SC 13E3

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

M & F WORLDWIDE CORP.

(Name of the Issuer)

RONALD O. PERELMAN
MACANDREWS & FORBES HOLDINGS INC.
M & F WORLDWIDE CORP.
MX HOLDINGS ONE, LLC
MX HOLDINGS TWO, INC.
MFW HOLDINGS ONE LLC
MFW HOLDINGS TWO LLC

(Names of Person(s) Filing Statement)

Common Stock, par value $0.01 per share

(Title of Class of Securities)

552541104

(CUSIP Number of Class of Securities)

M & F Worldwide Corp.	Ronald O. Perelman
35 East 62nd Street	MacAndrews & Forbes Holdings Inc.
New York, New York 10065	MX Holdings One, LLC
Attn: Secretary	MX Holdings Two, Inc.
(212) 572-8435	MFW Holdings One LLC
	MFW Holdings Two LLC
	35 East 62nd Street
	New York, New York 10065
	Attn: General Counsel
	(212) 572-8600

(Name, Address, and Telephone Numbers of Person Authorized to Receive Notices
and Communications on Behalf of the Persons Filing Statement)

With copies to

Willkie Farr & Gallagher LLP	Skadden, Arps, Slate, Meagher & Flom LLP
787 7th Avenue	Four Times Square
New York, NY 10019	New York, New York 10036-6522
Attn: Michael A. Schwartz, Esq. (212) 728-8000	Attn: Alan C. Myers, Esq. (212) 735-3000

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

a.	þ	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.
b.	o	The filing of a registration statement under the Securities Act of 1933.
c.	o	A tender offer.
d.	o	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* $ 273,498,275 Amount of filing fee $ $ 31,753.15

*

Set forth the amount on which the filing fee is calculated and state how it was determined.

*

Per unit price or other underlying value of transaction computed pursuant to Exchange Act Rule 0-11: the filing fee of $31,753.15 was determined by multiplying .00011610 by the aggregate merger consideration of $273,498,275. The aggregate merger consideration was calculated by multiplying the 10,939,931 outstanding shares of common stock to be acquired pursuant to the merger and the merger consideration of $25.00 per share.

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:	$31,753.15	Filing Party:	M & F Worldwide Corp.
Form or Registration No.:	Schedule 14A	Date Filed:	September 27, 2011

Introduction

     This Rule 13E-3 Transaction Statement (“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 M & F Worldwide Corp., a Delaware corporation (the “Company”), Ronald O. Perelman, MacAndrews & Forbes Holdings Inc., a Delaware corporation (“Holdings”), MX Holdings One, LLC, a Delaware limited liability company (“Parent”), MX Holdings Two, Inc., a Delaware corporation (“Merger Sub”), MFW Holdings One LLC, a Delaware limited liability company, and MFW Holdings Two LLC, a Delaware limited liability company (collectively, the “Filing Persons”).

     This Transaction Statement relates to the Agreement and Plan of Merger, dated as of September 12, 2011 (as it may be amended from time to time, the “Merger Agreement”) by and among the Company, Parent, Merger Sub and, solely with respect to the sections specified therein, Holdings. If the conditions to the closing of the merger are either satisfied or waived, Merger Sub will be merged with and into the Company, the separate corporate existence of Merger Sub will cease and the Company will continue its corporate existence under Delaware law as the surviving corporation in the merger, with all of its and Merger Sub’s rights, privileges, immunities, powers and franchises continuing unaffected by the merger. At the effective time of the merger, each share of the Company’s common stock, par value $.01 per share (“Common Stock”) other than shares owned by the Company, Merger Sub, and holders who have perfected and not withdrawn a demand for appraisal rights will be converted into the right to receive $25.00 in cash, without interest and less any required withholding taxes. Following the completion of the merger, the Common Stock will no longer be publicly traded and you will cease to have any ownership interest in the Company.

     Concurrently with the filing of this Transaction Statement, the Company is filing with the SEC a 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.

     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 takes responsibility for the accuracy of such information as it relates to any other Filing Person.

Item 1. Summary Term Sheet

Regulation M-A Item 1001

     The information set forth in the Proxy Statement under the following caption is incorporated herein by reference:

     “Summary Term Sheet”

     “Questions and Answers About the Special Meeting and the Merger”

Item 2. Subject Company Information

Regulation M-A Item 1002

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

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M & F Worldwide Corp.

35 East 62nd Street

New York, New York 10065

(212) 572-8600

     (b) Securities. The classes of securities to which this Transaction Statement relates is the Company’s common stock, par value $0.01 per share, of which 19,333,931 shares were issued and outstanding as of September 26, 2011.

     (c) Trading market and price. The information set forth in the Proxy Statement under the following caption is incorporated herein by reference:

“Important Information Regarding M&F Worldwide and its Directors and Executive Officers—Market Price and Dividend Information”

     (d) Dividends. The information set forth in the Proxy Statement under the following caption is incorporated herein by reference:

“Important Information Regarding M&F Worldwide and its Directors and Executive Officers—Market Price and Dividend Information”

     (e) Prior public offerings. Not applicable.

     (f) Prior stock purchases. Not applicable.

Item 3. Identity and Background of Filing Person

Regulation M-A Item 1003

     (a) — (c) The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

     “Important Information Regarding M&F Worldwide and its Directors and Executive Officers”

     “Important Information Regarding the Holdings Filing Persons and their Directors and Executive Officers”

Item 4. Terms of the Transaction

Regulation M-A Item 1004

     (a) Material terms.

(1) Not applicable.

(2) (i) The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

“Summary Term Sheet”

“Questions and Answers About the Special Meeting and the Merger”

(2)(ii) The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

“Questions and Answers About the Special Meeting and the Merger”

“Special Factors—Certain Effects of the Merger”

“The Merger Agreement—Treatment of Stock; Deferred Compensation Plan Stock Account”

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(2)(iii) The information set forth in the Proxy Statement in the Proxy Statement under the following captions is incorporated herein by reference

“Special Factors—Background of the Merger”

“Special Factors—Purposes and Reasons for the Merger; Position of the Company as to Fairness of the Merger; Recommendation of the Special Committee and of Our Board of Directors”

“Special Factors—Holdings Filing Persons’ Purposes and Reasons for the Merger”

“Special Factors—Holdings Filing Persons’ Position as to Fairness of the Merger”

(2)(iv) The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

“Questions and Answers About the Special Meeting and the Merger”

“The Special Meeting—Required Vote”

“The Merger Agreement—Conditions to the Merger”

(2)(v) The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

“Special Factors—Certain Effects of the Merger”

“Special Factors—Interests of the Company’s Directors and Executive Officers in the Merger”

“The Merger Agreement—Other Covenants and Agreements”

(2)(vi) The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

“Special Factors—Anticipated Accounting Treatment of the Merger”

(2)(vii) The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

“Special Factors—Material United States Federal Income Tax Consequences”

     (c) Different terms. The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

“Special Factors—Certain Effects of the Merger”

“Special Factors—Interests of the Company’s Directors and Executive Officers in the Merger”

     (d) Appraisal rights. The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

“Questions and Answers About the Special Meeting and the Merger”

“Special Factors—Dissenters’ Rights of Appraisal”

Annex C—Section 262 of the General Corporation Law of the State of Delaware

     (e) Provisions for unaffiliated security holders. The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

“The Merger Agreement—Provisions for Unaffiliated Stockholders”

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

Item 5. Past Contacts, Transactions, Negotiations and Agreements

Regulation M-A Item 1005

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     (a)(1)-(2) Transactions. The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

“Special Factors—Background of the Merger”

“Special Factors—Interests of the Company’s Directors and Executive Officers in the Merger”

“Agreements Involving Common Stock; Transactions Between Holdings Filing Persons and the Company”

     (b)-(c) Significant corporate events; Negotiations or contacts. The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

“Special Factors—Background of the Merger”

“Special Factors—Purposes and Reasons for the Merger; Position of the Company as to Fairness of the Merger; Recommendation of the Special Committee and of Our Board of Directors”

“Special Factors—Holdings Filing Persons’ Purposes and Reasons for the Merger”

“Special Factors—Holdings Filing Persons’ Position as to Fairness of the Merger”

“Special Factors—Interests of the Company’s Directors and Executive Officers in the Merger”

“The Merger Agreement”

     (e) Agreements involving the subject company’s securities. The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

“Special Meeting—Required Vote”

“Special Factors—Financing of the Merger”

“Special Factors—Certain Effects of the Merger”

“The Merger Agreement”

“Ownership of Common Stock by Certain Beneficial Owners, Directors and Executive Officers; Transactions with Respect to Common Stock”

“Agreements Involving Common Stock; Transactions Between Holdings Filing Persons and the Company”

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

Regulation M-A Item 1006

     (b) Use of securities acquired. The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

“Questions and Answers About the Special Meeting and the Merger”

“Special Factors—Plans for M&F Worldwide after the Merger”

“Special Factors—Certain Effects of the Merger”

“The Merger Agreement—Treatment of Stock; Deferred Compensation Plan Stock Account”

     (c)(1)-(8) Plans. The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

“Questions and Answers About the Special Meeting and the Merger”

“Special Factors—Background of the Merger”

“Special Factors—Purposes and Reasons for the Merger; Position of the Company as to Fairness of the Merger; Recommendation of the Special Committee and of Our Board of Directors”

“Special Factors—Holdings Filing Persons’ Purposes and Reasons for the Merger”

“Special Factors—Plans for M&F Worldwide after the Merger”

“Special Factors—Certain Effects of the Merger”

“Special Factors—Interests of the Company’s Directors and Executive Officers in the Merger”

“The Merger Agreement—Effective Time; Structure; Effects”

“The Merger Agreement—Treatment of Stock; Deferred Compensation Plan Stock Account”

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Item 7. Purposes, Alternatives, Reasons and Effects

Regulation M-A Item 1013

     (a) Purposes. The information set forth in the Proxy Statement under the following captions is incorporated herein by reference

     “Special Factors—Background of the Merger”

     “Special Factors—Purposes and Reasons for the Merger; Position of the Company as to Fairness of the Merger; Recommendation of the Special Committee and of our Board of Directors”

     “Special Factors—Holdings Filing Persons’ Purposes and Reasons for the Merger”

     “Special Factors—Plans for M&F Worldwide after the Merger”

     (b) Alternatives. The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

     “Special Factors—Background of the Merger”

     “Special Factors—Purposes and Reasons for the Merger; Position of the Company as to Fairness of the Merger; Recommendation of the Special Committee and of our Board of Directors”

     “Special Factors—Holdings Filing Persons’ Position as to Fairness of the Merger”

     (c) Reasons. The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

     “Special Factors—Background of the Merger”

     “Special Factors—Purposes and Reasons for the Merger; Position of the Company as to Fairness of the Merger; Recommendation of the Special Committee and of our Board of Directors”

     “Special Factors—Opinion of Evercore Group L.L.C.”

     “Special Factors—Holdings Filing Persons’ Purposes and Reasons for the Merger”

     “Special Factors—June 9, 2011 Presentation by Financial Advisor to Holdings”

     “Special Factors—Plans for M&F Worldwide after the Merger”

     “Special Factors—Certain Effects of the Merger”

     Annex B—Opinion of Evercore Group L.L.C.

     (d) Effects. The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

     “Questions and Answers About the Special Meeting and the Merger”

     “Special Factors—Background of the Merger”

     “Special Factors—Purposes and Reasons for the Merger; Position of the Company as to Fairness of the Merger; Recommendation of the Special Committee and of Our Board of Directors”

     “Special Factors—Holdings Filing Persons’ Purposes and Reasons for the Merger”

     “Special Factors—Plans for M&F Worldwide after the Merger”

     “Special Factors—Certain Effects of the Merger”

     “Special Factors—Interests of the Company’s Directors and Executive Officers in the Merger”

     “Special Factors—United States Federal Income Tax Consequences”

Item 8. Fairness of the Transaction

Regulation M-A Item 1014

     (a)—(b) Fairness; Factors considered in determining fairness. The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

     “Special Factors—Background of the Merger”

     “Special Factors—Purposes and Reasons for the Merger; Position of the Company as to Fairness of the Merger; Recommendation of the Special Committee and of our Board of Directors”

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     “Special Factors—Opinion of Evercore Group L.L.C.”

     “Special Factors—Holdings Filing Persons’ Purposes and Reasons for the Merger”

     “Special Factors—Holdings Filing Persons’ Position as to Fairness of the Merger”

     “Special Factors—June 9, 2011 Presentation by Financial Advisor to Holdings”

     “Special Factors—Plans for M&F Worldwide after the Merger”

     “Special Factors—Interests of the Company’s Directors and Executive Officers in the Merger”

     Annex B—Opinion of Evercore Group L.L.C.

The presentations dated June 20, 2011, July 27, 2011, August 10, 2011, August 17, 2011 and September 10, 2011, each prepared by Evercore Group L.L.C. for the special committee of the board of directors of the Company, are attached hereto as Exhibits (c)(2) — (c)(6) and are incorporated by reference herein.

The presentations dated June 9, 2011, September 6, 2011 and September 9, 2011, each prepared by Moelis & Company. for the board of directors of MacAndrews & Forbes Inc., are attached hereto as Exhibits (c)(7) — (c)(9) and are incorporated by reference herein.

     (c) Approval of security holders. The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

     “Summary Term Sheet—Required Vote”

     “Summary Term Sheet—Conditions to the Merger”

     “Questions and Answers About the Special Meeting and the Merger”

     “The Special Meeting—Record Date and Quorum”

     “The Special Meeting—Required Vote”

     “Special Factors—Purposes and Reasons for the Merger; Position of the Company as to Fairness of the Merger; Recommendation of the Special Committee and of our Board of Directors”

     “Special Factors—Holdings Filing Persons’ Position as to Fairness of the Merger”

     “The Merger Agreement—Conditions to the Merger”

     (d) Unaffiliated representative. The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

     “Special Factors—Background of the Merger”

     “Special Factors—Purposes and Reasons for the Merger; Position of the Company as to Fairness of the Merger; Recommendation of the Special Committee and of our Board of Directors”

     “Special Factors—Holdings Filing Persons’ Position as to Fairness of the Merger”

     “Special Factors—Opinion of Evercore Group L.L.C.”

     (e) Approval of directors. The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

     “Summary Term Sheet— Purposes and Reasons for the Merger; Position of the Company as to Fairness of the Merger; Recommendation of the Special Committee and of Our Board of Directors”

     “Special Factors—Background of the Merger”

     “Special Factors—Purposes and Reasons for the Merger; Position of the Company as to Fairness of the Merger; Recommendation of the Special Committee and of our Board of Directors”

     “Special Factors—Holdings Filing Persons’ Position as to Fairness of the Merger”

     (f) Other offers. Not applicable.

Item 9. Reports, Opinions, Appraisals and Certain Negotiations

Regulation M-A Item 1015

     (a) — (c) Report, opinion or appraisal; Preparer and summary of the report, opinion or appraisal; Availability of documents. The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

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     “Special Factors—Background of the Merger”

     “Special Factors—Purposes and Reasons for the Merger; Position of the Company as to Fairness of the Merger; Recommendation of the Special Committee and of our Board of Directors”

     “Special Factors—Opinion of Evercore Group L.L.C.”

     “Special Factors—June 9, 2011 Presentation by Financial Advisor to Holdings”

     “Where You Can Find More Information”

     Annex B—Opinion of Evercore Group L.L.C.

The presentations dated June 20, 2011, July 27, 2011, August 10, 2011, August 17, 2011 and September 10, 2011, each prepared by Evercore Group L.L.C. for the special committee of the board of directors of the Company, are attached hereto as Exhibits (c)(2) — (c)(6) and are incorporated by reference herein.

The presentations dated June 9, 2011, September 6, 2011 and September 9, 2011, each prepared by Moelis & Company. for the board of directors of MacAndrews & Forbes Inc., are attached hereto as Exhibits (c)(7) — (c)(9) and are incorporated by reference herein.

Item 10. Source and Amounts of Funds or Other Consideration

Regulation M-A Item 1007

     (a) — (b) Source of funds; Conditions; Expenses; Borrowed funds. The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

     “Special Factors—Financing of the Merger”

     (c) Expenses. The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

     “The Merger Agreement—Estimated Fees and Expenses”

     “The Merger Agreement—Termination Fees”

     (d) Borrowed funds. The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

     “Special Factors—Financing of the Merger”

     “The Merger Agreement—Estimated Fees and Expenses”

Item 11. Interest in Securities of the Subject Company

Regulation M-A Item 1008

     (a) Securities ownership. The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

     “Special Factors—Certain Effects of the Merger”

     “Ownership of Common Stock by Certain Beneficial Owners, Directors and Executive Officers; Transactions with Respect to Common Stock—Ownership of Common Stock by Certain Beneficial Owners, Directors and Executive Officers”

     (b) Securities transactions. The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

     “Ownership of Common Stock by Certain Beneficial Owners, Directors and Executive Officers; Transactions with Respect to Common Stock—Transactions with Respect to Common Stock”

     “Agreements Involving Common Stock; Transactions Between Holdings Filing Persons and the Company—Agreements Involving Common Stock—Contribution Agreement”

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Item 12. The Solicitation or Recommendation

Regulation M-A Item 1012

     (d) Intent to tender or vote in a going-private transaction. The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

     “The Special Meeting—Required Vote”

     “Special Factors—Purposes and Reasons for the Merger; Position of the Company as to Fairness of the Merger; Recommendation of the Special Committee and of our Board of Directors”

     “Special Factors—Holdings Filing Persons’ Position as to the Fairness of the Merger”

     (e) Recommendation of others. The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

     “Special Factors—Background of the Merger”

     “Special Factors—Purposes and Reasons for the Merger; Position of the Company as to Fairness of the Merger; Recommendation of the Special Committee and of our Board of Directors”

     “Special Factors—Holdings Filing Persons’ Position as to the Fairness of the Merger”

Item 13. Financial Information

Regulation M-A Item 1010

     (a) Financial statements. The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

     “Historical Selected Financial Information”

     “Ratio of Earnings to Fixed Charges”

     “Book Value Per Share”

     “Where You Can Find Additional Information”

The audited financial statements set forth in the Company’s Annual Report on Form 10-K for the year ended December 31, 2010 and the unaudited financial statements set forth in the Company’s Quarterly Reports on Form 10-Q for the quarterly periods ended June 30, 2011 and March 31, 2011 are incorporated herein by reference.

     (b) Pro forma information. Not applicable.

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

Regulation M-A Item 1009

     (a) — (b) Solicitations or recommendations; Employees and corporate assets. The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

     “Questions and Answers About the Special Meeting and the Merger”

     “The Special Meeting—Solicitation of Proxies”

     “Special Factors—Background of the Merger”

     “Special Factors—Opinion of Evercore Group L.L.C.”

     “Special Factors—June 9, 2011 Presentation by Financial Advisor to Holdings”

     “The Merger Agreement—Estimated Fees and Expenses”

Item 15. Additional Information

Regulation M-A Item 1011

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

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Item 16. Exhibits

Regulation M-A Item 1016

     (a)(1) Preliminary Proxy Statement of M & F Worldwide Corp. (incorporated by reference to the Schedule 14A filed concurrently with the Securities and Exchange Commission).

     (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 September 12, 2011 (filed as Exhibit 99.1 to the Company’s Current Report on Form 8-K, filed September 12, 2011 and incorporated herein by reference).

     (b)(1) Deutsche Bank Commitment Letter, dated as of September 9, 2011 (filed as Exhibit 36 to the Statement on Schedule 13D, dated September 12, 2011, filed by MacAndrews & Forbes Holdings Inc., MFW Holdings One LLC and MFW Holdings Two LLC with respect to the common stock of M & F Worldwide Corp., and incorporated herein by reference).

     (b)(2) Extension of Deutsche Bank Commitment Letter, dated as of September 26, 2011.

     (c)(1) Opinion of Evercore Group L.L.C., dated September 10, 2011 (incorporated herein by reference to Annex B of the Proxy Statement).

     (c)(2) Presentation, dated June 20, 2011, prepared by Evercore Group L.L.C. for the Special Committee of the Board of Directors of M & F Worldwide Corp.

     (c)(3) Presentation, dated July 27, 2011, prepared by Evercore Group L.L.C. for the Special Committee of the Board of Directors of M & F Worldwide Corp.

     (c)(4) Presentation, dated August 10, 2011, prepared by Evercore Group L.L.C. for the Special Committee of the Board of Directors of M & F Worldwide Corp.

     (c)(5) Presentation, dated August 17, 2011, prepared by Evercore Group L.L.C. for the Special Committee of the Board of Directors of M & F Worldwide Corp.

     (c)(6)^† Presentation, dated September 10, 2011, prepared by Evercore Group L.L.C. for the Special Committee of the Board of Directors of M & F Worldwide Corp.

     (c)(7) Presentation, dated June 9, 2011, prepared by Moelis & Company for MacAndrews & Forbes Holdings Inc.

     (c)(8)^† Presentation, dated September 6, 2011, prepared by Moelis & Company for MacAndrews & Forbes Holdings Inc.

     (c)(9) ^† Presentation, dated September 9, 2011, prepared by Moelis & Company for MacAndrews & Forbes Holdings Inc.

     (d)(1) Agreement and Plan of Merger, dated September 12, 2011, by and among M & F Worldwide Corp., MX Holdings One, LLC, MX Holdings Two, Inc., and, solely with respect to the sections specified therein, MacAndrews & Forbes Holdings Inc. (incorporated herein by reference to Annex A of the Proxy Statement).

^† Confidential treatment has been requested with respect to certain portions of these exhibits.

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     (d)(2) Contribution Agreement, dated as of September 12, 2011, by and among MX Holdings One, Inc., MFW Holdings One LLC, MFW Holdings Two LLC and Ronald O. Perelman (filed as Exhibit 35 to the Statement on Schedule 13D, dated September 12, 2011, filed by MacAndrews & Forbes Holdings Inc., MFW Holdings One LLC and MFW Holdings Two LLC with respect to the common stock of M & F Worldwide Corp., and incorporated herein by reference).

     (d)(3) Stockholders Agreement, dated January 20, 2009, by and between M & F Worldwide Corp. and MacAndrews & Forbes Holdings Inc. (filed as Exhibit 99.1 to the Company’s Current Report on Form 8-K dated January 20, 2009 and incorporated herein by reference).

