SC 13E3

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

SCHEDULE 13E-3

RULE 13e-3 TRANSACTION STATEMENT
Under Section 13(e) Of The
Securities Exchange Act Of 1934

CATALINA MARKETING CORPORATION

(Name of the Issuer)

CATALINA MARKETING CORPORATION

L. DICK BUELL

(Names of Person(s) Filing Statement)

Common Stock, par value $0.01 per share

(Title of Class of Securities)

148867104

(CUSIP Number of Class of Securities)

Catalina Marketing Corporation

200 Carillon Parkway

St. Petersburg, Florida 337316

Attn: Joanne Freiberger

(727) 579-5116

(Name, Address, and Telephone Numbers of Person Authorized to Receive Notices

and Communications on Behalf of the Persons Filing Statement)

With copies to

Paul, Hastings, Janofsky & Walker LLP	Cravath, Swaine & Moore LLP	Foley & Lardner LLP
75 East 55th Street	Worldwide Plaza	100 North Tampa Street
New York, NY 10022	825 Eighth Avenue	Suite 2700
Attn: Barry A. Brooks, Esq.	New York, NY 10019	Tampa, FL 33602
(212) 318-6000	Attn: Jesse Cuevas	Attn: Steven W. Vazquez
	(212) 474-1000	(813) 229-2300

This statement is filed in connection with (check the appropriate box):

þ a. The filing of solicitation materials or an information statement subject to Regulation 14A, Regulation 14C or Rule 13e-3(c) under the Securities Exchange Act of 1934.

o b. The filing of a registration statement under the Securities Act of 1933.

o c. A tender offer.

o d. None of the above.

Check the following box if the soliciting materials or information statement referred to in checking box (a) are preliminary copies: þ

Check the following box if the filing is a final amendment reporting the results of the transaction: o

Calculation of Filing Fee

Transaction valuation* $ 1,579,937,588 Amount of filing fee* $ 48,505

* Calculated solely for the purpose of determining the filing fee. The transaction valuation is determined based upon the sum of (a) the product of (i) the sum of 47,026,705 shares Common Stock and approximately 109,424 restricted stock units and (ii) the merger consideration of $32.50 per share (equal to $1,531,924,193) and (b) the product of options and share appreciation rights to purchase 6,216,598 shares of common stock with exercise prices less than $32.50 and approximately $7.72 (which is the difference between $32.50 and the weighted average exercise price per share) (equal to $48,013,396). In accordance with the Exchange Act Rule 0-11(c), the filing fee was determined by multiplying 0.0000307 by the aggregate transaction valuation of $1,579,937,588.

þ Check the box if any part of the fee is offset as provided by Exchange Act Rule 0-11(a)(2) and identify the filing with which the offsetting fee was previously paid. Identify the previous filing by registration statement number, or the Form or Schedule and the date of its filing.

Amount Previously Paid:	$48,501
Form or Registration No.:	Schedule 14A
Filing Party:	Catalina Marketing Corporation
Date Filed:	May 2, 2007

TABLE OF CONTENTS

	Item 1. Summary Term Sheet
	Item 2. Subject Company Information
	Item 3. Identity and Background of Filing Person
	Item 4. Terms of the Transaction
	Item 5. Past Contacts, Transactions, Negotiations and Agreements
	Item 6. Purposes of the Transaction and Plans or Proposals
	Item 7. Purposes, Alternatives, Reasons and Effects
	Item 8. Fairness of the Transaction
	Item 9. Reports, Opinions, Appraisals and Certain Negotiations
	Item 10. Source and Amounts of Funds or Other Consideration
	Item 11. Interest in Securities of the Subject Company
	Item 12. The Solicitation or Recommendation
	Item 13. Financial Information
	Item 14. Persons/Assets, Retained, Employed, Compensated or Used
	Item 15. Additional Information
	Item 16. Exhibits
SIGNATURE
EX-99.(C)(3) GOLDMAN SACHS PRESENTATION 11/9/06
EX-99.(C)(4) GOLDMAN SACHS PRESENTATION 12/13/06
EX-99.(C)(5) GOLDMAN SACHS PRESENTATION 12/22/06
EX-99.(C)(6) GOLDMAN SACHS PRESENTATION 12/28/06
EX-99.(C)(7) GOLDMAN SACHS PRESENTATION 2/28/07
EX-99.(C)(8) LAZARD FRERES PRESENTATION 2/28/07
EX-99.(C)(9) GOLDMAN SACHS PRESENTATION 3/8/07
EX-99.(C)(10) LAZARD FRERES PRESENTATION 3/8/07
EX-99.(C)(11) LAZARD FRERES PRESENTATION 4/17/07
EX-99.(C)(12) GOLDMAN SACHS PRESENTATION 4/17/07

Introduction

     This Rule 13e-3 Transaction Statement, together with the exhibits hereto (this “Transaction Statement”), is being filed with the Securities and Exchange Commission (the “SEC”) pursuant to Section 13(e) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), by (1) Catalina Marketing Corporation, a Delaware corporation (the “Company” or “Catalina”), the issuer of the Catalina common stock, par value $0.01 per share, that is subject to the Rule 13E-3 transaction and (2) L. Dick Buell (“Buell”). The Company and Buell are referred to herein collectively as the “Filing Persons”.

     This Transaction Statement relates to the Agreement of Merger, dated as of April 17, 2007 (the “Merger Agreement”), by and among the Company, Checkout Holding Corp (“Parent”), a Delaware corporation, and Checkout Acquisition Corp. (“Merger Sub”), a Delaware corporation that is a wholly-owned subsidiary of Parent. If the Merger Agreement is adopted by the Company stockholders and the other conditions to the closing of the Merger (as defined below) are satisfied or waived, Merger Sub will merge with and into the Company (the “Merger”), with the Company continuing as the surviving corporation. As a result of the Merger, the Company, the issuer of the equity securities that are the subject of the Rule 13e-3 transaction, will become a wholly-owned subsidiary of Parent. In the Merger, each issued and outstanding share of the Company’s common stock, par value $0.01 per share, will be converted into the right to receive $32.50 in cash.

     Concurrently with the filing of this Transaction Statement, the Company is filing with the SEC a revised preliminary proxy statement (the “Proxy Statement”) under Regulation 14A of the Exchange Act, pursuant to which the Company’s board of directors is soliciting proxies from stockholders of the Company in connection with the Merger. The Proxy Statement is attached hereto as Exhibit (a)(1). A copy of the Merger Agreement is attached to the Proxy Statement as Annex A and is incorporated herein by reference. As of the date hereof, the Proxy Statement is in preliminary form and is subject to completion or amendment.

     Pursuant to General Instruction F to Schedule 13E-3, the information in the Proxy Statement, including all annexes, exhibits and appendices thereto, is expressly incorporated by reference herein in its entirety, and responses to each item herein are qualified in their entirety by the information contained in the Proxy Statement. The cross references below are being supplied pursuant to General Instruction G to Schedule 13E-3 and show the location in the Proxy Statement of the information required to be included in response to the items of Schedule 13E-3. Capitalized terms used but not defined herein have the meanings assigned to them in the Proxy Statement.

     All information contained in, or incorporated by reference into, this Transaction Statement concerning each Filing Person was supplied by such Filing Person, and no other Filing Person, including the Company, takes responsibility for the accuracy of such information as it relates to any other Filing Person.

     The filing of this Statement shall not be construed as an admission by any Filing Person or by any affiliate of a Filing Person, that the Company is “controlled” by any other Filing Person, or that any other Filing Person is an “affiliate” of the Company within the meaning of Rule 13e-3 under Section 13(e) of the Exchange Act.

Item 1. Summary Term Sheet

     The information set forth in the sections of the Proxy Statement entitled “Summary Term Sheet” and “Questions and Answers About the Special Meeting and the Merger” is incorporated herein by reference.

Item 2. Subject Company Information

     (a) Name and Address. The Company’s name and the address and telephone number of its principal executive offices are as follows:

Catalina Marketing Corporation
200 Carillon Parkway
St. Petersburg, Florida 33716
(727) 579-5116

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     (b) Securities. The information set forth in the sections of the Proxy Statement entitled “Summary Term Sheet”, “Questions and Answers About the Special Meeting and the Merger”, “The Special Meeting—Record Date and Quorum” and “The Special Meeting—Required Vote” is incorporated herein by reference.

     (c) Trading Market and Price. The information set forth in the section of the Proxy Statement entitled “Other Important Information Regarding Catalina—Market Price of Catalina Common Stock” is incorporated herein by reference.

     (d) Dividends. The information set forth in the section of the Proxy Statement entitled “Other Important Information Regarding Catalina—Market Price of Catalina Common Stock” is incorporated herein by reference.

     (e) Prior Public Offerings. None.

     (f) Prior Stock Purchases. The information set forth in the section of the Proxy Statement entitled “Other Important Information Regarding Catalina—Transactions in Catalina Common Stock” is incorporated herein by reference.

Item 3. Identity and Background of Filing Person

     (a) Name and address. The information set forth in the sections of the Proxy Statement entitled “Summary Term Sheet”, “The Parties to the Merger” and “Information Regarding the Transaction Participants” is incorporated herein by reference.

     (b) Business and background of entities. The information set forth in the sections of the Proxy Statement entitled “Summary Term Sheet”, “The Parties to the Merger” and “Information Regarding the Transaction Participants” is incorporated herein by reference.

     (c) Business and background of natural persons. The information set forth in the section of the Proxy Statement entitled “Information Regarding the Transaction Participants” is incorporated herein by reference.

Item 4. Terms of the Transaction

     (a) Material terms.

          (1) Not applicable.

          (2)(i) The information set forth in the sections of the Proxy Statement entitled “Summary Term Sheet”, “Special Factors—Certain Effects of the Merger” and “Questions and Answers About the Special Meeting and the Merger” is incorporated herein by reference.

          (2)(ii) The information set forth in the sections of the Proxy Statement entitled “Summary Term Sheet”, “Questions and Answers About the Special Meeting and the Merger”, “Special Factors—Certain Effects of the Merger”, “Special Factors—Material United States Federal Income Tax”, “The Merger Agreement—Merger Consideration” and “The Merger Agreement—Treatment of Stock Options and Other Awards” is incorporated herein by reference.

          (2)(iii) The information set forth in the sections of the Proxy Statement entitled “Special Factors—Background to the Merger”, “Special Factors—Recommendation of the Special Committee and Board of Directors; Reasons for Recommending Adoption of the Merger Agreement and the Factors Considered in Determining Fairness”, “Special Factors—Position of L. Dick Buell as to Fairness”, “Special Factors— Purposes, Reasons and Plan for Catalina after the Merger”, and “Special Factors—Interests of Certain Persons in the Merger” is incorporated herein by reference.

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          (2)(iv) The information set forth in the sections of the Proxy Statement entitled “Summary Term Sheet”, “Questions and Answers About the Special Meeting and the Merger” and “The Special Meeting—Required Vote” is incorporated herein by reference.

          (2)(v) The information set forth in the sections of the Proxy Statement entitled “Summary Term Sheet”, “Questions and Answers About the Special Meeting and the Merger”, “Special Factors—Certain Effects of the Merger” and “Special Factors—Interests of Certain Persons in the Merger” is incorporated herein by reference.

          (2)(vi) Not applicable.

          (2)(vii) The information set forth in the section of the Proxy Statement entitled “Special Factors—Material United States Federal Income Tax Consequences” is incorporated herein by reference.

     (c) Different terms. The information set forth in the sections of the Proxy Statement entitled “Summary Term Sheet”, “Questions and Answers About the Special Meeting and the Merger”, “Special Factors—Certain Effects of the Merger” and “Special Factors—Interests of Certain Persons in the Merger” is incorporated herein by reference.

     (d) Appraisal rights. The information set forth in the sections of the Proxy Statement entitled “Summary Term Sheet”, “Rights of Appraisal” and “Section 262 of the Delaware General Corporation Law”, which is attached as Annex D thereto, is incorporated herein by reference.

     (e) Provisions for unaffiliated security holders. The information set forth in the section of the Proxy Statement entitled “Provisions for Unaffiliated Stockholders” is incorporated herein by reference. The Filing Persons have made no provisions in connection with the Merger to grant unaffiliated security holders access to the respective corporate files of any of the Filing Persons or to obtain counsel or appraisal services at the expense of the Filing Persons.

     (f) Eligibility for listing or trading. Not applicable.

Item 5. Past Contacts, Transactions, Negotiations and Agreements

     (a) (1)-(2) Transactions. The information set forth in the sections of the Proxy Statement entitled “Special Factors—Background of the Merger”, “Special Factors—Interests of Certain Persons in the Merger” and “Voting Agreements” is incorporated herein by reference.

     (b)-(c) Significant corporate events; Negotiations or contacts. The information set forth in the sections of the Proxy Statement entitled “Summary Term Sheet”, “Special Factors—Background of the Merger”, “Special Factors—Recommendation of the Special Committee and Board of Directors; Reasons for Recommending Adoption of the Merger Agreement and the Factors Considered in Determining Fairness”, “Special Factors—Position of L. Dick Buell as to Fairness”, “Special Factors—Purposes, Reasons and Plans for Catalina after the Merger”, “Special Factors—Certain Effects of the Merger”, “Special Factors—Interests of Certain Persons in the Merger”, “The Merger Agreement”, “Limited Guarantee”, “Voting Agreements”, “Antaeus Voting Agreement”, which is attached as Annex E thereto, “ValueAct Capital Voting Agreement”, which is attached as Annex F thereto, and “Limited Guarantee”, which is attached as Annex G thereto, is incorporated herein by reference.

     (e) Agreements involving the subject company’s securities. The information set forth in the sections of the Proxy Statement entitled “Summary Term Sheet”, “Special Factors—Background of the Merger”, “Special Factors— Recommendation of the Special Committee and Board of Directors; Reasons for Recommending Adoption of the Merger Agreement and the Factors Considered in Determining Fairness”, “Special Factors—Position of L. Dick Buell as to Fairness”, “Special Factors—Purposes, Reasons and Plans for Catalina after the Merger”, “Special Factors—Certain Effects of the Merger”, “Special Factors—Interests of Certain Persons in the Merger”, “The Merger Agreement” and “Voting Agreements” is incorporated herein by reference.

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Item 6. Purposes of the Transaction and Plans or Proposals.

     (b) Use of securities acquired. The information set forth in the sections of the Proxy Statement entitled “Special Factors—Certain Effects of the Merger”, “Special Factors— Recommendation of the Special Committee and Board of Directors; Reasons for Recommending Adoption of the Merger Agreement and the Factors Considered in Determining Fairness”, “Special Factors—Position of L. Dick Buell as to Fairness”, “Special Factors—Purposes, Reasons and Plans for Catalina after the Merger”, “The Merger Agreement—Merger Consideration” and “The Merger Agreement—Treatment of Stock Options and Other Awards” is incorporated herein by reference.

     (c) (1)-(8) Plans. The information set forth in the sections of the Proxy Statement entitled “Summary Term Sheet”, “Questions and Answers About the Special Meeting and the Merger”, “Special Factors— Recommendation of the Special Committee and Board of Directors; Reasons for Recommending Adoption of the Merger Agreement and the Factors Considered in Determining Fairness”, “Special Factors—Position of L. Dick Buell as to Fairness”, “Special Factors—Purposes, Reasons and Plans for Catalina after the Merger”, “Special Factors—Certain Effects of the Merger”, “Special Factors—Financing”, “Special Factors—Delisting and Deregistration of Catalina Common Stock” and “Special Factors—Interests of Certain Persons in the Merger” is incorporated herein by reference.

Item 7. Purposes, Alternatives, Reasons and Effects

     (a) Purposes. The information set forth in the sections of the Proxy Statement entitled “Summary Term Sheet”, “Special Factors—Background of the Merger”, “Special Factors—Recommendation of the Special Committee and Board of Directors; Reasons for Recommending Adoption of the Merger Agreement and the Factors Considered in Determining Fairness”, “Special Factors—Position of L. Dick Buell as to Fairness” and “Special Factors—Purposes, Reasons and Plans for Catalina after the Merger” is incorporated herein by reference.

     (b) Alternatives. The information set forth in the sections of the Proxy Statement entitled “Special Factors—Background of the Merger”, “Special Factors— Recommendation of the Special Committee and Board of Directors; Reasons for Recommending Adoption of the Merger Agreement and the Factors Considered in Determining Fairness”, “Special Factors—Position of L. Dick Buell as to Fairness” and “Special Factors—Purposes, Reasons and Plans for Catalina after the Merger” is incorporated herein by reference.

     (c) Reasons. The information set forth in the sections of the Proxy Statement entitled “Summary Term Sheet”, “Questions and Answers About the Special Meeting and the Merger”, “Special Factors—Background of the Merger”, “Special Factors— Recommendation of the Special Committee and Board of Directors; Reasons for Recommending Adoption of the Merger Agreement and the Factors Considered in Determining Fairness”, “Special Factors—Position of L. Dick Buell as to Fairness”, “Special Factors—Certain Effects of the Merger”, and “Special Factors—Purposes, Reasons and Plans for Catalina after the Merger” is incorporated herein by reference.

     (d) Effects. The information set forth in the sections of the Proxy Statement entitled “Summary Term Sheet”, “Questions and Answers About the Special Meeting and the Merger”, “Special Factors—Background of the Merger”, “Special Factors— Recommendation of the Special Committee and Board of Directors; Reasons for Recommending Adoption of the Merger Agreement and the Factors Considered in Determining Fairness”, “Special Factors—Position of L. Dick Buell as to Fairness”, “Special Factors—Purposes, Reasons and Plans for Catalina after the Merger”, “Special Factors—Certain Effects of the Merger”, “Special Factors—Financing”, “Special Factors—Interests of Certain Persons in the Merger” and “Special Factors—Material United States Federal Income Tax Consequences” is incorporated herein by reference.

Item 8. Fairness of the Transaction

     (a)-(b) Fairness; Factors considered in determining fairness. The information set forth in the sections of the Proxy Statement entitled “Special Factors—Background of the Merger”, “Special Factors— Recommendation of the Special Committee and Board of Directors; Reasons for Recommending Adoption of the Merger Agreement and the Factors Considered in Determining Fairness”, “Special Factors—Opinions of Goldman, Sachs & Co. and Lazard Frères & Co. LLC”, “Special Factors—Position of L. Dick Buell as to Fairness” and “Special Factors—Interests of Certain Persons in the Merger” is incorporated herein by reference. The full text of the written opinion of Goldman, Sachs & Co., dated as of April 17, 2007, is

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attached to the Proxy Statement as Annex B and is incorporated herein by reference. The full text of the written opinion of Lazard Frères & Co. LLC, dated as of April 17, 2007, is attached to the Proxy Statement as Annex C and is incorporated herein by reference.

     (c) Approval of security holders. The transaction is not structured so that approval of at least a majority of unaffiliated security holders is required. The information set forth in the sections of the Proxy Statement entitled “Summary Term Sheet”, “Questions and Answers About the Special Meeting and the Merger”, “The Special Meeting—Record Date and Quorum”, “The Special Meeting—Required Vote”, “The Merger Agreement—Conditions to the Merger” and “Special Factors— Recommendation of the Special Committee and Board of Directors; Reasons for Recommending Adoption of the Merger Agreement and the Special Factors Considered in Determining Fairness” is incorporated herein by reference.

     (d) Unaffiliated representative. The information set forth in the sections of the Proxy Statement entitled “Summary Term Sheet”, “Special Factors—Background of the Merger”, “Special Factors—Recommendation of the Special Committee and Board of Directors; Reasons for Recommending Adoption of the Merger Agreement and the Special Factors Considered in Determining Fairness”, “Special Factors—Position of L. Dick Buell as to Fairness” and “Special Factors—Opinions of Goldman, Sachs & Co. and Lazard Frères & Co. LLC” is incorporated herein by reference.

     (e) Approval of directors. The information set forth in the sections of the Proxy Statement entitled “Summary Term Sheet”, “Special Factors—Background of the Merger”, “Special Factors—Recommendation of the Special Committee and Board of Directors; Reasons for Recommending Adoption of the Merger Agreement and the Special Factors Considered in Determining Fairness”, “Special Factors—Position of L. Dick Buell as to Fairness”, “Special Factors—Interests of Certain Persons in the Merger”, and “The Special Meeting—Board Recommendation” is incorporated herein by reference.

     (f) Other offers. The information set forth in the sections of the Proxy Statement entitled “Special Factors—Background of the Merger” and “Special Factors—Recommendation of the Special Committee and Board of Directors; Reasons for Recommending Adoption of the Merger Agreement and the Special Factors Considered in Determining Fairness”, “Special Factors—Position of L. Dick Buell as to Fairness”, and “Special Factors—Purposes, Reasons and Plans for Catalina after the Merger” is incorporated herein by reference.

Item 9. Reports, Opinions, Appraisals and Certain Negotiations

     (a)–(c) Report, opinion or appraisal; Preparer and summary of the report, opinion or appraisal; Availability of documents. The information set forth in the sections of the Proxy Statement entitled “Special Factors—Background of the Merger”, “Special Factors—Recommendation of the Special Committee and Board of Directors; Reasons for Recommending Adoption of the Merger Agreement and the Special Factors Considered in Determining Fairness”, “Special Factors—Opinions of Goldman, Sachs & Co. and Lazard Frères & Co. LLC”, and “Where You Can Find Additional Information” is incorporated herein by reference. The full text of the written opinion of Goldman, Sachs & Co., dated as of April 17, 2007, is attached to the Proxy Statement as Annex B and is incorporated herein by reference. The full text of the written opinion of Lazard Frères & Co. LLC, dated as of April 17, 2007, is attached to the Proxy Statement as Annex C and is incorporated herein by reference.

Item 10. Source and Amounts of Funds or Other Consideration

     (a)-(d) Source of funds; Conditions; Expenses; Borrowed funds. The information set forth in the sections of the Proxy Statement entitled “Summary Term Sheet”, “Special Factors—Financing”, “Special Factors—Special

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Committee Compensation”, “Special Factors—Estimated Fees and Expenses”, “The Special Meeting—Solicitation of Proxies; Expenses”, “The Merger Agreement—Financing” and “The Merger Agreement—Expenses and Termination Fees” is incorporated herein by reference.

Item 11. Interest in Securities of the Subject Company

     (a) Securities ownership. The information set forth in the sections of the Proxy Statement entitled “Summary Term Sheet”, “Special Factors—Interests of Certain Persons in the Merger”, and “Other Important Information Regarding Catalina—Security Ownership of Certain Beneficial Owners and Management” is incorporated herein by reference.

     (b) Securities transactions. The information set forth in the sections of the Proxy Statement entitled “Summary Term Sheet”, “Special Factors—Background of the Merger”, “Special Factors—Interests of Certain Persons in the Merger”, “Special Factors—Financing” and “Other Important Information Regarding Catalina—Transactions in Catalina Common Stock” is incorporated herein by reference.

Item 12. The Solicitation or Recommendation

     (d) Intent to tender or vote in a going-private transaction. The information set forth in the sections of the Proxy Statement entitled “Summary Term Sheet”, “Questions and Answers About the Special Meeting and the Merger”, “Special Factors—Recommendation of the Special Committee and Board of Directors; Reasons for Recommending Adoption of the Merger Agreement and the Factors Considered in Determining Fairness”, “Special Factors—Position of L. Dick Buell as to Fairness”, “Special Factors—Purposes, Reasons and Plans for Catalina after the Merger”, “The Special Meeting—Required Vote”, “The Merger—Interests of Certain Persons in the Merger” and “Voting Agreements” is incorporated herein by reference.

     (e) Recommendation of others. The information set forth in the sections of the Proxy Statement entitled “Summary Term Sheet”, “Special Factors—Background of the Merger” and “Special Factors—Recommendation of the Special Committee and Board of Directors; Reasons for Recommending Adoption of the Merger Agreement and the Factors Considered in Determining Fairness”, “Special Factors—Position of L. Dick Buell as to Fairness”, “Special Factors—Purposes, Reasons and Plans for Catalina after the Merger”, “Special Factors—Interests of Certain Persons in the Merger” and “The Special Meeting—Board Recommendation” is incorporated herein by reference.

Item 13. Financial Information

     (a) Financial statements. The information set forth in the sections of the Proxy Statement entitled “Other Important Information Regarding Catalina—Selected Historical Consolidated Financial Data”,“Other Important Information Regarding Catalina—Book Value Per Share”, “Other Important Information Regarding Catalina—Ratio of Earnings to Fixed Charges” and “Where You Can Find Additional Information” is incorporated herein by reference. The audited financial statements set forth in the Company’s Annual Report on Form 10-K for the year ended December 31, 2006 and the unaudited financial statements set forth in the Company’s Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2007 are incorporated by reference herein. Certain of the presentations filed as Exhibits c(3)-c(12) to this Schedule 13E-3 include forecasted financial information. The financial forecasts in these presentations were prepared by Catalina’s senior management for internal use and to assist potential acquirers and the financial advisors to the special committee and Catalina with their respective due diligence investigations of Catalina and not with a view toward public disclosure or toward complying with U.S. generally accepted accounting principles, the published guidelines of the SEC regarding forecasts or the guidelines established by the American Institute of Certified Public Accountants for preparation and presentation of prospective financial information. PricewaterhouseCoopers LLP, Catalina’s independent registered certified public accounting firm, has not examined or compiled any of the forecasted financial information included in any of the presentations filed as Exhibits to this Schedule 13E-3.

     (b) Pro forma information. Not applicable.

Item 14. Persons/Assets, Retained, Employed, Compensated or Used

     (a) Solicitations or recommendations. The information set forth in the sections of the Proxy Statement entitled “Summary Term Sheet”, “Questions and Answers About the Special Meeting and the Merger”, “Special Factors—Background of the Merger”, “Special Factors—Recommendation of the Special Committee and Board of Directors; Reasons for Recommending Adoption of the Merger Agreement and the Factors Considered in Determining Fairness”, “Special Factors—Interests of Certain Persons in the Merger”, “Special Factors—Initial Special Committee and Special Committee Compensation”, “Special Factors—Estimated Fees and Expenses” and “The Special Meeting—Solicitation of Proxies; Expenses” is incorporated herein by reference.

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     (b) Employees and corporate assets. The information set forth in the sections of the Proxy Statement entitled “Summary Term Sheet”, “Questions and Answers about the Special Meeting and the Merger”, “Special Factors—Background of the Merger”, “Special Factors—Interests of Certain Persons in the Merger”, “Special Factors—Initial Special Committee and Special Committee Compensation”, “Special Factors—Estimated Fees and Expenses”, “The Merger Agreement—Expenses and Termination Fees” and “The Special Meeting—Solicitation of Proxies; Expenses” is incorporated herein by reference.

Item 15. Additional Information

     (b) Other material information. The information set forth in the Proxy Statement, including all annexes thereto, is incorporated herein by reference.

Item 16. Exhibits

     (a) (1) Proxy Statement (incorporated herein by reference to the Proxy Statement).

     (a) (2) Form of Proxy Card (incorporated herein by reference to the Proxy Statement).

     (a) (3) Letter to Stockholders (incorporated herein by reference to the Proxy Statement).

     (a) (4) Notice of Special Meeting of Stockholders (incorporated herein by reference to the Proxy Statement).

     (a) (5) Press Release dated April 17, 2007 (incorporated herein by reference to Exhibit 99.1 of the Current Report on Form 8-K filed by Catalina Marketing Corporation with the Securities and Exchange Commission on April 17, 2007).

     (a) (6) Letter from L. Dick Buell to Catalina Marketing Corporation’s employees regarding Catalina Marketing Corporation entering into the Merger Agreement with Hellman & Friedman Capital Partners VI, L.P. (incorporated herein by reference to Exhibit 99.2 of the Current Report on Form 8-K filed by Catalina Marketing Corporation with the Securities and Exchange Commission on April 17, 2007).

     (b) (1) Limited Guarantee, dated April 17, 2007, from Hellman & Friedman Capital Partners VI, L.P. in favor of Catalina Marketing Corporation (incorporated herein by reference to Annex G of the Proxy Statement).

     (c) (1) Opinion of Goldman, Sachs & Co., dated April 17, 2007 (incorporated herein by reference to Annex B of the Proxy Statement).

     (c) (2) Opinion of Lazard Frères & Co. LLC, dated April 17, 2007 (incorporated herein by reference to Annex C of the Proxy Statement).

     (c) (3) Presentation, dated November 9, 2006, prepared by Goldman, Sachs & Co. for the Board of Directors of Catalina Marketing Corporation.

     (c) (4) Presentation, dated December 13, 2006, prepared by Goldman, Sachs & Co. for the Board of Directors of Catalina Marketing Corporation.

     (c) (5) Presentation, dated December 22, 2006, prepared by Goldman, Sachs & Co. for the Board of Directors of Catalina Marketing Corporation.

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     (c) (6) Presentation, dated December 28, 2006, prepared by Goldman, Sachs & Co. for the Board of Directors of Catalina Marketing Corporation.

     (c) (7) Presentation, dated February 28, 2007, prepared by Goldman, Sachs & Co. for the Board of Directors of Catalina Marketing Corporation.

     (c) (8) Presentation, dated February 28, 2007, prepared by Lazard Frères & Co. LLC for the Special Committee of the Board of Directors of Catalina Marketing Corporation.

     (c) (9) Presentation, dated March 8, 2007, prepared by Goldman, Sachs & Co. for the Board of Directors of Catalina Marketing Corporation.

     (c) (10) Presentation, dated March 8, 2007, prepared by Lazard Frères & Co. LLC for the Special Committee of the Board of Directors of Catalina Marketing Corporation.

     (c) (11) Presentation, dated April 17, 2007, prepared by Lazard Frères & Co. LLC for the Special Committee of the Board of Directors of Catalina Marketing Corporation.

     (c) (12) Presentation, dated April 17, 2007, prepared by Goldman, Sachs & Co. for the Board of Directors of Catalina Marketing Corporation.

     (d) (1) Agreement of Merger, dated as of April 17, 2007, by and among Catalina Marketing Corporation, Checkout Holding Corp., and Checkout Acquisition Corp. (incorporated herein by reference to Annex A of the Proxy Statement).

     (d) (2) Voting Agreement, dated March 8, 2007, between Catalina Marketing Corporation and ValueAct Capital Master Fund, L.P. (incorporated herein by reference to Annex F of the Proxy Statement).

     (d) (3) Voting Agreement, dated April 17, 2007, between Catalina Marketing Corporation and Antaeus Enterprises Inc. (incorporated herein by reference to Annex E of the Proxy Statement).

     (f) Section 262 of the Delaware General Corporation Law (incorporated herein by reference to Annex D of the Proxy Statement).

     (g) None.

8

SIGNATURE

     After due inquiry and to the best of each of the undersigned’s knowledge and belief, each of the undersigned certifies that the information set forth in this statement is true, complete and correct.

Dated as of June 18, 2007

CATALINA MARKETING CORPORATION
By:	/s/ L. Dick Buell
	Name:	L. Dick Buell
	Title:	Chief Executive Officer
/s/ L. Dick Buell
L. Dick Buell

9

EX-99.(C)(3)

Exhibit (c)(3)

Presentation to Colorprint Board Discussion Materials Goldman, Sachs & Co. 9-Nov-2006

Table of Contents I. Executive Summary II. Valuation Update III. Strategic Alternatives Appendix A: Financial Sponsors Profiles Appendix B: Additional Information Appendix C: Hellman & Friedman Proposal

Goldman Sachs does not provide accounting, tax, or legal advice. Notwithstanding anything in this document to the contrary, and except as required to enable compliance with applicable securities law, you (and each of your employees, representatives, and other agents) may disclose to any and all persons the US federal income and state tax treatment and tax structure of the transaction and all materials of any kind (including tax opinions and other tax analyses) that are provided to you relating to such tax treatment and tax structure, without Goldman Sachs imposing any limitation of any kind.

I. Executive Summary

Hellman & Friedman Preliminary Indication of Interest Key Transaction Terms 100% ACQUISITION — ALL CASH CONSIDERATION Date of Letter nOctober 20, 2006 Equity consideration per n $33.00-$34.00 share Expected Source of nEquity provided by H&F Funds only Financing nSource of debt financing not specified nRequest access to management and non-public information for four weeks following Timing Issues confidentiality agreement nRequest 6 week exclusivity period to reach an agreement Position Regarding nWill only pursue a transaction that has the support of Colorprint’s board of directors Existing Management and management nBased on publicly available information nWilling to provide a post-signing “market check” for valuation Other Considerations / nMarketing services is an area of investment focus for H&F: Assumptions - -Part of consortium that acquired VNU in June 2006 - -Invested $315 mm in take private transaction of DoubleClick in 2005 - -1996 and 1996 minority stake investments in Young & Rubicam and Digitas Executive Summary2

Advisors nNot disclosed

Illustrative Analysis at Various Prices ($ in millions, except per share data) Premium to Current Price0.0 %10.0%20.0%30.0%40.0%50.0% Price Per Share$ 24.93$ 27.42$ 29.92$ 32.41$ 34.90$ 37.40 Equity Value1,1691,2961,4331,5691,7061,843 Net Debt (at 30-Sep-06)797979797979 Enterprise Value1,2481,3751,5121,6491,7851,922 Premium to: 30 Day Average$ 27.08(8.0)%1.2 %10.5 %19.7 %28.9 %38.1 % 60 Day Average27.28(8.6)0.59.718.827.937.1 90 Day Average27.61(9.7)(0.7)8.417.426.435.5 180 Day Average27.92(10.7)(1.8)7.216.125.033.9 52 Week High Price29.77(16.3)(7.9)0.58.917.225.6 EBITDA ¹Management / IBES LTM — 9/30/06$ 151.98.2 x9.1 x10.0 x10.8 x11.7 x12.6 x CY2006E — Management$ 152.88.2 x9.0 x9.9 x10.8 x11.7 x12.6 x CY2006E — IBES ²152.78.29.09.910.811.712.6 CY2007E — Management168.77.48.29.09.810.611.4 CY2007E — IBES ³157.97.98.79.610.411.312.2 EPS CY2006E — Management$ 1.4617.1 x18.8 x20.5 x22.3 x24.0 x25.7 x CY2006E — IBES ²1.4117.719.421.223.024.826.5 CY2007E — Management1.5016.618.319.921.623.224.9 CY2007E — IBES ³1.4017.819.621.323.124.926.7 PEG (LT — IBES) CY 2006E P/E9.3 %1.9 x2.1 x2.3 x2.5 x2.7 x2.8 x CY 2007E P/E9.31.92.12.32.52.72.9 Executive Summary4

II. Valuation Update

Market PerformancePrice Appreciation by Sector2000200120022003200420052006YTD1Colorprint0.9%(10.9)%(46.7)%9.0%47.0%(14.4)%(1.7)%SectorsMarketing Services28.9%12.9%(17.4)%21.1%19.4%(12.5)%2.1%Information Services318.742.2(0.3)30.917.620.40.1Advertising4(17.1)(17.3)(37.6)23.5(3.4)1.06.6Publishing5(13.1)(9.0)(14.4)24.621.25.426.9Industry StandardsS&P 500(10.1)%(13.0)%(23.4)%26.4%9.0%3.0%10.5%NASDAQ Composite Index(39.3)(21.1)(31.5)50.08.61.47.3 1As of 6-Nov-2006. 2Marketing Services: Acxiom, Harte Hanks, InfoUSA, Valassis, and Advo. 3Information Services: Moody’s, Dun & Bradstreet, Equifax, Alliance Data Systems, Fair Isaac, First Advantage and ChoicePoint. 4Advertising: Omnicom Group, Interpublic, Publicis, Havas, and WPP Group. 5Publishing: News Corp, Thomson Corporation, McGraw -Hill, and Wolters Kluwer. Valuation Update6

Colorprint Shares Traded at Various Prices

Historical Trading Performance Three Years

Colorprint Enterprise Value / EBITDA Trading History Three Years

Comparison of Selected Companies ($ in millions, except per share data) Closing% of EquityCalendarized5-Year 2006 PE 2007 PE LTM Price 52 Week Market Enterprise Enterprise Value / EBITDAP/E Multiples ² Est. EPS to 5-Year to 5-Year EBITDA Company06-Nov-06 HighCap ¹Value ¹LTM ¹2006E 2007E20062007 CAGR ² CAGR ² CAGR ² Margin ¹ Colorprint — IBES$ 24.93 84 % $ 1,169$ 1,2488.2 x8.2 x7.9 x17.7 x17.8 x9.3 %1.9 x1.9 x 34.5 % Colorprint — Management8.27.417.116.6 Marketing Services Acxiom$ 25.12 95 % $ 2,265$ 2,9687.3 x7.4 x7.0 x25.8 x21.1 x 15.0 %1.7 x1.4 x 29.7 % Harte Hanks25.87 862,0962,227 10.110.29.518.716.911.21.71.518.8 Advo28.77 789141,0379.99.9NA22.115.715.01.51.07.3 Valassis Communications15.12 487238966.56.56.89.610.17.01.41.412.9 InfoUSA11.66 906507838.98.57.218.213.6NANANA21.5 Median86 %8.9 x8.5 x7.1 x18.7 x15.7 x 13.1 %1.6 x1.4 x 15.9 % Mean798.58.57.618.915.512.01.61.417.2 Information Services Moody’s$ 66.06 91 % $ 19,434$ 19,504 18.8 x 17.5 x15.9 x30.2 x27.0 x 15.0 %2.0 x1.8 x 56.2 % Alliance Data59.93 994,9665,564 13.611.09.819.516.918.01.10.923.1 Dun & Bradstreet77.64 995,0685,306 11.611.710.719.817.113.31.51.330.8 ChoicePoint37.00 803,2103,4019.810.19.622.719.515.01.51.333.0 Fair Isaac39.61 822,5972,681 11.5NA9.317.815.915.01.21.128.3 First Advantage20.04 661,1641,4209.88.87.719.116.620.01.00.821.0 Median87 %11.6 x 11.0 x9.7 x19.6 x17.0 x 15.0 %1.3 x1.2 x 29.5 % Mean8612.511.810.521.518.816.01.41.232.1 Advertising Omnicom Group$ 101.25 100 % $ 17,731$ 20,022 11.7 x 12.0 x11.0 x20.3 x18.1 x 12.0 %1.7 x1.5 x 15.6 % WPP Group12.58 9416,27218,736 10.610.39.616.414.710.01.61.516.1 Publicis Groupe37.46 888,7368,6777.58.27.815.914.63.05.34.921.9 Interpublic Group10.59 954,6686,228 NM17.49.5NM46.010.0NA4.6NM Havas4.81 912,0622,668 10.611.810.127.619.96.54.33.113.6 Median94 %10.6 x 11.8 x9.6 x18.3 x18.1 x 10.0 %3.0 x3.1 x 15.9 % Mean9410.112.09.620.022.78.33.23.116.8 Publishing News Corp$ 20.90 99 % $ 66,703$ 72,628 15.6 x14.2 x12.7 x22.4 x19.0 x 18.0 %1.2 x1.1 x 18.3 % Thomson Corporation41.12 9726,45030,745 14.312.211.324.522.213.51.81.624.0 McGraw-Hill65.49 10024,32924,800 13.915.113.526.223.012.52.11.828.9 Wolters Kluwer27.52 988,4539,717 14.210.89.317.914.99.02.01.715.2 Median98 %14.2 x 13.2 x12.0 x23.4 x20.6 x 13.0 %1.9 x1.7 x 24.0 % Mean9814.513.111.722.719.813.21.81.623.8

