On June 4, 2008, Standard&Poor's Ratings Services revised its rating outlook on Harland Clarke Holdings Corp. (HCH) to stable from negative. Ratings on the company, including the 'B+' corporate credit rating, were affirmed. The outlook revision reflects our expectation that management will continue to achieve a level of cost synergies sufficient to drive EBITDA growth, which will continue to lead to improvements in the company's credit metrics over time. Since the completion of the John H. Harland Co. acquisition in May 2007, the company's credit measures improved, with debt leverage, as measured by total debt to EBITDA, improving toward the mid-5x area, a level more in line with the rating. Pro forma for a full year's contribution from