     (d)(4) Pledge and Security Agreement, dated May 18, 2007, between MFW Holdings One LLC and Deutsche Bank Trust Company Americas (filed as Exhibit 30 to the Statement on Schedule 13D, dated May 23, 2007, filed by MacAndrews & Forbes Holdings Inc., MFW Holdings One LLC and MFW Holdings Two LLC with respect to the common stock of M & F Worldwide Corp., and incorporated herein by reference).

     (d)(5) Registration Rights Agreement between Mafco Consolidated Group LLC and M & F Worldwide Corp. (filed as Exhibit 2 to the Statement on Schedule 13D, dated June 26, 1995, filed by Mafco Consolidated Group Inc. and Mafco Holdings Inc. with respect to the common stock of M & F Worldwide Corp., and incorporated herein by reference).

     (f)(1) Section 262 of the General Corporation Law of the State of Delaware (incorporated herein by reference to Annex C of the Proxy Statement).

     (g) None.

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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 September 27, 2011

M & F WORLDWIDE CORP.
By:	/s/ Paul G. Savas
	Name:	Paul G. Savas
	Title:	Executive Vice President and Chief Financial Officer
/s/ Ronald O. Perelman
RONALD O. PERELMAN
MACANDREWS AND FORBES HOLDINGS INC
By:	/s/ Barry F. Schwartz
	Name:	Barry F. Schwartz
	Title:	Executive Vice Chairman
MX HOLDINGS ONE, LLC
By:	/s/ Barry F. Schwartz
	Name:	Barry F. Schwartz
	Title:	Executive Vice Chairman
MX HOLDINGS TWO, INC.
By:	/s/ Barry F. Schwartz
	Name:	Barry F. Schwartz
	Title:	Executive Vice Chairman
MFW HOLDINGS ONE LLC
By:	/s/ Barry F. Schwartz
	Name:	Barry F. Schwartz
	Title:	Executive Vice Chairman
MFW HOLDINGS TWO LLC
By:	/s/ Barry F. Schwartz
	Name:	Barry F. Schwartz
	Title:	Executive Vice Chairman

11

EX-99.B.2

Exhibit (b)(2)

EXECUTION VERSION

DEUTSCHE BANK TRUST COMPANY AMERICAS
345 Park Avenue
New York, New York 10154-0004

September 26, 2011

MacAndrews & Forbes Holdings Inc.
35 E. 62^nd St.
New York, NY 10065
Attention: Mr. Paul G. Savas, Executive Vice President

Project Montana
Extension of Commitment Letter

Ladies and Gentlemen:

     Reference is made to the Amended and Restated Commitment Letter dated September 9, 2011 (including the exhibit thereto, the “Commitment Letter”) among Us and you, regarding the transactions described therein. Capitalized terms used but not defined herein have the meanings assigned to them in the Commitment Letter.

     Extension of Commitment

     Upon the payment of a non-refundable fee on the date hereof to Us in an amount previously agreed for the execution and delivery of this letter, the Commitment Letter shall be amended by:

     (1) deleting clause (b) of Paragraph 3 on page 2 of the Commitment Letter in its entirety and replacing it with the following text:

     “(b) the negotiation, execution and delivery on or before March 31, 2012, (the “Expiration Date”) of a definitive credit agreement with respect to the Facility satisfactory to Us and our counsel and you and your counsel consistent with the Commitment Papers,”;

     (2) deleting the last sentence of the last paragraph of page 4 of the Commitment Letter in its entirety and replacing it with the following text:

     “In the event that a definitive credit agreement with respect to the Facility has not been executed and delivered on or before March 31, 2012, then this Commitment Letter and the commitments hereunder shall automatically terminate unless You and We shall mutually agree to an extension.”; and

     (3) deleting the second column of the row entitled ‘Termination Date’ on page 4 of the Term Sheet in its entirety and replacing it with the following text:

     “The commitments will terminate if the Closing Date has not occurred on or prior to March 31, 2012. Borrower and Lender may extend this date upon mutual agreement.”.

     Except as expressly provided herein, the Commitment Letter shall remain unmodified and in full

force and effect and We reserve all of our rights thereunder.

General Provisions

     This letter may not be amended except by an instrument in writing signed by Us and you. This letter shall be governed by, and construed and interpreted in accordance with, the laws of the State of New York. This letter may be executed in any number of counterparts, each of which shall constitute an original, and all of which, when taken together, shall constitute one agreement. Delivery of an executed signature page of this letter by facsimile transmission or electronic transmission (e.g., “pdf’ or “tif”) shall be effective as delivery of a manually executed counterpart hereof.

     You agree that this letter and its contents are subject to the confidentiality, indemnification, fee, expense and jurisdiction provisions of the Commitment Letter.

[THE REMAINDER OF THIS PAGE IS INTENTIONALLY LEFT BLANK]

2

EXECUTION VERSION

     Please confirm that the foregoing is our mutual understanding by signing and returning to us an executed counterpart of this letter.

Very truly yours, DEUTSCHE BANK TRUST COMPANY AMERICAS
By:	/s/ Marcus Mitchell
	Name:	Marcus Mitchell
	Title:	Managing Director
By:	/s/ William M. Crane
	Name:	William M. Crane
	Title:	Director

[Signature Page — Letter regarding Extension of Commitment]

3

Accepted and agreed to as of the
date first above written:

MACANDREWS & FORBES HOLDINGS INC.

By:	/s/ Michael C. Borofsky Name: Michael C. Borofsky
	Title: Senior Vice President

[Signature Page — Letter regarding Extension of Commitment]

4

EX-99.C.2

Exhibit (c)(2)

M & F WoB1dwd Co0 Presentation to the Special Committee of the Board of Directors June 20, 2011 EVERCORE PARTNERS

Table of Contents Confidential Section Executive Summary I Why Evercore? II Evercore Team III Preliminary Situation Assessment IV EVERCORE PARTNERS

These materials have been prepared ly Evercore Group L.L C. (“Evercore’,)for The Special Committee of the Board of Directors of MF Worldwide Corp. (the “Companj’) to whom such materials are direct/y addressed and delivered and maj not be used or relied up on for anj purpose other than as pecfical/y contemplated. These materials are based on information provided 1?Y or on behalf of the Companj and/or otherpotential transaction particijbants,from public sources or otherwise reviewed 1?Y Evercore. Evercore assumes no reponsibilitj for independent investgation or verijication of such information and has relied on such information being complete and accurate in all material respects. To the extent such information includes estimates and forecasts of future financialpeformance prepared 1?Y or reviewed with the man qgement of the Companj and/or otherpotential transaction particijbants or obtainedfrom public sources, Evercore has assumed that such estimates andforecasts have been reasonabiy prepared on bases reflecting the best current/y available estimates andjuqgments of such management (or, with respect to estimates andforecasts obtained from public sources, represent reasonable estimates,). No representation or warrantj, express or implied, is made as to the accuracj or completeness of such information and nothing contained herein is, or shall be relied upon as, a representation, whether as to the past, the present or the future. These materials were designed for use bj specficpersons familiar with the business and affairs of the Companj. These materials are not intended to provide the sole basis for evaluating, and should not be considered a recommendation with respect to, anj transaction or other matter. These materials have been developed bj and are proprietarj to Evercore and were prepared exclusive/y for the benefit and internal use of the Companj. These materials were compiled on a confidential basis for use of the Companj in evaluating the potential transaction described herein and not with a view to public disclosure orfiling thereof under state or federal securities laws, and maj not be reproduced, disseminated, quoted or referred to, in whole or in part, without the prior written consent of Evercore. These materials do not constitute an ffer or solicitation to sell or purchase anj securities and are not a commitment bj Evercore (or anj affiliate,) to provide or arrange anjfinancingfor anj transaction or to purchase anj securitj in connection therewith. Evercore assumes no obligation to update or otherwise revise these materials. These materials maj not reflect information known to otherprofessionals in other business areas of Evercore and its affiliates. Evercore and its affiliates do not provide legal, accounting or tax advice. According/y, anj statements contained herein as to tax matters were neither written nor intended bj Evercore or its affiliates to be used and cannot be used bj anj tapqyerfor the purpose of avoiding tax penalties that maj be imposed on such tapqyer. Each person should seek legal, accounting and tax advice based on his, her or its particular circumstances from independent advisors regarding the impact of the transactions or matters described herein.

I. Executive Summary EVERCORE PARTNERS

Executive Summary Confidential Evercore is pleased to present this proposal to advise the Special Committee of the Board of Directors of M&F Worldwide Corp (“M&F” or the “Company”). In this presentation, we provide a roadmap for who and how we would work with the Special Committee in response to the proposal submitted by MacAndrews & Forbes Holdings (“MF Holdings”) • The Company’s current situation highlights the need for an independent Special Committee advisor with deep experience in similar situations — Mr. Perelman’s significant existing ownership position and current proposal — The dual role of certain executives — Significant scrutiny and likely litigation — Limited market understanding regarding the future financial performance of the Company • Evercore is uniquely positioned to serve as financial advisor to the Special Committee and ensure that the process is designed to both maximize shareholder value and to minimize any legal challenges — We will commit dedicated senior professional resources to ensure that the Special Committee is in a position to respond efficiently and effectively to the proposal — We have committed a team with vast industry knowledge across all of the Company’s multiple sectors — We have significant and highly relevant Special Committee experience managing complex shareholder and management dynamics — We are independent and have no conflicts of interest nor history with Perelman-controlled entities EVERCORE PARTNERS 1

Executive Summary (cont’d) Confidential • There are two fundamental questions that will frame the optimal process by which the Special Committee will maximize shareholder value: — Can effective competition be created when the largest shareholder declares he is a “buyer but not a seller”? • There are multiple effective mechanisms to assess value even where a full market test is impractical — What leverage does the Special Committee have in the absence of effective competition? Saying “no” • Majority of the Minority Vote Potential exploration of alternative paths to value creation, such as breaking up the Company or sale of selected assets • The optimal response to the proposal will be a function of the standalone prospects of the Company as well as the attractiveness of the Company’s businesses to others — In determining the optimal response, it is critical that the Special Committee maintain control of the process — The true prospects of the Company can only be evaluated based on a thorough review of the Company’s businesses • Evercore will dedicate the resources to perform a comprehensive and efficient “bottoms-up” analysis to determine intrinsic value • Evercore has recent experience in successfully navigating through and around any management conflicts and/or obstacles (e.g. infoGROUP) • We are excited by the prospect of working closely with you and would welcome the opportunity to formally introduce the team and share our perspectives EVERCORE PARTNERS 2

II.

Why Evercore? EVERCORE PARTNERS

Why Evercore? Confidential Criteria for Selecting a Special Committee Advisor Committee’s Areas of Interest Evercore Delivers Significant Special Committee advisory experience in highly relevant situations to M&F Worldwide Special Committee Experience • Provided unconflicted and independent Fairness Opinions on over 100 transactions with aggregate value of over $500 billion since 2005 • One of the most active M&A advisors in the education sector, advising Schoolnet on its sale to Pearson, Angel Learning on its sale to Blackboard, eCollege on its sale to Pearson, Apax Partners on its acquisition of Thomson Learning, among others • Your dedicated team has significant advisory experience in relevant print and marketing services, Industry Expertise including representing infoGROUP on its sale to CCMP Capital, RR. Donnelley on its unsuccessful bid for Quebecor World and World Color on its sale to Quebecor • Evercore is a leader among financial technology advisors, representing RiskMetrics on its sale to MSCI, First Data on its sale to KKR and NASDAQ on its recent unsuccessful bid for NYSE Euronext • Senior level focus on a day-to-day basis, including Eduardo Mestre (Senior Managing Director), • Jonathan Knee (Senior Managing Director), Jason Sobol (Senior Managing Director) and Gus Dedicated Senior Christensen Managing Director) Team r • Fully committed team with extensive recent and relevant experience both in Special Committee work generally and in all the applicable industry segments specifically I EVERCORE PARTNERS 3

Why Evercore? Confidential Criteria for Selecting a Special Committee Advisor (cont’d) . • Evercore is an independent and unconflicted advisory firm that has never had a financial advisory mandate with or received any M&A or financing fees from either MFW or any other entity affiliated with Ron Perelman, nor have any of the bankers on the team done so with prior employers • No underwriting, proprietary trading, derivatives trading, market making or equity research in M&F Worldwide • No lending activity; no potential interest in financing the Transaction • Significant team and institutional experience that encompasses numerous delicate and potential conflicting interests of various constituencies (e.g. infoGROUP, Freedom Communications, PanAmSat Corp, Cendant, Insight Communications, etc.) • Experience with, and on behalf of a Special Committee to productively navigate internal processes with potentially conflicted management • Team has a comprehensive understanding of the industries and Company-specific issues involved to expeditiously provide the Special Committee with appropriate advice, protection and execution • Evercore proposes a fee structure for this assignment as follows: (i) $500,000 Retainer Fee, (ii) $2,000,000 Opinion Fee and (iii) up to $1,500,000 Discretionary Fee, at the Special Committee’s sole discretion Committee’s Areas of Interest I Evercore Delivers Independent and Zctiv Expertise in Managing Transactions with Complex Shareholder Dynamics Fee Structure EVERCORE PARTNERS 4

Why Evercore? Faneuil, Inc. No No M&F Worldwide Harland Clarke Holdings Corp. / Harland Clarke / Checks in the Mail Harland Financial Solutions No No No No No No Scantron Mafco Panavision Revlon Group, Inc. No No No No No No No No Scientific Games Corporation SIGA Technologies Inc TransTech Pharma No No No No No No Confidential MacAndrews AMG Holding, LLC / AM General No Deluxe Entertainment Services Group Inc. No No No EVERCORE PARTNERS            Evercore is a Fully Independent and Unconflicted Advisor • Neither Evercore as a firm nor any of the principal bankers on the team (Eduardo Mestre, Jonathan Knee, Jason Sobol            and Gus Christensen) in their past positions with prior employers has ever received a M&A advisory or financing mandate            from or received an M&A or financing fee from MacAndrews & Forbes Holdings, Inc., Ronald Perelman or any of the            companies that they control or are affiliated with as listed below: Principals on Deal Team at Company Evercore Partners Prior Employers

Why Evercore? Overview of the Firm Confidential Established in 1996, Evercore is the leading independent investment banking advisory firm in the U.S., providing strategic advisory services to prominent multinational corporations and financial sponsors on mergers, acquisitions, divestitures and capital markets transactions Our Businesses • Investment Banking — Advised on Over $1 trillion of announced transactions — M&A Advisory — Capital Markets & Institutional Equities — Debt Capital Markets and Restructuring • Investment Management — Over $17 billion in funds under management Our Principles • Quality • Integrity Our People • 60 Senior Managing Directors • 625 employees • 270 M&A and Restructuring professionals Our Presence • U.S. — New York, San Francisco, Houston, Los Angeles, Boston, Washington D.C. • Europe — London • Latin America — Mexico City, Monterrey, São Paulo, Rio de janeiro, Buenos Aires • Asia — Japan, China, Hong Kong, South Korea EVERCORE PARTNERS 6

Why Evercore? Leading Independent Advisory Firm Confidential • Evercore is the most prominent and highest ranked independent advisory firm with respect to U.S. M&A transactions C 1 2 3 4 S 6 7 8 9 10 11 12 13 14 15 Source: Thomson Financial as of 6 1 2011 Goldman Sachs & Co Morgan Stanley JP Morgan Bank of America Merrill Lynch Citi Credit Suisse Barclays Capital UBS Lazard Deutsche Bank AG Evercore Partner Wells Fargo & Co Houlihan Lokey Commerzbank AG Blackstone Group LP $4,494.7 $3,471.8 $3,316.9 $3,263.2 $2,755.5 $2,233.4 $2,114.8 $1,319.3 $1,174.6 $1,143.3 $871.7 $407.1 $383.8 $356.1 $340.9 in billions) 6 Evercore Partners 7 Goldman Sachs & Co 8 Deutsche Bank AG 9 Barclays Capital Lazard Rothschild UBS Greenhill & Co, LLC Perella Weinberg Partners LP Moelis & Co $207.9 $160.9 $153.0 $151.9 $150.8 $130.4 $115.9 $94.9 $82.0 $78.4 $72.3 $56.0 $39.5 $22.1 $17.7 I U.S. M&A Announced Transactions ($2000 — 2011 YTD Ct C. C 2011 YTD Ct E L ] ] 10 11 12 13 14 15 EVERCORE PARTNERS 7 1 Morgan Stanley 2 JP Morgan 3 Citi 4 Bank of America Merrill Lynch 5 Credit Suisse I 1 Evercore Partners $871.7 I 2 Houlihan Lokey $383.8 3 Blackstone Group LP $340.9 4 Greenhill & Co, LLC $299.2 5 Centerview Partners LLC $218.9 6 Sagent Advisors Inc $209.1 7 Duff and Phelps $184.8 8 Moelis & Co $169.0 9 Perella Weinberg Partners LP $146.9 10 Allen & Co Inc $93.0 2000 — 2011 YTD            I 1 Evercore Partners $130.4 I 2 Greenhill & Co, LLC $39.5 3 Perella Weinberg Partners LP $22.1 4 Moelis & Co $17.7 5 Centerview Partners LLC $15.4 6 Qatalyst Partners $9.7 7 Flagstaff Partners Pty Ltd $9.4 8 Houlihan Lokey $3.5 9 PeterJ. Solomon Co Ltd $3.0 10 Gresham Partners $2.5 2011 YTD

Why Evercore? Confidential Significant U.S. Evercore Advisory Transactions Advising Advising Advising Advising Advised INTERNATIONAL^® PAPER Exelon ri Lubrizol t IcE at&t on its potential $4.3 billion on its pending $12 billion on its pending $39.0 billion acquisition of merger with acquisition of on its pending $9.7 billion sale to Credit Facility Trust T Mobile” Constellation from with regard to the $59 billion Teinple-Inland 0 Energy DCUSChV BERKSHIRE HAThAWAY INC. recapitalization of AIG Telekoni 2011 2011 2011 2011 2011 / 2010 Advised Advised Advised Advised Advised TPG HI sanoli aventis matters CenturyLink lyon dell base II Icpp I I III II ‘INVESTMENT on its I BOARD on its $20.1 billion $22.4 billion merger with on its $23.1 billion dual-tranche acquisition of on restructuring alternatives on their $5.2 billion acquisition of IPO of common and mandatory affecting approximately $24.6 billion of debt convertible preferred stock (Je1’lZtyl“fle Q we St I ni s 2010 2010 2010 2010/2009 2009 Advised Advised Advised Advised Advised sn,sr //4 ci’r I“i Wyeth NA IL 14/A 3’ __________ A C S AFFTLTATEI) COMPUTER SERVTCFS, TNC, on its $43.8 billion on its $67.9 billion sale to on its on the largest-ever pre-packaged sale to $8.3 billion bankruptcy, involving $54 billion on restructuring alternatives sale to of debt and preferred stock affecting approximately BERKSHIRE HATHAWAY e obligations $84 billion of debt xerox) 2009 2009 2009 2009 2009 EVERCORE PARTNERS 8

Why Evercore? Selected Special Committee and Board Advisory Roles in Conflicted Situations Confidential • Advised the Finance Committee of the Board of Directors in connection with its recent recapitalizalion via a $6.0 billion debt raise and a $1.3 billion equity infusion from Fiat Automotive • Principal issues included structuring a comprehensive solution that satisfied the needs of all constituents • Agreements drafted at the time of Chrysler’s bankruptcy were poorly worded, resulting in considerable differences of opinion regarding the exercise price ofthe option that Fiat held; Evercore helped bring consensus to a specific price for the investment • Advising the Special Committee of the Board of Directors of EXCO Resources, Inc. on the evaluation of the $5.4 billion ($20.40 per share) proposed management-led buyout announced on November 1,2010 • Advised Targa Resources, Inc. with respect to the transfer of its 76.8° o membership interest in Venice Energy Services Company, L.L.C. to Targa Resources Partners LP. for $168 million in September of 2010 • Advised Targa Resources, Inc. with respect to the transfer of its 63° o interest in Vers ado Gas Processors, L.L.C., a Permian Basin gathering and processing business, to Targa Resources Partners L.P. for $230 million in August of 2010 • Represented the Board of Directors of Targa Resources, Inc. on the sale of natural gas gathering and processing assets to Targa Resources Partners LP. for $420 million in March of 2010 • Represented the Conflicts Committee of Cheniere Energy Partners, L.P. on the transfer of aTerminal Use Agreement C HENIERE and other Agreements from Cheniere Energy, Inc in June of 2010 PRODUCT PAPt’EI • Represented the Conflicts Committee of the Board of Capital Products Partners,L.P. in the acquisition of a medium range product tanker from Capital Maritime and Trading Corp. for $44 million in August of 2010 • Represented the Conflicts Committee of the Board of Capital Products Partners,L.P. in the acquisition of a medium range product tanker from Capital Maritime and Trading Corp. for $43 million in February of 2010 I Company £ I-I IV I. i Situ ati on TAR GA EVERCORE PARTNERS 9

Why Evercore? Confidential Selected Special Committee and Board Advisory Roles in Conflicted Situations (cont’d) Company nfogroup AACS Bright Horizons FAMILY SOLUTIONS ;1 1jT,;0] • Evercore was retained by the Special Committee in 2007, when the CEO, who owned over 350 o of the shares, proposed to acquire the remainder of the shares for $12.25 to $12.50 per share. After negotiation, the CEO raised his bid to $13.35. The deal fell through after the financial crisis began • After the CEO announced in December of 2008 that the company should be sold and that he might be a buyer or a seller, Evercore conducted a review of strategic alternatives and then a broad sale process, culminating in a sale to CCMP Capital in March 2010, in which the CEO sold his stake and exited • Evercore advised the Special Committee of the Board of Directors of Affiliated Computer Services, Inc. (“ACS”) on its $8.3 billion sale to Xerox Corporation in 2009 • ACS had a dual-class voting structure, with disproportionate control held by its Chairman, who founded the company • After significant negotiations, the Special Committee was ultimately able to run a competitive sale process without the Chairman’s direct involvement, provided that the ultimate buyer agreed to pay a pre-agreed premium for the high vote Class B shares • Evercore provided an opinion that the merger consideration received by Class A (low vote) shareholders other than the Chairman (who held both Class A and Class B shares) was fair, taking into account the additional consideration received by Class B shareholder • Engaged by the Special Committee of the Board of Directors to advise them on a potential go-private transaction in which the Company’s advisor also became a source of financing for potential acquirers • In early 2008, Bright Horizons announced the sale of the company to Bain Capital for $1.3 billion; Evercore conducted the go-shop process post-announcement EVERCORE PARTNERS 10

