Document:

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                                                                     EXHIBIT 4.9

                                                                  Execution Copy
                                                                  --------------

                              SHAREHOLDER AGREEMENT
                              ---------------------

         THIS SHAREHOLDER AGREEMENT (this "Agreement") is entered into as of May
10, 2000, by and among JOSTENS, INC., a Minnesota corporation (the "Company"),
INVESTCORP INVESTMENT EQUITY LIMITED, a Cayman Islands corporation ("IIEL"), the
other holders of Class D Common Stock ("Class D Stock") of the Company (IIEL and
each such other holder individually a "Class D Shareholder" and collectively the
"Class D Shareholders"), the other shareholders listed on Schedule A attached
hereto (the "Investcorp Shareholders") and DB CAPITAL INVESTORS, L.P., a
Delaware limited partnership ("DB Capital" and, together with the Class D
Shareholders and the Investcorp Shareholders, the "Shareholders").

                                 R E C I T A L S

         A. The Company is a party to an Agreement and Plan of Merger dated as
of December 27, 1999 (the "Merger Agreement") by and between the Company and
Saturn Acquisition Corporation, a Minnesota corporation ("MergerCo"), and
amended on March 31, 2000, pursuant to which MergerCo will, subject to the terms
and conditions of the Merger Agreement, be merged with and into the Company (the
"Merger").

         B. Pursuant to a Subscription Agreement dated the date hereof, DB
Capital has purchased (i) 590,000 shares of Class A Common Stock, par value
$0.33? per share, of MergerCo (the "Class A Shares"), (ii) 1,346,036 shares of
Class E Common Stock, par value $0.01 per share, of MergerCo (the "Class E
Shares"), all of which shares will by virtue of the Merger be automatically
converted into a like number of the same class of shares of the Company, and
(iii) warrants to purchase 531,325 Class E Shares (the "Warrants"). The Class A
Shares and Class E Shares are collectively referred to herein as the "DB
Shares". The DB Shares, the Warrants and the shares issuable upon exercise of
the Warrants are referred to herein as the "DB Securities."

         C. Pursuant to Subscription Agreements dated the date hereof, the Class
D Shareholders have purchased 20,000 shares of Class D Stock and the Investcorp
Shareholders have purchased (i) 5,300,000 shares of Class B Common Stock, par
value $0.01 per share, of MergerCo ("Class B Stock")and (ii) 811,020 shares of
Class C Common Stock, par value $0.01 per share, of MergerCo ("Class C Stock"),
all of which shares will by virtue of the Merger be automatically converted into
a like number of the respective class of shares of the Company

         D. In connection with the Merger, the Company and the Shareholders
desire to enter into this Agreement.

                                A G R E E M E N T

         NOW, THEREFORE, in consideration of the mutual covenants and agreements
contained herein and for other good and valuable consideration, the parties
hereto agree as follows:
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         SECTION 1. Definitions. As used in this Agreement, the following terms
shall have the following meanings:

                  "Affiliate" means, with respect to any Person, (a) any Person
         which, directly or indirectly, is in control of, is controlled by, or
         is under common control with, such Person or (b) any Person who is a
         director or officer (i) of such Person, (ii) of any subsidiary of such
         Person or (iii) of any Person described in clause (a) above. For
         purposes of this definition, "control" of a Person means the power,
         directly or indirectly, (x) to vote 50% or more of the securities
         having ordinary voting power for the election of directors of such
         Person whether by ownership of securities, contract, proxy or
         otherwise, or (y) to direct or cause the direction of the management
         and policies of such Person whether by ownership of securities,
         contract, proxy or otherwise.

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

                  "Board" means the Board of Directors of the Company.

                  "Common Stock" means the common stock, par value $0.01 per
         share, of the Company.

                  "Initial Public Offering" shall have the meaning ascribed to
         that term in Article IV, Section 1 of the Articles of Incorporation.

                  "New Equity Financing" means the issuance by the Company of
         new common equity securities of the Company, or securities convertible
         into, or exercisable or exchangeable for, such common equity securities
         other than issuances of equity securities (a) pursuant to stock
         incentive or compensation plans approved by the Board, (b) upon
         exercise of convertible instruments outstanding immediately following
         the closing of the Merger, (c) as consideration for business
         acquisitions by the Company or a subsidiary of the Company approved by
         the Board, (d) in connection with debt or lease financings approved by
         the Board or (e) in the Initial Public Offering.

                  "Permitted Transferee" shall mean (i) a Person acquiring
         Shares pursuant to Section 2 hereof or (ii) a Person that is an
         Affiliate of either DB Capital or a Permitted Transferee; provided,
         however, that no transfer to a Permitted Transferee will be effective
         unless and until such Permitted Transferee has agreed in writing to be
         bound by this Agreement with respect to the Shares to be so
         transferred.

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

                  Certain other terms are defined elsewhere in this Agreement.

                                       2
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         SECTION 2. Right of First Offer on DB Shares.

         (a) In the event that DB Capital or any Permitted Transferee holding DB
Shares (the "Initiating Holder") proposes to sell any DB Shares to any Person
other than a Permitted Transferee, such Initiating Holder shall furnish to the
Company and to IIEL a written notice specifying the number of DB Shares proposed
to be sold, the proposed sale price and all other material terms and conditions
of the proposed sale (a "Proposed Sale Notice").

         (b) The Company and IIEL shall each then have the irrevocable option,
exercisable by written notice to the Initiating Holder within 45 days after
receipt of a Proposed Sale Notice (the "Option Period"), to purchase all (but
not less than all) of the DB Shares covered by such Notice at the same price and
on the same terms and conditions as contained in such Notice (the "Option"). As
between the Company and IIEL, IIEL will have first priority with respect to the
Option, and the DB Shares covered by such Option may be allocated between IIEL
and the Company in any amounts mutually agreed upon by IIEL and the Company.

         (c) In the event that either IIEL or the Company elects to exercise the
Option (either or both, as applicable, an "Electing Offeree"), the closing of
the purchase or purchases pursuant to the exercise of such Option shall occur at
the offices of the Company on the date specified in the notice of exercise,
which date shall not be later than 90 days after receipt by the Company and IIEL
of the Proposed Sale Notice (or such earlier date, if any, mutually agreed upon
by the Initiating Holder and the Electing Offeree). At such closing, (i) the
Initiating Holder shall deliver to the Electing Offeree the stock certificate or
certificates evidencing such DB Shares in valid form for transfer with
appropriate and duly executed assignments, stock powers or endorsements, as the
case may be, bearing any necessary documentary stamps and accompanied by such
certificates of authority, consents to transfer or other instruments or
evidences of good title of the Initiating Holder to such DB Shares, free and
clear of any and all claims, liens, pledges and encumbrances, as may reasonably
be requested by such Electing Offerees, and (ii) each Electing Offeree shall pay
to the Initiating Holder the applicable purchase price by wire transfer of
immediately available funds to such account as the Initiating Holder shall
designate in writing to the Electing Offeree.

