedness of Vertis and its Subsidiaries issued to Refinance Permanent
     Senior Notes or any Indebtedness issued to so Refinance any such
     Indebtedness, so long as (a) such Indebtedness has a weighted average life
     to maturity greater than or equal to the weighted average life to maturity
     of the Indebtedness being refinanced, (b) such Indebtedness does not (i)
     increase the amount of such Indebtedness outstanding immediately prior to
     such refinancing or renewal (except to the extent of reasonable fees,
     commissions and expenses actually paid in connection with such refinancing)
     or (ii) add guarantors, obligors or security from that which applied to
     such Indebtedness being refinanced or renewed, and (c) all other terms of
     such Indebtedness (including, without limitation, with respect to the
     amortization, redemption provisions, maturities, covenants, defaults and
     remedies), are not, taken as a whole, less favorable in any material
     respect to Vertis and its Subsidiaries than those previously existing with
     respect to the Indebtedness being refinancing or renewed.

          "Second Revised Financial Covenants Compliance Date" shall mean the
     earlier to occur of (i) the date of the first delivery by Holdings of a
     compliance certificate pursuant to (and in accordance with the requirements
     of) Section 8.01(f) in respect of any fiscal

                                      -20-
<Page>

     quarter or fiscal year of Holdings ending on or after the fiscal year of
     Holdings ended December 31, 2005, demonstrating, INTER ALIA, compliance
     with the financial covenants contained in Sections 9.08 and 9.09 as at the
     end of the relevant fiscal quarter or fiscal year, as the case may be, and
     (ii) the first date occurring after December 31, 2005 on which the chief
     financial officer of Holdings shall have delivered to the Lenders a
     compliance certificate to the effect that, to the best of such officer's
     knowledge, Holdings is in compliance with the financial covenants contained
     in Sections 9.08 and 9.09 as at the end of the relevant fiscal quarter or
     fiscal year, as the case may be, then last ended, together with
     calculations (in reasonable detail) required to establish such compliance.

          "Sixth Amendment" shall mean the Sixth Amendment to this Agreement,
     dated as of June 13, 2002.

          "Sixth Amendment Effective Date" shall have the meaning provided in
     the Sixth Amendment.

          51.    The Credit Agreement is hereby further amended by (i) deleting
     each reference to "BFPH" appearing in the Credit Agreement and inserting
     the text "Vertis" in lieu thereof and (ii) placing the definition of
     "Vertis" appearing in Section 11.01 of the Credit Agreement (as amended
     pursuant to preceding clause (i)) in appropriate alphabetical order in said
     Section.

II.  AMENDMENTS TO SUBORDINATION AGREEMENT.

          1.     The Subordination Agreement is hereby amended by deleting each
reference to "BFPH" appearing in the Subordination Agreement and inserting the
text "Vertis" in lieu thereof.

          2.     The definition of "REQUIRED SENIOR CREDITORS" appearing in
Section 7 of the Subordination Agreement is hereby amended by inserting the text
"; PROVIDED that for purposes of the last sentence appearing in Section 2(b),
the term "Required Senior Creditors" shall mean the holders of at least a
majority of the sum of (v) all outstanding Credit Document Obligations, (w) all
outstanding Permanent Senior Note Obligations (as defined below), (x) all
outstanding Permitted Senior Note Refinancing Obligations (as defined below),
(y) if the Subordinated Debt in respect of which a payment is to be permitted
(as contemplated by said sentence) is owed by Holdings, all outstanding Holdings
Senior Note Obligations (as defined below) and (z) if the Subordinated Debt in
respect of which a payment is to be permitted (as contemplated by said sentence)
is owed by Holdings, all outstanding Permitted Holdings Senior Note Refinancing
Obligations (as defined below)" after clause (ii) appearing in said definition.

          3.     The definition of "SENIOR CREDITORS" appearing in Section 7 of
the Subordination Agreement is hereby amended by inserting the text ", the
Permanent Senior Noteholders, the Permitted Senior Note Refinancing Creditors,
the Holdings Senior Noteholders, the Permitted Holdings Senior Note Refinancing
Creditors" immediately after the text "Hedging Creditors" appearing in said
definition.

