Document:

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                                                              EXECUTION VERSION

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                                  A/B EXCHANGE
                          REGISTRATION RIGHTS AGREEMENT

                               MERRILL CORPORATION
                                    as Issuer

                         and the Guarantors named herein

                                  $140,000,000
                     12% SENIOR SUBORDINATED NOTES DUE 2009

                          Dated as of November 23, 1999

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                          DONALDSON, LUFKIN & JENRETTE
                             SECURITIES CORPORATION

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                  This Registration Rights Agreement (this "AGREEMENT") is made
and entered into as of November 23, 1999, by and among Merrill Corporation, a
Minnesota corporation (the "COMPANY"), each of the guarantors listed on Schedule
A hereto, as guarantors (each, a "GUARANTOR" and together, the "GUARANTORS") and
Donaldson, Lufkin & Jenrette Securities Corporation (the "INITIAL PURCHASER")
which has agreed to purchase $140,000,000 aggregate principal amount of the
Company's 12% Senior Subordinated Notes due 2009 (the "SERIES A NOTES") pursuant
to the Purchase Agreement (as defined below).

                  This Agreement is made pursuant to the Purchase Agreement,
dated as of November 18, 1999, (the "PURCHASE AGREEMENT"), by and among the
Company, Viking Merger Sub, Inc., the Guarantor(s) and the Initial Purchaser. In
order to induce the Initial Purchaser to purchase the Series A Notes, the
Company has agreed to provide the registration rights set forth in this
Agreement. The execution and delivery of this Agreement is a condition to the
obligations of the Initial Purchaser set forth in Section 3 of the Purchase
Agreement. Capitalized terms used herein and not otherwise defined shall have
the meaning assigned to them in the Indenture (the "INDENTURE"), dated as of
November 23, 1999, between the Company and Norwest Bank Minnesota, N.A., as
Trustee, relating to the Series A Notes and the Series B Notes (as defined
below).

                  The parties hereby agree as follows:

SECTION 1.                 DEFINITIONS

                  As used in this Agreement, the following capitalized terms
shall have the folowing meanings:

                  ACT:  The Securities Act of 1933, as amended.

                  AFFILIATE:  As defined in Rule 144 of the Act.

                  AFFILIATED MARKET MAKER: A Broker-Dealer who is (or who, in
the reasonable judgment of such Broker-Dealer or its counsel, may be) (i) deemed
to be an Affiliate of the Company or (ii) otherwise required to deliver a
prospectus in connection with sales or market-making activities involving
securities of the Company.

                  BROKER-DEALER: Any broker or dealer registered under the
Exchange Act.

                  CERTIFICATED SECURITIES: Definitive Notes, as defined in the
Indenture.

                  CLOSING DATE:  The date hereof.

                  COMMISSION:  The Securities and Exchange Commission.

                  CONSUMMATE: An Exchange Offer shall be deemed "Consummated"
for purposes of this Agreement upon the occurrence of (a) the filing and
effectiveness under the Act of the Exchange Offer Registration Statement
relating to the Series B Notes to be issued in the Exchange Offer, (b) the

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maintenance of such Exchange Offer Registration Statement continuously effective
and the keeping of the Exchange Offer open for a period not less than the period
required pursuant to Section 3(b) hereof and (c) the delivery by the Company to
the Registrar under the Indenture of Series B Notes in the same aggregate
principal amount as the aggregate principal amount of Series A Notes tendered by
Holders thereof pursuant to the Exchange Offer.

                  CONSUMMATION DEADLINE:  As defined in Section 3(b) hereof.

                  EFFECTIVENESS DEADLINE: As defined in Sections 3(a) and 4(a)
hereof.

                  EXCHANGE ACT: The Securities Exchange Act of 1934, as amended.

                  EXCHANGE OFFER: The exchange and issuance by the Company of a
principal amount of Series B Notes (which shall be registered pursuant to the
Exchange Offer Registration Statement) equal to the outstanding principal amount
of Series A Notes that are tendered by such Holders in connection with such
exchange and issuance.

                  EXCHANGE OFFER REGISTRATION STATEMENT: The Registration
Statement relating to the Exchange Offer, including the related Prospectus.

                  EXEMPT RESALES: The transactions in which the Initial
Purchaser proposes to sell the Series A Notes to certain "qualified
institutional buyers," as such term is defined in Rule 144A under the Act and
pursuant to Regulation S under the Act.

                  FILING DEADLINE:  As defined in Sections 3(a) and 4(a) hereof.

                  HOLDERS:  As defined in Section 2 hereof.

                  PROSPECTUS: The prospectus included in a Registration
Statement at the time such Registration Statement is declared effective, as
amended or supplemented by any prospectus supplement and by all other amendments
thereto, including post-effective amendments, and all material incorporated by
reference into such Prospectus.

                  RECOMMENCEMENT DATE:  As defined in Section 6(d) hereof.

                  REGISTRATION DEFAULT:  As defined in Section 5 hereof.

                  REGISTRATION STATEMENT: Any registration statement of the
Company and the Guarantors relating to (a) an offering of Series B Notes
pursuant to an Exchange Offer or (b) the registration for resale of Transfer
Restricted Securities pursuant to the Shelf Registration Statement, in each
case, (i) that is filed pursuant to the provisions of this Agreement and (ii)
including the Prospectus included therein, all amendments and supplements
thereto (including post-effective amendments) and all exhibits and material
incorporated by reference therein.

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                  REGULATION S:  Regulation S promulgated under the Act.

                  RULE 144:  Rule 144 promulgated under the Act.

                  SERIES B NOTES: The Company's 12% Senior Subordinated Notes
due 2009 to be issued pursuant to the Indenture: (i) in the Exchange Offer or
(ii) as contemplated by Section 4 hereof.

                  SHELF REGISTRATION STATEMENT: As defined in Section 6(b)
hereof.

                  SUSPENSION NOTICE:  As defined in Section 6(d) hereof.

                  TIA: The Trust Indenture Act of 1939 (15 U.S.C. Section
77aaa-77bbbb) as in effect on the date of the Indenture.

                  TRANSFER RESTRICTED SECURITIES: Each Series A Note, until the
earliest to occur of (a) the date on which such Series A Note is exchanged in
the Exchange Offer for a Series B Note which is entitled to be resold to the
public by the Holder thereof without complying with the prospectus delivery
requirements of the Act, (b) the date on which such Series A Note has been
disposed of in accordance with a Shelf Registration Statement (and the
purchasers thereof have been issued Series B Notes), or (c) the date on which
such Series A Note is distributed to the public pursuant to Rule 144 under the
Act (and purchasers thereof have been issued Series B Notes) and each Series B
Note issued to a Broker-Dealer until the date on which such Series B Note is
disposed of by a Broker-Dealer pursuant to the "Plan of Distribution"
contemplated by the Exchange Offer Registration Statement (including the
delivery of the Prospectus contained therein).

                  In addition, unless the context otherwise requires, each
reference herein to a Series A Note or Series B Note shall be deemed to include
the related Guarantees thereof.

SECTION 2.                 HOLDERS

                  A Person is deemed to be a holder of Transfer Restricted
Securities (each, a "HOLDER") whenever such Person is the holder of record of
Transfer Restricted Securities.

SECTION 3.                 REGISTERED EXCHANGE OFFER

                  (a) Unless the Exchange Offer shall not be permitted by
applicable federal law (after the procedures set forth in Section 6(a)(i) below
have been complied with), the Company and the Guarantors shall use their
respective reasonable best efforts to (i) cause the Exchange Offer Registration
Statement to be filed with the Commission as soon as practicable after the
Closing Date, but in no event later than 90 days after the Closing Date (such
90th day being the "FILING DEADLINE"), (ii) cause such Exchange Offer
Registration Statement to become effective at the earliest possible time, but in
no event

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later than 180 days after the Closing Date (such 180th day being the
"EFFECTIVENESS DEADLINE"), (iii) in connection with the foregoing, (A) file
all pre-effective amendments to such Exchange Offer Registration Statement as
may be necessary in order to cause it to become effective, (B) file, if
applicable, a post-effective amendment to such Exchange Offer Registration
Statement pursuant to Rule 430A under the Act and (C) subject to the proviso
in section 6(c)(xii) cause all necessary filings, if any, in connection with
the registration and qualification of the Series B Notes to be made under the
Blue Sky laws of such jurisdictions as are necessary to permit Consummation
of the Exchange Offer, and (iv) upon the effectiveness of such Exchange Offer
Registration Statement, commence and Consummate the Exchange Offer. The
Exchange Offer shall be on the appropriate form permitting (i) registration
of the Series B Notes to be offered in exchange for the Series A Notes that
are Transfer Restricted Securities and (ii) resales of Series B Notes by
Broker-Dealers that tendered into the Exchange Offer Series A Notes that such
Broker-Dealer acquired for its own account as a result of market-making
activities or other trading activities (other than Series A Notes acquired
directly from the Company or any of its Affiliates) as contemplated by
Section 3(c) below.

                  (b) The Company and the Guarantors shall use their respective
reasonable best efforts to cause the Exchange Offer Registration Statement to be
effective continuously, and shall keep the Exchange Offer open for a period of
not less than the minimum period required under applicable federal and state
securities laws to Consummate the Exchange Offer; PROVIDED, HOWEVER, that in no
event shall such period be less than 20 business days. The Company and the
Guarantors shall cause the Exchange Offer to comply with all applicable federal
and state securities laws. No securities other than the Series B Notes shall be
included in the Exchange Offer Registration Statement. The Company and the
Guarantors shall use their respective best efforts to cause the Exchange Offer
to be Consummated within 30 business days after the Exchange Offer Registration
Statement has become effective, but in no event later than 40 business days
thereafter (such 40th business day being the "CONSUMMATION DEADLINE").

                  (c) The Company shall include a "Plan of Distribution" section
in the Prospectus contained in the Exchange Offer Registration Statement and
indicate therein that any Broker-Dealer who holds Transfer Restricted Securities
that were acquired for the account of such Broker-Dealer as a result of
market-making activities or other trading activities (other than Series A Notes
acquired directly from the Company or any Affiliate of the Company), may
exchange such Transfer Restricted Securities pursuant to the Exchange Offer.
Such "Plan of Distribution" section shall also contain all other information
with respect to such sales by such Broker-Dealers that the Commission may
require in order to permit such sales pursuant thereto, but such "Plan of
Distribution" shall not name any such Broker-Dealer or disclose the amount of
Transfer Restricted Securities held by any such Broker-Dealer, except to the
extent required by the Commission as a result of a change in policy, rules or
regulations after the date of this Agreement. See the SHEARMAN & STERLING
no-action letter (available July 2, 1993).

                  Because such Broker-Dealer may be deemed to be an
"underwriter" within the meaning of the Act and must, therefore, deliver a
prospectus meeting the requirements of the Act in connection with its initial
sale of any Series B Notes received by such Broker-Dealer in the Exchange Offer,
the Company and the Guarantors shall permit the use of the Prospectus contained
in the Exchange Offer

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Registration Statement by such Broker-Dealer to satisfy such prospectus
delivery requirement for a period of 90 days from the Consummation Date. To
the extent necessary to ensure that the Prospectus contained in the Exchange
Offer Registration Statement is available for sales of Series B Notes by
Broker-Dealers, the Company and the Guarantors agree to use their respective
reasonable best efforts to keep the Exchange Offer Registration Statement
continuously effective, supplemented, amended and current as required by and
subject to the provisions of Sections 6(a) and 6(c) hereof and in conformity
with the requirements of this Agreement, the Act and the policies, rules and
regulations of the Commission as announced from time to time, for a period of
90 days from the Consummation Deadline or such shorter period as will
terminate when all Transfer Restricted Securities covered by such
Registration Statement have been sold pursuant thereto. The Company and the
Guarantors shall provide sufficient copies of the latest version of such
Prospectus to such Broker-Dealers, promptly upon request at any time during
such period.