Illustrative Discounted Cash Flow Analysis Valuation Date November 6, 2006 ($ in millions, except per share data) As of 31-December 200620072008200920102011 Sales$ 454.1$ 498.8$ 526.2$ 555.2$ 585.7$ 617.9 EBIT110.1119.7128.9141.5155.0166.3 Taxes141.945.549.053.858.963.2 D&A$ 42.7$ 48.9$ 50.0$ 50.0$ 50.0$ 50.0 Change in Working Capital0.0(5.0)1.21.31.41.4 Capex117.055.050.050.050.050.0 Unlevered Free Cash Flow$(6.0)$ 63.2$ 81.1$ 89.1$ 97.5$ 104.5 Adjustment to year 122.0 Unlevered Free Cash Flow(3.9)63.281.189.197.5104.5 PV of Cash Flow(3.9)59.569.769.969.968.4 Discounted Cash FlowAssumptions Value of FCF$ 333.3Projections5Management Terminal Value1,216.8Colorprint WACC9.5 % PV of FCF’s1,550.1Change in Working Capital5Management Tax Rate138.0 % Net Debt3$ 79.3Terminal LTM EBITDA Multiple9.0 x Equity Value1,470.8 Diluted Shares Outstanding448.0Valuation as of6-Nov-06 Implied Share Price$ 30.61

Illustrative DCF Sensitivities Terminal LTM EBITDA Multiple $ 0.08.0 x8.5 x9.0 x9.5 x10.0 x Discount8.0 %$29.86$31.19$32.51$33.84$35.16 Rate9.0 %28.7229.9831.2432.5133.77 10.0 %27.6328.8430.0431.2532.45 Implied Share PriceImplied Share Price Incremental YOY Increase in Revenue Growth1Incremental EBITDA Margin Increase2 $ 0.0(2.0)%(1.0)%0.0 %1.0 %2.0 %$ 0.0(2.0)%(1.0)%0.0 %1.0 %2.0 % Discount8.0 %$30.05$31.26$32.51$33.83$35.208.0 %$30.54$31.52$32.51$33.50$34.49 Rate9.0 %28.8930.0431.2432.5033.819.0 %29.3430.2931.2432.2033.15 10.0 %27.7928.8930.0431.2532.5010.0 %28.2129.1330.0430.9631.87

Selected Precedent Transactions Since 2003 ($ in millions) LTM Multiples Date AnnouncedTargetAcquirorLevered Value SalesEBITDAEBITConsideration Sep-06CPCADS$ 70NANA14.0 xCash Jul-06ADVOValassis1,3160.9 9.1x / 12.6x ¹21.6Cash Aug-06PRIMISParthenon Capital115NA8.0NACash Feb-06Doubleclick EmailADS902.310.0NACash Jan-06Clarity BlueExperian188 ²3.3NA20.0Cash Jan-06VNU NVValcon Acquisition11,5662.211.319.0Cash Sep-05Bigfoot InteractiveADS1204.014.0NACash Aug-05Communications GroupWPP Group plc68NANANACash Jul-05Cendant Marketing Services DivisionApollo1,8251.48.210.5Cash Mar-05Digital Impact Inc.Acxiom115NANANACash Mar-05Tampa FlyerHarte Hanks60NANANACash Apr-05DoubleClickHellman & Friedman 8052.013.437.1Cash Oct-04Epsilon Data ManagementADS3002.512.5NACash Sep-04Grey Global GroupWPP Group plc1,5200.917.2NACash/Stock Jul-04Seisint, Inc.Reed Elsevier7756.717.2NACash Jun-04Information HoldingsThomson Corp.4415.4NANACash May-04TradeWebThomson Corp.535NANANACash Apr-04OneSource Information ServicesinfoUSA Inc851.5NA18.6Cash Apr-04Direct GroupInvestor Group50NANANACash Aug-03INFO1LandAmerica Finl Group Inc47NANANACash Aug-03Peter Black Direct MarketingMerck25NANANACash Jun-03Factual Data CorpKroll Inc1131.6NA7.3Cash/Stock Jun-03Cordiant CommunicationsWPP Group plc3310.76.5NACash May-03Tele-VNational Mgmt Consulting42NANANACommon Stock May-03Mosaic Sales SolutionsJLL Partners76NANANACash May-03NFO WorldGroupTaylor Nelson Sofres4350.98.311.6Cash Apr-03Insurance Mgmt Solutions GroupFiserv Inc411.4NMNMCash Mar-03ScorexExperian1112.4NANACash Feb-03Zenith OptimediaPublicis Groupe SA119NANANAUndisclosed Jan-03Nordic Info Group A/S Experian1423.08.215.2Cash Median2.1 x11.3 x16.9 x

Comparison of Selected Premiums 100% Cash Consideration, Last 3 Years1 ($ in millions) Premium AnnouncedTargetAcquirorEquity Value1 Day1 Week4 Weeks 11/06/06Per-Se TechnologiesMcKesson Corp$ 1,09514.5 %16.5 %19.3 % 08/23/06Internet Sec Sys Group IncIBM Corp1,3037.78.216.9 08/10/06FileNet CorpIBM Corp1,5571.04.029.1 07/09/06Heritage Ppty Invest Trust IncCentro Properties Group1,7533.33.53.6 05/14/06SSA Global Technologies IncInfor Global Solutions1,52925.124.025.8 05/01/06Aviall IncBoeing Co1,71627.328.727.2 04/27/06Diagnostic Products CorpSiemens Medical Solutions Inc1,76720.717.724.5 04/25/06Serologicals CorpMillipore Corp1,38935.334.333.1 04/20/06Ubiquitel IncSprint Nextel Corp1,0351.61.93.1 01/22/06Sports Authority IncInvestor Group1,02120.026.020.8 11/20/05Beverly Enterprises IncFillmore Capital Partners LLC1,59333.335.936.8 11/10/05SERENA Software IncSilver Lake Partners1,0262.77.324.4 11/08/05Linens n Things IncInvestor Group1,2957.914.917.0 10/24/05Amli Residential Ppty TrustPrime Property Fund1,17720.722.719.1 10/16/05Adv Neuromodulations Sys IncSt Jude Medical Inc1,36930.422.821.8 09/29/05IDX Systems CorpGE Healthcare Ltd1,48825.133.638.8 09/15/ 05UICIInvestor Group1,71919.117.119.9 08/04/05Metris Cos IncHSBC Finance Corp1,5751.10.53.2 07/21/05Priority Healthcare CorpExpress Scripts Inc1,2527.79.310.7 07/10/05US Unwired IncSprint Corp1,0721.54.324.3 06/16/05Vicuron Pharmaceuticals IncPfizer Inc1,91684.278.668.4 06/13/05Commercial Federal,Omaha,NEBank of the West,CA1,36734.134.836.1 06/07/05Gables Residential TrustInvestor Group1,27214.119.517.1 05/16/05Overnite CorpUPS1,22046.235.842.7 05/12/05Cuno Inc3M Co1,29031.334.736.8 04/21/05Transkaryotic Therapies IncShire Pharmaceuticals Grp PLC1,38421.638.155.5 03/14/05Ascential Software CorpIBM Corp1,12117.817.016.8 01/31/05Pulitzer IncLee Enterprises Inc1,4321.8(1.5)(0.9) 01/27/05Genencor International IncDanisco A/S1,15123.922.415.8 11/24/04Ionics IncGE Infrastructure Inc1,07247.943.052.5 11/03/04Argosy Gaming CoPenn National Gaming Inc1,40816.411.117.8 10/20/04Boca Resorts IncBlackstone Real Estate Advisor1,03127.930.731.1 10/19/04Robert Mondavi CorpConstellation Brands Inc1,03049.952.350.9 10/18/04Sel ect Medical CorpEGL Holding Co1,98326.627.839.3 09/29/04Orbitz IncCendant Corp1,22934.533.848.4 07/13/04National Processing IncBank of America Corp1,425(9.5)(8.0)(8.8) 05/24/04NeighborCare IncOmnicare Inc1,41096.794.444.2 05/24/04WFS Financial IncWestcorp,Irvine,CA1,9403.56.25.1 05/19/04ALARIS Medical Systems IncCardinal Health Inc1,74318.411.617.8 05/18/04Kroll IncMarsh & McLennan Cos Inc1,95832.432.934.6 03/22/04US Oncology IncWelsh Carson Anderson & Stowe1,30218.520.317.3 03/15/04InVision Technologies IncGE Infrastructure Inc1,15921.323.331.3 01/13/04TheraSense IncAbbott Laboratories1,24333.035.550.0 12/21/03Esperion Therapeutics IncPfizer Inc1,28154.252.857.6 Median-100% Cash Transactions21.0 %22.7 %24.4 % 1. Includes equity values between $1 billion and $2 billion over last three years. US public company targets only. Valuation Update

III. Strategic Alternatives

Colorprint Summary Financials ($ in millions) For FY Ended 31-MarFor FY Ending 31-Dec 2002 ¹20032004200520062006E2007E Income Statement Net revenues$ 367.9$ 383.8$ 408.6$ 410.1$ 417.7$ 454.1$ 498.8 % YOY growth8.2 %4.3 %6.5 %0.3 %1.9 %NA9.8 % EBITDA$ 136.5$ 127.0$ 143.4$ 151.2$ 150.2$ 152.8$ 168.7 % YOY growth9.1 %(6.9)%12.9 %5.5 %(0.7)%NA10.4 % % EBITDA margin37.133.135.136.935.933.733.8 Operating income$ 95.6$ 86.1$ 98.1$ 108.8$ 114.2$ 110.1$ 119.7 % YOY growth17.3 %(9.9)%13.9 %10.9 %4.9 %9.0 %8.7 % % Operating margin26.022.424.026.527.324.224.0 Net Income from Operations$ 66.6$ 51.6$ 60.4$ 68.6$ 71.6$ 68.1$ 69.3 % YOY growth19.8 %(22.6)%17.1 %13.6 %4.4 %3.2 %1.6 % Diluted EPS$ 1.17$ 0.94$ 1.15$ 1.31$ 1.46$ 1.46$ 1.50 % YOY growth21.5 %(19.5)%22.9 %13.5 %11.7 %11.1 %3.2 % Diluted Shares Outstanding57.154.952.352.448.946.846.1 Balance Sheet Total assets$ 415.9$ 422.4$ 386.8$ 392.7$ 337.1NANA Cash & securities ²13.71.772.7116.228.132.2NA Debt ²60.968.266.964.661.9111.6NA Shareholders equity ²223.3216.0184.7196.4143.2164.7NA Selected Data ROACE32.8 %23.5 %30.1 %36.0 %42.2 %37.1 %NA Debt / Total Capital21.424.026.624.830.240.4NA Debt / EBITDA0.4 x0.5 x0.5 x0.4 x0.4 x0.7 xNA Free Cash Flow$ 73.3$ 64.7$ 96.3$ 85.6$ 42.6$(6.0)$ 63.2 Strategic Alternatives 16

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Illustrative Leveraged Recapitalization Analysis Assumptions Transaction Assumptions Financing Assumptions / Indicative Terms n Transaction as of 31-Dec-2006 nColorprint issues debt to fund share buyback n EBITDA of $153mm for 12 months ending 12/31/06 nRefinance $111.6mm of existing debt n 38% tax rate n Ran four scenarios: Issuance size $150mm $200mm $300mm $400mm Buyback Amount $35mm $84mm $182mm $280mm Buyback as % of Market Cap 2.9% 6.8% 14.4% 21.7% Cost of Debt L + 100 L + 150 L + 150 L + 175 Roll-Forward Assumptions Pro Forma Credit Rating BB / Ba2 BB / Ba2 BB / Ba2 BB- / Ba3 n 2007 based on management projections Pro-Forma 2006 Debt / EBITDA1.0x 1.3x 2.0x 2.6x n Assumes 5.5% revenue growth from 2008-2011 n Assumes gradual increase in EBITDA margin from 33.8% in 2007E to 35.0% in 2010 - - Targets bottom-line growth in low double digits n Assumes Capex of $50mm for 2008-2011 n Assumes 2008-2011 D&A equal to Capex n Assumes pre-tax standalone interest expense of $8mm Strategic Alternatives 18

Illustrative Leveraged Recapitalization Analysis Sensitivity Analysis ($ in millions, except per share amounts) $150mm Debt Issuance and $35mm Buyback1 (L + 100bps) $200mm Debt Issuance and $84mm Buyback ¹ (L + 150bps) IRR Sensitivity IRR Sensitivity Per Share Repurchase PricePer Share Repurchase Price 10% $ 24.00 $ 26.00 $ 28.00 $ 30.00 $ 32.0011% $ 24.00 $ 26.00 $ 28.00 $ 30.00 $ 32.00 8.0 x10.3%10.2%10.2%10.1%10.1%8.0 x11.3%11.1%11.0%10.9%10.8% 2011 EBITDA Multiple 9.012.8%12.8%12.7%12.7%12.6%2011 EBITDA Multiple 9.013.9%13.7%13.6%13.5%13.4% 10.015.2%15.1%15.1%15.0%15.0%10.016.2%16.1%16.0%15.8%15.8% 2007 EPS Accretion / (Dilution)2007 EPS Accretion / (Dilution) Per Share Repurchase PricePer Share Repurchase Price 283% $ 24.00 $ 26.00 $ 28.00 $ 30.00 $ 32.00315% $ 24.00 $ 26.00 $ 28.00 $ 30.00 $ 32.00 8.0 %3.1 %2.9 %2.6 %2.4 %2.3 %8.0 %4.0 %3.4 %2.8 %2.3 %1.9 % $300mm Debt Issuance and $182mm Buyback ¹ (L + 150bps) $400mm Debt Issuance and $280mm Buyback ¹ (L + 175bps) IRR Sensitivity IRR Sensitivity Per Share Repurchase PricePer Share Repurchase Price 13% $ 24.00 $ 26.00 $ 28.00 $ 30.00 $ 32.0014% $ 24.00 $ 26.00 $ 28.00 $ 30.00 $ 32.00 Multiple8.0 x13.5%13.1%12.9%12.6%12.4%Multiple8.0 x15.1%14.5%14.0%13.5%13.2% 2011 EBITDA 9.016.1%15.8%15.5%15.2%15.0%2011 EBITDA 9.017.9%17.2%16.7%16.3%15.9% 10.018.5%18.2%17.9%17.6%17.4%10.020.4%19.8%19.3%18.8%18.4% 2007 EPS Accretion / (Dilution)2007 EPS Accretion / (Dilution) Per Share Repurchase PricePer Share Repurchase Price 498% $ 24.00 $ 26.00 $ 28.00 $ 30.00 $ 32.00559% $ 24.00 $ 26.00 $ 28.00 $ 30.00 $ 32.00 8.0 %7.6 %6.0 %4.6 %3.5 %2.5 %8.0 %10.8 %8.0 %5.6 %3.7 %2.1 % 1Includes refinancing of $111.6mm of existing debt. Strategic Alternatives 19

Illustrative Leveraged Recapitalization Analysis Earnings per Share Impact ($ in millions, except per share amounts) CY 2007 EPS Impact Debt Issued$ 150.0$ 200.0$ 300.0$ 400.0 Less: Refinanced Debt111.6111.6111.6111.6 Equity Repurchased35.484.4182.4280.4 Pre-Tax Cost of Debt6.20 %6.70 %6.70 %6.95 % Assumed Repurchase Premium5.0 %7.5 %10.0 %12.5 % Shares Repurchased1.43.26.710.0 % of Shares Outstanding2.9 %6.8 %14.4 %21.7 % Accretion / (Dilution) Standalone 2007E Net Income$ 69.3$ 69.3$ 69.3$ 69.3 Less: Incremental After-tax Interest Expense(0.1)(2.7)(7.0)(12.0) Pro Forma 2007E Net Income$ 69.1$ 66.6$ 62.2$ 57.3 Avg. Fully Diluted Shares Outstanding46.146.146.146.1 Less: Shares Repurchased(1.4)(3.2)(6.7)(10.0) Pro Forma Avg. Fully Diluted Shares Outstanding44.742.939.436.1 Standalone 2007E EPS$ 1.50$ 1.50$ 1.50$ 1.50 Pro Forma 2007E EPS1.551.551.581.59 Accretion / (Dilution)2.8 %3.1 %5.0 %5.6 % Strategic Alternatives 20

Illustrative Leveraged Recapitalization Analysis Potential Share Price Appreciation ($ in millions, except per share data) 2007 — Pro Forma Share Price (PV)2008 — Pro Forma Share Price (PV) Debt Issued$ 150$ 200$ 300$ 400$ 150$ 200$ 300$ 400 Pro Forma EPS$ 1.55$ 1.55$ 1.58$ 1.59$ 1.72$ 1.74$ 1.78$ 1.81 Forma18.0 x $ 27.81 $ 27.90 $ 28.39 $ 28.55Forma16.0 x $ 27.55 $ 27.81 $ 28.52 $ 28.99 P/E 19.029.3629.4429.9730.14P/E 17.029.2729.5430.3030.80 Pro Pro 20.030.9030.9931.5431.7318.031.0031.2832.0832.62 Appreciation from CurrentAppreciation from Current Forma18.0 x11.6 %11.9 %13.9 %14.5 %Forma16.0 x10.5 %11.5 %14.4 %16.3 % P/E 19.017.818.120.220.9P/E 17.017.418.521.523.6 Pro Pro 20.023.924.326.527.318.024.325.528.730.8

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Illustrative LBO Analysis (Based on a 25% premium to 6-Nov-06 close of $24.93; Transaction Close 12/31/06) Sources and Uses 4.58x Senior Debt; 6.55x Total Debt LTM 12/31/2006 Sources% Cap EBITDA ($153mm)PricingUses $150mm Revolver$0.00%0.0 xPurchase Equity$1,500.9 Term Loan B700.043%4.6 xL+275 Refinance Existing Debt ¹111.6 Total Sr. Secured Debt$700.043%4.6 xEstimated Fees/ Expenses32.4 5 Year Zero125.08%0.8 x 11.0% area Senior Subordinated Debt175.011%1.1 x 10.0% area Total Debt$1,000.061%6.5 x Equity Contribution644.939%10.8 x Total Sources$1,644.9100%10.8 xTotal Uses$1,644.9

Illustrative LBO Returns Analysis Returns at Various Exit Dates — Assumes 6.55x Leverage, Exit at 9x LTM EBITDA Entrance Premium to Current Stock Price $ 27.42$ 28.67$ 29.92$ 31.16$ 32.41$ 33.66 1230%10.0%15.0%20.0%25.0%30.0%35.0% 201022.5 %18.2 %14.5 %11.3 %8.6 %6.1 % Exit Date201121.217.814.812.310.08.0 201220.217.314.912.810.99.2 Returns at Various Exit Multiples — Assumes 6.55x Leverage Entrance Premium to Current Stock Price $ 27.42$ 28.67$ 29.92$ 31.16$ 32.41$ 33.66 12%10.0%15.0%20.0%25.0%30.0%35.0% EBITDA Multiple 8.0x 16.3 %13.0 %10.1 %7.7 %5.6 %3.6 % 8.5x 18.815.512.610.17.95.9 9.0x 21.217.814.812.310.08.0 2011 Exit 9.5x 23.419.916.914.312.010.0 10.0x 25.421.918.816.213.911.8 Returns at Various Leverage Levels — Assumes Exit at 9x 2011 LTM EBITDA Entrance Premium to Current Stock Price $ 27.42$ 28.67$ 29.92$ 31.16$ 32.41$ 33.66 12%10.0%15.0%20.0%25.0%30.0%35.0% EBITDA 5.0x 16.6 %14.4 %12.4 %10.6 %8.9 %7.4 % 5.5x 17.815.313.011.09.27.6 Debt / at Close6.0x 19.216.313.811.69.67.8 LTM 6.5x 21.017.614.712.210.08.0 7.0x 23.419.315.913.010.58.3 Strategic Alternatives 24

Base Case for Illustrative LBO Analysis1 ($ in millions) Pro FormaFY Ended December 31, ($ in millions)LTM 12.31.062007E2008E2009E2010E2011E OPERATIONAL DATA Total Sales$454.1$498.8$526.2$555.2$585.7$617.9 growth9.8%5.5%5.5%5.5%5.5% EBITDA152.8168.7178.9191.5205.0216.3 margin33.6%33.8%34.0%34.5%35.0%35.0% EBIT$110.1$119.7$128.9$141.5$155.0$166.3 Total Interest Expense87.987.586.184.582.078.3 Net Income (Loss) to Common20.026.635.345.354.6 SELECTED CASH FLOW DATA: Adjusted EBITDA$152.8$168.7$178.9$191.5$205.0$216.3 +/- Changes in Working Capital0.0(5.0)1.21.31.41.4 - -Total Capital Expenditures(117.0)(55.0)(50.0)(50.0)(50.0)(50.0) =Operating Cash Flow35.8108.7130.2142.8156.4167.7 - -Cash Taxes(8.4)(12.2)(16.3)(21.7)(27.7)(33.4) - -Cash Interest Expense (net)(87.9)(84.8)(69.2)(66.1)(61.8)(56.1) = Cash for Debt Service(60.6)11.744.755.166.978.2 Cumulative Cash for Debt Service11.756.3111.4178.3256.5 CAPITALIZATION: Cash$15.0$15.0$15.0$15.0$15.0$15.0 Bank Revolver$0.0$0.0$0.0$0.0$0.0$0.0 Term Loan B700.0688.3643.7588.6521.7443.5 Total Bank Debt$700.0$688.3$643.7$588.6$521.7$443.5 Senior Subordinated Debt175.0175.0175.0175.0175.0175.0 5 Year Zero125.0125.0139.1154.9172.4191.8 Total Debt$1,000.0$988.3$957.8$918.4$869.0$810.3 Shareholders’ Equity644.9664.8691.4726.8772.0826.6 Total Capitalization1,644.91,653.21,649.21,645.21,641.11,636.9 CREDIT STATISTICS: EBITDA / Senior Interest2.9x3.2x3.5x3.9x4.6x5.6x EBITDA / Total Interest1.7x1.9x2.1x2.3x2.5x2.8x (EBITDA — Capex) / Total Interest1.7x1.3x1.5x1.7x1.9x2.1x Senior Debt / Adj. EBITDA4.6x4.1x3.6x3.1x2.5x2.1x Total Debt / Adj. EBITDA6.5x5.9x5.4x4.8x4.2x3.7x Free Cash Flow / Total Debt(6.1)%1.2 %4.7 %6.0 %7.7 %9.7 % Total Debt / Total Capitalization60.859.858.155.853.049.5 1Based on management projections. Management projections have not yet been reviewed by Colorprint’s board. Strategic Alternatives 25

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DRAFT            Potential Counterparties ($ in millions) Credit            Company Financial Information Rating Management Comments / Recent Developments Bidder A            Bidder B Bidder C            Bidder D            Strategic Alternatives 27

DRAFT Ability to Pay Analysis — 2007 EPS Breakeven Key Assumptions Deal closes on December 31, 2006 Median IBES 2007E EPS estimates used for all potential buyers Management 2007E EPS estimate used for Colorprints            IBES EPS estimates calendarized to December 31 year-end for all companies            Pre-tax synergies of 15% of Colorprint LTM September 2006 selling, general and administrative expenses ($151mm) 50% phased in 2007 20% of excess purchase price allocated to identifiable intangibles, and remaining to goodwill            Identifiable intangibles amortized on a straight line basis over 8 years (tax deductible) Pre-tax cost of debt as follows: 50% Cash 100% Cash Bidder A 5.00% 5.00% Bidder B 7.00% 8.00% Bidder C 6.25% 7.00% Tax rate of 35% Strategic Alternatives 28

Breakeven Ability to Pay Analysis 100% Stock Transaction

News CorpHarte HanksValassis Mkt Cap $66,703 $2,096 $723 2007E P/E 19.0x 16.9x 10.1x Current Ratings Baa2 / BBB N/A Ba1/BB PF Debt/LTM EBITDA1 2.3x 0.5x 1.3x POS PF Ownership 1.7% 33.8% 49.1% 1EBITDA figures exclude impact of FAS 123 R. Strategic Alternatives 29

Breakeven Ability to Pay Analysis 50% Stock / 50% Cash Transaction

Breakeven to Pay Analysis 100% Cash Transaction

Appendix A: Financial Sponsors Profiles

Hellman and Friedman Current Fund Size: $3.5 billion Overview General Partners nHellman & Friedman LLC, founded in 1984, is a private equity investment firm well respected for its Matthew Barger John (Jack) Bunce, Jr. distinctive investment philosophy and approach. H&F’s offices are located in San Francisco, London, and New York. H&F raised our first institutional private equity fund in 1987. During its 18-year investing history, H&F has raised and managed over $8 billion of committed capital and have invested in over 50 Mitchell Cohen Jeffrey Goldstein companies. H&F is currently investing its fifth fund, Hellman & Friedman Capital Partners V, L.P. (HFCP V), with $3.5 billion of committed capital, which was activated in August 2004. Philip Hammarskjold Patrick Healy nH&F’s objective is to invest long-term equity capital to support the strategic and financial objectives of outstanding management teams operating businesses with defensible positions in growing markets. Warren Hellman Georgia Lee Over its lifetime, H&F has distinguished ourselves as a flexible source of capital and a value-added partner. Brian Powers Thomas Steyer nH&F’s team consists of 30 investment professionals, including 13 managing directors with an average tenure with the Firm of 12 years. This allows H&F to spend substantial time working with the companies Allen Thorpe David Tunnell in which it invests. nLimited partner investors in H&F’s funds include many of the largest U.S. and international corporate Frank Zarb pension funds, U.S. state pension funds, university endowments and foundations. And, in HFCP V, H&F (the partners of the firm) collectively are one of the largest limited partners. Selected Investments Company Description Blackbaud Blackbaud is the leading provider of software and related services to the not-for-profit vertical market. In October 1999, HFCP III purchased a controlling interest in Blackbaud and is working with management to transition the company to its next phase of growth. Blackbaud, which currently sells mission-critical fundraising, accounting and school administration software and services, has realized dynamic growth over the last five years and now has an installed base of over 12,000 customers worldwide. Blackbaud executed an initial public offering in July 2004 on the NASDAQ DoubleClick DoubleClick is the leading provider of technology and data solutions for advertising agencies, web publishers, marketers, and catalogers to plan, execute and analyze their marketing programs. DoubleClick’s marketing solutions — - online advertising, search engine and affiliate marketing, email marketing, database marketing, and data management — - help clients yield the highest return on their marketing dollar. DoubleClick Inc. has global headquarters in New York City and maintains 21 offices around the world. In July 2005, Click Holding Corp., a subsidiary of Hellman & Friedman LLC and JMI Equity, acquired DoubleClick in a transaction valued at approximately $1.1 billion Mitchell International Mitchell International, established in 1946, is a leading provider of information software, print publications and total business solutions to the insurance and automotive collision repair industries. In April 2000, HFCP IV acquired Mitchell from the Thomson Corporation. The Company’s products and services range from the assessment and estimation of vehicle damage to comprehensive data mining tools and complete collision shop management systems. The Nasdaq Stock Market The Nasdaq Stock Market is one of the world’s leading stock markets, operating an electronic, screen-based equity market that lists more companies and has more trading activity than any other stock market in the world. In May 2001, HFCP IV invested $240 million to purchase convertible subordina ted debentures representing an approximate 15% ownership interest in Nasdaq. With this investment, H&F was the first outside shareholder of Nasdaq interested solely in maximizing the value of the equity and helped Nasdaq transition from a membership-owned organization to a public corporation. In April 2005, HFCP IV entered into a follow-on investment in Nasdaq to support its acquisition of INET Vertafore, Inc Vertafore, Inc. is a leading provider of specialized software, services and information for the property and casualty insurance industry. In 2004, HFCP V acquired controlling interest of Vertafore in a proprietary, non-intermediated transaction. During its thirty year history, Vertafore has become the management system and information source to over 15,000 independent agencies, 120,000 end-users, and 300 insurance carriers through four principal operating entities: AMS Services, SilverPlume, AMS Rackley, and Allenbrook. Financial Sponsors Profiles34

DRAFT Bidder A Financial Sponsors Profiles 34

DRAFT Bidder B Financial Sponsors Profiles 36

Appendix B: Additional Information

Research Analysts’ Recommendations and Estimates Analyst Recommendations Evolution of Estimates1

Management vs. Analysts Estimates ($ in millions, except per share data) CY 2006 Estimates1 EPSRevenueEBITDA ³EBITNet Income Avg. Shares Management$ 1.46$ 454.1 $ 152.8 $ 110.1 $ 68.1 46.8 Goldman, Sachs & Co.1.39452.5 NA NA 65.2 46.9 Bear, Stearns & Co.1.41449.0 152.4 107.2 65.8 46.7 Deutsche Bank North America1.40451.9 153.0 107.9 65.4 46.7 First Analysis Securities Corp1.39451.2 150.3 106.3 65.1 46.8 JMP Securities1.43452.8 NA 109.4 66.6 46.6 JP Morgan1.43NA NA NA NA NA Robert W. Baird & Co., Inc.1.38456.4 155.7 110.3 64.5 46.7 William Blair & Company, L.L.C.1.41450.7 NA NA NA NA Analyst Median$ 1.41 $ 451.9 $ 152.7 $ 107.9 $ 65.3 46.7 Analyst Range — High to Low3.6 %1.6 %3.6 %3.7 %3.3 %0.7 % CY 2007 Estimates2 EPSRevenueEBITDA ³EBITNet Income Avg. Shares Management$ 1.50$ 498.8 $ 168.7 $ 119.7 $ 69.3 46.1 Goldman, Sachs & Co.1.32465.4 147.9 103.0 62.8 47.5 Bear, Stearns & Co.1.35479.3 NA 103.3 61.4 45.4 Deutsche Bank North America1.55500.2 172.9 123.3 70.2 45.5 First Analysis Securities Corp1.43492.2 156.9 113.4 66.7 46.7 JMP Securities1.41490.7 NA 104.1 65.4 46.5 JP Morgan1.59NA NA NA NA NA Robert W. Baird & Co., Inc.1.35504.0 172.1 124.1 61.9 45.9 William Blair & Company, L.L.C.NA NA NA NA NA NA Analyst Median$ 1.40 $ 490.3 $ 157.9 $ 109.1 $ 64.2 46.2 Analyst Range — High to Low20.4 %8.3 %16.9 %20.5 %14.5 %4.4 %

Colorprint Commentary Analyst Comments Goldman, Sachs & Co. n “Our 12-month price target of ~$25 is derived through blended risk/reward and DCF analyses. In both Simeon Gutman instances, we have given the company credit for notably enhanced CMS top-line growth due to the color printer rollout.” Sell n “On top of what is already expected to be a difficult fiscal 2007 due to color printer rollout costs and October 26, 2006 tough comparisons, on today’s conference call management revealed a couple of items that are potential areas for additional concern. First, Catalina’s international division (CMI) is losing two important clients beginning in the first calendar quarter of 2007. Second, of the flagship CMS division’s 8.5% quarterly top-line gain, more than half was driven by new Walgreen and Kmart installations. Third, because of the decay in manufacturer spending as nationally branded drugs go off patent, the ongoing generic boom could temper CHR’s growth in the intermediate-term.” JP Morgan n “While F2Q07 came in moderately below expectations, we believe investors will focus on how the Frederick Searby transition to color printers is progressing. Commentary on calendar 2007 selling season likely will be the key issue. Verbiage in the press release suggests it was positive, but we will wait and see. We Buy reiterate our Overweight.” October 26, 2006 n “With a clean balance sheet, strong FCF generation, and a sizable potential international opportunity, we like POS’ growth prospects. With eroding traditional media audiences set against ongoing price inflation, clients have to look to cheaper, higher ROI alternative media. Anecdotal evidence suggests that the shift to measured media/direct marketing will accelerate. POS could be the beneficiary of a reallocation of traditional marketing dollars...Trading at 8.4x EV/F2007E EBITDA, we view POS as an attractive investment opportunity....”

Colorprint Commentary Analyst Comments William Blair & Company n “At first look, Catalina reported disappointing second-quarter results. Growth remained strong in the Troy Mastin core business and International, but the Health Resource division was disappointing as a dearth of unusual projects throttled growth.” Strong Buy n “As expected, cash flow remained weak as the company is building out its color printer initiative. Free October 26, 2006 cash flow of -$19.1 million reflected $50 million in capital expenditures in the quarter, which helped the company reach an installed base of half of its domestic store base in the quarter.” n “The investment and cost ramp associated with growth appears to be higher than we had modeled; however, we are reserving full judgment until after the conference call this morning. Shares will likely fall under some pressure before the call as recent strength has pushed full valuation to 17.6 times 2008 EPS.”

Peer Beta CalculationAverage of Different Beta Sources5-Year Levered BetasBarraBloomberg1AverageColorprint0.971.191.08Harte Hanks0.810.710.76Acxiom0.791.020.91Valassis1.560.911.23Advo1.150.810.98InfoUSA1.211.191.20Median1.060.971.03

Cost of Equity and WACC Analysis ($ in millions) Risk Cost of Pre-Tax Effective Risk-Free Premium Equity Beta Equity Cost of Tax Rate Current Curr. Mkt. Val. Rate1234(t)5Debt (D)6 of Equity (E)7 WACC (Rp)(Be)(Ke)Debt (Kd) Colorprint84.70 %5.00 %1.0810.09 %6.00 %40.6 %$ 112$ 1,1699.52 % Harte Hanks4.70 %5.00 %0.768.51 %6.03 %38.6 %$ 167$ 2,0968.15 % Acxiom4.705.000.919.236.3839.07952,2657.84 Valassis94.705.001.2310.876.2334.72607239.07 Advo4.705.000.989.616.5037.51449148.85 InfoUSA4.705.001.2010.696.2036.01376509.52 Median1.039.85 %8.96 %

Appendix C: Hellman & Friedman Proposal

EX-99.(C)(4)

Exhibit (c)(4)

Presentation to Colorprint

Preliminary Board Discussion Materials

Goldman, Sachs & Co. 13-Dec-2006

Table of Contents

I. Executive Summary            II. Valuation Update III. LBO Analysis

Appendix A: Financial Sponsors Profiles Appendix B: Additional Information Appendix C: Sponsor Proposals

Goldman Sachs does not provide accounting, tax, or legal advice. Notwithstanding anything in this document to the contrary, and except as required to enable compliance with applicable securities law, you (and each of your employees, representatives, and other agents) may disclose to any and all persons the US federal income and state tax treatment and tax structure of the transaction and all materials of any kind (including tax opinions and other tax analyses) that are provided to you relating to such tax treatment and tax structure, without Goldman Sachs imposing any limitation of any kind.