         (d) If the Option is not exercised within the Option Period or if,
prior to the expiration of the Option Period, each of IIEL and the Company shall
have given the Initiating Holder written notice that it will not exercise the
Option, then the Initiating Holder shall be free, for a period of 180 days
beginning on the earlier of the day after the expiration of the Option Period or
the date on which the Initiating Holder shall have received such notices of
non-election, as applicable, to sell such DB Shares to any other purchaser or
purchasers at prices, terms and conditions no less favorable to the Initiating
Holder than those contained in the Proposed Sale Notice; provided that (i) any
such other purchaser or purchasers shall agree in writing to be bound by all
provisions of this Agreement applicable to the Initiating Holder to the extent
such provisions by their terms continue in effect; and (ii) the total number of
Persons holding DB Shares as a result of sales pursuant to this Section 2(d)
shall not exceed ten (10) Persons without the written consent of the Company
(which shall not be unreasonably withheld).

         (e) Except as hereinafter provided, no transfer, assignment or other
disposition of any DB Shares (including without limitation any transfer,
assignment or other disposition by

                                       3
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operation of law) may be made by DB Capital or a Permitted Transferee, other
than a transfer by DB Capital to a Permitted Transferee or by a Permitted
Transferee to another Permitted Transferee; provided that, subject to the prior
written consent of IIEL (which consent shall not be unreasonably withheld), DB
Capital or a Permitted Transferee may pledge or hypothecate DB Shares in a bona
fide credit transaction with an unaffiliated financial institution.

         (f) All DB Shares sold pursuant to Section 2(d) shall continue to be
subject to the provisions of this Section 2.

         (g) The transfer restrictions imposed on the DB Shares by this Section
2 are in addition to any restrictions applicable to such shares which are
contained in the Articles of Incorporation.

         (h) The provisions of this Section 2 shall expire and be of no further
force and effect upon occurrence of an Initial Public Offering.

         SECTION 3. Right to Participate in Certain Sales.

         (a) In the event that, during the period beginning immediately after
the closing of the Merger and ending upon the Initial Public Offering, one or
more Investcorp Shareholders propose to engage in a sale or series of related
sales of equity interests in the Company which is not a "Tag-Along Transfer"
within the meaning of Article IV of the Articles of Incorporation (a "Section 3
Sale") to a purchaser who is not an Investcorp Shareholder (a "Section 3
Purchaser"), then DB Capital and any Permitted Transferee holding DB Securities
shall be given the right to participate in such Section 3 Sale at the same price
and on the same terms and conditions as the Investcorp Shareholders
participating in such transaction, up to the Pro Rata DB Share Amount (as
defined below) applicable to DB Capital and each such Permitted Transferee. As
used in this Section 3 "Pro Rata DB Share Amount" applicable to a holder of DB
Securities shall mean the number of whole DB Shares and shares issued or
issuable upon exercise of a Warrant ("Warrant Shares") (disregarding any
resulting fractional share) derived by multiplying (x) the total number of DB
Shares and Warrant Shares held by such holder by (y) a fraction, the numerator
of which is the total number of outstanding shares of all classes of common
stock of the Company (other than DB Shares and Warrant Shares) to be included in
the Section 3 Sale and the denominator of which is the total number of
outstanding shares of all classes of common stock of the Company held by the
Investcorp Shareholders participating in such transaction.

         (b) The Investcorp Shareholders proposing to engage in a Section 3 Sale
shall notify, or cause to be notified, DB Capital and each Permitted Transferee
holding DB Securities in writing of each Section 3 Sale at least 20 days prior
to the scheduled closing of the Section 3 Sale. Such notice (the "Section 3 Sale
Notice") shall set forth the following: (i) the total number of shares of
Company capital stock, by class, to be included in the Section 3 Sale, (ii) the
applicable Pro Rata DB Share Amount for each holder of DB Securities then having
rights under this Section 3 and the basis on which each of such Amounts has been
calculated, (iii) the consideration per share to be paid by the Section 3
Purchaser, (iv) a summary of other material terms and conditions of the Section
3 Sale and an estimate of anticipated expenses, (v) that the Section 3 Purchaser
has been informed of the participation rights under this Section 3 and has
agreed to purchase DB Securities up to the applicable Pro Rata DB Share Amounts
to the extent

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holders of such DB Securities elect to participate and (vi) the name and address
of the person to whom such holders of DB Securities should direct their election
notices as provided in Section 3(c) below.

         (c) The participation rights granted pursuant to this Section 3 may be
exercised by holders of such rights by delivery of a written notice (the
"Section 3 Election Notice") within 15 days following receipt of such Notice
(each holder of such participation rights who so elects is referred to herein as
an "Electing Holder"). The Section 3 Election Notice shall state either (A) that
the Electing Holder elects to include in such sale its full Pro Rata DB Share
Amount or (B) if such Electing Holder elects to include in such Sale a lesser
number of shares, such lesser number of shares (the amount so included, the
"Included DB Shares").

         The Section 3 Election Notice shall constitute a binding agreement by
the applicable Electing Holder to sell the Included DB Shares in the Section 3
Sale on the terms and conditions specified in the Section 3 Sale Notice. In
addition, by delivering the Section 3 Election Notice such Electing Holder
agrees to the following: (i) prior to the closing of any such Sale, to execute
and deliver (or cause to be executed and delivered) any purchase agreement or
other documentation required by the Section 3 Purchaser to consummate the
Section 3 Sale, which purchase agreement and other documentation shall be on
terms no less favorable in respect of any material term to such Electing Holder
than those executed by the other Company shareholders participating in such
Sale; provided that no Electing Holder shall be required to make any
representation or warranty or undertake any liability in any such purchase
agreement or otherwise in connection with a Section 3 Sale other than
representations and warranties as to its ownership and authority to transfer the
Included DB Shares, free and clear of all liens and encumbrances and in
compliance with all applicable laws; and (B) at the closing of any such Sale
deliver to the Section 3 Purchaser the certificate or certificates representing
the Included DB Shares, duly endorsed for transfer with signatures guaranteed,
against receipt of the purchase price therefor.