SECTION 4.                 SHELF REGISTRATION

                  (a) SHELF REGISTRATION. If (i) the Exchange Offer is not
permitted by applicable law (after the Company and the Guarantors have complied
with the procedures set forth in Section 6(a)(i) below) or (ii) if any Holder of
Transfer Restricted Securities shall notify the Company within 20 business days
following the Consummation Deadline that (A) based on an opinion of counsel,
such Holder was prohibited by law or Commission policy from participating in the
Exchange Offer or (B) such Holder is a Broker-Dealer and holds Series A Notes
acquired directly from the Company or any of its Affiliates, then the Company
and the Guarantors shall:

                  (x) cause to be filed, on or prior to 90 days after the
         earlier of (i) the date on which the Company determines that the
         Exchange Offer Registration Statement cannot be filed as a result of
         clause (a)(i) above and (ii) the date on which the Company receives the
         notice specified in clause (a)(ii) above, (such earlier date, the
         "FILING DEADLINE"), a shelf registration statement pursuant to Rule 415
         under the Act (which may be an amendment to the Exchange Offer
         Registration Statement (the "SHELF REGISTRATION STATEMENT")), relating
         to all Transfer Restricted Securities, in the case of clause (a)(i)
         above, or to the Transfer Restricted Securities specified in any notice
         delivered pursuant to clause (a)(ii) above, as the case may be, and

                  (y) shall use its reasonable best efforts to cause such Shelf
         Registration Statement to become effective on or prior to 180 days
         after the Filing Deadline for the Shelf Registration Statement (such
         180th day the "EFFECTIVENESS DEADLINE").

                  If, after the Company has filed an Exchange Offer Registration
Statement that satisfies the requirements of Section 3(a) above, the Company is
required to file and make effective a Shelf Registration Statement solely
because the Exchange Offer is not permitted under applicable federal law (i.e.,
clause (a)(i) above), then the filing of the Exchange Offer Registration
Statement shall be deemed to satisfy the requirements of clause (x) above;
PROVIDED that, in such event, the Company shall remain obligated to meet the
Effectiveness Deadline set forth in clause (y).

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                  To the extent necessary to ensure that the Shelf Registration
Statement is available for sales of Transfer Restricted Securities by the
Holders thereof entitled to the benefit of this Section 4(a) and the other
securities required to be registered therein pursuant to Section 6(b)(ii)
hereof, the Company and the Guarantors shall use their respective reasonable
best efforts to keep any Shelf Registration Statement required by this Section
4(a) continuously effective, supplemented, amended and current as required by
and subject to the provisions of Sections 6(b) and (c) hereof and in conformity
with the requirements of this Agreement, the Act and the policies, rules and
regulations of the Commission as announced from time to time, until the later of
(a) the date on which the Initial Purchaser is no longer deemed an Affiliate of
the Company and (b) the earlier of the second anniversary of the Closing Date
(as extended pursuant to Section 6(d)) and such earlier date when no Transfer
Restricted Securities covered by such Shelf Registration Statement remain
outstanding.

                  (b) PROVISION BY HOLDERS OF CERTAIN INFORMATION IN CONNECTION
WITH THE SHELF REGISTRATION STATEMENT. No Holder of Transfer Restricted
Securities may include any of its Transfer Restricted Securities in any Shelf
Registration Statement pursuant to this Agreement unless and until such Holder
furnishes to the Company in writing, within 20 days after receipt of a request
therefor, the information specified in Item 507 or 508 of Regulation S-K, as
applicable, of the Act for use in connection with any Shelf Registration
Statement or Prospectus or preliminary Prospectus included therein. No Holder of
Transfer Restricted Securities shall be entitled to liquidated damages pursuant
to Section 5 hereof unless and until such Holder shall have provided all such
information. Each selling Holder agrees to promptly furnish additional
information required to be disclosed in order to make the information previously
furnished to the Company by such Holder not materially misleading.

                  (c) EXPIRATION OF RIGHTS. Holders of Transfer Restricted
Securities that do not give the written notice within the 20 business day period
set forth in Section 4(a)(ii) hereof, if required to be given, will no longer
have any registration rights pursuant to this Section 4 and will not be entitled
to any liquidated damages pursuant to Section 5 hereof in respect of the
Company's obligations with respect to the Shelf Registration Statement.

SECTION 5.                 LIQUIDATED DAMAGES

                  If (i) any Registration Statement required by this Agreement
is not filed with the Commission on or prior to the applicable Filing Deadline,
(ii) any such Registration Statement has not been declared effective by the
Commission on or prior to the applicable Effectiveness Deadline, (iii) the
Exchange Offer has not been Consummated on or prior to the Consummation Deadline
or (iv) any Registration Statement required by this Agreement is filed and
declared effective but shall thereafter cease to be effective or fail to be
usable for its intended purpose without being succeeded promptly by a
post-effective amendment to such Registration Statement that cures such failure
and that is itself declared effective within 10 business days of filing such
post-effective amendment to such Registration Statement (each such event
referred to in clauses (i) through (iv), a "REGISTRATION DEFAULT"), then the
Company and each Guarantor hereby jointly and severally agree to pay to each
Holder of Transfer Restricted

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Securities affected thereby liquidated damages in an amount equal to $.05 per
week per $1,000 in principal amount of Transfer Restricted Securities held by
such Holder for each week or portion thereof that the Registration Default
continues for the first 90-day period immediately following the occurrence of
such Registration Default. The amount of the liquidated damages shall
increase by an additional $.05 per week per $1,000 in principal amount of
Transfer Restricted Securities with respect to each subsequent 90-day period
until all Registration Defaults have been cured, up to a maximum amount of
liquidated damages of $.25 per week per $1,000 in principal amount of
Transfer Restricted Securities; PROVIDED that the Company and the Guarantors
shall in no event be required to pay liquidated damages for more than one
Registration Default at any given time. Notwithstanding anything to the
contrary set forth herein, (1) upon filing of the Exchange Offer Registration
Statement (and/or, if applicable, the Shelf Registration Statement), in the
case of (i) above, (2) upon the effectiveness of the Exchange Offer
Registration Statement (and/or, if applicable, the Shelf Registration
Statement), in the case of (ii) above, (3) upon Consummation of the Exchange
Offer, in the case of (iii) above, (4) upon the filing of a post-effective
amendment to the Registration Statement or an additional Registration
Statement that causes the Exchange Offer Registration Statement (and/or, if
applicable, the Shelf Registration Statement) to again be declared effective
or made usable in the case of (iv) above, or (5) if sooner, upon the first
date on which no Transfer Restricted Securities remain outstanding, in the
case of clauses (i) through (iv) above, the liquidated damages payable with
respect to the Transfer Restricted Securities as a result of such clause (i),
(ii), (iii) or (iv), as applicable, shall cease.

                  All accrued liquidated damages shall be paid to the Holders
entitled thereto, in the manner provided for the payment of interest in the
Indenture, on each Interest Payment Date, as more fully set forth in the
Indenture and the Notes. Notwithstanding the fact that any securities for which
liquidated damages are due cease to be Transfer Restricted Securities, all
obligations of the Company and the Guarantors to pay liquidated damages that
accrued prior to the time such securities ceased to be Transfer Restricted
Securities shall survive until such time as such obligations with respect to
such securities shall have been satisfied in full.

SECTION 6.                 REGISTRATION PROCEDURES

                  (a) EXCHANGE OFFER REGISTRATION STATEMENT. In connection with
the Exchange Offer, the Company and the Guarantors shall (x) comply with all
applicable provisions of Section 6(c) below, (y) use their respective reasonable
best efforts to effect such exchange and to permit the resale of Series B Notes
by Broker-Dealers that tendered in the Exchange Offer Series A Notes that such
Broker-Dealer acquired for its own account as a result of its market-making
activities or other trading activities (other than Series A Notes acquired
directly from the Company or any of its Affiliates) being sold in accordance
with the intended method or methods of distribution thereof, and (z) comply with
all of the following provisions:

                  (i) If, following the date hereof there has been announced a
change in Commission policy with respect to exchange offers, such as the
Exchange Offer, that in the reasonable opinion of counsel to the Company raises
a substantial question as to whether the Exchange Offer is permitted by

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applicable federal law, the Company and the Guarantors hereby agree to seek a
no-action letter or other favorable decision from the Commission allowing the
Company and the Guarantors to Consummate an Exchange Offer for such Transfer
Restricted Securities. The Company and the Guarantors hereby agree to use their
reasonable best efforts in pursuing the issuance of such a decision to the
Commission staff level.

                  (ii) As a condition to its participation in the Exchange
Offer, each Holder (including, without limitation, any Holder who is a Broker
Dealer) shall furnish, upon the request of the Company, prior to the
Consummation of the Exchange Offer, a written representation to the Company and
the Guarantors (which may be contained in the letter of transmittal contemplated
by the Exchange Offer Registration Statement) to the effect that, at the time of
Consummation of the Exchange Offer, (A) any Series B Notes received by such
Holder will be acquired in the ordinary course of its business, (B) such Holder
will have no arrangement or understanding with any person to participate in the
distribution of the Series A Notes or the Series B Notes within the meaning of
the Act, (C) if the Holder is not a Broker-Dealer or is a Broker-Dealer but will
not receive Series B Notes for its own account in exchange for Series A Notes,
neither the Holder nor any such other Person is engaged in or intends to
participate in a distribution of the Series B Notes, and (D) that such Holder is
not an Affiliate of the Company. If the Holder is a Broker-Dealer that will
receive Series B Notes for its own account in exchange for Series A Notes, it
will represent that the Series A Notes to be exchanged for the Series B Notes
were acquired by it as a result of market-making activities or other trading
activities, and will acknowledge that it will deliver a prospectus meeting the
requirements of the Act in connection with any resale of such Series B Notes. It
is understood that, by acknowledging that it will deliver, and by delivering, a
prospectus meeting the requirements of the Act in connection with any resale of
such Series B Notes, the Holder is not admitting that it is an "underwriter"
within the meaning of the Act.

                  (iii) Prior to effectiveness of the Exchange Offer
Registration Statement, the Company and the Guarantors shall provide a
supplemental letter to the Commission (A) stating that the Company and the
Guarantors are registering the Exchange Offer in reliance on the position of the
Commission enunciated in EXXON CAPITAL HOLDINGS CORPORATION (available May 13,
1988), MORGAN STANLEY AND CO., INC. (available June 5, 1991) as interpreted in
the Commission's letter to SHEARMAN & STERLING dated July 2, 1993, and, if
applicable, any no-action letter obtained pursuant to clause (i) above, (B)
including a representation that neither the Company nor any of the Guarantors
has entered into any arrangement or understanding with any Person to distribute
the Series B Notes to be received in the Exchange Offer and that, to the best of
the Company's and the Guarantors' information and belief, each Holder
participating in the Exchange Offer is acquiring the Series B Notes in its
ordinary course of business and has no arrangement or understanding with any
Person to participate in the distribution of the Series B Notes received in the
Exchange Offer and (C) any other undertaking or representation required by the
Commission as set forth in any no-action letter obtained pursuant to clause (i)
above, if applicable.

                  (b) SHELF REGISTRATION STATEMENT. In connection with the Shelf
Registration Statement, the Company and the Guarantors shall:

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                  (i) comply with all the provisions of Section 6(c) below and
use their respective reasonable best efforts to effect such registration to
permit the sale of the Transfer Restricted Securities being sold in accordance
with the intended method or methods of distribution thereof (as indicated in the
information furnished to the Company pursuant to Section 4(b) hereof), and
pursuant thereto the Company and the Guarantors will prepare and file with the
Commission a Registration Statement relating to the registration on any
appropriate form under the Act, which form shall be available for the sale of
the Transfer Restricted Securities in accordance with the intended method or
methods of distribution thereof within the time periods and otherwise in
accordance with the provisions hereof.

                           (ii) issue, upon the request of any Holder or
purchaser of Series A Notes covered by any Shelf Registration Statement
contemplated by this Agreement, Series B Notes having an aggregate principal
amount equal to the aggregate principal amount of Series A Notes sold pursuant
to the Shelf Registration Statement and surrendered to the Company for
cancellation; the Company shall register Series B Notes on the Shelf
Registration Statement for this purpose and issue the Series B Notes to the
purchaser(s) of securities subject to the Shelf Registration Statement in the
names as such purchaser(s) shall designate.

