EXECUTIVE COMPENSATION — ROLLING IN DOUGH

EVER WONDER about the heft of the paychecks top executives in the printing industry haul in? This is your chance to see what the top money earners are taking to the bank. Printing Impressions’ 17th annual executive compensation report highlights the industry’s top earners at the largest publicly held printing companies.

Mark Angelson, CEO of Chicago-based RR Donnelley, again ranks first in annual salary for this list, earning more than $5 million. This is the fourth consecutive year that a RR Donnelley exec has topped our list.

The rankings indicate previous fiscal year salaries, most recent fiscal year wages, and the percentage change in compensation from the two fiscal years that are shown.

While some executives like Timothy Tuff of John H. Harland Co. and Multi-Color Corp.’s Francis Gerace enjoyed healthy income gains, Ronald Eilers from Deluxe Corp. and Arthur Hershaft of Paxar Corp. saw their annual salaries decline.

Interestingly, Marshall Reynolds, chairman and CEO of Champion Industries (who is not included on this report), claims an annual salary of just $1.

Also notable is that the salary total for Robert Burton, chairman and CEO of Cenveo Inc., (number 18) only includes earnings for a portion of the company’s most recent fiscal year.

This information is derived directly from the most recent proxy statements of publicly held U.S. and Canadian (where available) printing firms. PRINTING IMPRESSIONS used base salaries, bonuses and other annual compensation to establish pay levels.

We do not include any stock options, which may or may not have been exercised, or LTIP payouts. Note that this long-term compensation might increase total yearly earnings greatly. PI

1 MARK A. ANGELSON, 54
CEO RR Donnelley, Chicago
Salary + Bonus: $5,000,000
Other Compensation: $75,642
Total: $5,075,642
Previous Year Total: $4,123,225
Percentage Change: 23%

2 TIMOTHY C. TUFF, 58
Chairman, President and CEO John H. Harland Co., Atlanta
Salary + Bonus: $1,950,000
Other Compensation: $520,289
Total: $2,470,289
Previous Year Total: $1,224,531
Percentage Change: 102%

3 ALAN F. SCHULTZ, 47
CEO, President and Director Valassis Communications, Livonia, MI
Salary + Bonus: $1,560,000
Other Compensation: $53,086
Total: $1,613,086
Previous Year Total: $1,458,555
Percentage Change: 11%

4 KEITH S. WALTERS, 56
Chairman, President and CEO Ennis Inc., Midlothian, TX
Salary + Bonus: $1,387,692
Other Compensation: $194,255
Total: $1,581,947
Previous Year Total: $1,139,769
Percentage Change: 39%

5 STEPHANIE A. STREETER, 48
Chairman, President and CEO Banta Corp., Menasha, WI
Salary + Bonus: $1,487,182
Other Compensation: $4,200
Total: $1,491,382
Previous Year Total: $1,537,641
Percentage Change: -3%

6 PIERRE KARL PELADEAU
Former President and CEO Quebecor World, Montreal (converted to U.S.$$)
Salary + Bonus: $1,224,200
Other Compensation: $0
Total: $1,224,200
Previous Year Total: $2,242,650
Percentage Change: -45%

7 PHILIP E. KUCERA, 63
Chairman and CEO Bowne & Co., New York City
Salary + Bonus: $790,200
Other Compensation: $118,375
Total: $908,575
Previous Year Total: $676,683
Percentage Change: 34%

8 DENNIS L. REDIKER, 62
President and CEO Standard Register, Dayton, OH
Salary + Bonus: $895,300
Other Compensation: $10,500
Total: $905,800
Previous Year Total: $706,150
Percentage Change: 28%

9 JOE R. DAVIS, 63
Chairman and CEO Consolidated Graphics, Houston
Salary + Bonus: $854,371
Other Compensation: —
Total: $854,371
Previous Year Total: $650,000
Percentage Change: 31%

10 FRANCIS D. GERACE
President and CEO Multi-Color Corp., Cincinnati
Salary + Bonus: $801,482
Other Compensation: $52,066
Total: $853,548
Previous Year Total: $465,684
Percentage Change: 83%

11 ARTHUR HERSHAFT, 68
Chairman Paxar Corp., White Plains, NY
Salary + Bonus: $760,000
Other Compensation: —
Total: $760,000
Previous Year Total: $1,419,000
Percentage Change: -46%

12 REMI MARCOUX
Executive Chairman GTC Transcontinental Group, Montreal : (converted to U.S.$$)
Salary + Bonus: $698,324
Other Compensation: —
Total: $698,324
Previous Year Total: $796,913
Percentage Change: -12%

13 JAMES F. CONWAY III, 53
Chairman, President, CEO Courier Corp., North Chelmsford, MA
Salary + Bonus: $606,550
Other Compensation: $69,315
Total: $675,865
Previous Year Total: $697,154
Percentage Change: -3%

14 CLIFF O. BICKELL
President, Printed Products : Division Scientific Games, Alpharetta, GA
Salary + Bonus: $610,539
Other Compensation: $6,975
Total: $617,514
Previous Year Total: $616,552
Percentage Change: —

15 RONALD E. EILERS
Former President and CEO Deluxe Corp., Shoreview, MN
Salary + Bonus: $471,200
Other Compensation: $56,306
Total: : $527,506
Previous Year Total: $1,225,873
Percentage Change: -57%

16 MARSHALL  SOROKWASZ, 62
Chairman, President, CEO, Treasurer TST/Impreso Inc., Coppell, TX
Salary + Bonus: $367,454
Other Compensation: $140,930
Total: $508,384
Previous Year Total: $609,512
Percentage Change: -17%

17 BRUCE V. THOMAS, 50
President and CEO Cadmus Communications, Richmond, VA
Salary + Bonus: $474,317
Other Compensation: $4,666
Total: $478,983
Previous Year Total: $557,864
Percentage Change: -14%

18 ROBERT G. BURTON
Chairman and CEO (effective 9/05) Cenveo Inc., Stamford, CT
Salary + Bonus: $292,308
Other Compensation: —
Total: $292,308
Previous Year Total: —
Percentage Change: —