Why Evercore? Confidential Selected Special Committee and Board Advisory Roles in Conflicted Situations (cont’d) Company • Advised the Special Committee of AllianceData Systems Corporation on its sale to Blackstone for $7.8 billion in 2007 AllianceData • The transaction was ultimately not possible to close due to action by the Office of the Comptroller of the Currency, which had federal regulatory authority over ADS because one of its subsidiaries is a bank FIRST • Advised the Special Committee of the Board of Directors of First Data on its sale to KKR for $29 billion in 2007 DATA • Evercore advised the Special Committee of Kaman corporation from 2003 through the company’s ultimate recapitalization in 2005 • The recapitalization involved the elimination of the dual-class structure, which involved exchanging family-held voting shares for a combination of cash and common shares • The transaction returned voting control of the company to common shareholders and eliminated the overhang of non- executive family control over the public company • In 2004, Evercore advised the Special Committee of the Robert Mondavi Corporation on its announced dual-class recapitalization • The recapitalization contemplated the Mondavi family exchanging its super vote shares for common shares in exchange for a premium • Prior to consummation of the recapitalization, the company received an unsolicited offer from Constellation brands, which involved differing consideration for the family igh vote) shareholders relative to common shares • Evercore advised the Special Committee throughout this process, and provided a fairness opinion with respect to the consideration received by the high vote shareholders I MAN l1e Robert Monc1 Cnrporatl0n EVERCORE PARTNERS 11

Why Evercore? Confidential Case Study — fifogroup I Evercore’s Role • Engaged in 2007 by the Special Committee in response to an offer by Vin Gupta • Engaged in early 2009 by the Independent Directors to conduct a strategic alternatives review • Engaged in mid-2009 to sell its government services business • Engaged in mid-2009 as financial advisor in connection with the Company’s shareholder rights plan • Engaged in late 2009 by the Independent Directors to conduct a formal sale process 2009-2010 Process • 12/22/08: V. Gupta announced publicly the company should be sold and he may be a buyer or a seller • December ‘08 — August ‘09: Strategic alternatives revie sale of government services business, shareholder rights plan and discussions with Vin regarding role in any potential process • September ‘09 — March ‘10: Evercore conducts a broad sale process for the company as a whole • 3/8/10: The company announced its acquisition by CCMP Capital • March ‘10 —June ‘10: Litigation, deposition, go-shop process EVERCORE PARTNERS 12

Situation Overview • InfoGROUP is a diversified business that includes direct marketing, email marketing, other marketing services, research and government services • Vin Gupta, Chairman and CEO (prior to mid-2008) owned between 350 o4O0 o of the shares outstanding — Government investigations of corporate practices led to Mr. Gupta’s resignation as CEO and Chairman (but remained a director) by mid-2008 • Corporate governance, operational efficiency and decision- processes were questionable 2007 Process • Vin Gupta made a proposal to acquire the shares he did not own for $12.25-$12.50 per share • After several rounds of negotiation, Vin Gupta proposed a purchase price per share of $13.35 • Evercore conducted a market check with strategic and financial buyers • In light of the credit market meltdown, financing for all parties, including Vin Gupta, became challenging and the discussions were terminated Why Evercore? Confidential Notable Education-Related Transactions by Evercore Professionals Advised Advised Advised Advised ANGEL CENGAGE #4 Oschoolnet LEARNING Bright Horizons lb Learning on its on its $100 million sale to FAMILY SOLUTIONS $230 million sale to on its pending $1.3 billion on its $750 million sale to acquisition of the assets of PEARSON Bain Capital HOUGHTONMIFFLIN college divi ion Blackboard 2011 2009 2008 2007 Advised Advised Advised Advised Apax eCo liege eCollege aReed Elsevier PARTNERS INNOVATIVE Lcrnirg. INNOVATIVE eLe rflrg. PROVEN Sue on its $2.1 billion sale of PROVEN on its $7.8 billion on its sale of acquisition of on its $538 million Harcourt’s Higher Ed business sale to 4 DATAMARK TI—IIVIN to TF-I IVI N P E A R S 0 N to an investor group led by ____________ LERN I I\I Oakleigh Thorne LEftR N I MG 2007 2007 2007 2001 Advised Advised Advised Advised PRIMEDIA PEARSON VIACOM on divestiture of on its sale of on its $400 million sale of MACMILLAN REFERENCE on its $4.6 billion sale of Delta Education Supplemental Education Macmillan Library SIM( )N S( HUSTER becae I,i1th en kru b don Group JI JOSSEYBASS to to to MD PEARSON IVicks I RI ppleviood Group APPLETON I LANQI 2001 1999 1999 1998 EVERCORE PARTNERS 13

Why Evercore? Confidential Notable Financial Solutions Transactions by Evercore Professionals Advised Advising Advised Advised Advised IGHTYEAR CAPITAL :..: NASDA DMX on its unsuccessful unsolicited optionsXpress L on the sale of RiskMetrics Group $13.3B joint bid with on its Credit Facility Trust Athilon $1.6 lillion sale to on its pending $1.0 billion I CeTRADE THE WORLD sale to 3 for to with regard to the $59 billion I NYSE Euronext charles SCHWAB recapitalization of AIG EBF MSCI ASSOCIATES 2011 2011 2011 / 2010 2010 2010 Advised Advised Advised Advised Advised NVFI€ CII’ Swiss Re IS creditr m on its on its $144 million on the largest-ever pre-packaged on its CHF3.0 billion on the merger of $625 million sale to sale to preferred investment from ISE Stock Exchange with bankruptcy, involving $54 billion of debt and preferred stock NYSE Euronext obligations BFRI<HIRE HTHAWV,V DirectEdge ice TRADE THE WORLD 2009 2009 2009 2008 2008 Advised Advised Advised Advised Advised R(3 N4 Gerson I Lehrrnan I E+ TFADE IS) v 1FIRST ADVISORS LL( Group I I DA.EFi\. on its sale of a minoty on its $2.55 billion on its $2.8 billion on its $29.0 billion interest to common stock, notes, on its $300 million sale to sale to and ABS portfolio sale to capital raise from Associates SILVERLAKE CITADEL 2008 2008 2007 2007 2007 EVERCORE PARTNERS 14

Why Evercore? Notable Printing and Marketing Services Transactions by Evercore Professionals Confidential CCMP PUBLISHING GROUP rAMERICA on its $126 million sale to Bain Capital Ventures hcrnr_ock CQpitciJ 11 Gr_owth FnO II, LP. 2007 Advised Gonne“ey on its $2.2 billion acquisition of Sprint fr Publishing & Advertising 2002 Advised shuttfIy on its $333 million acquisition of tinyprints 2011 Advised tjnfogroup on its $635 million sale to Advised Advised KR DONNELLEY on its attempted acquisition of cz Quebecor World 2009 2010 Advised Advised TAC on its sale of Entertainment Publications (EPI) subsidiary to MH EQUITY LNVESTORS 2008 on its acquisition of ness 2007 Advised “ertrue. on its $820 million sale to One Equity Partners 2007 Advised 4 bluelithium DAT IS THE DIFFERENCE on its $300 million sale to 2007 Advised on its $1.2 billion acquisition of Wallace Computer Services 2003 Advised WorldPages.com on its sale to Transwestern Publishing 2001 Advised ‘I/ORLDCOLOR on its $2.7 billion sale to QUEBECOR 1999 EVERCORE PARTNERS 15

III.

Evercore Team EVERCORE PARTNERS

Evercore Team Confidential Client Team for M&F Worldwide Special Committee Eduardo Mestre is Vice Chairman of Evercore Partners with responsibility for the management of the firm’s advisory practice. Prior to joining Evercore in November of 2004, Mr. Mestre was a Vice Chairman of Citigroup Global Markets, inc. and Chairman of its Investment Banking Division. Mr. Mestre was head of investment banking at Salomon Smith Barney and its predecessor firms from 1995-2001 and co-head of Salomon Brothers’ mergers and acquisitions department from 1989-1995. Since joining Evercore, Mr. Mestre has represented Frontier in its acquisition of Verizon’s rural access lines; ACS in its sale to Xerox; MGM Mirage in its financial restructuring; SBC in its acquisition of AT&T; AT&T in its acquisition of BellSouth; CSX in its proxy contest with activist investors; Cendant in its reorganization and in the sale of its Travelport subsidiary to Blackstone; Realogy in its sale to Apollo; Sequa in its sale to Carlyle; Performance Food Group in its sale to Blackstone and Wellspring; and GM in its sale of GMAC to Cerberus. Eduardo G. Mestre Prior to joining Evercore, Mr. Mestre represented, among others, Amgen in its acquisition of Immunex; AOL in its merger with Time Vice Chairman , New York Warner; Citigroup in its acquisition of Banamex, Mexico s largest bank; News Corporation in its acquisition of Hughes; SBC in its acquisition of Ameritech; Pacific Telesis in its sale to SBC; and Northrop Grumman in its mergers with Litton, Grumman and TRW. Mr. Mestre’s outside activities include serving as past Chairman of the Board of Cold Spring Harbor Laboratory, one of the nation’s leading cancer, genetics and neuroscience research and educational institutions, and past Chairman of WNYC, New York’s public radio stations. Mr. Mestre also serves on the Board of Directors of the Avis Budget Group, Inc. and Comcast Corporation. Prior to joining Salomon Brothers in 1977, Mr. Mestre was an associate with the law firm of Cleary, Gottlieb, Steen & Hamilton. Mr. Mestre graduated summa cum laude and Phi Beta Kappa from Yale University in 1970 with a B.A. degree in Economics and Political Science and is a 1973 cum laude graduate of Harvard Law School. — Jonathan Knee is a Senior Managing Director in our advisory business with 17 years of relevant experience. Prior to joining Evercore, Mr. Knee was a Managing Director and Co-head of the Media Group at Morgan Stanley. He was previously Publishing Sector Head in the Communications, Media and Entertainment Group at Goldman, Sachs & Co. Since joining Evercore, Mr. Knee has advised LoopNet on its sale to CoStar Group, Schoolnet on its sale to Pearson, RiskMetrics on its to sale to MSCI, infoGROUP on its sale to CCMP Capital, Apax Partners on its acquisition of Thomson Learning and the follow-on Houghton Mifflin College division, NTL on its acquisition of Telewest, YNU N.Y. on its sale to a private equity consortium, Freedom Communications on its recapitalization, The Hearst Corporation on its multiple investments in Fitch Ratings, DowJones on its purchase of CBS MarketWatch, BusinessWeek on its sale to Bloomberg andJ.D. Power and Associates on its sale to McGraw-Hill, among others. Mr. Knee is currently an Adjunct Professor at the Columbia University Graduate School of Business, where he teaches Media Mergers and Acquisitions and Media Strategy and serves as the Director of the Media Program. Mr. Knee currently serves on the Boards of Directors of Art Connection, Citizens’ Committee for Children of New York, National Women’s Law Center, New Alternatives for Children and the Yale Law School Fund. Mr. Knee has aJ.D. from Yale University, an M.B.A. from Stanford University, an M.Sc. from Trinity College Dublin and a B.A. from Boston University. Jonathan A. Knee Senior Managing Direct or New York EVERCORE PARTNERS 16

Evercore Team Confidential Client Team for M&F Worldwide Special Committee (cont’d) Gus Christensen Managing Director New York Jason Sobol is a Senior Managing Director of the firm’s corporate advisory business. Prior to joining Evercore, Mr. Sobol was Vice President of Acquisitions for the Davis Companies, the holding company for Marvin Davis- controlled entities, focusing on private equity and leveraged buyout opportunities primarily in media and entertainment. Mr. Sobol was also a Principal of the Davis family’s venture fund, Stone Canyon Venture Partners. Prior to Davis Companies, Mr. Sobol was Senior Director of Business Development for LAUNCH.com, which was acquired by Yahoo!, and prior to that, a member of the Mergers & Acquisitions group of Goldman Sachs & Co. Notable sell-side transactions include the sale of LoopNet to CoStar Group, Schoolnet to Pearson, 5Mm to AOL, RiskMetrics to MSCI, Infogroup to CCMP Capital, Angel Learning to Blackboard, BusinessWeek to Bloomberg, Dice.com to a private equity consortium, Ziff Davis Enterprise to Insight Venture Partners,J.D. Power and Associates to McGraw-Hill, Publishing Group of America to a venture capital consortium, Jobingcom to Great Hill Partners, the Los Angeles and Midwest newspaper divisions of The Copley Press to MediaNews Group and GateHouse Media, respectively, Medical World Communications to Ascend Media, Bright Horizons Family Solutions to Bain Capital and PanAmSat Corporation to a private equity consortium. Buyside transactions include the acquisition of UpToDate by Wolters Kluwer, Thomson Learning by Apax Partners, Houghton Mifflin Higher Education business by Cengage Learning, Factiva by DowJones & Company and Fitch Group by Hearst Corporation (minority investment). Mr. Sobol has also advised on a broad range of transactions including IPOs, spin-offs, capital raises, recapitalizations and restructurings. Mr. Sobol received a B.A. in Economics, with honors, from Harvard University. Gus Christensen is a Managing Director of the firms corporate advisory business who advises corporate clients across a wide range of industries, with a focus on special committees, raid defense and other complex situations. Prior to joining Evercore, he was an Associate in the Real Estate Investment Banking group at Goldman Sachs. Prior to business school, Mr. Christensen spent six years as a fixed income trader and debt capital markets banker atJ.P. Morgan. While with Evercore, Mr. Christensen has advised clients across a broad range of industries on significant M&A and restructuring assignments. His transaction experience includes the General Motors restructuring, the sale of Performance Food Group to affiliates of the Blackstone Group and Wellspring Capital Management, the sale of Commonwealth Telephone Enterprises to Citizens Communications, and the sale of Insight Communications to the Carlyle Group. Mr. Christensen received his B.A. with distinction from Yale University and his M.B.A. with honors as a Palmer Scholar from The Wharton School of the University of Pennsylvania. Jason M. Sobol Senior Managing Director New York EVERCORE PARTNERS 17

IV.

Preliminary Situation Assessment EVERCORE PARTNERS

Preliminary Situation Assessment Confidential Overview of the Role of the Special Committee and its Financial Advisor • Upon being engaged by the Special Committee, Evercore will devote a focused, dedicated team to performing a rigorous due diligence investigation regarding the Company’s current financial and operating performance, as well as the prospects of the business going forward — Business unit leaders should provide input as to the potential risks and upside in the business plans / projections — Detailed follow-up financial and operational due diligence meetings with operating executives will be essential • The Special Committee, along with Evercore and the Committee’s legal advisor, will need to work together to understand various strategic, operational and financial alternatives, transaction motivations and negotiating leverage of each side — Majority of the Minority Vote ensures that only shareholders unaffiliated with the Chairman vote on the proposed transaction (e.g. ACS / Xerox), but is not enough to ensure the optimal outcome for public shareholders • Evercore to present in a timely manner its evaluation of management’s financial plan and valuation implications regarding various strategic alternatives, which may include: — Reject the proposal and run the business: If unlikely to realize the intrinsic value of the business in a transaction today — Engage with MF Holdings: If only likely to realize full intrinsic value through further negotiations with Mr. Perelman — Aggressively seek alternatives: If intrinsic value can be realized and maximized through an alternative transaction and a strong stance is taken vis-à-vis Mr. Perelman Potential divestiture of certain businesses to “unlock” intrinsic value and provide incremental financial flexibility; spin-merge of certain businesses to capture pro rata share of synergy opportunity in combination with another business; and other possible alternatives • Formulate with the Special Committee and legal advisors the optimal response to MF Holdings EVERCORE PARTNERS 18

Preliminary Situation Assessment Confidential I Illustrative Process Framework Evercore Structured Process Fundamental Valuation • Independent due diligence process • Valuation of current business plan • Public and private comparables analysis • Intrinsic valuation analysis (DCF) • Precedent buyouts of public shareholders by large insiders • Precedent strategic transactions • Bidders’ affordability analysis • Public takeovers premiums analysis • Sum of the parts analysis • Fairness Opinion / Inadequacy Opinion Maximize Special Committee Negotiating Evaluate Strategic Alternatives Leverage • Review of all available strategic alternatives: • Stay Independent — Execute current business plan — Portfolio Review (divestitures, strategic acquisitions or combinations) • Potential Buyers (parts / whole) — Strategic Buyers — Financial Buyers — Combination Enhance Certainty of Close • Tight financing documents, no financing contingencies • Narrow MAC clause • Require bidder guarantee -I — Best Represent Interests of MFW’s Public Shareholders • Proposed Transaction requires Special Committee approval • Sterilizing shareholder vote by requiring Majority-of-the Minority vote • Potentially create competitive dynamic via market check for all or part of the business EVERCORE PARTNERS 19

Preliminary Situation Assessment Summary of Various Valuation Methodologies Confidential 4/’ Analy:is:f Selected Publicly rff • Used to estimate the current market value of the business as a stand-alone, publicly traded entity • Given MFW’s unique and diversified asset/business mix, there are no perfect comparable companies • We would triangulate value between multiple trading groups for each of the divisions, each of which have their respective pros and cons from a Company valuation perspective Analysis of Selected Precedent Transactions • Used to estimate the value of the business in a control transaction, and typically incorporates the value of synergies and “control premium” • Given M&F’s unique asset mix and shareholder structure, as well as the rapidly evolving markets in which it operates, there are no perfect precedent transaction benchmarks • Also includes “premiums paid” benchmarking, to estimate a standard stock price premium for transactions of this nature PV of Future Equity p • Used to estimate the long-term value to shareholders in the context of the Company remaining publicly traded • Looks at the value created in the future by Management’s business plan and then discounts it back to the present at a range of values for the Company’s Cost of Equity Discounted Cash Flow Analysis • Used to estimate the intrinsic value of the business based on cash flow projections • Highly sensitive to terminal year and discount rate assumptions • DCF valuation will be an important tool to evaluate the relative attractiveness of the proposed offer to acquire the business against management’s view of M&F’s potential to continue to execute its standalone strategic plan Illustrative SOTP Analysis • Sum-of-the-Parts (“SOTP”) Analysis can be performed to estimate the value of the Company were it to be broken up • Potential tax considerations may be relevant LBO/Ability to Pay Analysis • Used to estimate the value that a financial sponsor may be willing to pay for the business based on cash flow projections and required rates of return on equity • Incorporates the specifics (size & cost) of a transaction’s debt financing package • The growth prospects of the business and exit opportunities perceived by a sponsor, as well as credit market conditions, will impact sponsor’s ability to pay A [ Evaluation of the Company’s standalone value is based on a mosaic of intrinsic and external methodologies including others beyond this list and not any one analysis in isolation -I, EVERCORE PARTNERS 20

Preliminary Situation Assessment Representative Key Issues facing the Special Committee Confidential L Valuation I. Approach • Evaluate the strategic and financial merits and associated risks of the proposal relative to M&F Worldwide as a standalone company and to other potential strategic alternatives • Determine the optimal negotiating tactics with Mr. Perelman to (a) maximize shareholder value and (b) effectively discharge the Special Committee’s legal responsibilities • Evercore to perform an expedited but thorough detailed due diligence investigation of the Company’s standalone operating pbn • Key components of our evaluation include, among other things (by division): (a) strategic direction of the business, (b) top-line growth assumptions, (c) cost saving opportunities, (d) product and customer pipelines, (e) potential divestiture candidates of select assets, (f) potential management needs, and (g) execution risks • Work with business/division heads to evaluate risks and opportunities of the long-term strategic plans • Utilize executive input as necessary recognizing the inherent conflicts of interest of certain executives • Evercore to perform valuation analysis of M&F Worldwide to assess the intrinsic value of the current business and its value to potential strategic and financial buyers (both in its entirety and for each of the divisions) • Evercore will work expeditiously to minimize the business disruption in its review process and has significant experience in doing so in similar situations with conflicting interests of various constituencies • Control of the process by the Special Committee and clear communication strategy is of paramount importance • Outline the approach the Special Committee is going to adopt in order to set expectations appropriately and immediately ;1 Issue;0] r Proposal by MF Holdings I I The Company’s Operating and Financial Plan I Management Team Business Disruption Internal! External Perception EVERCORE PARTNERS

Preliminary Situation Assessment Confidential Summary of Key Steps in the Process — Illustrative Timeline Evercore will work closely with the Special Committee at every step through conclusion of the process including, to the extent necessary, shareholder approval and litigation support Week 1 2 3 4 5 6 7 8 9 10 11 12 13 Beginning 6/13 6/20 6/27 7/4 7/11 7/18 7/25 8/1 8/8 8/15 8/22 8/29 9/5 Receipt of MF Holding’s preliminary proposal I Formation of Special Committee I Selection of legal and financial advisors to Special Committee I Special Committee formally clarifies its mandate to the BoD Formulate strategy for responding to MF Holdings, (others) I Communicate intended process highlights to BoD, MF Holdings, public s/h Due diligence of Company’s strategic plan I Valuation analysis Prepare supplemental information package for 3rd parties, if necessary and appropriate I Synthesize relative valuations, transaction motivations, and appropriate responses I Respond to MF Holdings (others) I Negotiation with MF Holdings (others) I Potential market check, if necessary and appropriate I Special Committee makes recommendation to public s/h I EVERCORE PARTNERS

Preliminary Situation Assessment Implied Proposal Premium Analysis Confidential Perelman’s proposal represents a 42% premium to the prior day stock price and a 5% discount to the trailing twelve month average Source: FactSet Note: Based on closing prices Period Average Price Prem./ (Disc.) Perelma&s Proposal Price 1 Day Prior (6/12/11) 1 Week Prior 2 Weeks Prior 1 Month Prior 3 Months Prior 6 Months Prior 1 Year Prior 2 Years Prior 52 Week High — Closing Price Prior Period Price Prem./(Disc.) $24.00 16.96 19.27 19.72 22.68 24.62 24.24 25.32 26.47 29.92 24.500 21.7°o 5.8°o (2.5° o) (9.3°o) (19.800) $24.00 16.96 18.97 21.52 22.66 24.96 24.45 28.27 25.74 29.92 41.5° o 26.5°o 11.5° o 5.9°o (3.8° o) (1.8° o) (15.1° o) (6.8° o) (19.8° o) EVERCORE PARTNERS 23

