ENGLEWOOD, CO — Mail-Well, Inc. (NYSE: MWL) announced today that third quarter earnings from operations excluding restructuring charges and other charges was $0.25 per share. Including the restructuring and other charges, third quarter earnings per share were $0.14 per share. The $0.11 per share difference results from restructuring charges of $0.01 per share primarily related to severance payments and other charges of $0.10 per share which management does not expect to recur. Other charges are generally non-cash items and result from the write-down of assets at certain locations. Gerald F. Mahoney, Chairman and Chief Executive Officer, stated, “While we are disappointed that our third quarter earnings from operations were less than we had originally expected at the beginning of the quarter, we see several noteworthy positive signs. The Envelope segment earnings were $4 million better than quarter two and real sales growth was over 10% above the comparable quarter in 1999. Also, the Commercial Print segment continued its string of strong sales growth with 5% real growth over the comparable period in 1999.” Mahoney continued, “In addressing all the challenges facing us, we are specifically evaluating all of our operations in response to pricing pressures and changing business conditions. Through this evaluation, we are identifying and accelerating profit enhancement programs that will result in additional restructuring charges by the end of the year. We expect these efforts to improve profits in 2001 and beyond.” With the completion of the previously announced sale of Jen-Coat prior to the end of the quarter, debt level has been reduced below $1.0 billion. The cash proceeds from the sale of this business, along with cash from operations, were used to reduce debt. At the end of the quarter, the debt to total capitalization ratio was below 70%, a target that management had set for year-end. Management expects fourth quarter 2000 earnings from operations, excluding restructuring charges, to approximate $0.24 - $0.26 per share.