                  (c) GENERAL PROVISIONS. In connection with any Registration
Statement and any related Prospectus required by this Agreement, the Company and
the Guarantors shall:

                           (i)  use their respective reasonable best efforts to
keep such Registration Statement continuously effective and provide all
requisite financial statements for the period specified in Section 3 or 4 of
this Agreement, as applicable. Upon the occurrence of any event that would cause
any such Registration Statement or the Prospectus contained therein (A) to
contain an untrue statement of material fact or omit to state any material fact
necessary to make the statements therein, in the light of the circumstances
under which they were made, not misleading or (B) not to be effective and usable
for resale of Transfer Restricted Securities during the period required by this
Agreement, the Company and the Guarantors shall file promptly an appropriate
amendment to such Registration Statement or a supplement to the Prospectus, as
applicable, curing such defect, and, if Commission review is required, use their
respective best efforts to cause such amendment to be declared effective as soon
as practicable;

                           (ii) prepare and file with the Commission such
amendments and post-effective amendments to the applicable Registration
Statement as may be necessary to keep such Registration Statement effective for
the applicable period set forth in Section 3 or 4 hereof, as the case may be;
cause the Prospectus to be supplemented by any required prospectus supplement,
and as so supplemented to be filed pursuant to Rule 424 under the Act, and to
comply fully with Rules 424, 430A and 462, as applicable, under the Act in a
timely manner; and comply with the provisions of the Act with respect to the
disposition of all securities covered by such Registration Statement during the
applicable period in accordance with the intended method or methods of
distribution by the sellers thereof set forth in such Registration Statement or
supplement to the Prospectus;

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                           (iii) promptly advise each Holder whose Transfer
Restricted Securities have been included in a Shelf Registration Statement (in
the case of a Shelf Registration Statement) (a "Relevant Holder"), and each
Affiliated Market Maker (in the case of an Exchange Offer Registration Statement
containing a prospectus required to be delivered by an Affiliated Market Maker)
(a "Relevant Affiliated Market Maker") and, in each case, if requested by such
Person, confirm such advice in writing, (A) when the Prospectus or any
prospectus supplement or post-effective amendment has been filed, and, with
respect to any applicable Registration Statement or any post-effective amendment
thereto, when the same has become effective, (B) of any request by the
Commission for amendments to the Registration Statement or amendments or
supplements to the Prospectus or for additional information relating thereto,
(C) of the issuance by the Commission of any stop order suspending the
effectiveness of the Registration Statement under the Act or of the suspension
by any state securities commission of the qualification of the Transfer
Restricted Securities for offering or sale in any jurisdiction, or the
initiation of any proceeding for any of the preceding purposes, and (D) of the
existence of any fact or the happening of any event that makes any statement of
a material fact made in the Registration Statement, the Prospectus, any
amendment or supplement thereto or any document incorporated by reference
therein untrue, or that requires the making of any additions to or changes in
the Registration Statement in order to make the statements therein not
misleading, or that requires the making of any additions to or changes in the
Prospectus in order to make the statements therein, in the light of the
circumstances under which they were made, not misleading. If at any time the
Commission shall issue any stop order suspending the effectiveness of the
Registration Statement, or any state securities commission or other regulatory
authority shall issue an order suspending the qualification or exemption from
qualification of the Transfer Restricted Securities under state securities or
Blue Sky laws, the Company and the Guarantors shall use their respective
reasonable best efforts to obtain the withdrawal or lifting of such order at the
earliest possible time;

                           (iv) subject to Section 6(c)(i), if any fact or event
contemplated by Section 6(c)(iii)(D) above shall exist or have occurred, prepare
a supplement or post-effective amendment to the Registration Statement or
related Prospectus or any document incorporated therein by reference or file any
other required document so that, as thereafter delivered to the purchasers of
Transfer Restricted Securities, the Prospectus will not contain an untrue
statement of a material fact or omit to state any material fact necessary to
make the statements therein, in the light of the circumstances under which they
were made, not misleading;

                           (v) furnish to each Relevant Holder and each Relevant
Affiliated Market Maker, if any, before filing with the Commission, copies of
any Registration Statement or any Prospectus included therein or any amendments
or supplements to any such Registration Statement or Prospectus (including all
documents incorporated by reference after the initial filing of such
Registration Statement), which documents will be subject to the review and
comment of such Persons in connection with such sale, if any, for a period of at
least five business days, and the Company will not file any such Registration
Statement or Prospectus or any amendment or supplement to any such Registration
Statement or Prospectus (including all such documents incorporated by reference)
to which such Persons shall reasonably object within five business days after
the receipt thereof. Such Persons shall be deemed to have reasonably objected to
such filing if such Registration Statement, amendment, Prospectus or

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supplement, as applicable, as proposed to be filed, contains an untrue
statement of a material fact or omits to state any material fact necessary to
make the statements therein, in the light of the circumstances under which
they were made, not misleading or fails to comply with the applicable
requirements of the Act;

                           (vi) promptly prior to the filing of any document
that is to be incorporated by reference into a Registration Statement or
Prospectus, provide copies of such document to each Relevant Holder and each
Relevant Affiliated Market Maker, if any, make the Company's and the Guarantors'
representatives available for discussion of such document and other customary
due diligence matters, and include such information in such document prior to
the filing thereof as such Persons may reasonably request;

                           (vii) make available, at reasonable times, for
inspection by each Relevant Holder and each Relevant Affiliated Market Maker and
any attorney or accountant retained by such Persons, all financial and other
records, pertinent corporate documents of the Company and the Guarantors and
cause the Company's and the Guarantors' officers, directors and employees to
supply all information reasonably requested by any such Persons, attorney or
accountant in connection with such Registration Statement or any post-effective
amendment thereto subsequent to the filing thereof and prior to its
effectiveness, other than the inspection of any records, documents or
information which would have an adverse effect on the Company's competitive
position; PROVIDED, HOWEVER, that any records, documents or information which
are necessary to avoid or correct a material misstatement or omission in such
Registration Statement or which are necessary to enable a Relevant Holder or
Relevant Affiliated Market Maker and any attorney or accountant retained by any
such Persons to exercise any applicable due diligence responsibilities will be
released to such Relevant Holder or Relevant Affiliated Market Maker.

                           (viii) if requested by any Relevant Holder or any
Relevant Affiliated Market Maker, promptly include in any Registration Statement
or Prospectus, pursuant to a supplement or post-effective amendment if
necessary, such information as such Persons may reasonably request to have
included therein, including, without limitation, information relating to the
"Plan of Distribution" of the Transfer Restricted Securities and the use of the
Registration Statement or Prospectus for market-making activities; and make all
required filings of such prospectus supplement or post-effective amendment as
soon as practicable after the Company is notified of the matters to be included
in such prospectus supplement or post-effective amendment;

                           (ix) furnish to each Relevant Holder and each
Relevant Affiliated Market Maker, upon request, without charge, at least one
copy of the Registration Statement, as first filed with the Commission, and of
each amendment thereto, including all documents incorporated by reference
therein and all exhibits (including exhibits incorporated therein by reference);

                           (x) deliver to each Relevant Holder and each relevant
Affiliated Market Maker, without charge, as many copies of the Prospectus
(including each preliminary prospectus) and any amendment or supplement thereto
as such Persons reasonably may request; the Company and the Guarantors

                                       11
<PAGE>

hereby consent to the use (in accordance with law) of the Prospectus and any
amendment or supplement thereto by each Person in connection with the
offering and the sale of the Transfer Restricted Securities covered by the
Prospectus or any amendment or supplement thereto and all market-making
activities of such Affiliated Market Maker, as the case may be;

                           (xi) upon the request of any Relevant Holder or any
Relevant Affiliated Market Maker, enter into such agreements (including
underwriting agreements) as are customary in comparable offerings and make such
representations and warranties and take all such other appropriate actions in
connection therewith in order to expedite or facilitate the disposition of the
Transfer Restricted Securities pursuant to any applicable Registration Statement
contemplated by this Agreement as may be reasonably requested by any Person in
connection with any sale or resale pursuant to any applicable Registration
Statement. In such connection, and also in connection with market-making
activities by any Affiliated Market Maker, the Company and the Guarantors shall:

                           (A) upon request of any Person, furnish (or in the
case of paragraphs (2) and (3), use its reasonable best efforts to cause to be
furnished) to each Person, upon Consummation of the Exchange Offer or upon the
effectiveness of the Shelf Registration Statement, as the case may be:

                                    (1)  a certificate, dated such date, signed
on behalf of the Company and each Guarantor by (x) the President or any Vice
President and (y) a principal financial or accounting officer of the Company and
such Guarantor, confirming, as of the date thereof, the matters set forth in
Sections 6(y), 9(a) and 9(b) of the Purchase Agreement and such other similar
matters as such Person may reasonably request;

                                    (2) an opinion, dated the date of
Consummation of the Exchange Offer or the date of effectiveness of the Shelf
Registration Statement, as the case may be, of counsel for the Company and the
Guarantors covering matters similar to those set forth in paragraphs (e) and (f)
of Section 9 of the Purchase Agreement and such other matters as such Person may
reasonably request, and in any event including a statement to the effect that
such counsel has participated in conferences with officers and other
representatives of the Company and the Guarantors, representatives of the
independent public accountants for the Company and the Guarantors and have
considered the matters required to be stated therein and the statements
contained therein, although such counsel has not independently verified the
accuracy, completeness or fairness of such statements; and that such counsel
advises that, on the basis of the foregoing no facts came to such counsel's
attention that caused such counsel to believe that the applicable Registration
Statement, at the time such Registration Statement or any post-effective
amendment thereto became effective and, in the case of the Exchange Offer
Registration Statement, as of the date of Consummation of the Exchange Offer,
contained an untrue statement of a material fact or omitted to state a material
fact required to be stated therein or necessary to make the statements therein
not misleading, or that the Prospectus contained in such Registration Statement
as of its date and, in the case of the opinion dated the date of Consummation of
the Exchange Offer, as of the date of Consummation, contained an untrue
statement of a material fact or omitted to state a material fact necessary in
order to make the statements therein, in the light of the circumstances under
which they were made, not misleading. Without limiting the foregoing, such
counsel may state further that such

                                       12
<PAGE>

counsel assumes no responsibility for, and has not independently verified,
the accuracy, completeness or fairness of the financial statements, notes and
schedules and other financial data included in any Registration Statement
contemplated by this Agreement or the related Prospectus; and

                                    (3) a customary comfort letter, dated the
date of Consummation of the Exchange Offer, or as of the date of effectiveness
of the Shelf Registration Statement, as the case may be, from the Company's
independent accountants, in the customary form and covering matters of the type
customarily covered in comfort letters to underwriters in connection with
underwritten offerings, and affirming the matters set forth in the comfort
letters delivered pursuant to Section 9(g) of the Purchase Agreement; and

                           (B) deliver such other documents and certificates as
may be reasonably requested by such Persons to evidence compliance with the
matters covered in clause (A) above and with any customary conditions contained
in any agreement entered into by the Company and the Guarantors pursuant to this
clause (xi);

                           (xii) prior to any public offering of Transfer
Restricted Securities, cooperate with the selling Holders and their counsel in
connection with the registration and qualification of the Transfer Restricted
Securities under the securities or Blue Sky laws of such jurisdictions as the
selling Holders may request and do any and all other acts or things necessary or
advisable to enable the disposition in such jurisdictions of the Transfer
Restricted Securities covered by the applicable Registration Statement;
PROVIDED, HOWEVER, that neither the Company nor the Guarantors shall be required
to register or qualify as a foreign corporation where it is not now so qualified
or to take any action that would subject it to the service of process in suits
or to taxation, other than as to matters and transactions relating to the
Registration Statement, in any jurisdiction where it is not now so subject;

                           (xiii) in connection with any sale of Transfer
Restricted Securities that will result in such securities no longer being
Transfer Restricted Securities, cooperate with the selling Holders to facilitate
the timely preparation and delivery of certificates representing Transfer
Restricted Securities to be sold and not bearing any restrictive legends; and to
register such Transfer Restricted Securities in such denominations and such
names as the selling Holders may request at least two business days prior to
such sale of Transfer Restricted Securities;

                           (xiv) use their respective reasonable best efforts to
cause the disposition of the Transfer Restricted Securities covered by the
Registration Statement to be registered with or approved by such other
governmental agencies or authorities as may be necessary to enable the seller or
sellers thereof to consummate the disposition of such Transfer Restricted
Securities, subject to the proviso contained in clause (xii) above;

                           (xv) provide a CUSIP number for all Transfer
Restricted Securities not later than the effective date of a Registration
Statement covering such Transfer Restricted Securities and provide the Trustee
under the Indenture with printed certificates for the Transfer Restricted
Securities which are in a form eligible for deposit with The Depository Trust
Company;

                                       13
<PAGE>

                           (xvi) otherwise use their reasonable best efforts to
comply with all applicable rules and regulations of the Commission so long as
any provision of this Agreement shall be applicable, and make generally
available to its security holders with regard to any applicable Registration
Statement, as soon as practicable, a consolidated earnings statement meeting the
requirements of Rule 158 (which need not be audited) covering a 12-month period
beginning after the effective date of the Registration Statement (as such term
is defined in paragraph (c) of Rule 158 under the Act);

                           (xvii) cause the Indenture to be qualified under the
TIA not later than the effective date of the first Registration Statement
required by this Agreement and, in connection therewith, cooperate with the
Trustee and the Holders to effect such changes to the Indenture as may be
required for such Indenture to be so qualified in accordance with the terms of
the TIA; and execute and use their reasonable best efforts to cause the Trustee
to execute, all documents that may be required to effect such changes and all
other forms and documents required to be filed with the Commission to enable
such Indenture to be so qualified in a timely manner; and

                           (xviii) provide promptly to each Holder and
Affiliated Market Maker, upon request, each document filed after the date of
this Agreement with the Commission pursuant to the requirements of Section 13 or
Section 15(d) of the Exchange Act.