Preliminary Situation Assessment Historical Trading Range Confidential • The proposed buyout price is below the levels at which over 750 o of share trades have occurred in both the last 12 and 4 month periods CID C Twelve Month Analy1r I 5.6% 4.6% 3.2% 200.0 150.0 100.0 r 50.0 0.0 ‘ 200.0 150.0 • CID iW 24.20 o traded below $24.00 50.000 40.0 30.0 20.0 10.0 0.0 Volume: 40.9% O.0% 1.0% 1.2% 1.4% 25 0.00 16.1% 4.5% — 12.5% $15.00- $16.50- $18.00 - $19.50 — $21.00 — $22.50 — $24.00- $25.50- $27.00- $28.50 — 16.49 17.99 19.49 20.99 22.49 23.99 25.49 26.99 28.49 29.99 0 191,119 216,263 256,260 841,504 2,981,790 7,592,096 I I Four Month Analysi” CID C 60.00 50.0 40.0 30.0 20.0 10.0 0.0 2,945,877 2,317,550 1,208,658 22.90 o traded below $24.00 52.O% 250.00 1.3% 1.5% 2.2% 1.7% 2.9% $15.00 — $16.00 — $17.00 — 15.99 16.99 17.99 Volume: 0 88 733 102 386 Source: FactSet Note: Estimated based on daily volume and closing once data $18.00 — 18.99 152,891 $19.00 — 19.99 115,595 19.7% $20.00 — 20.99 204,037 $21.00 — 21.99 221,008 — — $22.00 — 22.99 393,785 $23.00 — 23.99 325,063 $24.00 — 24.99 3,635,966 5.4% $26.00 — 26.99 379,050 $25.00 — 25.99 1,375,060 EVERCORE PARTNERS Shares Traded 18.6mm °oofS/O 96.0°o Shares Traded 0mm °oofS/O 36.2°o 24

EX-99.C.3

Exhibit (c)(3)

PROJECT MONTAN} Discussion Materials July 27, 2011 EVERCORE PARTNERS

Montana Consolidated Case Comparison Preliminary Draft — Confidential ($ in millions) Management identified certain changes from the Financing Case to the Updated Case including, among others: • Holland — Payments: — Annualvolume declines of—JO-11°ovs. 8-9°o — Partially offset by new pricing initiatives • Finland: — Revenue lower due to expectations of more bank closures and further industry consolidation $600 • Scotland: $500 — Globa/Scholar & Spectrum K12. no significant $400 change to 2015E revenues but slower ramp $300 — Medical Devices: incremental pricing pressure $200 $100 — Other Business Lines: modest tempering of assumed $0 growth rates • Monaco: — No changes Revenue Inc/(Dec) — $ Inc/(‘Dec) — Margin Upated Financing 2011E 2012E 2013E 2014E 2015E $0 ($25) ($29) ($42) ($44) 000 (5°o) (6°o) (8°o) (8°o) Source: Montana management (1) Adjusted EBITDA excludes asset impairment charges, gains on the extinguishment of debt, extraordinary gains, and the settlement of contingent claims EVERCORE PARTNERS

$2,000$1,800 $1,600 $1,400 $1,200 $1,000 Inc/(Dec) — $ Inc/(‘Dec,) 2011E ($9) (00o) 2012E ($33) (2°o) 2013E ($41) (2°o) 2014E ($55) (3°o) 2015E ($69) (4°o) AdJ.EBITDA 25°o 26°o 27°o 27°o 28°o 25°o 27°o 28°o 28°o 29°o Financing Case Updated Case Financial Summaries — Updated Case Preliminary Draft — Confidential ($ in millions, except for per share amounts) Mnntini Hitnrici1 and Projected Financial Summary Source: Company filings, Montana management (1) Adjusted financials exclude asset impairment charges, gains on the extinguishment of debt, extraordinary gains, and the settlement of contingent claims (2) Unlevered FCF defined as after tax EBIT D&A Capex Change in NWC Other cash outlays I CAGR ‘08A-’1OA ‘lOA-’lSE (3.5°o,) (0.4°o,) (0.1°o) 4.6°o HHC Monaco Revenue 00 growth HHC Monaco Corporate Adj. EBITDA (1) 00 growth 00 margin MemoA EBITDA with CoAllocation HHC Monaco Adj. EBIT (1) 00 growth 00 margin Adj EPS (1) Unlevered FCF 00 of EBITDA Capex 00 of revenue Total Debt Debt / EBITDA Total Cash $465 Ha. 24.4°o 4421 44 $298 Ha. 15.6°o $3.42 $6 1.4°o $49 2.6°o $2,483 5.4x $102 $473 1.9°o 26.1°o 439 34 $310 3.8°o 17.100 $5.51 $219 4430 0 $44 2.4°o $2,316 4. 7x $134 $476 0.6°o 26.7°o 447 30 $317 2.3°o 17.8°o $6.35 $274 57.9°o $40 2.2°o $2,251 4.8x $313 $445 n.a. 255°o 44 14 31 $284 (10.3°o,) 16.3°o $5.50 $27 6.3°o $46 2.6°o $2,237 5.3x $225 3.0°o (1 7.9°o,) 3.100 0.2°o 6.100 1.30 0 36.2°o (2.2°o) n.a. n.a. n.a. (1.7°o,) EVERCORE PARTNERS 2

Historical Projected 12/31/08 12/31/09 12/31/10 LTM $1,795 $1,712 $1,671 $1,627 112 102 111 118 -12/31/11 12/31/12 12/31/13 12/31/14 12/31/15 $1,647 $1,663 $1,672 $1,648 $1,639 117 127 132 137 139 $1,906 $1,814 $1,783 $1,746 Ha. (4.8°o,) (1.7°o,) n.a. $431 $457 $458 $429 45 36 30 32 (11) (19) (13) (16) -$1,764 $1,790 $1,804 $1,786 $1,778 (1.000,) 1.5°c 0.8°o (1.000,) (0.4°o,) $423 $439 $465 $455 $463 31 33 36 40 41 (13) (13) (13) (13) (13) (3.3°o) (O.Ooo) 3.1°o 0.2°o (17.5°o,) 6.1°o 5.6°o 0.5°o 1.2°o $441 (7.4°o,) 25.0°o $459 4.1°o 25.6°o $489 6.6°o 27.1°o $482 (1.4°o,) 27.0°o $491 1.8°o 27.6°o 4411 30 4427 32 4454 35 4443 39 4451 40 $271 (14.4°o,) 15.4°o $291 7.5°o 16.3°o $325 11.7°o 18.0°o $322 (0.9°o,) 18.0°o $338 4.9°o 19.0°o $5.04 $5.59 $5.49 $5.09 $5.68 $100 23.7°o $254 55.3°o $261 53.3°o $271 56.2°o $290 59.1°o $55 3.1°o $48 2.7°o $43 2.4°o $38 2.1°o $37 2.1°o $2,201 5.2x $2,011 4.4x $1,840 3.8x $1,670 3.Sx $1,499 3.lx $297 $292 $286 $285 $303 Financial Summaries — Financing Case Preliminary Draft — Confidential ($ in millions, except for per share amounts) Mnntini Hitnrici1 and Projected Financial Summary Source: Company filings, Montana management (1) Adjusted financials exclude asset impairment charges, gains on the extinguishment of debt, extraordinary gains, and the settlement of contingent claims (2) Unlevered FCF defined as after tax EBIT D&A Capex Change in NWC Other cash outlays I CAGR ‘08A-’1OA ‘lOA-’lSE (3.5°o,) (O.1°o) HHC Monaco Revenue Oo growth HHC Monaco Corporate Adj. EBITDA (1) 00 growth 00 margin MemoA EBITDA with CoAllocation HHC Monaco Adj. EBIT (1) 00 growth 00 margin Adj EPS (1) Unlevered FCF 00 of EBITDA Capex 00 of revenue Total Debt Debt / EBITDA Total Cash 0.4°o 4.6°o $465 Ha. 24.4°o 4421 44 $298 Ha. 15.6°o $3.42 $6 1.40 0 $49 2.6°o $2,483 5.4x $102 $473 1.90 0 26.1°o 439 34 $309 3.8°o 17.100 $5.51 $219 4430 0 $44 2.4°o $2,316 4. 7x $134 $476 0.6°o 26.7°o 447 30 $317 2.3°o 17.8°o $6.35 $274 57.9°o $40 2.2°o $2,251 4.8x $313 $445 na. 255°o 44 14 31 $284 (10.3°o,) 16.3°o $5.50 $27 6.3°o $46 2.6°o $2,237 5.3x $225 3.0°o (1 7.9°o,) 3.0% 36.2% 2.100 6.100 3.8% 2.6% na. (4.6°o,) EVERCORE PARTNERS 3 Historical Projected 12/31/08 12/31/09 12/31/10 LTM $1,795 $1,712 $1,671 $1,627 112 102 111 118 12/31/11 12/31/12 12/31/13 12/31/14 12/31/15 $1,656 $1,696 $1,713 $1,704 $1,708 117 127 132 137 139 $1,906 $1,814 $1,783 $1,746 Ha. (4.8°o,) (1.7°o,) n.a. $431 $457 $458 $429 45 36 30 32 (11) (19) (13) (16 $1,773 $1,823 $1,845 $1,841 $1,847 (O.5°o,) 2.8°o 1.2°o (O.2°o,) O.4°o $423 $464 $494 $497 $507 31 33 36 40 41 (13) (13) (13) (13) (13) (3.3%,) 0.7% 3.1°o 2.1°o (17.5°o) 6.1°o 5.6°o 0.5°o 1.2% 2.4%$441 (7.5°o,) 24.9°o $484 9.9°o 26.6°o $518 7.0°o 28.1°o $524 1.2°o 28.5°o $535 2.2°o 29.0°o 4411 30 4452 32 4482 35 4485 39 4496 40 $271 (14.5°o,) 15.3°o $316 16.8°o 17.4°o $354 11.9°o 19.2°o $364 2.9°o 19.8°o $382 5.0°o 20.7°o $5.04 $6.39 $6.41 $6.47 $7.21 $103 24.6°o $264 54.5°o $283 54.7°o $301 57.5°o $322 60.2°o $48 2.7°o $43 2.3°o $38 2.0°o $33 1.8°o $32 1.7°o $2,197 5.2x $1,999 4.lx $1,811 3.Sx $1,616 3.lx $1,420 2.7x $297 $292 $286 $285 $303

EX-99.C.4

Exhibit (c)(4)

PROJECT MONTANA Presentation to the Special Committee of the Board of Directors August 10, 2011 PRELIMINARY DRAFT - SUBJECT TO CHANGE

These materials have been prepared by Evercore Group L.L.C. ("Evercore") for the Special Committee of the Board of Directors of M & F Worldwide (the "Company") to whom such materials are directly addressed and delivered and may not be used or relied upon for any purpose other than as specifically contemplated by a written agreement with Evercore . These materials are based on information provided by or on behalf of the Company and/or other potential transaction participants, from public sources or otherwise reviewed by Evercore. Evercore assumes no responsibility for independent investigation or verification of such information and has relied on such information being complete and accurate in all material respects. To the extent such information includes estimates and forecasts of future financial performance prepared by or reviewed with the management of the Company and/or other potential transaction participants or obtained from public sources, Evercore has assumed that such estimates and forecasts have been reasonably prepared on bases reflecting the best currently available estimates and judgments of such management (or, with respect to estimates and forecasts obtained from public sources, represent reasonable estimates). No representation or warranty, express or implied, is made as to the accuracy or completeness of such information and nothing contained herein is, or shall be relied upon as, a representation, whether as to the past, the present or the future. These materials were designed for use by specific persons familiar with the business and affairs of the Company. These materials are not intended to provide the sole basis for evaluating, and should not be considered a recommendation with respect to, any transaction or other matter. These materials have been developed by and are proprietary to Evercore and were prepared exclusively for the benefit and internal use of the Special Committee of the Board of Directors of the Company. These materials were compiled on a confidential basis for use by the Special Committee of the Board of Directors of the Company in evaluating the potential transaction described herein and not with a view to public disclosure or filing thereof under state or federal securities laws, and may not be reproduced, disseminated, quoted or referred to, in whole or in part, without the prior written consent of Evercore. These materials do not constitute an offer or solicitation to sell or purchase any securities and are not a commitment by Evercore (or any affiliate) to provide or arrange any financing for any transaction or to purchase any security in connection therewith. Evercore assumes no obligation to update or otherwise revise these materials. These materials may not reflect information known to other professionals in other business areas of Evercore and its affiliates. Evercore and its affiliates do not provide legal, accounting or tax advice. Accordingly, any statements contained herein as to tax matters were neither written nor intended by Evercore or its affiliates to be used and cannot be used by any taxpayer for the purpose of avoiding tax penalties that may be imposed on such taxpayer. Each person should seek legal, accounting and tax advice based on his, her or its particular circumstances from independent advisors regarding the impact of the transactions or matters described herein.

Table of Contents Executive Summary Summary Trading Analysis Valuation Perspectives Process Considerations Appendix Section I II III IV

Executive Summary

Source: FactSet, Company filings, M & F Worldwide Projections, Updated Case The unaffected share price reflects the MFW closing price on 6/10/11, which was the last closing price prior to the submission of the transaction proposal letter by MacAndrews & Forbes Holdings on 6/13/11 Latest four quarters (LFQ) as of Q2 2011 which closed on 6/30/2011 EBITDA adjusted to exclude asset impairment charges, gains on the extinguishment of debt, extraordinary gains, and the settlement of contingent claims Offer Price Summary Analysis ($ in millions, except for per share amounts) Executive Summary 1

Overview of Process to Date Executive Summary MacAndrews & Forbes Holdings submits an unsolicited offer to acquire the remaining 57.3% of M & F Worldwide that it does not already own for $24 per share Evercore is engaged by the Special Committee Evercore receives the Financing Plan and commences its due diligence investigation Evercore holds meetings with M & F Worldwide Corporate Management as well as Harland Clarke and Mafco divisional Management Teams Evercore receives Updated Case for HCHC financial projections; discusses key changes to plan with HCHC management; receives preliminary Q2 2011 results for M & F Worldwide and its business lines Evercore's initial, preliminary presentation to the Special Committee Evercore conducts an update call with the Special Committee 2 Evercore conducts an update call with the Special Committee Evercore met with Special Committee Evercore, on behalf of the Special Committee, requests an updated financial forecast from management June 13 June 28 July 6, 8 July 13 July 22-26 Aug. 10 June 23 July 27 June 21 July 15

Summary Trading Analysis

Source: FactSet, Company filings Note: All prices as of close Historical M & F Worldwide Share Price Performance Offer Price: $24.00 3 Summary Trading Analysis 5/04/11 - M & F Worldwide posts 1Q11 adjusted EPS of $1.32 12/16/10 - Scantron announces acquisition of GlobalScholar 5/05/10 - M & F Worldwide posts 1Q10 adjusted EPS of $1.73 2/26/10 - M & F Worldwide posts 4Q09 adjusted EPS of $1.54 11/06/09 - M & F Worldwide posts 3Q09 adjusted EPS of $1.87 2/7/11 - M & F Worldwide announces settlement of asbestos liability against Pneumo Abex 7/22/10 - Scantron announces acquisition of Spectrum K12 5/20/11 - Deadline for lender consents 5/12/11 - Harland Clarke announces meetings with lenders on a proposed amend and extend of its term loan 5/27/11 - Cancellation of amend and extend process 6/13/11 - Proposal letter submitted by MacAndrews & Forbes Holdings for $24.00 per share

Implied Offer Price Premium Analysis Source: FactSet The unaffected share price reflects the closing price on 6/10/11, which was the last closing price prior to the submission of the transaction proposal letter by MacAndrews & Forbes Holdings on 6/13/11 Based on closing prices and historical periods relative to unaffected closing share price on 6/10/11, except for 52 week high and low, which are intraday prices The offer price represents a ~42% premium to the unaffected closing stock price (1) and a ~4% discount to the trailing twelve month average as of the day prior to the proposal Implied Offer Price Premium Summary Trading Analysis 4

Historical Trading Range Analysis Source: FactSet Note: Based on closing share price M & F Worldwide's share price closed above $24.00 per share on approximately 74% of the days traded during the year prior and 67% of the days traded during the two years prior to MacAndrews & Forbes Holdings' proposal Summary Trading Analysis 5 One Year Through 6/10/2011 Two Years Through 6/10/2011 Offer Price: $24.00 Offer Price: $24.00

Historical Relative Stock Performance Analysis - 2 Year Performance Source: FactSet Printing index comprises Dai Nippon, Toppan, QUAD, VPRT, DLX, TCL.A, RRD, CGX, CVO and SR Financial Solutions index comprises FIS, FISV, WKL, GPN, NCR, JKHY, DST, TEMN, EEFT, HPY, MSY and CSVI Education index comprises LRN, SMT, QNST, PRW, PSON, MHP, WPO, SCHL, RLRN, SCHS and ABCD Flavor and Fragrances index comprises GIVN, IFF, SY1, Huabao, SXT, T. Hasegawa and Takasago Summary Trading Analysis 6 6/13/11 - Offer by MacAndrews & Forbes Holdings

2-Year Historical Relative Trading Multiple - TEV/LFQ EBITDA Source: FactSet, Company filings Note: LFQ through 6/30/11. Figures adjusted for acquisitions where relevant and possible using public information. 7 Summary Trading Analysis Offer Price: 5.6x 6/13/11 - Offer by MacAndrews & Forbes Holdings

Valuation Perspectives

Summary Illustrative Valuation Analysis ($ in millions, except for per share amounts) Disclaimer: This summary of certain analyses is provided for illustrative purposes only, does not represent all of the analyses performed by Evercore and should be considered together with the information set forth elsewhere in this presentation Source: Factset, Company filings, M & F Worldwide Projections, Updated Case and Financing Case The unaffected share price reflects the MFW closing price on 6/10/11, which was the last closing price prior to the submission of the transaction proposal letter by MacAndrews & Forbes Holdings on 6/13/11 Updated Case Financing Case 8 Valuation Perpectives

Source: FactSet, Company filings, M & F Worldwide Projections, Updated Case The unaffected share price reflects the MFW closing price on 6/10/11, which was the last closing price prior to the submission of the transaction proposal letter by MacAndrews & Forbes Holdings on 6/13/11 Latest four quarters (LFQ) as of Q2 2011 which closed on 6/30/2011 EBITDA adjusted to exclude asset impairment charges, gains on the extinguishment of debt, extraordinary gains, and the settlement of contingent claims Illustrative Analysis at Various Prices ($ in millions, except for per share amounts) 9 Valuation Perpectives

Illustrative Discounted Cash Flow Analysis - Updated Case ($ in millions, except per share amounts) Total Enterprise Value Implied Perpetuity Growth Rate Total Equity Value Implied Equity Value per Share (1) Source: Factset, Company filings, M & F Worldwide Projections, Updated Case Note: Valuations as of 6/30/11 (1) Assumes net debt of $2,009mm as of 6/30/11 and 19.5mm shares outstanding 10 Valuation Perpectives

Illustrative Present Value of Future Stock Price Analysis - Updated Case Implied PV of 2013E Stock Price Implied PV of 2014E Stock Price Implied PV of 2015E Stock Price Source: M & F Worldwide Projections, Updated Case Note: Valuation as of 6/30/11 11 Valuation Perpectives

Premiums Paid Analysis 12 Valuation Perpectives All Cash Transactions Minority-led Transactions The tables below summarize the results of two data sets of premiums paid for U.S. targets All cash change-of-control transactions for U.S.-based companies with enterprise values between $100 million - $4.0 billion since January 2000 Minority-led change-of-control cash transactions for U.S. targets with a minimum transaction value of $100 million since January 2000 Source: SDC, Factset, Company filings

Process Considerations

Potential Strategic Alternatives Process Considerations 13

MacAndrews & Forbes Holdings' Illustrative Ability to Pay Implied Purchase Price per Share (Financing Case) Source: M & F Worldwide Projections, Updated Case and Financing Case 14 Implied Purchase Price per Share (Updated Case) Implied IRR (Financing Case) Implied IRR (Updated Case) Process Considerations

Financial Sponsor Illustrative Ability to Pay Implied Purchase Price per Share (Financing Case) Source: M & F Worldwide Projections, Updated Case and Financing Case Note: Assumes sponsor acquisition using leverage at 4.0x LFQ EBITDA 15 Implied Purchase Price per Share (Updated Case) Implied IRR (Financing Case) Implied IRR (Updated Case) Process Considerations

Potential Divestitures 16 Process Considerations

Potential Divestitures (cont'd) 17 Process Considerations

Illustrative HFS Divestiture 18 Process Considerations Assumes sale of Harland Financial Solutions on 12/31/11 with the net after-tax proceeds used to pay down debt Assumed tax basis of $275 million Assumes that the pro rata portion of HFS corporate and divisional expenses are able to be reduced Illustrative future MFW share price discounted to 6/30/11 at a 25% cost of equity Implied Share Price Pro Forma for Divestiture % Premium/(Discount) to $24 Offer per Share Implied Breakeven PF Multiple at $24 per Share Source: M & F Worldwide Projections, Updated Case Breakeven '12E PF Adj. Multiple

Appendix

Source: Company filings, M & F Worldwide Projections, Updated Case Adjusted financials exclude asset impairment charges, gains on the extinguishment of debt, extraordinary gains, and the settlement of contingent claims Unlevered FCF defined as after-tax EBIT + D&A - Capex - Change in NWC - Other cash outlays LFQ through 6/30/11 Financial Summary - Updated Case ($ in millions, except for per share amounts) M & F Worldwide Historical and Projected Financial Summary Financial Summary Information 19

Financial Summary - Financing Case ($ in millions, except for per share amounts) 20 M & F Worldwide Historical and Projected Financial Summary Financial Summary Information Source: Company filings, M & F Worldwide Projections, Financing Case Adjusted financials exclude asset impairment charges, gains on the extinguishment of debt, extraordinary gains, and the settlement of contingent claims Unlevered FCF defined as after-tax EBIT + D&A - Capex - Change in NWC - Other cash outlays LFQ through 6/30/11

Illustrative Discounted Cash Flow Analysis - Financing Case ($ in millions, except per share amounts) Total Enterprise Value Implied Perpetuity Growth Rate Total Equity Value Implied Equity Value per Share (1) Source: Factset, Company filings, M & F Worldwide Projetions, Financing Case Note: Valuations as of 6/30/11 Assumes net debt of $2,009mm as of 6/30/11 and 19.5mm shares outstanding 21 Valuation Perspectives

Illustrative Present Value of Future Stock Price Analysis- Financing Case Implied PV of 2013E Stock Price Implied PV of 2014E Stock Price Implied PV of 2015E Stock Price 22 Source: M & F Worldwide Projections, Financing Case Note: Valuations as of 6/30/11 Valuation Perspectives