         If no Section 3 Election Notice is received by the person designated in
the Section 3 Sale Notice to receive such Election within the time period
specified in Section 3(c)(i) above, the other selling shareholders participating
in the Section 3 Sale shall have the right to sell to the Section 3 Purchaser up
to the number of shares designated as proposed for sale in the Section 3 Sale
Notice on terms and conditions no more favorable in any material respect to such
shareholders than those stated in such Notice.

         (d) Each holder of Included DB Shares shall be required to bear its pro
rata share, based on the number of total shares included in such Sale by all
Company shareholders, of the expenses of the transaction, including without
limitation legal, accounting and investment banking fees and expenses.

         (e) The provisions of this Section 3 shall not apply to any DB
Securities that have previously been the subject of a completed Section 3 Sale
nor shall the holder of any such DB Securities have the right, pursuant to this
Agreement, to participate in any subsequent Section 3 Sale.

                                       5
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         (f) The provisions of this Section 3 shall not apply to sales by any
Investcorp Shareholder to any Affiliate of any such Investcorp Shareholder or to
any other Investcorp Shareholder.

         (g) Nothing herein shall constitute an obligation on the part of the
Investcorp Shareholders proposing to engage in a Section 3 Sale to consummate
such sale.

         SECTION 4. Board Representation.

         The Class D Shareholders hereby agree that, from and after the date
hereof until the Initial Public Offering, and provided DB Capital beneficially
owns either (a) at least a majority of the DB Shares or (b) at least $30.0
million in aggregate liquidation preference of the Senior Exchangeable
Payment-In-Kind Preferred Stock of the Company (the "Retention Condition"), the
Class D Shareholders shall vote or cause to be voted the shares of Class D
Common Stock of the Company held by such shareholders in such a manner as to
elect one director to the Board as specified by DB Capital. DB Capital and its
Permitted Transferees, if any, hereby agree that, from and after the date hereof
until the Initial Public Offering, DB Capital and such Permitted Transferees, if
any, shall vote or cause to be voted the Shares held by such shareholders (to
the extent such holders have voting rights) in such a manner as to elect the
remaining directors to the Board as specified by the Class D Shareholders. In
the event that voting equity securities are issued by the Company in a New
Equity Financing, the Company shall take steps as necessary to preserve for the
benefit of DB Capital its rights under this Section 4.

         SECTION 5. Right to Participate in Future Financings.

         In the event that, prior to the Initial Public Offering, the Company
intends to engage in a New Equity Financing, (i) it shall provide DB Capital,
the Class D Shareholders and the Investcorp Shareholders with written notice of
such intention at least 20 business days prior to the scheduled closing of the
New Equity Financing, describing the type of equity securities to be issued, the
price and the number or amount thereof, and the general terms upon which the
Company proposes to effect such issuance and (ii) if within 10 days after
receipt of such notice DB Capital, any Class D Shareholder or any Investcorp
Shareholder (each, an "Electing Shareholder") notifies the Company of its desire
to participate in such New Equity Financing as hereinafter contemplated, it
shall take steps as are necessary to enable each such Electing Shareholder to
participate, at such Electing Shareholder's option, as a purchaser in such New
Equity Financing such that the Electing Shareholder, through the exercise of
such option, would maintain a percentage interest in the outstanding common
equity securities of the Company equal to the percentage that the total
outstanding common equity securities of the Company held by such Electing
Shareholder at such time (excluding the Warrants and shares issued or issuable
upon the exercise of the Warrants) bears to the total outstanding common equity
securities of the Company on a fully diluted basis (including, without
limitation, shares issued upon the exercise of the Warrants).

         SECTION 6. Public Reports and Financial Statements.

         As soon as available to the public, the Company will provide to DB
Capital copies of all annual reports, periodic reports and other filings made by
the Company with the Securities and

                                       6
<PAGE>

Exchange Commission. In the event that, after the date hereof, the Company shall
not be required to make filings with the Securities and Exchange Commission, the
Company will deliver to DB Capital as soon as available annual and quarterly
consolidated balance sheets and consolidated statements of income and
shareholders' equity and consolidated statements of cash flows of the Company.

         SECTION 7. Legends. All certificates representing DB Shares shall, in
addition to other legends that may be required by the Articles of Incorporation
of the Company or by state or federal securities laws, bear the following
legends:

         "THE SHARES OF STOCK REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO THE
TERMS, CONDITIONS AND RESTRICTIONS OF A SHAREHOLDER AGREEMENT AMONG JOSTENS,
INC. AND CERTAIN OF ITS SHAREHOLDERS AND MAY BE TRANSFERRED ONLY IN COMPLIANCE
WITH THE CONDITIONS SPECIFIED IN SUCH AGREEMENT. THESE SHARES ARE SUBJECT TO
REPURCHASE RIGHTS PURSUANT TO SUCH SHAREHOLDER AGREEMENT. A COMPLETE AND CORRECT
COPY OF SUCH AGREEMENT IS AVAILABLE FOR INSPECTION AT THE OFFICES OF JOSTENS,
INC. AND WILL BE FURNISHED WITHOUT CHARGE TO THE HOLDER HEREOF UPON WRITTEN
REQUEST."

         SECTION 8. Miscellaneous.

         (a) Notices. All notices, instructions and other communications in
connection with this Agreement shall be in writing and may be given by (i)
personal delivery, (ii) certified mail, return receipt requested, postage
prepaid, or (iii) delivery by a nationally recognized overnight courier, to the
parties at the addresses of each as set forth on the signature pages to this
Agreement or to such other address as any party may specify in a notice to the
other parties. Notices will be deemed to have been given (w) when actually
delivered personally, (x) the next business day if sent by overnight courier
(with proof of delivery) or (y) on the fifth day after mailing by certified
mail.

         (b) No Waiver. No course of dealing and no delay on the part of any
party hereto in exercising any right, power or remedy conferred by this
Agreement shall operate as a waiver thereof or otherwise prejudice such party's
rights, powers and remedies conferred by this Agreement or shall preclude any
other or further exercise thereof or the exercise of any other right, power or
remedy.

         (c) Binding Effect; Assignability. This Agreement shall be binding upon
and, except as otherwise provided herein, shall inure to the benefit of the
respective parties and their permitted successors and assigns, including,
without limitation, Permitted Transferees to the extent specifically provided
for herein. This Agreement shall not be assignable except as otherwise
specifically provided herein.