          4.     The definition of "SENIOR INDEBTEDNESS" appearing in Section 7
of the Subordination Agreement is hereby amended by (i) deleting the period
appearing at the end of

                                      -21-
<Page>

clause (iii) of said definition and inserting a semi-colon in lieu thereof and
(ii) inserting the following new clauses (iv), (v), (vi) and (vii) at the end of
said definition:

          "(iv) all Obligations (including Obligations which, but for the
     automatic stay under Section 362(a) of the Bankruptcy Code, would become
     due) and liabilities (including, without limitation, indemnities, Fees and
     interest thereon) of the respective Credit Party (whether as obligor,
     guarantor or otherwise) to the Permanent Senior Noteholders, now existing
     or hereafter incurred under, arising out of or in connection with any
     Permanent Senior Notes Document to which it is at any time a party
     (including, without limitation, all such obligations and liabilities of the
     respective Credit Party under the Permanent Senior Notes Indenture (if a
     party thereto) and under any other guarantee by it of obligations pursuant
     to the Permanent Senior Notes Documents) and the due performance and
     compliance by the respective Credit Party with the terms of each such
     Permanent Senior Notes Document (all such obligations and liabilities under
     this clause (iv) being herein collectively called the "PERMANENT SENIOR
     NOTE OBLIGATIONS");

          (v) all Obligations (including Obligations which, but for the
     automatic stay under Section 362(a) of the Bankruptcy Code, would become
     due) and liabilities (including, without limitation, indemnities, Fees and
     interest thereon) of the respective Credit Party (whether as obligor,
     guarantor or otherwise) to the Permitted Senior Note Refinancing Creditors,
     now existing or hereafter incurred under, arising out of or in connection
     with any Permitted Senior Note Refinancing Indebtedness (and any agreement
     or instrument governing or evidencing the same) to which it is at any time
     a party (including, without limitation, all such obligations and
     liabilities of the respective Credit Party under any guarantee by it of
     obligations under, or relating to, pursuant to Permitted Senior Note
     Refinancing Indebtedness) and the due performance and compliance by the
     respective Credit Party with the terms of all such Permitted Senior Note
     Refinancing Indebtedness (and each agreement and instrument governing or
     evidencing the same) (all such obligations and liabilities under this
     clause (v) being herein collectively called the "PERMITTED SENIOR NOTE
     REFINANCING OBLIGATIONS");

          (vi) in the case of the Subordinated Debt of Holdings only, all
     Obligations (including Obligations which, but for the automatic stay under
     Section 362(a) of the Bankruptcy Code, would become due) and liabilities
     (including, without limitation, indemnities, Fees and interest thereon) of
     Holdings (whether as obligor or otherwise) to the Holdings Senior
     Noteholders, now existing or hereafter incurred under, arising out of or in
     connection with any Holdings Senior Notes Documents to which it is at any
     time a party and the due performance and compliance by Holdings with the
     terms of each such Holdings Senior Notes Document (all such obligations and
     liabilities under this clause (vi) being herein collectively called the
     "HOLDINGS SENIOR NOTE OBLIGATIONS"); and

          (vii) in the case of the Subordinated Debt of Holdings only, all
     Obligations (including Obligations which, but for the automatic stay under
     Section 362(a) of the Bankruptcy Code, would become due) and liabilities
     (including, without limitation, indemnities, Fees and interest thereon) of
     the respective Credit Party (whether as obligor, guarantor or otherwise) to
     the Permitted Holdings Senior Note Refinancing Creditors, now existing or
     hereafter incurred under, arising out of or in connection with any

                                      -22-
<Page>

     Permitted Holdings Senior Note Refinancing Indebtedness (and any agreement
     or instrument governing or evidencing the same) to which it is at any time
     a party (including, without limitation, all such obligations and
     liabilities of the respective Credit Party under any guarantee by it of
     obligations under, or relating to, pursuant to Permitted Holdings Senior
     Note Refinancing Indebtedness) and the due performance and compliance by
     the respective Credit Party with the terms of all such Permitted Holdings
     Senior Note Refinancing Indebtedness (and each agreement and instrument
     governing or evidencing the same) (all such obligations and liabilities
     under this clause (vii) being herein collectively called the "PERMITTED
     HOLDINGS SENIOR NOTE REFINANCING OBLIGATIONS").".

          5.     Section 7 of the Subordination Agreement is hereby further
amended by (i) deleting the definition of "PERMANENT SENIOR SUBORDINATED NOTE
DOCUMENTS" appearing in said Section in its entirety and (ii) inserting the
following definitions in appropriate alphabetical order:

          "HOLDINGS SENIOR NOTEHOLDERS" shall mean the holders from time to time
     of the Holdings Senior Notes.