Printing - Illustrative Valuation Metrics ($ in millions, except for per share amounts) Source: FactSet, Company filings Analysis of Publicly Traded Companies 23

Printing - Operating Metrics ($ in millions, except for per share amounts) Source: FactSet, Company filings 24 Analysis of Publicly Traded Companies

Financial Solutions - Illustrative Valuation Metrics ($ in millions, except for per share amounts) Source: FactSet, Company filings 25 Analysis of Publicly Traded Companies

Financial Solutions - Operating Metrics ($ in millions, except for per share amounts) Source: FactSet, Company filings 26 Analysis of Publicly Traded Companies

Education - Illustrative Valuation Metrics ($ in millions, except for per share amounts) Source: FactSet, Company filings 27 Analysis of Publicly Traded Companies

Education - Operating Metrics ($ in millions, except for per share amounts) Source: FactSet, Company filings 28 Analysis of Publicly Traded Companies

Flavoring and Fragrances - Illustrative Valuation Metrics ($ in millions, except for per share amounts) Source: FactSet, Company filings 29 Analysis of Publicly Traded Companies

Flavoring and Fragrances - Operating Metrics ($ in millions, except for per share amounts) Source: FactSet, Company filings 30 Analysis of Publicly Traded Companies

EX-99.C.5

Exhibit (c)(5)

Preliminary Draft — Confidential PRELIMINARY DRAFT — SUBJECT TO CHANGE PROJECT MONTANA Discussion Materials August 17, 2011 EVERCORE PARTNERS

Preliminary Draft — Confidential These materials have been prepared ly Evercore Group LL. C. (“Evercore ‘,)for the Special Committee of the Board of Directors of M e F Worldwide (the “Companj’) to whom such materials are direct/y addressed and delivered and maj not be used or relied up on for anjpuipose other than as specificaliy contemplated 1y a written qgreement with Evercore. These materials are based on information provided 1y or on behaé of the Companj and/or otherpotential transaction particijbants,from public sources or otherwise reviewed 1y Evercore. Evercore assumes no responsibility for independent investigation or verification of such information and has relied on such information being complete and accurate in all material respects. To the extent such information includes estimates andforecasts offuturefinancialpeformanceprepared by or reviewed with the man qgement of the Companj and/ or other potential transaction particpants or obtainedfrom public sources, Evercore has assumed that such estimates andforecasts have been reasonab/y prepared on bases reflecting the best currently available estimates and juagments of such man qgement (or, with repect to estimates andforecasts obtainedfrom public sources, represent reasonable estimates,). No representation or warrantj, express or implied, is made as to the accuracj or completeness of such information and nothing contained herein is, or shall be relied upon as, a representation, whether as to the past, the present or the future. These materials were designedfor use by pecificpersonsfami liar with the business and affairs of the Companj. These materials are not intended to provide the sole basis for evaluating, and should not be considered a recommendation with respect to, anj transaction or other matter. These materials have been developed bj and are proprietarj to Evercore and were prepared exclusive/y for the benefit and internal use of the Special Committee of the Board of Directors of the Company These materials were compiled on a confidential basis for use bj the Special Committee of the Board of Directors of the Companj in evaluating the potential transaction described herein and not with a view to public disclosure orfiling thereof under state orfederal securities laws, and maj not be reproduced, disseminated, quoted or referred to, in whole or in part, without the prior written consent of Evercore. These materials do not constitute an /jèr or solicitation to sell orpurchase anj securities and are not a commitment bj Evercore (or anj affiliate,) to provide or arrange anjfinancingfor anj transaction or to purchase anj securi!y in connection therewith. Evercore assumes no obl,gation to update or otherwise revise these materials. These materials maj not reflect information known to other professionals in other business areas of Evercore and its affiliates. Evercore and its affiliates do not provide lega4 accounting or tax advice. According/ anj statements contained herein as to tax matters were neither written nor intended bj Evercore or its affiliates to be used and cannot be used bj anj tapajerfor the puipose of avoiding tax penalties that maj be imposed on such tapqyer. Each person should seek legal, accounting and tax advice based on his, her or its particular circumstances from independent advisors regarding the impact of the transactions or matters described herein. EVERCORE PARTNERS

Discussion Materials Preliminary Draft — Confidential Illustrative Transaction Assumptions • Assumes Harland Clarke (“HC”) payments business is sold to Deluxe for 1000 o cash consideration, paid to MF\ with gross proceeds ranging from $1,500 million to $1,800 million, equivalent to a range of 4.9x to 5.9x HC’s last four quarters (“LFQ”) EBITDA — Business is sold cash-free and debt-free — Proceeds used to reduce existing HC debt, the remainder of which is refinanced — At Deluxe’s current trading multiple of 4.9x LFQ EBITDA, HC would be worth approximately $1,480 million before any premium or synergies • In Scenario 1, Deluxe raises new debt at 7.0° o to fund 100° o of the acquisition costs (i.e. Deluxe borrows between $1,500 million and $1,800 million of new debt depending on the purchase price) • In Scenario 2, Deluxe funds the transaction through debt and a PIPE from a Sponsor — PIPE of 10 million primary shares, equivalent to a 19.9° o pre-deal share count, issued at a 5° o discount to Deluxe’s current price as of 8/16/11 of $21.16, for net proceeds of approximately $200 million • We analyze a range of possible expense synergies from $0 million to $150 million per year on a run-rate basis — 50° o of synergies assumed to be realized in the first year post-close, 100° o thereafter • Please note that the tax treatment assumed for the transaction is complicated and based on a preliminary set of discussions with the Company, and that the analysis might change materially based on a more definitive analysis of the tax treatment by the Company and its advisors EVERCORE PARTNERS 1

Discussion Materials Preliminary Draft — Confidential Illustrative Cost Synergy Potential ($ in millions) I Illustrative Range of Cost Synergies $50 $100 $150 I Source: Company filings (1) “Cash operating expenses” includes all costs of goods sold and selling, general and administrative expenses, excluding depreciation and amortization EVERCORE PARTNERS 2% LTM Revenue Statistic Harland Clarke $1,133 4° 90 0 130 Deluxe 1,415 4°o 7°o 11°o Combined 2,548 2° o 4° o 6° o      % LTM Cash Operating Expenses (1) Harland Clarke 8830 6° o 12° o 18° o Deluxe 1,043 5°o 10°o 14°o Combined 1,872 3° o 5° o 8° o ImpLedPFEBITDA Margin 28°c 300o 32°c Implied PF Margin Improvement (bps) 196 392 589 I Precedent Announced Synergies I Expense      % Target LTM Cash_OpEx (1) Date Precedent Transaction Synergies Revenue 1/25/10 Quad/Graphics / WorldColor $225 7° o 8° 12/27/06 Cenveo / Cadmus Communications 20 4° o 5° 5/17/04 Deluxe Corp / New England Bus. Service 25 4° o 4° 11/08/03 KR Donnelley / Moore-Wallace 100 3° o 4° 01/20/03 Moore Inc. / Wallace Computer 50 3° o 4° Mean 4% 5% Median 4% 4%

Discussion Materials Preliminary Draft — Confidential Illustrative Cash EPS Accretion/Dilution to Deluxe — Synergies Ramp-Up ($ in millions) Scenario 1: 100% Debt Financing by Deluxe Scenario 2: Deluxe Financing from Debt and PIPE 2012E Cash EPS Accretion! (Dilution) HC Purchase Price Full $1,500 $1,600 $1,700 $1,800 Run-Rate Multzjble ofHCLFQ EBITDA Synergies 4.9x 5.3x 56x 59x $0 480 o 45° o 43° o 400 0 $50 58°o 55°o 52°o 49°o $100 67°o 65°o 62°o 59°o $150 77°o 74°o 71°o 69°o HC Purchase Price Full $1,500 $1,600 $1,700 $1,800 Run-Rate Multzjble ofHCLFQ EBITDA Synergies 4.9x 5.3x 56x 59x $0 $50 $100 $150 PF MergeCo Leverage — 6/30/ 11 HC Purchase Price Finance- $1,500 $1,600 $1,700 $1,800 able Multble of HC LFQ EBITDA Synergies2 4.9x 53x 56x 5.9x $0 3.4x 3.6x 3.7x 3.9x $25 3.3 3.5 3.6 3.8 $50 3.2 3.3 3.5 3.6 $75 3.1 3.2 3.4 3.5 HC Purchase Price Finance- $1,500 $1,600 $1,700 $1,800 able Multiple of HC LFQ EBITDA Synergies2 4.9x 53x 5.6x 59x $0 $25 $50 $75 Source: FactSet, Montana Projections Updated Case Note: Last Four Quarters (LFO as of 6 30 11 Note: Deluxe existing credit facility limits pro forma leverage 12 months after the close of a transaction to 3.25x pro forma LFQ EBITDA (1) Includes allocation of divisional and corporate expense based on pro rata share of M&F Worldwide revenue (2) Assumes that 5Q0 o of total run rate expense synergies receive credit for purposes of leverage 28°o 26°o 24°o 21°o 36°o 34°o 32°o 29°o 44°o 42°o 40°o 37°o 52°o 50°o 48°o 45°o 3.lx 3.3x 3.4x 3.6x 3.0 3.2 3.3 3.5 2.9 3.1 3.2 3.3 2.8 3.0 3.1 3.2 EVERCORE PARTNERS 3

Discussion Materials Preliminary Draft — Confidential Illustrative Value Creation to MFW Shareholders ($in millions, except per share amounts) Gross Proceeds Estimated Tax Beneflt/(Leakage) Estimated Re-fl Costs Net Cash Proceeds from Sale SQ HC Total Debt Less: Net Proceeds Less: Cash from from MFW B/S Pro Forma Total Debt Less: Balance Sheet Cash PF Net Debt Total Debt / PF EBITDA Net Debt / PF EBITDA PF Value per MFW RemainCo Share Source: FactSet, Montana Projections Updated Case Note: Last Four Quarters (LFO as of 6 30 11 (1) Assumes that MFW will use all of the cash on its balance sheet in the re financing post sale other than $75 million         , which remains as cash (2) Includes allocation of divisional and corporate expense based on pro rata share of M&F Worldwide revenue Pro Forma Capital Structure $1,483 $1,546 $1,609 $1,672 o 0’ 6.OOx 7.OOx 8.OOx HC Purchase Price $1,500 $1,600 $1,700 $1,800 $19.46 $22.68 $25.91 $29.14 23.80 27.03 30.25 33.48 28.14 31.37 34.60 37.83 EVERCORE PARTNERS 4 I Net Cash Proceeds from Sale Assumes RemainCo trades at 7.Ox Ad]. EBITDA            HC Purchase Price$1,500 $1,600 $1,700 $1,800 $1,500 $1,600 $1,700 $1,800 4 (35) (74) (113) (21) (19) (17) (16) HC Purchase Price$1,500 $1,600 $1,700 $1,800 $2,237 $2,237 $2,237 $2,237 (1,483) (1,546) (1,609) (1,672) (153) (153) (153) (153) $601 $538 $475 $413 (75) (75) (75) (75)$526 $463 $400 $338 4.3x 3.8x 3.4x 2.9x 3.7x 3.3x 2.8x 2.4x

Discussion Materials Preliminary Draft — Confidential Illustrative Sharing of Synergies ($in millions, except per share amounts) • The following analysis estimates the split of synergy value between Deluxe vs. M&F at a range of run-rate synergy levels and of purchase prices for HC — Synergies are valued at their run-rate $ amount times Deluxe’s current LFQ EBITDA multiple of 4.9x — The top two tables assume that DLX considers HC’s pre-synergy value to be HC’s LFQ Adj. EBITDA of $303 million times Deluxe’s LFQ multiple of 4.9x. Any price above that level represents a premium to MFW shareholders — The bottom two tables assume that Deluxe views HC’s intrinsic, pre-deal value as being just 4.5x LFQ EBITDA, and therefore, that MFW is retaining a higher ° o of synergies at a given purchase price HC valued at4.9x Source: FactSet, Montana Projections Updated Case HC valued at4.5x EVERCORE PARTNERS      % of Synergy Benefits Retained by DLX Run-Rate Syn. Cap. 4.9x HC Purchase Price$1,500 $1,600 $1,700 $1,800 $50 $244 91°o 5000 9°o (32°o) $100 $487 Q5°o 75°o 54°o 34°o $150 $731 97°o 83°o 70°o 56°o      % of Synergy Benefits Retained by MFW Run-Rate Syn. Cap. @ 4.9x HC Purchase Price$1,500 $1,600 $1,700 $1,800 $50 $244 9°o 50°o 91°o 132°o $100 $487 5°o 25°o 46°o 66°o $150 $731 3°o 17°o 30°o 44°o Run-Rate Cap. HC Purchase Price Run-Rate Syn. Cap. @ 4.9x HC Purchase Price Syn. @ 4.9x $1,500 $1,600 $1,700 $1,800 $1,500 $1,600 $1,700 $1,800 $50 $244 44°o 3°o (38°o) (79°o) $50 $244 56°o 97°o 138°o 179°o $100 $487 72°o 52°o 31°o 11°o $100 $487 28°o 48°o 69°o 89°o $150 $731 81°o 68°o 54°o 40°o $150 $731 19°o 32°o 46°o 60°o

Preliminary Draft — Confidential Appendix EVERCORE PARTNERS

Appendix Preliminary Draft — Confidential Illustrative Cash EPS Accretion/Dilution to Deluxe — Run-Rate Synergies ($ in millions) Scenario 1: 100% Debt Financing by Deluxe Scenario 2: Deluxe Financing from Debt and PIPE 2012E Cash EPS Accretion! (Dilution) HC Purchase Price Full $1,500 $1,600 $1,700 $1,800 Run-Rate Multzjble ofHCLFQ EBITDA Synergies 4.9x 5.3x 56x 59x $0 480 o 45° o 43° o 400 0 $50 67°o 64°o 62°o 59°o $100 86°o 83°o 80°o 78°o $150 105°o 102°o 99°o 97°o HC Purchase Price Full $1,500 $1,600 $1,700 $1,800 Run-Rate Multzjble ofHCLFQ EBITDA Synergies 4.9x 5.3x 56x 59x $0 $50 $100 $150 PF Leverage — 6/30/ 11 HC Purchase Price Full $1,500 $1,600 $1,700 $1,800 Run-Rate Multzjble of HC LFQ EBITDA Synergies 4.9x 53x 56x 5.9x $0 3.4x 3.6x 3.7x 3.9x $50 3.2 3.3 3.5 3.6 $100 3.0 3.1 3.3 3.4 $150 2.8 2.9 3.1 3.2 HC Purchase Price Full $1,500 $1,600 $1,700 $1,800 Run-Rate Mul@le of HC LFQ EBITDA Synergies 4.9x 53x 5.6x 59x $0 $50 $100 $150 Source: FactSet, Montana Projections Updated Case Note: Last Four Quarters (LFQ as of 6 30 11 Note: Deluxe existing credit facility limits pro forma leverage 12 months after the close of a transaction to 3.25x pro forma LFQ EBITDA (1) Includes allocation of divisional and corporate expense based on pro rata share of M&F Worldwide revenue 28°o 26°o 24°o 21°o 44°o 42°o 39°o 37°o 60°o 58°o 55°o 53°o 76°o 73°o 71°o 69°o 3.lx 3.3x 3.4x 3.6x 2.9 3.1 3.2 3.3 2.7 2.9 3.0 3.1 2.6 2.7 2.8 2.9 EVERCORE PARTNERS 6

Appendix Preliminary Draft — Confidential 2-Year Historical Relative Trading Multiple — TEV/LFQ EBITDA Source: FactSet, Company filings Note: LFQ through 6 30 11. Figures adjusted for acquisitions where relevant and possible using public information. 8/16/ 11 Current Average Multiple 8/16/11 6/10/11 1 Month 2 Months 3 Months 6 Months 1 Year 2 Years Montana (Unaffected-6/1O/11) 5.5x 5.2x 5.4x 5.3x 5.2x 5.lx 5.lx 5.5x Montana (Current- 8/16/11) 5.5 5.2 5.5 5.5 5.5 5.4 5.2 5.5 RR Donnelley 5.1 5.7 5.4 5.5 5.6 5.6 5.2 5.2 Deluxe 4.9 5.0 5.1 5.2 5.2 5.4 5.5 5.6 Quad/Graphics 3.9 5.3 4.5 4.8 4.9 5.1 5.3 5.3 6.5x 6.Ox 5.5x 5.Ox 4.5x 4.Ox 3.5x 8/17/09 Offer Price: r\J — M & F Worldwide 11/6/09 1/26/10 4/17/10 7/7/10 9/26/10 12/16/10 3/7/11 5/27/11 —DLX —QUAD RRD EVERCORE PARTNERS 7

Appendix Preliminary Draft — Confidential Printing — Illustrative Valuation Metrics ($in millions, except for per share amounts) Price % of TEV/ TEV/ TEV / IBES as of S2Wk Market Net Revenue EBITDA (EBITDA-Capex) P/E LT DIV Company 8/16/2011 High Value Debt TEV 2011E 2012E 2011E 2012E 2011E 2012E 2011E 2012E Growth Yield Montana: At Offer: Updated Case $24.00 86° o $467 $2,009 $2,476 1.40x 1.38x 5.6x 5.4x 6.3x 5.9x 4.8x 4.3x NA 00 At Offer: Financing Case 24.00 86° o 467 2,009 2,476 1.40 1.36 5.6 5.1 6.3 5.6 4.8 3.8 NA 0° At Market: Updated Case $21.57 7700 $420 $2,009 $2,429 1.38x 1.36x 5.5x 5.3x 6.2x 5.8x 4.3x 3.9x NA 0° At Market: Financing Case 21.57 770o 420 2,009 2,429 1.37 1.33 5.5 5.0 6.2 5.5 4.3 3.4 NA 000 Printing Dai Nippon Printing Co. Ltd. $10.65 71° o $6,860 ($1,090) $5,770 0.29x 0.28x 2.8x 2.7x 7.lx 6.8x 19.9 16.1 Toppan Printing Co. Ltd. 7.47 74° o 4,806 2,499 7,305 0.37 0.36 4.5 4.3 9.5 9.5 22.1 16.0 R.R. Donnelley & Sons Co. 14.81 69° o 2,864 3,734 6,598 0.62 0.61 4.9 4.7 6.0 5.8 7.9 7.1 Quad/Graphics Inc. 21.58 44°o 1,036 1,531 2,568 0.54 0.56 3.8 3.5 5.2 4.6 7.7 5.5 Vistaprint N.y. 27.87 51°c 1,248 (237) 1,011 1.11 0.92 6.5 6.3 9.7 11.0 14.2 15.0 Transcontinental Inc. 14.68 84° o 1,189 651 1,840 0.83 0.78 4.6 4.3 5.6 5.2 7.2 6.5 Deluxe Corp. 21.15 75°o 1,079 735 1,814 1.28 1.26 5.1 4.9 5.6 5.4 6.8 6.7 Consolidated Graphics Inc. 35.36 60° o 391 169 560 0.53 0.50 4.2 3.8 7.1 6.7 10.6 8.9 Cenveo Inc. 4.24 61 o 276 1,286 1,563 NA NA 6.2 6.0 NA NA 9.4 7.7 StandardRegisterCo. 2.85 77°o 83 42 125 0.19 NA 2.3 1.9 NA NA 13.6 9.3 16°o 4°o 50°o 3°o 11°o 7°o NA 4°o 18°o 0°o 30o 400 60o 50o 15°o 0°o 13o 0o 80o 700 Mean O.64x O.66x 4.5x 4.3x 7.Ox 6.9x 11.9x 9.9x Median O.54x O.58x 4.6x 4.3x 6.6x 62x 1O.Ox 8.3x Max 1.28x 1.26x 6.5x 6.3x 9.7x 11.Ox 22.lx 16.lx Mm O.19x O.28x 2.3x 1.9x 5.2x 4.6x 6.8x 5.5x 15% 3% 13% 4% 50% 7% 3% O% Source: FactSet, Company filings EVERCORE PARTNERS 8

Appendix Preliminary Draft — Confidential Printing — Operating Metrics ($in millions, except for per share amounts) Revenue Growth EBITDA Growth IBES Capex as Net Debt ‘bA- ‘liE- ‘bOA -’12E EBITDA Margin ‘bOA- ‘liE- ‘bOA -’12E LT % of Revenue / 2011E Company ‘liE ‘12E CAGR 2011E 2012E ‘liE ‘12E CAGR Growth 2011E 2012E EBITDA Montana: At Offer: Updated Case (1° o) 1° 0 00 0 25° o 260 o (70 o) 4° o (20 o) NA 30 o 20 o 4.6x At Offer: Financing Case (1° o) 3° o 2° o 250 o 270 o (70 o) 10° o 1° o NA 30 o 2° o 4.6 At Market: Updated Case (1° o) 1° o 0° o 250 o 26° o (70 o) 4° o (2° o) NA 30 o 2° o 4.6x At Markct: Financing Casc (1° o) 3° o 2° o 250 o 270 o (70 o) 10° o 1° o NA 30 o 2° o 4.6 Printing Dai Nippon Printing Co. Ltd. (30 o) 20 o (10 o) 10° o 10° (4° o) 40 (0° o) 160 o 60 o 60 o NM Toppan Printing Co. Ltd. (2° o) 20 0° o 80 o 80 o (20 o) 4° o 1° 500 o 4 o 5 o 1.5 R.R. Donnelley & Sons Co. 70 o 1° o 8° o 13° o 13° o 60 o 4 o 5 o 11° o 2° o 2° o 2.8 Quad/Graphics Inc. 40° o (30 o) 35° o 14° o 16° o 37 o 9 o 22° o NA 40 o 4 o 2.3 VistaprintN.V. 22°o 21°o 48°o 17°o 15°o 1°o 3°o 2° 18°o 6°o 6°o NM Transcontinental Inc. (Cl A) 3° o 6° o 10° o 18° o 18° o 2° o 8° o 5 o 3 o 3 o 3 o 1.6 Deluxe Corp. 100 1° 30 25° o 26° o (2° o) 30 000 6° o 2° o 2° o 2.1 Consolidated Graphics Inc. 30 40 70 13° o 13° o 100 80o 40 15°c 50 6° o 1.3 Cenveo Inc. NA NA NA NA NA NA 30 NA 13° o NA NA 5.1 Standard Register Co. 0° o NA NA 8° o NA 770 o 20° o 46° o 80 o NA NA 0.8 Source: FactSet, Company filings EVERCORE PARTNERS 9 Mean 8% 4% 14% 14% 15% 13% 7% 9% 15% 4% 4% 2.2x Median 3% 2% 7% 13% 14% 1% 4% 4% 13% 4% 4% b.9x Max 40% 21% 48% 25% 26% 77% 20% 46% 50% 6% 6% 5.lx Mm (3%) (3%) (1%) 8% 8% (4%) 3% (0%) 3% 2% 2% 0.8x

EX-99.C.6

Exhibit (c)(6)

PROJECT MONTANA Fairness Opinion Discussion Materials September 10, 2011 Confidential Portions of this exhibit have been omitted pursuant to a request for confidential treatment filed with the Securities and Exchange Commission. The omissions have been indicated by asterisks ("*****"), and the omitted text has been filed separately with the Securities and Exchange Commission.