I. Executive Summary

Executive Summary 3

14 Jun 2007 16:11 3/3

Comparison of Preliminary Indications of Interest Key Transaction Terms Bidder A Hellman & Friedman Bidder B Bidder C Equity consideration per $30.00-$32.00 $33.00-$34.00 $32.00-$34.00 $28.00-$30.00 share Enterprise Value ($mm) $1,509 — $1,618 $1,673 — $1,727 $1,618 — $1,727 $1,400 — $1,509 Equity provided by Bidder A Residual balance sheet cash Equity provided by Bidder B Equity provided by Bidder C ($3.9 ($7.9 bn) Equity provided by Hellman & ($15 bn) bn) and affiliates Debt financing up to 7.5x Friedman Capital Partners VI ($9 Additional equity provided by Subordinated debt from Expected Sources of Bidder A 2006 EBITDA bn) management should they choose ($1.3 bn Financing Debt financing consistent with to co-invest mezzanine fund) Goldman indicative leverage Debt financing consistent with Additional third party debt levels Goldman indicative leverage levels (7.0x) Prepared to begin due Prepared to begin due diligence Prepared to begin due diligence Prepared to begin due diligence diligence immediately immediately immediately immediately Timing Issues Can commit resources to Can meet required timeline to Confident acquisition can be close transaction on an sign an agreement in Q1 2007 completed in a timely fashion expedited basis and close on an expedited basis Plan to retain senior Expectation that senior Intend to offer senior Considers management team and management management team will continue management the opportunity to employee base to be a key Open to and encourage to run the organization and be co-invest determinant of the value of the rollover and direct co- shareholders in post transaction Will implement a customary company Position Regarding investment company equity incentive program for Following the transaction propose Existing Management certain key employees structuring an incentive equity plan to retain managers Expect senior management to rollover a significant portion of their current ownership Due diligence focused on: Due diligence focused on: Key Assumptions (2007-2011): GS debt financing package of 1. Evaluation of each 1. The Company’s financial and — Assume 10% Revenue $1.134 bn segment’s growth drivers, historical proj ections CAGR — $648 mm senior credit facilities the color opportunity, and 2. Opportunities for growth — Steady state CapEx of 9%- — $486 mm of senior and sub Other Considerations / future product extensions 10% of revenue notes 3. Retailer and manufacturer Assumptions 2. Accounting, tax, and legal relationships — 36% EBITDA Margin Purchase price based on diligence management’s expected pro forma 4. Management team’s intentions — Goldman Sachs financing 3. Information Technology due regarding their involvement in guidance ($1.1bn in total EBITDA of $179.2 million for CY diligence the Company’s management debt; 7.0x) 2007 and ownership going forward NA: NA Accountants: Deloitte & Touche NA Advisors Legal: Cleary Gottlieb Executive Summary 4

Other Process Considerations ($ in millions) Withdrawn from Process: Inbound calls received: Fund Size Bidder A $1,500 Bidder B 12,000 Bidder C 22,000 Bidder D 4,000 Bidder E 19,3361 Bidder F 4,000 Bidder G 1,800 Bidder H 6,500 Bidder I 700 Bidder J 4,250 Bidder K 1,800 Bidder L 3,500 Bidder M 1,300 Bidder N 8,000 Bidder O 16,5911 1 Market capitalization. Executive Summary 5

14 Jun 2007 16:11 6/6

Illustrative Analysis at Various Prices

($in millions, except per share data) —— -— —— —— -— —— -— -— —— -— —— -— —— —— —— — Price Per Share $28.58 $30.00 $31.00 $32.00 $33.00 $34.00 Premium to Current Price (12-Dec-06) 0.0 % 5.0 % 8.5 % 12.0 % 15.5 % 19.0 % Equity Value 1,352 1,430 1,484 1,539 1,593 1,648 Net Debt (at 30-Sep-06) 79 79 79 79 79 79 Enterprise Value 1,432 1,509 1,564 1,618 1,673 1,727 —— -— —— —— —— -— -— —— -— —— —— —— —— —— —— —— — Premium to: Undisturbed Closing Price (07-Dec-06) $24.23 18.0 % 23.8 % 27.9 % 32.1 % 36.2 % 40.3 % 30 Day Average 24.91 14.8 20.5 24.5 28.5 32.5 36.5 60 Day Average 26.39 8.3 13.7 17.5 21.2 25.0 28.8 90 Day Average 26.97 6.0 11.2 15.0 18.7 22.4 26.1 180 Day Average 26.84 6.5 11.8 15.5 19.2 22.9 26.7 52 Week High Closing Price 29.77 (4.0 ) 0.8 4.1 7.5 10.8 14.2 5 Year High Closing Price (23-Jan-2002) 39.01 (26.7 ) (23.1 ) (20.5 ) (18.0 ) (15.4 ) (12.8 ) EBITDA ¹ Management / IBES — LTM — 9/30/06 $151.9 9.4 x 9.9 x 10.3 x 10.7 x 11.0 x 11.4 x CY2006E — IBES ² $154.4 9.3 x 9.8 x 10.1 x 10.5 x 10.8 x 11.2 x CY2006E — Management 153.8 9.3 9.8 10.2 10.5 10.9 11.2 CY2006E — Management Adjusted ³ 162.3 8.8 9.3 9.6 10.0 10.3 10.6 CY2007E — IBES4 $163.6 8.8 x 9.2 x 9.6 x 9.9 x 10.2 x 10.6 x CY2007E — Management 175.4 8.2 8.6 8.9 9.2 9.5 9.8 CY2007E — Management Adjusted ³ 179.2 8.0 8.4 8.7 9.0 9.3 9.6 EPS ¹ CY2006E — IBES ² $1.56 18.3 x 19.2 x 19.9 x 20.5 x 21.2 x 21.8 x CY2006E — Management 1.53 18.7 19.6 20.3 20.9 21.6 22.2 CY2007E — IBES4 $1.62 17.6 x 18.5 x 19.1 x 19.8 x 20.4 x 21.0 x CY2007E — Management 1.51 18.9 19.9 20.5 21.2 21.9 22.5 PEG (LT — IBES) CY 2006E P/E 8.5 % 2.1 x 2.3 x 2.3 x 2.4 x 2.5 x 2.6 x CY 2007E P/E 8.5 2.1 2.2 2.2 2.3 2.4 2.5 Executive Summary 6

14 Jun 2007 16:11 7/7

Analyst Sentiment Post Public Announcement

“The stock jumped on [Friday’s] news and is now trading at 9.6x our F2008 EBITDA estimate versus our comp group average of 10.4x. If a deal were to occur we don’t expect it to be much higher than 10.5x F2008 EBITDA, suggesting a price in the low $30’s. While the promise of better growth exists if the color printer introduction is a success, given the early stage of this initiative, the lower margin expectations of this new product and the near-term earnings deterioration, we believe there is some risk to this investment which may put a cap on the purchase price.” — Alexia Quadrani, Bear Stearns, 12/8/06

“We believe many shareholders would likely view any buyout short of $35 to $40 as premature given Colorprint is only half way through its much-touted color printer installation. In addition, the company only recently completed the Walgreen rollout, giving current investors very little time to assess how much of a hit the drugstore channel may prove to the CMS segment. A sale by the company at this point could be viewed as a giveaway to private equity buyers.” — Todd Van Fleet, First Analysis Securities, 12/11/06

“We believe Colorprint’s healthy cash flow generation coupled with its ongoing transformative growth initiatives make the company a logical target for private equity firms.”

“Rumored takeout discussions are in the $30/share range, which would value the business at around 9x CY07 EBITDA and 20x CY07 EPS. We believe it’s plausible the multiple could creep slightly higher in a competitive auction.”

“We do not expect a deal to be reached at a significant premium above Friday’s closing price.” - Mark A. Bacurin, Robert W. Baird, & Co., 12/11/06

“While the shares have rallied...since the news broke [Friday] afternoon, we still see potential for further material upside. Assuming a conservative 11x multiple on consensus F2008 EBITDA, we estimate that Colorprint could fetch $38 per share. Utilizing our current F2008 EBITDA estimate of $189.8 MM, we estimate Colorprint could be worth north of $40 per share. Notably, mature businesses in our space with lower growth prospects than Colorprint have been acquired at higher than 11x. We remain convinced that Colorprint’s color roll-out will yield high returns and snare material incremental dollars.” — Frederick Searby, JPMorgan, 12/8/06

Executive Summary 7

14 Jun 2007 16:11 8/8

Colorprint Illustrative Timetable

December 2006 January 2006 February 2006 March 2006 —— -— —— —— — S            M            T            W            T            F            S            S             M            T            W            T            F            S            S& nbsp;           M            T            W            T            F            S            S&n bsp;           M            T            W            T            F            S — 1 2 1 2 3 4 5 6 1 2 3 1 2 3 3 4 5 6 7 8 9 7 8 9 10 11 12 13 4 5 6 7 8 9 10 4 5 6 7 8 9 10 10 11 12 13 14 15 16 14 15 16 17 18 19 20 11 12 13 14 15 16 17 11 12 13 14 15 16 17 17 18 19 20 21 22 23 21 22 23 24 25 26 27 18 19 20 21 22 23 24 18 19 20 21 22 23 24 24 25 26 27 28 29 30 28 29 30 31 25 26 27 28 25 26 27 28 29 30 31 31

Important Dates

Holiday
s

Date: Event: —

December n Preliminary indications 12thinterest due from Sponsors — December n Review bids with 13thSpecial Committee — December n Notify Sponsors 15thto continue in process Dec 14th – n Prepare due diligence 26thitems, refine five year projections, develop management presentations and populate on-line — Dec 27th n Deliver 5 year financial projection model to Sponsors; open on data room — Dec 28th – n Calls with Sponsors 29threview financial — Jan 1st, n Sponsor due diligence Jan 8thwith Colorprint (2 —

14 Jun 2007 16:11 9/9 Jan 8theach with broader Company management participation) — Jan 8th,n Process follow-up Jan 15thitems from Sponsors n Deliver draft Purchase Agreement to Sponsors — Jan 24thn Final bids due from Sponsors with mark Purchase Agreement — Jan 26thn Review final bids Board / Special — Week ofn Select final bidder, Jan 29thnegotiate Purchase Agreement — Week ofn Colorprint announces Feb 5thquarterly financial n Announce transaction — Midn Shareholder vote March — Laten Launch Financing March /n Transaction Closing Early April

Executive Summary

14 Jun 2007 16:11 10/10 II. Valuation Update Valuation Update 9

14 Jun 2007 16:11 11/11

Market Performance

Price Appreciation by Sector —— —— —— —— —— —— —— — 2000 2001 2002 2003 2004 2005 2006YTD1 —— —— —— —— —— —— —— —

Colorprint 0.9 % (10.9) % (46.7) % 9.0 % 47.0 % (14.4) % 12.7 % —— —— —— —— —— —— —— —

Sectors —— —— —— —— —— —— —— —

Marketing Services2 8.9 % 12.9 % (17.4) % 21.1 % 19.4 % (12.5) % 3.2 % —— —— —— —— —— —— —— —

Information Services3 18.7 42.2 (0.3) 30.9 17.6 20.4 8.7

—— —— —— —— —— —— —— —

Advertising4 (17.1) (17.3) (37.6) 23.5 (3.4) 1.0 14.8

—— —— —— —— —— —— —— —

Publishing5 (13.1) (9.0) (14.4) 24.6 21.2 5.4 27.9

—— —— —— —— —— —— —— —

Industry Standards —— —— —— —— —— —— —— —

S&P 500 (10.1) % (13.0) % (23.4) % 26.4 % 9.0 % 3.0 % 12.9 % —— —— —— —— —— —— —— —

NASDAQ Composite Index (39.3) (21.1) (31.5) 50.0 8.6 1.4 10.5

As of 12-Dec-2006. (4.4)% for YTD 2006 for Colorprint based on undisturbed closing price on 7-Dec-2006. 2 Marketing Services: Acxiom, Harte Hanks, InfoUSA, Valassis, and Advo.

3 Information Services: Moody’s, Dun & Bradstreet, Equifax, Alliance Data Systems, Fair Isaac, First Advantage and ChoicePoint. 4 Advertising: Omnicom Group, Interpublic, Publicis, Havas, and WPP Group.

5 Publishing: News Corp, Thomson Corporation, McGraw -Hill, and Wolters Kluwer.

Valuation Update 10

14 Jun 2007 16:11 12/12

Colorprint Shares Traded at Various Prices

Last 3 Months Last 6 Months

7,000 Weighted Average Price: 26.85 USD 18,000 Weighted Average Price: 27.52 USD Total Shares Traded as Percent of Shares 16,000 Total Shares Traded as Percent of Shares 6,000 Outstanding: 42.84% Outstanding: 90.12% 14,000 5,000 (000) (000) 12,000 Volume 4,000 Volume

10,000 3,000 8,000 6,000 2,000 4,000 1,000 2,000

0 0 24.23 25.04 25.86 26.67 27.48 28.30 24.23 25.11 25.98 26.86 27.74 28.61 to            to            to            to 25.03 Daily from 12-Sep-2006 to 12-Dec-2006 29.11 25.10 Daily from 12-Jun-2006 to 12-Dec-2006 29.49

Last 12 Months Last 24 Months

30,000 Weighted Average Price: 26.09 USD 60,000 Weighted Average Price: 25.74 USD Total Shares Traded as Percent of Shares Total Shares Traded as Percent of Shares 25,000 50,000 (000) Outstanding: 213.77% Outstanding: 461.65% 20,000 (000) 40,000

Volume Volume

15,000 30,000 10,000 20,000 5,000 10,000

0 0 21.7123.05 24.4 25.74 27.08 28.43 21.71 23.13 24.56 25.98 27.4 28.83 to            to            to            to 23.04 Daily from 12-Dec-2005 to 12-Dec-2006 29.77 23.12 Daily from 10-Dec-2004 to 12-Dec-2006 30.25 Valuation Update 11

14 Jun 2007 16:11 12/40

Historical Trading Performance

Three Years

Index Price Performance P/E Performance

Colorprint            Peers 180%

24x            High 22.9 x 20.7 x Low 15.8 15.6 Avg 18.9 18.3

21.5x

160%

22x

49.1% (NTM) 140% Months

20x

Price 31.4% P/E (x) Indexed Forward Twelve 24.8%

120% 18x 17.8x Next 100% 16x 80% 14x

Dec- May- Oct- Mar- Aug- Jan- Jun- Dec- Dec- May- Oct- Mar- Aug- Jan- Jun- Dec-2003 2004 2004 2005 2005 2006 2006 2006 2003 2004 2004 2005 2005 2006 2006 2006

Daily from 12-Dec-2003 to 12-Dec-2006 Daily from 12-Dec-2003 to 12-Dec-2006

Colorprint ¹ S&P 500 Marketing Services Composite ²

Valuation Update 12

14 Jun 2007 16:11 14/14

Colorprint Enterprise Value / EBITDA Trading History

Three Years

11x

10x

9.4 x

Multiple

9x

EBITDA

8x            Average: 8.3x Value to LTM 7x            Enterprise High 10.1 x

6x            Low 6.1 x Avg 8.3 x Current 9.4 x

5x

4x

Dec-2003 May-2004 Oct-2004 Mar-2005 Aug-2005 Jan-2006 Jun-2006 Nov-2006

Daily from 12-Dec-2003 to 12-Dec-2006

Valuation Update 13

14 Jun 2007 16:11 15/15

Comparison of Selected Companies

($ in millions, except per share data)

\ Closing      % of            Equity            Calendarized 5-Year 2007 PE            LTM Price 52 Week            Market            Enterprise            Enterprise Value / EBITDA            P/E Multiples ² Est. EPS            to 5-Year  ;           EBITDA —— — Company 12-Dec-06 High            Cap ¹ Value ¹ LTM ¹ 2006 E 2007 E 2006 2007 CAGR ² CAGR ² Margin ¹ —— —— —— —— —— —— —— —— —— —— —— —— —— -— —

Colorprint $28.58 96 % $1,352 $1,432 9.4 x9.3 x 8.8 x 20.4 x 20.2 x 8.5 % 2.4 x 34.5 % Colorprint — Management 9.3 8.2 18.7 18.9

Colorprint — Management Adjusted ³ 8.8 8.0

—— —— —— —— —— —— —— -— —— —— —— —— -— —— —

Marketing Services Acxiom $25.42 96 % $2,026 $2,729 6.7 x6.8 x 6.4 x 26.1 x 21.3 x 15.0 % 1.4 x 29.7 % —— —— —— —— —— —— —— —— —— —— —— —— -— —

Harte Hanks 26.55 89 2,097 2,228 10.1 10.2 9.5 19.2 17.4 11.2 1.6 18.8

—— —— —— -— —— —— —— —— —— —— —— —— —— —— —

Advo 29.08 79 926 1,012 11.9 9.7 8.4 30.4 20.7 10.0 2.1 5.9

—— —— —— -— —— —— —— —— —— —— —— —— —— —— —

Valassis Communications 16.44 54 786 9597.0 6.9 7.0 10.4 11.0 7.0 1.6 12.9

—— —— —— -— —— —— —— —— —— —— —— —— —— —— —

InfoUSA 12.16 93 680 8098.8 9.1 7.5 19.0 13.7 NA            NA 22.6

—— —— —— -— —— —— —— —— —— —— —— —— —— —— —

Median 89 % 8.8 x 9.1 x 7.5 x 19.2 x 17.4 x 10.6 % 1.6 x 15.9 % Mean 82 8.9 8.5 7.8 21.0 16.8 10.8 1.7 16.8

—— —— —— -— —— —— —— —— —— —— —— —— —— —— —

Information Services Moody’s $69.58 96 % $20,312 $20,318 18.9 x18.2 x 16.6 x 31.8 x 27.8 x 15.0 % 1.9 x 56.0 % —— —— —— —— —— —— —— —— —— —— —— —— -— —

Alliance Data 63.22 96 5,212 5,835 13.1 11.5 10.3 20.5 17.9 18.0 1.0 23.6

—— —— —— -— —— —— —— —— —— —— —— —— —— —— —

Dun & Bradstreet 83.15 100 5,312 5,574 12.0 12.3 11.3 21.0 18.3 13.8 1.3 30.8

—— —— —— -— —— —— —— —— —— —— —— —— —— —— —

Equifax 41.31 100 5,272 5,760 11.2 10.8 10.0 20.6 18.8 10.5 1.8 34.0

—— —— —— -— —— —— —— —— —— —— —— —— —— —— —

ChoicePoint 37.93 82 3,102 3,455 10.1 10.2 9.8 22.7 20.0 15.0 1.3 32.2

—— —— —— -— —— —— —— —— —— —— —— —— —— —— —

Fair Isaac 41.41 87 2,735 2,908 13.1 10.8 10.1 18.3 15.9 12.5 1.3 26.8

—— —— —— -— —— —— —— —— —— —— —— —— —— —— —

First Advantage 22.14 72 1,289 1,521 9.9 9.4 8.4 21.1 18.3 20.0 0.9 21.1

—— —— —— -— —— —— —— -— —— —— —— —— —— —— —

Median 96 % 12.0 x 10.8 x 10.1 x 21.0 x 18.3 x 15.0 % 1.3 x 30.8 % Mean 90 12.6 11.9 10.9 22.3 19.6 15.0 1.4 32.1

—— —— —— -— —— —— —— —— —— —— —— —— —— —— —

Advertising Omnicom Group $104.86 100 % $18,404 $20,804 12.1 x12.5 x 11.4 x 21.0 x 18.7 x 12.0 % 1.6 x 15.4 % —— —— —— —— —— —— —— —— —— —— —— —— -— —

WPP Group 13.49 97 16,959 19,515 10.7 10.4 9.6 17.0 15.3 9.9 1.5 16.1

—— —— —— -— —— —— —— —— —— —— —— —— —— -— —— —

Publicis Groupe 39.21 88 8,663 8,602 7.2 8.0 7.5 16.2 14.9 3.0 5.0 20.8

—— —— —— -— —— —— —— -— —— —— —— —— —— -— —— —

Interpublic Group 11.75 95 5,184 6,899 19.7 16.7 10.2 NM 43.5 10.0 4.4 NM —— —— —— -— —— —— —— —— —— —— —— —— —— —— —

Havas 5.65 100 2,427 3,289 13.6 14.1 11.9 31.4 22.5 6.5 3.5 12.4

—— —— —— -— —— —— —— —— —— —— —— —— —— -— —— —

Median 97 % 12.1 x 12.5 x 10.2 x 19.0 x 18.7 x 9.9 % 3.5 x 15.7 % Mean 96 12.7 12.3 10.1 21.4 23.0 8.3 3.2 16.2

—— —— —— -— —— —— —— —— —— —— —— —— —— —— —

Publishing News Corp $21.18 98 % $67,733 $73,453 15.9 x14.4 x 12.9 x 22.7 x 19.2 x 17.0 % 1.1 x 18.3 % —— —— —— —— —— —— —— —— —— —— —— —— -— —

Thomson Corporation 42.22 98 27,069 30,983 14.0 12.3 11.4 25.1 22.8 13.5 1.7 24.3

—— —— —— -— —— —— —— —— —— —— —— —— —— —— —

McGraw-Hill 68.00 100 25,477 25,402 14.1 15.3 13.3 27.3 23.9 12.0 2.0 29.0

—— —— —— -— —— —— —— —— —— —— —— —— —— —— —

Wolters Kluwer 28.03 95 8,704 9,874 12.9 10.4 9.0 17.2 14.2 9.0 1.6 16.0

—— —— —— -— —— —— —— —— —— —— —— —— —— -— —— —

Median 98 % 14.1 x 13.4 x 12.1 x 23.9 x 21.0 x 12.8 % 1.6 x 24.3 % Mean 98 14.2 13.1 11.6 23.1 20.0 12.9 1.6 23.9

—— -— —— —— —— —— —— —— —— —

Valuation Update 14

14 Jun 2007 16:11 16/16

Illustrative Discounted Cash Flow Analysis

Valuation Date December 13, 2006 ($ in millions, except per share data)

As of 31-December — 2006 2007 2008 2009 2010 2011 —— —— —— —— —

Sales $460.3 $ 506.9 $547.5 $591.2 $638.5 $689.6 Growth 11.1 % 10.1 % 8.0 % 8.0 % 8.0% 8.0 % EBIT $115.3 $ 126.0 $139.3 $154.9 $171.7 $189.8 EBIT Margin 25.0 % 24.9 % 25.5 %26.2 % 26.9 % 27.5 % Taxes1 43.8 47.9 53.0 58.9 65.2 72.1

D&A $38.5 $53.2 $55.0 $55.0 $55.0 $55.0

Change in Working Capital (7.4) 2.3 2.0 2.2 2.3 2.5

Capex 110.0 65.0 55.0 55.0 55.0 55.0

Unlevered Free Cash Flow $(7.4) $68.6 $88.4 $98.2 $108.8 $120.2

Adjustment to year 12 8.1

— Unlevered Free Cash Flow 0.7 68.6 88.4 98.2 108.8 120.2

PV of Cash Flow 0.7 65.2 76.3 77.1 77.6 78.0

Discounted Cash Flow            Assumptions —— -— —

Value of FCF $374.9 Projections5 Management Terminal Value 1,287.0 Colorprint WACC 10.0 % PV of FCF’s 1,661.8 Change in Working Capital5 Management Tax Rate 1 38.0 % Net Debt3 79.3 $        Terminal LTM EBITDA Multiple 8.5 x Equity Value 1,582.5

Diluted Shares Outstanding4 48.2 Valuation as of 13-Dec-06 —— -— —

Implied Share Price $32.80

—— -— —

Valuation Update 15

14 Jun 2007 16:11 17/17

Illustrative DCF Sensitivities

Implied Share Price

Terminal LTM EBITDA Multiple

$ 0.0 8.0 x 8.5 x 9.0 x 9.5 x 10.0 x Discount 9.0 % $32.63 $34.08 $35.54 $36.99 $38.45 Rate 10.0 % 31.41 32.80 34.19 35.58 36.97 11.0 % 30.26 31.59 32.92 34.24 35.57

Implied Share Price            Implied Share Price Revenue Growth1 EBITDA Margin2 $0.06.0 % 7.0 % 8.0 % 9.0 % 10.0 % $0.0 33.5 % 34.5 % 35.5 % 36.5 % 37.5 % Discount9.0 %$31.53 $32.78 $34.08 $35.44 $36.86 9.0 % $32.04 $33.06 $34.08 $35.10 $36.12 Rate 10.0 % 30.36 31.56 32.80 34.11 35.46 10.0 % 30.84 31.82 32.80 33.78 34.77 11.0 % 29.25 30.39 31.59 32.84 34.14 11.0 % 29.70 30.64 31.59 32.54 33.48 Valuation Update 16

14 Jun 2007 16:11 18/18

Selected Precedent Transactions

Since 2003 ($ in millions)

LTM Multiples — Date Announced            Target            Acquiror            Levered Value            Sales            EBITDA            EBIT             Consideration —— —— —— —— —— —— —— —— —

Sep-06CPC            ADS $70 NA            NA 14.0 x            Cash —— —— —— —— —— —— —— —— —

Jul-06ADVO            Valassis 1,316 0.9 9.1x / 12.6x ¹ 21.6 Cash —— —— —— —— —— —— —— —— —

Aug-06PRIMIS            Parthenon Capital 115 NA 8.0 NA            Cash —— —— —— —— —— —— -— —— —— —

Feb-06Doubleclick Email            ADS 90 2.3 10.0 NA            Cash —— —— —— —— —— -— —— —— —

Jan-06Clarity Blue            Experian 188 ² 3.3 NA 20.0 Cash —— —— —— —— —— —— —— —— —

Jan-06VNU NV            Valcon Acquisition 11,566 2.2 11.3 19.0 Cash —— —— —— —— —— —— —— —— —

Sep-05Bigfoot Interactive            ADS 120 4.0 14.0 NA            Cash —— —— —— —— —— -— —— —— —

Aug-05Communications Group            WPP Group plc 68 NA            NA            NA            Cash —— —— —— —— —— -— —— —— —

Jul-05Cendant Marketing Services Division            Apollo 1,825 1.4 8.2 10.5 Cash —— —— —— —— —— —— —— —

Mar-05Digital Impact Inc. Acxiom 115 NA            NA            NA            Cash —— —— —— —— —— -— —— —— —

Mar-05Tampa Flyer            Harte Hanks 60 NA            NA            NA            Cash —— —— —— —— —— —— -— —— —— —

Apr-05DoubleClick            Hellman & Friedman 805 2.0 13.4 37.1 Cash —— —— —— —— —— —— -— —— —— —

Oct-04Epsilon Data Management            ADS 300 2.5 12.5 NA            Cash —— —— —— —— —— -— —— —— —

Sep-04Grey Global Group            WPP Group plc 1,520 0.9 17.2 NA            Cash/Stock —— —— —— —— —— —— —— —

Jul-04Seisint, Inc. Reed Elsevier 775 6.7 17.2 NA            Cash —— —— —— —— —— —— -— —— —— —

Jun-04Information Holdings            Thomson Corp. 441 5.4 NA            NA            Cash —— —— —— —— —— -— —— —— —

May-04TradeWeb            Thomson Corp. 535 NA            NA            NA            Cash —— —— —— —— —— —— -— —— —— —

Apr-04OneSource Information Services            infoUSA Inc 85 1.5 NA 18.6 Cash —— —— —— —— —— -— —— —— —

Apr-04Direct Group            Investor Group 50 NA            NA            NA            Cash —— —— —— —— —— —— -— —— —— —

Aug-03INFO1 LandAmerica Finl Group Inc 47 NA            NA            NA            Cash —— —— —— —— —— —— -— —— —— —

Aug-03Peter Black Direct Marketing            Merck 25 NA            NA            NA            Cash —— —— —— —— —— -— —— —— —

Jun-03Factual Data Corp            Kroll Inc 113 1.6 NA 7.3 Cash/Stock —— —— —— —— —— -— —— —— —

Jun-03Cordiant Communications            WPP Group plc 331 0.7 6.5 NA            Cash —— —— —— —— —— -— —— —— —

May-03Tele-V            National Mgmt Consulting 42 NA            NA            NA            Common Stock —— —— —— —— —— —— -— —— —— —

May-03Mosaic Sales Solutions            JLL Partners 76 NA            NA            NA            Cash —— —— —— —— —— -— —— —— —

May-03NFO WorldGroup            Taylor Nelson Sofres 435 0.9 8.3 11.6 Cash —— —— —— —— —— -— —— —— —

Apr-03Insurance Mgmt Solutions Group            Fiserv Inc 41 1.4 NM            NM            Cash —— —— —— —— —— -— —— —— —

Mar-03Scorex            Experian 111 2.4 NA            NA            Cash —— —— —— —— —— —— -— —— —— —

Feb-03Zenith Optimedia            Publicis Groupe SA 119 NA            NA            NA            Undisclosed —— —— —— —— —— -— —— —— —

Jan-03Nordic Info Group A/S            Experian 142 3.0 8.2 15.2 Cash —— —— —— —— —— -— —— —— —

Median 2.1 x 11.3 x 16.9 x —— -— —— —

Valuation Update 17

14 Jun 2007 16:11 19/19

Comparison of Selected Premiums

100% Cash Consideration, Last 3 Years1 ($ in millions)

Premium — AnnouncedTarget            Acquiror            Equity Value 1 Day 1 Week 4 Weeks —— —— —— —— —— — 11/30/06Digital Insight Corp            Intuit Inc $1,354 18.2 %16.7 % 30.2 % —— —— —— —— —— — 11/16/06Conor Medsystems Inc            Johnson & Johnson Inc 1,459 23.8 29.3 36.7 —— —— —— —— —— —— — 11/06/06Per-Se Technologies            McKesson Corp 1,095 14.5 16.5 19.3 —— —— —— —— —— —— — 10/31/06Banta Corp            RR Donnelley & Sons Co 1,306 16.6 14.8 11.9 —— —— —— —— —— —— — 10/30/06Sirna Therapeutics Inc            Merck & Co Inc 1,132 95.8 83.0 128.8 —— —— —— —— —— —— — 10/30/06Trustreet Properties Inc            GE Capital Solutions Franchise 1,151 36.3 36.4 38.2 —— —— —— —— —— —— —

10/30/06Trammell Crow Co            CB Richard Ellis Group Inc 1,971 28.1 31.6 38.8

—— —— —— —— —— —— —

10/26/06Kanbay International Inc            Capgemini SA 1,162 15.9 24.8 36.8

—— —— —— —— —— —— —

10/25/06Universal American Financial            Investor Group 1,107 12.2 14.4 9.5

—— —— —— —— —— —— —

10/11/06Jacuzzi Brands Inc            Apollo Management LP 1,240 20.8 20.2 20.8

—— —— —— —— —— —— —

10/25/06Yankee Candle Co Inc            Madison Dearborn Partners LLC 1,724 21.0 19.0 21.3

—— —— —— —— —— —— —

08/23/06Internet Sec Sys Group Inc            IBM Corp 1,303 7.7 8.2 16.9

—— —— —— —— —— —— —

08/10/06FileNet Corp            IBM Corp 1,557 1.0 4.0 29.1

—— —— —— —— —— —— —

07/09/06Heritage Ppty Invest Trust Inc            Centro Properties Group 1,753 3.3 3.5 3.6

—— —— —— —— —— —— —

05/14/06SSA Global Technologies Inc            Infor Global Solutions 1,529 25.1 24.0 25.8

—— —— —— —— —— —— —

05/01/06Aviall Inc            Boeing Co 1,716 27.3 28.7 27.2

—— —— —— —— —— —— —

04/27/06Diagnostic Products Corp            Siemens Medical Solutions Inc 1,767 20.7 17.7 24.5

—— —— —— —— —— —— —

04/25/06Serologicals Corp            Millipore Corp 1,389 35.3 34.3 33.1

—— —— —— —— —— —— —

04/20/06Ubiquitel Inc            Sprint Nextel Corp 1,035 1.6 1.9 3.1

—— —— —— —— —— —— —

01/22/06Sports Authority Inc            Investor Group 1,021 20.0 26.0 20.8

—— —— —— —— —— —— —

11/20/05Beverly Enterprises Inc            Fillmore Capital Partners LLC 1,593 33.3 35.9 36.8

—— —— —— —— —— —— —

11/10/05SERENA Software Inc            Silver Lake Partners 1,026 2.7 7.3 24.4

—— —— —— —— —— —— —

11/08/05Linens n Things Inc            Investor Group 1,295 7.9 14.9 17.0

—— —— —— —— —— —— —

10/24/05Amli Residential Ppty Trust            Prime Property Fund 1,177 20.7 22.7 19.1

—— —— —— —— —— —— —

10/16/05Adv Neuromodulations Sys Inc            St Jude Medical Inc 1,369 30.4 22.8 21.8

—— —— —— —— —— —— —

09/29/05IDX Systems Corp            GE Healthcare Ltd 1,488 25.1 33.6 38.8

—— —— —— —— —— —— —

09/15/05UICI            Investor Group 1,719 19.1 17.1 19.9

—— —— —— —— —— —— —

08/04/05Metris Cos Inc            HSBC Finance Corp 1,575 1.1 0.5 3.2

—— —— —— —— —— —— —

07/21/05Priority Healthcare Corp            Express Scripts Inc 1,252 7.7 9.3 10.7

—— —— —— —— —— —— —

07/10/05US Unwired Inc            Sprint Corp 1,072 1.5 4.3 24.3

—— —— —— —— —— —— —

06/16/05Vicuron Pharmaceuticals Inc            Pfizer Inc 1,916 84.2 78.6 68.4

—— —— —— —— —— —— —

06/13/05Commercial Federal,Omaha,NE            Bank of the West,CA 1,367 34.1 34.8 36.1

—— —— —— —— —— —— —

06/07/05Gables Residential Trust            Investor Group 1,272 14.1 19.5 17.1

—— —— —— —— —— —— —

05/16/05Overnite Corp            UPS 1,220 46.2 35.8 42.7

—— —— —— —— —— —— —

05/12/05Cuno Inc 3M Co 1,290 31.3 34.7 36.8

—— —— —— —— —— —— —

04/21/05Transkaryotic Therapies Inc            Shire Pharmaceuticals Grp PLC 1,384 21.6 38.1 55.5

—— —— —— —— —— —— —

03/14/05Ascential Software Corp            IBM Corp 1,121 17.8 17.0 16.8

—— —— —— —— —— —— —

01/31/05Pulitzer Inc            Lee Enterprises Inc 1,432 1.8 (1.5) (0.9)

—— —— —— —— —— —— —

01/27/05Genencor International Inc            Danisco A/S 1,151 23.9 22.4 15.8

—— —— —— —— —— —— —

11/24/04Ionics Inc            GE Infrastructure Inc 1,072 47.9 43.0 52.5

—— —— —— —— —— —— —

11/03/04Argosy Gaming Co            Penn National Gaming Inc 1,408 16.4 11.1 17.8

—— —— —— —— —— —— —

10/20/04Boca Resorts Inc            Blackstone Real Estate Advisor 1,031 27.9 30.7 31.1

—— —— —— —— —— —— —

10/19/04Robert Mondavi Corp            Constellation Brands Inc 1,030 49.9 52.3 50.9

—— —— —— —— —— —— —

10/18/04Select Medical Corp            EGL Holding Co 1,983 26.6 27.8 39.3

—— —— —— —— —— —— —

09/29/04Orbitz Inc            Cendant Corp 1,229 34.5 33.8 48.4

—— —— —— —— —— —— —

07/13/04National Processing Inc            Bank of America Corp 1,425 (9.5) (8.0) (8.8)

—— —— —— —— —— —— —

05/24/04NeighborCare Inc            Omnicare Inc 1,410 96.7 94.4 44.2

—— —— —— —— —— —— —

05/24/04WFS Financial Inc            Westcorp,Irvine,CA 1,940 3.5 6.2 5.1

—— —— —— —— —— —— —

05/19/04ALARIS Medical Systems Inc            Cardinal Health Inc 1,743 18.4 11.6 17.8

—— —— —— —— —— —— —

05/18/04Kroll Inc            Marsh & McLennan Cos Inc 1,958 32.4 32.9 34.6

—— —— —— —— —— —— —

03/22/04US Oncology Inc            Welsh Carson Anderson & Stowe 1,302 18.5 20.3 17.3

—— —— —— —— —— —— —

03/15/04InVision Technologies Inc            GE Infrastructure Inc 1,159 21.3 23.3 31.3

—— —— —— —— —— —— —

01/13/04TheraSense Inc            Abbott Laboratories 1,243 33.0 35.5 50.0

—— —— —— —— —— —— —

12/21/03Esperion Therapeutics Inc            Pfizer Inc 1,281 54.2 52.8 57.6

—— —— —— —— —— —— —

Median—100% Cash Transactions 20.9 % 22.7 % 25.2 %

1. Includes equity values between $1 billion and $2 billion over last three years. US public company targets only.

Valuation Update 18

14 Jun 2007 16:11 20/20 III. LBO Analysis LBO Analysis 19

14 Jun 2007 16:11 21/21

Illustrative LBO Analysis

Assumes $33.00 Purchase Price —— —— —— —— —— —— —— — Sources and Uses —— —— —— —— —— —— -— —— —— —— — 7.0 x Total Debt / EBITDA —— —— —— —— —— —— -— —— —— —— — Sources of Funds            Uses of Funds —— — Amount            Expected            Cost of      % of            x 12/31/06 E            Amount ($mm) Rating            Debt            Total            Adj. EBITDA 1 ($mm) —— —— —— —— —— —— — Revolver2 $0.0 Ba3/B            L + 250 0.0 % 0.0 x            Equity Consideration3 $1,593.2 1st Lien Term Loan B 700.0 Ba3/B            L + 250 40.1 % 4.3 x            Existing Debt Retired 111.6 —— —— —— —— —— —— —— —— — Bank Debt $700.0 40.1 % 4.3 x            Total Purchase Price 1,704.8 —— —— —— —— —— — Senior Unsecured Notes 275.0 B3/CCC+ 9.0% 15.8 % 1.7 x            Legal / Advisory Fees 12.0 Senior Debt $975.0 55.8 % 6.0 x            Financing Costs 29.2 Senior Subordinated Notes 160.0 Caa1/CCC+ 10.5 %9.2 % 1.0 x —— —— —— —— —— —— — Total Debt$1,135.0 65.0 % 7.0 x —— —— — Sponsor Equity Contribution 611.0 35.0 % 3.8 x —— —— —— —— — Total Sources$1,746.0 100.0 % 10.8 x            Total Uses $1,746.0 —— —— —— —— — LBO Analysis 20

14 Jun 2007 16:11 22/22

Illustrative LBO Returns Analysis

Returns at Various Exit Dates – Assumes 7.0x Leverage, Exit at 8.5x LTM EBITDA

Entrance Premium to Undisturbed Stock Price

19.7 % 23.8 % 27.9 % 32.1 % 36.2 % 40.3 %

1540 % $ 29.00 $ 30.00 $ 31.00 $ 32.00 $ 33.00 $ 34.00

2010 27.6 % 23.2 % 19.5 % 16.3 % 13.4 % 10.9 %

Exit Date 2011 26.6 23.2 20.3 17.7 15.4 13.4

2012 25.6 22.8 20.4 18.3 16.4 14.7

Returns at Various Exit Multiples – Assumes 7.0x Leverage

Entrance Premium to Undisturbed Stock Price

19.7 % 23.8 % 27.9 % 32.1 % 36.2 % 40.3 %

32 % $29.00 $30.00 $31.00 $32.00 $33.00 $34.00 —— —— —— —— —— — EBITDA            Multiple

8.0 x 23.8 % 20.5 % 17.6 % 15.1 % 12.9 % 10.8 % 8.5 x 26.6 23.2 20.3 17.7 15.4 13.4 9.0 x 29.2 25.7 22.7 20.1 17.8 15.7

2011 Exit 9.5 x 31.6 28.1 25.0 22.4 20.0 17.8

10.0 x 33.9 30.3 27.2 24.5 22.0 19.9
Returns at Various Leverage Levels – Assumes Exit at 8.5x 2011 LTM EBITDA

Entrance Premium to Undisturbed Stock Price

19.7 % 23.8 % 27.9 % 32.1 % 36.2 % 40.3 %

15 % $29.00 $30.00 $31.00 $32.00 $33.00 $34.00 —— —— —— —— —— — EBITDA

6.0 x 21.8 % 19.4 % 17.3 % 15.3 % 13.6 % 11.9 %
6.5 x 23.9 21.1 18.6 16.4 14.4 12.6

Debt / at Close 7.0 x 26.6 23.2 20.3 17.7 15.4 13.4
LTM 7.5 x 30.5 26.1 22.5 19.4 16.7 14.3