          "PERMANENT SENIOR NOTEHOLDERS" shall mean the holders from time to
     time of the Permanent Senior Notes.

          "PERMITTED HOLDINGS SENIOR NOTE REFINANCING CREDITORS" shall mean the
     holders from time to time of Permitted Holdings Senior Note Refinancing
     Indebtedness.

          "PERMITTED SENIOR NOTE REFINANCING CREDITORS" shall mean the holders
     from time to time of Permitted Senior Note Refinancing Indebtedness.

III. MISCELLANEOUS PROVISIONS.

          1.     In order to induce the Lenders to enter into this Amendment,
each Credit Agreement Party hereby represents and warrants that:

          (a)    no Default or Event of Default exists as of the Sixth Amendment
     Effective Date, both immediately before and immediately after giving effect
     to this Amendment; and

          (b)    all of the representations and warranties contained in the
     Credit Agreement or the other Credit Documents are true and correct in all
     material respects on the Sixth Amendment Effective Date both immediately
     before and immediately after giving effect to this Amendment, with the same
     effect as though such representations and warranties had been made on and
     as of the Sixth Amendment Effective Date (it being understood that any
     representation or warranty made as of a specific date shall be true and
     correct in all material respects as of such specific date).

          2.     This Amendment is limited as specified and shall not constitute
a modification, acceptance or waiver of any other provision of the Credit
Agreement, the Subordination Agreement or any other Credit Document.

                                      -23-
<Page>

          3.     This Amendment may be executed in any number of counterparts
and by the different parties hereto on separate counterparts, each of which
counterparts when executed and delivered shall be an original, but all of which
shall together constitute one and the same instrument. A complete set of
counterparts shall be lodged with Holdings and the Administrative Agent.

          4.     THIS AMENDMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES
HEREUNDER SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAW OF THE
STATE OF NEW YORK.

          5.     This Amendment shall become effective on the date (the "Sixth
Amendment Effective Date") when each of the following conditions shall have been
satisfied; PROVIDED that the Sixth Amendment Effective Date may occur
concurrently with the last of such conditions to be satisfied:

          (i) each Credit Agreement Party, each Party (as defined in the
     Subordination Agreement) party to the Subordination Agreement, the
     Administrative Agent, the Lenders constituting the Required Lenders and the
     Lenders holding Tranche A Term Loans constituting the Majority Lenders of
     such Tranche of Term Loans shall have signed a counterpart hereof (whether
     the same or different counterparts) and shall have delivered (including by
     way of facsimile transmission) the same to the Administrative Agent at its
     Notice Office;

          (ii) the Lenders shall have received an amendment to the Senior
     Subordinated Credit Agreement executed by Vertis, the subsidiaries of
     Vertis party thereto and the Required Lenders under, and as defined in, the
     Senior Subordinated Credit Agreement, which amendment shall permit the
     issuance of the Permanent Senior Notes and otherwise be in form and
     substance satisfactory to the Administrative Agent;

          (iii) Holdings and Vertis shall have paid to the Administrative Agent
     and the Lenders all fees, costs and expenses (including legal fees and
     expenses but excluding the Amendment Fee referred to Section 6 below)
     payable to the Administrative Agent and the Lenders to the extent then due;

          (iv) the Permanent Senior Notes shall have been issued generating Net
     Cash Proceeds of at least $240.0 million and at least $132.5 million of
     such Net Cash Proceeds shall have been applied to repay Loans in accordance
     with the requirements of the Credit Agreement (as amended hereby); and

          (v) the Administrative Agent shall have received a certificate signed
     on behalf of Holdings by an appropriate officer of Holdings, stating that
     the conditions in clauses (iii) and (iv) above and Section 5.03(a) of the
     Credit Agreement have been satisfied on such date.

In the event the condition described in clause (iv) above shall not have been
satisfied on or prior to September 30, 2002, any signature page to this
Amendment theretofore tendered by any Lender shall be deemed withdrawn at such
time and clause (i) above shall thereafter be deemed not to be satisfied.