         (d) Amendment and Waiver. This Agreement may not be amended, modified
or supplemented, and no waiver or consent to departures from the provisions
hereof shall bind any party who has not given such waiver or consent, unless
consented to in writing by the holders of at least 80% of the outstanding common
equity securities of the Company. The Agreement may not be amended, modified or
supplemented in a manner which adversely affects the rights of any

                                       7
<PAGE>

holder of common equity securities of the Company but does not equally affect
the rights of all other holders of common equity securities of the Company
without the affected party's consent.

         (e) Governing Law; Service of Process. This Agreement shall be
construed both as to validity and performance in accordance with, and governed
by, the laws of the State of New York applicable to agreements to be performed
in New York, without regard to principles of conflict of laws. Each of the
parties hereto irrevocably consents to the jurisdiction and venue of any state
or federal court situated in the City of New York in the State of New York, and
further consents to the service of any and all process in any action or
proceeding arising out of or relating to this Agreement by the mailing of copies
of such process to such party at its address pursuant to Section 6(a) hereof.

         (f) Counterparts. This Agreement may be executed in two or more
counterparts each of which shall be deemed an original but all of which together
shall constitute one and the same instrument, and all signatures need not appear
on any one counterpart.

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

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

         (i) Severability. If any term or other provision of this Agreement is
invalid, illegal or incapable of being enforced by any rule of law, or public
policy, all other conditions and provisions of this Agreement shall nevertheless
remain in full force and effect so long as the economic or legal substance of
the transactions contemplated hereby is not affected in any manner adverse to
any party. Upon such determination that any term or other provision is invalid,
illegal or incapable of being enforced, the parties hereto shall negotiate in
good faith to modify this Agreement so as to effect the original intent of the
parties as closely as possible in an acceptable manner to the end that
transactions contemplated hereby are fulfilled to the maximum extent possible.

         (j) No Dilution. The Company hereby represents and warrants to DB
Capital that in no event will the issuance of Common Stock upon exercise of the
Class B Warrant issued by the Company on the date hereof be dilutive to DB
Capital's ownership percentage of the Company common equity securities.

         (k) New Class D Shareholders. The Company will not issue, and the Class
D Shareholders and the Investcorp Shareholders will not transfer, any shares of
Class B Stock, Class C Stock or Class D Stock unless the holder or transferee of
such shares shall have first agreed to become a party to, and to be bound by,
the terms of this Agreement.

                                       8
<PAGE>

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

                                        JOSTENS, INC.
                                          a Minnesota corporation

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

                                        DB CAPITAL INVESTORS, L.P.,
                                          a Delaware limited partnership

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

                                        By: DB Capital Partners, Inc.
                                              its General Partner

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

                                        INVESTCORP INVESTMENT EQUITY LIMITED,
                                          a Cayman Islands corporation

                                        By: /s/ Sydney J. Coleman
                                            ------------------------------------
                                            Name:    Sydney J. Coleman
                                            Title:   Director
                                            Address: P.O. Box 1111
                                                     Grand Cayman
                                                     Cayman Islands, B.W.I.

                                       9
<PAGE>

                                             OTHER CLASS D SHAREHOLDERS
                                             --------------------------

                                        BALLET LIMITED, a Cayman Islands
                                          corporation

                                        By: /s/ [Signature Illegible]
                                            ------------------------------------
                                            Name:    Investcorp Management
                                                       Services Limited
                                            Title:   Authorized Representative
                                            Address: West Wind Building
                                                     P.O. Box 2197
                                                     Georgetown, Grand Cayman
                                                     Cayman Islands, B.W.I.

                                        DENARY LIMITED, a Cayman Islands
                                          corporation

                                        By: /s/ [Signature Illegible]
                                            ------------------------------------
                                            Name:    Investcorp Management
                                                       Services Limited
                                            Title:   Authorized Representative
                                            Address: West Wind Building
                                                     P.O. Box 2197
                                                     Georgetown, Grand Cayman
                                                     Cayman Islands, B.W.I.

                                        GLEAM LIMITED, a Cayman Islands
                                          corporation

                                        By: /s/ [Signature Illegible]
                                            ------------------------------------
                                            Name:    Investcorp Management
                                                       Services Limited
                                            Title:   Authorized Representative
                                            Address: West Wind Building
                                                     P.O. Box 2197
                                                     Georgetown, Grand Cayman
                                                     Cayman Islands, B.W.I.

                                        HIGHLANDS LIMITED, a Cayman Islands
                                          corporation

                                        By: /s/ [Signature Illegible]
                                            ------------------------------------
                                            Name:    Investcorp Management
                                                       Services Limited
                                            Title:   Authorized Representative
                                            Address: West Wind Building
                                                     P.O. Box 2197
                                                     Georgetown, Grand Cayman
                                                     Cayman Islands, B.W.I.

                                       10
<PAGE>

                                        NOBLE LIMITED, a Cayman Islands
                                          corporation

                                        By: /s/ [Signature Illegible]
                                            ------------------------------------
                                            Name:    Investcorp Management
                                                       Services Limited
                                            Title:   Authorized Representative
                                            Address: West Wind Building
                                                     P.O. Box 2197
                                                     Georgetown, Grand Cayman
                                                     Cayman Islands, B.W.I.

                                        OUTRIGGER LIMITED, a Cayman Islands
                                          corporation

                                        By: /s/ [Signature Illegible]
                                            ------------------------------------
                                            Name:    Investcorp Management
                                                       Services Limited
                                            Title:   Authorized Representative
                                            Address: West Wind Building
                                                     P.O. Box 2197
                                                     Georgetown, Grand Cayman
                                                     Cayman Islands, B.W.I.

                                        QUILL LIMITED, a Cayman Islands
                                          corporation

                                        By: /s/ [Signature Illegible]
                                            ------------------------------------
                                            Name:    Investcorp Management
                                                       Services Limited
                                            Title:   Authorized Representative
                                            Address: West Wind Building
                                                     P.O. Box 2197
                                                     Georgetown, Grand Cayman
                                                     Cayman Islands, B.W.I.

                                        RADIAL LIMITED, a Cayman Islands
                                          corporation

                                        By: /s/ [Signature Illegible]
                                            ------------------------------------
                                            Name:    Investcorp Management
                                                       Services Limited
                                            Title:   Authorized Representative
                                            Address: West Wind Building
                                                     P.O. Box 2197
                                                     Georgetown, Grand Cayman
                                                     Cayman Islands, B.W.I.

                                        SHORELINE LIMITED, a Cayman Islands
                                          corporation

                                        By: /s/ [Signature Illegible]
                                            ------------------------------------
                                            Name:    Investcorp Management
                                                       Services Limited
                                            Title:   Authorized Representative
                                            Address: West Wind Building
                                                     P.O. Box 2197
                                                     Georgetown, Grand Cayman
                                                     Cayman Islands, B.W.I.