                  (d) RESTRICTIONS ON HOLDERS. Each Holder agrees by acquisition
of a Transfer Restricted Security and the Affiliated Market Maker agrees that,
upon receipt of the notice referred to in Section 6(c)(iii)(C) or any notice
from the Company of the existence of any fact of the kind described in Section
6(c)(iii)(D) hereof (in each case, a "SUSPENSION NOTICE"), such Person will
forthwith discontinue disposition of Transfer Restricted Securities pursuant to
the applicable Registration Statement until (i) such Person has received copies
of the supplemented or amended Prospectus contemplated by Section 6(c)(iv)
hereof, or (ii) such Person is advised in writing by the Company that the use of
the Prospectus may be resumed, and has received copies of any additional or
supplemental filings that are incorporated by reference in the Prospectus (in
each case, the "RECOMMENCEMENT DATE"). Each Person receiving a Suspension Notice
hereby agrees that it will either (i) destroy any Prospectuses, other than
permanent file copies, then in such Person's possession which have been replaced
by the Company with more recently dated Prospectuses or (ii) deliver to the
Company (at the Company's expense) all copies, other than permanent file copies,
then in such Person's possession of the Prospectus covering such Transfer
Restricted Securities that was current at the time of receipt of the Suspension
Notice. The time period regarding the effectiveness of such Registration
Statement set forth in Section 3 or 4 hereof, as applicable, shall be extended
by a number of days equal to the number of days in the period from and including
the date of delivery of the Suspension Notice to the Recommencement Date.

SECTION 7.                 REGISTRATION EXPENSES

                  (a) All expenses incident to the Company's and the Guarantors'
performance of or compliance with this Agreement will be borne by the Company,
regardless of whether a Registration

                                       14
<PAGE>

Statement becomes effective, including without limitation: (i) all
registration and filing fees and expenses; (ii) all fees and expenses of
compliance with federal securities and state Blue Sky or securities laws;
(iii) all expenses of printing (including printing certificates for the
Series B Notes to be issued in the Exchange Offer and printing of
Prospectuses whether for exchanges, sales, market-making or otherwise),
messenger and delivery services and telephone; (iv) all fees and
disbursements of counsel for the Company and the Guarantors; (v) all
application and filing fees in connection with listing the Series B Notes on
a national securities exchange or automated quotation system pursuant to the
requirements hereof; and (vi) all fees and disbursements of independent
certified public accountants of the Company and the Guarantors (including the
expenses of any special audit and comfort letters required by or incident to
such performance).

                  The Company will, in any event, bear its and the Guarantors'
internal expenses (including, without limitation, all salaries and expenses of
their respective officers and employees performing legal or accounting duties),
the expenses of any annual audit and the fees and expenses of any Person,
including special experts, retained by the Company and the Guarantors.

                  (b) In connection with any Registration Statement required by
this Agreement (including, without limitation, the Exchange Offer Registration
Statement and the Shelf Registration Statement), the Company and the Guarantors
will reimburse the Initial Purchasers and the Holders of Transfer Restricted
Securities who are tendering Series A Notes in the Exchange Offer and/or selling
or reselling Series A Notes or Series B Notes pursuant to the "Plan of
Distribution" contained in the Exchange Offer Registration Statement or the
Shelf Registration Statement, as applicable, for the reasonable fees and
disbursements of not more than one counsel, who shall be Cleary, Gottlieb, Steen
& Hamilton, unless another firm shall be chosen by the Holders of a majority in
principal amount of the Transfer Restricted Securities for whose benefit such
Registration Statement is being prepared.

SECTION 8.                 INDEMNIFICATION

                  (a) The Company and each Guarantor agrees, jointly and
severally, to indemnify and hold harmless each Holder, its directors, officers
and each Person, if any, who controls such Holder (within the meaning of Section
15 of the Act or Section 20 of the Exchange Act), from and against any and all
losses, claims, damages, liabilities, judgments, (including without limitation,
any legal or other expenses incurred in connection with investigating or
defending any matter, including any action that could give rise to any such
losses, claims, damages, liabilities or judgments) caused by any untrue
statement or alleged untrue statement of a material fact contained in any
Registration Statement, preliminary prospectus or Prospectus (or any amendment
or supplement thereto) provided by the Company to any Holder or any prospective
purchaser of Series B Notes or registered Series A Notes, or caused by any
omission or alleged omission to state therein a material fact required to be
stated therein or necessary to make the statements therein not misleading,
except insofar as such losses, claims, damages, liabilities or judgments are
caused by an untrue statement or omission or alleged untrue statement or
omission that is based upon information relating to any of the Holders furnished
in writing to the Company by any of the Holders.

                                       15
<PAGE>

                  (b) Each Holder of Transfer Restricted Securities agrees,
severally and not jointly, to indemnify and hold harmless the Company and the
Guarantors, and their directors and officers, and each person, if any, who
controls (within the meaning of Section 15 of the Act or Section 20 of the
Exchange Act) the Company or the Guarantors, to the same extent as the foregoing
indemnity from the Company and the Guarantors set forth in Section 8(a) above,
but only with reference to information relating to such Holder furnished in
writing to the Company by such Holder expressly for use in any Registration
Statement. In no event shall any Holder, its directors, officers or any Person
who controls such Holder be liable or responsible for any amount in excess of
the amount by which the total amount received by such Holder with respect to its
sale of Transfer Restricted Securities pursuant to a Registration Statement
exceeds (i) the amount paid by such Holder for such Transfer Restricted
Securities and (ii) the amount of any damages that such Holder, its directors,
officers or any Person who controls such Holder has otherwise been required to
pay by reason of such untrue or alleged untrue statement or omission or alleged
omission.

                  (c) In case any action shall be commenced involving any person
in respect of which indemnity may be sought pursuant to Section 8(a) or 8(b)
hereof (the "INDEMNIFIED PARTY"), the indemnified party shall promptly notify
the person against whom such indemnity may be sought (the "INDEMNIFYING PERSON")
in writing and the indemnifying party shall assume the defense of such action,
including the employment of counsel reasonably satisfactory to the indemnified
party and the payment of all fees and expenses of such counsel, as incurred
(except that in the case of any action in respect of which indemnity may be
sought pursuant to both Sections 8(a) and 8(b), a Holder shall not be required
to assume the defense of such action pursuant to this Section 8(c), but may
employ separate counsel and participate in the defense thereof, but the fees and
expenses of such counsel, except as provided below, shall be at the expense of
the Holder). Any indemnified party shall have the right to employ separate
counsel in any such action and participate in the defense thereof, but the fees
and expenses of such counsel shall be at the expense of the indemnified party
unless (i) the employment of such counsel shall have been specifically
authorized in writing by the indemnifying party, (ii) the indemnifying party
shall have failed to assume the defense of such action or employ counsel
reasonably satisfactory to the indemnified party or (iii) the named parties to
any such action (including any impleaded parties) include both the indemnified
party and the indemnifying party, and the indemnified party shall have been
advised by such counsel that there may be one or more legal defenses available
to it which are different from or additional to those available to the
indemnifying party (in which case the indemnifying party shall not have the
right to assume the defense of such action on behalf of the indemnified party).
In any such case, the indemnifying party shall not, in connection with any one
action or separate but substantially similar or related actions in the same
jurisdiction arising out of the same general allegations or circumstances, be
liable for the fees and expenses of more than one separate firm of attorneys (in
addition to any local counsel) for all indemnified parties and all such fees and
expenses shall be reimbursed as they are incurred. Such firm shall be designated
in writing by a majority of the Holders, in the case of the parties indemnified
pursuant to Section 8(a), and by the Company and the Guarantors, in the case of
parties indemnified pursuant to Section 8(b). The indemnifying party shall
indemnify and hold harmless the indemnified party from and against any and all
losses, claims, damages, liabilities and judgments by reason of any settlement
of any action (i) effected with its written consent or (ii) effected

                                       16
<PAGE>

without its written consent if the settlement is entered into more than
twenty business days after the indemnifying party shall have received a
request from the indemnified party for reimbursement for the fees and
expenses of counsel (in any case where such fees and expenses are at the
expense of the indemnifying party) and, prior to the date of such settlement,
the indemnifying party shall have failed to comply with such reimbursement
request. No indemnifying party shall, without the prior written consent of
the indemnified party, effect any settlement or compromise of, or consent to
the entry of judgment with respect to, any pending or threatened action in
respect of which the indemnified party is or could have been a party and
indemnity or contribution may be or could have been sought hereunder by the
indemnified party, unless such settlement, compromise or judgment (i)
includes an unconditional release of the indemnified party from all liability
on claims that are or could have been the subject matter of such action and
(ii) does not include a statement as to or an admission of fault, culpability
or a failure to act, by or on behalf of the indemnified party.

                  (d) To the extent that the indemnification provided for in
this Section 8 is unavailable to an indemnified party in respect of any losses,
claims, damages, liabilities or judgments referred to therein, then each
indemnifying party, in lieu of indemnifying such indemnified party, shall
contribute to the amount paid or payable by such indemnified party as a result
of such losses, claims, damages, liabilities or judgments (i) in such proportion
as is appropriate to reflect the relative benefits received by the Company and
the Guarantors, on the one hand, and the Holders, on the other hand, from their
sale of Transfer Restricted Securities or (ii) if the allocation provided by
clause 8(d)(i) is not permitted by applicable law, in such proportion as is
appropriate to reflect not only the relative benefits referred to in clause
8(d)(i) above but also the relative fault of the Company and the Guarantors, on
the one hand, and of the Holder, on the other hand, in connection with the
statements or omissions which resulted in such losses, claims, damages,
liabilities or judgments, as well as any other relevant equitable
considerations. The relative fault of the Company and the Guarantors, on the one
hand, and of the Holder, on the other hand, shall be determined by reference to,
among other things, whether the untrue or alleged untrue statement of a material
fact or the omission or alleged omission to state a material fact relates to
information supplied by the Company or such Guarantor, on the one hand, or by
the Holder, on the other hand, and the parties' relative intent, knowledge,
access to information and opportunity to correct or prevent such statement or
omission.

                  The Company, the Guarantors and each Holder agree that it
would not be just and equitable if contribution pursuant to this Section 8(d)
were determined by pro rata allocation (even if the Holders were treated as one
entity for such purpose) or by any other method of allocation which does not
take account of the equitable considerations referred to in the immediately
preceding paragraph. The amount paid or payable by an indemnified party as a
result of the losses, claims, damages, liabilities or judgments referred to in
the immediately preceding paragraph shall be deemed to include, subject to the
limitations set forth above, any legal or other expenses incurred by such
indemnified party in connection with investigating or defending any matter,
including any action that could have given rise to such losses, claims, damages,
liabilities or judgments. Notwithstanding the provisions of this Section 8, no
Holder, its directors, its officers or any Person, if any, who controls such
Holder shall be required to contribute, in the aggregate, any amount in excess
of the amount by which the total received by such Holder with respect to the
sale of Transfer Restricted Securities pursuant to a Registration Statement
exceeds (i) the

                                       17
<PAGE>

amount paid by such Holder for such Transfer Restricted Securities and (ii)
the amount of any damages which such Holder has otherwise been required to
pay by reason of such untrue or alleged untrue statement or omission or
alleged omission. No person guilty of fraudulent misrepresentation (within
the meaning of Section 11(f) of the Act) shall be entitled to contribution
from any person who was not guilty of such fraudulent misrepresentation. The
Holders' obligations to contribute pursuant to this Section 8(d) are several
in proportion to the respective principal amount of Transfer Restricted
Securities held by each Holder hereunder and not joint.

         (e) The Company and the Guarantors agree that the indemnity and
contribution provisions of this Section 8 shall apply to Affiliated Market
Makers to the same extent, on the same conditions, as it applies to Holders.