8.0 x 36.0 30.1 25.5 21.6 18.4 15.6

LBO Analysis 21

14 Jun 2007 16:11 23/23

Base Case for Illustrative LBO Analysis1

($ in millions)

Pro Forma CY Ended December 31,

($in millions) LTM 12/31/06E 2007E ² 2008P 2009 P 2010 P 2011P 2012P —— —— -— —— —— -— —— —— -— —— —— —— —— -— —

OPERATIONAL DATA —— —— —— —— -— —— —— -— —— —— -— —— —— -— —— —

Total Sales $460.3 $506.9 $547.5 $591.2 $638.5 $689.6 $744.8

—— —— —— —— —— —— —— —— —— —— —

growth 10.1 % 8.0 % 8.0 % 8.0 % 8.0 % 8.0 % —— —— —— —— —— —— —— —— —— —— —— —— —— —— —— —

Adjusted EBITDA 162.3 176.9 194.3 209.9 226.7 244.8 264.4

—— —— —— —— —— —— —— —— —— —— -— —— -— —

35.5% 35.5% 35.5% margin 35.3% 34.9% 35.5% 35.5% —— —— -— —— —— -— —— —— —— —

EBIT $123.8 $123.7 $139.3 $154.9 $171.7 $189.8 $209.4

—— —— —— —— —— —— —— —— —— —— —— —

Total Interest Expense 1.4 94.9 89.8 87.5 84.6 80.4 74.8

—— —— —— —— —— —— —— —— —— —— —— —— —— —— —

Net Income (Loss) to Common 77.1 17.9 30.7 41.8 54.0 67.8 83.5

SELECTED CASH FLOW DATA:

—— —— —— —— -— —— —— -— —— —— -— —— —— -— —— —

Adjusted EBITDA $162.3 $176.9 $194.3 $209.9 $226.7 $244.8 $264.4

—— —— —— —— —— —— —— —— —— —— —

+/- Changes in Working Capital (7.4) 2.3 2.0 2.2 2.3 2.5 2.7

—— —— —— —— —— -— —— —— -— —— —— -— —— —— -— —— —

(55.0) (55.0) (110.0) (65.0) — Total Capital Expenditures (55.0) (55.0) (55.0) —— —— —— —

= Operating Cash Flow 44.9 114.2 141.3 157.1 174.0 192.3 212.1

—— —— —— —— —— —— —— —— —

(18.8) (51.2) — (46.5) (10.9) Cash Taxes (25.6) (33.1) (41.6) —— —— —— -— —— —— —— -— —— —— —— -— — (86.8) (71.8) — (92.0) Cash Interest Expense (net) (1.4) (84.6) (81.6) (77.5) —— —— -— —— —— —— -— —— —— —— -— — =Cash for Debt Service (3.0 ) 11.3 35.7 46.9 59.3 73.3 89.1 Cumulative Cash for Debt Service 11.3 46.9 93.8 153.1 226.3 315.5 —— —— —— —— —— —— —— —— —— —— —— —— —— —— —— —— — CAPITALIZATION: —— —— —— —— —— -— —— —— -— —— —— —— —— —— —— -— —— — Cash $36.0 $15.0 $15.0 $15.0 $15.0 $15.0 $15.0 —— —— —— —— —— —— —— —— —— —— —— —— —— — Revolver 0.0 0.0 0.0 0.0 0.0 0.0 0.0 —— —— —— —— —— -— —— —— -— —— —— —— —— —— —— -— —— — 1st Lien Term Loan B 700.0 667.7 632.1 585.2 525.9 452.7 363.5 —— —— —— —— —— —— —— —— —— —— —— —— —— —— -— —— -— — Total Bank Debt $700.0 $667.7 $632.1 $585.2 $525.9 $452.7 $363.5 —— —— —— —— —— —— —— —— —— —— —— — Senior Subordinated Notes 160.0 160.0 160.0 160.0 160.0 160.0 160.0 —— —— —— —— —— —— —— —— —— —— —— —— —— —— -— —— -— — Total Debt $1,135.0 $1,102.7 $1,067.1 $1,020.2 $960.9 $887.7 $798.5 —— —— —— —— —— —— —— — Shareholders’ Equity 611.0 628.9 659.6 701.4 755.4 823.3 906.7 —— —— —— —— —— —— —— —— —— —— —— —— —— —— -— —— -— — Total Capitalization 1,746.0 1,731.6 1,726.7 1,721.6 1,716.4 1,710.9 1,705.3 CREDIT STATISTICS: —— —— —— —— —— -— —— —— -— —— —— —— —— —— —— -— —— — Adjusted EBITDA / 1st Lien Interest 3.1 x 3.5 x 4.3 x 4.9 x 5.7 x 6.8 x 8.7 x —— —— —— —— —— -— —— —— -— —— —— —— —— —— —— -— —— — Adjusted EBITDA / Cash Interest 1.7 x 1.9 x 2.2 x 2.5 x 2.8 x 3.2 x 3.7 x —— —— —— —— —— -— —— —— -— —— —— —— —— —— —— -— —— — Adjusted EBITDA / Total Interest 1.6 x 1.9 x 2.2 x 2.4 x 2.7 x 3.0 x 3.5 x —— —— —— —— —— -— —— —— -— —— —— —— —— —— —— -— —— — (Adjusted EBITDA – Capex) / Total Interest 36.9 x 1.2 x 1.6 x 1.8 x 2.0 x 2.4 x 2.8 x —— —— —— —— —— -— —— —— -— —— —— —— —— —— —— -— —— — 1st Lien Debt / Adj. EBITDA 4.3 x 3.8 x 3.3 x 2.8 x 2.3 x 1.8 x 1.4 x —— —— —— —— —— -— —— —— -— —— —— —— —— —— —— -— —— — Senior Debt / Adj. EBITDA 6.0 x 5.3 x 4.7 x 4.1 x 3.5 x 3.0 x 2.4 x —— —— —— —— —— -— —— —— -— —— —— —— —— —— —— -— —— — Total Debt / Adj. EBITDA 7.0 x 6.2 x 5.5 x 4.9 x 4.2 x 3.6 x 3.0 x —— —— —— —— —— -— —— —— -— —— —— —— —— —— —— -— —— — Free Cash Flow / Total Debt (0.3 )% 1.0 % 3.3 % 4.6 % 6.2 % 8.3 % 11.2 % —— —— —— —— —— -— —— —— -— —— —— —— —— —— -— —— -— — Total Debt / Total Capitalization 65.0 % 63.7 % 61.8 % 59.3 % 56.0 % 51.9 % 46.8 %

1 Based on management projections. Management projections have not yet been reviewed by Colorprint ’s board.

LBO Analysis23

14 Jun 2007 16:11 24/24 Appendix A: Financial Sponsors Profiles Financial Sponsors Profiles 23

Bidder A Information Financial Sponsors Profiles 24

Bidder B Information Financial Sponsors Profiles 25

Bidder C Information Financial Sponsors Profiles 26

14 Jun 2007 16:11 28/28 Hellman & Friedman Overview            Senior Investment Team —— —— —

n Hellman & Friedman, founded in 1984, is a private equity investment            Warren Hellman            Co-Founder and Chairman —— —— — firm well respected for its distinctive investment philosophy and Brian Powers            CEO —— —— — approach n During its 18-year investing history, the Firm has raised and managed            C. Andrew Ballard            Managing Director —— —— — over $8 billion of capital and has invested in over 50 companies            Mitchell Cohen            Managing Director —— —— — n Hellman & Friedman is currently investing its fifth fund, Hellman & Jeffrey Goldstein            Managing Director —— —— — Friedman Capital Partners V, with $3.5 billion of committed capital. Philip Hammarskjold            Managing Director —— —— — n Hellman & Friedman is raising $8 billion for its sixth fund, Hellman & Friedman Capital Partners VI. Patrick Healy            Managing Director —— —— — n The Firm looks to invest long-term equity capital to support the            Georgia Lee            Managing Director —— —— — strategic and financial objectives of outstanding management teams Thomas Steyer            Managing Director —— —— — operating businesses with defensible positions in growing markets n The Group has a target investment size of $100 million — $1 billion            Allen Thorpe            Managing Director —— —— — n            Offices are located in San Francisco, London, and New York            David Tunnell            Managing Director —— —— — Frank Zarb            Managing Director Notable Recent Investments —— —— —— —— —— —— —— —— —

Investment            Date            Size ($mm) Investment            Date            Size ($mm) —— —— —— —— —— —— —— —— —

Intergraph Corp. 31-Aug-2006 $1,331 Texas Genco Holdings Inc. 21-Jul-2004 $3,650

—— —— —— —— —— —— —— —— —

Activant Solutions Inc. 13-Mar-2006 825 Delaware International Ltd. 05-May-2004 200

—— —— —— —— —— —— —

VNU NV 16-Jan-2006 11,000 Arch Capital Group Limited 20-Nov-2001 250

—— —— —— —— —— —— —— —— —

LPL Group 27-Oct-2005 2,500 NASDAQ 28-Mar-2001 240

—— —— —— —— —— —— —

DoubleClick Inc. 25-Apr-2005 1,100 Mitchell International 29-Feb-2000 NA —— —— —

Vertafore 23-Nov-2004 NA

Financial Sponsors Profiles 28

Bidder D Information Financial Sponsors Profiles 28

Bidder E Information Financial Sponsors Profiles 29

Bidder F Information Financial Sponsors Profiles 30

Bidder G Information Financial Sponsors Profiles 31

Bidder H Information Financial Sponsors Profiles 32

14 Jun 2007 16:11 34/34

Appendix B: Additional Information

Additional Information 33

14 Jun 2007 16:11 35/35

Colorprint

Summary Financials ($ in millions)

For FY Ended Mar 31, For CY Ending Dec 31, —— — 20021 2003 2004 2005 2006 2006 E22007 E2 —— —— —— —— —— —— —— —

Income Statement Net revenues $367.9 $383.8 $408.6 $410.1 $417.7 $460.3 $506.9

% YOY growth 8.2 % 4.3 % 6.5 % 0.3 % 1.9 % 14.0 % 10.1 % EBITDA $136.5 $127.0 $143.4 $151.2 $150.2 $153.8 $175.4

% YOY growth 9.1 % (6.9) % 12.9 % 5.5 % (0.7) % 9.2 % 14.0 % % EBITDA margin 37.1 33.1 35.1 36.9 35.9 33.4 34.6

D&A $40.9 $40.9 $45.2 $42.4 $36.0 $38.5 $53.2

% of revenue 11.1 % 10.6 % 11.1 % 10.4 % 8.6 % 8.4 % 10.5 % Operating income $95.6 $86.1 $98.1 $108.8 $114.2 $115.3 $122.2

% YOY growth 17.3 % (9.9) % 13.9 % 10.9 % 4.9 % 10.9 % 6.0 % % Operating margin 26.0 22.4 24.0 26.5 27.3 25.0 24.1

Net Income from Operations $66.6 $51.6 $60.4 $68.6 $71.6 $72.1 $69.3

% YOY growth 19.8 % (22.6) % 17.1 % 13.6 % 4.4 % 10.1 % (3.9) % Diluted EPS $1.17 $0.94 $1.15 $1.31 $1.46 $1.53 $1.51

% YOY growth 21.5 % (19.5) % 22.9 % 13.5 % 11.7 % 22.4 % (1.3) % Diluted Shares Outstanding 57.1 54.9 52.3 52.4 48.9 46.9 45.9

Balance Sheet PP&E, Net $146.1 $148.7 $126.8 $103.3 $128.5 $203.0 NA Total assets 415.9 422.4 386.8 392.7 337.1 433.7 NA Cash & securities 13.7 1.7 72.7 116.2 28.1 36.0 NA Debt 60.9 68.2 66.9 64.6 61.9 137.0 NA Shareholders equity 223.3 216.0 184.7 196.4 143.2 162.7 NA Selected Data ROACE 32.8 % 23.5 % 30.1 % 36.0 % 42.2 % 43.4 % NA Debt / Total Capital 21.4 24.0 26.6 24.8 30.2 45.7 NA Debt / EBITDA 0.4 x 0.5 x 0.5 x 0.4 x 0.4 x 0.9 x            NA Free Cash Flow $73.3 $64.7 $96.3 $85.6 $42.6 $(10.4) $64.0

Additional Information 35

14 Jun 2007 16:11 36/36

Adjusted EBITDA Calculations

($ in millions)

CY 2006E CY 2007E —— — EBIT $115.3 $122.2 Depreciation & Amortization 38.5 53.2 —— — EBITDA $153.8 $175.4 One time items Year End Change Accounting Expense $0.6 $0.0 Color Installation 2.9 0.8 Severance 1.7 0.0 Office Closure 0.5 0.0 Shareholder Settlement 0.3 0.0 —— — $6.0 $0.8 Public Co. Activities Investor Relations $0.7 $0.7 Audit Firm Services 0.6 0.6 Internal Audit SOX 1.0 1.0 Accounting Organization 0.7 0.7 —— — $3.0 $3.0 Total Adjustments $9.0 $3.8 Reduction in Adjustments For Conservatism (0.5) 0.0 —— — Adjusted EBITDA $162.3 $179.2

Additional Information 35

14 Jun 2007 16:11 37/37

Research Analysts’ Recommendations and Estimates

Analyst Recommendations            Evolution of Estimates1 Strong $1.49 Buy 2009E $1.60 13% $1.46 Underperform            Estimate Buy 2008E 25% $1.20 $1.25 $1.46 13% $1.27 2005A 2006A

2007E EPS $1.19 $0.80

2004A

Hold 50% $0.40

Dec-2003 Jul-2004 Feb-2005 Sep-2005 Apr-2006 Nov-2006

Monthly from 31-Dec-2003 to 12-Dec-2006

Recommendations: 8 2004 2005 2006 2007 2008 2009

Price Targets Individual Analyst Estimates 2 —— —— —— —— —— —— —— —— -— —— —— —— -— —

Growth Estimates            CY Ended Dec —— -— —— —— — Estimate ‘ 05- ‘ 06-’07E 5-Yr. ‘ 06 E‘ 07 E Broker Date            Rating ‘ 06 E —— —— —— —— —— —— -— —— —— —— -— —

Goldman 26-Oct-2006 Underperform 24.0 % -1.3 % — $1.55 $1.53

Sachs3 Bear, Stearns 01-Nov-2006 Hold 25.6 % -0.6 % 8.5 % 1.57 1.56

—— —— —— —— —— -— —— —— —— —— —

Deutsche Bank 31-Oct-2006 Hold 24.8 % 12.8 % — 1.56 1.76

—— —— —— —— —— -— —— —— —— —— —

First Anal. Sec. 01-Nov-2006 Hold 24.0 % 5.8 % 10.0 4 1.55 1.64

—— —— —— —— —— -— —— —— —— —— —

JMP Securities 22-Nov-2006 Underperform 27.2 % 1.9 % 10.0 1.59 1.62

—— —— —— —— —— -— —— —— —— —— —

J.P. Morgan 02-Nov-2006 Buy 27.2 % 13.2 % — 1.59 1.80

—— —— —— —— —— -— —— —— —— —— —

Robert W. Baird 01-Nov-2006 Hold 23.2 % 1.3 % — 1.54 1.56

—— —— —— —— —— -— —— —— —— —

$30.00 $29.00 Current = $28.58 $28.00

$26.00 $24.62 $25.00

$24.00 $23.00 $22.00

$20.00

Goldman Robert Deutsche JMP Sachs ² Baird            Bank Securities

[Graphic Appears Here]

Evolution of EPS estimates based on fiscal year-end Mar-31 estimates, estimates unadjusted for FAS123R expense. 2 EPS estimates adjusted to exclude FAS123R expense.

3 Goldman Sachs coverage of POS was temporarily suspended on 8-Dec-2006.

4 First Analysis Securities estimate excluded from IBES median 5 year growth estimate.

Additional Information 36

14 Jun 2007 16:11 38/38

Management vs. Analysts Estimates

($ in millions, except per share data)

CY 2006 Estimates1 —— —— —— —— —— —— —— -— —— —— — EPS            Revenue            EBITDA            EBIT            Net Income            Avg. Shares —— —— —— —— —— —— —— —— —

Management2 $1.53 $460.3 $153.8 $115.3 $72.1 47.1

—— —— —— —— —— —— —— —— —

Goldman, Sachs & Co. 1.55 452.5 NA            NA 75.3 48.6

—— —— —— —— —— —— —— -— —— —— —— —— —

Bear, Stearns & Co. 1.57 449.0 156.4 118.0 73.4 46.8

—— —— —— —— —— —— —— —— —— —— -— —— —

Deutsche Bank North America 1.56 451.9 153.0 114.7 73.0 46.8

—— —— —— —— —— —— —— —— —— -— —— —

First Analysis Securities Corp 1.55 451.2 150.3 113.1 72.7 46.9

—— —— —— —— —— —— —— —— —— -— —— —

JMP Securities 1.59 452.8 NA 116.2 74.2 46.7

—— —— —— —— —— —— —— -— —— —— —— —— —

JP Morgan 1.59 NA            NA            NA            NA            NA —— —— —— —— —— —— —— —— —— —— —— —

Robert W. Baird & Co., Inc. 1.54 456.4 155.7 117.1 72.1 46.8

—— —— —— —— —— —— —— —— —— -— —— —

William Blair & Company, L.L.C. 1.51 450.7 NA            NA            NA            NA —— —— —— —— —— —— -— —— —— —— —— —

Analyst Median $1.56 $451.9 $154.4 $116.2 $73.2 46.8

Analyst Range — High to Low 5.3 % 1.6 % 4.0 % 4.3 % 4.4 % 4.0 % CY 2007 Estimates3 —— —— —— —— —— —— —— —— —— —

EPS            Revenue            EBITDA            EBIT            Net Income            Avg. Shares —— —— —— —— —— —— —— —— —

Management2 $1.51 $506.9 $175.4 $122.2 $69.3 45.9

—— —— —— —— —— —— —— —— —

Goldman, Sachs & Co. 1.53 465.4 163.6 106.7 72.4 47.2

—— —— —— —— —— —— —— —— —— —

Bear, Stearns & Co. 1.56 470.7 162.7 107.0 71.0 45.5

—— —— —— —— —— —— —— —— —— —

Deutsche Bank North America 1.76 492.1 172.9 123.3 79.9 45.5

—— —— —— —— —— —— —— —— —

First Analysis Securities Corp 1.64 477.7 156.9 113.4 76.3 46.6

—— —— —— —— —— —— —— —— —

JMP Securities 1.62 490.7 NA 113.5 75.0 46.2

—— —— —— —— —— —— —— —— —— —

JP Morgan 1.80 NA            NA            NA            NA            NA —— —— —— —— —— —— —— —— —— —

Robert W. Baird & Co., Inc. 1.56 504.3 172.1 122.6 71.5 45.9

—— —— —— —— —— —— —— —— —

William Blair & Company, L.L.C. 1.65 485.5 NA            NA            NA            NA —— —— —— —— —— —— —— —— —

Analyst Median $1.62 $485.5 $163.6 $115.1 $73.8 46.1

17.6 % 10.2 % Analyst Range — High to Low 8.4 % 15.6 % 12.5 % 3.8 % Additional Information 37

14 Jun 2007 16:11 39/39 Peer Beta Calculation Average of Different Beta Sources 5-Year Levered Betas — Barra            Bloomberg1 Average —— —— —— —

Colorprint 0.97 1.19 1.08

—— —— —— —

Harte Hanks 0.81 0.71 0.76

—— —— —— —

Acxiom 0.79 1.02 0.91

—— —— —— —

Valassis 1.56 0.91 1.23

—— —— —— —

Advo 1.15 0.81 0.98

—— —— —— —

InfoUSA 1.21 1.19 1.20

—— —— —— —

Median 1.06 0.97 1.03

—— —— —— —

Additional Information 38

14 Jun 2007 16:11 40/40

Cost of Equity and WACC Analysis

($in millions) —— —— —— —— —— —— —— —— —— —— — Risk            Cost of            Pre-Tax            Effective Risk-Free            Premium            Equity Beta            Equity            Cost of            Tax Rate            Current    & nbsp;       Curr. Mkt. Val. Rate1 2 3 4 (t)5 Debt (D)6 of Equity (E)7 WACC —— —— —— —— —

(Rp) (Be) (Ke) Debt (Kd) —— —— —— —— —— —— —— —— —— —— —

Colorprint8 4.54 % 5.00 % 1.08 9.93 % 5.34 % 38.0 % $112 $1,352 9.42 % —— —— —— —— —— —— —— —— —— —

Harte Hanks 4.54 % 5.00 % 0.76 8.35 % 5.96 % 38.0 % $167 $2,097 8.00 % —— —— —— —— —— —— —— —— —— —

Acxiom 4.54 5.00 0.91 9.07 6.63 39.0 795 2,026 7.65

—— —— —— —— —— —— —— —— —— —— —

Valassis9 4.54 5.00 1.23 10.71 6.23 35.0 260 786 9.06

—— —— —— —— —— —— —— —— —— —— —

Advo 4.54 5.00 0.98 9.45 7.10 35.1 124 926 8.87

—— —— —— —— —— —— —— —— —— —— —

InfoUSA 4.54 5.00 1.20 10.53 7.08 36.0 137 680 9.53

—— —— —— —— —— —— —— —— —— —— —

Median 1.03 9.69 % 8.96 % —— —— —— —

Additional Information 39

14 Jun 2007 16:11 41/41

Appendix C: Sponsor Proposals

Sponsor Proposals 40

EX-99.(C)(5)

Exhibit (c)(5)

Presentation to Colorprint Indication of Interest Update Goldman, Sachs & Co. 22-Dec-2006

Table of Contents I. Bid and Schedule Update Appendix A: Financial Sponsors Profiles Appendix B: Sponsor Proposals Goldman Sachs does not provide accounting, tax, or legal advice. Notwithstanding anything in this document to the contrary, and except as required to enable compliance with applicable securities law, you (and each of your employees, representatives, and other agents) may disclose to any and all persons the US federal income and state tax treatment and tax structure of the transaction and all materials of any kind (including tax opinions and other tax analyses) that are provided to you relating to such tax treatment and tax structure, without Goldman Sachs imposing any limitation of any kind.

I. Bid and Schedule Update

Comparison of Preliminary Indications of Interest New Indications of Interest Key Transaction Terms Bidder A1) Bidder B Equity Con hsideration Per Share $28.00-$30.00 $33.00-$35.00 Enterprise Value ($mm) $1,431-$1,528 $1,673-$1,782 Expected Sources of Financing Equity provided by Bidder A’s internally managed group of private equity funds (Over $12.0 bn) Debt financing to be specified after continued work Equity provided by Bidder B ($4.25 bn) Debt financing consistent with Goldman indicative leverage levels (7.0x) Timing Issues NA Assuming management presentations begin in early January and Bidder B has access to management transaction could be signed in March 2007 Position Regarding Existing Management Welcome and encourage direct equity participation in this transaction by members of management Expect to develop a management incentive equity program Plan to structure a comprehensive equity ownership plan Bidder B will not engage in daily operations or management of Catalina. Providence invests in companies where management has their confidence to execute the agreed strategy. Other Considerations / Assumptions Due diligence focused on: 1. Industry competitive dynamics 2. The evolution of Catalina’s customer relationships 3. Sources of historical organic growth 4. Current and future opportunities to grow the business 5. Customary legal and accounting due diligence Assumes that the business is delivered with normal levels of working capital Due diligence focused on: 1. Detailed review of recent performance 2. Business unit profitability trends 3. Review of color printing initiative 4. Standard legal, tax, insurance, and pension issues 5. Review of material contracts 6. Review of current balance sheet 7. Review of IT infrastructure 8. Review of capital investment requirements Advisors NA NA Other Firms Participating in Management Calls

Bid and Schedule Update 2 Bidder A Bidder B Bidder C Bidder D Bid and Schedule Update 3

Colorprint Illustrative Timetable December 2006 January 2006 February 2006 March 2006 S M T W T F S S M T W T F S S M T W T F S S M T W T F S 12 1 2 3 4 5 6 1 2 3 1 2 3 34 5 6 7 8 9 7 8 9 10 11 12 13 4 5 6 7 8 9 10 4 5 6 7 8 9 10 1011 12 13 14 15 16 14 15 16 17 18 19 20 11 12 13 14 15 16 17 11 12 13 14 15 16 17 1718 19 20 21 22 23 21 22 23 24 25 26 27 18 19 20 21 22 23 24 18 19 20 21 22 23 24 24 25 26 27 28 29 30 28 29 30 31 25 26 27 28 25 26 27 28 29 30 31 31 Important Dates Holiday s Date: Event: December n Preliminary 21st interest due additional December n Review additiona 22nd with Board / Committee n Notify additional selected to process Dec 14th — n Prepare due 26th items, refine five year develop presentations populate on-line room Dec 27th n Deliver 5 year projection model Sponsors; open data room Bid and Schedule Update4

Dec 28th — n Calls with 29threview financial Dec 28th — n Sponsor due Jan 12thwith Colorprint each with Company participation) Jan 8th, n Process follow Jan 15th items from n Deliver draft Agreement to Jan 24th n Final bids due Sponsors with Purchase Jan 26th n Review final Board / Special Week of n Select final Jan 29th negotiate Agreement Week of n Colorprint Feb 5th quarterly n Announce Mid n Shareholder March Late n Launch March / n Transaction Early April Bid and Schedule Update5

Appendix A: Financial Sponsors Profiles

Bidder A Information            Financial Sponsors Profiles 7

Bidder B Information            Financial Sponsors Profiles 8

Bidder C Information            Financial Sponsors Profiles 9

Bidder D Information            Financial Sponsors Profiles 10

Appendix B: Sponsor Proposals

EX-99.(C)(6)

Exhibit (c)(6)

Sponsor Information Colorprint Due Diligence 1/3/07 — 1/11/07 Goldman, Sachs & Co. 28-Dec-2006

GOLDMAN SACHS

Bidder A Information 3

Hellman & Friedman Overview Senior Investment Team nHellman & Friedman, founded in 1984, is a private equity investment Warren Hellman Co-Founder and Chairman firm well respected for its distinctive investment philosophy and approach Brian Powers CEO nDuring its 18-year investing history, the Firm has raised and managed C. Andrew Ballard Managing Director over $8 billion of capital and has invested in over 50 companies Mitchell Cohen Managing Director nHellman & Friedman is currently investing its fifth fund, Hellman & Jeffrey Goldstein Managing Director Friedman Capital Partners V, with $3.5 billion of committed capital. Philip Hammarskjold Managing Director nHellman & Friedman is raising $8 billion for its sixth fund, Hellman & Friedman Capital Partners VI. Patrick Healy Managing Director nThe Firm looks to invest long-term equity capital to support the strategic and financial objectives of outstanding management teams Georgia Lee Managing Director operating businesses with defensible positions in growing marketsThomas Steyer Managing Director nThe Group has a target investment size of $100 million — $1 billion Allen Thorpe Managing Director nOffices are located in San Francisco, London, and New York David Tunnell Managing Director Frank Zarb Managing Director Notable Recent Investments Investment Date Size ($mm) Investment Date Size ($mm) Intergraph Corp. 31-Aug-2006 $1,331 Texas Genco Holdings Inc. 21-Jul-2004 $3,650 Activant Solutions Inc. 13-Mar-2006 825 Delaware International Ltd. 05-May-2004 200 VNU NV 16-Jan-2006 11,000 Arch Capital Group Limited 20-Nov-2001 250 LPL Group 27-Oct-2005 2,500 NASDAQ 28-Mar-2001 240 DoubleClick Inc. 25-Apr-2005 1,100 Mitchell International 29-Feb-2000 NA Vertafore 23-Nov-2004 NA

Bidder B Information 5

Bidder C Information 6

EX-99.(C)(7)

Exhibit (c)(7)

Presentation to Colorprint Preliminary Board Discussion Materials Goldman, Sachs & Co. February 28, 2007

Table of Contents I. Preliminary Valuation Analyses II. Preliminary Capital Structure Analyses Appendix A: Additional Information Goldman Sachs does not provide accounting, tax, or legal advice. Notwithstanding anything in this document to the contrary, and except as required to enable compliance with applicable securities law, you (and each of your employees, representatives, and other agents) may disclose to any and all persons the US federal income and state tax treatment and tax structure of the transaction and all materials of any kind (including tax opinions and other tax analyses) that are provided to you relating to such tax t reatment and tax structure, without Goldman Sachs imposing any limitation of any kind.

I. Preliminary Valuation Analyses Preliminary Valuation Analyses4

Illustrative Analysis at Various Prices ($ in millions, except per share data)

07-Dec-06 ¹ 20-Feb-07 ²Current Price Per Share$ 24.23$ 29.19$ 32.25$ 29.00$ 30.00$ 31.00$ 32.00$ 33.00 Premium to Current Price (26-Feb-07)(24.9)%(9.5)%0.0%(10.1)%(7.0)%(3.9)%(0.8)%2.3% Equity Value ³$ 1,142$ 1,397$ 1,559$ 1,387$ 1,440$ 1,493$ 1,546$ 1,599 Net Debt (at 31-Dec-06)6565656565656565 Enterprise Value1,2071,4621,6241,4521,5051,5581,6111,664

Premium to: 07-Dec-06 Closing Price ¹$24.230.0 %20.5 %33.1%19.7 %23.8 %27.9 %32.1 %36.2% 20-Feb-07 Closing Price ²29.19(17.0)0.010.5(0.7)2.86.29.613.1 30 Day Average28.90(16.1)1.011.60.43.87.310.714.2 90 Day Average27.32(11.3)6.918.16.29.813.517.120.8 180 Day Average27.66(12.4)5.516.64.98.512.115.719.3 52 Week High Closing Price32.58(25.6)(10.4)(1.0)(11.0)(7.9)(4.8)(1.8)1.3 EBITDA4Management / Analyst LTM — 12/31/06$147.68.2 x9.9 x11.0x9.8 x10.2 x10.6 x10.9 x11.3x LTM — 3/31/07E — Management139.68.610.511.610.410.811.211.511.9 CY2007E — Analyst Median$167.97.2 x8.7 x9.7x8.6 x9.0 x9.3 x9.6 x9.9x CY2007E — Management157.97.69.310.39.29.59.910.210.5 CY2008E — Analyst Median$183.66.6 x8.0 x8.8x7.9 x8.2 x8.5 x8.8 x9.1x CY2008E — Management175.16.98.49.38.38.68.99.29.5 EPS4 CY2007E — Analyst Median$1.4616.6 x20.0 x22.1x19.9 x20.5 x21.2 x21.9 x22.6x CY2007E — Management1.2219.924.026.523.824.625.426.327.1 CY2008E — Analyst Median$1.6814.4 x17.4 x19.2x17.3 x17.9 x18.5 x19.0 x19.6x CY2008E — Management1.4916.319.621.719.520.220.821.522.2 PEG (LT — IBES Median) CY 2007E P/E10.8 %1.5 x1.9 x2.1x1.8 x1.9 x2.0 x2.0 x2.1x CY 2008E P/E10.81.31.61.81.61.71.71.81.8

Preliminary Valuation Analyses5

Market Performance Indexed Stock Price and Forward P/E Multiple — Past Three Years Indexed Stock Price Forward P/E Multiple

Average 200% High Low Last 3Y Last 2Y Last 1Y 07-Dec-06 Current 87.6%Colorprint22.9 x 15.8 x 19.0 x 19.1 x 19.6 x 18.2 x 22.1 x Marketing Services ¹20.715.618.318.418.117.618.6 180%24x 22.1x 160%22x 20x Indexed Price 140% 26.6% 18.6x 120%Next Twelve Months P/E (x) 18x 100%16x (0.4%) 80%14x Feb- Jul- Dec- Jun- Nov- Apr- Sep- Feb-Feb- Jul- Dec- May- Oct- Mar- Aug- Jan-2004 2004 2004 2005 2005 2006 2006 2007 2004 2004 2004 2005 2005 2006 2006 2007 Daily from 26-Feb-2004 to 26-Feb-2007Daily from 26-Feb-2004 to 26-Feb-2007 ColorprintS&P 500 IndexMarketing Services ¹

Preliminary Valuation Analyses6

Market Performance Enterprise Value / LTM EBITDA — Past Three Years Average 12xHighLow Last 3Y Last 2Y Last 1Y 07-Dec-06 Current Colorprint11.1 x5.7 x8.1 x8.5 x8.8 x8.2 x 11.0 x Marketing Services ¹11.26.59.18.78.19.08.8 11.0 11x 10x 9x 8.8 x 8x 7x Enterprise Value to LTM EBITDA Multiple6x 5x 4x Feb-2004Jul-2004Dec-2004May-2005Oct-2005Apr-2006Sep-2006Feb-2007 Daily from 26-Feb-2004 to 26-Feb-2007 ColorprintMarketing Services ¹ Preliminary Valuation Analyses7

Comparison of Selected Companies ($ in millions, except per share data) Closing% ofEquityCalendarized5-Year 2007 PELTM Price 52 Week Market Enterprise Enterprise Value / EBITDAP/E Multiples ²Est. EPS to 5-Year EBITDA Company26-Feb-07 HighCap ¹Value ¹LTM ¹ 2007E ² 2008E ² 2007E2008ECAGR ² CAGR ² Margin ¹ Colorprint — Analyst Estimates$ 32.25 99 % $ 1,559$ 1,62411.0 x9.7 x8.8 x22.1 x19.2 x10.8 %2.1 x31.6 % Colorprint — Management10.39.326.521.7 Harte Hanks$ 27.88 97.3 % $ 2,200$ 2,36710.8 x10.0 x9.7 x18.6 x16.5 x10.3 %1.8 x 18.6 % Acxiom21.81 82.41,7152,4165.75.95.820.516.815.01.430.6 Valassis Communications 317.11 55.88182,17211.98.28.215.413.55.03.17.2 InfoUSA10.21 78.55688208.86.96.314.712.4NANA21.5 High97.3 %11.9 x10.0 x9.7 x20.5 x16.8 x15.0 %3.1 x 30.6 % Median80.59.87.57.217.015.010.31.820.0 Mean78.59.37.77.517.314.810.12.119.5 Low55.85.75.95.814.712.45.01.47.2

Preliminary Valuation Analyses8

Illustrative Present Value of Future Stock Price Analysis 2008E EPS Illustrative Present Value of Future Stock Price % Growth from CY 2007E1FY1 P / E AnalystManagement18.0 x19.0 x20.0 x21.0 x (11.0)%6.6 %$ 1.30$ 20.46$ 21.59$ 22.73$ 23.87 (4.1)14.81.4022.0323.2624.4825.70 CY 2008E 2.723.01.5023.6124.9226.2327.54 EPS 9.631.21.6025.1826.5827.9829.38 16.439.41.7026.7528.2429.7331.21 23.347.61.8028.3329.9031.4733.05 Illustrative Premium / (Discount) of Present Value of Future Stock Price to Current Price $32.25 % Growth from CY 2007E1FY1 P / E AnalystManagement18.0 x19.0 x20.0 x21.0 x (11.0)%6.6 %$ 1.30(36.6)%(33.0)%(29.5)%(26.0)% (4.1)14.81.40(31.7)(27.9)(24.1)(20.3) CY 2008E 2.723.01.50(26.8)(22.7)(18.7)(14.6) EPS 9.631.21.60(21.9)(17.6)(13.2)(8.9) 16.439.41.70(17.0)(12.4)(7.8)(3.2) 23.347.61.80(12.2)(7.3)(2.4)2.5 Preliminary Valuation Analyses9

Illustrative Present Value of Future Stock Price Analysis 2009E EPS Illustrative Present Value of Future Stock Price % Growth from CY 2008E1FY1 P / E AnalystManagement18.0 x19.0 x20.0 x21.0 x (10.7)%0.7 %$ 1.50$ 21.35$ 22.53$ 23.72$ 24.90 (4.8)7.41.6022.7724.0325.3026.56 CY 2009E 1.214.11.7024.1925.5426.8828.22 EPS 7.120.81.8025.6127.0428.4629.88 13.127.51.9027.0428.5430.0431.54 19.034.22.0028.4630.0431.6233.20 Illustrative Premium / (Discount) of Present Value of Future Stock Price to Current Price $32.25 % Growth from CY 2008E1FY1 P / E AnalystManagement18.0 x19.0 x20.0 x21.0 x (10.7)%0.7 %$ 1.50(33.8)%(30.1)%(26.5)%(22.8)% (4.8)7.41.60(29.4)(25.5)(21.6)(17.6) CY 2009E 1.214.11.70(25.0)(20.8)(16.7)(12.5) EPS 7.120.81.80(20.6)(16.2)(11.8)(7.3) 13.127.51.90(16.2)(11.5)(6.8)(2.2) 19.034.22.00(11.8)(6.8)(1.9)3.0 Preliminary Valuation Analyses 10

Illustrative Discounted Cash Flow Valuation Date February 28, 2007 ($ in millions, except per share data)

As of 31-December 20072008200920102011 Sales$ 506.9$ 546.2$ 595.4$ 644.9$699.2 Growth8.6 %7.8 %9.0 %8.3 %8.4 % EBIT$ 123.7$ 137.5$ 152.6$ 168.2$190.0 EBIT Margin24.4 %25.2 %25.6 %26.1 %27.2 % D&A$ 51.9$55.1$ 59.0$ 63.8$ 66.5 EBITDA175.7192.6211.6232.0256.5 EBITDA Margin34.7 %35.3 %35.5 %36.0 %36.7 % Taxes at 38%$ 47.0$52.2$ 58.0$ 63.9$ 72.2 Change in Working Capital$(12.1)$ 4.9$ 2.7$ 2.4$ 2.1 Capex54.868.867.035.055.6 Unlevered Free Cash Flow$ 61.8$76.5$ 89.3$ 135.4$130.8 Adjustment to 2007 Unlevered FCF1(10.0) Unlevered Free Cash Flow$ 51.8$76.5$ 89.3$ 135.4$130.8 Implied Share Price Terminal LTM EBITDA Multiple ²Revenue Growth ³ $ 32.77.5 x8.0 x8.5 x9.0 x9.5 x $ 31.95.0 %6.0 %7.0 %8.0 %9.0 % 10.0 %$ 30.50$ 31.96$ 33.41$ 34.84$ 36.28 34.0 %$26.08$27.33$28.59$29.89$31.23 10.5 %29.9531.3732.8034.2035.60 35.0 %26.9428.2129.5030.8332.21 11.0 %29.4030.8032.1933.5734.95 Discount Rate11.5 %28.8730.2431.6032.9634.31EBITDA Margin36.0 %27.8029.0830.4031.7733.18 12.0 %28.3529.6931.0332.3633.68 37.0 %28.6329.9431.3032.7134.14 12.5 %27.8429.1630.4631.7733.07