                                       11
<PAGE>

                                        ZINNIA LIMITED, a Cayman Islands
                                          corporation

                                        By: /s/ [Signature Illegible]
                                            ------------------------------------
                                            Name:    Investcorp Management
                                                       Services Limited
                                            Title:   Authorized Representative
                                            Address: West Wind Building
                                                     P.O. Box 2197
                                                     Georgetown, Grand Cayman
                                                     Cayman Islands, B.W.I.

                                       12<PAGE>

                                                                    EXHIBIT 4.10

                                                                  Execution Copy
                                                                  --------------

                              SHAREHOLDER AGREEMENT

     THIS SHAREHOLDER AGREEMENT (this "Agreement") is entered into as of May 10,
2000, by and among JOSTENS, INC., a Minnesota corporation (the "Company"),
INVESTCORP INVESTMENT EQUITY LIMITED, a Cayman Islands corporation ("IIEL"), the
other holders of Class D Common Stock ("Class D Stock") of the Company (IIEL and
each such other holder individually a "Class D Shareholder" and collectively the
"Class D Shareholders"), the other shareholders listed on Schedule A attached
hereto (the "Investcorp Shareholders"), FIRST UNION LEVERAGED CAPITAL, LLC, a
North Carolina limited liability company ("First Union" and, together with the
Class D Shareholders and the Investcorp Shareholders, the "Shareholders").

                                 R E C I T A L S

     A. The Company is a party to an Agreement and Plan of Merger dated as of
December 27, 1999 and amended on March 31, 2000 (the "Merger Agreement") by and
between the Company and Saturn Acquisition Corporation, a Minnesota corporation
("MergerCo"), pursuant to which MergerCo will, subject to the terms and
conditions of the Merger Agreement, be merged with and into the Company (the
"Merger").

     B. Pursuant to a Subscription Agreement dated the date hereof, First Union
has purchased 198,019 shares of Class A Common Stock, par value $0.33? per
share, of MergerCo ("Class A Stock"), which shares will by virtue of the Merger
be automatically converted into a like number of the same class of shares of the
Company (the "First Union Shares").

     C. Pursuant to Subscription Agreements dated the date hereof, the Class D
Shareholders have purchased 20,000 shares of Class D Stock and the Investcorp
Shareholders have purchased (i) 5,300,000 shares of Class B Common Stock, par
value $0.01 per share, of MergerCo ("Class B Stock")and (ii) 811,020 shares of
Class C Common Stock, par value $0.01 per share, of MergerCo ("Class C Stock"),
all of which shares will by virtue of the Merger be automatically converted into
a like number of the respective class of shares of the Company

     D. In connection with the Merger, the Company and the Shareholders desire
to enter into this Agreement.

                                A G R E E M E N T

     NOW, THEREFORE, in consideration of the mutual covenants and agreements
contained herein and for other good and valuable consideration, the parties
hereto agree as follows:

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

          "Affiliate" means, with respect to any Person, (a) any Person which,
     directly or indirectly, is in control of, is controlled by, or is under
     common control with, such Person or (b) any Person who is a director or
     officer (i) of such Person, (ii) of any subsidiary of such Person or (iii)
     of any Person described in clause (a) above. For purposes of this
     definition, "control" of a Person means the power, directly or indirectly,
     (x) to vote 50% or more of the securities having ordinary voting power for
     the election of directors of such Person whether by ownership of
     securities, contract, proxy or otherwise, or (y) to direct or cause the
     direction of the management and policies of such Person whether by
     ownership of securities, contract, proxy or otherwise.

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

          "Common Stock" means the common stock, par value $0.01 per share, of
     the Company.

          "Initial Public Offering" shall have the meaning ascribed to that term
     in Article IV, Section 1 of the Articles of Incorporation.

          "New Equity Financing" means the issuance by the Company of new common
     equity securities of the Company, or securities convertible into, or
     exercisable or exchangeable for, such common equity securities other than
     issuances of equity securities (a) pursuant to stock incentive or
     compensation plans approved by the Board, (b) upon exercise of convertible
     instruments outstanding immediately following the closing of the Merger,
     (c) as consideration for business acquisitions by the Company or a
     subsidiary of the Company approved by the Board, (d) in connection with
     debt or lease financings approved by the Board or (e) in the Initial Public
     Offering.

          "Permitted Transferee" shall mean (i) a Person acquiring Shares
     pursuant to Section 2 hereof or (ii) a Person that is an Affiliate of
     either First Union or a Permitted Transferee; provided, however, that no
     transfer to a Permitted Transferee will be effective unless and until such
     Permitted Transferee has agreed in writing to be bound by this Agreement
     with respect to the Shares to be so transferred.

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

     Certain other terms are defined elsewhere in this Agreement.

     SECTION 2. Right of First Offer on Shares.

          (a) In the event that First Union or any Permitted Transferee holding
     First Union Shares (the "Initiating Holder") proposes to sell any First
     Union Shares to any Person other than a Permitted Transferee, such
     Initiating Holder shall furnish to the Company and to IIEL a written notice
     specifying the number of First Union Shares proposed to be sold, the
     proposed sale price and all other material terms and conditions of the
     proposed sale (a "Proposed Sale Notice").

                                       2
<PAGE>

          (b) The Company and IIEL shall each then have the irrevocable option,
     exercisable by written notice to the Initiating Holder within 60 days after
     receipt of a Proposed Sale Notice (the "Option Period"), to purchase all
     (but not less than all) of the First Union Shares covered by such Notice at
     the same price and on the same terms and conditions as contained in such
     Notice (the "Option"). As between the Company and IIEL, IIEL will have
     first priority with respect to the Option, and the First Union Shares
     covered by such Option may be allocated between IIEL and the Company in any
     amounts mutually agreed upon by IIEL and the Company.

          (c) In the event that either IIEL or the Company elects to exercise
     the Option (either or both, as applicable, an "Electing Offeree"), the
     closing of the purchase or purchases pursuant to the exercise of such
     Option shall occur at the offices of the Company on the date specified in
     the notice of exercise, which date shall not be later than 90 days after
     receipt by the Company and IIEL of the Proposed Sale Notice Holder (or such
     earlier date, if any, mutually agreed upon by the Initiating Holder and the
     Electing Offeree). At such closing, (i) the Initiating Holder shall deliver
     to the Electing Offeree the stock certificate or certificates or warrant
     certificate or certificates evidencing such First Union Shares in valid
     form for transfer with appropriate and duly executed assignments, stock
     powers or endorsements, as the case may be, bearing any necessary
     documentary stamps and accompanied by such certificates of authority,
     consents to transfer or other instruments or evidences of good title of the
     Initiating Holder to such First Union Shares, free and clear of any and all
     claims, liens, pledges and encumbrances, as may reasonably be requested by
     such Electing Offerees, and (ii) each Electing Offeree shall pay to the
     Initiating Holder the applicable purchase price by wire transfer of
     immediately available funds to such account as the Initiating Holder shall
     designate in writing to the Electing Offeree.