These materials have been prepared by Evercore Group L.L.C. ("Evercore") for the Special Committee of the Board of Directors of M & F Worldwide (the "Company") to whom such materials are directly addressed and delivered and may not be used or relied upon for any purpose other than as specifically contemplated by a written agreement with Evercore . These materials are based on information provided by or on behalf of the Company and/or other potential transaction participants, from public sources or otherwise reviewed by Evercore. Evercore assumes no responsibility for independent investigation or verification of such information and has relied on such information being complete and accurate in all material respects. To the extent such information includes estimates and forecasts of future financial performance prepared by or reviewed with the management of the Company and/or other potential transaction participants or obtained from public sources, Evercore has assumed that such estimates and forecasts have been reasonably prepared on bases reflecting the best currently available estimates and judgments of such management (or, with respect to estimates and forecasts obtained from public sources, represent reasonable estimates). No representation or warranty, express or implied, is made as to the accuracy or completeness of such information and nothing contained herein is, or shall be relied upon as, a representation, whether as to the past, the present or the future. These materials were designed for use by specific persons familiar with the business and affairs of the Company. These materials are not intended to provide the sole basis for evaluating, and should not be considered a recommendation with respect to, any transaction or other matter. These materials have been developed by and are proprietary to Evercore and were prepared exclusively for the benefit and internal use of the Special Committee of the Board of Directors of the Company. These materials were compiled on a confidential basis for use by the Special Committee of the Board of Directors of the Company in evaluating the potential transaction described herein and not with a view to public disclosure or filing thereof under state or federal securities laws, and may not be reproduced, disseminated, quoted or referred to, in whole or in part, without the prior written consent of Evercore. These materials do not constitute an offer or solicitation to sell or purchase any securities and are not a commitment by Evercore (or any affiliate) to provide or arrange any financing for any transaction or to purchase any security in connection therewith. Evercore assumes no obligation to update or otherwise revise these materials. These materials may not reflect information known to other professionals in other business areas of Evercore and its affiliates. Evercore and its affiliates do not provide legal, accounting or tax advice. Accordingly, any statements contained herein as to tax matters were neither written nor intended by Evercore or its affiliates to be used and cannot be used by any taxpayer for the purpose of avoiding tax penalties that may be imposed on such taxpayer. Each person should seek legal, accounting and tax advice based on his, her or its particular circumstances from independent advisors regarding the impact of the transactions or matters described herein.

Table of Contents Section Overview of Proposed Transaction and Process Summary Valuation Analyses Appendix I II

Overview of Proposed Transaction and Process Summary

Overview of Proposed Transaction and Process Summary Evercore has been asked to provide an opinion as to whether the merger consideration is fair, from a financial point of view, to the holders of shares of Company common stock (other than MacAndrews & Forbes Holdings and its affiliates) entitled to receive such consideration. Source: Company filings, MFW Projections: As used throughout this presentation, the "MFW Projections" refer to financial forecasts for Harland Clarke Holding Corp. ("HCHC") provided to Evercore by HCHC's management in July 2011, financial forecasts for Mafco Worldwide Corporation ("Mafco") provided to Evercore by Mafco's management in June 2011 and reaffirmed in July 2011, and assumptions regarding the Company's expected refinancing plans for HCHC as provided to Evercore by the Company's management in September 2011 The unaffected share price and unaffected TEV reflect the MFW closing price on 6/10/11, which was the last closing price prior to the submission of the initial proposal letter by MacAndrews & Forbes Holdings on 6/13/11 Includes cash and cash equivalents and $3 million of notes receivables Latest four quarters (LFQ) as of Q2 2011 which closed on 6/30/2011 EBITDA adjusted to exclude asset impairment charges, gains on the extinguishment of debt, extraordinary gains, and the settlement of contingent claims Transaction Profile ($ in millions, except per share data) 1

Source: FactSet, Company filings Note: All prices as of close Historical MFW Share Price Performance Offer Price: $25.00 2 5/04/11 - MFW posts 1Q11 adjusted EPS of $1.32 12/16/10 - Scantron announces acquisition of GlobalScholar 5/05/10 - MFW posts 1Q10 adjusted EPS of $1.73 2/26/10 - MFW posts 4Q09 adjusted EPS of $1.54 11/06/09 - MFW posts 3Q09 adjusted EPS of $1.87 2/7/11 - MFW announces settlement of asbestos liability 7/22/10 - Scantron announces acquisition of Spectrum K12 5/20/11 - Deadline for lender consents 5/12/11 - Harland Clarke announces meetings with lenders on a proposed amend and extend of its term loan 5/27/11 - Cancellation of amend and extend process 6/13/11 - Proposal letter submitted by MacAndrews & Forbes Holdings for $24.00 per share Overview of Proposed Transaction and Process Summary

Implied Offer Price Premium Analysis Source: FactSet The unaffected share price reflects the closing price on 6/10/11, which was the last closing price prior to the submission of the initial proposal letter by MacAndrews & Forbes Holdings on 6/13/11 Based on closing prices and historical periods relative to unaffected closing share price on 6/10/11, except for 52 week high and low, which are intraday prices The offer price represents a ~47% premium to the unaffected closing stock price (1) and a slight discount to the trailing twelve month average as of the day prior to the proposal Implied Offer Price Premium 3 Overview of Proposed Transaction and Process Summary

Valuation Analyses

Summary Illustrative Valuation Analysis ($ in millions, except for per share amounts) 4 Valuation Analyses Disclaimer: This summary of certain analyses is provided for illustrative purposes only, does not represent all of the analyses performed by Evercore and should be considered together with the information set forth elsewhere in this presentation Source: Factset, Company filings, MFW Projections The unaffected share price reflects the MFW closing price on 6/10/11, which was the last closing price prior to the submission of the initial proposal letter by MacAndrews & Forbes Holdings on 6/13/11

Selected Public Company Trading Analysis - TEV/2012E EBITDA Harland Clarke Harland Financial Solutions Scantron Mafco Valuation Analyses Source: FactSet, Company filings, MFW Projections 5

Illustrative DCF Analysis Sensitivity ($ in millions, except per share amounts) Total Enterprise Value Implied Perpetuity Growth Rate Total Equity Value Implied Equity Value per Share (1) Source: Factset, Company filings, MFW Projections Note: Valuation as of 6/30/11 Assumes net debt of $2,009mm as of 6/30/11 and 19.5mm shares outstanding 6 Valuation Analyses

Illustrative PV of Future Stock Price Sensitivity Analysis Implied PV of 2013E Stock Price Implied PV of 2014E Stock Price Implied PV of 2015E Stock Price Source: MFW Projections Note: Valuation as of 6/30/11 7 Valuation Analyses

Precedent Transaction Analysis - TEV/LFQ EBITDA Printing Financial Solutions Education Flavorings and Fragrances Valuation Analyses Source: FactSet, Company filings Note: LFQ for MFW as of 6/30/11 8

Premiums Paid Analysis 9 All Cash Transactions Minority-led Transactions The tables below summarize the results of two data sets of premiums paid for U.S. targets All cash change-of-control transactions for U.S.-based companies with enterprise values between $100 million - $4.0 billion from January 2000 to July 2011 Minority-led change-of-control cash transactions for U.S. targets with a minimum transaction value of $100 million from January 2000 to July 2011 Source: SDC, Factset, Company filings Valuation Analyses

Appendix

Financial Summary ($ in millions, except for per share amounts) 10 Appendix Source: Company filings, MFW Projections Adjusted financials exclude asset impairment charges, gains on the extinguishment of debt, extraordinary gains, and the settlement of contingent claims Unlevered FCF defined as after-tax EBIT + D&A - Capex - Change in NWC - Other cash outlays LFQ through 6/30/11 MFW Historical and Projected Financial Summary

MFW Capitalization ($ in millions) Source: Company Filings, MFW Projections, Bloomberg and Markit Libor floor of 1.25% L+1.5-2.0%, based on MFW consolidated leverage ratio at end of each fiscal quarter Includes cash and cash equivalents and $3 million of notes receivable Shareholder's Equity as of the share price close on 9/9/11 Capital Structure (2) Appendix 11

2-Year Historical Relative Trading Multiple - TEV/LFQ EBITDA Source: FactSet, Company filings Note: LFQ through 6/30/11. Figures adjusted for acquisitions where relevant and possible using public information 12 Offer Price: 5.6x 6/13/11 - Offer by MacAndrews & Forbes Holdings Appendix

Summary of Financing Assumptions ($ in millions, except for per share amounts) 13 Appendix Illustrative Present Value of Future Stock Price Source: MFW Projections Refinancing Assumptions as of Sept 2011 Refinancing Assumptions as of June 2011 Refinancing Assumptions as of Sept 2011 Refinancing Assumptions as of Sept 2011 Refinancing Assumptions as of Sept 2011 Refinancing Assumptions as of Sept 2011 Refinancing Assumptions as of Sept 2011 Refinancing Assumptions as of Sept 2011 Refinancing Assumptions as of Sept 2011 Refinancing Assumptions as of Sept 2011 Refinancing Assumptions as of Sept 2011 Refinancing Assumptions as of Sept 2011 Refinancing Assumptions as of Sept 2011 Refinancing Assumptions as of Sept 2011 Refin ancing Assumptions as of Sept 2011 LIBOR Date Amount Rate Floor Fees OID Term Loan 3/31/12 ***** ***** ***** ***** ***** Senior Notes 3/31/12 ***** ***** ***** ***** ***** Refinancing Assumptions as of June 2011 Refinancing Assumptions as of June 2011 Refinancing Assumptions as of June 2011 Refinancing Assumptions as of June 2011 Refinancing Assumptions as of June 2011 Refinancing Assumptions as of June 2011 Refinancing Assumptions as of June 2011 Refinancing Assumptions as of June 2011 Refinancing Assumptions as of June 2011 Refinancing Assumptions as of June 2011 Refinancing Assumptions as of June 2011 Refinancing Assumptions as of June 2011 Refin ancing Assumptions as of June 2011 LIBOR Date Amount Rate Floor Fees OID Term Loan 12/31/12 ***** ***** *****. ***** *****. Senior Notes 12/31/13 ***** ***** ***** ***** ***** [*****] CONFIDENTIAL TREATMENT REQUESTED BY M & F WORLDWIDE CORP.

Analysis of Publicly Traded Companies ($ in millions, except for per share amounts) Illustrative Valuation Metrics Source: FactSet, Company filings, MFW Projections 14 Appendix

Analysis of Publicly Traded Companies ($ in millions, except for per share amounts) Operating Metrics Source: FactSet, Company filings, MFW Projections 15 Appendix

Analysis of Publicly Traded Companies ($ in millions, except for per share amounts) Illustrative Valuation Metrics Source: FactSet, Company filings, MFW Projections 16 Appendix

Analysis of Publicly Traded Companies ($ in millions, except for per share amounts) Operating Metrics Source: FactSet, Company filings, MFW Projections 17 Appendix

Selected Precedent Transactions - Printing Services ($ in millions) Source: SDC, Company filings, CapitalIQ 18 Appendix

Selected Precedent Transactions - Financial Solutions ($ in millions) Source: SDC, Company filings, CapitalIQ 19 Appendix

Selected Precedent Transactions - Education Technology ($ in millions) Source: SDC, Company filings, CapitalIQ 20 Appendix

Selected Precedent Transactions - Flavor and Fragrances ($ in millions) Source: SDC, Company filings, CapitalIQ 21 Appendix

Summary of Minority-Led Buyouts Source: SDC, Company filings, CapitalIQ 22 The following summarizes all change-of-control transactions since January 1, 2000 involving publicly traded U.S. targets that were valued at greater than $100mm and where the acquirer had a minority stake (more than 0%, but less than 50%) prior to the acquisition Appendix

Summary of Minority-Led Buyouts (cont'd) Source: SDC, Company filings, CapitalIQ 23 Appendix

Source: SDC, Company filings, CapitalIQ 24 Minority-Led Buyouts Precedent Transactions ($ in millions) Appendix

Source: SDC, Company filings, CapitalIQ 25 Minority-Led Buyouts Precedent Transactions (cont'd) ($ in millions) Appendix

Source: SDC, Company filings, CapitalIQ 26 Minority-Led Buyouts Precedent Transactions (cont'd) ($ in millions) Appendix

EX-99.C.7

Exhibit (c)(7)

Discussion Materials Regarding M&F Worldwide Corp. June 9, 2011 MacAndrews & Forbes Holdings Inc. STRICTLY CONFIDENTIAL

[ 1 ] MOELIS & COMPANY            Disclaimer This presentation has been prepared by Moelis & Company (“Moelis”) for exclusive use of MacAndrews & Forbes Holdings Inc. (“M&F”) in considering the matters described herein based on information provided by the management of M&F and of M&F Worldwide Corp. (“MFW” or the “Company”) and publicly available information. Moelis has not assumed any responsibility for independently verifying the information herein, and Moelis makes no representation or warranty as to the accuracy, completeness or reasonableness of the information herein. In this presentation, Moelis, at M&F’s direction, has used certain projections, forecasts or other forward-looking statements with respect to the Company which were provided to Moelis by M&F and which Moelis has assumed, at M&F’s direction, were prepared based on the best available estimates and judgments of the management of the Company and M&F as to the future performance of the Company. This presentation speaks only as of its date and Moelis assumes no obligation to update it or to advise any person that its conclusions or advice has changed. Moelis’ role in any due diligence review was limited solely to performing such a review as it deemed necessary to support its own advice and financial analyses and was not on behalf of M&F. This presentation is solely for informational purposes. This presentation is not intended to provide the sole basis for any decision on any transaction and is not a recommendation with respect to any transaction. M&F should make its own independent business decision based on all other information, advice and its own judgment. This presentation is not an offer to sell or a solicitation of an indication of interest to purchase any security, option, commodity, future, loan or currency. It is not a commitment to underwrite any security, to loan any funds or to make any investment. Moelis does not offer tax, accounting or legal advice. Moelis provides mergers and acquisitions, restructuring and other advisory services to clients; and its affiliates manage private investment partnerships. Its personnel may make statements or provide advice that is contrary to information contained in this material. Moelis’ proprietary interests may conflict with your interests. Moelis may from time to time have positions in or effect transactions in securities described in this presentation. Moelis may have advised, may seek to advise and may in the future advise or invest in companies mentioned in this presentation. This presentation is confidential and may not be disclosed to any other person or relied upon without the prior written consent of Moelis.

[ 2 ] III. Preliminary Valuation Perspectives 12 II. MFW Summary Historical & Projected Financials 7 I. Situation Overview 3 Table of Contents            MOELIS & COMPANY

Situation Overview MOELIS & COMPANY            MOHistorical and Projected Financial Summary

[ 4 ] MOELIS & COMPANY            Situation Overview ? Company has recently experienced declines in financial performance — Year-over-year revenue decreases in each of the last four quarters — Year-over-year EBITDA decreases in each of the last three quarters ? Conglomerate of disparate, largely unrelated and in many cases declining businesses has led to a lack of market interest ? Debt trading at a discount to par and at relatively high yields — Future borrowing costs are likely to be much higher — Risk that similar level of debt and borrowing capacity may not be available at time of refinancing ? Limited research coverage ? Very limited public float ? Significant shareholder (M&F) with approximately 43% ownership ? No apparent near-term catalyst to improve stock performance A number of performance and other issues have placed downward pressure on MFW’s stock price

[ 5 ] Recent Share Price Performance—Last 12 Months 1 2 3 4 July 21, 2010 — Acquired Spectrum K12 for $28.6mm December 15, 2010 — Acquired GlobalScholar for $153.4mm including potential contingency payments Source: Capital IQ Note: 1. Adjusted for asset impairment, restructuring and acquisition charges Quarterly Operating Performance Y/Y Date Period ? Revenue ? Operating Income ¹ 1 8/5/2010 Q2 2010 (0.1%) 14.4% 2 11/4/2010 Q3 2010 (2.4%) (17.8%) 3 3/4/2011 Q4 2010 (2.9%) (4.0%) 4 5/5/2011 Q1 2011 (5.2%) (17.2%) Prem. / (Disc.) 06/09/11 Closing Price $17.90 — 30-Day Average 21.05 (15.0%) 60-Day Average 22.76 (21.4%) 90-Day Average 23.56 (24.0%) LTM High 29.92 (40.2%) LTM Low 17.90 — LTM ADTV 62,305 $15.00 $20.00 $25.00 $30.00 $35.00 6/9/10 9/9/10 12/9/10 3/9/11 6/9/11 Price Per Share 0.0 0.1 0.2 0.3 0.4 Volume (millions) Volume Price

[ 6 ] 4.5x 4.6x 4.7x 4.8x 4.9x 5.0x 5.1x 5.2x 5.3x 06/09/10 09/09/10 12/09/10 03/09/11 06/09/11 TEV/LTM EBITDA MFW 1-Year Average Source: Capital IQ Enterprise Value / LTM EBITDA Trading Multiple—Last 12 Months The Company is currently trading at a premium to its LTM average trailing EBITDA trading multiple LTM Avg: 4.94x Current: 5.01x Low of 4.72x on 8/30/10 High of 5.26x on 5/5/11

II. MFW Summary Historical & Projected Financials

[ 8 ] Business Segment Overview MFW’s four business segments generated $486 million of EBITDA on $1.8 billion of revenue during the twelve months ended 3/31/2011 ? Produces a variety of licorice products from licorice root, intermediary licorice extracts and certain other ingredients ? Approximately 73% of Mafco’s licorice product sales are to the worldwide tobacco industry for use as tobacco masking and moistening agents ? Also sells licorice products worldwide to confectioners, food processors, cosmetic companies and pharmaceutical manufacturers ? EBITDA margins have decreased significantly in the last two years $113.7 $31.0 27.3% (0.1%) ? Helps educational and commercial organizations measure and improve effectiveness with assessment and survey solutions ? Partners with value-added resellers that combine Scantron’s scanner and form solutions with their own data entry applications $205.2 $49.7 24.2% (1.8%) ? Strategic technology partner and business facilitator to more than 6,500 financial institutions of all sizes, supplying comprehensive software solutions and services that help increase institutional performance and drive profitability ? Serves commercial banks, mortgage companies, credit unions and thrifts $285.4 $83.1 29.1% (1.9%) ? Provides checks and related products, forms and treasury supplies and related delivery and fraud prevention services ? Also provides specialized direct marketing and contact center services to its financial and commercial institution clients ? More than 20 million annual direct customer contacts through its contact centers and websites ? Serves approximately 15,000 financial and commercial institutions $1,160.9 $350.1 30.2% (3.9%) COMMENTARY 2008 — 2010 REVENUE CAGR LTM EBITDA MARGIN 1 LTM EBITDA 1 LTM BUSINESS SEGMENT REVENUE Source: Company filings Note: 1. LTM 3/31/11 pre-corporate expense of $27.9 million $ in millions

[ 9 ] MFW Summary Historical and Projected Financial Performance Source: Company management Notes: 1. Assumes VSOE accounting treatment for GlobalScholar business 2. Scantron includes: Scantron — Legacy Business, Scantron — Performance & Achievement, GlobalScholar and Spectrum K12 3. Includes M&F management fee, directors fees, audit/legal fees and charitable contributions Calendar Year Ended December 31, CAGR CAGR ( $ in millions) 2008A 2009A 2010A 2011E 2012E 2013E 2014E 2015E ‘08A — ‘10A’10A — ‘15E Revenue Harland Clarke $1,290.4 $1,226.0 $1,191.2 $1,143.0 $1,095.0 $1,045.0 $1,007.0 $976.0 (3.9%) (3.9%) Growth — (5.0%) (2.8%) (4.0%) (4.2%) (4.6%) (3.6%) (3.1%) Harland Financial Solutions 293.7 278.9 282.7 296.0 305.0 317.0 333.0 352.0 (1.9%) 4.5% Growth — (5.0%) 1.4% 4.7% 3.0% 3.9% 5.0% 5.7% Scantron ^{1 2} 211.3 208.0 203.7 229.0 302.0 356.0 367.0 382.0 (1.8%) 13.4% Growth — (1.6%) (2.1%) 12.4% 31.9% 17.9% 3.1% 4.1% Mafco 111.6 101.8 111.4 117.1 127.2 132.1 137.2 139.3 (0.1%) 4.6% Growth — (8.8%) 9.4% 5.1% 8.6% 3.9% 3.9% 1.5% Corporate (0.8) (0.6) (6.4) (1.0) (1.0) (1.0) (1.0) (1.0) NA (31.0%) Total Revenue $1,906.2 $1,814.1 $1,782.6 $1,784.1 $1,828.2 $1,849.1 $1,843.2 $1,848.3 (3.3%) 0.7% Total Revenue Growth — (4.8%) (1.7%) 0.1% 2.5% 1.1% (0.3%) 0.3% EBITDA Harland Clarke $340.0 $364.0 $358.0 $347.0 $323.0 $306.0 $292.0 $283.0 2.6% (4.6%) EBITDA Margin 26.3% 29.7% 30.1% 30.4% 29.5% 29.3% 29.0% 29.0% Harland Financial Solutions 76.0 78.0 81.0 87.0 92.0 98.0 108.0 118.0 3.2% 7.8% EBITDA Margin 25.9% 28.0% 28.7% 29.4% 30.2% 30.9% 32.4% 33.5% Scantron ² 56.0 64.0 61.0 63.0 87.0 103.0 125.0 132.0 4.4% 16.7% EBITDA Margin 26.5% 30.8% 29.9% 27.5% 28.8% 28.9% 34.1% 34.6% Mafco 39.4 32.1 30.2 30.6 32.8 36.4 39.6 40.7 (12.5%) 6.1% EBITDA Margin 35.3% 31.5% 27.1% 26.1% 25.8% 27.6% 28.9% 29.2% Harland Clarke Holdings Corporate (15.0) (13.0) (15.0) (14.0) (14.0) (15.0) (15.0) (15.0) — — MFW Corporate ³ (11.0) (16.0) (11.7) (12.8) (12.8) (12.8) (12.8) (12.8) 3.1% 1.7% Total EBITDA $485.4 $509.1 $503.5 $500.8 $508.0 $515.6 $536.8 $545.9 1.8% 1.6% Total EBITDA Margin 25.5% 28.1% 28.2% 28.1% 27.8% 27.9% 29.1% 29.5% Total EBITDA Growth — 4.9% (1.1%) (0.5%) 1.4% 1.5% 4.1% 1.7% Capital Expenditures $49.6 $43.2 $40.3 $52.5 $43.0 $38.0 $33.0 $32.0 (9.9%) (4.5%) CapEx Margin 2.6% 2.4% 2.3% 2.9% 2.4% 2.1% 1.8% 1.7%