Preliminary Valuation Analyses11

Comparison of Selected Transactions Selected Marketing Services Transactions Since 2004 ($ in millions) Enterprise Value /Price / Date EquityEnterprise LTMForward Forward AnnouncedTargetAcquirorValue ¹Value2EBITDAEBITDA3EPS3 45 Dec-06 ADVO (after legal settlement)Valassis$ 1,061$ 1,14713.1 x10.6 x27.7 x 667 Jan-06 VNU NVValcon Acquisition9,71211,03813.112.019.5 Aug-05 NDCHealth Information ManagementWolters Kluwer NVNA38210.5810.68NA High13.1 x12.0 x27.7 x Median13.110.623.6 Mean12.211.123.6 Low10.510.619.5

Preliminary Valuation Analyses 12

Comparison of Selected Premiums 100% Cash Consideration Transactions, Last Three Years Premium Paid to: 27.6 %27.2 % 19.7 % 18.8 % 0.9 % 1 Day30-Day Average90-Day Average180-Day Average52 Week High Median Premium — 100% Cash Transactions, Last 3 Years ¹ Preliminary Valuation Analyses 13

II. Preliminary Capital Structure Analyses Preliminary Capital Structure Analyses 14

Summary of Historical and Projected Financials ($ in millions, except per share data) HistoricalCAGRManagement ProjectionsCAGR 200420052006’04 — ‘06 2007E2008E2009E2010E2011E ‘06 — ‘11 Revenue$ 417.7$ 403.8 $ 466.85.7 % $ 506.9 $ 546.2 $ 595.4 $ 644.9 $ 699.28.4 % Growth(3.3)% 15.6 %8.6 %7.8 %9.0 %8.3 %8.4 % EBITDA$ 164.2$ 137.8 $ 158.3(1.8)% $ 175.7 $ 192.6 $ 211.6 $ 232.0 $ 256.59.9 % Growth(16.1)% 14.9 %11.0 %9.6 %9.9 %9.6 % 10.6 % Margin39.3 %34.133.934.735.335.536.036.7 EBIT$ 119.8$ 101.0 $ 119.0(0.3)% $ 123.7 $ 137.5 $ 152.6 $ 168.2 $ 190.011.3 % Growth(15.7)% 17.8 %4.0 % 11.1 % 11.0 % 10.2 % 12.9 % Margin28.7 %25.025.524.425.225.626.127.2 Net Income$ 76.4$ 63.6$ 74.8(1.0)%$ 70.4$ 82.7$ 95.7 $ 106.5 $ 122.314.8 % Growth(16.8)% 17.6 %(5.8)% 17.4 % 15.7 % 11.3 % 14.8 % Weighted Avg. Diluted Shares52.450.046.646.746.7 EPS$ 1.46$ 1.27$ 1.604.7 %$ 1.51$ 1.77 Growth(12.8)% 25.6 %(5.6)% 17.4 % EPS (less FAS 123R Expense)$ 1.46$ 1.27$ 1.43(1.1)%$ 1.22$ 1.49 Growth(12.8)% 12.2 %(14.6)% 21.9 % Preliminary Capital Structure Analyses 15

Grey Page Preliminary Capital Structure Analyses 16

Illustrative Leveraged Recapitalization Analysis Assumptions Transaction Assumptions Financing Assumptions / Indicative Terms nTransaction as of 31-Mar-2007 nColorprint issues debt to fund share buyback n38% tax rate n Refinance $127.7mm of existing debt nStock price of $27.841 n Ran three scenarios: nRollover equity based buyback purchase price Issuance size $500mm $600mm $700mm Buyback Amount $365mm $463mm $562mm nFees equal to 1.5% of debt issued Purchase Premium 8.0% 10.0% 12.0% Buyback as % of Stock 25.3% 31.5% 37.4% Roll-Forward Assumptions Cost of Debt L + 150 L + 150 L + 175 nPro Forma Credit Rating BB/Ba2 BB/Ba2 2007 and 2008 based on analyst median of Bear BB-/Ba3 Stearns, Deutsche Bank, First Analysis, JP Morgan and Pro-Forma 2007 Debt / LTM Adj EBITDA 3.2x 3.9x Robert W. Baird estimates 4.5x nAssumes 10% revenue growth for 2009-2011 nAssumes constant EBITDA margin of 33% for 2009-2011 nAssumes Capex of $50mm for 2009-2011 nAssumes 2009-2011 D&A equal to Capex nAssumes pre-tax standalone interest expense of $2mm for Q1 2007 1As of 14-Feb-07, day of Q4 2006 earnings release and announcement of termination of possible transaction. Preliminary Capital Structure Analyses 17

Illustrative Leveraged Recapitalization Analysis Sensitivity Analysis ($ in millions, except per share amounts) $500mm Debt Issuance and $365mm Buyback1 (L + 150bps) $600mm Debt Issuance and $463mm Buyback ¹ (L + 150bps) IRR Sensitivity IRR Sensitivity Per Share Repurchase PricePer Share Repurchase Price 1406% $ 28.00 $ 29.00 $ 30.00 $ 31.00 $ 32.001413% $ 28.00 $ 29.00 $ 30.00 $ 31.00 $ 32.00 7.0 x11.8 %10.6 %9.4 %8.3 %7.2 %7.0 x12.5 %11.1 %9.8 %8.6 %7.4 % 2011 EBITDA Multiple 8.0 15.2 13.9 12.6 11.5 10.4 2011 EBITDA Multiple 8.0 16.1 14.7 13.3 12.1 10.9 9.0 18.2 16.8 15.6 14.4 13.3 9.0 19.4 17.9 16.5 15.2 13.9 2008 EPS Accretion / (Dilution)2008 EPS Accretion / (Dilution) Per Share Repurchase PricePer Share Repurchase Price $ 28.00 $ 29.00 $ 30.00 $ 31.00 $ 32.00$ 28.00 $ 29.00 $ 30.00 $ 31.00 $ 32.00 10.8 %13.9 %12.3 %10.9 %9.6 %8.4 %12.9 %18.4 %16.1 %14.0 %12.2 %10.5 % $700mm Debt Issuance and $562mm Buyback ¹ (L + 175bps) IRR Sensitivity Per Share Repurchase Price 1415% $ 28.00$ 29.00$ 30.00$ 31.00$ 32.00 7.0 x13.3 %11.7 %10.3 %8.9 %7.6 % 2011 EBITDA Multiple 8.0 17.3 15.6 14.1 12.7 11.4 9.0 20.8 19.1 17.5 16.0 14.7 2008 EPS Accretion / (Dilution) Per Share Repurchase Price $ 28.00$ 29.00$ 30.00$ 31.00$ 32.00 12.7 %21.8 %18.6 %15.7 %13.1 %10.8 % 1Includes refinancing of $127.7mm of existing debt and fees equal to 1.5% of debt issued. Preliminary Capital Structure Analyses 18

Illustrative Leveraged Recapitalization Analysis Potential Share Price Appreciation ($ in millions, except per share data) 2007 — Pro Forma Share Price (PV)2008 — Pro Forma Share Price (PV) Debt Issued$ 500$ 600$ 700$ 500$ 600$ 700 $1.52$ 1.52$ 1.49$ 1.86$ 1.90$ 1.89 18.0 x$ 27.29$ 27.35$ 26.8916.0 x$ 29.78$ 30.34$ 30.28 Pro Forma P/E 19.028.8128.8728.39Pro Forma P/E 17.031.6432.2332.18 20.030.3230.3929.8818.033.5034.1334.07 Appreciation from $27.84Appreciation from $27.84 18.0 x(2.0)%(1.8)%(3.4)%16.0 x7.0 %9.0 %8.8 % Pro Forma P/E 19.03.53.72.0Pro Forma P/E 17.013.615.815.6 20.08.99.27.318.020.322.622.4 Preliminary Capital Structure Analyses 19

Grey Page Preliminary Capital Structure Analyses 20

Illustrative LBO Analysis Assumes $32.00 Purchase Price Sources and Uses Sources of FundsUses of Funds AmountExpected Cost of% ofx 12/31/06x 3/31/07EAmount ($mm)RatingDebtTotal Adj. EBITDA1 Adj. EBITDA2($mm) Revolver3$ 0.0Ba3/BL + 2500.0%0.0x0.0xEquity Consideration4$ 1,545.9 1st Lien Term Loan B675.0Ba3/BL + 25039.3%4.3x4.3xExisting Debt Retired127.7 Bank Debt$ 675.039.3%4.3x4.3xTotal Purchase Price1,673.7 Senior Unsecured Notes250.0 B3/CCC+9.0%14.6%1.6x1.6xLegal / Advisory Fees12.0 Senior Debt$ 925.053.9%5.9x5.9xFinancing Costs29.8 Senior Subordinated Notes210.0 Caa1/CCC+10.5%12.2%1.3x1.3x Total Debt$ 1,135.066.2%7.2x7.3x Sponsor Equity Contribution580.433.8%3.7x3.7x Total Sources$ 1,715.4100.0%10.9x11.0xTotal Uses$ 1,715.4 Preliminary Capital Structure Analyses 21

Illustrative LBO Analysis Assumes $32.00 Purchase Price ($ in millions)

Pro FormaCY Ended December 31, ($ in millions)LTM 12/31/062007E 2008P 2009P 2010P 2011P OPERATIONAL DATA Total Sales$466.8$506.9$546.2$595.4$644.9$699.2 growth8.6%7.8%9.0%8.3%8.4% Adjusted EBITDA157.6178.1195.0214.0234.4258.9 margin33.8%35.1%35.7%35.9%36.3%37.0% Adjusted EBIT$118.4$126.1$139.9$155.0$170.6$192.4 Net Interest Expense100.099.197.795.590.884.3 Net Income (Loss) to Common11.616.826.236.949.467.0 SELECTED CASH FLOW DATA: Adjusted EBITDA$157.6$178.1$195.0$214.0$234.4$258.9 +/- Changes in Working Capital(7.5)(12.1)4.92.72.42.1 - -Total Capital Expenditures(113.8)(54.8)(68.8)(67.0)(35.0)(55.6) =Operating Cash Flow36.2111.2131.1149.7201.8205.4 - -Cash Taxes(7.0)(10.3)(16.0)(22.6)(30.3)(41.1) - -Cash Interest Expense (net)(100.0)(96.1)(94.7)(92.5)(87.9)(81.3) = Cash for Debt Service4.820.434.683.683.0 Cumulative Cash for Debt Service4.825.259.8143.3226.3 CAPITALIZATION: Cash$62.9$50.0$50.0$50.0$50.0$50.0 Revolver0.00.00.00.00.00.0 1st Lien Term Loan B675.0655.1634.7600.1516.5433.5 Total Bank Debt$675.0$655.1$634.7$600.1$516.5$433.5 Senior Unsecured Notes250.0250.0250.0250.0250.0250.0 Total Senior Debt$925.0$905.1$884.7$850.1$766.5$683.5 Senior Subordinated Notes210.0210.0210.0210.0210.0210.0 Total Debt$1,135.0$1,115.1 $1,094.7 $1,060.1$976.5$893.5 Shareholders’ Equity580.4597.2623.3660.3709.7776.7 Total Capitalization1,715.41,712.2 1,718.0 1,720.4 1,686.2 1,670.2 CREDIT STATISTICS: Adjusted EBITDA / 1st Lien Interest2.9x3.4x3.8x4.4x5.3x6.9x Adjusted EBITDA / Cash Interest1.6x1.8x2.0x2.3x2.6x3.1x Adjusted EBITDA / Total Interest1.6x1.8x2.0x2.2x2.6x3.0x (Adjusted EBITDA — Capex) / Total Interest0.4x1.2x1.3x1.5x2.2x2.4x 1st Lien Debt / Adj. EBITDA4.3x3.7x3.3x2.8x2.2x1.7x Senior Debt / Adj. EBITDA5.9x5.1x4.5x4.0x3.3x2.6x Total Debt / Adj. EBITDA7.2x6.3x5.6x5.0x4.2x3.5x Free Cash Flow / Total Debt0.0 %0.4 %1.9 %3.3 %8.6 %9.3 % Total Debt / Total Capitalization66.2 %65.1 %63.7 %61.6 %5 7.9 %53.5 %

Preliminary Capital Structure Analyses 22

Illustrative LBO Returns Returns at Various Exit Dates — Assumes Exit at 8.5x LTM EBITDA Entrance Premium to 07-Dec-2006 Stock Price 19.7 %23.8 %27.9 %32.1 %36.2 % 1960%$ 29.00$ 30.00$ 31.00$ 32.00$ 33.00 201028.0 %24.0 %20.6 %17.6 %14.8 % Exit Date201127.924.722.019.617.4 201226.023.521.219.217.4 Returns at Various Exit Multiples — Assumes Exit in 2011 Entrance Premium to 07-Dec-2006 Stock Price 19.7 %23.8 %27.9 %32.1 %36.2 % 20%$ 29.00$ 30.00$ 31.00$ 32.00$ 33.00 7.5x 22.3 %19.3 %16.7 %14.3 %12.3 % 8.0x 25.222.119.417.114.9 8.5x 27.924.722.019.617.4 2011 EBITDA Exit Multiple9.0x 30.327.124.321.919.6 9.5x 32.629.426.524.021.8 Returns at Achievement of Target EBITDA — Assumes $32.00 Purchase Price % Achievement of Management Projections 100.0 %95.0 %90.0 %85.0 % 7.5x 14.3 %11.2 %7.8 %3.8 % 8.0x 17.114.110.87.1 2011 8.5x 19.616.713.510.0 EBITDA Exit Multiple9.0x 21.919.116.112.7 9.5x 24.021.318.415.1 Preliminary Capital Structure Analyses 23

Illustrative LBO Returns Includes 15% Management Options Returns at Various Exit Dates — Assumes Exit at 8.5x LTM EBITDA Entrance Premium to 07-Dec-2006 Stock Price 19.7 %23.8 %27.9 %32.1 %36.2 % 1710%$ 29.00$ 30.00$ 31.00$ 32.00$ 33.00 201024.5 %20.8 %17.7 %15.0 %12.5 % Exit Date201124.821.819.317.115.1 201223.320.918.817.015.3 Returns at Various Exit Multiples — Assumes Exit in 2011 Entrance Premium to 07-Dec-2006 Stock Price 19.7 %23.8 %27.9 %32.1 %36.2 % 17%$ 29.00$ 30.00$ 31.00$ 32.00$ 33.00 7.5x 19.6 %16.8 %14.4 %12.3 %10.4 % 8.0x 22.319.417.014.812.8 8.5x 24.821.819.317.115.1 2011 EBITDA Exit Multiple9.0x 27.124.121.519.217.1 9.5x 29.226.223.521.219.1 Returns at Achievement of Target EBITDA — Assumes $32.00 Purchase Price % Achievement of Management Projections 100.0 %95.0 %90.0 %85.0 % 7.5x 12.3 %9.5 %6.4 %2.9 % 8.0x 14.812.19.15.8 2011 8.5x 17.114.411.68.4 EBITDA Exit Multiple9.0x 19.216.613.810.8 9.5x 21.218.716.013.0 Preliminary Capital Structure Analyses 24

Adjusted EBITDA Calculations ($ in millions) CY 2006ECY 2007E EBIT (December Actual)$ 119.0$ 123.7 Depreciation & Amortization (Dec Actl)39.351.9 EBITDA $ 158.3$ 175.6 One time items Year End Change Incremental Expense$ 0.6 Color Installation 3.8$ 0.8 Severance 1.5 Office Closure 0.9 Shareholder Settlement 0.3 $ 7.2$ 0.8 Public Co. Activities Board Fees$ 0.5$ 0.5 Legal (Board-Specific Activities) 0.6 0.6 Audit Firm Services 0.4 0.4 Internal Audit SOX 0.4 0.4 Investor Relations 0.3 0.3 Accounting Organization 0.1 0.1 Public Co. Activities$ 2.4$ 2.4 International Customer Loss$(16.4)$ n/a Net Other Cost Reductions to Offset Cust Loss6.2n/a Other Adjustments$(10.2)$ n/a Total Adjustments$(0.7)$ 3.2 Adjusted EBITDA$ 157.6$ 178.8 Preliminary Capital Structure Analyses 25

Appendix A: Additional Information Additional Information 26

Research Analysts’ Recommendations and Estimates Analyst Recommendations Evolution of Estimates1 $1.88 $2.02009E Strong $1.8 $1.49 Buy$1.6 2008E 17%$1.4 $1.2$1.46 $1.27 Buy$1.25 $1.02006A2007E 17%2005A $0.8$1.19 EPS Estimate $0.62004A Hold $0.4 67%$0.2 $0.0 Feb-2004Sep-2004Apr-2005Nov-2005Jun-2006Jan-2007 Monthly from 27-Feb-2004 to 26-Feb-2007 Recommendations: 6200420052006200720082009 Price Targets Individual Analyst Estimates Broker Estimate 34.00 Date Rating Growth Estimates Current = $32.58 $32.00 ‘06-’07E 5-Yr. CY 2007E 32.00 Bear, Stearns 14-Feb-2007 Hold 5.2 % 8.5% 1.50 Deutsche Bank 15-Feb-2007 Hold 1.7 % — 1.45 30.00 $29.00First Anal. Sec. 15-Feb-2007 Hold 3.5 % — 1.48 J.P. Morgan 21-Feb-2007 Buy 2.4 % — 1.46 28.00 Robert W. Baird 15-Feb-2007 Hold (8.8)% — 1.30 William Blair 16-Feb-2007 Strong Buy NA 13.0 NA 26.00 High 5.2 % 13.0% $1.50 Median 2.4 10.8 1.46 24.00 Robert Deutsche BankMean 0.8 10.8 1.44 BairdLow (8.8) 8.5 1.30 1Evolution of EPS estimates based on fiscal year-end March 31 estimates, estimates unadjusted for FAS123R expense. Additional Information 27

Management vs. Analyst Estimates ($ in millions, except per share data) CY 2007 Estimates EPSEBITDANet Income Avg. Shares Management$ 1.22 $ 157.9 $ 56.9 46.7 Bear, Stearns & Co.1.50 170.6 68.0 45.5 Deutsche Bank North America1.45 171.6 65.5 45.2 First Analysis Securities Corp1.48 165.3 68.2 46.2 JP Morgan1.46 NA NA NA Robert W. Baird & Co., Inc.1.30 158.5 59.7 45.8 Analyst High$ 1.50 $ 171.6 $ 68.2 46.2 Analyst Median1.46 167.9 66.8 45.6 Analyst Mean1.44 166.5 65.3 45.7 Analyst Low1.30 158.5 59.7 45.2 CY 2008 Estimates EPSEBITDANet Income Avg. Shares Management$ 1.49 $ 175.1 $ 69.4 46.7 Bear, Stearns & Co.1.72 190.4 78.4 45.5 Deutsche Bank North AmericaNA NA NA NA First Analysis Securities Corp1.64 176.0 75.5 46.0 JP Morgan1.92 NA NA NA Robert W. Baird & Co., Inc.1.60 183.6 72.0 45.0 Analyst High$ 1.92 $ 190.4 $ 78.4 46.0 Analyst Median1.68 183.6 75.5 45.5 Analyst Mean1.72 183.3 75.3 45.5 Analyst Low1.60 176.0 72.0 45.0 Additional Information 28

Management vs. Quarterly Analyst Estimates Y-o-Y Y-o-Y Q1 2007% Change ¹Q2 2007% Change ² Management$ 0.37(26.6)%$ 0.31(11.3)% Bear, Stearns & Co.0.45(10.3)0.376.9 Deutsche Bank North America0.41(18.2)0.374.4 First Analysis Securities Corp0.47(6.4)0.376.8 JP MorganNANA Robert W. Baird & Co., Inc.0.42(17.0)0.32(8.6) Analyst High$ 0.47(6.4)%$ 0.376.9 % Analyst Median0.44(13.6)0.375.6 Analyst Mean0.44(13.0)0.362.4 Analyst Low0.41(18.2)0.32(8.6) Additional Information 29

Colorprint Shares Traded at Various Prices Last 3 Months Last 6 Months Weighted Average Price: $28.76 Weighted Average Price: $28.02 12,00020,000 Total Shares Traded as Total Shares Traded 18,000 10,000 Percent of Sharesas Percent of Shares 16,000 Outstanding: 58.83%Outstanding: 93.42% 14,000 8,000 12,000 6,00010,000 Volume (000)Volume (000) 8,000 4,000 6,000 2,0004,000 2,000 00 24.2325.6227.0128.429.831.1924.2325.6227.0128.429.831.19 totototo 25.61Daily from 27-Nov-2006 to 26-Feb-200732.5825.61Daily from 28-Aug-2006 to 26-Feb-200732.58 Last 12 Months Last 24 Months Weighted Average Price: $27.28 Weighted Average Price: 60,000 60,000 Total Shares Traded$25.91 50,000 as Percent of Shares50,000Total Shares Traded Outstanding: 210.25%as Percent of Shares 40,00040,000Outstanding: 447.41% Volume (000) 30,000Volume (000) 30,000 20,00020,000 10,00010,000 00 22.1723.9125.6427.3829.1130.8421.7123.5225.3327.1528.9630.77 totototo 23.90Daily from 24-Feb-2006 to 26-Feb-200732.5823.51Daily from 25-Feb-2005 to 26-Feb-200732.58 Additional Information 30

Cost of Equity and WACC Analysis ($ in millions) 5.5% Equity Risk Premium Risk Risk-Free Premium Cost of Pre-Tax Cost of Effective Tax Current Debt Curr. Mkt. Val. of Rate1(Rp)2 Equity Beta (Be)3 Equity (K e) Debt (Kd)4Rate (t)5(D)6Equity (E)7WACC Colorprint4.63 %5.50 %1.1811.12 %6.00 %38.0 %$ 128$ 1,55910.56 % Harte Hanks4.635.500.557.666.4136.62052,2007.35 Acxiom4.635.501.2711.627.5333.57891,7159.53 Valassis4.635.500.829.146.2135.02608187.91 Advo4.635.500.788.927.1035.11271,0608.46 InfoUSA4.635.501.2311.406.0140.22605688.95 High1.2711.62 %10.56 % Median1.0010.138.70 Mean0.979.978.79 Low0.557.667.35 7.1% Equity Risk Premium Risk Risk-Free Premium Cost of Pre-Tax Cost of Effective Tax Current Debt Curr. Mkt. Val. of Rate1234Rate (t)5(D)6Equity (E)7WACC (Rp)Equity Beta (B e ) Equity (Ke) Debt (K d) Colorprint4.63 %7.10 %1.1813.01 %6.00 %38.0 %$ 128$ 1,55912.30 % Harte Hanks4.637.100.558.546.4136.62052,2008.15 Acxiom4.637.101.2713.657.5333.57891,71510.92 Valassis4.637.100.8210.456.2135.02608188.90 Advo4.637.100.7810.177.1035.11271,0609.57 InfoUSA4.637.101.2313.366.0140.226056810.30 High1.2713.65 %10.92 % Median0.8210.459.57 Mean0.9311.239.57 Low0.558.548.15 Additional Information 31

Comparison of Selected Premiums 100% Cash Consideration, Last 3 Years ($ in millions)

Premium AnnouncedTargetAcquirorEquity Value1 Day30-Day Average 90-Day Average 180-Day Average 52 Week High 02/22/07Great American Finl Res IncAmerican Financial Group Inc$ 1,1168.6 %7.9 %3.1 %16.4 %(3.5)% 02/12/07Witness Systems IncVerint Systems Inc1,07223.529.757.0113.01.7 02/05/07Mills CorpInvestor Group1,3588.424.729.63.0(46.1) 02/05/07Longview Fibre CoBrookfield Asset Mgmt Inc1,62717.814.120.417.3(8.1) 01/24/0721st Century Insurance CoAIG1,74220.912.123.633.49.5 01/02/07EGL IncInvestor Group1,48820.914.8(0.8)(28.3)(33.1) 12/20/06John H Harland CoM&F Worldwide Corp1,42118.622.342.626.22.9 12/05/06Bandag IncBridgestone/Firestone Inc1,01612.717.729.836.8(1.8) 11/30/06Digital Insight CorpIntuit Inc1,35418.223.637.526.21.5 11/16/06Conor Medsystems IncJohnson & Johnson Inc1,45923.832.130.729.510.1 11/06/06Per-Se Technologies IncMcKesson Corp1,09514.517.720.013.7(5.0) 10/31/06Banta CorpRR Donnelley & Sons Co1,30616.612.216.911.30.0 10/30/06Sirna Therapeutics IncMerck & Co Inc1,132100.2110.5138.0116.952.6 10/30/06Trustreet Properties IncGE Capital Solutions Franchise1,15115.733.837.232.517.1 10/30 /06Trammell Crow CoCB Richard Ellis Group Inc1,97128.133.939.739.719.4 10/26/06Kanbay International IncCapgemini SA1,1628.229.749.170.928.6 10/25/06Universal American FinancialInvestor Group1,1074.512.316.523.523.4 10/11/06Jacuzzi Brands IncApollo Management LP1,24010.120.332.734.712.6 10/25/06Yankee Candle Co IncMadison Dearborn Partners LLC1,72411.318.229.730.033.8 08/23/06Internet Sec Sys Group IncIBM Corp1,3034.414.731.327.427.9 08/10/06FileNet CorpIBM Corp1,5571.718.625.527.6(2.3) 07/09/06Heritage Ppty Invest Trust IncCentro Properties Group1,7533.36.1(2.1)1.1(10.2) 05/14/06SSA Global Technologies IncInfor Global Solutions1,52925.125.717.516.0(5.2) 05/01/06Aviall IncBoeing Co1,71627.326.234.741.20.1 04/27/06Diagnostic Products CorpSiemens Medical Solutions Inc1,76720.723.321.721.10.8 04/25/06Serologicals CorpMillipore Corp1,38935.332.538.141.51.2 04/20/06Ubiquitel IncSprint Nextel Corp1,0351.62.74.210.0(0.2) 01/22/06Sports Authority IncInvestor Group1,02120.021.523.720.08.4 11/20/05Beverly Enterprises In cFillmore Capital Partners LLC1,59333.36.61.61.7(7.0) 11/10/05SERENA Software IncSilver Lake Partners1,0262.716.821.019.2(1.7) 11/08/05Linens n Things IncInvestor Group1,2957.910.411.413.2(5.4) 10/24/05Amli Residential Ppty TrustPrime Property Fund1,17720.719.219.826.1(0.7) 10/16/05Adv Neuromodulations Sys IncSt Jude Medical Inc1,36930.425.132.958.413.7 09/29/05IDX Systems CorpGE Healthcare Ltd1,48825.132.038.436.01.2

Additional Information 32

Comparison of Selected Premiums (cont’d) 100% Cash Consideration, Last 3 Years ($ in millions)

Premium AnnouncedTargetAcquirorEquity Value1 Day30-Day Average 90-Day Average 180-Day Average 52 Week High 09/15/05UICIInvestor Group$ 1,71919.1 %17.0 %25.6 %29.8 %0.6 % 08/04/05Metris Cos IncHSBC Finance Corp1,5751.14.212.818.6(1.8) 07/21/05Priority Healthcare CorpExpress Scripts Inc1,2527.712.121.224.05.6 07/10/05US Unwired IncSprint Corp1,0721.514.427.234.21.5 06/16/05Vicuron Pharmaceuticals IncPfizer Inc1,91684.269.972.477.33.1 06/13/05Commercial Federal,Omaha,NEBank of the West,CA1,36734.135.028.023.611.9 06/07/05Gables Residential TrustInvestor Group1,27214.117.923.422.9(0.6) 05/16/05Overnite CorpUPS1,2204 6.239.534.530.51.2 05/12/05Cuno Inc3M Co1,29031.336.232.027.01.1 04/21/05Transkaryotic Therapies IncShire Pharmaceuticals Grp PLC1,38421.645.251.672.70.5 03/14/05Ascential Software CorpIBM Corp1,12117.818.324.732.0(22.9) 01/31/05Pulitzer IncLee Enterprises Inc1,4321.80.29.320.6(2.9) 01/27/05Genencor International IncDanisco A/S1,15123.919.019.522.10.6 11/24/04Ionics IncGE Infrastructure Inc1,07247.948.159.263.71.2 11/03/04Argosy Gaming CoPenn National Gaming Inc1,40816.417.530.232.49.7 10/20/04Boca Resorts IncBlackstone Real Estate Advisor1,03126.628.927.329.220.0 10/19/04Robert Mondavi CorpConstellation Brands Inc1,03049.948.760.160.813.8 10/18/04Select Medical CorpEGL Holding Co1,98326.634.232.823.2(8.9) 09/29/04Orbitz IncCendant Corp1,22934.541.141.426.1(10.6) 07/13/04National Processing IncBank of America Corp1,425(9.5)(7.9)8.113.5(10.1) 05/24/04NeighborCare IncOmnicare Inc1,41052.561.149.154.329.3 05/24/04WFS Financial IncWestcorp,Irvine,CA1,9403.56.19.311.9(0.7) 05/19/04ALARIS Medical Systems IncCardina l Health Inc1,74318.415.612.624.7(2.8) 05/18/04Kroll IncMarsh & McLennan Cos Inc1,95832.430.639.850.020.9 03/22/04US Oncology IncWelsh Carson Anderson & Stowe1,30218.515.926.851.7(1.8) 03/15/04InVision Technologies IncGE Infrastructure Inc1,15921.330.944.066.61.2 Median-100% Cash Transactions18.8 %19.7 %27.6 %27.2 %0.9 %

Additional Information 33

EX-99.(C)(8)

Exhibit (c)(8)

Project Colorprints PRESENTATION TO THE SPECIAL COMMITTEE OF THE BOARD OF DIRECTORS CONFIDENTIAL FEBRUARY 28 2007

CONFIDENTIAL The information herein has been prepared by Lazard based upon information supplied by "Colorprints" (the "Company") or publicly available, and portions of the information herein may be based upon certain statements, estimates and forecasts provided by management of the Company with respect to the anticipated future performance of the Company and its businesses. We have relied upon the accuracy and completeness of the foregoing information and have not assumed any responsibility for any independent verification of such information or any independent valuation or appraisal of any of the assets or liabilities of the Company or any other entity, or concerning the solvency or fair value of the Company or any other entity. With respect to financial forecasts, we have assumed that they have been reasonably prepared on bases reflecting the best currently available estimates and judgments of management of the Company as to the future financial performance of the Company. We assume no responsibility for and express no view as to such forecasts or the assumptions on which they are based. The information set forth herein is based upon economic, monetary, market and other conditions as in effect on, and the information made available to us as of, the date hereof, unless otherwise indicated. We assume no responsibility for updating or revising the information contained herein based on the circumstances or events occurring after the date of these materials. These materials and the information contained herein are confidential and may not be disclosed publicly or made available to third parties without the prior written consent of Lazard; provided, that you may disclose to any and all persons the US federal income tax treatment and tax structure of the transaction described herein and the portions of these materials that relate to such tax treatment or structure. Lazard is not responsible for and is not providing to the Company any tax, accounting, actuarial, legal or other specialist advice. Our engagement and the following presentation are solely for the use and benefit of the Company's Board of Directors. Our presentation does not address the merits of the underlying decision by the Company to engage in any transaction it may be considering and the relative merits of any such transaction as compared to other business strategies that might be available. In that regard, we were not authorized to, and did not, solicit third party indications of interest in acquiring all or a part of, or engaging in a business combination or any other strategic transaction with, the Company, nor have we been involved in the negotiation of any transaction. This presentation is not intended to and does not constitute a recommendation to any holder of shares of the Company as to whether such holder should take any action with respect to such shares. Furthermore, this presentation is not intended to confer rights and remedies upon any shareholders of the Company or any other person. Lazard is acting as investment banker to the Company, and we will receive a fee for our services, and may have other engagements with the Company in the future. In addition, in the ordinary course of our business, Lazard may actively trade shares of the Company's common stock and other securities for our own account and for the accounts of our customers and, accordingly, may at any time hold a long or short position in such securities.

CONFIDENTIAL I EXECUTIVE SUMMARY 1 II ADDITIONAL VALUATION MATERIALS 1 A Discounted Cash Flow Analysis 14 B Present Value of Hypothetical Future Stock Prices 16 C Comparable Companies Analysis 17 D Precedent Transactions Analysis 19 E Leveraged Buy Out Analysis 21 F Precedent Premiums Paid Analysis 23 Appendix Appendix 23 A Break-Up Fee Analysis 27 B Colorprints Ownership Summary 28 Table of Contents Project Colorprints

I Executive Summary PROJECT COLORPRINTS

Introduction The preliminary valuation analyses presented herein are based on the following information and analyses: Calendar year 2006 financial results and management's five-year financial forecast for calendar years 2007E- 2011E Discussion and review sessions with key members of the management team on Colorprints' operations, financial performance, prospects and challenges Analysis of the industry Colorprints participates in and trends in the environment in which Colorprints operates Analysis of financial information on key competitors and/or similar publicly traded companies Analysis of selected comparable precedent transactions A leveraged buyout analysis is also presented to illustrate potential returns to a financial buyer Based on closing prices as of February 27, 2007, unless specified otherwise Certain analyses are based on Colorprints closing price on December 7, 2006, the day prior to the Company's public announcement that it was exploring a possible sale 1

Overview of Colorprints Trading Statistics ($ in millions, except per share figures) Source: Management estimates and Company filings. Note: All figures do not reflect estimated public company cost reductions. (a) Stock price before public announcement of a potential sale of the company. (b) Calculated based on share price data for the 52-week period ended February 27, 2007. (c) Reflects 46,849,568 basic shares. Includes 89,242 phantom stocks units, 18,343 unvested stocks units, 87,000 service-based restricted shares, 173,000 performance-based restricted shares and 14,343 other restricted shares. Diluted shares are calculated using the treasury stock method based on schedules provided by management. (d) Excludes stock-based compensation costs of $14.3 million and $17.8 million in 2006A and 2007E, respectively, based on management estimates. (e) Includes stock-based compensation costs of $14.3 million and $17.8 million in 2006A and 2007E, respectively for EBITDA and $10.5 million and $13.5 million in 2006A and 2007E, respectively, for net income, based on management estimates. Reflects fully diluted shares of 46.8 million in CY 2006A and 46.7 million in CY 2007E per management. 2

Colorprints Stock Price Trading History 3 Source: FactSet. Traditional Marketing Services Index includes Acxiom, Harte-Hanks, infoUSA and Valassis. Prices on specific dates represent the closing price following announcement of the event specified.

One-Year Price and Volume of Shares Traded Source: FactSet and Company filings. Note: Total volume is assigned to the average of the high and low price intraday. 4 Over the last 12 months, Colorprints' outstanding float has turned approximately 2.3 times with 74.9% of all trades between $24.00 and $30.00 per share. By comparison, Vulcan acquired its 15.5% ownership at a weighted average price of approximately $18.56 per share

Forward P/E Multiples and PEG Ratios - Three-Year Summary Source: FactSet. Note: PEG ratio defined as forward (i.e., next fiscal year's EPS estimate) P/E divided by IBES EPS long-term growth rate. 5 LT Growth Rate 10.0% 11.0% 10.0% 10.0% 8.5% 8.5% 8.5% 8.5% 8.5% 8.5%

Summary of Selected Analysts' Price Targets ($ in millions, except per share data) Source: Bloomberg, Wall Street research and management forecast. After Q4 2006 earnings announcement, if available. Discounted using Colorprints' estimated cost of equity of 12%. Present Value of future target price target discounted back twelve months. Discontinued coverage of Colorprints on 2/7/2007. 6

Colorprints Summary Consolidated Management Forecast ($ in millions, except per share figures) Source: Management estimates. Note: All figures do not reflect estimated public company cost reductions. (a) Excludes pre-tax stock-based compensation costs of $14.3 million, $17.8 million, $17.5 million, $14.3 million, $11.9 million and $11.6 million in 2006A, 2007E, 2008E, 2009E, 2010E and 2011E, respectively, based on management estimates. (b) Includes pre-tax stock-based compensation costs of $14.3 million, $17.8 million, $17.5 million, $14.3 million, $11.9 million and $11.6 million in 2006A, 2007E, 2008E, 2009E, 2010E and 2011E, respectively, based on management estimates. (c) Includes post-tax stock-based compensation costs of $10.5 million, $13.5 million, $13.2 million, $10.8 million, $9.1 million and $8.6 million in 2006A, 2007E, 2008E, 2009E, 2010E and 2011E, respectively, based on management estimates. Reflects fully diluted shares of 46.8 million in CY 2006A and 46.7 million in CY 2007E - CY 2011E per management. 7

Comparison of Management Forecast to Wall Street Estimates ($ in millions) 8 Source: Management forecast and Wall Street estimates. Note: Wall Street consensus only includes Wall Street research that specifically adjust for SFAS 123 expenses. All figures reflect estimated SFAS 123 expenses.

Opportunities and Considerations on Colorprints 9

Valuation Methodologies 10

Preliminary Valuation Summary 11 Source: Management estimates. (a) Stock price range reflects a required estimated IRR of approximately 17.5% to 22.5% based on an exit in 2011 at an exit multiple of EBITDA and 15.0% management option pool. Assumes no synergies other than elimination of public company costs.

Process Considerations 12

Key Transaction Terms to Consider Should the Special Committee decide to proceed with Vulcan, key transaction terms it may want to consider include the following: 13 Duration of go-shop period No Vulcan right to match Break-up fee size Reverse break-up fee and size No financing out - equal/better MAC provision as other bidders Parent guarantee of equity financing and reverse break-up fee Shareholder vote requirement - majority of the minority Vulcan commitment to vote its shares given a superior offer Management ownership and value impact

II Additional Valuation Materials PROJECT COLORPRINTS

A Discounted Cash Flow Analysis PROJECT COLORPRINTS

Discounted Cash Flow Sensitivity Analysis - Summary ($ in millions, except per share data) 14 Source: Management estimates. Note: Assumes transaction closes on March 31, 2007 and mid-year convention for discount rate.