SECTION 9.            RULE 144A and RULE 144

                  The Company and the Guarantors agree with each Holder, for so
long as any Transfer Restricted Securities remain outstanding and during any
period in which the Company or such Guarantors (i) is not subject to Section 13
or 15(d) of the Exchange Act, to make available, upon request of any Holder, to
such Holder or beneficial owner of Transfer Restricted Securities in connection
with any sale thereof and any prospective purchaser of such Transfer Restricted
Securities designated by such Holder or beneficial owner, the information
required by Rule 144A(d)(4) under the Act in order to permit resales of such
Transfer Restricted Securities pursuant to Rule 144A, and (ii) is subject to
Section 13 or 15 (d) of the Exchange Act, to make all filings required thereby
in a timely manner in order to permit resales of such Transfer Restricted
Securities pursuant to Rule 144.

SECTION 10.           MISCELLANEOUS

                  (a) REMEDIES. The Company and the Guarantors acknowledge and
agree that any failure by the Company and the Guarantor(s) to comply with their
respective obligations under Sections 3 and 4 hereof may result in material
irreparable injury to the Initial Purchasers, the Holders or the Affiliated
Market Makers for which there is no adequate remedy at law, that it will not be
possible to measure damages for such injuries precisely and that, in the event
of any such failure, the Initial Purchasers or any Holder or Affiliated Market
Makers may obtain such relief as may be required to specifically enforce the
Company's and the Guarantors' obligations under Sections 3 and 4 hereof. The
Company and the Guarantors further agree to waive the defense in any action for
specific performance that a remedy at law would be adequate.

                  (b) NO INCONSISTENT AGREEMENTS. Neither the Company nor any
Guarantor will, on or after the date of this Agreement, enter into any agreement
with respect to its securities that is inconsistent with the rights granted to
the Holders in this Agreement or otherwise conflicts with the provisions hereof.
Neither the Company nor any Guarantor has previously entered into any agreement
granting any registration rights with respect to its securities to any Person,
except for the Warrant Registration Rights Agreement, dated as of the date
hereof, with respect to certain warrants to purchase shares of the

                                       18
<PAGE>

Issuer's Class B Common Stock, and that certain Investors' Agreement dated
the date hereof among the Company and certain persons named therein. The
rights granted to the Holders hereunder do not in any way conflict with and
are not inconsistent with the rights granted to the holders of the Company's
and the Guarantors' securities under any agreement in effect on the date
hereof.

                  (c) AMENDMENTS AND WAIVERS. The provisions of this Agreement
may not be amended, modified or supplemented, and waivers or consents to or
departures from the provisions hereof may not be given unless (i) in the case of
Section 5 hereof and this Section 10(c)(i), the Company has obtained the written
consent of Holders of all outstanding Transfer Restricted Securities and (ii) in
the case of all other provisions hereof, the Company has obtained the written
consent of Holders of a majority of the outstanding principal amount of Transfer
Restricted Securities (excluding Transfer Restricted Securities held by the
Company or its Affiliates). Notwithstanding the foregoing, a waiver or consent
to departure from the provisions hereof that relates exclusively to the rights
of Holders whose Transfer Restricted Securities are being tendered pursuant to
the Exchange Offer, and that does not affect directly or indirectly the rights
of other Holders whose Transfer Restricted Securities are not being tendered
pursuant to such Exchange Offer, may be given by the Holders of a majority of
the outstanding principal amount of Transfer Restricted Securities subject to
such Exchange Offer.

                  (d) THIRD PARTY BENEFICIARY. The Holders and any Affiliated
Market Maker shall be third party beneficiaries to the agreements made hereunder
between the Company and the Guarantors, on the one hand, and the Initial
Purchaser, on the other hand, and shall have the right to enforce such
agreements directly to the extent they may deem such enforcement necessary or
advisable to protect its rights or the rights of Holders and any Affiliated
Market Maker hereunder.

                  (e) NOTICES. All notices and other communications provided for
or permitted hereunder shall be made in writing by hand-delivery, first-class
mail (registered or certified, return receipt requested), telex, telecopier, or
air courier guaranteeing overnight delivery:

                           (i)  if to a Holder, at the address set forth on the
records of the Registrar under the Indenture, with a copy to the Registrar under
the Indenture; and

                           (ii)  if to the Company or the Guarantors:

                                 Merrill Corporation
                                 One Merrill Circle
                                 St. Paul, MN 55108
                                 Telecopier No.: (615) 632-4141
                                 Attention: General Counsel

                             With a copy to:

                                 Oppenheimer Wolff & Donnelly LLP
                                 45 South Seventh Street

                                       19
<PAGE>

                                 Suite 3400
                                 Minneapolis, MN 55402
                                 Telecopier No.: (612) 607-7100
                                 Attention:  Bruce A. Machmeier, Esq.

                  All such notices and communications shall be deemed to have
been duly given: at the time delivered by hand, if personally delivered; five
business days after being deposited in the mail, postage prepaid, if mailed;
when receipt acknowledged, if telecopied; and on the next business day, if
timely delivered to an air courier guaranteeing overnight delivery.

                  Copies of all such notices, demands or other communications
shall be concurrently delivered by the Person giving the same to the Trustee at
the address specified in the Indenture.

                  Upon the date of filing of the Exchange Offer or a Shelf
Registration Statement, as the case may be, notice shall be delivered to the
Initial Purchaser (in the form attached hereto as Exhibit A) and shall be
addressed to: Attention: Louise Guarneri (Compliance Department), 277 Park
Avenue, New York, New York 10172.

                  (f) SUCCESSORS AND ASSIGNS. This Agreement shall inure to the
benefit of and be binding upon the successors and assigns of each of the
parties, including without limitation and without the need for an express
assignment, subsequent Holders; PROVIDED that nothing herein shall be deemed to
permit any assignment, transfer or other disposition of Transfer Restricted
Securities in violation of the terms hereof or of the Purchase Agreement or the
Indenture. If any transferee of any Holder shall acquire Transfer Restricted
Securities in any manner, whether by operation of law or otherwise, such
Transfer Restricted Securities shall be held subject to all of the terms of this
Agreement, and by taking and holding such Transfer Restricted Securities such
Person shall be conclusively deemed to have agreed to be bound by and to perform
all of the terms and provisions of this Agreement, including the restrictions on
resale set forth in this Agreement and, if applicable, the Purchase Agreement,
and such Person shall be entitled to receive the benefits hereof.

                  (g) COUNTERPARTS. This Agreement may be executed in any number
of counterparts and by the parties hereto in separate counterparts, each of
which when so executed shall be deemed to be an original and all of which taken
together shall constitute one and the same agreement.

                  (h) HEADINGS. The headings in this Agreement are for
convenience of reference only and shall not limit or otherwise affect the
meaning hereof.

                  (i) GOVERNING LAW. THIS AGREEMENT SHALL BE GOVERNED BY AND
CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD
TO THE CONFLICT OF LAW RULES THEREOF.

                  (j) SEVERABILITY. In the event that any one or more of the
provisions contained herein, or the application thereof in any circumstance, is
held invalid, illegal or unenforceable, the validity, legality and

                                       20
<PAGE>

enforceability of any such provision in every other respect and of the remaining
provisions contained herein shall not be affected or impaired thereby.

                  (k) ENTIRE AGREEMENT. This Agreement is intended by the
parties as a final expression of their agreement and intended to be a complete
and exclusive statement of the agreement and understanding of the parties hereto
in respect of the subject matter contained herein. There are no restrictions,
promises, warranties or undertakings, other than those set forth or referred to
herein with respect to the registration rights granted with respect to the
Transfer Restricted Securities. This Agreement supersedes all prior agreements
and understandings between the parties with respect to such subject matter.

                                       21
<PAGE>

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

                                   MERRILL CORPORATION

                                   By:     /s/ Rick R. Atterbury
                                        -------------------------------------
                                        Name:  Rick R. Atterbury
                                        Title: Executive Vice President

                                   The Guarantors named in Schedule A hereto

                                   By:     /s/ Rick R. Atterbury
                                        -------------------------------------
                                               Attorney-in-Fact

DONALDSON, LUFKIN & JENRETTE
    SECURITIES CORPORATION

By:        /s/ Omar Karame
     -------------------------------------
         Name:  Omar Karame
         Title: Vice President

                                        22
<PAGE>

                                   SCHEDULE A

                                   GUARANTORS

                      Merrill Communications LLC

                      Merrill Real Estate Company

                      Merrill/Magnus Publishing Corporation

                      Merrill/New York Company

                      Merrill/May Inc.

                      Merrill/ Alternatives, Inc.

                      Merrill International

                      FMC Resource Management Corporation

                      Merrill Training & Technology, Inc.

                      Merrill/Global, Inc.

                      Merrill/ Executech, Inc.

                      Merrill/Daniels, Inc.

                                      23
<PAGE>

                                    EXHIBIT A

                               NOTICE OF FILING OF
                    A/B EXCHANGE OFFER REGISTRATION STATEMENT

To:      Donaldson, Lufkin & Jenrette Securities Corporation
         277 Park Avenue
         New York, New York  10172
         Attention:  Louise Guarneri (Compliance Department)
         Fax:  (212) 892-7272

From:    Merrill Corporation
         12% Senior Subordinated Notes due 2009

Date:    _____________________________

         For your information only (NO ACTION REQUIRED):

         Today, ____________________, we filed [an A/B Exchange Registration
Statement/a Shelf Registration Statement] with the Securities and Exchange
Commission. We currently expect this registration statement to be declared
effective within o business days of the date hereof.

                                      24<PAGE>

                                                              EXECUTION VERSION

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

                                      WARRANT
                           REGISTRATION RIGHTS AGREEMENT

                                MERRILL CORPORATION

                      ________________________________________

                140,000 Warrants to Purchase Shares of Common Stock

                      ________________________________________

                           Dated as of November 23, 1999

                                ___________________

                            DONALDSON, LUFKIN & JENRETTE
                               SECURITIES CORPORATION

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

<PAGE>

     This Warrant Registration Rights Agreement (this "AGREEMENT") is made and
entered into as of November 23, 1999, between Merrill Corporation, a Minnesota
corporation (the "ISSUER" or the "COMPANY"), and Donaldson, Lufkin & Jenrette
Securities Corporation (the "INITIAL PURCHASER").

     The Issuer and the Initial Purchaser have entered into a Purchase
Agreement, dated November 18, 1999 (the "PURCHASE AGREEMENT"), the Guarantors
(as defined in the Purchase Agreement) and Viking Merger Sub, Inc. ("VIKING").
The Purchase Agreement provides for the offering by the Company of 140,000
Units, each consisting of $1,000 principal amount at maturity of the Company's
12% Senior Subordinated Notes due 2009 (the "NOTES") and one warrant initially
representing the right to purchase 1.22987 Common Shares, par value $0.01 per
share, of Viking ("VIKING COMMON SHARES").

     Pursuant to the Purchase Agreement, Viking has entered into a Warrant
Agreement (the "WARRANT AGREEMENT") with Norwest Bank Minnesota, N.A., as
warrant agent (the "WARRANT AGENT") providing for the issuance of 140,000
warrants (the "WARRANTS") each initially representing the right to purchase
1.22987 shares of Viking Common Shares.

     The Company and Viking have entered into an Agreement and Plan of Merger
dated as of July 14, 1999 pursuant to which Viking will merger (the "MERGER")
with and into the Company.  Upon consummation of the Merger, each Viking Common
Share will become one share of Class B Common Stock of the Company, par value
$0.01 per share, and each Warrant by its terms will become exercisable to
initially purchase 1.22987 shares of such Class B Common Stock of the Company
and the Company will succeed to all obligations of Viking under the Warrant
Agreement and with respect to the Warrants.  In addition, the Company will enter
into a Warrant Assumption Agreement in accordance with Section 8(l) of the
Warrant Agreement providing for its assumption of the obligations of Viking
thereunder.

     In order to induce the Initial Purchaser to purchase the Warrants, the
Company has agreed to provide the registration rights set forth in this
Agreement.  The execution and delivery of this Agreement is a condition to the
obligations of the Initial Purchaser set forth in Section 9 of the Purchase
Agreement.

     Capitalized terms used herein and not otherwise defined shall have the
meaning assigned to them in the Warrant Agreement.

     The parties hereby agree as follows:

1.  DEFINITIONS

     As used in this Agreement, the following capitalized terms shall have the
following meanings:

     ACT:  The Securities Act of 1933, as amended.

     AFFILIATE:  As defined in Rule 144.

     BLACK OUT NOTICE:  As defined in Section 4(b) hereof.

     BLACK OUT PERIOD:  As defined in Section 3(a) hereof.

     CLOSING DATE:  The date hereof.

     COMMISSION:  The Securities and Exchange Commission.

