Monday, August 02, 2004

Merrill Corporation Announces Successful Completion of Financing Transaction
Merrill Corporation announces the completion on Friday, July 30, 2004, of a $210 million refinancing transaction.

St. Paul, Minn. - Merrill Corporation (www.merrillcorp.com), a global, diversified communications and document services provider, announced the completion on Friday, July 30, 2004, of a $210 million refinancing transaction. Credit Suisse First Boston and Banc of America Securities LLC were the co-lead arrangers of the credit facility, which consists of a $50 million revolving credit facility and $160 million of term loan facilities. The proceeds were used to refinance existing debt, to repurchase its outstanding senior discount notes and for working capital and general corporate purposes. The transaction was substantially over-subscribed.

“The attractive pricing and terms of the new financing will save the company more than $5 million annually and provide greater operational flexibility,” said John Castro, CEO of Merrill Corporation. “This reflects the improved results the company has been generating over the last year.”

Castro added that most of the lenders from Merrill’s existing syndicated facility became lenders under the new credit arrangement and that the transaction also attracted a number of new bank and institutional lenders.

About Merrill Corporation 
Merrill Corporation (www.merrillcorp.com) is a diversified communications and document services company applying advanced information systems and intranet/Internet technology to provide a wide range of services to its financial, legal and corporate clients. Merrill’s services integrate traditional composition, imaging and printing services with online document management, distribution and collaborative solutions. This integrated approach helps streamline the preparation and distribution of business-to-business communication materials. Merrill Corporation serves its domestic clients through 45 offices in 33 cities throughout the United States. Its international clients are served through the client service centers in London, Paris and Frankfurt, as well as a joint venture with Quebecor World in Canada and other affiliate relationships in Europe, Asia, Latin America and Australia.

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Forward-Looking Statements 
Merrill Corporation cautions investors that certain statements contained in this press release that state management’s intentions, hopes, beliefs, expectations or predictions of the future are forward-looking statements. Management wishes to caution the reader these forward-looking statements are not historical facts and are only estimates or predictions. Actual results may differ materially from those projected as a result of risks and uncertainties including, but not limited to, the competitive environment in our business, demand for our product and service offerings, projections of future sales, changes in technology, our ability to retain employees and other risks. Forward-looking statements can be identified through the use of words such as “may,” “will,” “intend,” “plan,” “expect,” “anticipate,” “could,” “should,” “would,” “believe,” “estimate,” “contemplate,” “potential,” “continue,” “possible” and “proposed.”

The information contained in our news releases speaks only as of the date of such releases and we are under no obligation to update or remove such information other than as required by applicable law or regulation.