WACC Analysis ($ in millions) Source: Wall Street research and management estimates. (a) Pro-forma for Valassis/Advo transaction announced on December 19, 2006. (b) Net Debt = ST Debt & LT Debt + Minority Interest + Preferred Stock - Cash & Cash Equivalents. (c) Predicted Barra Beta. (d) Unlevered Beta = Levered Beta/[1+(1-Tax Rate)(Debt/Equity)]. (e) Risk Free Rate is 10-Year Treasury Bond Yield. (f) Represents the long-horizon expected equity risk premium based on simple differences of historical arithmetic mean returns from 1926-2005. (Ibbotson Associates' 2006 yearbook). (g) Levering Factor = [1 + (1-Tax Rate)(Debt/Equity)]. (h) Cost of Equity = (Risk Free Rate of Return)+(Levered Beta)(Equity Risk Premium). (i) Weighted Average Cost of Capital = (After-Tax Cost of Debt)(Debt/Cap.)+(Cost of Equity)(Equity/Cap.). 15

B Present Value of Hypothetical Future Stock Prices PROJECT COLORPRINTS

Present Value of Hypothetical Future Stock Prices 16 Note: Reflects projected 2009E EPS discounted back to 2/27/07 based on a cost of equity between 11% and 13%, and a forward P/E multiple between 17.0x and 21.0x. Stock Price = (EPS2009E/((1+rE)2))* forward P/E. Assumes Colorprint's cost of equity of 12% from CAPM. (a) Reflects stock-based compensation costs of $13.5 million, $13.3 million and $10.8 million in 2007E, 2008E and 2009E, respectively, based on management estimates. Reflects fully diluted shares of 46.7 million in CY 2007E - CY 2009E per management.

C Comparable Companies Analysis PROJECT COLORPRINTS

Public Market Valuation ($ in millions, except per share figures) 17 Source: Management estimates, Company filings and Wall Street research reports. (a) Reflects stock-based compensation costs of $17.8 million for EBITDA and $13.5 million for net income based on management estimates. Reflects fully diluted shares of 46.7 million in CY 2007E per management. (b) Represents the low and high enterprise values obtained using the average values derived from applying EBITDA multiples and EPS. (c) Reflects 46,849,568 basic shares. Includes 89,242 phantom stocks units, 18,343 unvested stocks units, 87,000 service-based restricted shares, 173,000 performance-based restricted shares and 14,343 other restricted shares. Diluted shares are calculated using the treasury stock method based on schedules provided by management.

Selected Marketing Services Comparable Companies 18 Source: Company filings and Wall Street estimates. (a) Pro-forma for merger of Valassis and ADVO including publicly disclosed estimated synergies. (b) Pro Forma for acquisition of Opinion Research. (c) Long-Term Growth based on Management estimates for 2007E-2011E.

D Precedent Transactions Analysis PROJECT COLORPRINTS

Private Market Valuation ($ in millions, except per share figures) 19 Source: Management estimates, Company filings and Wall Street research reports. (a) Reflects stock-based compensation costs of $14.3 million based on management estimates. (b) Low and high multiples based on the Valassis/Advo transaction. (c) Reflects 46,849,568 basic shares. Includes 89,242 phantom stocks units, 18,343 unvested stocks units, 87,000 service-based restricted shares, 173,000 performance-based restricted shares and 14,343 other restricted shares. Diluted shares are calculated using the treasury stock method based on schedules provided by management.

Selected Traditional Marketing Services Precedent Transactions ($ in millions) 20 Source: Based on Company filings and Wall Street equity research. Note: Reflects selected U.S. traditional marketing services transactions. LTM with/without estimated $40 million in EBITDA synergies per Valassis Investor presentation, dated July 6, 2006. LTM with/without estimated $12.5 million in EBITDA synergies per company's press release. Reflects December 31, 2004 financials. Given the differences in business models, there are few directly comparable transactions to Colorprints.

E Leveraged Buy Out Analysis PROJECT COLORPRINTS

Leveraged Buy Out Analysis: Sources and Uses 21 Source: Management estimates. Note: Debt financing assumptions based on stapled financing terms. (a) Reflects CY2006A of $157.6 million. Adjusted for one-time items of $(0.7) million, net including year-end change incremental expense of $0.6 million, color installation costs of $3.8 million, severance costs of $1.5 million, office closure costs of $0.9 million, shareholder settlement costs of $0.3 million, international customer loss of ($16.4) million, net other cost reductions to offset customer loss of $6.2 million and estimated public company costs of $2.4 million based on management estimates. (b) Reflects estimated minimum cash required of $10 million. (c) Based on EBITDA excluding stock-based compensation costs.

Leveraged Buy Out Analysis: IRR Sensitivity Analysis 22 Source: Management estimates. Note: Analysis assumes 15% management equity pool. Reflects EBITDA post SFAS 123 expenses. Assumes elimination of estimated public company costs of $2.4 million based on management estimates. 2006A EBITDA of $151.2 million. Adjusted for one-time items of $7.2 million including year-end change incremental expense of $0.6 million, color installation costs of $3.8 million, severance costs of $1.5 million, office closure costs of $0.9 million and shareholder settlement costs of $0.3 million. Reflects stock-based compensation expenses of $14.3 million based on management estimates

F Precedent Premiums Paid Analysis PROJECT COLORPRINTS

23 Premium Paid Analysis - Public Deals $1-2 Billion since 1/1/03 Source: SDC. Note: Based on selected public U.S. all cash transactions with transaction values between $1 billion and $2 billion since 2003. Excludes real-estate and financial institution transactions.

Premium Paid Analysis - All Cash Transactions ($ in millions) 24 Financial Sponsor Transactions Source: SDC. Note: Based on selected public U.S. all cash transactions with transaction values between $1 billion and $2 billion since 2003. Excludes real-estate and financial institution transactions. (a) Reflects revised offer of $33.00 per share.

Premium Paid Analysis - All Cash Transactions (cont'd) ($ in millions) 25 Financial Sponsor Transactions Source: SDC. Note: Based on selected public U.S. all cash transactions with transaction values between $1 billion and $2 billion since 2003. Excludes real-estate and financial institution transactions.

Premium Paid Analysis - All Cash Transactions (cont'd) ($ in millions) 26 Financial Sponsor Transactions Source: SDC. Note: Based on selected public U.S. all cash transactions with transaction values between $1 billion and $2 billion since 2003. Excludes real-estate and financial institution transactions.

Appendix PROJECT COLORPRINTS

A Break-Up Fee Analysis PROJECT COLORPRINTS

Break-Up Fee Analysis ($ in millions) Source: SDC and Bloomberg. Note: Represents 2006 to date selected transactions with equity values from $1 billion to $2 billion and for which termination fee information was available. Excludes real estate and financial institution transactions. 27

B Colorprints Ownership Summary PROJECT COLORPRINTS

Ownership Summary 28 Source:: Factset and Company filings. (a) Reflects total basic shares per Management.

Vulcan's Colorprints Ownership History ($ in millions, except per share figures) 29 Source: Factset.

EX-99.(C)(9)

Exhibit (c)(9)

CONFIDENTIAL

Project Colorprints

Presentation to Board of Directors

Goldman, Sachs & Co. March 8, 2007

CONFIDENTIAL Table of Contents I. Review of Proposed Transaction II. Financial Analysis Appendix A: Additional Information Goldman Sachs does not provide accounting, tax, or legal advice. Notwithstanding anything in this document to the contrary, and except as required to enable compliance with applicable securities law, you (and each of your employees, representatives, and other agents) may disclose to any and all persons the US federal income and state tax treatment and tax structure of the transaction and all materials of any kind (including tax opinions and other tax analyses) that are provided to you relating to such tax treatment and tax structure, without Goldman Sachs imposing any limitation of any kind.

CONFIDENTIAL

I. Review of Proposed Transaction

Review of Proposed Transaction 3

CONFIDENTIAL

Summary of Proposed Transaction Terms

Structure Merger of Colorprint with Merger Sub, a wholly owned subsidiary of Parent, controlled by Vulcan

Consideration $32.10 in cash for each outstanding share of Colorprint common stock —— — Total Equity Consideration1 $1,555 million —— — Aggregate Consideration2 $1,624 million —— — Equity Commitment by Vulcan Financing

Debt Commitment letter provided by Morgan Stanley and Lehman Brothers $1,190.0 million

Buyer Termination Fee $50.6 million

Payment of the lesser of $3.5 million or the aggregate amount of all reasonable and documented out-

of-pocket fees and expenses incurred in the event shareholder approval is not received except in

cases of competing transaction, in which case full termination fee may be payable Seller Termination Fee In the event of termination due to acceptance of another offer by the Company, $8.4 million, before the No Solicitation Period Start Date, $50.6 million thereafter —— —

Colorprint approval by majority of shares and majority excluding those held or affiliated with Vulcan

Regulatory approval Closing Conditions / Contingencies No material adverse change Other standard conditions —— — Termination Date            November 30, 2007 —— —

45 day go shop period, with no right to match Other Key Items No force the vote —

Based on outstanding shares of 46.1 mm, options/SARS of 7.9 mm (weighted average exercise price of $26.52), RSUs of 0.8 mm, and phantom stock of 0.1 mm. 2 Includes $68mm of Colorprint net debt as of 31-Jan-07.

Review of Proposed Transaction 4

CONFIDENTIAL

Implied Transaction Multiples

($ in millions, except per share data)

07-Dec-06 ¹ 20-Feb-07 ² Current (13-Apr-07) Hi-Liter Proposal

Price Per Share $ 24.23 $ 29.19 $ 31.55 $ 32.50 Premium to Current Price (13-Apr-07) (23.2 )% (7.5 )% 0.0 % 3.0 % Equity Value ³ $ 1,148 $ 1,404 $ 1,529 $ 1,580 Net Debt (at 31-Mar-07) 72 72 72 72 Enterprise Value 1,220 1,476 1,601 1,652 Premium to: 07-Dec-06 Closing Price ¹ $ 24.23 0.0 % 20.5 % 30.2 % 34.1 % 20-Feb-07 Closing Price ² 29.19 (17.0) 0.0 8.1 11.3 30 Day Average 31.29 (22.6) (6.7 ) 0.8 3.9 90 Day Average 29.33 (17.4) (0.5 ) 7.6 10.8 180 Day Average 28.27 (14.3) 3.3 11.6 15.0 52 Week High Closing Price 32.58 (25.6) (10.4 ) (3.2 ) (0.2 ) EBITDA4 Management / Analyst LTM — 3/31/07 $ 143.8 8.5 x 10.3 x 11.1 x 11.5 x CY2007E — Analyst Median $ 167.9 7.3 x 8.8 x 9.5 x 9.8 x CY2007E — Management5 160.9 7.6 9.2 9.9 10.3 CY2008E — Analyst Median $ 183.6 6.6 x 8.0 x 8.7 x 9.0 x CY2008E — Management 175.1 7.0 8.4 9.1 9.4 EPS4 CY2007E — Analyst Median $ 1.46 16.6 x 20.0 x 21.6 x 22.3 x CY2007E — Management 1.27 19.0 22.9 24.8 25.5 CY2008E — Analyst Median $ 1.68 14.4 x 17.4 x 18.8 x 19.3 x CY2008E — Management 1.49 16.3 19.6 21.2 21.9 PEG (LT — IBES Median) CY 2007E P/E 11.9 % 1.4 x 1.7 x 1.8 x 1.9 x CY 2008E P/E 11.9 1.2 1.5 1.6 1.6

Review of Proposed Transaction 5

CONFIDENTIAL II. Financial Analysis Financial Analysis 6

CONFIDENTIAL

Market Performance

Indexed Stock Price and Forward P/E Multiple – Past Three Years

Indexed Stock Price            Forward P/E Multiple

200% Average

High Low Last 3Y Last 2Y Last 1Y 07-Dec-06 Current

Colorprint 22.9 x 15.8 x 19.0 x 19.2 x 19.7 x 18.2 x 20.4 x Marketing Services ¹ 21.1 14.0 18.2 17.4 15.9 16.1 16.4

180%

23x

70.6%

160%

Price P/E (x) 21x Months

20.4x

Indexed 140%

19x

Twelve 120% 20.3%

17x Next 16.4x 100% 15x (6.3%) 80% 13x

Mar- Aug- Jan- Jun- Oct- Mar- Aug- Jan- Mar- Aug- Jan- Jun- Nov- Apr- Sep- Feb-2004 2004 2005 2005 2005 2006 2006 2007 2004 2004 2005 2005 2005 2006 2006 2007

Daily from 05-Mar-2004 to 07-Mar-2007

Daily from 05-Mar-2004 to 07-Mar-2007

Colorprint S&P 500 Index Marketing Services ¹

140 % 150% 130% 120% 110% 160%

Financial Analysis 7

CONFIDENTIAL

Market Performance

Enterprise Value / LTM EBITDA – Past Three Years

Average

12x            High Low Last 3Y Last 2Y Last 1Y 07-Dec-06 Current

Colorprint 11.2 x 5.7 x 8.1 x 8.5 x 8.9 x 8.2 x 10.2 x Marketing Services ¹ 10.9 7.3 9.2 8.8 8.3 8.5 8.4 11x

Multiple

10x 10.2 x

EBITDA

9x

8.4 x

8x

Value to LTM 7x Enterprise

6x

5x

4x

Mar-2004 Aug-2004 Jan-2005 Jun-2005 Nov-2005 Apr-2006 Sep-2006 Feb-2007

Daily from 05-Mar-2004 to 07-Mar-2007

Colorprint            Marketing Services ¹ Financial Analysis 8

CONFIDENTIAL

Comparison of Selected Companies

($ in millions, except per share data)

Closing      % of            Equity            Calendarized 5-Year 2007 PE            LTM Price 52 Week            Market            Enterprise            Enterprise Value / EBITDA            P/E Multiples ² Est. EPS            to 5-Year  ;           EBITDA —— — Company 13-Apr-07 High            Cap ¹ Value ¹ LTM ¹ 2007 E ²2008 E ² 2007 E 2008 ECAGR ² C AGR ² Margin ¹ —— -— —— —— —— —— —— —— —— —— —— —— —— —

Colorprint — Analyst Estimates $31.55 96.8 %$1,529 $1,601 11.1 x 9.5 x8.7 x 21.6 x 18.8 x11.9 % 1.8 x 30.9 % Colorprint — Management 9.9 9.1 24.8 21.2

—— -— —— —— —— —— —— —— —— —— —— —— —— —— —— —

Harte Hanks $27.17 94.8 %$2,092 $2,258 10.3 x 9.6 x9.2 x 18.2 x 16.3 x10.5 % 1.7 x 18.6 % —— -— —— —— —— —— —— —— —— —— —— —— —— —

Acxiom 21.34 80.7 1,672 2,373 5.6 5.8 5.7 20.1 16.5 15.0 1.3 30.6

—— -— —— —— —— —— —— —— —— —— -— —— —— —— —— -— —

Valassis Communications 3 18.31 59.7 877 2,189 8.6 9.3 8.1 15.6 12.9 4.5 3.5 10.2

—— -— —— —— —— —— —— —— —— —— -— —— —— —— —— -— —

InfoUSA 10.14 80.3 564 817 8.7 6.8 6.3 14.6 12.3 NA            NA 21.5

—— -— —— —— —— —— —— —— —— —— -— —— —— —— —— —— —

High 94.8 % 10.3 x 9.6 x 9.2 x20.1 x 16.5 x 15.0 % 3.5 x 30.6 % Median 80.5 8.7 8.1 7.2 16.9 14.6 10.5 1.7 20.0

Mean 78.9 8.3 7.9 7.3 17.1 14.5 10.0 2.2 20.2

Low 59.7 5.6 5.8 5.7 14.6 12.3 4.5 1.3 10.2

—— -— —— —— -— —— —— —— —— -— —

Financial Analysis 9

CONFIDENTIAL

Illustrative Present Value of Future Stock Price Analysis

2008E EPS

CY 2008E

EPS

Illustrative Present Value of Future Stock Price

% Growth from CY 2007E1 FY1 P / E —— —

Analyst Management 18.0 x 19.0 x 20.0 x 21.0 x (11.0 )% 6.6 % $ 1.30 $ 20.54 $ 21.68 $ 22.82 $ 23.96 (4.1 ) 14.8 1.40 22.12 23.35 24.58 25.81 2.7 23.0 1.50 23.70 25.02 26.34 27.65 9.6 31.2 1.60 25.28 26.69 28.09 29.50 16.4 39.4 1.70 26.86 28.35 29.85 31.34 23.3 47.6 1.80 28.44 30.02 31.60 33.18

Illustrative Premium / (Discount) of Present Value of Future Stock Price to Current Price $29.85

% Growth from CY 2007E1 FY1 P / E

—— —

Analyst Management 18.0 x 19.0 x 20.0 x 21.0 x

(11.0 )% 6.6 % $1.30 (31.2 )%(27.4 )% (23.5 )% (19.7 )% (4.1 ) 14.8 1.40 (25.9 ) (21.8 ) (17.7 ) (13.5 ) 2.7 23.0 1.50 (20.6 ) (16.2 ) (11.8 ) (7.4 )

9.6 31.2 1.60 (15.3 ) (10.6 ) (5.9 ) (1.2 ) 16.4 39.4 1.70 (10.0 ) (5.0 ) (0.0 ) 5.0 23.3 47.6 1.80 (4.7 ) 0.6 5.9 11.2

Financial Analysis 10

CY 2008E

EPS

CONFIDENTIAL

Illustrative Present Value of Future Stock Price Analysis

2009E EPS

CY 2009E

EPS

CY 2009E

EPS

Illustrative Present Value of Future Stock Price

% Growth from CY 2008E1 FY1 P / E —— —

Analyst Management 18.0 x 19.0 x 20.0 x 21.0 x (10.7 )% 0.7 % $ 1.50 $ 21.46 $ 22.65 $ 23.85 $ 25.04 (4.8 ) 7.4 1.60 22.89 24.16 25.44 26.71 1.2 14.1 1.70 24.32 25.68 27.03 28.38 7.1 20.8 1.80 25.75 27.19 28.62 30.05 13.1 27.5 1.90 27.19 28.70 30.21 31.72 19.0 34.2 2.00 28.62 30.21 31.80 33.39

Illustrative Premium / (Discount) of Present Value of Future Stock Price to Current Price $29.85

% Growth from CY 2008E1 FY1 P / E

—— —

Analyst Management 18.0 x 19.0 x 20.0 x 21.0 x

(10.7 )% 0.7 % $1.50 (28.1 )%(24.1 )% (20.1 )% (16.1 )% (4.8 ) 7.4 1.60 (23.3 ) (19.0 ) (14.8 ) (10.5 )

1.2 14.1 1.70 (18.5 ) (14.0 ) (9.5 ) (4.9 ) 7.1 20.8 1.80 (13.7 ) (8.9 ) (4.1 ) 0.7 13.1 27.5 1.90 (8.9 ) (3.9 ) 1.2 6.3 19.0 34.2 2.00 (4.1 ) 1.2 6.5 11.8

Financial Analysis 11

CONFIDENTIAL

Summary of Historical and Projected Financials

($in millions, except per share data) —— -— —— —— —— —— —— —— —— —— —— —— -— —— —— —— —— —— — Historical            CAGR            Management Projections            CAGR —— — 2005 2006 2004 ‘04 — ‘06 2007E 2008E 2009 E 2010 E2011E ‘07 — ‘11 —— -— —— —— -— —— —— —— —— —— —— —— —

Revenue $417.7 $403.8 $ 466.8 5.7 %$508.3 $546.2 $595.4 $644.9 $699.2 8.3 % Growth (3.3) % 15.6 % 8.9 % 7.5 % 9.0 % 8.3 % 8.4 % —— -— —— —— —— —— —— —— —— —— -— —— —— —— —— —— —— —— —— —

EBITDA $164.2 $137.8 $ 158.3 (1.8) %$179.9 $192.6 $211.6 $232.0 $256.5 9.3 % —— -— —— —— —— —— —— —— —— —— —— —— —

Growth (16.1) % 14.9 % 13.7 % 7.0 % 9.9 % 9.6 % 10.6 % Margin 39.3 % 34.1 33.9 35.4 35.3 35.5 36.0 36.7 EBIT $119.8 $101.0 $ 119.0 (0.3) %$129.2 $137.5 $152.6 $168.2 $190.0 10.1 % Growth (15.7) % 17.8 % 8.6 % 6.4 % 11.0 % 10.2 % 12.9 % Margin 28.7 % 25.0 25.5 25.4 25.2 25.6 26.1 27.2 —— -— —— —— —— —— —— —— —— —— —— —— —— —— —— —— —— -— —

Net Income $76.4 $63.6 $74.8 (1.0) % $76.0 $82.7 $ 95.7 $106.5 $122.3 12.6 % —— -— —— —— —— —— —— —— —— —— —— —— —— —— —— —— —— —— —— —— —

Growth (16.8) % 17.6 % 1.7 % 8.7 % 15.7 % 11.3 % 14.8 % Weighted Avg. Diluted Shares 52.4 50.0 46.6 48.0 48.0

—— -— —— —— —— —— —— —— —— —— —— -— —— —— —— —— —— —— —— —— —— -— —

EPS $1.46 $1.27 $1.59 4.6 % $1.58 $1.72

—— -— —— —— —— —— —— —— —— —— —— -— —— —— —— —— —— —— —— —— —— -— —

Growth (12.8) % 25.5 % (0.7) % 8.7 % —— -— —— —— —— —— —— —— —— —— —— —— —— —— —— —— —— —— —— —

EPS (including FAS 123R Expense) $1.46 $1.27 $1.42 (1.1) % $1.27 $1.45

—— -— —— —— —— —— —— —— —— —— —— -— —— —— —— —— —— —— —— —— —— -— —

Growth (12.8) % 12.0 % (10.5) % 13.4 % Financial Analysis 12

CONFIDENTIAL

Illustrative Discounted Cash Flow

Valuation Date March 8, 2007

($ in millions, except per share data)

As of 31-December

2007 2008 2009 2010 2011

Sales $ 506.9 $ 546.2 $ 595.4 $ 644.9 $ 699.2 Growth 8.6 % 7.8 % 9.0 % 8.3 % 8.4 % EBIT $ 123.7 $ 137.5 $ 152.6 $ 168.2 $ 190.0 EBIT Margin 24.4 % 25.2 % 25.6 % 26.1 % 27.2 % D&A $ 51.9 $ 55.1 $ 59.0 $ 63.8 $ 66.5 EBITDA 175.7 192.6 211.6 232.0 256.5 EBITDA Margin 34.7 % 35.3 % 35.5 % 36.0 % 36.7 % Taxes at 38% $ 47.0 $ 52.2 $ 58.0 $ 63.9 $ 72.2 Change in Working Capital $ (12.1 ) $ 4.9 $ 2.7 $ 2.4 $ 2.1 Capex 54.8 68.8 67.0 35.0 55.6 Unlevered Free Cash Flow $ 61.8 $ 76.5 $ 89.3 $ 135.4 $ 130.8 Adjustment to 2007 Unlevered FCF1 (11.3 ) Unlevered Free Cash Flow $ 50.5 $ 76.5 $ 89.3 $ 135.4 $ 130.8

Illustrative Implied Share Price

Terminal LTM EBITDA Multiple ² Revenue Growth ³

$ 32.8 7.5 x 8.0 x 8.5 x 9.0 x 9.5 x

$ 32.0 5.0 % 6.0 % 7.0 % 8.0 % 9.0 %

10.0 % $ 30.38 $ 31.83 $ 33.27 $ 34.70 $ 36.13

Margin 34.0 % $ 26.10 $ 27.36 $ 28.64 $ 29.94 $ 31.29

Rate 10.5 % 29.82 31.25 32.67 34.07 35.46

11.0 % 35.0 % 26.97 28.25 29.55 30.89 32.27

Discount 29.28 30.68 32.07 33.45 34.81 EBITDA

11.5 % 28.75 30.12 31.49 32.84 34.18 36.0 % 27.83 29.12 30.45 31.83 33.24
12.0 % 28.23 29.57 30.91 32.24 33.56

37.0 % 28.67 29.99 31.36 32.77 34.20

12.5 % 27.72 29.04 30.35 31.66 32.96 Financial Analysis 13

CONFIDENTIAL

Comparison of Selected Premiums

100% Cash Consideration Transactions, Last Three Years

Premium Paid to:

27.8 % 27.4 %

20.3 % 18.6 %

1.1 %

1 Day 30-Day Average 90-Day Average 180-Day Average 52 Week High

Median Premium — 100% Cash Transactions, Last 3 Years ¹

Financial Analysis 14

CONFIDENTIAL

Comparison of Selected Transactions

Selected Marketing Services Transactions Since 2004 ($ in millions)

Enterprise Value / Price / —— — Date            Equity            Enterprise            LTM            Forward            Forward

AnnouncedTarget            Acquiror            Value ¹ Value2 EBITDA            EBITDA 3 EPS3

—— —— -— —— —— —— —— —— —— —— —— —

4 5 5 5

Dec-06ADVO (after legal settlement) Valassis $1,061 $1,147 13.1 x10.6 x 27.7 x —— —— -— —— —— —— —— —— —— —

6 6 7

Jan-06VNU NV            Valcon Acquisition 9,712 11,038 13.1 12.0 19.5

—— —— -— —— —— —— —— —— —— —— —— —

Aug-05NDCHealth Information Management            Wolters Kluwer NV            NA 382 10.58 10.68 NA —— -— —— —— —— —— —— —— —— —— —

High 13.1 x 12.0 x 27.7 x Median 13.1 10.6 23.6 Mean 12.2 11.1 23.6 Low 10.5 10.6 19.5

—— —— —— —

Financial Analysis 15

CONFIDENTIAL

Appendix A: Additional Information

Additional Information 16

CONFIDENTIAL

Cost of Equity and WACC Analysis

($ in millions)

5.5% Equity Risk Premium

Risk Risk-Free            Premium            Cost of            Pre-Tax Cost of            Effective Tax            Current Debt            Curr. Mkt. Val. o f Rate1 2 3 4 Rate (t)5 (D)6 Equity (E)7 WACC —— —— —— —— —— —— —— —

(R p) Equity Beta (Be) Equity (Ke) Debt (K d) —— —— —— —— —— —— —— —— —— —— —— —— —— —— —— —— —— —— —— —— —

Colorprint 4.50 % 5.50 % 1.18 10.99 % 5.83 % 38.0 % $123$1,436 10.40 % —— —— —— —— —— —— —— —— —— —— —— —— —— —— —— —— —— —— —— —

Harte Hanks 4.50 5.50 0.55 7.52 5.67 36.6 205 2,138 7.18

—— —— —— —— —— —— —— —— —— —— —— —— —— —— —— —— —— —— —— —— —

Acxiom 4.50 5.50 1.27 11.48 7.10 33.5 789 1,669 9.31

—— —— —— —— —— —— —— —— —— —— —— —— —— —— —— —— —— —— —— —— —

Valassis 4.50 5.50 0.82 9.01 8.77 35.0 1,390 795 6.90

—— —— —— —— —— —— —— —— —— —— —— —— —— —— —— —— —— —— —— —

InfoUSA 4.50 5.50 1.23 11.26 6.01 40.2 260 552 8.81

—— —— —— —— —— —— —— —— —— —— —— —— —— —— —— —— —— —— —— —— —

High 1.27 11.48 % 10.40 % Median 1.18 10.99 8.81

Mean 1.01 10.05 8.52

Low 0.55 7.52 6.90

7.1% Equity Risk Premium

—— —— —— —— —— —— —— —— —— —— —— —— —

Risk Risk-Free            Premium            Cost of            Pre-Tax Cost of            Effective Tax            Current Debt            Curr. Mkt. Val. o f Rate 1 2 3 4 Rate (t)5 (D)6 Equity (E)7 WACC

—— —— —— —— —— —— —— —

(R p) Equity Beta (Be) Equity (Ke) Debt (Kd ) —— —— —— —— —— —— —— —— —— —— —— —— —— —— —— —— —— —

Colorprint 4.50 % 7.10 % 1.18 12.87 % 5.83 % 38.0 % $123 $1,436 12.14 % —— —— —— —— —— —— —— —— —— —— —— —— —— —— —— —

Harte Hanks 4.50 7.10 0.55 8.40 5.67 36.6 205 2,138 7.98

—— —— —— —— —— —— —— —— —— —— —— —— —— —— —— —— —— —

Acxiom 4.50 7.10 1.27 13.51 7.10 33.5 789 1,669 10.69

—— —— —— —— —— —— —— —— —— —— —— —— —— —— —— —— —— —

Valassis 4.50 7.10 0.82 10.32 8.77 35.0 1,390 795 7.38

—— —— —— —— —— —— —— —— —— —— —— —— —— —— —— —— —

InfoUSA 4.50 7.10 1.23 13.23 6.01 40.2 260 552 10.15

—— —— —— —— —— —— —— —— —— —— —— —— —— —— —— —— —— —

High 1.27 13.51 % 10.69 % Median 1.03 11.77 9.06

Mean 0.97 11.37 9.05

Low 0.55 8.40 7.38

—— —— —— —

Additional Information 17

CONFIDENTIAL

Summary of 2007 Forecast vs. Budget

($in millions, except per share data) —— —— —— —— —— —— —— —— —— -— —— —— —— —— —— —— —— —— —— —— -— —— —— — Q1 2007 ¹ Q2 2007 ² Q3 2007 Q4 2007 CY 2007 —— —— -— —— —— — Actual w/o            Forecast w/o            Forecast w/o Actual            Deal Costs            Budget            Forecast            Deal Costs            Budget            Forecast    &n bsp;       Budget            Forecast            Budget            Forecast            Deal Costs            Budget —— —— —— —— —— —— —— —— —— —— —— —— —— — Revenue $123.8 $123.8 $125.6 $123.0 $123.0 $120.2 $127.4 $127.8 $134.0 $133.3 $508.3 $508.3 $506.9 % Change (1.4)% (1.4 )% 2.4 % 2.4 % (0.3)% 0.5 % 0.3 % 0.3 % —— —— —— —— —— —— —— —— —— —— -— —— —— -— —— —— —— —— —— —— —— —— -— —— —— —— —— —— —— —— — EBITDA $45.2 $46.6 $42.4 $ 39.6 $40.1 $38.8 $44.3 $45.3 $49.0 $49.2 $178.0 $179.9 $175.6 —— —— —— —— —— —— —— —— —— —— —— —— —— —— —— —— —— —— —— —— —— — % Change 6.4 % 9.8 % 2.2 % 3.5 % (2.2 )% (0.5 )% 1.4 % 2.5 % Margin 36.5 37.6 33.8 32.2 32.6 32.3 34.8 35.4 36.5 36.9 35.0 35.4 34.6 EBIT $33.6 $35.0 $30.0 $ 26.9 $27.4 $25.9 $31.0 $32.0 $35.8 $35.9 $127.3 $129.2 $123.7 % Change 12.1 % 16.8 % 4.0 % 5.9 % (3.0 )% (0.4 )% 2.9 % 4.4 % Margin 27.1 28.3 23.9 21.9 22.3 21.5 24.4 25.0 26.7 27.0 25.0 25.4 24.4 —— —— —— —— —— —— —— —— —— —— —— —— —— —— —— —— —— —— -— —— —— —— —— —— — Net Income $20.7 $21.6 $17.3 $ 15.5 $15.8 $14.5 $17.9 $18.1 $20.8 $20.5 $74.8 $76.0 $70.4 —— —— —— —— —— —— —— —— —— —— —— —— —— —— —— —— —— —— —— —— —— —— —— — % Change 19.6 % 24.7 % 6.7 % 8.8 % (1.2 )% 1.4 % 6.3 % 8.0 % Weighted Avg. Diluted Shares 46.8 46.8 47.0 47.8 47.8 46.7 48.0 46.4 48.2 46.3 48.0 48.0 46.7 —— —— —— —— —— —— —— —— —— —— —— -— —— —— —— —— —— —— —— —— -— —— —— —— —— —— —— —— -— —— —

EPS $0.44 $0.46 $0.37 $0.32 $0.33 $0.31 $0.37 $0.39 $0.43 $0.44 $1.57 $1.58 $1.51

—— —— —— —— —— —— —— —— —— —— —— —— —— —— —— —— —— —— —— —— —— —— —— —

% Change 20.3 % 25.4 % 4.2 % 6.2 % (4.5) % (2.5) % 4.1 % 4.9 % —— —— —— —— —— —— —— —— —— -— —— -— —— —— —— —— —— —— —— —— —— —— —— —— —— —— -— —

EPS (w/ FAS 123R Expense) $0.37 $0.39 $0.30 $0.24 $0.25 $0.24 $0.29 $0.32 $0.35 $0.37 $1.25 $1.27 $1.22

—— —— —— —— —— —— —— —— —— —— —— —— —— —— —— —— —— —— —— —— —— —— —— —

% Change 23.9 % 30.2 % 3.0 % 5.7 % (7.5) % (4.8) % 2.5 % 4.5 %

Additional Information 18

CONFIDENTIAL

Management vs. Analyst Estimates

($in millions, except per share data) [TBU] CY 2007 Estimates —— —— —— — EPS            EBITDA            Net Income            Avg. Shares —— —— —— —— —— —— —

Management $1.22 $157.9 $56.9 46.7

—— —— —— —— —— —

Bear, Stearns & Co. 1.50 170.6 68.0 45.5

—— —— —— —— —— —— —— —

Deutsche Bank North America 1.45 171.6 65.5 45.2

—— —— —— —— —— —— —— —

First Analysis Securities Corp 1.48 165.3 68.2 46.2

—— —— —— —— —— —— —— —

JP Morgan 1.46 NA            NA            NA —— —— —— —— —— —— —— —

Robert W. Baird & Co., Inc. 1.30 158.5 59.7 45.8

—— —— —— —— —— —— —— —

Analyst High $1.50 $171.6 $68.2 46.2

Analyst Median 1.46 167.9 66.8 45.6

Analyst Mean 1.44 166.5 65.3 45.7

Analyst Low 1.30 158.5 59.7 45.2

—— —— —— —— —— —

CY 2008 Estimates

—— —— —— —

EPS            EBITDA            Net Income            Avg. Shares

—— —— —— —— —— —— —

Management $1.49 $175.1 $69.4 46.7

—— —— —— —— —— —

Bear, Stearns & Co. 1.72 190.4 78.4 45.5

—— —— —— —— —— —— —— —

Deutsche Bank North America            NA            NA            NA            NA —— —— —— —— —— —— —

First Analysis Securities Corp 1.64 176.0 75.5 46.0

—— —— —— —— —— —— —— —

JP Morgan 1.92 NA            NA            NA —— —— —— —— —— —— —— —

Robert W. Baird & Co., Inc. 1.60 183.6 72.0 45.0

—— —— —— —— —— —— —— —

Analyst High $1.92 $190.4 $78.4 46.0

Analyst Median 1.68 183.6 75.5 45.5

Analyst Mean 1.72 183.3 75.3 45.5

Analyst Low 1.60 176.0 72.0 45.0

—— —— —— —— —— —

Additional Information 19

CONFIDENTIAL

Management vs. Quarterly Analyst Estimates

Y-o-Y            Y-o-Y Q1 2007 % Change ¹ Q2 2007 % Change ² —— —— —— —— —

Management $0.37 (26.6) % $0.31 (11.3) % —— —— —— —— —

Bear, Stearns & Co. 0.45 (10.3) 0.37 6.9

—— —— —— —— —— —

Deutsche Bank North America 0.41 (18.2) 0.37 4.4

—— —— —— —— —— —

First Analysis Securities Corp 0.47 (6.4) 0.37 6.8

—— —— —— —— —— —— —

JP Morgan            NA            NA —— —— —— —— —— —

Robert W. Baird & Co., Inc. 0.42 (17.0 ) 0.32 (8.6 )

Analyst High $0.47 (6.4 )%$0.37 6.9 % Analyst Median 0.44 (13.6 ) 0.37 5.6 Analyst Mean 0.44 (13.0 ) 0.36 2.4

Analyst Low 0.41 (18.2 ) 0.32 (8.6 )

Additional Information 20

CONFIDENTIAL

Illustrative Analysis at Various Prices

Premium to Average Prices Based on Ending Date of 07-Dec-06 ($ in millions, except per share data)

07-Dec-06 ¹ 20-Feb-07 ² Current (13-Apr-07) Hi-Liter Proposal

Price Per Share $ 24.23 $ 29.19 $ 31.55 $ 32.50 Premium to Current Price (13-Apr-07) (23.2 )% (7.5 )% 0.0 % 3.0 % Equity Value ³ $ 1,148 $ 1,404 $ 1,529 $ 1,580 Net Debt (at 31-Mar-07) 72 72 72 72 Enterprise Value 1,220 1,476 1,601 1,652 Premium to:4 07-Dec-06 Closing Price ¹ 24.23 $ 0.0 % 20.5 % 30.2 % 34.1 % 20-Feb-07 Closing Price ² 29.19 (17.0) 0.0 8.1 11.3 30 Day Average 24.91 (2.7) 17.2 26.7 30.5 90 Day Average 26.97 (10.1) 8.2 17.0 20.5 180 Day Average 26.84 (9.7) 8.7 17.5 21.1 52 Week High Closing Price 29.77 (18.6) (1.9 ) 6.0 9.2 EBITDA5 Management / Analyst LTM — 3/31/07 143.8 $ 8.5 x 10.3 x 11.1 x 11.5 x CY2007E — Analyst Median $ 167.9 7.3 x 8.8 x 9.5 x 9.8 x CY2007E — Management6 160.9 7.6 9.2 9.9 10.3 CY2008E — Analyst Median $ 183.6 6.6 x 8.0 x 8.7 x 9.0 x CY2008E — Management 175.1 7.0 8.4 9.1 9.4 EPS5 CY2007E — Analyst Median $ 1.46 16.6 x 20.0 x 21.6 x 22.3 x CY2007E — Management 1.27 19.0 22.9 24.8 25.5 CY2008E — Analyst Median $ 1.68 14.4 x 17.4 x 18.8 x 19.3 x CY2008E — Management 1.49 16.3 19.6 21.2 21.9 PEG (LT — IBES Median) CY 2007E P/E 11.9 % 1.4 x 1.7 x 1.8 x 1.9 x CY 2008E P/E 11.9 1.2 1.5 1.6 1.6