                                      2
<PAGE>

     EXCHANGE ACT:  The Securities Exchange Act of 1934, as amended.

     EXPIRATION DATE: 5:00 p.m. New York City time on May 1, 2009.

     HOLDERS:  As defined in Section 2 hereof.

     PROSPECTUS:  The prospectus included in a Registration Statement at the
time such Registration Statement is declared effective, as amended or
supplemented by any prospectus supplement and by all other amendments thereto,
including post-effective amendments, and all material incorporated by reference
into such Prospectus.

     REGISTRATION STATEMENT:  Any registration statement of the Issuer
relating to the registration for resale of Transfer Restricted Securities
that is filed pursuant to the provisions of this Agreement and including the
Prospectus included therein, all amendments and supplements thereto
(including post-effective amendments) and all exhibits and material
incorporated by reference therein.

     RULE 144:  Rule 144 promulgated under the Act.

     TRANSFER RESTRICTED SECURITIES: (a) Each Warrant and Warrant Share held by
an Affiliate of the Issuer and (b) each other Warrant and Warrant Share until
the earlier to occur of (i) the date on which such Warrant or Warrant Share
(other than any Warrant Share issued upon exercise of a Warrant in accordance
with a Registration Statement) has been disposed of in accordance with a
Registration Statement and (ii) the date on which such Warrant or Warrant Share
(or the related Warrant) is distributed to the public pursuant to Rule 144 under
the Act.

2.  HOLDERS

     A Person is deemed to be a holder of Transfer Restricted Securities (each,
a "HOLDER") whenever such Person is the holder of record of Transfer Restricted
Securities.

3.  SHELF REGISTRATION

     (a)       SHELF REGISTRATION.  The Issuer shall prepare and cause to be
filed with the Commission on or before 120 days from the Closing Date pursuant
to Rule 415 under the Securities Act a Registration Statement on the appropriate
form relating to resales of Transfer Restricted Securities by the Holders
thereof and the issuance of Warrant Shares upon the exercise of the Warrants
sold pursuant to such Registration Statement.  The Company shall use its
reasonable best efforts to cause the Registration Statement to be declared
effective by the Commission on or before 180 days after the Closing Date.

     To the extent necessary to ensure that the Registration Statement is
available for sales of Transfer Restricted Securities by the Holders thereof
entitled to the benefit of this Section 3(a), the Issuer shall use its
reasonable best efforts to keep any Registration Statement required by this
Section 3(a) continuously effective, supplemented, amended and current as
required by and subject to the provisions of Section 4(a) hereof and in
conformity with the requirements of this Agreement, the Act and the policies,
rules and regulations of the Commission as announced from time to time, until
the later of (i) the second anniversary of the effective date of the
Registration Statement and (ii) the earlier of (A) the Expiration Date and (B)
the first date as of which all Warrants have been exercised by the Holders
thereof; PROVIDED that such obligation shall expire before such date if the
Issuer delivers to the Warrant Agent a written opinion of counsel to the Issuer
(which opinion of counsel shall be satisfactory to the Initial Purchaser) that
all Holders (other than Affiliates of the Issuer) of Warrants and Warrant Shares
may resell the

                                      3
<PAGE>

Warrants and the Warrant Shares without registration under the Act and
without restriction as to the manner, timing or volume of any such sale; and
PROVIDED, FURTHER, that notwithstanding the foregoing, any Affiliate of the
Issuer may, with notice to the Issuer, require the Issuer to keep the
Registration Statement continuously effective for resales by such Affiliate
for so long as such Affiliate holds Warrants or Warrant Shares, including as
a result of any market-making activities or other trading activities of such
Affiliate.  Notwithstanding the foregoing, the Issuer shall not be required
to amend or supplement the Registration Statement, any related prospectus or
any document incorporated therein by reference, for a period (a "BLACK OUT
PERIOD") not to exceed, for so long as this Agreement is in effect, an
aggregate of 60 days in any calendar year, in the event that (i) an event
occurs and is continuing as a result of which the Registration Statement, any
related prospectus or any document incorporated therein by reference as then
amended or supplemented would, in the Issuer's good faith judgment, contain
an untrue statement of a material fact or omit to state a material fact
necessary in order to make the statements therein, in the light of the
circumstances under which they were made, not misleading, and (ii)(A) the
Issuer determines in its good faith judgment that the disclosure of such
event at such time would have a material adverse effect on the business,
operations or prospects of the Issuer or (B) the disclosure otherwise relates
to a material business transaction which has not yet been publicly disclosed;
PROVIDED that such Black Out Period shall be extended for any period, not to
exceed an aggregate of 30 days in any calendar year, during which the
Commission is reviewing any proposed amendment or supplement to the
Registration Statement, any related prospectus or any document incorporated
therein by reference which has been filed by the Issuer; and PROVIDED,
FURTHER, that no Black Out Period may be in effect during the three months
prior to the Expiration Date.

     (b)       PROVISION BY HOLDERS OF CERTAIN INFORMATION IN CONNECTION WITH
THE REGISTRATION STATEMENT.  No Holder of Transfer Restricted Securities may
include any of its Transfer Restricted Securities in any Registration Statement
pursuant to this Agreement unless and until such Holder furnishes to the Issuer
in writing, within 20 days after receipt of a request therefor, the information
specified in Item 507 or 508 of Regulation S-K, as applicable, of the Act for
use in connection with any Registration Statement or Prospectus or preliminary
Prospectus included therein.  Each selling Holder agrees to promptly furnish
additional information required to be disclosed in order to make the information
previously furnished to the Issuer by such Holder not materially misleading.

4.  REGISTRATION PROCEDURES

     (a)       In connection with the Registration Statement and any related
Prospectus required by this Agreement, the Issuer shall:

               (i)            Comply with all the provisions of this Section
     4(a) and use its reasonable best efforts to effect such registration to
     permit the sale of the Transfer Restricted Securities being sold in
     accordance with the intended method or methods of distribution thereof (as
     indicated in the information furnished to the Issuer pursuant to Section
     3(b) hereof), and pursuant thereto the Issuer will prepare and file with
     the Commission a Registration Statement relating to the registration on any
     appropriate form under the Act, which form shall be available for the sale
     of the Transfer Restricted Securities in accordance with the intended
     method or methods of distribution thereof within the time periods and
     otherwise in accordance with the provisions hereof;

               (ii)           use its reasonable best efforts to keep such
     Registration Statement continuously effective and provide all requisite
     financial statements for the period specified in Section 3 of this
     Agreement.  Upon the occurrence of any event that would cause any such
     Registration Statement or the Prospectus contained therein (A) to contain
     an untrue

                                      4
<PAGE>

     statement of material fact or omit to state any material fact necessary
     to make the statements therein, in the light of the circumstances
     under which they were made, not misleading or (B) not to be effective and
     usable for resale of Transfer Restricted Securities during the period
     required by this Agreement, the Issuer shall, subject to Section 3(a), file
     promptly an appropriate amendment to such Registration Statement or a
     supplement to the Prospectus, as applicable, curing such defect, and, in
     the case of an amendment, use its reasonable best efforts to cause such
     amendment to be declared effective as soon as practicable;

               (iii)          prepare and file with the Commission such
     amendments and post-effective amendments to the applicable Registration
     Statement as may be necessary to keep such Registration Statement effective
     for the applicable period set forth in Section 3; cause the Prospectus to
     be supplemented by any required Prospectus supplement, and as so
     supplemented to be filed pursuant to Rule 424 under the Act, and to comply
     fully with Rules 424, 430A and 462, as applicable, under the Act in a
     timely manner; and comply with the provisions of the Act with respect to
     the disposition of all securities covered by such Registration Statement
     during the applicable period in accordance with the intended method or
     methods of distribution by the sellers thereof set forth in such
     Registration Statement or supplement to the Prospectus;

               (iv)           promptly advise each Holder whose Transfer
     Restricted Securities have been included in the Registration Statement
     (each, a "RELEVANT HOLDER") and the Initial Purchaser and, if requested by
     such Person, confirm such advice in writing, (A) when the Prospectus or any
     Prospectus supplement or post-effective amendment has been filed, and, with
     respect to any applicable Registration Statement or any post-effective
     amendment thereto, when the same has become effective, (B) of any request
     by the Commission for amendments to the Registration Statement or
     amendments or supplements to the Prospectus or for additional information
     relating thereto, (C) of the issuance by the Commission of any stop order
     suspending the effectiveness of the Registration Statement under the Act or
     of the suspension by any state securities commission of the qualification
     of the Transfer Restricted Securities for offering or sale in any
     jurisdiction, or the initiation of any proceeding for any of the preceding
     purposes, and (D) of the existence of any fact or the happening of any
     event that makes any statement of a material fact made in the Registration
     Statement, the Prospectus, any amendment or supplement thereto or any
     document incorporated by reference therein untrue, or that requires the
     making of any additions to or changes in the Registration Statement in
     order to make the statements therein not misleading, or that requires the
     making of any additions to or changes in the Prospectus in order to make
     the statements therein, in the light of the circumstances under which they
     were made, not misleading.  If at any time the Commission shall issue any
     stop order suspending the effectiveness of the Registration Statement, or
     any state securities commission or other regulatory authority shall issue
     an order suspending the qualification or exemption from qualification of
     the Transfer Restricted Securities under state securities or Blue Sky laws,
     the Issuer shall use its reasonable best efforts to obtain the withdrawal
     or lifting of such order at the earliest possible time;

               (v)            subject to Section 4(a)(ii), if any fact or event
     contemplated by Section 4(a)(iv)(D) hereof shall exist or have occurred,
     prepare a supplement or post-effective amendment to the Registration
     Statement or related Prospectus or any document incorporated therein by
     reference or file any other required document so that, as thereafter
     delivered to the purchasers of Transfer Restricted Securities, the
     Prospectus will not contain an untrue statement of a material fact or omit
     to state any material fact necessary to make the statements therein, in the
     light of the circumstances under which they were made, not misleading;

                                      5
<PAGE>

               (vi)           furnish to each Relevant Holder and the Initial
     Purchaser, before filing with the Commission, copies of any Registration
     Statement or any Prospectus included therein or any amendments or
     supplements to any such Registration Statement or Prospectus (including all
     documents incorporated by reference after the initial filing of such
     Registration Statement), which documents will be subject to the review and
     comment of such Persons in connection with such sale, if any, for a period
     of at least five Business Days, and the Issuer will not file any such
     Registration Statement or Prospectus or any amendment or supplement to any
     such Registration Statement or Prospectus (including all such documents
     incorporated by reference) to which such Person shall reasonably object
     within five Business Days after the receipt thereof.  Such Person shall be
     deemed to have reasonably objected to such filing if such Registration
     Statement, amendment, Prospectus or supplement, as applicable, as proposed
     to be filed, contains an untrue statement of a material fact or omits to
     state any material fact necessary to make the statements therein, in the
     light of the circumstances under which they were made, not misleading or
     fails to comply with the applicable requirements of the Act;

               (vii)          promptly prior to the filing of any document that
     is to be incorporated by reference into a Registration Statement or
     Prospectus, provide copies of such document to each Relevant Holder and the
     Initial Purchaser, make the Issuer's representatives available for
     discussion of such document and other customary due diligence matters, and
     include such information in such document prior to the filing thereof as
     such Persons may reasonably request;

               (viii)         make available, at reasonable times, for
     inspection by each Relevant Holder and the Initial Purchaser and any
     attorney or accountant retained by the such Person, all financial and other
     records, pertinent corporate documents of the Issuer and cause the Issuer's
     officers, directors and employees to supply all information reasonably
     requested by any such Person, attorney or accountant in connection with
     such Registration Statement or any post-effective amendment thereto
     subsequent to the filing thereof and prior to its effectiveness, other than
     the inspection of any records, documents or information which would have an
     adverse effect on the Issuer's competitive position; PROVIDED, HOWEVER,
     that any records, documents or information which are necessary to avoid or
     correct a material misstatement or omission in such Registration Statement
     or which are necessary to enable a Holder or the Initial Purchaser and any
     attorney or accountant retained by any such Persons to exercise any
     applicable due diligence responsibilities will be released to such Holder
     or the Initial Purchaser.