                                      -24-
<Page>

          6.     The Borrowers hereby covenant and agree (on a joint and several
basis) that, so long as the Sixth Amendment Effective Date occurs, they shall
pay (in U.S. Dollars) to each Lender which executes and delivers to the
Administrative Agent (or its designee) a counterpart hereof by 12:00 Noon (New
York City time) on June 13, 2002, a non-refundable cash fee (the "Amendment
Fee") in an amount equal to 12.5 basis points (0.125%) of an amount equal to the
sum of (i) the aggregate principal amount of all Term Loans made by such Lender
and outstanding on the Sixth Amendment Effective Date (after giving effect to
the repayment of Term Loans of such Lender on such date with the Net Cash
Proceeds from the issuance of Permanent Senior Notes) PLUS (ii) the Revolving
Loan Commitment of such Lender as in effect on the Sixth Amendment Effective
Date, which Amendment Fee shall not be subject to counterclaim or set-off, or be
otherwise affected by, any claim or dispute relating to any other matter and
shall be paid by the Borrowers to the Administrative Agent for distribution to
the Lenders not later than the second Business Day following the Sixth Amendment
Effective Date.

          7.     From and after the Sixth Amendment Effective Date, all
references in the Credit Agreement and each of the other Credit Documents to the
Credit Agreement and the Subordination Agreement shall be deemed to be
references to the Credit Agreement or the Subordination Agreement, as the case
may be, as modified hereby.

                                      * * *

                                      -25-
<Page>

          IN WITNESS WHEREOF, the parties hereto have caused their duly
authorized officers to execute and deliver this Amendment as of the date first
above written.

                             VERTIS HOLDINGS, INC. (f/k/a Big Flower
                              Holdings, Inc.), as a Guarantor

                             By   /s/ Dean D. Durbin
                                  --------------------------------------------
                               Name: Dean D. Durbin
                               Title: Chief Financial Officer

                             VERTIS, INC. (f/k/a Big Flower Press Holdings,
                              Inc.), as a Borrower and a  Guarantor

                             By   /s/ Dean D. Durbin
                                  --------------------------------------------
                               Name: Dean D. Durbin
                               Title: Chief Financial Officer

                             VERTIS LIMITED (f/k/a Big Flower Limited),
                                  as a Borrower

                             By   /s/ Donald E. Roland
                                  --------------------------------------------
                               Name: Donald E. Roland
                               Title: Director

                             FUSION PREMEDIA GROUP LIMITED (f/k/a
                             Troypeak Limited),
                             as a Borrower

                             By   /s/ Donald E. Roland
                                  --------------------------------------------
                               Name: Donald E. Roland
                               Title: Director

<Page>

                             PISMO LIMITED, as a Borrower

                             By   /s/ Donald E. Roland
                                  --------------------------------------------
                               Name: Donald E. Roland
                               Title: Director

                             VERTIS DIRECT RESPONSE LIMITED (f/k/a
                               Colorgraphic Direct Response Limited),
                               as a Borrower

                             By   /s/ Donald E. Roland
                                  --------------------------------------------
                               Name: Donald E. Roland
                               Title: Director

                             VERTIS DIRECT MARKETING SERVICES
                               (CROYDON) LIMITED

                             By   /s/ Donald E. Roland
                                  --------------------------------------------
                               Name: Donald E. Roland
                               Title: Director

                             VERTIS DIGITAL SERVICES LIMITED

                             By   /s/ Donald E. Roland
                                  --------------------------------------------
                               Name: Donald E. Roland
                               Title: Director

                               JPMORGAN CHASE BANK,
                                Individually, and as Administrative Agent

                             By   /s/ Robert T. Sacks
                                  --------------------------------------------
                               Name: Robert T. Sacks
                               Title: Managing Director

<Page>

                             DEUTSCHE BANK TRUST COMPANY
                             AMERICAS (f/k/a Bankers Trust Company),
                               Individually, and as Syndication Agent

                             By   /s/ Susan Lefevre
                                  --------------------------------------------
                               Name: Susan LeFevre
                               Title: Director

                             BANK OF AMERICA, N.A.
                              Individually, and as Documentation Agent

                             By   /s/ S. Paul Testani, III
                                  --------------------------------------------
                               Name: S. Paul Testani, III
                               Title: Managing Director

                             [OTHER LENDERS]

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

                             WACHOVIA BANK, NATIONAL
                             ASSOCIATION

                             By   /s/ Edward R. Ridenhour
                                  --------------------------------------------
                               Name: Edward R. Ridenhour
                               Title: Managing Director

                             FLEET NATIONAL BANK

                             By   /s/ Julie V. Jalelig
                                  --------------------------------------------
                               Name: Julie V. Jalelig
                               Title: Managing Director

<Page>

                             BOEING CAPITAL CORP.