Additional Information 21

CONFIDENTIAL

Comparison of Selected Premiums

100% Cash Consideration, Last 3 Years ($ in millions)

Premium — Announced Target            Acquiror            Equity Value 1 Day 30-Day Average 90-Day Average 180-Day Average 52 Week High —— —— —— —— —— —— —— — 02/26/07 Hub International Ltd            Investor Group $1,604 16.0 %22.6 %27.8 % 35.9 %16.0 % —— —— —— —— —— —— —— — 02/22/07 Great American Finl Res Inc            American Financial Group Inc 1,116 8.6 7.9 3.1 16.4 (3.5) —— —— —— —— —— —— —— —— — 02/12/07 Witness Systems Inc            Verint Systems Inc 1,072 23.5 29.7 57.0 113.0 1.7 —— —— —— —— —— —— —— —— — 02/05/07 Mills Corp            Investor Group 1,358 8.4 24.7 29.6 3.0 (46.1 ) —— —— —— —— —— —— —— —— — 02/05/07 Longview Fibre Co            Brookfield Asset Mgmt Inc 1,627 17.8 14.1 20.4 17.3 (8.1) —— —— —— —— —— —— —— —— — 01/24/07 21st Century Insurance Co            AIG 1,742 20.9 12.1 23.6 33.4 9.5 —— —— —— —— —— —— —— —— — 01/02/07 EGL Inc            Investor Group 1,488 20.9 14.8 (0.8 )(28.3 )(33.1 ) —— —— —— —— —— —— —— —— — 12/20/06 John H Harland Co            M&F Worldwide Corp 1,421 18.6 22.3 42.6 26.2 2.9 —— —— —— —— —— —— —— —— — 12/05/06 Bandag Inc            Bridgestone/Firestone Inc 1,016 12.7 17.7 29.8 36.8 (1.8) —— —— —— —— —— —— —— —— — 11/30/06 Digital Insight Corp            Intuit Inc 1,354 18.2 23.6 37.5 26.2 1.5 —— —— —— —— —— —— —— —— — 11/16/06 Conor Medsystems Inc            Johnson & Johnson Inc 1,459 23.8 32.1 30.7 29.5 10.1 —— —— —— —— —— —— —— —— — 11/06/06 Per-Se Technologies Inc            McKesson Corp 1,095 14.5 17.7 20.0 13.7 (5.0) —— —— —— —— —— —— —— —— — 10/31/06 Banta Corp            RR Donnelley & Sons Co 1,306 16.6 12.2 16.9 11.3 0.0 —— —— —— —— —— —— —— —— — 10/30/06 Sirna Therapeutics Inc            Merck & Co Inc 1,132 100.2 110.5 138.0 116.9 52.6 —— —— —— —— —— —— —— —— — 10/30/06 Trustreet Properties Inc            GE Capital Solutions Franchise 1,151 15.7 33.8 37.2 32.5 17.1 —— —— —— —— —— —— —— —— —

10/30/06 Trammell Crow Co            CB Richard Ellis Group Inc 1,971 28.1 33.9 39.7 39.7 19.4

—— —— —— —— —— —— —— —— —

10/26/06 Kanbay International Inc            Capgemini SA 1,162 8.2 29.7 49.1 70.9 28.6

—— —— —— —— —— —— —— —— —

10/25/06 Universal American Financial            Investor Group 1,107 4.5 12.3 16.5 23.5 23.4

—— —— —— —— —— —— —— —— —

10/11/06 Jacuzzi Brands Inc            Apollo Management LP 1,240 10.1 20.3 32.7 34.7 12.6

—— —— —— —— —— —— —— —— —

10/25/06 Yankee Candle Co Inc            Madison Dearborn Partners LLC 1,724 11.3 18.2 29.7 30.0 33.8

—— —— —— —— —— —— —— —— —

08/23/06 Internet Sec Sys Group Inc            IBM Corp 1,303 4.4 14.7 31.3 27.4 27.9

—— —— —— —— —— —— —— —— —

08/10/06 FileNet Corp            IBM Corp 1,557 1.7 18.6 25.5 27.6 (2.3)

—— —— —— —— —— —— —— —— —

07/09/06 Heritage Ppty Invest Trust Inc            Centro Properties Group 1,753 3.3 6.1 (2.1) 1.1 (10.2)

—— —— —— —— —— —— —— —— —

05/14/06 SSA Global Technologies Inc            Infor Global Solutions 1,529 25.1 25.7 17.5 16.0 (5.2)

—— —— —— —— —— —— —— —— —

05/01/06 Aviall Inc            Boeing Co 1,716 27.3 26.2 34.7 41.2 0.1

—— —— —— —— —— —— —— —— —

04/27/06 Diagnostic Products Corp            Siemens Medical Solutions Inc 1,767 20.7 23.3 21.7 21.1 0.8

—— —— —— —— —— —— —— —— —

04/25/06 Serologicals Corp            Millipore Corp 1,389 35.3 32.5 38.1 41.5 1.2

—— —— —— —— —— —— —— —— —

04/20/06 Ubiquitel Inc            Sprint Nextel Corp 1,035 1.6 2.7 4.2 10.0 (0.2)

—— —— —— —— —— —— —— —— —

01/22/06 Sports Authority Inc            Investor Group 1,021 20.0 21.5 23.7 20.0 8.4

—— —— —— —— —— —— —— —— —

11/20/05 Beverly Enterprises Inc            Fillmore Capital Partners LLC 1,593 33.3 6.6 1.6 1.7 (7.0)

—— —— —— —— —— —— —— —— —

11/10/05 SERENA Software Inc            Silver Lake Partners 1,026 2.7 16.8 21.0 19.2 (1.7)

—— —— —— —— —— —— —— —— —

11/08/05 Linens n Things Inc            Investor Group 1,295 7.9 10.4 11.4 13.2 (5.4)

—— —— —— —— —— —— —— —— —

10/24/05 Amli Residential Ppty Trust            Prime Property Fund 1,177 20.7 19.2 19.8 26.1 (0.7)

—— —— —— —— —— —— —— —— —

10/16/05 Adv Neuromodulations Sys Inc            St Jude Medical Inc 1,369 30.4 25.1 32.9 58.4 13.7

—— —— —— —— —— —— —— —— —

09/29/05 IDX Systems Corp            GE Healthcare Ltd 1,488 25.1 32.0 38.4 36.0 1.2

Additional Information 22

CONFIDENTIAL

Comparison of Selected Premiums (cont’d)

100% Cash Consideration, Last 3 Years ($ in millions)

Premium — AnnouncedTarget            Acquiror            Equity Value 1 Day 30-Day Average 90-Day Average 180-Day Average 52 Week High —— —— —— —— —— —— —— —

09/15/05UICI            Investor Group $1,719 19.1 %17.0 % 25.6 % 29.8 % 0.6 % —— —— —— —— —— —— —— —

08/04/05Metris Cos Inc            HSBC Finance Corp 1,575 1.1 4.2 12.8 18.6 (1.8)

—— —— —— —— —— —— —— —— —

07/21/05Priority Healthcare Corp            Express Scripts Inc 1,252 7.7 12.1 21.2 24.0 5.6

—— —— —— —— —— —— —— —— —

07/10/05US Unwired Inc            Sprint Corp 1,072 1.5 14.4 27.2 34.2 1.5

—— —— —— —— —— —— —— —— —

06/16/05Vicuron Pharmaceuticals Inc            Pfizer Inc 1,916 84.2 69.9 72.4 77.3 3.1

—— —— —— —— —— —— —— —— —

06/13/05Commercial Federal,Omaha,NE            Bank of the West,CA 1,367 34.1 35.0 28.0 23.6 11.9

—— —— —— —— —— —— —— —— —

06/07/05Gables Residential Trust            Investor Group 1,272 14.1 17.9 23.4 22.9 (0.6)

—— —— —— —— —— —— —— —— —

05/16/05Overnite Corp            UPS 1,220 46.2 39.5 34.5 30.5 1.2

—— —— —— —— —— —— —— —— —

05/12/05Cuno Inc 3M Co 1,290 31.3 36.2 32.0 27.0 1.1

—— —— —— —— —— —— —— —— —

04/21/05Transkaryotic Therapies Inc            Shire Pharmaceuticals Grp PLC 1,384 21.6 45.2 51.6 72.7 0.5

—— —— —— —— —— —— —— —— —

03/14/05Ascential Software Corp            IBM Corp 1,121 17.8 18.3 24.7 32.0 (22.9)

—— —— —— —— —— —— —— —— —

01/31/05Pulitzer Inc            Lee Enterprises Inc 1,432 1.8 0.2 9.3 20.6 (2.9)

—— —— —— —— —— —— —— —— —

01/27/05Genencor International Inc            Danisco A/S 1,151 23.9 19.0 19.5 22.1 0.6

—— —— —— —— —— —— —— —— —

11/24/04Ionics Inc            GE Infrastructure Inc 1,072 47.9 48.1 59.2 63.7 1.2

—— —— —— —— —— —— —— —— —

11/03/04Argosy Gaming Co            Penn National Gaming Inc 1,408 16.4 17.5 30.2 32.4 9.7

—— —— —— —— —— —— —— —— —

10/20/04Boca Resorts Inc            Blackstone Real Estate Advisor 1,031 26.6 28.9 27.3 29.2 20.0

—— —— —— —— —— —— —— —— —

10/19/04Robert Mondavi Corp            Constellation Brands Inc 1,030 49.9 48.7 60.1 60.8 13.8

—— —— —— —— —— —— —— —— —

10/18/04Select Medical Corp            EGL Holding Co 1,983 26.6 34.2 32.8 23.2 (8.9)

—— —— —— —— —— —— —— —— —

09/29/04Orbitz Inc            Cendant Corp 1,229 34.5 41.1 41.4 26.1 (10.6)

—— —— —— —— —— —— —— —— —

07/13/04National Processing Inc            Bank of America Corp 1,425 (9.5) (7.9) 8.1 13.5 (10.1)

—— —— —— —— —— —— —— —— —

05/24/04NeighborCare Inc            Omnicare Inc 1,410 52.5 61.1 49.1 54.3 29.3

—— —— —— —— —— —— —— —— —

05/24/04WFS Financial Inc            Westcorp,Irvine,CA 1,940 3.5 6.1 9.3 11.9 (0.7)

—— —— —— —— —— —— —— —— —

05/19/04ALARIS Medical Systems Inc            Cardinal Health Inc 1,743 18.4 15.6 12.6 24.7 (2.8)

—— —— —— —— —— —— —— —— —

05/18/04Kroll Inc            Marsh & McLennan Cos Inc 1,958 32.4 30.6 39.8 50.0 20.9

—— —— —— —— —— —— —— —— —

03/22/04US Oncology Inc            Welsh Carson Anderson & Stowe 1,302 18.5

—— —— —— —— —

15.9 26.8 51.7 (1.8)

—— —— —— —

03/15/04InVision Technologies Inc            GE Infrastructure Inc 1,159 21.3 30.9 44.0 66.6 1.2

—— —— —— —— —— —— —— —— —

Median—100% Cash Transactions 18.6 % 20.3 % 27.8 % 27.4 % 1.1 %

Additional Information 23

EX-99.(C)(10)

Exhibit (c)(10)

Project Colorprints PRESENTATION TO THE SPECIAL COMMITTEE OF THE BOARD OF DIRECTORS CONFIDENTIAL MARCH 8 2007

CONFIDENTIAL The information herein has been prepared by Lazard based upon information supplied by "Colorprints" (the "Company") or publicly available, and portions of the information herein may be based upon certain statements, estimates and forecasts provided by management of the Company with respect to the anticipated future performance of the Company and its businesses. We have relied upon the accuracy and completeness of the foregoing information and have not assumed any responsibility for any independent verification of such information or any independent valuation or appraisal of any of the assets or liabilities of the Company or any other entity, or concerning the solvency or fair value of the Company or any other entity. With respect to financial forecasts, we have assumed that they have been reasonably prepared on bases reflecting the best currently available estimates and judgments of management of the Company as to the future financial performance of the Company. We assume no responsibility for and express no view as to such forecasts or the assumptions on which they are based. The information set forth herein is based upon economic, monetary, market and other conditions as in effect on, and the information made available to us as of, the date hereof, unless otherwise indicated. We assume no responsibility for updating or revising the information contained herein based on the circumstances or events occurring after the date of these materials. These materials and the information contained herein are confidential and may not be disclosed publicly or made available to third parties without the prior written consent of Lazard; provided, that you may disclose to any and all persons the US federal income tax treatment and tax structure of the transaction described herein and the portions of these materials that relate to such tax treatment or structure. Lazard is not responsible for and is not providing to the Company any tax, accounting, actuarial, legal or other specialist advice. Our engagement and the following presentation are solely for the use and benefit of the Company's Board of Directors. Our presentation does not address the merits of the underlying decision by the Company to engage in any transaction it may be considering and the relative merits of any such transaction as compared to other business strategies that might be available. In that regard, we were not authorized to, and did not, solicit third party indications of interest in acquiring all or a part of, or engaging in a business combination or any other strategic transaction with, the Company. This presentation is not intended to and does not constitute a recommendation to any holder of shares of the Company as to whether such holder should take any action with respect to such shares. Furthermore, this presentation is not intended to confer rights and remedies upon any shareholders of the Company or any other person. Lazard is acting as investment banker to the Company, and we will receive a fee for our services, and may have other engagements with the Company in the future. In addition, in the ordinary course of our business, Lazard may actively trade shares of the Company's common stock and other securities for our own account and for the accounts of our customers and, accordingly, may at any time hold a long or short position in such securities.

CONFIDENTIAL I EXECUTIVE SUMMARY 1 II ADDITIONAL VALUATION MATERIALS 1 A Discounted Cash Flow Analysis 13 B Present Value of Hypothetical Future Stock Prices 15 C Comparable Companies Analysis 16 D Precedent Transactions Analysis 18 E Leveraged Buy Out Analysis 20 F Precedent Premiums Paid Analysis 22 Appendix Appendix 22 A Break-Up Fee Analysis 26 B Colorprints Ownership Summary 27 Table of Contents Project Colorprints

I Executive Summary PROJECT COLORPRINTS

Introduction: Key Terms of the Offer 1 (a) As defined in the Agreement.

Introduction: Sources of Lazard Analysis The valuation analyses presented herein are based on the following information and analyses: Calendar year 2006 financial results and management's five-year financial forecast for calendar years 2007E- 2011E including the most recent 2007 forecasts based on January actuals Discussion and review sessions with key members of the management team on Colorprints' operations, financial performance, prospects and challenges Analysis of the industry Colorprints participates in and trends in the environment in which Colorprints operates Analysis of financial information on key competitors and/or similar publicly traded companies Analysis of selected comparable precedent transactions A leveraged buyout analysis is also presented to illustrate potential returns to a financial buyer Based on closing prices as of March 7, 2007, unless specified otherwise Certain analyses are based on Colorprints closing price on December 7, 2006, the day prior to the Company's public announcement that it was exploring a possible sale 2

Overview of Colorprints Trading Statistics ($ in millions, except per share figures) Source: Management estimates and Company filings. Note: All figures do not reflect estimated public company cost reductions. (a) Stock price before public announcement of a potential sale of the company. (b) Calculated based on share price data for the 52-week period ended March 7, 2007. Reflects 46,991,643 basic shares. Includes 89,459 phantom stocks units, 18,343 unvested stocks units and 257,210 restricted shares per management. Diluted shares are calculated using the treasury stock method based on schedules provided by management. Debt and cash balance as of January 31, 2007 per management. (e) Excludes stock-based compensation costs of $14.3 million and $17.8 million in 2006A (full-year pro forma) and 2007E, respectively, based on management estimates. (f) Includes stock-based compensation costs of $14.3 million and $17.8 million in 2006A (full-year pro forma) and 2007E, respectively for EBITDA and $10.5 million and $13.5 million in 2006A (full-year pro forma) and 2007E, respectively, for net income, based on management estimates. Reflects fully diluted shares of 46.8 million in CY 2006A and 46.7 million in CY 2007E per management. 3

Colorprints Stock Price Trading History 4 Source: FactSet. Traditional Marketing Services Index includes Acxiom, Harte-Hanks, infoUSA and Valassis. Prices on specific dates represent the closing price following announcement of the event specified.

One-Year Price and Volume of Shares Traded Source: FactSet and Company filings. Note: Total volume is assigned to the average of the high and low price intraday. 5 Over the last 12 months, Colorprints' outstanding float has turned approximately 2.3 times with 76.2% of all trades between $24.00 and $30.00 per share. By comparison, Vulcan acquired its 15.5% ownership at a weighted average price of approximately $18.56 per share

Forward P/E Multiples and PEG Ratios - Three-Year Summary Source: FactSet. Note: PEG ratio defined as forward (i.e., next fiscal year's EPS estimate) P/E divided by IBES EPS long-term growth rate. 6 LT Growth Rate 10.0% 11.0% 10.0% 10.0% 8.5% 8.5% 8.5% 8.5% 8.5% 7.8%

Summary of Selected Analysts' Price Targets ($ in millions, except per share data) Source: Bloomberg, Wall Street research and management forecast. After Q4 2006 earnings announcement, if available. Discounted using Colorprints' estimated cost of equity of 12%. Present Value of future target price target discounted back twelve months. Discontinued coverage of Colorprints on 2/7/2007. 7

Colorprints Summary Consolidated Management Forecast ($ in millions, except per share figures) Source: Management estimates. Note: All figures do not reflect estimated public company cost reductions. (a) Excludes pre-tax stock-based compensation costs of $14.3 million, $17.8 million, $17.5 million, $14.3 million, $11.9 million and $11.6 million in 2006A (full-year pro forma), 2007E, 2008E, 2009E, 2010E and 2011E, respectively, based on management estimates. (b) Includes pre-tax stock-based compensation costs of $14.3 million, $17.8 million, $17.5 million, $14.3 million, $11.9 million and $11.6 million in 2006A (full-year pro forma), 2007E, 2008E, 2009E, 2010E and 2011E, respectively, based on management estimates. (c) Includes post-tax stock-based compensation costs of $10.5 million, $13.5 million, $13.2 million, $10.8 million, $9.1 million and $8.6 million in 2006A (full-year pro forma), 2007E, 2008E, 2009E, 2010E and 2011E, respectively, based on management estimates. Reflects fully diluted shares of 46.8 million in CY 2006A and 46.7 million in CY 2007E - CY 2011E per management. 8

Comparison of Management Forecast to Wall Street Estimates ($ in millions) 9 Source: Management forecast and Wall Street estimates. Note: Wall Street consensus only includes Wall Street research that specifically adjust for SFAS 123 expenses. All figures reflect estimated SFAS 123 expenses.

Opportunities and Considerations on Colorprints 10

Valuation Methodologies 11

Valuation Summary 12 Source: Management estimates. (a) Stock price range reflects a required estimated IRR of approximately 17.5% to 22.5% based on an exit in 2011 at an exit multiple of EBITDA. Reflects 13.5% management equity pool excluding potential additional 2.5%-3.0% reserved for new hires. Assumes no synergies other than elimination of public company costs.

II Additional Valuation Materials PROJECT COLORPRINTS

A Discounted Cash Flow Analysis PROJECT COLORPRINTS

Discounted Cash Flow Sensitivity Analysis - Summary ($ in millions, except per share data) 13 Source: Management estimates. Note: Assumes valuation as of March 31, 2007 and mid-year convention for discount rate.

WACC Analysis ($ in millions) Source: Wall Street research and management estimates. (a) Pro-forma for Valassis/Advo transaction announced on December 19, 2006. (b) Net Debt = ST Debt & LT Debt + Minority Interest + Preferred Stock - Cash & Cash Equivalents. (c) Predicted Barra Beta. (d) Unlevered Beta = Levered Beta/[1+(1-Tax Rate)(Debt/Equity)]. (e) Risk Free Rate is 10-Year Treasury Bond Yield. (f) Represents the long-horizon expected equity risk premium based on simple differences of historical arithmetic mean returns from 1926-2005. (Ibbotson Associates' 2006 yearbook). (g) Levering Factor = [1 + (1-Tax Rate)(Debt/Equity)]. (h) Cost of Equity = (Risk Free Rate of Return)+(Levered Beta)(Equity Risk Premium). (i) Weighted Average Cost of Capital = (After-Tax Cost of Debt)(Debt/Cap.)+(Cost of Equity)(Equity/Cap.). 14

B Present Value of Hypothetical Future Stock Prices PROJECT COLORPRINTS

Present Value of Hypothetical Future Stock Prices 15 Note: Reflects projected 2009E EPS discounted back to 3/7/07 based on a cost of equity between 11% and 13%, and a forward P/E multiple between 17.0x and 21.0x. Stock Price = (EPS2009E/((1+rE)2))* forward P/E. Assumes Colorprint's cost of equity of 12% from CAPM. (a) Reflects stock-based compensation costs of $13.5 million, $13.3 million and $10.8 million in 2007E, 2008E and 2009E, respectively, based on management estimates. Reflects fully diluted shares of 46.7 million in CY 2007E - CY 2009E per management.

C Comparable Companies Analysis PROJECT COLORPRINTS

Public Market Valuation ($ in millions, except per share figures) 16 Source: Management estimates, Company filings and Wall Street research reports. (a) Reflects stock-based compensation costs of $17.8 million for EBITDA and $13.5 million for net income based on management estimates. Reflects fully diluted shares of 46.7 million in CY 2007E per management. (b) Represents the low and high enterprise values obtained using the average values derived from applying EBITDA multiples and EPS. (c) Reflects 46,991,643 basic shares. Includes 89,459 phantom stocks units, 18,343 unvested stocks units and 257,210 restricted shares per management. Diluted shares are calculated using the treasury stock method based on schedules provided by management.

Selected Marketing Services Comparable Companies 17 Source: Company filings and Wall Street estimates. (a) Pro-forma for merger of Valassis and ADVO including publicly disclosed estimated synergies. (b) Pro Forma for acquisition of Opinion Research. (c) Long-Term Growth based on Management estimates for 2007E-2011E.

D Precedent Transactions Analysis PROJECT COLORPRINTS

Private Market Valuation ($ in millions, except per share figures) 18 Source: Management estimates, Company filings and Wall Street research reports. (a) Reflects stock-based compensation costs of $14.3 million and $17.8 million in 2006A (full-year pro forma) and 2007E respectively, based on management estimates. (b) Low and high multiples based on the Valassis/Advo transaction. (c) Reflects 46,991,643 basic shares. Includes 89,459 phantom stocks units, 18,343 unvested stocks units and 257,210 restricted shares per management. Diluted shares are calculated using the treasury stock method based on schedules provided by management.

Selected Traditional Marketing Services Precedent Transactions ($ in millions) 19 Source: Based on Company filings and Wall Street equity research. Note: Reflects selected U.S. traditional marketing services transactions. LTM with/without estimated $40 million in EBITDA synergies per Valassis Investor presentation, dated July 6, 2006. LTM with/without estimated $12.5 million in EBITDA synergies per company's press release. Reflects December 31, 2004 financials. Given the differences in business models, there are few directly comparable transactions to Colorprints.

E Leveraged Buy Out Analysis PROJECT COLORPRINTS

Leveraged Buy Out Analysis: Sources and Uses 20 Source: Management estimates. (a) Reflects CY2006A of $157.6 million. Adjusted for one-time items of $(0.7) million, net including year-end change incremental expense of $0.6 million, color installation costs of $3.8 million, severance costs of $1.5 million, office closure costs of $0.9 million, shareholder settlement costs of $0.3 million, international customer loss of ($16.4) million, net other cost reductions to offset customer loss of $6.2 million and estimated public company costs of $2.4 million based on management estimates. Debt and cash balance as of January 31, 2007 per management. Reflects estimated minimum cash required of $10 million. Adjusted for 2007 Directors Long Term Incentive award, of approximately $6.2 million. (c) Based on EBITDA excluding stock-based compensation costs.

Leveraged Buy Out Analysis: IRR Sensitivity Analysis 21 Source: Management estimates. Note: Analysis assumes management equity pool of 13.5%. Reflects CY2006A of $157.6 million. Adjusted for one-time items of $(0.7) million, net including year-end change incremental expense of $0.6 million, color installation costs of $3.8 million, severance costs of $1.5 million, office closure costs of $0.9 million, shareholder settlement costs of $0.3 million, international customer loss of ($16.4) million, net other cost reductions to offset customer loss of $6.2 million and estimated public company costs of $2.4 million based on management estimates. Reflects EBITDA post SFAS 123 expenses. Assumes elimination of estimated public company costs of $2.4 million based on management estimates.

F Precedent Premiums Paid Analysis PROJECT COLORPRINTS

22 Premium Paid Analysis - Public Deals $1-2 Billion since 1/1/03 Source: SDC. Note: Based on selected public U.S. all cash transactions with transaction values between $1 billion and $2 billion since 2003. Excludes real-estate and financial institution transactions.

Premium Paid Analysis - All Cash Transactions ($ in millions) 23 Financial Sponsor Transactions Source: SDC. Note: Based on selected public U.S. all cash transactions with transaction values between $1 billion and $2 billion since 2003. Excludes real-estate and financial institution transactions. (a) Reflects revised offer of $33.00 per share.

Premium Paid Analysis - All Cash Transactions (cont'd) ($ in millions) 24 Financial Sponsor Transactions Source: SDC. Note: Based on selected public U.S. all cash transactions with transaction values between $1 billion and $2 billion since 2003. Excludes real-estate and financial institution transactions.

Premium Paid Analysis - All Cash Transactions (cont'd) ($ in millions) 25 Financial Sponsor Transactions Source: SDC. Note: Based on selected public U.S. all cash transactions with transaction values between $1 billion and $2 billion since 2003. Excludes real-estate and financial institution transactions.

Appendix PROJECT COLORPRINTS

A Break-Up Fee Analysis PROJECT COLORPRINTS

Break-Up Fee Analysis ($ in millions) Source: SDC and Bloomberg. Note: Represents 2006 to date selected transactions with equity values from $1 billion to $2 billion and for which termination fee information was available. Excludes real estate and financial institution transactions. 26

B Colorprints Ownership Summary PROJECT COLORPRINTS

Ownership Summary 27 Source: Factset and Company filings. (a) Reflects total basic shares per Management.

Vulcan's Colorprints Ownership History ($ in millions, except per share figures) 28 Source: Factset.

EX-99.(C)(11)

Exhibit (C)(11)

Project Colorprints PRESENTATION TO THE SPECIAL COMMITTEE OF THE BOARD OF DIRECTORS CONFIDENTIAL APRIL 17 2007

CONFIDENTIAL The information herein has been prepared by Lazard based upon information supplied by "Colorprints" (the "Company") or publicly available, and portions of the information herein may be based upon certain statements, estimates and forecasts provided by management of the Company with respect to the anticipated future performance of the Company and its businesses. We have relied upon the accuracy and completeness of the foregoing information and have not assumed any responsibility for any independent verification of such information or any independent valuation or appraisal of any of the assets or liabilities of the Company or any other entity, or concerning the solvency or fair value of the Company or any other entity. With respect to financial forecasts, we have assumed that they have been reasonably prepared on bases reflecting the best currently available estimates and judgments of management of the Company as to the future financial performance of the Company. We assume no responsibility for and express no view as to such forecasts or the assumptions on which they are based. The information set forth herein is based upon economic, monetary, market and other conditions as in effect on, and the information made available to us as of, the date hereof, unless otherwise indicated. We assume no responsibility for updating or revising the information contained herein based on the circumstances or events occurring after the date of these materials. These materials and the information contained herein are confidential and may not be disclosed publicly or made available to third parties without the prior written consent of Lazard; provided, that you may disclose to any and all persons the US federal income tax treatment and tax structure of the transaction described herein and the portions of these materials that relate to such tax treatment or structure. Lazard is not responsible for and is not providing to the Company any tax, accounting, actuarial, legal or other specialist advice. Our engagement and the following presentation are solely for the use and benefit of the Special Committee of the Company's Board of Directors. Our presentation does not address the merits of the underlying decision by the Company to engage in any transaction it may be considering and the relative merits of any such transaction as compared to other business strategies that might be available. This presentation is not intended to and does not constitute a recommendation to any holder of shares of the Company as to whether such holder should take any action with respect to such shares. Furthermore, this presentation is not intended to confer rights and remedies upon any shareholders of the Company or any other person. Lazard is acting as investment banker to the Company, and we will receive a fee for our services, and may have other engagements with the Company in the future. In addition, in the ordinary course of our business, Lazard may actively trade shares of the Company's common stock and other securities for our own account and for the accounts of our customers and, accordingly, may at any time hold a long or short position in such securities.

CONFIDENTIAL I EXECUTIVE SUMMARY 1 II ADDITIONAL VALUATION MATERIALS 1 A Discounted Cash Flow Analysis 13 B Present Value of Hypothetical Future Stock Prices 15 C Comparable Companies Analysis 16 D Precedent Transactions Analysis 18 E Precedent Premiums Paid Analysis 20 Appendix Appendix 20 A Break-Up Fee Analysis 24 B Colorprints Ownership Summary 25 Table of Contents Project Colorprints

I Executive Summary PROJECT COLORPRINTS

Introduction: Key Terms of the Offer 1

Introduction: Sources of Lazard Analysis The valuation analyses presented herein are based on the following information and analyses: Calendar year 2006 financial results and management's five-year financial forecast for calendar years 2007E- 2011E including the most recent 2007 forecasts based on Q1 FY07 actuals Discussion and review sessions with key members of the management team on Colorprints' operations, financial performance, prospects and challenges Analysis of the industry Colorprints participates in and trends in the environment in which Colorprints operates Analysis of financial information on key competitors and/or similar publicly traded companies Analysis of selected comparable precedent transactions Based on closing prices as of April 16, 2007, unless specified otherwise Certain analyses are based on Colorprints closing price on December 7, 2006, the day prior to the Company's public announcement that it was exploring a possible sale 2

Overview of Colorprints Trading Statistics ($ in millions, except per share figures) Source: Management estimates and Company filings. Note: All figures do not reflect estimated public company cost reductions. (a) Stock price before public announcement of a potential sale of the company. (b) Calculated based on share price data for the 52-week period ended April 16, 2007. Reflects 47,111,874 basic shares. Includes 92,591 phantom stocks units, 18,343 unvested stocks units, 18,500 ESPP shares and 832,320 restricted shares per management. Diluted shares are calculated using the treasury stock method based on schedules provided by management. Debt and cash balance as of March 31, 2007 per management. (e) Excludes stock-based compensation costs of approximately $14.3 million and $19.0 million in 2006A (full-year pro forma) and 2007E (assuming tax rate of approximately 22% based on Q1 2007 actual), respectively, based on management estimates. Excludes pre-tax and post-tax deal costs of $1.9 million and $1.2 million respectively. (f) Includes stock-based compensation costs of approximately $14.3 million and $19.0 million in 2006A (full-year pro forma) and 2007E (assuming tax rate of approximately 22% based on Q1 2007 actual), respectively for EBITDA and approximately $10.5 million and $14.8 million in 2006A (full-year pro forma) and 2007E, respectively, for net income, based on management estimates. Reflects fully diluted shares of 46.8 million in CY 2006A and 48.0 million in CY 2007E per management. Excludes pre-tax and post-tax deal costs of $1.9 million and $1.2 million respectively. 3

Colorprints Stock Price Trading History 4 Source: FactSet. Traditional Marketing Services Index includes Acxiom, Harte-Hanks, infoUSA and Valassis. Prices on specific dates represent the closing price following announcement of the event specified.

One-Year Price and Volume of Shares Traded Source: FactSet and Company filings. Note: Total volume is assigned to the average of the high and low price intraday. 5 Over the last 12 months, Colorprints' outstanding float has turned approximately 2.3 times with 74.9% of all trades between $24.00 and $30.00 per share

Forward P/E Multiples and PEG Ratios - Three-Year Summary Source: FactSet. Note: PEG ratio defined as forward (i.e., next fiscal year's EPS estimate) P/E divided by IBES EPS long-term growth rate. 6 LT Growth Rate 10.0% 11.0% 10.0% 10.0% 8.5% 8.5% 8.5% 9.0% 8.7% 10.8%

Summary of Selected Analysts' Price Targets ($ per share) Source: Bloomberg, Wall Street research and management forecast. Future price target before announcement of ValueAct transaction discounted using Colorprints' estimated cost of equity of 12%. Present Value of future target price target discounted back twelve months. Discontinued coverage of Colorprints on 2/7/2007. 7

Colorprints Summary Consolidated Management Forecast ($ in millions, except per share figures) Source: Management estimates. Note: All figures do not reflect estimated public company cost reductions. (a) Excludes pre-tax stock-based compensation costs of approximately $14.3 million, $19.0 million, $18.5 million, $14.3 million, $11.9 million and $11.6 million in 2006A (full-year pro forma), 2007E (assuming tax rate of approximately 22% based on Q1 2007 actual), 2008E, 2009E, 2010E and 2011E, respectively, based on management estimates. Excludes pre-tax deal costs of $1.9 million. (b) Includes pre-tax stock-based compensation costs of approximately $14.3 million, $19.0 million, $18.5 million, $14.3 million, $11.9 million and $11.6 million in 2006A (full-year pro forma), 2007E (assuming tax rate of approximately 22% based on Q1 2007 actual), 2008E, 2009E, 2010E and 2011E, respectively, based on management estimates. Excludes pre-tax deal costs of $1.9 million. (c) Includes post-tax stock-based compensation costs of approximately $10.5 million, $14.8 million, $13.2 million, $10.8 million, $9.1 million and $8.6 million in 2006A (full-year pro forma), 2007E, 2008E, 2009E, 2010E and 2011E, respectively, based on management estimates. Reflects fully diluted shares of 46.8 million in CY 2006A and 48.0 million in CY 2007E - - CY 2011E based on management estimates. Excludes post-tax deal costs of $1.2 million. 8

Comparison of Management Forecast to Wall Street Estimates ($ in millions) 9 Source: Management forecast and Wall Street estimates. Note: Wall Street consensus only includes Wall Street research that specifically adjust for SFAS 123 expenses. All figures reflect estimated SFAS 123 expenses.

Opportunities and Considerations on Colorprints 10

Valuation Methodologies 11

Valuation Summary 12 Source: Based on Management estimates.

II Additional Valuation Materials PROJECT COLORPRINTS

A Discounted Cash Flow Analysis PROJECT COLORPRINTS

Discounted Cash Flow Sensitivity Analysis - Summary ($ in millions, except per share data) 13 Source: Management estimates. Note: Assumes valuation as of March 31, 2007 and mid-year convention for discount rate.

WACC Analysis ($ in millions) Source: Wall Street research and management estimates. (a) Pro-forma for Valassis/Advo transaction announced on December 19, 2006. (b) Net Debt = ST Debt & LT Debt + Minority Interest + Preferred Stock - Cash & Cash Equivalents. (c) Predicted Barra Beta. (d) Unlevered Beta = Levered Beta/[1+(1-Tax Rate)(Debt/Equity)]. (e) Risk Free Rate is 10-Year Treasury Bond Yield. (f) Represents the long-horizon expected equity risk premium based on simple differences of historical arithmetic mean returns from 1926-2005. (Ibbotson Associates' 2006 yearbook). (g) Levering Factor = [1 + (1-Tax Rate)(Debt/Equity)]. (h) Cost of Equity = (Risk Free Rate of Return)+(Levered Beta)(Equity Risk Premium). (i) Weighted Average Cost of Capital = (After-Tax Cost of Debt)(Debt/Cap.)+(Cost of Equity)(Equity/Cap.). 14

B Present Value of Hypothetical Future Stock Prices PROJECT COLORPRINTS

Present Value of Hypothetical Future Stock Prices 15 Note: Reflects projected 2009E EPS discounted back to 4/16/07 based on a cost of equity between 11% and 13%, and a forward P/E multiple between 17.0x and 21.0x. Stock Price = (EPS2009E/((1+rE)2))* forward P/E. Assumes Colorprint's cost of equity of 12% from CAPM. (a) Reflects stock-based compensation costs of approximately $14.8 million, $13.3 million and $10.8 million in 2007E, 2008E and 2009E, respectively, based on management estimates. Reflects fully diluted shares of 48.0 million in CY 2007E - CY 2009E based on management estimates.

C Comparable Companies Analysis PROJECT COLORPRINTS

Public Market Valuation ($ in millions, except per share figures) 16 Source: Management estimates, Company filings and Wall Street research reports. (a) Reflects stock-based compensation costs of approximately $19.0 million for EBITDA (assuming tax rate of approximately 22% based on Q1 2007 actual) and $14.8 million for net income based on management estimates. Reflects fully diluted shares of 48.0 million in CY 2007E per management. (b) Represents the low and high enterprise values obtained using the average values derived from applying EBITDA multiples and EPS. (c) Reflects 47,111,874 basic shares. Includes 92,591 phantom stocks units, 18,343 unvested stocks units, 18,500 ESPP shares and 832,320 restricted shares per management. Diluted shares are calculated using the treasury stock method based on schedules provided by management.

Selected Marketing Services Comparable Companies 17 Source: Company filings and Wall Street estimates. (a) Pro-forma for merger of Valassis and ADVO including publicly disclosed estimated synergies. (b) Pro Forma for acquisition of Opinion Research. (c) Long-Term Growth based on Management estimates for 2007E-2011E.

D Precedent Transactions Analysis PROJECT COLORPRINTS

Private Market Valuation ($ in millions, except per share figures) 18 Source: Management estimates, Company filings and Wall Street research reports. (a) Reflects stock-based compensation costs of approximately $14.3 million and $19.0 million in 2006A (full-year pro forma) and 2007E (assuming tax rate of approximately 22% based on Q1 2007 actual) respectively, based on management estimates. (b) Low and high multiples based on the Valassis/Advo transaction. (c) Reflects 47,111,874 basic shares. Includes 92,591 phantom stocks units, 18,343 unvested stocks units, 18,500 ESPP shares and 832,320 restricted shares per management. Diluted shares are calculated using the treasury stock method based on schedules provided by management.