               (ix)           if requested any Relevant Holder or by the Initial
     Purchaser, promptly include in any Registration Statement or Prospectus,
     pursuant to a supplement or post-effective amendment if necessary, such
     information as any such Person reasonably requests to have included
     therein, including, without limitation, information relating to the "Plan
     of Distribution" of the Transfer Restricted Securities and the use of the
     Registration Statement or Prospectus for market-making activities; and make
     all required filings of such Prospectus supplement or post-effective
     amendment as soon as practicable after the Issuer is notified of the
     matters to be included in such Prospectus supplement or post-effective
     amendment;

               (x)            furnish to the Initial Purchaser and each Relevant
     Holder upon request, without charge, at least one copy of the Registration
     Statement, as first filed with the Commission, and of each amendment
     thereto, including all documents incorporated by reference therein and all
     exhibits (including exhibits incorporated therein by reference);

                                      6
<PAGE>

               (xi)           deliver to the Initial Purchaser and each Relevant
     Holder, without charge, as many copies of the Prospectus (including each
     preliminary prospectus) and any amendment or supplement thereto as such
     Persons reasonably may request; the Issuer hereby consents to the use (in
     accordance with law) of the Prospectus and any amendment or supplement
     thereto by each Person in connection with the offering and the sale of the
     Transfer Restricted Securities covered by the Prospectus or any amendment
     or supplement thereto and all market-making activities of the Initial
     Purchaser, as the case may be;

               (xii)          upon the request of any Relevant Holder or the
     Initial Purchaser, enter into such agreements (including underwriting
     agreements) as are customary in comparable offerings and make such
     representations and warranties and take all such other actions in
     connection therewith in order to expedite or facilitate the disposition of
     the Transfer Restricted Securities pursuant to any applicable Registration
     Statement contemplated by this Agreement as may be reasonably requested by
     any Person in connection with any sale or resale pursuant to any applicable
     Registration Statement.  In such connection, and also in connection with
     market-making activities by the Initial Purchaser, the Issuer shall:

               (A)       upon request of any Person, furnish (or in the case of
          paragraphs (2) and (3), use its reasonable best efforts to cause to be
          furnished) to each Person, upon the effectiveness of the Registration
          Statement:

                    (1)    a certificate, dated such date, signed on behalf of
               the Issuer by (x) the President or any Vice President and (y) a
               principal financial or accounting officer of the Issuer,
               confirming, as of the date thereof, the matters set forth in
               Sections 10(a) and 10(b) of the Purchase Agreement and such other
               similar matters as such Person may reasonably request;

                    (2)    an opinion, dated the date of effectiveness of the
               Registration Statement, of counsel for the Issuer covering
               matters similar to those set forth in Sections 10(f), (g) and (h)
               of the Purchase Agreement and such other matters as such Person
               may reasonably request, and in any event including a statement to
               the effect that such counsel has participated in conferences with
               officers and other representatives of the Issuer, representatives
               of the independent public accountants for the Issuer and have
               considered the matters required to be stated therein and the
               statements contained therein, although such counsel has not
               independently verified the accuracy, completeness or fairness of
               such statements; and that such counsel advises that, on the basis
               of the foregoing, no facts came to such counsel's attention that
               caused such counsel to believe that the applicable Registration
               Statement, at the time such Registration Statement or any
               post-effective amendment thereto became effective, contained an
               untrue statement of a material fact or omitted to state a
               material fact required to be stated therein or necessary to make
               the statements therein not misleading, or that the Prospectus
               contained in such Registration Statement as of its date contained
               an untrue statement of a material fact or omitted to state a
               material fact necessary in order to make the statements therein,
               in the light of the circumstances under which they were made, not
               misleading.  Without limiting the foregoing, such counsel may
               state further that such counsel assumes no responsibility for,
               and has not independently verified, the accuracy, completeness or
               fairness of the financial statements, notes and schedules and
               other financial data included in any

                                      7
<PAGE>

               Registration Statement contemplated by this Agreement or the
               related Prospectus; and

                    (3)    a customary comfort letter, dated the date of
               effectiveness of the Registration Statement, from the Issuer's
               independent accountants, in the customary form and covering
               matters of the type customarily covered in comfort letters to
               underwriters in connection with underwritten offerings, and
               affirming the matters set forth in the comfort letters delivered
               pursuant to Section 10(l) of the Purchase Agreement; and

               (B)       deliver such other documents and certificates as may be
          reasonably requested by such Person to evidence compliance with the
          matters covered in clause (A) above and with any customary conditions
          contained in any agreement entered into by the Issuer pursuant to this
          clause;

               (xiii)         prior to any public offering of Transfer
     Restricted Securities, cooperate with the selling Holders and their counsel
     in connection with the registration and qualification of the Transfer
     Restricted Securities under the securities or Blue Sky laws of such
     jurisdictions as the selling Holders may request and do any and all other
     acts or things necessary or advisable to enable the disposition in such
     jurisdictions of the Transfer Restricted Securities covered by the
     applicable Registration Statement; PROVIDED, HOWEVER, that the Issuer shall
     not be required to register or qualify as a foreign corporation where it is
     not now so qualified or to take any action that would subject it to the
     service of process in suits or to taxation, other than as to matters and
     transactions relating to the Registration Statement, in any jurisdiction
     where it is not now so subject;

               (xiv)          in connection with any sale of Transfer Restricted
     Securities that will result in such securities no longer being Transfer
     Restricted Securities, cooperate with the selling Holders to facilitate the
     timely preparation and delivery of certificates representing Transfer
     Restricted Securities to be sold and not bearing any restrictive legends;
     and to register such Transfer Restricted Securities in such denominations
     and such names as the selling Holders may request at least two business
     days prior to such sale of Transfer Restricted Securities;

               (xv)           use its reasonable best efforts to cause the
     disposition of the Transfer Restricted Securities covered by the
     Registration Statement to be registered with or approved by such other
     governmental agencies or authorities as may be necessary to enable the
     seller or sellers thereof to consummate the disposition of such Transfer
     Restricted Securities, subject to the proviso contained in clause (xiii)
     above;

               (xvi)          provide a CUSIP number for all Transfer Restricted
     Securities not later than the effective date of a Registration Statement
     covering such Transfer Restricted Securities and provide the Warrant Agent
     with printed certificates for the Transfer Restricted Securities which are
     in a form eligible for deposit with The Depository Trust Company;

               (xvii)         otherwise use its reasonable best efforts to
     comply with all applicable rules and regulations of the Commission so long
     as any provision of this Agreement shall be applicable, and make generally
     available to its security holders with regard to any applicable
     Registration Statement, as soon as practicable, a consolidated earnings
     statement meeting the requirements of Rule 158 (which need not be audited)
     covering a twelve-month

                                      8
<PAGE>

     period beginning after the effective date of the Registration Statement
     (as such term is defined in Rule 158(c) under the Act); and

               (xviii)        provide promptly to each Holder and the Initial
     Purchaser, upon request, each document filed after the date of this
     Agreement with the Commission pursuant to the requirements of Section 13 or
     Section 15(d) of the Exchange Act.

     (b)       RESTRICTIONS ON HOLDERS.  Each Holder agrees by acquisition of a
Transfer Restricted Security and the Initial Purchaser agrees that, upon receipt
of the notice from the Issuer of the commencement of a Black Out Period (in each
case, a "BLACK OUT NOTICE"), such Person will forthwith discontinue disposition
of Transfer Restricted Securities pursuant to the applicable Registration
Statement (i) such Person has received copies of the supplemented or amended
Prospectus referred to in Section 4(a)(v) hereof, or (ii) until such Person is
advised in writing that the use of the Prospectus may be resumed, and has
received copies of any additional or supplemental filings that are incorporated
by reference in the Prospectus.  Each Person receiving a Black Out Notice hereby
agrees that it will either (i) destroy any Prospectuses, other than permanent
file copies, then in such Person's possession which have been replaced by the
Issuer with more recently dated Prospectuses or (ii) deliver to the Issuer (at
the Issuer's expense) all copies, other than permanent file copies, then in such
Person's possession of the Prospectus covering such Transfer Restricted
Securities that was current at the time of receipt of the Black Out Notice.  The
time period regarding the effectiveness of such Registration Statement set forth
in Section 3 hereof shall be extended by a number of days equal to the number of
days in the period from and including the date of delivery of the Suspension
Notice to the Recommencement Date.

5.  REGISTRATION EXPENSES

     All expenses incident to the Issuer's performance of or compliance with
this Agreement will be borne by the Issuer, regardless of whether a Registration
Statement becomes effective, including, without limitation: (i) all registration
and filing fees and expenses; (ii) all fees and expenses of compliance with
federal securities and state Blue Sky or securities laws; (iii) all expenses of
printing (including printing Prospectuses (whether for sales, market-making or
otherwise)), messenger and delivery services and telephone; (iv) all fees and
disbursements of counsel for the Issuer; (v) all application and filing fees in
connection with listing the Warrant Shares on a national securities exchange or
automated quotation system pursuant to the requirements hereof; and (vi) all
fees and disbursements of independent certified public accountants of the Issuer
(including the expenses of any special audit and comfort letters required by or
incident to such performance).

     The Issuer will, in any event, bear its internal expenses (including,
without limitation, all salaries and expenses of its officers and employees
performing legal or accounting duties), the expenses of any annual audit and the
fees and expenses of any Person, including special experts, retained by the
Issuer.

6.  INDEMNIFICATION

     (a)       The Issuer agrees to indemnify and hold harmless each Holder, its
directors, officers and each Person, if any, who controls such Holder (within
the meaning of Section 15 of the Act or Section 20 of the Exchange Act), from
and against any and all losses, claims, damages, liabilities, judgments,
(including, without limitation, any legal or other expenses incurred in
connection with investigating or defending any matter, including any action that
could give rise to any such losses, claims, damages, liabilities or judgments)
caused by any untrue statement or alleged untrue statement of a material fact
contained in any Registration Statement, preliminary prospectus or Prospectus
(or any amendment or supplement thereto) provided by the Issuer to any Holder or
any prospective purchaser of Transfer

                                       9
<PAGE>

Restricted Securities, or caused by any omission or alleged omission to state
therein a material fact required to be stated therein or necessary to make
the statements therein not misleading, except insofar as such losses, claims,
damages, liabilities or judgments are caused by an untrue statement or
omission or alleged untrue statement or omission that is based upon
information relating to a Holder furnished in writing to the Issuer by such
Holder.

     (b)       Each Holder of Transfer Restricted Securities agrees, severally
and not jointly, to indemnify and hold harmless the Issuer, its directors and
officers, and each person, if any, who controls (within the meaning of Section
15 of the Act or Section 20 of the Exchange Act) the Issuer, to the same extent
as the foregoing indemnity from the Issuer set forth in Section 6(a) hereof, but
only with reference to information relating to such Holder furnished in writing
to the Issuer by such Holder expressly for use in any Registration Statement.
In no event shall any Holder, its directors, officers or any Person who controls
such Holder be liable or responsible for any amount in excess of the amount by
which the total amount received by such Holder with respect to its sale of
Transfer Restricted Securities pursuant to a Registration Statement exceeds (i)
the amount paid by such Holder for such Transfer Restricted Securities and (ii)
the amount of any damages that such Holder, its directors, officers or any
Person who controls such Holder has otherwise been required to pay by reason of
such untrue or alleged untrue statement or omission or alleged omission.

