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Arsenal Capital Partners and Greg Mosher Purchase Mail-Well Label

ENGLEWOOD, COLORADO, May 21, 2002 - Arsenal Capital Partners LP and veteran business executive Gregory C. Mosher announced the acquisition of the Mail-Well Label division ("Mail-Well Label"), a leading provider of specialty and premium labels to Fortune 1000 companies, from Mail-Well, Inc. (NYSE: MWL). The company will operate under the name of Renaissance Mark, Inc. and will be based in Denver, Colorado.

With $220 million in revenues, Renaissance Mark is the second largest company in the $10 billion North American prime label converting market, providing glue-applied, pressure sensitive and film labels primarily for the food, beverage and health & beauty aid industries, where high-quality graphics are in strong demand. The company also has a leading position in the North American industrial label market and in the United Kingdom.

Greg Mosher, a proven entrepreneur and successful chief executive of multiple global businesses, will serve as Chief Executive of Renaissance Mark. Mr. Mosher partnered with Arsenal Capital Partners, who will also provide capital for the transaction and for continued growth of the business.

"Renaissance Mark is a leader in the North American prime label market and owes its success to a talented group of employees and a wonderful customer base. We are committed to building upon the tradition of high quality products and unrivaled customer service to make Renaissance Mark synonymous with growth, innovation and pride," said Mr. Mosher. "With its extensive technical capabilities, Renaissance Mark is well-positioned to capitalize on the growing demand for more advanced label applications," said Mr. Mosher.

"Renaissance Mark fits our strategy of investing in industry leaders that offer additional opportunities for growth and productivity gains. Greg is a dynamic executive who will enable Renaissance Mark to grow organically and through add-on acquisitions to create the number one player in the industry," said Terrence M. Mullen, a Managing Director and co-founder of Arsenal Capital.

Arsenal Capital is a New York-based private equity firm that invests in manufacturing and business service companies and supports management teams to build long-term value by applying a systematic operational approach to enhance growth and productivity. Renaissance Mark represents Arsenal Capital's second investment of 2002. Its first investment was in Interdynamics, Inc., a supplier of specialty chemicals to the automotive aftermarket.

Greg Mosher and Arsenal Capital also teamed with Cerberus Capital Management, L.P. to provide additional equity for the transaction. Senior debt financing was arranged by National City Bank. The transaction value was undisclosed.

About Greg Mosher

Greg Mosher is founder of a Denver-based private consulting and investment firm focusing on business consulting, venture capital investments and real estate development. Mr. Mosher has also owned and successfully built companies in the manufacturing, insurance and technology industries.

About Arsenal Capital Partners LP

Arsenal Capital Partners is a New York-based private equity fund that makes control investments in manufacturing and business service companies that offer significant opportunities for growth and productivity gains. The firm invests where it has substantial prior experience and can provide access to broad operating and functional expertise that can support management teams in building long-term value.

About Cerberus Capital Management, L.P.

Cerberus Capital Management, L.P. is a New York-based investment firm with approximately $7 billion of capital under management that invests in a variety of asset classes including equity and debt securities.

About National City Bank

National City Bank is a subsidiary of National City Corporation, one of the nation's largest financial holding companies. National City Bank has total assets of approximately $100 billion and total deposits of $58 billion and provides services such as commercial and retail banking, consumer finance, asset management, mortgage financing and servicing, and card processing through an extensive national distribution network.

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