[ 10 ] M&F’s Assumptions for MFW’s Financials ? Low capital expenditure requirements ? Stable and predictable working capital dynamics CAPITAL EXPENDITURES AND WORKING CAPITAL ? Continued focus on cost rationalization and process improvement ? Continue to drive efficiencies throughout business model while benefiting from India development center coverage across business groups ? Leverage newly acquired capabilities to drive web-based technology growth EBITDA ? Harland Clarke: Declines in check volumes partially offset by increased revenues per unit as well as various new initiatives ? Harland Financial Solutions: Benefit from stabilized financial services market environment and further penetration of clients with additional products and services ? Scantron: Education market driving performance; revenue growth driven by new client additions as well as by leveraging large installed base of clients to drive GlobalScholar adoption ? Mafco Worldwide: Moderate growth expected through increased sales of licorice derivative products, offsetting volume declines in tobacco-related products SALES ASSUMPTIONS M&F provided the following summary assumptions for MFW’s projected financials

[ 11 ] Potential Risks to Financial Projections ? Tobacco market faces continued challenges related to increasing anti-smoking regulation, shift to smokeless alternatives and potential for government action adverse to menthol cigarettes ? Price increases in tobacco market have faced increasing resistance ? Significant investment required to grow licorice derivatives business to offset market headwinds MAFCO WORLDWIDE ? Competes against larger, better capitalized players such as Fidelity National Information Services, FiServ, Jack Henry and others ? Bank consolidation likely to limit size of addressable market — Acquirors typically replace their target’s financial solutions provider to the extent different from that used by the acquiror ? Banks have been slow to invest additional capital; delayed upgrade cycles HARLAND FINANCIAL SOLUTIONS ? ~$69 million cash tax liability related to Harland Clarke bonds purchased below par in 2008 — Taxes on gain deferred for five years and then payable ratably over the following five years, resulting in incremental cash tax liability beginning in 2014 OTHER ? Risk that federal, state and local governments accelerate core business decline by forcing shift to online test tracking methods ? Strained education budgets at state and local levels ? Scantron — Legacy business faces obsolescence due to shifts in technology ? GlobalScholar may have a difficult time achieving scale vis-à-vis larger players such as Blackboard and K12 SCANTRON ? Business in decline — Volume declining at ~9% as banks and consumers move to online banking alternatives — Volume from larger bank customers declining as banks continue to reduce reliance on paper checks and deposit slips ? Historically, volume declines have been partially offset by moderate price increases; risk that pricing remains flat or declines HARLAND CLARKE The following are some of the potential risks to the Company’s financial projections

III. Preliminary Valuation Perspectives

[ 13 ] Discussion of Valuation Work to Date ? Moelis due diligence to date and valuation work remains preliminary and ongoing — Reviewed publicly filed financial information — Received financial projections on May 31, 2011 — Performed diligence with M&F on May 31, June 2 and June 8, 2011; Moelis intends to continue the due diligence process on each of the four business lines and consolidated company ? Limited availability of data makes valuation exercise challenging — Very limited public data benchmarks ? No directly comparable company given conglomerate nature ? Individual businesses very unique with lack of direct comparables ? Moelis universe of selected publicly traded companies is preliminary and remains subject to change — Limited research coverage or third party views on future financial performance or prospects ? Highly leveraged nature of the assets magnifies per share impact of changes to asset valuations

[ 14 ] Summary of Valuation Methodologies ? Debt capital markets may limit leverage ? Financial sponsors may be more interested in owning only certain business segments vs. whole company ? Based on the share price a financial sponsor would pay to achieve targeted IRR thresholds — Illustrative price range based on sponsor target returns of 22.5% — 27.5% ? Assumes 12/31/2011 transaction date ? Minimum equity contribution of 30% ILLUSTRATIVE LEVERAGED BUYOUT ANALYSIS ? No real pure play public comps exist; in many cases companies have larger businesses with more attractive fundamental characteristics ? Public markets likely to apply “conglomerate discount” to a sum of the parts valuation ? Cross referenced vs. a diversified trading comp set broken into various sub-categories: — Direct Marketing and Print — Financial Services / B2B — Education Services — Tobacco Suppliers SELECTED PUBLICLY TRADED COMPANIES: SUM OF THE PARTS ? Based on the projected discounted free cash flows of MFW’s four distinct business segments ? Discount rates calculated for each of MFW’s four business segments and applied to each segment’s projected cash flow stream ? Terminal value calculated using the perpetuity growth rate method; different perpetuity growth rates used for each of MFW’s four business segments ? Based on the projected discounted free cash flows of the business ? Discount rate applied to cash flow stream based on a weighted average cost of capital ? Terminal value calculated using the perpetuity growth rate method DESCRIPTION ? Valuation assumes MFW achieves projections ? Assumptions must be made for appropriate discount rates and perpetuity growth rates for each business with limited public benchmarks ? May be appropriate to apply “conglomerate discount” to a sum of the parts valuation DISCOUNTED CASH FLOW: SUM OF THE PARTS ? Valuation assumes MFW achieves projections ? A relatively higher level of judgment must be applied to discount rate and perpetuity growth rate for the total business given conglomerate nature DISCOUNTED CASH FLOW: CONSOLIDATED COMPANY ISSUES / COMMENTARY

[ 15 ] $17.90 $17.90 $30.65 $31.87 $28.82 $28.25 $26.81 $26.38 $29.92 $16.28 $13.77 $10.35 $9.72 $21.51 $5.00 $10.00 $15.00 $20.00 $25.00 $30.00 $35.00 Sum of the Parts Analysis: Select Publicly Traded Companies Sum of the Parts Analysis: Discounted Cash Flow Consolidated Company Discounted Cash Flow Illustrative LBO Analysis Premiums Paid Analysis 26 Week Trading Range 52 Week Trading Range NA Preliminary Valuation Overview 5.4x 5.6x $2,712.0 Implied TEV / LTM EBITDA ¹ 4.4x 4.6x 4.8x 5.0x 5.2x 5.4x Implied TEV / 2011E EBITDA ¹ 4.3x 4.4x 4.6x 4.8x 5.0x 5.2x Implied TEV ($mm) $2,132.0 $2,228.6 $2,325.3 $2,422.0 $2,518.6 $2,615.3 NA See Slide 25 Perp. Growth : (2.0%) — 0.0% WACC: 12.0% — 13.0% See Slide 18 Methodology Commentary Current Price (06/09/2011): $17.90 See Slide 19 Note: 1. Based on LTM 3/31/2011 EBITDA of $486.0mm and 2011E EBITDA of $500.8mm per Company projections See Slide 16 IRR Returns of 22.5% — 27.5% with 30% equity contribution See Slide 17

[ 16 ] Premiums Paid Analysis Source: Capital IQ Note: 1. Based on 484 deals in the last five years excluding financial institutions, REITs, government and oil & gas companies PREMIUMS PAID ON PUBLIC DEALS BETWEEN $500MM AND $1,000MM EQUITY VALUE ¹ 1-Day 1-Week 1-Month Median Offer Price Premium 20.2% 23.0% 27.4% MFW Average Trading Price $17.90 $18.70 $21.05 Implied MFW Offer Price $21.51 $23.00 $26.81

[ 17 ] Illustrative LBO Analysis REQUIRED SHARE PURCHASE PRICE AT VARIOUS IRRS / EXIT MULTIPLES REQUIRED ENTRY MULTIPLE AT VARIOUS IRRS / EXIT MULTIPLES ? Assumes 12/31/2011 transaction date ? Minimum equity contribution of 30% — Pre-tax weighted average cost of debt of 6.68% (based on current MFW debt yield to worst) ? $50 million in minimum operating cash retained on balance sheet Moelis utilized the following assumptions in its leveraged buyout analysis 2015E Exit Multiple 4.25x 4.50x 4.75x 22.5% $19.02 $23.64 $28.25 25.0% 14.34 18.78 23.23 27.5% 9.72 14.00 18.28 Required Sponsor IRR 2015E Exit Multiple 4.25x 4.50x 4.75x 22.5% 4.80x 4.98x 5.15x 25.0% 4.62x 4.79x 4.96x 27.5% 4.44x 4.60x 4.77x Required Sponsor IRR

[ 18 ] Discounted Cash Flow Analysis—Consolidated Company DISCOUNTED CASH FLOW SHARE PRICE SENSITIVITY IMPLIED 2011E EBITDA MULTIPLE SENSITVITY Notes: Projections per Company management 1. Includes 50% of 2011 unlevered free cash flow and discounting using mid-year convention back to June 30, 2011 2. Includes inventory and facility investments and business acquisitions that are anticipated to occur during the second half of 2011 for Mafco Fiscal Year Ended December 31, Terminal ($ in millions) 2011E ¹ 2012E 2013E 2014E 2015E Year EBITDA $250.1 $497.6 $489.8 $492.4 $496.0 $496.0 Less: Depreciation & Amortization (75.7) (145.8) (135.9) (127.6) (121.8) (27.0) Less: MFW Corporate Overhead (6.4) (12.8) (12.8) (12.8) (12.8) (12.8) EBIT $168.0 $339.0 $341.1 $352.0 $361.4 $456.2 Less: Taxes (67.2) (135.6) (136.5) (140.8) (144.6) (182.5) Less: Taxes on Gain on Debt Repurchase — — — (5.5) (5.5) — NOPAT $100.8 $203.4 $204.7 $205.7 $211.3 $273.7 Plus: Depreciation & Amortization 75.7 145.8 135.9 127.6 121.8 27.0 Less: Changes in Working Capital ² (21.8) (6.2) (6.6) (0.1) (0.2) — Less: Capital Expenditures ² (26.0) (38.0) (33.0) (28.0) (27.0) (27.0) Unlevered Free Cash Flow $128.7 $305.0 $301.0 $305.2 $305.9 $273.7 Perpetuity Growth Rate (1.0%) Discount Rate 12.5% Terminal Value $2,007.5 Implied Terminal Value Multiple 4.0x Discount Period 0.25 1 2 3 4 4.5 Discount Factor 97.1% 88.9% 79.0% 70.2% 62.4% 58.9% Present Value of Free Cash Flow $124.9 $271.1 $237.8 $214.4 $191.0 $1,181.6 Acquisition of Global Scholar 153.4 Acquisition of Spectrum K12 28.6 Value of Future Taxes on Gain on Debt Repurchase (8.2) Total Enterprise Value $2,394.6 Implied 2011E EBITDA Multiple 4.8x Perpetuity WACC Growth 11.5% 12.0% 12.5% 13.0% 13.5% (3.0%) $16.50 $12.95 $9.62 $6.51 $3.58 (2.0%) 21.45 17.48 13.79 10.35 7.14 (1.0%) 27.18 22.72 18.58 14.75 11.18 — 33.91 28.82 24.14 19.82 15.83 1.0% 41.92 36.03 30.66 25.74 21.21 Perpetuity WACC Growth 11.5% 12.0% 12.5% 13.0% 13.5% (3.0%) 4.7x 4.6x 4.4x 4.3x 4.2x (2.0%) 4.9x 4.7x 4.6x 4.5x 4.3x (1.0%) 5.1x 4.9x 4.8x 4.6x 4.5x — 5.4x 5.2x 5.0x 4.8x 4.7x 1.0% 5.7x 5.5x 5.3x 5.1x 4.9x

[ 19 ] Discounted Cash Flow Analysis—Sum of the Parts Analysis ? Due to GlobalScholar’s Q1 2011 transaction close, we are valuing the segment and associated future revenues at the transaction price inclusive of contingency payments Source: Company filings, Management projections Notes: 1. EBITDA includes Harland Clarke Holding Company corporate overhead, which is allocated to Harland Clarke, Harland Financial Solutions, Scantron — Legacy Business and Scantron — Performance & Achievement at 50%, 25%, 20% and 5% respectively per management guidance 2. Implied 2011E multiples are based on 2011E revenue 3. Unallocated corporate expense of $12.8mm capitalized at 6.0x Implied 2011E WACC Perp. Growth Rate TEV EBITDA ¹ Multiple ($ in millions, except per share data) Min Max Min Max Min Max Min Max Harland Clarke 11.5% 12.5% (2.0%) — $1,304.4 $1,527.6 3.8x 4.5x Harland Financial Solutions 12.5% 13.5% 2.0% 4.0% 551.2 682.7 6.6x 8.2x Scantron — Legacy Business 11.5% 12.5% (11.0%) (9.0%) 184.0 194.5 4.2x 4.4x Scantron - Performance & Achievement ² 16.5% 17.5% 3.0% 5.0% 61.8 73.6 3.0x 3.6x Mafco Worldwide 11.0% 12.0% (1.0%) 1.0% 141.6 176.2 4.6x 5.8x GlobalScholar (at Transaction Value) NA NA NA NA 153.4 153.4 NA NA Spectrum K12 (at Transaction Value) NA NA NA NA 28.6 28.6 NA NA Total Segment Value $2,425.1 $2,836.7 4.8x 5.7x Less: Unallocated Corporate ³ (76.5) (76.5) Total Enterprise Value $2,348.5 $2,760.2 4.7x 5.5x Less: Debt (2,242.1) (2,242.1) Plus: Cash 206.8 206.8 Total Equity Value $313.2 $724.9 Shares Outstanding 19.3 19.3 Equity Value per Share $16.20 $37.49 Premium to Current Share Price (9.5%) 109.5% Conglomerate Discount 15.0% 15.0% Discounted Equity Value per Share $13.77 $31.87 Implied Discount to Original TEV (2.0%) (3.9%)

[ 20 ] Discounted Cash Flow Analysis—Harland Clarke DISCOUNTED CASH FLOW NPV SENSITVITY ($mm) IMPLIED 2011E EBITDA MULTIPLE SENSITVITY Note: Projections per Company management 1. Includes 50% of 2011 unlevered free cash flow and discounting using mid-year convention back to June 30, 2011 Fiscal Year Ended December 31, Terminal ($ in millions) 2011E ¹ 2012E 2013E 2014E 2015E Year EBITDA $173.5 $323.0 $306.0 $292.0 $283.0 $283.0 Less: Depreciation & Amortization (51.1) (98.6) (92.0) (86.5) (82.7) (14.5) Less: Corporate Overhead Allocation (3.5) (7.0) (7.5) (7.5) (7.5) (7.5) EBIT $118.9 $217.4 $206.5 $198.0 $192.8 $261.0 Less: Taxes (47.6) (87.0) (82.6) (79.2) (77.1) (104.4) Less: Taxes on Gain on Debt Repurchase — — — (5.5) (5.5) — NOPAT $71.3 $130.5 $123.9 $113.3 $110.2 $156.6 Plus: Depreciation & Amortization 51.1 98.6 92.0 86.5 82.7 14.5 Less: Changes in Working Capital — — — — — — Less: Capital Expenditures (11.9) (20.9) (18.0) (15.1) (14.5) (14.5) Unlevered Free Cash Flow $110.5 $208.1 $197.9 $184.7 $178.3 $156.6 Perpetuity Growth Rate (1.0%) Discount Rate 12.0% Terminal Value $1,192.4 Implied Terminal Value Multiple 4.2x Discount Period 0.25 1 2 3 4 4.5 Discount Factor 97.2% 89.3% 79.7% 71.2% 63.6% 60.1% Present Value of Free Cash Flow $107.4 $185.8 $157.8 $131.4 $113.3 $716.1 Value of Future Taxes on Gain on Debt Repurchase (8.4) Total Enterprise Value $1,403.4 Implied 2011E EBITDA Multiple 4.1x Perpetuity WACC Growth 11.0% 11.5% 12.0% 12.5% 13.0% (3.0%) $1,377.7 $1,335.1 $1,295.4 $1,258.2 $1,223.4 (2.0%) 1,437.4 1,389.8 1,345.5 1,304.4 1,265.9 (1.0%) 1,507.1 1,453.2 1,403.4 1,357.3 1,314.5 — 1,589.4 1,527.6 1,470.9 1,418.8 1,370.6 1.0% 1,688.2 1,616.2 1,550.7 1,490.9 1,436.1 Perpetuity WACC Growth 11.0% 11.5% 12.0% 12.5% 13.0% (3.0%) 4.1x 3.9x 3.8x 3.7x 3.6x (2.0%) 4.2x 4.1x 4.0x 3.8x 3.7x (1.0%) 4.4x 4.3x 4.1x 4.0x 3.9x — 4.7x 4.5x 4.3x 4.2x 4.0x 1.0% 5.0x 4.8x 4.6x 4.4x 4.2x

[ 21 ] Discounted Cash Flow Analysis—Harland Financial Solutions NPV SENSITVITY ($mm) DISCOUNTED CASH FLOW IMPLIED 2011E EBITDA MULTIPLE SENSITVITY Note: Projections per Company management 1. Includes 50% of 2011 unlevered free cash flow and discounting using mid-year convention back to June 30, 2011 Fiscal Year Ended December 31, Terminal ($ in millions) 2011E ¹ 2012E 2013E 2014E 2015E Year EBITDA $43.5 $92.0 $98.0 $108.0 $118.0 $118.0 Less: Depreciation & Amortization (10.1) (19.4) (18.1) (17.0) (16.3) (5.8) Less: Corporate Overhead Allocation (1.8) (3.5) (3.8) (3.8) (3.8) (3.8) EBIT $31.7 $69.1 $76.1 $87.2 $98.0 $108.4 Less: Taxes (12.7) (27.6) (30.4) (34.9) (39.2) (43.4) NOPAT $19.0 $41.4 $45.7 $52.3 $58.8 $65.1 Plus: Depreciation & Amortization 10.1 19.4 18.1 17.0 16.3 5.8 Less: Changes in Working Capital — — — — — — Less: Capital Expenditures (4.8) (8.4) (7.2) (6.0) (5.8) (5.8) Unlevered Free Cash Flow $24.3 $52.5 $56.6 $63.3 $69.3 $65.1 Perpetuity Growth Rate 3.0% Discount Rate 13.0% Terminal Value $670.1 Implied Terminal Value Multiple 5.7x Discount Period 0.25 1 2 3 4 4.5 Discount Factor 97.2% 89.3% 79.7% 71.2% 63.6% 60.1% Present Value of Free Cash Flow $23.6 $46.9 $45.1 $45.1 $44.0 $402.4 Total Enterprise Value $607.1 Implied 2011E EBITDA Multiple 7.3x Perpetuity WACC Growth 12.0% 12.5% 13.0% 13.5% 14.0% 1.0% $563.4 $547.8 $533.5 $520.4 $508.2 2.0% 603.2 584.2 567.0 551.2 536.8 3.0% 651.8 628.3 607.1 588.0 570.5 4.0% 712.6 682.7 656.2 632.4 611.0 5.0% 790.8 751.7 717.5 687.3 660.5 Perpetuity WACC Growth 12.0% 12.5% 13.0% 13.5% 14.0% 1.0% 6.7x 6.6x 6.4x 6.2x 6.1x 2.0% 7.2x 7.0x 6.8x 6.6x 6.4x 3.0% 7.8x 7.5x 7.3x 7.0x 6.8x 4.0% 8.5x 8.2x 7.9x 7.6x 7.3x 5.0% 9.5x 9.0x 8.6x 8.2x 7.9x

[ 22 ] Discounted Cash Flow Analysis—Scantron (Legacy Business) DISCOUNTED CASH FLOW NPV SENSITVITY ($mm) IMPLIED 2011E EBITDA MULTIPLE SENSITVITY Note: Projections per Company management 1. Includes 50% of 2011 unlevered free cash flow and discounting using mid-year convention back to June 30, 2011 Fiscal Year Ended December 31, Terminal ($ in millions) 2011E ¹ 2012E 2013E 2014E 2015E Year EBITDA $23.5 $57.8 $54.0 $53.3 $51.3 $51.3 Less: Depreciation & Amortization (12.5) (24.1) (22.5) (21.2) (20.2) (3.5) Less: Corporate Overhead Allocation (1.4) (2.8) (3.0) (3.0) (3.0) (3.0) EBIT $9.6 $30.9 $28.5 $29.2 $28.0 $44.8 Less: Taxes (3.8) (12.4) (11.4) (11.7) (11.2) (17.9) NOPAT $5.8 $18.5 $17.1 $17.5 $16.8 $26.9 Plus: Depreciation & Amortization 12.5 24.1 22.5 21.2 20.2 3.5 Less: Changes in Working Capital — — — — — — Less: Capital Expenditures (2.9) (5.0) (4.3) (3.6) (3.5) (3.5) Unlevered Free Cash Flow $15.4 $37.6 $35.3 $35.0 $33.6 $26.9 Perpetuity Growth Rate (10.0%) Discount Rate 12.0% Terminal Value $109.9 Implied Terminal Value Multiple 2.1x Discount Period 0.25 1 2 3 4 4.5 Discount Factor 97.2% 89.3% 79.7% 71.2% 63.6% 60.1% Present Value of Free Cash Flow $15.0 $33.6 $28.1 $24.9 $21.3 $66.0 Total Enterprise Value $188.9 Implied 2011E EBITDA Multiple 4.3x Perpetuity WACC Growth 11.0% 11.5% 12.0% 12.5% 13.0% (12.0%) $184.7 $183.3 $182.1 $180.9 $179.7 (11.0%) 188.2 186.7 185.4 184.0 182.8 (10.0%) 192.1 190.5 188.9 187.5 186.1 (9.0%) 196.3 194.5 192.8 191.2 189.7 (8.0%) 201.0 199.0 197.1 195.3 193.6 Perpetuity WACC Growth 11.0% 11.5% 12.0% 12.5% 13.0% (12.0%) 4.2x 4.1x 4.1x 4.1x 4.1x (11.0%) 4.3x 4.2x 4.2x 4.2x 4.1x (10.0%) 4.3x 4.3x 4.3x 4.2x 4.2x (9.0%) 4.4x 4.4x 4.4x 4.3x 4.3x (8.0%) 4.5x 4.5x 4.5x 4.4x 4.4x