          (d) If the Option is not exercised within the Option Period or if,
     prior to the expiration of the Option Period, each of IIEL and the Company
     shall have given the Initiating Holder written notice that it will not
     exercise the Option, then the Initiating Holder shall be free, for a period
     of 180 days beginning on the earlier of the day after the expiration of the
     Option Period or the date on which the Initiating Holder shall have
     received such notices of non-election, as applicable, to sell such First
     Union Shares to any other purchaser or purchasers at prices, terms and
     conditions no less favorable to the Initiating Holder than those contained
     in the Proposed Sale Notice; provided that (i) any such other purchaser or
     purchasers agree in writing to be bound by all provisions of this Agreement
     applicable to the Initiating Holder to the extent such provisions by their
     terms continue in effect; and (ii) in no event shall the total number of
     Persons holding First Union Shares as a result of sales pursuant to this
     Section 2(d) exceed five (5) Persons.

          (e) Except as hereinafter provided, no transfer, assignment or other
     disposition of any First Union Shares (including without limitation any
     transfer, assignment or other disposition by operation of law) may be made
     by First Union or a Permitted Transferee, other than a transfer by First
     Union to a Permitted Transferee or by a Permitted Transferee to another
     Permitted Transferee; provided that, subject to the prior written consent
     of IIEL (which consent shall not be unreasonably withheld), First Union or
     a Permitted Transferee may pledge First Union Shares in a bona fide credit
     transaction with an unaffiliated financial institution.

          (f) All First Union Shares sold pursuant to Section 2(d) shall
     continue to be subject to the provisions of this Section 2.

                                       3
<PAGE>

          (g) The transfer restrictions imposed on the First Union Shares by
     this Section 2 are in addition to any restrictions applicable to such
     shares which are contained in the Articles of Incorporation.

          (h) The provisions of this Section 2 shall expire and be of no further
     force and effect upon occurrence of an Initial Public Offering.

     SECTION 3. Right to Participate in Certain Sales.

          (a) In the event that, during the period beginning immediately after
     the closing of the Merger and ending upon the Initial Public Offering, one
     or more Investcorp Shareholders propose to engage in a sale or series of
     related sales of equity interests in the Company which is not a "Tag-Along
     Transfer" within the meaning of Article IV of the Articles of Incorporation
     (a "Section 3 Sale") to a purchaser who is not an Investcorp Shareholder (a
     "Section 3 Purchaser"), then First Union and any Permitted Transferee
     holding First Union Shares shall be given the right to participate in such
     Section 3 Sale at the same price and on the same terms and conditions as
     the Investcorp Shareholders participating in such transaction, up to the
     Pro Rata Share Amount (as defined below) applicable to First Union and each
     such Permitted Transferee. As used in this Section 3. "Pro Rata Share
     Amount" applicable to a holder of First Union Shares shall mean the number
     of whole First Union Shares (disregarding any resulting fractional share)
     derived by multiplying (x) the total number of First Union Shares held by
     such holder by (y) a fraction, the numerator of which is the total number
     of outstanding shares of all classes of common stock of the Company (other
     than First Union Shares) to be included in the Section 3 Sale and the
     denominator of which is the total number of outstanding shares of all
     classes of common stock of the Company held by the Investcorp Shareholders
     participating in such transaction.

          (b) The Investcorp Shareholders proposing to engage in a Section 3
     Sale shall notify, or cause to be notified, First Union and each Permitted
     Transferee holding First Union Shares in writing of each Section 3 Sale at
     least 20 days prior to the scheduled closing of the Section 3 Sale. Such
     notice (the "Section 3 Sale Notice") shall set forth the following: (i) the
     total number of shares of Company capital stock, by class, to be included
     in the Section 3 Sale, (ii) the applicable Pro Rata Share Amount for each
     holder of First Union Shares then having rights under this Section 3 and
     the basis on which each of such Amounts has been calculated, (iii) the
     consideration per share to be paid by the Section 3 Purchaser, (iv) a
     summary of other material terms and conditions of the Section 3 Sale and an
     estimate of anticipated expenses, (v) that the Section 3 Purchaser has been
     informed of the participation rights under this Section 3 and has agreed to
     purchase First Union Shares up to the applicable Pro Rata Share Amounts to
     the extent holders of such First Union Shares elect to participate and (vi)
     the name and address of the person to whom such holders of First Union
     Shares should direct their election notices as provided in Section 3(c)
     below.

          (c) The participation rights granted pursuant to this Section 3 may be
     exercised by holders of such rights by delivery of a written notice (the
     "Section 3 Election Notice") within 15 days following receipt of such
     Notice (each holder of such participation rights who so elects is referred
     to herein as an "Electing Holder"). The Section 3 Election Notice shall
     state either (A) that the Electing Holder elects to include in such sale
     its full Pro Rata Share Amount or

                                       4
<PAGE>

     (B) if such Electing Holder elects to include in such Sale a lesser number
     of shares, such lesser number of shares (the amount so included, the
     "Included Shares").

          The Section 3 Election Notice shall constitute a binding agreement by
     the applicable Electing Holder to sell the Included Shares in the Section 3
     Sale on the terms and conditions specified in the Section 3 Sale Notice. In
     addition, by delivering the Section 3 Election Notice such Electing Holder
     agrees to the following: (i) prior to the closing of any such Sale, to
     execute and deliver (or cause to be executed and delivered) any purchase
     agreement or other documentation required by the Section 3 Purchaser to
     consummate the Section 3 Sale, which purchase agreement and other
     documentation shall be on terms no less favorable in respect of any
     material term to such Electing Holder than those executed by the other
     Company shareholders participating in such Sale; provided that no Electing
     Holder shall be required to make any representation or warranty or
     undertake any liability in any such purchase agreement or otherwise in
     connection with a Section 3 Sale other than representations and warranties
     as to its ownership and authority to transfer the Included Shares, free and
     clear of all liens and encumbrances and in compliance with all applicable
     laws; and (B) at the closing of any such Sale deliver to the Section 3
     Purchaser the certificate or certificates representing the Included Shares,
     duly endorsed for transfer with signatures guaranteed, against receipt of
     the purchase price therefor.