                             By   /s/ James C. Hammersmith
                                  --------------------------------------------
                               Name: James C. Hammersmith
                               Title: Authorized Agent

                             CARLYLE HIGH YIELD PARTNERS II, LTD

                             By   /s/ Linda Pace
                                  --------------------------------------------
                               Name: Linda Pace
                               Title: Principal

                             CARLYLE HIGH YIELD PARTNERS III, LTD

                             By   /s/ Linda Pace
                                  --------------------------------------------
                               Name: Linda Pace
                               Title: Principal

                             CARLYLE HIGH YIELD PARTNERS IV, LTD

                             By   /s/ Linda Pace
                                  --------------------------------------------
                               Name: Linda Pace
                               Title: Principal

                             THE CIT GROUP/EQUIPMENT
                                   FINANCING, INC.

                             By   /s/ Frank O. Young
                                  --------------------------------------------
                               Name: Frank O. Young
                               Title: Sr. Vice President

<Page>

                             PROMETHEUS INVESTMENT FUNDING NO.1
                                 LTD.

                             By   /s/ Charles P. Strause
                                  --------------------------------------------
                               Name: Charles P. Strause
                               Title: Associate Director

                             FRANKLIN FLOATING RATE TRUST

                             By   /s/ Richard D'addario
                                  --------------------------------------------
                               Name: Richard D'Addario
                               Title: Senior Vice President

                             ARCHIMEDES FUNDING II, LTD.

                             By   ING Capital Advisors LLC,
                                  as Collateral Manager

                             By   /s/ Jane Musser Nelson
                                  --------------------------------------------
                               Name: Jane Musser Nelson
                               Title: Managing Director

                             NEMEAN CLO, LTD.

                             By   ING Capital Advisors LLC,
                                  as Collateral Manager

                             By   /s/ Jane Musser Nelson
                                  --------------------------------------------
                               Name: Jane Musser Nelson
                               Title: Managing Director

<Page>

                             AMARA-I FINANCE, LTD.

                             By: INVESCO Senior Secured Management, Inc.
                                  as Financial Manager

                             By   /s/ Joseph Rotondo
                                  --------------------------------------------
                               Name: Joseph Rotondo
                               Title: Authorized Signatory

                             AVALON CAPITAL LTD.

                             By: INVESCO Senior Secured Management, Inc.
                                  as Portfolio Advisor

                             By   /s/ Joseph Rotondo
                                  --------------------------------------------
                               Name: Joseph Rotondo
                               Title: Authorized Signatory

                             AVALON CAPITAL LTD. 2

                             By: INVESCO Senior Secured Management, Inc.
                                  as Portfolio Advisor

                             By   /s/ Joseph Rotondo
                                  --------------------------------------------
                               Name: Joseph Rotondo
                               Title: Authorized Signatory

                             CERES II FINANCE LTD.

                             By: INVESCO Senior Secured Management, Inc.
                                  as Sub-Managing Agent (Financial)

                             By   /s/ Joseph Rotondo
                                  --------------------------------------------
                               Name: Joseph Rotondo
                               Title: Authorized Signatory

<Page>

                             OASIS COLLATERALIZED HIGH INCOME
                                   PORTFOLIOS-1 LTD.

                             By: INVESCO Senior Secured Management, Inc.
                                  as Subadvisor

                             By   /s/ Joseph Rotondo
                                  --------------------------------------------
                               Name: Joseph Rotondo
                               Title: Authorized Signatory

                             AIM FLOATING RATE FUND

                             By: INVESCO Senior Secured Management, Inc.
                                  as Attorney in fact

                             By   /s/ Joseph Rotondo
                                  --------------------------------------------
                               Name: Joseph Rotondo
                               Title: Authorized Signatory

                             TRITON CDO IV, LIMITED

                             By: INVESCO Senior Secured Management, Inc.
                                  as Investment Advisor

                             By   /s/ Joseph Rotondo
                                  --------------------------------------------
                               Name: Joseph Rotondo
                               Title: Authorized Signatory

                             KZH CYPRESSTREE-1 LLC

                             By   /s/ Anthony Iarrobino
                                  --------------------------------------------
                               Name: Anthony Iarrobino
                               Title: Authorized Agent

<Page>

                             MASSMUTUAL HIGH YIELD PARTNERS II
                                 LLC

                             By: HYP Management, Inc.

