Phoenix Color

Visant Corp. and Phoenix Color Corp. Enter into Merger Agreement
February 15, 2008

Visant Corp. and Phoenix Color Corp. announced that they have signed a definitive agreement and plan of merger. Following the proposed merger, Phoenix Color—a book-component manufacturer serving primarily the trade, professional reference and education segments—will operate as a wholly owned subsidiary of Visant, a marketing and publishing services enterprise. The deal is anticipated to close by the end of the first calendar quarter of this year. The total purchase consideration, subject to post-closing conditions, is $219 million. Houlihan Lokey acted as financial advisor to Phoenix Color in the transaction. “We are very excited at the prospect of having Phoenix Color join the Visant Publishing