          If no Section 3 Election Notice is received by the person designated
     in the Section 3 Sale Notice to receive such Election within the time
     period specified in Section 3(c)(i) above, the other selling shareholders
     participating in the Section 3 Sale shall have the right to sell to the
     Section 3 Purchaser up to the number of shares designated as proposed for
     sale in the Section 3 Sale Notice on terms and conditions no more favorable
     in any material respect to such shareholders than those stated in such
     Notice.

          (d) Each holder of Included Shares shall be required to bear its pro
     rata share, based on the number of total shares included in such Sale by
     all Company shareholders, of the expenses of the transaction, including
     without limitation legal, accounting and investment banking fees and
     expenses.

          (e) The provisions of this Section 3 shall not apply to any First
     Union Shares that have previously been the subject of a completed Section 3
     Sale nor shall the holder of any such First Union Shares have the right,
     pursuant to this Agreement, to participate in any subsequent Section 3
     Sale.

          (f) The provisions of this Section 3 shall not apply to sales by any
     Investcorp Shareholder to any Affiliate of any such Investcorp Shareholder
     or to any other Investcorp Shareholder.

          (g) Nothing herein shall constitute an obligation on the part of the
     Investcorp Shareholders proposing to engage in a Section 3 Sale to
     consummate such sale.

     SECTION 4. Right to Participate in Future Financings.

     In the event that, prior to the Initial Public Offering, the Company
intends to engage in a New Equity Financing, (i) it shall provide First Union,
the Class D Shareholders and the

                                       5
<PAGE>

Investcorp Shareholders with written notice of such intention at least 20
business days prior to the scheduled closing of the New Equity Financing,
describing the type of equity securities to be issued, the price and the number
or amount thereof, and the general terms upon which the Company proposes to
effect such issuance and (ii) if within 10 days after receipt of such notice
First Union, any Class D Shareholder or any Investcorp Shareholder (each, an
"Electing Shareholder") notifies the Company of its desire to participate in
such New Equity Financing as hereinafter contemplated, it shall take steps as
are necessary to enable each such Electing Shareholder to participate, at such
Electing Shareholder's option, as a purchaser in such New Equity Financing such
that the Electing Shareholder, through the exercise of such option, would
maintain a percentage interest in the outstanding common equity securities of
the Company equal to the percentage that the total outstanding common equity
securities of the Company held by such Electing Shareholder at such time bears
to the total outstanding common equity securities of the Company on a fully
diluted basis.

     SECTION 5. Public Reports and Financial Statements.

     As soon as available to the public, the Company will provide to First Union
copies of all annual reports, periodic reports and other filings made by the
Company with the Securities and Exchange Commission. In the event that, after
the date hereof, the Company shall not be required to make filings with the
Securities and Exchange Commission, the Company will deliver to First Union as
soon as available annual and quarterly consolidated balance sheets and
consolidated statements of income and shareholders' equity and consolidated
statements of cash flows of the Company.

     SECTION 6. Legends. All certificates representing First Union Shares shall,
in addition to other legends that may be required by the Articles of
Incorporation of the Company or by state or federal securities laws, bear the
following legends:

     "THE SHARES OF STOCK REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO THE
TERMS, CONDITIONS AND RESTRICTIONS OF A SHAREHOLDER AGREEMENT AMONG JOSTENS,
INC. AND CERTAIN OF ITS SHAREHOLDERS AND MAY BE TRANSFERRED ONLY IN COMPLIANCE
WITH THE CONDITIONS SPECIFIED IN SUCH AGREEMENT. THESE SHARES ARE SUBJECT TO
REPURCHASE RIGHTS PURSUANT TO SUCH SHAREHOLDER AGREEMENT. A COMPLETE AND CORRECT
COPY OF SUCH AGREEMENT IS AVAILABLE FOR INSPECTION AT THE OFFICES OF JOSTENS,
INC. AND WILL BE FURNISHED WITHOUT CHARGE TO THE HOLDER HEREOF UPON WRITTEN
REQUEST."

     SECTION 7. Miscellaneous.

          (a) Notices. All notices, instructions and other communications in
     connection with this Agreement shall be in writing and may be given by (i)
     personal delivery, (ii) certified mail, return receipt requested, postage
     prepaid, or (iii) delivery by a nationally recognized overnight courier, to
     the parties at the addresses of each as set forth on the signature pages to
     this Agreement or to such other address as any party may specify in a
     notice to the other parties. Notices will be deemed to have been given (w)
     when actually delivered personally, (x) the next business day if sent by
     overnight courier (with proof of delivery) or (y) on the fifth day after
     mailing by certified mail.

                                       6
<PAGE>

          (b) No Waiver. No course of dealing and no delay on the part of any
     party hereto in exercising any right, power or remedy conferred by this
     Agreement shall operate as a waiver thereof or otherwise prejudice such
     party's rights, powers and remedies conferred by this Agreement or shall
     preclude any other or further exercise thereof or the exercise of any other
     right, power or remedy.

          (c) Binding Effect; Assignability. This Agreement shall be binding
     upon and, except as otherwise provided herein, shall inure to the benefit
     of the respective parties and their permitted successors and assigns,
     including, without limitation, Permitted Transferees to the extent
     specifically provided for herein. This Agreement shall not be assignable
     except as otherwise specifically provided herein.

          (d) Amendment and Waiver. This Agreement may not be amended, modified
     or supplemented, and no waiver or consent to departures from the provisions
     hereof shall bind any party who has not given such waiver or consent,
     unless consented to in writing by the holders of at least 80% of the
     outstanding common equity securities of the Company. The Agreement may not
     be amended, modified or supplemented in a manner which adversely affects
     the rights of any holder of common equity securities of the Company but
     does not equally affect the rights of all other holders of common equity
     securities of the Company without the affected party's consent.

          (e) Governing Law; Service of Process. This Agreement shall be
     construed both as to validity and performance in accordance with, and
     governed by, the laws of the State of New York applicable to agreements to
     be performed in New York, without regard to principles of conflict of laws.
     Each of the parties hereto irrevocably consents to the jurisdiction and
     venue of any state or federal court situated in the City of New York in the
     State of New York, and further consents to the service of any and all
     process in any action or proceeding arising out of or relating to this
     Agreement by the mailing of copies of such process to such party at its
     address pursuant to Section 6(a) hereof.