                             By   /s/ Mary Ann Mccarthy
                                  --------------------------------------------
                               Name: Mary Ann McCarthy
                               Title: Managing Director

                             MAPLEWOOD (CAYMAN) LTD.

                             By: Mass Mutual Life Insurance Company,
                                  as Investment Manager

                             By   /s/ Steven J. Katz
                                  --------------------------------------------
                               Name: Steven J. Katz
                               Title: Second Vice President and
                                      Associate General Counsel

                               MASSACHUSETTS MUTUAL LIFE
                                    INSURANCE COMPANY

                             By   /s/ Steven J. Katz
                                  --------------------------------------------
                               Name: Steven J. Katz
                               Title: Second Vice President and
                                      Associate General Counsel

                             SIMSBURY CLO, LIMITED

                             By: Mass Mutual Life Insurance Company,
                                  as Collateral Manager

                             By   /s/ Steven J. Katz
                                  --------------------------------------------
                               Name: Steven J. Katz
                               Title: Second Vice President and
                                      Associate General Counsel

<Page>

                             MASTER SENIOR FLOATING RATE TRUST

                             By   /s/ Robert Phillips
                                  --------------------------------------------
                               Name: Robert Phillips
                               Title: Authorized Signatory

                             MERRILL LYNCH SENIOR FLOATING RATE
                                 FUND, INC.

                             By   /s/ Robert Phillips
                                  --------------------------------------------
                               Name: Robert Phillips
                               Title: Authorized Signatory

                             MERRILL LYNCH PRIME RATE PORTFOLIO

                             By: Merrill Lynch Investment Managers, L.P.,
                                  as Investment Advisor

                             By   /s/ Robert Phillips
                                  --------------------------------------------
                               Name: Robert Phillips
                               Title: Authorized Signatory

                             LONGHORN CDO (CAYMAN) LTD.

                             By: Merrill Lynch Investment Managers, L.P.,
                                  as Investment Advisor

                             By   /s/ Robert Phillips
                                  --------------------------------------------
                               Name: Robert Phillips
                               Title: Authorized Signatory

                             METROPOLITAN LIFE INSURANCE
                                 COMPANY

                             By   /s/ James R. Dingham
                                  --------------------------------------------
                               Name: James R. Dingham
                               Title: Director

<Page>

                             MORGAN STANLEY PRIME INCOME TRUST

                             By   /s/ Peter Gewirtz
                                  --------------------------------------------
                               Name: Peter Gewirtz
                               Title: Vice President

                             OAK HILL SECURITIES FUND, L.P.

                             By: Oak Hill Securities Genpar, L.P.,
                                  its General Partner

                             By: Oak Hill Securities Mgp, Inc.,
                                  its General Partner

                             By   /s/ Scott D. Krase
                                  --------------------------------------------
                               Name: Scott D. Krase
                               Title: Authorized Signatory

                             OAK HILL SECURITIES FUND II, L.P.

                             By: Oak Hill Securities Genpar, L.P.,
                                  its General Partner

                             By: Oak Hill Securities Mgp, Inc.,
                                  its General Partner

                             By   /s/ Scott D. Krase
                                  --------------------------------------------
                               Name: Scott D. Krase
                               Title: Authorized Signatory

                             OAK HILL CREDIT PARTNERS LIMITED

                             By   /s/ Scott D. Krase
                                  --------------------------------------------
                               Name: Scott D. Krase
                               Title: Authorized Signatory

<Page>

                             ORIX FINANCE CORP. I

                             By   /s/ Sheppard H.c. Davis, Jr.
                                  --------------------------------------------
                               Name: Sheppard H.C. Davis, Jr.
                               Title: Authorized Representative

                             SEABOARD CLO 2000 CLO LTD.