     (c)       In case any action shall be commenced involving any person in
respect of which indemnity may be sought pursuant to Section 6(a) or 6(b) (the
"INDEMNIFIED PARTY"), the indemnified party shall promptly notify the person
against whom such indemnity may be sought (the "INDEMNIFYING PARTY") in writing,
and the indemnifying party shall assume the defense of such action, including
the employment of counsel reasonably satisfactory to the indemnified party and
the payment of all fees and expenses of such counsel, as incurred (except that,
in the case of any action in respect of which indemnity may be sought pursuant
to both Sections 6(a) and 6(b), a Holder shall not be required to assume the
defense of such action pursuant to this Section 6(c), but may employ separate
counsel and participate in the defense thereof, but the fees and expenses of
such counsel, except as provided below, shall be at the expense of the Holder).
Any indemnified party shall have the right to employ separate counsel in any
such action and participate in the defense thereof, but the fees and expenses of
such counsel shall be at the expense of the indemnified party, unless (i) the
employment of such counsel shall have been specifically authorized in writing by
the indemnifying party, (ii) the indemnifying party shall have failed to assume
the defense of such action or employ counsel reasonably satisfactory to the
indemnified party or (iii) the named parties to any such action (including any
impleaded parties) include both the indemnified party and the indemnifying
party, and the indemnified party shall have been advised by such counsel that
there may be one or more legal defenses available to it which are different from
or additional to those available to the indemnifying party (in which case the
indemnifying party shall not have the right to assume the defense of such action
on behalf of the indemnified party).  In any such case, the indemnifying party
shall not, in connection with any one action or separate but substantially
similar or related actions in the same jurisdiction arising out of the same
general allegations or circumstances, be liable for the fees and expenses of
more than one separate firm of attorneys (in addition to any local counsel) for
all indemnified parties and all such fees and expenses shall be reimburse as
they are incurred.  Such firm shall be designated in writing by a majority of
the Holders, in the case of the parties indemnified pursuant to Section 6(a),
and by the Issuer, in the case of parties indemnified pursuant to Section 6(b).
The indemnifying party shall indemnify and hold harmless the indemnified party
from and against any and all losses, claims, damages, liabilities and judgments
by reason of any settlement of any action (i) effected with its written consent
or (ii) effected without the indemnifying party's written consent if the
settlement is entered into more than twenty Business Days after the indemnified
party shall have received a request from the indemnified party for reimbursement
for the fees and expenses of counsel (in any case where such fees and expenses
are at the expense of the indemnifying party) and, prior to the date of such

                                       10
<PAGE>

settlement, the indemnifying party shall have failed to comply with such
reimbursement request.  The indemnifying party shall not, without the prior
written consent of the indemnified party, effect any settlement or compromise
of, or consent to the entry of judgment with respect to, any pending or
threatened action in respect of which the indemnified party is or could have
been a party and indemnity or contribution may be or could have been sought
hereunder by the indemnified party, unless such settlement, compromise or
judgment (i) includes an unconditional release of the indemnified party from all
liability on claims that are or could have been the subject matter of such
action and (ii) does not include a statement as to or an admission of fault,
culpability or a failure to act, by or on behalf of the indemnified party.

     (d)       To the extent that the indemnification provided for in this
Section 6 is unavailable to an indemnified party in respect of any losses,
claims, damages, liabilities or judgments referred to therein, then each
indemnifying party, in lieu of indemnifying such indemnified party, shall
contribute to the amount paid or payable by such indemnified party as a result
of such losses, claims, damages, liabilities or judgments (i) in such proportion
as is appropriate to reflect the relative benefits received by the Issuer, on
the one hand, and the Holders, on the other hand, from their sale of Transfer
Restricted Securities or (ii) if the allocation provided by clause 6(d)(i) is
not permitted by applicable law, in such proportion as is appropriate to reflect
not only the relative benefits referred to in clause 6(d)(i) hereof but also the
relative fault of the Issuer, on the one hand, and of the Holder, on the other
hand, in connection with the statements or omissions which resulted in such
losses, claims, damages, liabilities or judgments, as well as any other relevant
equitable considerations.  The relative fault of the Issuer, on the one hand,
and of the Holder, on the other hand, shall be determined by reference to, among
other things, whether the untrue or alleged untrue statement of a material fact
or the omission or alleged omission to state a material fact relates to
information supplied by the Issuer, on the one hand, or by the Holder, on the
other hand, and the parties' relative intent, knowledge, access to information
and opportunity to correct or prevent such statement or omission.

     The Issuer and each Holder agree that it would not be just and equitable if
contribution pursuant to this Section 6(d) were determined by PRO RATA
allocation (even if the Holders were treated as one entity for such purpose) or
by any other method of allocation which does not take account of the equitable
considerations referred to in the immediately preceding paragraph.  The amount
paid or payable by an indemnified party as a result of the losses, claims,
damages, liabilities or judgments referred to above shall be deemed to include,
subject to the limitations set forth in the second paragraph of Section 6(a),
any legal or other expenses reasonably incurred by such indemnified party in
connection with investigating or defending any matter, including any action that
could have given rise to such losses, claims, damages liabilities or judgments.
Notwithstanding the provisions of this Section 6, no Holder, its directors, its
officers or any Person, if any, who controls such Holder shall be required to
contribute, in the aggregate, any amount in excess of the amount by which the
total received by such Holder with respect to the sale of Transfer Restricted
Securities pursuant to a Registration Statement exceeds (i) the amount paid by
such Holder for such Transfer Restricted Securities and (ii) the amount of any
damages which such Holder has otherwise been required to pay by reason of such
untrue or alleged untrue statement or omission or alleged omission.  No person
guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of
the Act) shall be entitled to contribution from any person who was not guilty of
such fraudulent misrepresentation.  The Holders' obligations to contribute
pursuant to this Section 6(d) are several in proportion to the respective
principal amount of Transfer Restricted Securities held by each Holder hereunder
and not joint.

     (e)       The Issuer agrees that the indemnity and contribution provisions
of this Section 6 shall apply to the Initial Purchaser to the same extent, on
the same conditions, as it applies to Holders.

                                       11
<PAGE>

7.  RULE 144

     The Issuer agrees with each Holder, for so long as any Transfer Restricted
Securities remain outstanding and during any period in which the Issuer (i) is
not subject to Section 13 or 15(d) of the Exchange Act, to make available, upon
request of any Holder, to such Holder or beneficial owner of Transfer Restricted
Securities in connection with any sale thereof and any prospective purchaser of
such Transfer Restricted Securities designated by such Holder or beneficial
owner, the information required by Rule 144A(d)(4) under the Act in order to
permit resales of such Transfer Restricted Securities pursuant to Rule 144A, and
(ii) is subject to Section 13 or 15(d) of the Exchange Act, to make all filings
required thereby in a timely manner in order to permit resales of such Transfer
Restricted Securities pursuant to Rule 144.

8.  MISCELLANEOUS

     (a)       REMEDIES.  The Issuer acknowledges and agrees that any failure by
the Issuer to comply with its obligations under Section 3 hereof may result in
material irreparable injury to the Initial Purchaser or the Holders for which
there is no adequate remedy at law, that it will not be possible to measure
damages for such injuries precisely and that, in the event of any such failure,
the Initial Purchaser or any Holder may obtain such relief as may be required to
specifically enforce the Issuer's obligations under Section 3 hereof.  The
Issuer further agrees to waive the defense in any action for specific
performance that a remedy at law would be adequate.

     (b)       NO INCONSISTENT AGREEMENTS.  The Issuer will not, on or after the
date of this Agreement, enter into any agreement with respect to its securities
that is inconsistent with the rights granted to the Holders in this Agreement or
otherwise conflicts with the provisions hereof.  The Issuer has not previously
entered into any agreement granting any registration rights with respect to its
securities to any Person that is currently effective other than the Registration
Rights Agreement, dated as of the date hereof, with respect to the Issuer's 12%
Senior Subordinated Notes due 2009, and that certain Investors Agreement, dated
as of the date hereof, among the Issuer and certain persons named therein.  The
rights granted to the Holders hereunder do not in any way conflict with and are
not inconsistent with the rights granted to the holders of the Issuer's
securities under any agreement in effect on the date hereof.

     (c)       AMENDMENTS AND WAIVERS.  The provisions of this Agreement may not
be amended, modified or supplemented, and waivers or consents to or departures
from the provisions hereof may not be given unless (i) in the case of this
Section 8(c)(i), the Issuer has obtained the written consent of Holders of all
outstanding Transfer Restricted Securities, and (ii) in the case of all other
provisions hereof, the Issuer has obtained the written consent of Holders of a
majority of the outstanding principal amount of Transfer Restricted Securities
(excluding Transfer Restricted Securities held by the Issuer or its Affiliates);
PROVIDED that this Agreement may be amended without the consent of any Holder
pursuant to Section 8(l) of the Warrant Agreement.

     (d)       THIRD PARTY BENEFICIARY.  The Holders shall be third party
beneficiaries to the agreements made hereunder between the Issuer, on the one
hand, and the Initial Purchaser, on the other hand, and shall have the right to
enforce such agreements directly to the extent they may deem such enforcement
necessary or advisable to protect its rights or the rights of Holders hereunder.

     (e)       NOTICES.  All notices and other communications provided for or
permitted hereunder shall be made in writing by hand-delivery, first-class mail
(registered or certified, return receipt requested), telex, telecopier, or air
courier guaranteeing overnight delivery:

                                       12
<PAGE>

               (i)            if to a Holder, at the address set forth on the
     records of the Warrant Agent, with a copy to the Warrant Agent; and

               (ii)           if to the Issuer:

                    Merrill Corporation
                    One Merrill Circle
                    St. Paul, MN  55108
                    Telecopier No.: (615) 632-4141
                    Attention:  General Counsel

                    With a copy to:

                    Oppenheimer Wolff & Donnelly LLP
                    45 South Seventh Street
                    Suite 3400
                    Minneapolis, MN  55402
                    Telecopier No.: (612) 607-7100
                    Attention:  Bruce A. Machmeier, Esq.

     All such notices and communications shall be deemed to have been duly
given:  at the time delivered by hand, if personally delivered; five Business
Days after being deposited in the mail, postage prepaid, if mailed; when receipt
acknowledged, if telecopied; and on the next Business Day, if timely delivered
to an air courier guaranteeing overnight delivery.

     Copies of all such notices, demands or other communications shall be
concurrently delivered by the Person giving the same to the Warrant Agent at the
address specified in Warrant Agreement.  Upon the date of filing a Shelf
Registration Statement, notice shall be delivered to the Initial Purchaser (in
the form attached hereto as Exhibit A) and shall be addressed to:  Attention:
Louise Guarneri (Compliance Department), 277 Park Avenue, New York, New York
10172.

     (f)       SUCCESSORS AND ASSIGNS.  This Agreement shall inure to the
benefit of and be binding upon the successors and assigns of each of the
parties, including, without limitation, and without the need for an express
assignment, subsequent Holders; PROVIDED that nothing herein shall be deemed to
permit any assignment, transfer or other disposition of Transfer Restricted
Securities in violation of the terms hereof or of the Purchase Agreement or the
Warrant Agreement.  If any transferee of any Holder shall acquire Transfer
Restricted Securities in any manner, whether by operation of law or otherwise,
such Transfer Restricted Securities shall be held subject to all of the terms of
this Agreement, and by taking and holding such Transfer Restricted Securities
such Person shall be conclusively deemed to have agreed to be bound by and to
perform all of the terms and provisions of this Agreement, including the
restrictions on resale set forth in this Agreement and, if applicable, the
Purchase Agreement, and such Person shall be entitled to receive the benefits
hereof.

     (g)       COUNTERPARTS.  This Agreement may be executed in any number of
counterparts and by the parties hereto in separate counterparts, each of which
when so executed shall be deemed to be an original and all of which taken
together shall constitute one and the same agreement.

                                       13
<PAGE>

     (h)       HEADINGS.  The headings in this Agreement are for convenience of
reference only and shall not limit or otherwise affect the meaning hereof.

     (i)       GOVERNING LAW.  THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED
IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD TO THE
CONFLICT OF LAW RULES THEREOF.

     (j)       SEVERABILITY.  In the event that any one or more of the
provisions contained herein, or the application thereof in any circumstance, is
held invalid, illegal or unenforceable, the validity, legality and
enforceability of any such provision in every other respect and of the remaining
provisions contained herein shall not be affected or impaired thereby.

     (k)       ENTIRE AGREEMENT.  This Agreement is intended by the parties as a
final expression of their agreement and intended to be a complete and exclusive
statement of the agreement and understanding of the parties hereto in respect of
the subject matter contained herein.  There are no restrictions, promises,
warranties or undertakings, other than those set forth or referred to herein
with respect to the registration rights granted with respect to the Transfer
Restricted Securities.  This Agreement supersedes all prior agreements and
understandings between the parties with respect to such subject matter.

                                       14
<PAGE>

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

                              MERRILL CORPORATION

                              By:     /s/ Rick R. Atterbury
                                   -----------------------------------
                                   Name:  Rick R. Atterbury
                                   Title:    Executive Vice President

DONALDSON, LUFKIN & JENRETTE
    SECURITIES CORPORATION

By:       /s/ Omar Karame
     -------------------------------
     Name:  Omar Karame
     Title:    Vice President

<PAGE>

                                                                 EXHIBIT A

                                     EXHIBIT A

                                NOTICE OF FILING OF
                           WARRANT REGISTRATION STATEMENT

To:       Donaldson, Lufkin & Jenrette Securities Corporation
          277 Park Avenue
          New York, New York  10172
          Attention:  Louise Guarneri (Compliance Department)
          Fax:  (212) 892-7272

From:     Merrill Corporation
          Warrants to Purchase Shares of Class B Common Stock

Date:  _____________________________

     For your information only (NO ACTION REQUIRED):

     Today, ________________________, we filed a Shelf Registration Statement
with the Securities and Exchange Commission.  We currently expect this
registration statement to be declared effective within ___ business days of the
date hereof.

                                          1

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