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                               NASHUA CORPORATION
                (Name of Registrant as Specified In Its Charter)

                             THE NEWCASTLE PARTNERS'
                           VALUE REALIZATION COMMITTEE


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                                       -2-

LETTER TO NASHUA CORP. FROM NEWCASTLE
PARTNERS' VALUE REALIZATION COMMITTEE

DALLAS,  April  17/PRNewswire/  -- The  following  letter  was  sent  to  Nashua
Corporation's  (NYSE:NSH  - news)  chairman  by The  Newcastle  Partners'  Value
Realization Committee:

               The Newcastle Partners' Value Realization Committee
                          c/o Newcastle Partners, L.P.
                           4514 Cole Avenue, Suite 600
                               Dallas, Texas 75205


April 15, 2000


VIA FAX TO: (603) 880-2633
- --------------------------

Gerald G. Garbacz
Chairman of the Board of Directors
Nashua Corporation
44 Franklin Street
Nashua, New Hampshire

Dear Gerry:

Thank you for  inviting us to submit to you in writing the  proposal we outlined
to you  over the  telephone  Saturday  afternoon.  As we  discussed  with you on
Saturday,  our  motivation in making this proposal is to avert an outcome which,
in our view, serves no one's best interests,  but which now seems highly likely:
the  current  board is forced to  relinquish  control  of the  company;  but the
company  it  relinquishes  control  of has  been  dramatically  and  irrevocably
transformed, notwithstanding substantial concerns on the part of shareholders.

In  hopes  of  averting  this  outcome,  and in  hopes  of  bringing  about  the
shareholder-oriented  review of the company  and its  prospects,  including  the
Rittenhouse  acquisition,  that has been our  objective,  we  propose to you the
following:

            The  current  board  agrees to postpone  closing of the  Rittenhouse
            acquisition until such time as described below;

            The  current  board  agrees to support  the  election  of two of our
            nominees to the board;

            The  current  board  agrees  to name our two  nominees,  if and when
            elected to the board,  and one member of the  current  board  (other
            than yourself) to a special committee of the board to (a) review the
            company and its prospects,  including the  Rittenhouse  acquisition,
            and (b) make a recommendation to the board regarding the company and
            its prospects, including the Rittenhouse acquisition;




            The current  board  agrees to take  immediately  whatever  corporate
            action, if any, is necessary to:

                        Remove the company's "poison pill";

                        Enable shareholders to act by written consent;

                        Enable shareholders to call a special meeting;

            The current board agrees that, if the special  committee  recommends
            to the board some  course of action  other than the  acquisition  of
            Rittenhouse  as  presently   structured,   it  will  not  close  the
            acquisition  within  90 days of the  special  committee  making  its
            recommendation;

            The  Newcastle  Partners'  Value  Realization  Committee  agrees  to
            withdraw  two of its  nominees  for  election  to the  board at this
            year's annual shareholders meeting;

            The Newcastle Partners' Value Realization  Committee agrees that, if
            the special  committee  recommends to the board the  acquisition  of
            Rittenhouse  as presently  structured,  the company may proceed with
            the acquisition immediately after receipt of the special committee's
            recommendation;

            The Newcastle Partners' Value Realization  Committee agrees that, if
            the special  committee has not made a recommendation to the board on
            or before June 30, 2000, the special committee will be disbanded and
            the  company  may  proceed  with  the   acquisition  of  Rittenhouse
            immediately thereafter.

We sincerely hope you will give this proposal your serious consideration.

We would be pleased to respond to any  questions  or comments it prompts at your
convenience.

                                                Sincerely,


                                                /s/ Mark E. Schwarz
                                                Mark E. Schwarz
                                                The Newcastle Partners' Value
                                                Realization Committee