[ 23 ] Discounted Cash Flow Analysis—Scantron (Performance & Achievement Business) DISCOUNTED CASH FLOW NPV SENSITVITY ($mm) IMPLIED 2011E REVENUE MULTIPLE SENSITVITY Note: Projections per Company management 1. Includes 50% of 2011 unlevered free cash flow and discounting using mid-year convention back to June 30, 2011 Fiscal Year Ended December 31, Terminal ($ in millions) 2011E ¹ 2012E 2013E 2014E 2015E Year EBITDA $1.3 $6.0 $10.4 $14.5 $18.0 $18.0 Less: Depreciation & Amortization (2.1) (4.0) (3.8) (3.5) (3.4) (1.2) Less: Corporate Overhead Allocation (0.4) (0.7) (0.8) (0.8) (0.8) (0.8) EBIT ($1.2) $1.3 $5.9 $10.2 $13.9 $16.1 Less: Taxes 0.5 (0.5) (2.4) (4.1) (5.6) (6.5) NOPAT ($0.7) $0.8 $3.5 $6.1 $8.4 $9.7 Plus: Depreciation & Amortization 2.1 4.0 3.8 3.5 3.4 1.2 Less: Changes in Working Capital — — — — — — Less: Capital Expenditures (1.0) (1.7) (1.4) (1.2) (1.2) (1.2) Unlevered Free Cash Flow $0.4 $3.1 $5.9 $8.4 $10.6 $9.7 Perpetuity Growth Rate 4.0% Discount Rate 17.0% Terminal Value $77.4 Implied Terminal Value Multiple 4.3x Discount Period 0.25 1 2 3 4 4.5 Discount Factor 97.2% 89.3% 79.7% 71.2% 63.6% 60.1% Present Value of Free Cash Flow $0.4 $2.8 $4.7 $6.0 $6.7 $46.5 Total Enterprise Value $67.1 Implied 2011E Revenue Multiple 3.2x Perpetuity WACC Growth 16.0% 16.5% 17.0% 17.5% 18.0% 2.0% $62.9 $61.4 $60.1 $58.8 $57.6 3.0% 66.6 64.9 63.3 61.8 60.5 4.0% 70.9 68.9 67.1 65.3 63.7 5.0% 76.0 73.6 71.4 69.4 67.5 6.0% 82.2 79.2 76.6 74.1 71.9 Perpetuity WACC Growth 16.0% 16.5% 17.0% 17.5% 18.0% 2.0% 3.0x 3.0x 2.9x 2.8x 2.8x 3.0% 3.2x 3.1x 3.1x 3.0x 2.9x 4.0% 3.4x 3.3x 3.2x 3.2x 3.1x 5.0% 3.7x 3.6x 3.4x 3.4x 3.3x 6.0% 4.0x 3.8x 3.7x 3.6x 3.5x

[ 24 ] Discounted Cash Flow Analysis—Mafco Worldwide DISCOUNTED CASH FLOW NPV SENSITVITY ($mm) IMPLIED 2011E EBITDA MULTIPLE SENSITVITY Notes: Projections per Company management 1. Includes 50% of 2011 unlevered free cash flow and discounting using mid-year convention back to June 30, 2011 2. Includes working capital adjustments that are anticipated to occur in the second half of 2011 3. Includes business acquisition expenditure that are anticipated to occur during the second half of 2011 Fiscal Year Ended December 31, Terminal ($ in millions) 2011E ¹ 2012E 2013E 2014E 2015E Year EBITDA $15.3 $32.8 $36.4 $39.6 $40.7 $40.7 Less: Depreciation & Amortization (1.0) (1.9) (1.9) (1.9) (1.9) (2.0) EBIT $14.4 $30.9 $34.5 $37.7 $38.8 $38.7 Less: Taxes (5.7) (12.4) (13.8) (15.1) (15.5) (15.5) NOPAT $8.6 $18.5 $20.7 $22.6 $23.3 $23.2 Plus: Depreciation & Amortization 1.0 1.9 1.9 1.9 1.9 2.0 Less: Changes in Working Capital ² (21.8) (6.2) (6.6) (0.1) (0.2) — Less: Capital Expenditures ³ (5.5) (2.0) (2.0) (2.0) (2.0) (2.0) Unlevered Free Cash Flow ($17.7) $12.2 $14.0 $22.4 $23.0 $23.2 Perpetuity Growth Rate — Discount Rate 11.5% Terminal Value $201.9 Implied Terminal Value Multiple 5.0x Discount Period 0.25 1 2 3 4 4.5 Discount Factor 97.2% 89.3% 79.7% 71.2% 63.6% 60.1% Present Value of Free Cash Flow ($17.2) $10.9 $11.2 $16.0 $14.6 $121.3 Total Enterprise Value $156.7 Implied 2011E EBITDA Multiple 5.1x Perpetuity WACC Growth 10.5% 11.0% 11.5% 12.0% 12.5% (2.0%) $144.7 $140.5 $136.6 $133.0 $129.6 (1.0%) 155.4 150.4 145.8 141.6 137.7 — 168.2 162.2 156.7 151.6 147.0 1.0% 183.7 176.2 169.5 163.4 157.9 2.0% 202.7 193.4 185.1 177.6 170.9 Perpetuity WACC Growth 10.5% 11.0% 11.5% 12.0% 12.5% (2.0%) 4.7x 4.6x 4.5x 4.3x 4.2x (1.0%) 5.1x 4.9x 4.8x 4.6x 4.5x — 5.5x 5.3x 5.1x 5.0x 4.8x 1.0% 6.0x 5.8x 5.5x 5.3x 5.2x 2.0% 6.6x 6.3x 6.0x 5.8x 5.6x

[ 25 ] Selected Public Company Analysis—Sum of the Parts Analysis ? Due to GlobalScholar’s Q1 2011 transaction close, we are valuing the segment and associated future revenues at the transaction price inclusive of contingency payments Source: Company filings, Management projections Notes: 1. EBITDA includes Harland Clarke Holding Company corporate overhead, which is allocated to Harland Clarke, Harland Financial Solutions, Scantron — Legacy Business and Scantron — Performance & Achievement at 50%, 25%, 20% and 5% respectively per management guidance 2. Unallocated corporate expense of $12.8mm capitalized at 6.0x 2011E 2011E Multiple TEV ($ in millions, except per share data) Revenue EBITDA ¹ Min Max Min Max Harland Clarke $340.0 4.0x 4.5x $1,360.0 $1,530.0 Harland Financial Solutions 83.5 7.0x 8.0x 584.5 668.0 Scantron — Legacy Business 44.2 4.0x 4.5x 176.8 198.9 Scantron — Performance & Achievement $20.7 2.0x 3.0x 41.4 62.1 Mafco Worldwide 30.6 5.0x 6.0x 153.0 183.6 GlobalScholar (at Transaction Value) NA NA NA 153.4 153.4 Spectrum K12 (at Transaction Value) NA NA NA 28.6 28.6 Present Value of Tax Liability on Gain on Debt Repurchase (15.5) (15.5) Total Enterprise Value $2,482.2 $2,809.1 Less: Unallocated Corporate ² (76.5) (76.5) Total Enterprise Value $2,405.6 $2,732.5 Less: Debt (2,242.1) (2,242.1) Plus: Cash 206.8 206.8 Total Equity Value $370.3 $697.2 Shares Outstanding 19.3 19.3 Equity Value per Share $19.15 $36.06 Premium to Current Share Price 7.0% 101.5% Conglomerate Discount 15.0% 15.0% Discounted Equity Value per Share $16.28 $30.65 Implied Discount to Original TEV (2.3%) (3.8%)

[ 26 ] Selected Public Company Analysis—Sum of the Parts Sensitivity Analysis Source: Company filings, Management projections Note: 1. EBITDA includes Harland Clarke Holding Company corporate overhead, which is allocated to Harland Clarke, Harland Financial Solutions, Scantron — Legacy Business and Scantron — Performance & Achievement at 50%, 25%, 20% and 5% respectively per management guidance Due to high financial leverage, MFW’s share price is highly sensitive to small movements in asset valuation multiples applied to the Company’s four business segments 0.5x Multiple Increase 1.0x Multiple Increase 2011E 2011E Change in Change in Change in Change in ($ in millions, except per share data) Revenue EBITDA ¹ EV Share Price EV Share Price Harland Clarke $340.0 $170.0 $8.79 $340.0 $17.59 Harland Financial Solutions 83.5 41.8 2.16 83.5 4.32 Scantron — Legacy Business 44.2 22.1 1.14 44.2 2.29 Scantron — Performance & Achievement $20.7 10.4 0.54 20.7 1.07 Mafco Worldwide 30.6 15.3 0.79 30.6 1.58 Total $259.5 $13.42 $519.0 $26.84

[ 27 ] Selected Public Company Analysis Source: Capital IQ Note: Estimates are consensus ($ in millions) As of June 09, 2011 Enterprise Value / Market Enterprise Revenue EBITDA Revenue Growth EBITDA Margin Company Value Value CY10A CY11E CY12E CY10A CY11E CY12E ‘09-10 ‘10-11 ‘11-12 CY10A CY11E Direct Marketing and Print R.R. Donnelley & Sons Company $4,115 $7,253 0.7x 0.7x 0.7x 5.9x 5.2x 5.0x 1.6% 7.8% 1.9% 12.3% 12.8% Quad/Graphics, Inc. 1,925 3,529 1.0x 0.7x 0.7x 7.2x 5.0x 4.2x 89.6% 41.6% 1.2% 14.4% 14.7% Valassis Communications Inc. 1,432 1,927 0.8x 0.8x 0.8x 6.7x 5.7x 5.3x 4.0% 1.7% 4.5% 12.3% 14.2% Deluxe Corp. 1,170 1,876 1.3x 1.3x 1.3x 5.1x 5.3x 5.1x 4.3% 0.1% 0.2% 26.1% 25.4% Cenveo Inc. 380 1,687 0.9x NA NA 8.7x 7.0x NA 5.8% NA NA 10.7% NA ACCO Brands Corporation 403 1,111 0.8x 0.8x 0.8x 7.9x 6.6x 5.9x 4.6% 3.2% 4.3% 10.6% 12.3% Consolidated Graphics, Inc. 572 738 0.7x 0.7x 0.6x 5.6x 5.0x 4.8x 3.2% 5.5% 4.8% 12.7% 13.7% Harte-Hanks Inc. 504 621 0.7x 0.7x 0.7x 5.4x 5.8x 5.6x 0.0% (1.6%) 1.8% 13.3% 12.6% The Standard Register Company 90 128 0.2x 0.2x NA 3.9x 2.3x NA (3.7%) 0.1% NA 4.9% 8.2% Mean 0.8x 0.7x 0.8x 6.3x 5.3x 5.1x 12.2% 7.3% 2.7% 13.0% 14.2% Median 0.8x 0.7x 0.7x 5.9x 5.3x 5.1x 4.0% 2.4% 1.9% 12.3% 13.2% Harland Clarke (2.8%) (4.1%) (4.2%) 30.0% 30.4% Financial Services B2B Fidelity National Information Services, Inc. $9,724 $14,570 2.8x 2.5x 2.4x 9.8x 8.5x 7.8x 42.0% 8.9% 6.4% 28.1% 30.0% Fiserv, Inc. 9,108 11,946 2.9x 2.8x 2.7x 9.3x 8.5x 8.0x 1.4% 3.7% 4.2% 31.2% 32.8% Equifax Inc. 4,378 5,325 2.9x 2.7x 2.5x 8.9x 8.3x 7.7x 8.4% 6.1% 6.3% 32.1% 32.4% Dun & Bradstreet Corp. 3,768 4,584 2.7x 2.6x 2.5x 9.3x 8.2x 7.4x (0.6%) 4.2% 6.0% 29.5% 32.2% Jack Henry & Associates Inc. 2,532 2,721 3.0x 2.7x 2.5x 9.5x 8.7x 8.0x 20.3% 8.6% 7.2% 31.3% 31.4% Convergys Corporation 1,518 1,535 0.7x 0.7x 0.7x 6.4x 5.5x 5.2x (9.0%) 0.4% 3.4% 10.8% 12.6% Acxiom Corporation 1,009 1,231 1.1x 1.0x 1.0x 5.1x 4.6x 4.7x 3.9% 2.7% 2.6% 21.0% 22.5% Mean 2.3x 2.2x 2.0x 8.3x 7.5x 7.0x 9.5% 5.0% 5.1% 26.3% 27.7% Median 2.8x 2.6x 2.5x 9.3x 8.3x 7.7x 3.9% 4.2% 6.0% 29.5% 31.4% Harland Financial Solutions 1.4% 4.6% 3.0% 28.6% 29.4%

[ 28 ] Selected Public Company Analysis (cont’d) ($ in millions) Source: Capital IQ Note: Estimates are consensus As of June 09, 2011 Enterprise Value / Market Enterprise Revenue EBITDA Revenue Growth EBITDA Margin Company Value Value CY10A CY11E CY12E CY10A CY11E CY12E ‘09-10 ‘10-11 ‘11-12 CY10A CY11E Education Services The Washington Post Company $3,369 $3,064 0.6x 0.7x 0.8x 3.6x 4.9x 5.7x 7.7% (6.2%) (8.9%) 18.1% 14.2% Scholastic Corporation 787 972 0.5x 0.5x 0.5x 5.2x 5.8x 5.0x 0.4% (0.6%) 4.0% 9.9% 8.9% EPIQ Systems, Inc. 525 617 2.5x 2.1x 1.8x 10.8x 7.2x 6.4x 3.4% 21.4% 12.2% 23.1% 28.4% Renaissance Learning Inc. 314 302 2.3x 2.2x 2.1x 8.2x 7.4x 6.8x 7.1% 3.8% 5.4% 28.2% 30.0% Mean 1.5x 1.4x 1.3x 6.9x 6.3x 6.0x 4.6% 4.6% 3.2% 19.8% 20.4% Median 1.5x 1.4x 1.3x 6.7x 6.5x 6.0x 5.2% 1.6% 4.7% 20.6% 21.3% Scantron (2.1%) 12.4% 31.9% 29.9% 27.5% Tobacco Supplier Celanese Corp. $7,416 $9,899 1.7x 1.5x 1.4x 11.2x 7.6x 6.9x 16.5% 10.0% 6.4% 14.9% 20.0% Eastman Chemical Co. 7,186 7,944 1.4x 1.2x 1.1x 6.8x 5.9x 5.6x 32.9% 17.4% 5.7% 19.9% 19.6% Alliance One International, Inc. 315 1,280 0.6x 0.7x NA 7.1x NA NA (5.3%) (16.1%) NA 8.5% NA Mean 1.2x 1.1x 1.3x 8.4x 6.8x 6.3x 14.7% 3.7% 6.1% 14.4% 19.8% Median 1.4x 1.2x 1.3x 7.1x 6.8x 6.3x 16.5% 10.0% 6.1% 14.9% 19.8% Mafco Worldwide 9.4% 5.1% 8.6% 27.1% 26.1%

EX-99.C.8

Exhibit (c)(8)

Returns Analysis Under Full Refinancing Scenario September 6, 2011 PRELIMINARY DRAFT SUBJECT TO CHANGE HIGHLY CONFIDENTIAL Portions of this exhibit have been omitted pursuant to a request for confidential treatment filed with the Securities and Exchange Commission. The omissions have been indicated by asterisks ("*****"), and the omitted text has been filed separately with the Securities and Exchange Commission.

Montana: Full Refinancing Scenario Refinancing occurs at 3/31/2012 Leverage based on 2011E HCHC Adjusted Cash EBITDA of $478.8mm First Lien Term Loan assumptions: Leverage of ***** Interest Rate: ***** Fees: ***** Senior Notes assumptions: Leverage of ***** Coupon: ***** Fees: ***** $15mm M&A, legal and other fees ASSUMPTIONS IRR SENSITIVITIES (12/31/2015 EXIT) [*****] CONFIDENTIAL TREATMENT REQUESTED BY M & F WORLDWIDE CORP.

EX-99.C.9

Exhibit (c)(9)

Discussion Materials September 9, 2011 STRICTLY CONFIDENTIAL Portions of this exhibit have been omitted pursuant to a request for confidential treatment filed with the Securities and Exchange Commission. The omissions have been indicated by asterisks ("*****"), and the omitted text has been filed separately with the Securities and Exchange Commission.

I. Overview of Capital Markets Conditions 2 II. Overview of Projected Financial Performance 9 III. HCHC Capital Structure Discussion 15 Appendix A. Summary Financials 19 Table of Contents

I. Overview of Capital Markets Conditions

Overview of U.S. Equity Capital Markets Conditions Aug. 8, 2011: VIX reaches 48, 270% increase over 1/1/11 level Source: Capital IQ Equity markets have substantially deteriorated and exhibited a marked increase in volatility

Peer Group Performance June 10, 2011 Source: Capital IQ Notes: Includes Acxiom Corporation, Convergys Corporation, Dun & Bradstreet Corp., Equifax Inc., Fidelity National Information Services, Inc., Fiserv, Inc. and Jack Henry & Associates Inc. Includes ACCO Brands Corporation, Cenveo Inc., Consolidated Graphics, Inc., Deluxe Corp., Harte-Hanks Inc., Quad/Graphics, Inc., R.R. Donnelley & Sons Company, The Standard Register Company and Valassis Communications Inc. Includes Alliance One International, Inc., Celanese Corp. and Eastman Chemical Co. Includes EPIQ Systems, Inc., Scholastic Corporation and The Washington Post Company MFW peer group trading prices have significantly declined; in excess of the general deterioration in equity markets

Overview of Leveraged Loan and High-Yield Indices Performance Source: Standard & Poor's Leveraged Commentary & Data, Bloomberg 4/29/11 6/13/11 9/8/11 Change Since 4/29/11 Change Since 6/13/11 "B" Leveraged Loan Index STM L + 484 L + 524 L + 697 213 bps 173 bps "CCC" Leveraged Loan Index STM L + 783 L + 973 L + 1319 536 bps 346 bps ML HY Index YTW 6.7% 7.2% 8.5% 178 bps 127 bps 4/29/11 6/13/11 9/8/11

HCHC Debt Pricing / Yields Source: Bloomberg, AdvantageData, Markit Change Since 4/29/11 Change Since 4/29/11 Change Since 6/10/11 Change Since 6/10/11 4/29/11 6/10/11 9/8/11 Price YTW / STW Price YTW / STW Sr. Secured TL STW L + 411 L + 633 L + 970 (12.458) 559 bps (7.150) 337 bps 9.50% Sr. Fixed Rate Notes YTW 9.576% 11.776% 14.792% (14.385) 522 bps (7.640) 302 bps Sr. Floating Rate Notes STW L + 624 L + 882 L + 1415 (17.375) 791bps (11.000) 533 bps 4/29/11 6/10/11 9/8/11 95.958 99.745 91.000 90.650 93.000 84.625 83.500 85.360 73.625

MFW Share Price Performance Source: Capital IQ, Company filings

MFW Historical Trading Multiples June 10, 2011 EV (Book Value of Debt) / LTM EBITDA 1: 5.0x EV (Mkt. Value of Debt) / LTM EBITDA 2: 4.5x Source: Capital IQ Notes: Enterprise value based on market value of equity and book value of debt (balances as of most recent quarterly filings available on selected date) Enterprise value based on market value of equity and market value of debt (balances as of most recent quarterly filings available on selected date) Enterprise value based on market value of debt at 9/8/11 plus equity market capitalization, calculated using 6/10/11 stock price of $16.96 and assuming a 15% decline September 8, 2011 EV (Book Value of Debt) / LTM EBITDA 1: 5.2x EV (Mkt. Value of Debt) / LTM EBITDA 2: 4.4x Adj. EV (Mkt. Value of Debt) / LTM EBITDA 3: 4.1x

II. Overview of Projected Financial Performance

Comparison of Financial Model Source: Company Projections

Comparison of Financial Model (cont.) Source: Company Projections

Comparison of Financial Model (cont.) Scantron Segment Financial Breakout Source: Company Projections

Comparison of Financial Model (cont.) Scantron Segment Financial Breakout Source: Company Projections

EBITDA Contribution Source: Company Projections Spectrum K12

III. HCHC Capital Structure Discussion

Source: Company filings, Bloomberg and Markit Note: 1. Capital lease obligations and other indebtedness HCHC Capital Structure CAPITALIZATION AT 6/30/2011

Illustrative Investor Returns Assuming Full Refinancing Scenario IRR SENSITIVITIES (2015 Exit @ Full Refinancing) ($ in millions, except per share amounts) ASSUMPTIONS Refinancing occurs at 3/31/2012 Leverage based on 2011E HCHC Adjusted Cash EBITDA of $478.8mm First Lien Term Loan assumptions: Leverage of ***** Interest Rate: ***** Fees: ***** Source: Management projections Notes: Based on 2011E EBITDA of $496.6mm ***** [*****] CONFIDENTIAL TREATMENT REQUESTED BY M & F WORLDWIDE CORP. Senior Notes assumptions: Leverage of ***** Coupon: ***** Fees: ***** $15mm M&A, legal and other fees IRR SENSITIVITIES (2015 Exit @***** Leverage) IMPLIED ENTRY MULTIPLE SOURCES USES Offer Price $24.00 Existing Cash 61.5 Refinancing Existing Debt 2,147.4 FDSO 19.334 Equity Contribution $464 New 1st Lien Term Loan ***** Term Loan Fees 2 ***** Plus: Debt (12/31/11E) 2,244 Less: Cash (12/31/113) (221) New Bonds 2 ***** Bond Fees 2 ***** Enterprise Value $2,487 Sponsor Equity 2 - M&A, Legal, and other Fees 15.0 Implied Multiple 1 Total Sources ***** Total Uses *****

Appendix

A. Summary Financials

MFW Summary Financial Performance - Updated Model Source: Company management Notes: Assumes VSOE accounting treatment for GlobalScholar business Scantron includes: Scantron - Legacy Business, Scantron - Performance & Achievement, GlobalScholar and Spectrum K12 Includes M&F management fee, directors fees, audit/legal fees and charitable contributions

Source: Company management Notes: Assumes VSOE accounting treatment for GlobalScholar business Scantron includes: Scantron - Legacy Business, Scantron - Performance & Achievement, GlobalScholar and Spectrum K12 Includes M&F management fee, directors fees, audit/legal fees and charitable contributions MFW Summary Financial Performance - Prior Model