                             By: ORIX Capital Markets, LLC,
                                  Collateral Manager

                             By   /s/ Sheppard H.C. Davis, Jr.
                                  --------------------------------------------
                               Name: Sheppard H.C. Davis, Jr.
                               Title: Authorized Representative

                             NATEXIS BANQUIES POPULAIRES

                             By   /s/ Frank H. Madden, Jr.
                                  --------------------------------------------
                               Name: Frank H. Madden, Jr.
                               Title: Vice President and Group Manager

                             ADDISON CDO, LIMITED (Acct. 1279)

                             By: Pacific Investment Management Company,
                                  LLC, as its Investment Advisor

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

                             ATHENA CDO, LIMITED (Acct. 12277)

                             By: Pacific Investment Management Company,
                                  LLC, as its Investment Advisor

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

<Page>

                             BEDFORD CDO, LIMITED (Acct. 1276)

                             By: Pacific Investment Management Company,
                                  LLC, as its Investment Advisor

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

                             CAPTIVA III FINANCE LTD. (Acct. 275)

                             as advised by Pacific Investment Management
                                  Company, LLC

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

                             CAPTIVA IV FINANCE LTD. (Acct. 1276)

                             as advised by Pacific Investment Management
                                  Company, LLC

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

                             CATALINA CDO LTD. (Acct. 1287)

                             By: Pacific Investment Management Company,
                                  LLC, as its Investment Advisor

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

<Page>

                             DELANO COMPANY (Acct. 274)

                             By: Pacific Investment Management Company,
                                  LLC, as its Investment Advisor

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

                             JISSEKIKAN FUNDING LTD. (Acct. 1288)

                             By: Pacific Investment Management Company,
                                  LLC, as its Investment Advisor

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

                             ROYALTON COMPANY (Acct. 280)

                             By: Pacific Investment Management Company,
                                  LLC, as its Investment Advisor

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

                             HAMILTON CDO, LTD.

                             By: Stanfield Capital Partners LLC,
                                  as its Collateral Manager

                             By   /s/ Gregory L. Smith
                                  --------------------------------------------
                               Name: Gregory L. Smith
                               Title: Partner

<Page>

                             VAN KAMPEN PRIME RATE INCOME TRUST

                             By: Van Kampen Investment Advisory Corp.

                             By   /s/ Darvin D. Pierce
                                  --------------------------------------------
                               Name: Darvin D. Pierce
                               Title: Executive Director

                             VAN KAMPEN SENIOR INCOME TRUST

                             By: Van Kampen Investment Advisory Corp.

                             By   /s/ Darvin D. Pierce
                                  --------------------------------------------
                               Name: Darvin D. Pierce
                               Title: Executive Director

                             TEXTRON FINANCIAL CORPORATION

                             By   /s/ Matthew J. Colgan
                                  --------------------------------------------
                               Name: Matthew J. Colgan
                               Title: Director

<Page>

Each of undersigned Subsidiaries of Holdings hereby (i) consents to the
provisions of this Amendment and (ii) acknowledges that it is a U.K. Subsidiary
Guarantor for all purposes of the Credit Documents.

                             ABACUS STUDIOS LIMITED, as a U.K.
                              Subsidiary Guarantor

                             By   /s/ Donald E. Roland
                                  --------------------------------------------
                               Name: Donald E. Roland
                               Title: Director

                             ADMAGIC LIMITED, as a U.K. Subsidiary
                              Guarantor

                             By   /s/ Donald E. Roland
                                  --------------------------------------------
                               Name: Donald E. Roland
                               Title: Director

                             PRODUCTION REPSONSE LIMITED, as a U.K.
                              Subsidiary Guarantor

                             By   /s/ Donald E. Roland
                                  --------------------------------------------
                               Name: Donald E. Roland
                               Title: Director

                             VERTIS DIRECT MARKETING SERVICES
                              (LEICESTER) LIMITED., as a U.K. Subsidiary
                              Guarantor

                             By   /s/ Donald E. Roland
                                  --------------------------------------------
                               Name: Donald E. Roland
                               Title: Director

<Page>

                             VERTIS FULFILLMENT SERVICES, LIMITED.,
                              as a U.K. Subsidiary Guarantor

                             By   /s/ Donald E. Roland
                                  --------------------------------------------
                               Name: Donald E. Roland
                               Title: Director

                             VERTIS HARVEY HUNTER, LIMITED, as a
                              U.K. Subsidiary Guarantor

                             By   /s/ Donald E. Roland
                                  --------------------------------------------
                               Name: Donald E. Roland
                               Title: Director

                             VERTIS MAILING SERVICES LIMITED, as a
                              U.K. Subsidiary Guarantor

                             By   /s/ Donald E. Roland
                                  --------------------------------------------
                               Name: Donald E. Roland
                               Title: Director

                             VERTIS MARKETING SERVICES LIMITED, as
                              a U.K. Subsidiary Guarantor

                             By   /s/ Donald E. Roland
                                  --------------------------------------------
                               Name: Donald E. Roland
                               Title: Director

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