         (f) Counterparts. This Agreement may be executed in two or more
     counterparts each of which shall be deemed an original but all of which
     together shall constitute one and the same instrument, and all signatures
     need not appear on any one counterpart.

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

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

          (i) Severability. If any term or other provision of this Agreement is
     invalid, illegal or incapable of being enforced by any rule of law, or
     public policy, all other conditions and provisions of this Agreement shall
     nevertheless remain in full force and effect so long as the economic or
     legal substance of the transactions contemplated hereby is not affected in
     any

                                       7
<PAGE>

     manner adverse to any party. Upon such determination that any term or other
     provision is invalid, illegal or incapable of being enforced, the parties
     hereto shall negotiate in good faith to modify this Agreement so as to
     effect the original intent of the parties as closely as possible in an
     acceptable manner to the end that transactions contemplated hereby are
     fulfilled to the maximum extent possible.

          (j) No Dilution. The Company hereby represents and warrants to First
     Union that in no event will the issuance of Common Stock upon exercise of
     the Class B Warrant issued by the Company on the date hereof be dilutive to
     First Union's ownership percentage of the Company common equity securities.

          (k) New Class D Shareholders. The Company will not issue, and the
     Class D Shareholders and the Investcorp Shareholders will not transfer, any
     shares of Class B Stock, Class C Stock or Class D Stock unless the holder
     or transferee of such shares shall have first agreed to become a party to,
     and to be bound by, the terms of this Agreement.

                                       8
<PAGE>

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

                                       JOSTENS, INC.
                                            a Minnesota corporation

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

                                       FIRST UNION LEVERAGED CAPITAL, LLC
                                            a North Carolina limited liability
                                            company

                                       By: /s/ David Carson
                                           -------------------------------------
                                           Name:    David Carson
                                           Title:   Senior Vice President
                                           Address:
                                                    ----------------------------
                                                    ----------------------------
                                                    ----------------------------

                                       INVESTCORP INVESTMENT EQUITY LIMITED, a
                                            Cayman Islands corporation

                                       By: /s/ Sydney J. Coleman
                                           -------------------------------------
                                           Name:    Sydney J. Coleman
                                           Title:   Director
                                           Address: P.O. Box 1111
                                                    Grand Cayman
                                                    Cayman Islands, B.W.I.

                                       9
<PAGE>

                                            OTHER CLASS D SHAREHOLDERS
                                            --------------------------

                                       BALLET LIMITED, a Cayman Islands
                                            corporation

                                        By: /s/ [Signature Illegible]
                                            ------------------------------------
                                            Name:    Investcorp Management
                                                       Services Limited
                                            Title:   Authorized Representative
                                            Address: West Wind Building
                                                     P.O. Box 2197
                                                     Georgetown, Grand Cayman
                                                     Cayman Islands, B.W.I.

                                       DENARY LIMITED, a Cayman Islands
                                            corporation

                                        By: /s/ [Signature Illegible]
                                            ------------------------------------
                                            Name:    Investcorp Management
                                                       Services Limited
                                            Title:   Authorized Representative
                                            Address: West Wind Building
                                                     P.O. Box 2197
                                                     Georgetown, Grand Cayman
                                                     Cayman Islands, B.W.I.

                                       GLEAM LIMITED, a Cayman Islands
                                            corporation

                                        By: /s/ [Signature Illegible]
                                            ------------------------------------
                                            Name:    Investcorp Management
                                                       Services Limited
                                            Title:   Authorized Representative
                                            Address: West Wind Building
                                                     P.O. Box 2197
                                                     Georgetown, Grand Cayman
                                                     Cayman Islands, B.W.I.

                                       HIGHLANDS LIMITED, a Cayman Islands
                                            corporation

                                        By: /s/ [Signature Illegible]
                                            ------------------------------------
                                            Name:    Investcorp Management
                                                       Services Limited
                                            Title:   Authorized Representative
                                            Address: West Wind Building
                                                     P.O. Box 2197
                                                     Georgetown, Grand Cayman
                                                     Cayman Islands, B.W.I.

                                       10
<PAGE>

                                       NOBLE LIMITED, a Cayman Islands
                                            corporation

                                        By: /s/ [Signature Illegible]
                                            ------------------------------------
                                            Name:    Investcorp Management
                                                       Services Limited
                                            Title:   Authorized Representative
                                            Address: West Wind Building
                                                     P.O. Box 2197
                                                     Georgetown, Grand Cayman
                                                     Cayman Islands, B.W.I.

                                       OUTRIGGER LIMITED, a Cayman Islands
                                            corporation

                                        By: /s/ [Signature Illegible]
                                            ------------------------------------
                                            Name:    Investcorp Management
                                                       Services Limited
                                            Title:   Authorized Representative
                                            Address: West Wind Building
                                                     P.O. Box 2197
                                                     Georgetown, Grand Cayman
                                                     Cayman Islands, B.W.I.

                                       QUILL LIMITED, a Cayman Islands
                                            corporation

                                        By: /s/ [Signature Illegible]
                                            ------------------------------------
                                            Name:    Investcorp Management
                                                       Services Limited
                                            Title:   Authorized Representative
                                            Address: West Wind Building
                                                     P.O. Box 2197
                                                     Georgetown, Grand Cayman
                                                     Cayman Islands, B.W.I.

                                       RADIAL LIMITED, a Cayman Islands
                                            corporation

                                        By: /s/ [Signature Illegible]
                                            ------------------------------------
                                            Name:    Investcorp Management
                                                       Services Limited
                                            Title:   Authorized Representative
                                            Address: West Wind Building
                                                     P.O. Box 2197
                                                     Georgetown, Grand Cayman
                                                     Cayman Islands, B.W.I.

                                       SHORELINE LIMITED, a Cayman Islands
                                            corporation

                                        By: /s/ [Signature Illegible]
                                            ------------------------------------
                                            Name:    Investcorp Management
                                                       Services Limited
                                            Title:   Authorized Representative
                                            Address: West Wind Building
                                                     P.O. Box 2197
                                                     Georgetown, Grand Cayman
                                                     Cayman Islands, B.W.I.

                                      11
<PAGE>

                                       ZINNIA LIMITED, a Cayman Islands
                                            corporation

                                        By: /s/ [Signature Illegible]
                                            ------------------------------------
                                            Name:    Investcorp Management
                                                       Services Limited
                                            Title:   Authorized Representative
                                            Address: West Wind Building
                                                     P.O. Box 2197
                                                     Georgetown, Grand Cayman
                                                     Cayman Islands, B.W.I.

                                       12

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