Selected Traditional Marketing Services Precedent Transactions ($ in millions) 19 Source: Based on Company filings and Wall Street equity research. Note: Reflects selected U.S. traditional marketing services transactions. LTM with/without estimated $40 million in EBITDA synergies per Valassis Investor presentation, dated July 6, 2006. LTM with/without estimated $12.5 million in EBITDA synergies per company's press release. Reflects December 31, 2004 financials. Given the differences in business models, there are few directly comparable transactions to Colorprints.

E Precedent Premiums Paid Analysis PROJECT COLORPRINTS

20 Premium Paid Analysis - Public Deals $1-2 Billion since 1/1/03 Source: SDC. Note: Based on selected public U.S. all cash transactions with transaction values between $1 billion and $2 billion since 2003. Excludes real-estate and financial institution transactions.

Premium Paid Analysis - All Cash Transactions ($ in millions) 21 Financial Sponsor Transactions Source: SDC. Note: Based on selected public U.S. all cash transactions with transaction values between $1 billion and $2 billion since 2003. Excludes real-estate and financial institution transactions. (a) Reflects revised offer of $33.00 per share.

Premium Paid Analysis - All Cash Transactions (cont'd) ($ in millions) 22 Financial Sponsor Transactions Source: SDC. Note: Based on selected public U.S. all cash transactions with transaction values between $1 billion and $2 billion since 2003. Excludes real-estate and financial institution transactions.

Premium Paid Analysis - All Cash Transactions (cont'd) ($ in millions) 23 Financial Sponsor Transactions Source: SDC. Note: Based on selected public U.S. all cash transactions with transaction values between $1 billion and $2 billion since 2003. Excludes real-estate and financial institution transactions.

Appendix PROJECT COLORPRINTS

A Break-Up Fee Analysis PROJECT COLORPRINTS

Break-Up Fee Analysis ($ in millions) Source: SDC and Bloomberg. Note: Represents 2006 to date selected transactions with equity values from $1 billion to $2 billion and for which termination fee information was available. Excludes real estate and financial institution transactions. 24

B Colorprints Ownership Summary PROJECT COLORPRINTS

Ownership Summary 25 Source: Factset and Company filings. (a) Reflects total basic shares per Management.

EX-99.(C)(12)

Exhibit (c)(12)

CONFIDENTIAL Project Colorprints Presentation to Board of Directors Goldman, Sachs & Co. April 17, 2007

CONFIDENTIAL Table of Contents I. Review of Proposed Transaction II. Financial Analysis Appendix A: Additional Information Goldman Sachs does not provide accounting, tax, or legal advice. Notwithstanding anything in this document to the contrary, and except as required to enable compliance with applicable securities law, you (and each of your employees, representatives, and other agents) may disclose to any and all persons the US federal income and state tax treatment and tax structure of the transaction and all materials of any kind (including tax opinions and other tax analyses) that are provided to you relating to such tax treatment and tax structure, without Goldman Sachs imposing any limitation of any kind.

CONFIDENTIAL I. Review of Proposed Transaction            Review of Proposed Transaction 3

CONFIDENTIAL Summary of Proposed Transaction Terms Structure Merger of Colorprint with Merger Sub, a wholly owned subsidiary of Parent, controlled by HiLiter Consideration $32.50 in cash for each outstanding share of Colorprint common stock Total Equity Consideration ¹ $1,580 million Aggregate Consideration ² $1,711 million Equity Commitment by HiLiter Financing Debt Commitment letter provided by Bear Stearns and Morgan Stanley of $1,150 million excluding $100 million and $75 million credit facilities respectively Buyer Termination Fee $50.6 million (3.0% of aggregate consideration) Payment of the lesser of $3.5 million or the aggregate amount of all reasonable and documented out of-pocket fees and expenses incurred in the event shareholder approval is not received, other than in Seller Termination Fee the case of a competing transaction $50.6 million in all other cases (3.0% of aggregate consideration) Colorprint approval by majority of shares Regulatory approval Closing Conditions / Contingencies No material adverse change Other standard conditions Termination Date November 30, 2007 ¹ Based on outstanding shares of 46.0 mm, options/SARS of 7.7 mm (weighted average exercise price of $26.51), RSUs of 0.8 mm, new ESPP of 0.02mm and phantom stock of 0.1 mm. ² Includes $131 mm of Colorprint debt as of 31-Mar-07. Review of Proposed Transaction 4

CONFIDENTIAL Structure Merger of Colorprint with Merger Sub, a wholly owned subsidiary of Parent, controlled by HiLiter Consideration $32.50 in cash for each outstanding share of Colorprint common stock Opportunity to match No go shop period Other Key Items No financing out Fiduciary out for superior offer            Review of Proposed Transaction 5

COFIDENTIAL Implied Transaction Multiples ($ in millions, except per share data) 07-Dec-06 ¹ 20-Feb-07 ² Current (13-Apr-07) Hi-Liter Proposal Price Per Share $ 24.23 $ 29.19 $ 31.55 $ 32.50 Premium to Current Price (13-Apr-07) (23.2)% (7.5)% 0.0 % 3.0 % Equity Value ³ $ 1,148 $ 1,404 $ 1,529 $ 1,580 Net Debt (at 31-Mar-07) 72 72 72 72 Enterprise Value 1,220 1,476 1,601 1,652 Premium to: 07-Dec-06 Closing Price ¹ $ 24.23 0.0 % 20.5 % 30.2 % 34.1 % 20-Feb-07 Closing Price ² 29.19 (17.0) 0.0 8.1 11.3 30 Day Average 31.29 (22.6) (6.7) 0.8 3.9 90 Day Average 29.33 (17.4) (0.5) 7.6 10.8 180 Day Average 28.27 (14.3) 3.3 11.6 15.0 52 Week High Closing Price 32.58 (25.6) (10.4) (3.2) (0.2) EBITDA ⁴ Management / Analyst LTM — 3/31/07 $ 143.8 8.5 x 10.3 x 11.1 x 11.5 x CY2007E — Analyst Median $ 167.9 7.3 x 8.8 x 9.5 x 9.8 x CY2007E — Management 160.9 7.6 9.2 9.9 10.3 CY2008E — Analyst Median $ 183.6 6.6 x 8.0 x 8.7 x 9.0 x CY2008E — Management 175.1 7.0 8.4 9.1 9.4 EPS ⁴ CY2007E — Analyst Median $ 1.46 16.6 x 20.0 x 21.6 x 22.3 x CY2007E - - Management 1.27 19.0 22.9 24.8 25.5 CY2008E — Analyst Median $ 1.68 14.4 x 17.4 x 18.8 x 19.3 x CY2008E — Management 1.45 16.8 20.2 21.8 22.5 PEG (LT — IBES Median) CY 2007E P/E 11.9 % 1.4 x 1.7 x 1.8 x 1.9 x CY 2008E P/E 11.9 1.2 1.5 1.6 ^1.6 Review of Proposed Transaction 6

CONFIDENTIAL II. Financial Analysis            Financial Analysis 7

CONFIDENTIAL Market Performance Indexed Stock Price and Forward P/E Multiple — Past Three Years Indexed Stock Price            Forward P/E Multiple 200% Average High Low Last 3Y Last 2Y Last 1Y 07-Dec-06 Current Colorprint 22.9 x 15.8 x 19.1 x 19.3 x 20.1 x 18.2 x 21.6 x Marketing Services ¹ 21.1 14.0 18.1 17.3 15.8 16.1 16.9 180% 80.3% 23x 160% 21.6x 21x 140% Indexed Price 19x 28.6% 120% 17x Next Twelve Months P/E (x) 16.9x 100% 15x (9.9%) 80% 13x Apr- Sep- Feb- Jul- Dec- May- Oct- Mar- Apr- Sep- Feb- Jul- Dec- May- Oct- Apr-2004 2004 2005 2005 2005 2006 2006 2007 2004 2004 2005 2005 2005 2006 2006 2007 Daily from 13-Apr-2004 to 13-Apr-2007 Daily from 13-Apr-2004 to 13-Apr-2007 Colorprint S&P 500 Index Marketing Services ¹ 160% Financial Analysis 8

15 Jun 2007 15:52 9/24 CONFIDENTIAL Market Performance Enterprise Value / LTM EBITDA — Past Three Years Average 12x High Low Last 3Y Last 2Y Last 1Y 07-Dec-06 Current Colorprint ¹ 11.2 x 5.7 x 8.3 x 8.7 x 9.2 x 8.2 x 11.1 x Marketing Services ² 10.9 7.3 9.2 8.7 8.2 8.5 8.7 11x 11.1 x 10x 9x 8.7 x 8x 7x Enterprise Value to LTM EBITDA Multiple 6x 5x 4x Apr-2004 Sep-2004 Feb-2005 Jul-2005 Dec-2005 May-2006 Oct-2006 Mar-2007 Daily from 13-Apr-2004 to 13-Apr-2007 Colorprint ¹ Marketing Services ² Financial Analysis 9

15 Jun 2007 15:52 10/24 CONFIDENTIAL Comparison of Selected Companies ($ in millions, except per share data) Closing % of Equity Calendarized 5-Year 2007 PE LTM Price 52 Week Market Enterprise Enterprise Value / EBITDA P/E Multiples ² Est. EPS to 5-Year EBITDA Company 13-Apr-07 High Cap ¹ Value ¹ LTM ¹ 2007E ² 2008E ² 2007E 2008E CAGR ² CAGR ² Margin ¹ Colorprint — Analyst Estimates $ 31.55 96.8 % $ 1,529 $ 1,601 11.1 x 9.5 x 8.7 x 21.6 x 18.8 x 11.9 % 1.8 x 30.9 % Colorprint - Management 9.9 9.1 24.8 21.8 Harte Hanks $ 27.17 94.8 % $ 2,092 $ 2,258 10.3 x 9.6 x 9.2 x 18.2 x 16.3 x 10.5 % 1.7 x 18.6 % Acxiom 21.34 80.7 1,672 2,373 5.6 5.8 5.7 20.1 16.5 15.0 1.3 30.6 Valassis Communications 3 18.31 59.7 877 2,189 8.6 9.3 8.1 15.6 12.9 4.5 3.5 10.2 InfoUSA 10.14 80.3 564 817 8.7 6.8 6.3 14.6 12.3 NA NA 21.5 High 94.8 % 10.3 x 9.6 x 9.2 x 20.1 x 16.5 x 15.0 % 3.5 x 30.6 % Median 80.5 8.7 8.1 7.2 16.9 14.6 10.5 1.7 20.0 Mean 78.9 8.3 7.9 7.3 17.1 14.5 10.0 2.2 20.2 Low 59.7 5.6 5.8 5.7 14.6 12.3 4.5 1.3 10.2 Financial Analysis 10

CONFIDENTIAL Illustrative Present Value of Future Stock Price Analysis 2008E EPS Illustrative Present Value of Future Stock Price % Growth from CY 2007E ¹ FY1 P / E Analyst Management 18.0 x 19.0 x 20.0 x 21.0 x (11.0)% 2.0 % $ 1.30 $ 20.80 $ 21.96 $ 23.12 $ 24.27 (4.1) 9.8 1.40 22.41 23.65 24.89 26.14 CY 2008E 2.7 17.7 1.50 24.01 25.34 26.67 28.01 EPS 9.6 25.5 1.60 25.61 27.03 28.45 29.87 16.4 33.4 1.70 27.21 28.72 30.23 31.74 23.3 41.2 1.80 28.81 30.41 32.01 33.61 Illustrative Premium / (Discount) of Present Value of Future Stock Price to Current Price $31.55 % Growth from CY 2007E ¹ FY1 P / E Analyst Management 18.0 x 19.0 x 20.0 x 21.0 x (11.0)% 2.0 % $ 1.30 (34.1)% (30.4)% (26.7)% (23.1)% (4.1) 9.8 1.40 (29.0) (25.0) (21.1) (17.1) CY 2008E 2.7 17.7 1.50 (23.9) (19.7) (15.5) (11.2) EPS 9.6 25.5 1.60 (18.8) (14.3) (9.8) (5.3) 16.4 33.4 1.70 (13.8) (9.0) (4.2) 0.6 23.3 41.2 1.80 (8.7) (3.6) 1.5 6.5 Financial Analysis 11

15 Jun 2007 15:52 12/24 CONFIDENTIAL Illustrative Present Value of Future Stock Price Analysis 2009E EPS            Illustrative Present Value of Future Stock Price % Growth from CY 2008E ¹ FY1 P / E Analyst Management 18.0 x 19.0 x 20.0 x 21.0 x (10.7)% 0.7 % $ 1.50 $ 21.77 $ 22.98 $ 24.19 $ 25.40 (4.8) 7.4 1.60 23.22 24.51 25.80 27.09 CY 2009E 1.2 14.1 1.70 24.68 26.05 27.42 28.79 EPS 7.1 20.8 1.80 26.13 27.58 29.03 30.48 13.1 27.5 1.90 27.58 29.11 30.64 32.17 19.0 34.2 2.00 29.03 30.64 32.25 33.87 Illustrative Premium / (Discount) of Present Value of Future Stock Price to Current Price $31.55 % Growth from CY 2008E ¹ FY1 P / E Analyst Management 18.0 x 19.0 x 20.0 x 21.0 x (10.7)% 0.7 % $ 1.50 (31.0)% (27.2)% (23.3)% (19.5)% (4.8) 7.4 1.60 (26.4) (22.3) (18.2) (14.1) CY 2009E 1.2 14.1 1.70 (21.8) (17.4) (13.1) (8.8) EPS 7.1 20.8 1.80 (17.2) (12.6) (8.0) (3.4) 13.1 27.5 1.90 (12.6) (7.7) (2.9) 2.0 19.0 34.2 2.00 (8.0) (2.9) 2.2 7.3 Financial Analysis 12

CONFIDENTIAL Summary of Historical and Projected Financials ($ in millions, except per share data) Historical CAGR Management Projections CAGR 2004 2005 2006 ‘04 — ‘06 2007E 2008E 2009E 2010E 2011E ‘07 — ‘11 Revenue $ 417.7 $ 403.8 $ 466.8 5.7 % $ 508.3 $ 546.2 $ 595.4 $ 644.9 $ 699.2 8.3 % Growth (3.3)% 15.6 % 8.9 % 7.5 % 9.0 % 8.3 % 8.4 % EBITDA $ 164.2 $ 137.8 $ 158.3 (1.8)% $ 179.9 $ 192.6 $ 211.6 $ 232.0 $ 256.5 9.3 % Growth (16.1)% 14.9 % 13.7 % 7.0 % 9.9 % 9.6 % 10.6 % Margin 39.3 % 34.1 33.9 35.4 35.3 35.5 36.0 36.7 EBIT $ 119.8 $ 101.0 $ 119.0 (0.3)% $ 129.2 $ 137.5 $ 152.6 $ 168.2 $ 190.0 10.1 % Growth (15.7)% 17.8 % 8.6 % 6.4 % 11.0 % 10.2 % 12.9 % Margin 28.7 % 25.0 25.5 25.4 25.2 25.6 26.1 27.2 Net Income $ 76.4 $ 63.6 $ 74.8 (1.0)% $ 76.0 $ 82.7 $ 95.7 $ 106.5 $ 122.3 12.6 % Growth (16.8)% 17.6 % 1.7 % 8.7 % 15.7 % 11.3 % 14.8 % Weighted Avg. Diluted Shares 52.4 50.0 46.6 48.0 48.0 EPS $ 1.46 $ 1.27 $ 1.59 4.6 % $ 1.58 $ 1.72 Growth (12.8)% 25.5 % (0.7)% 8.7 % EPS (including FAS 123R Expense) $ 1.46 $ 1.27 $ 1.42 (1.1)% $ 1.27 $ 1.45 Growth (12.8)% 12.0 % (10.5)% 13.4 % Financial Analysis 13

CONFIDENTIAL Illustrative Discounted Cash Flow Valuation Date April 17, 2007 ($ in millions, except per share data) As of 31-December Apr-Dec 2007 2008 2009 2010 2011 Sales $ 384.5 $ 546.2 $ 595.4 $ 644.9 $ 699.2 Growth 8.9 % 7.5 % 9.0 % 8.3 % 8.4 % EBIT $ 93.7 $ 137.5 $ 152.6 $ 168.2 $ 190.0 EBIT Margin 24.4 % 25.2 % 25.6 % 26.1 % 27.2 % D&A $ 39.1 $ 55.1 $ 59.0 $ 63.8 $ 66.5 EBITDA 132.8 192.6 211.6 232.0 256.5 EBITDA Margin 34.6 % 35.3 % 35.5 % 36.0 % 36.7 % Taxes at 38% $ 35.6 $ 52.2 $ 58.0 $ 63.9 $ 72.2 Change in Working Capital $ 9.8 $ 4.9 $ 2.7 $ 2.4 $ 2.1 Capex 33.2 68.8 67.0 35.0 55.6 Unlevered Free Cash Flow $ 73.9 $ 76.5 $ 89.3 $ 135.4 $ 130.8 Adjustment to Apr — Dec 2007 Unlevered FCF ¹ (4.6) Unlevered Free Cash Flow $ 69.3 $ 76.5 $ 89.3 $ 135.4 $ 130.8 Illustrative Implied Share Price Terminal LTM EBITDA Multiple ² Revenue Growth ³ $ 33.6 7.5 x 8.0 x 8.5 x 9.0 x 9.5 x $ 32.8 5.0 % 6.0 % 7.0 % 8.0 % 9.0 % 10.0 % $ 30.93 $ 32.40 $ 33.84 $ 35.28 $ 36.72 34.0 % $26.77 $28.04 $29.33 $30.66 $32.03 10.5 % 30.38 31.82 33.25 34.66 36.07 35.0 % 27.65 28.94 30.26 31.63 33.03 11.0 % 29.84 31.26 32.66 34.05 35.43 11.5 % 29.32 30.71 32.09 33.45 34.80 EBITDA Margin 36.0 % 28.51 29.83 31.19 32.59 34.01 Discount Rate 12.0 % 28.81 30.17 31.52 32.87 34.19 37.0 % 29.37 30.72 32.11 33.54 35.00 12.5 % 28.31 29.64 30.97 32.29 33.60 Financial Analysis 14

CONFIDENTIAL            Comparison of Selected Premiums 100% Cash Consideration Transactions, Last Three Years Premium Paid to: 28.0 % 27.6 % 21.5 % 20.0 % 1.2 % 1 Day 30-Day Average 90-Day Average 180-Day Average 52 Week High Median Premium — 100% Cash Transactions, Last 3 Years ¹ Financial Analysis 15

CONFIDENTIAL Comparison of Selected Transactions Selected Marketing Services Transactions Since 2004 ($ in millions) Enterprise Value / Price / Date Equity Enterprise LTM Forward Forward Announced Target Acquiror Value ¹ Value2 EBITDA EBITDA3 EPS3 Dec-06 ADVO (after legal settlement) 4 Valassis $ 1,061 $ 1,147 13.1 x5 10.6 x5 27.7 x5 Jan-06 VNU NV Valcon Acquisition 9,712 6 11,0386 13.17 12.0 19.5 Aug-05 NDCHealth Information Management Wolters Kluwer NV NA 382 10.58 10.68 NA High 13.1 x 12.0 x 27.7 x Median 13.1 10.6 23.6 Mean 12.2 11.1 23.6 Low 10.5 10.6 19.5 Financial Analysis 16 15 Jun 2007 15:52 17/24

CONFIDENTIAL Appendix A: Additional Information Additional Information 17 15 Jun 2007 15:52 18/24

CONFIDENTIAL Cost of Equity and WACC Analysis ($ in millions) 5.2% Equity Risk Premium Risk Risk-Free Premium Cost of Pre-Tax Cost of Effective Tax Current Debt Curr. Mkt. Val. of Rate1 2 3 4 Rate (t)5 (D)6 Equity (E)7 WACC (Rp) Equity Beta (Be) Equity (Ke) Debt (Kd) Colorprint 4.76 % 5.16 % 1.17 10.80 % 5.83 % 38.0 % $ 131 $ 1,528 10.23 % Harte Hanks 4.76 5.16 0.51 7.39 5.67 36.6 205 2,092 7.05 Acxiom 4.76 5.16 1.06 10.23 7.10 33.5 789 1,672 8.46 Valassis 4.76 5.16 0.91 9.46 8.77 35.0 1,390 877 7.15 InfoUSA 4.76 5.16 1.16 10.75 6.01 40.2 260 564 8.49 High 1.17 10.80 % 10.23 % Median 1.06 10.23 8.46 Mean 0.96 9.72 8.28 Low 0.51 7.39 7.05 7.1% Equity Risk Premium Risk Risk-Free Premium Cost of Pre-Tax Cost of Effective Tax Current Debt Curr. Mkt. Val. of Rate1 2 3 4 Rate (t)5 (D)6 Equity (E)7 WACC (Rp) Equity Beta (Be) Equity (Ke) Debt (Kd) Colorprint 4.76 % 7.10 % 1.17 13.07 % 5.83 % 38.0 % $ 131 $ 1,528 12.32 % Harte Hanks 4.76 7.10 0.51 8.38 5.67 36.6 205 2,092 7.95 Acxiom 4.76 7.10 1.06 12.29 7.10 33.5 789 1,672 9.86 Valassis 4.76 7.10 0.91 11.22 8.77 35.0 1,390 877 7.84 InfoUSA 4.76 7.10 1.16 13.00 6.01 40.2 260 564 10.03 High 1.16 13.00 % 10.03 % Median 0.99 11.75 8.91 Mean 0.91 11.22 8.92 Low 0.51 8.38 7.84 Additional Information 18 15 Jun 2007 15:52 19/24

CONFIDENTIAL Summary of 2007 Forecast vs. Budget ($ in millions, except per share data) Q1 2007 ¹ Q2 2007 ² Q3 2007 Q4 2007 CY 2007 Actual w/o Forecast w/o Forecast w/o Actual Deal Costs Budget Forecast Deal Costs Budget Forecast Budget Forecast Budget Forecast Deal Costs Budget Revenue $ 123.8 $ 123.8 $ 125.6 $ 123.0 $ 123.0 $ 120.2 $ 127.4 $ 127.8 $ 134.0 $ 133.3 $ 508.3 $ 508.3 $ 506.9 % Change (1.4)% (1.4)% 2.4 % 2.4 % (0.3)% 0.5 % 0.3 % 0.3 % EBITDA $ 45.2 $ 46.6 $ 42.4 $ 39.6 $ 40.1 $ 38.8 $ 44.3 $ 45.3 $ 49.0 $ 49.2 $ 178.0 $ 179.9 $ 175.6 % Change 6.4 % 9.8 % 2.2 % 3.5 % (2.2)% (0.5)% 1.4 % 2.5 % Margin 36.5 37.6 33.8 32.2 32.6 32.3 34.8 35.4 36.5 36.9 35.0 35.4 34.6 EBIT $ 33.6 $ 35.0 $ 30.0 $ 26.9 $ 27.4 $ 25.9 $ 31.0 $ 32.0 $ 35.8 $ 35.9 $ 127.3 $ 129.2 $ 123.7 % Change 12.1 % 16.8 % 4.0 % 5.9 % (3.0)% (0.4)% 2.9 % 4.4 % Margin 27.1 28.3 23.9 21.9 22.3 21.5 24.4 25.0 26.7 27.0 25.0 25.4 24.4 Net Income $ 20.7 $ 21.6 $ 17.3 $ 15.5 $ 15.8 $ 14.5 $ 17.9 $ 18.1 $ 20.8 $ 20.5 $ 74.8 $ 76.0 $ 70.4 % Change 19.6 % 24.7 % 6.7 % 8.8 % (1.2)% 1.4 % 6.3 % 8.0 % Weighted Avg. Diluted Shares 46.8 46.8 47.0 47.8 47.8 46.7 48.0 46.4 48.2 46.3 48.0 48.0 46.7 EPS $ 0.44 $ 0.46 $ 0.37 $ 0.32 $ 0.33 $ 0.31 $ 0.37 $ 0.39 $ 0.43 $ 0.44 $ 1.56 $ 1.58 $ 1.51 % Change 20.3 % 25.4 % 4.2 % 6.2 % (4.5)% (2.5)% 3.3 % 4.9 % EPS (w/ FAS 123R Expense) $ 0.37 $ 0.39 $ 0.30 $ 0.24 $ 0.25 $ 0.24 $ 0.29 $ 0.32 $ 0.35 $ 0.37 $ 1.25 $ 1.27 $ 1.22 % Change 23.9 % 30.2 % 3.0 % 5.7 % (7.5)% (4.8)% 2.5 % 4.5 % Additional Information 19 15 Jun 2007 15:52 20/24

CONFIDENTIAL Management vs. Analyst Estimates ($ in millions, except per share data) CY 2007 Estimates EPS EBITDA Net Income Avg. Shares Management $ 1.27 $ 160.9 $ 61.2 48.0 Bear, Stearns & Co. 1.50 170.6 68.0 45.5 Deutsche Bank North America 1.45 171.6 65.5 45.2 First Analysis Securities Corp 1.48 165.3 68.2 46.2 JP Morgan 1.46 NA NA NA Robert W. Baird & Co., Inc. 1.30 158.5 59.7 45.8 Analyst High $ 1.50 $ 171.6 $ 68.2 46.2 Analyst Median 1.46 167.9 66.8 45.6 Analyst Mean 1.44 166.5 65.3 45.7 Analyst Low 1.30 158.5 59.7 45.2 CY 2008 Estimates EPS EBITDA Net Income Avg. Shares Management $ 1.45 $ 175.1 $ 69.4 48.0 Bear, Stearns & Co. 1.72 190.4 78.4 45.5 Deutsche Bank North America NA NA NA NA First Analysis Securities Corp 1.64 176.0 75.5 46.0 JP Morgan 1.92 NA NA NA Robert W. Baird & Co., Inc. 1.60 183.6 72.0 45.0 Analyst High $ 1.92 $ 190.4 $ 78.4 46.0 Analyst Median 1.68 183.6 75.5 45.5 Analyst Mean 1.72 183.3 75.3 45.5 Analyst Low 1.60 176.0 72.0 45.0 Additional Information 20 15 Jun 2007 15:52 21/24

CONFIDENTIAL Management vs. Quarterly Analyst Estimates Y-o-Y Estimates vs. Y-o-Y Q1 2007 % Change ¹ Q1 Actual ² Q2 2007 % Change ³ Management $ 0.46 (8.6)% 0.0 % $ 0.33 (5.8)% Bear, Stearns & Co. 0.45 (10.3) (1.8) 0.37 6.9 Deutsche Bank North America 0.41 (18.2) (10.4) 0.37 4.4 First Analysis Securities Corp 0.47 (6.4) 2.5 0.37 6.8 JP Morgan NA NA Robert W. Baird & Co., Inc. 0.42 (17.0) (9.1) 0.32 (8.6) Analyst High $ 0.47 (6.4)% 2.5 % $ 0.37 6.9 % Analyst Median 0.44 (13.6) (5.5) 0.37 5.6 Analyst Mean 0.44 (13.0) (4.7) 0.36 2.4 Analyst Low 0.41 (18.2) (10.4) 0.32 (8.6) Additional Information 21 15 Jun 2007 15:52 22/24

CONFIDENTIAL Implied Transaction Multiples Premium to Average Prices Based on Ending Date of 07-Dec-06 ($ in millions, except per share data) 07-Dec-06 ¹ 20-Feb-07 ² Current (13-Apr-07) Hi-Liter Proposal Price Per Share $ 24.23 $ 29.19 $ 31.55 $ 32.50 Premium to Current Price (13-Apr-07) (23.2)% (7.5)% 0.0 % 3.0 % Equity Value ³ $ 1,148 $ 1,404 $ 1,529 $ 1,580 Net Debt (at 31-Mar-07) 72 72 72 72 Enterprise Value 1,220 1,476 1,601 1,652 Premium to: 07-Dec-06 Closing Price ¹ $ 24.23 0.0 % 20.5 % 30.2 % 34.1 % 20-Feb-07 Closing Price ² 29.19 (17.0) 0.0 8.1 11.3 30 Day Average 24.91 (2.7) 17.2 26.7 30.5 90 Day Average 26.97 (10.1) 8.2 17.0 20.5 180 Day Average 26.84 (9.7) 8.7 17.5 21.1 52 Week High Closing Price 29.77 (18.6) (1.9) 6.0 9.2 EBITDA5 Management / Analyst LTM — 3/31/07 $ 143.8 8.5 x 10.3 x 11.1 x 11.5 x CY2007E — Analyst Median $ 167.9 7.3 x 8.8 x 9.5 x 9.8 x CY2007E — Management 160.9 7.6 9.2 9.9 10.3 CY2008E — Analyst Median $ 183.6 6.6 x 8.0 x 8.7 x 9.0 x CY2008E — Management 175.1 7.0 8.4 9.1 9.4 EPS5 CY2007E — Analyst Median $ 1.46 16.6 x 20.0 x 21.6 x 22.3 x CY2007E — Management 1.27 19.0 22.9 24.8 25.5 CY2008E — Analyst Median $ 1.68 14.4 x 17.4 x 18.8 x 19.3 x CY2008E — Management 1.45 16.8 20.2 21.8 22.5 PEG (LT — IBES Median) CY 2007E P/E 11.9 % 1.4 x 1.7 x 1.8 x 1.9 x CY 2008E P/E 11.9 1.2 1.5 1.6 1.6 Additional Information 22 15 Jun 2007 15:52 23/24

CONFIDENTIAL Comparison of Selected Premiums 100% Cash Consideration, Last 3 Years ($ in millions) Premium Announced Target Acquiror Equity Value 1 Day 30-Day Average 90-Day Average 180-Day Average 52 Week High 04/02/07 Global Imaging Systems Inc Xerox Corp $ 1,483 48.7 % 46.9 % 41.9 % 38.4 % 26.4 % 03/25/07 Biosite Inc Beckman Coulter Inc 1,542 53.5 57.8 63.6 75.3 47.5 03/22/07 Paxar Corp Avery Dennison Corp 1,313 28.0 33.1 36.3 45.4 28.0 03/22/07 Kronos Inc Hellman & Friedman Capital 1,796 21.8 35.9 46.9 58.1 20.0 03/19/07 EGL Inc Apollo Management LP 1,488 20.9 14.8 (0.8) (28.3) (33.1) 03/15/07 PHH Corp Investor Group 1,725 13.3 8.1 9.4 14.5 4.2 02/26/07 Hub International Ltd Investor Group 1,604 16.0 22.6 27.8 35.9 16.0 02/22/07 Great American Finl Res Inc American Financial Group Inc 1,116 8.6 7.9 3.1 16.4 (3.5) 02/12/07 Witness Systems Inc Verint Systems Inc 1,072 23.5 29.7 57.0 113.0 1.7 02/05/07 Mills Corp Investor Group 1,358 8.4 24.7 29.6 3.0 (46.1) 02/05/07 Longview Fibre Co Brookfield Asset Mgmt Inc 1,627 17.8 14.1 20.4 17.3 (8.1) 01/24/07 21st Century Insurance Co AIG 1,742 20.9 12.1 23.6 33.4 9.5 01/02/07 EGL Inc Investor Group 1,488 20.9 14.8 (0.8) (28.3) (33.1) 12/20/06 John H Harland Co M&F Worldwide Corp 1,421 18.6 22.3 42.6 26.2 2.9 12/05/06 Bandag Inc Bridgestone/Firestone Inc 1,016 12.7 17.7 29.8 36.8 (1.8) 11/30/06 Digital Insight Corp Intuit Inc 1,354 18.2 23.6 37.5 26.2 1.5 11/16/06 Conor Medsystems Inc Johnson & Johnson Inc 1,459 23.8 32.1 30.7 29.5 10.1 11/06/06 Per-Se Technologies Inc McKesson Corp 1,095 14.5 17.7 20.0 13.7 (5.0) 10/31/06 Banta Corp RR Donnelley & Sons Co 1,306 16.6 12.2 16.9 11.3 0.0 10/30/06 Sirna Therapeutics Inc Merck & Co Inc 1,132 100.2 110.5 138.0 116.9 52.6 10/30/06 Trustreet Properties Inc GE Capital Solutions Franchise 1,151 15.7 33.8 37.2 32.5 17.1 10/30/06 Trammell Crow Co CB Richard Ellis Group Inc 1,971 28.1 33.9 39.7 39.7 19.4 10/26/06 Kanbay International Inc Capgemini SA 1,162 8.2 29.7 49.1 70.9 28.6 10/25/06 Universal American Financial Investor Group 1,107 4.5 12.3 16.5 23.5 23.4 10/11/06 Jacuzzi Brands Inc Apollo Management LP 1,240 10.1 20.3 32.7 34.7 12.6 10/25/06 Yankee Candle Co Inc Madison Dearborn Partners LLC 1,724 11.3 18.2 29.7 30.0 33.8 08/23/06 Internet Sec Sys Group Inc IBM Corp 1,303 4.4 14.7 31.3 27.4 27.9 08/10/06 FileNet Corp IBM Corp 1,557 1.7 18.6 25.5 27.6 (2.3) 07/09/06 Heritage Ppty Invest Trust Inc Centro Properties Group 1,753 3.3 6.1 (2.1) 1.1 (10.2) 05/14/06 SSA Global Technologies Inc Infor Global Solutions 1,529 25.1 25.7 17.5 16.0 (5.2) 05/01/06 Aviall Inc Boeing Co 1,716 27.3 26.2 34.7 41.2 0.1 04/27/06 Diagnostic Products Corp Siemens Medical Solutions Inc 1,767 20.7 23.3 21.7 21.1 0.8 04/25/06 Serologicals Corp Millipore Corp 1,389 35.3 32.5 38.1 41.5 1.2 04/20/06 Ubiquitel Inc Sprint Nextel Corp 1,035 1.6 2.7 4.2 10.0 (0.2) 01/22/06 Sports Authority Inc Investor Group 1,021 20.0 21.5 23.7 20.0 8.4 11/20/05 Beverly Enterprises Inc Fillmore Capital Partners LLC 1,593 33.3 6.6 1.6 1.7 (7.0) 11/10/05 SERENA Software Inc Silver Lake Partners 1,026 2.7 16.8 21.0 19.2 (1.7) 11/08/05 Linens n Things Inc Investor Group 1,295 7.9 10.4 11.4 13.2 (5.4) 10/24/05 Amli Residential Ppty Trust Prime Property Fund 1,177 20.7 19.2 19.8 26.1 (0.7) 10/16/05 Adv Neuromodulations Sys Inc St Jude Medical Inc 1,369 30.4 25.1 32.9 58.4 13.7 Additional Information 23 15 Jun 2007 15:52 24/24

CONFIDENTIAL Comparison of Selected Premiums (cont’d) 100% Cash Consideration, Last 3 Years ($ in millions) Premium Announced Target Acquiror Equity Value 1 Day 30-Day Average 90-Day Average 180-Day Average 52 Week High 09/15/05 UICI Investor Group $ 1,719 19.1 % 17.0 % 25.6 % 29.8 % 0.6 % 08/04/05 Metris Cos Inc HSBC Finance Corp 1,575 1.1 4.2 12.8 18.6 (1.8) 07/21/05 Priority Healthcare Corp Express Scripts Inc 1,252 7.7 12.1 21.2 24.0 5.6 07/10/05 US Unwired Inc Sprint Corp 1,072 1.5 14.4 27.2 34.2 1.5 06/16/05 Vicuron Pharmaceuticals Inc Pfizer Inc 1,916 84.2 69.9 72.4 77.3 3.1 06/13/05 Commercial Federal,Omaha,NE Bank of the West,CA 1,367 34.1 35.0 28.0 23.6 11.9 06/07/05 Gables Residential Trust Investor Group 1,272 14.1 17.9 23.4 22.9 (0.6) 05/16/05 Overnite Corp UPS 1,220 46.2 39.5 34.5 30.5 1.2 05/12/05 Cuno Inc 3M Co 1,290 31.3 36.2 32.0 27.0 1.1 04/21/05 Transkaryotic Therapies Inc Shire Pharmaceuticals Grp PLC 1,384 21.6 45.2 51.6 72.7 0.5 03/14/05 Ascential Software Corp IBM Corp 1,121 17.8 18.3 24.7 32.0 (22.9) 01/31/05 Pulitzer Inc Lee Enterprises Inc 1,432 1.8 0.2 9.3 20.6 (2.9) 01/27/05 Genencor International Inc Danisco A/S 1,151 23.9 19.0 19.5 22.1 0.6 11/24/04 Ionics Inc GE Infrastructure Inc 1,072 47.9 48.1 59.2 63.7 1.2 11/03/04 Argosy Gaming Co Penn National Gaming Inc 1,408 16.4 17.5 30.2 32.4 9.7 10/20/04 Boca Resorts Inc Blackstone Real Estate Advisor 1,031 26.6 28.9 27.3 29.2 20.0 10/19/04 Robert Mondavi Corp Constellation Brands Inc 1,030 49.9 48.7 60.1 60.8 13.8 10/18/04 Select Medical Corp EGL Holding Co 1,983 26.6 34.2 32.8 23.2 (8.9) 09/29/04 Orbitz Inc Cendant Corp 1,229 34.5 41.1 41.4 26.1 (10.6) 07/13/04 National Processing Inc Bank of America Corp 1,425 (9.5) (7.9) 8.1 13.5 (10.1) 05/24/04 NeighborCare Inc Omnicare Inc 1,410 52.5 61.1 49.1 54.3 29.3 05/24/04 WFS Financial Inc Westcorp,Irvine,CA 1,940 3.5 6.1 9.3 11.9 (0.7) 05/19/04 ALARIS Medical Systems Inc Cardinal Health Inc 1,743 18.4 15.6 12.6 24.7 (2.8) 05/18/04 Kroll Inc Marsh & McLennan Cos Inc 1,958 32.4 30.6 39.8 50.0 20.9 03/22/04 US Oncology Inc Welsh Carson Anderson & Stowe 1,302 18.5 15.9 26.8 51.7 (1.8) 03/15/04 InVision Technologies Inc GE Infrastructure Inc 1,159 21.3 30.9 44.0 66.6 1.2 Median—100% Cash Transactions 20.0 % 21.5 % 28.0 % 27.6 % 1.2 % Additional Information 24