Financial Information for Subsidiary Issuers, Guarantor and Non-Guarantor Subsidiaries

Cenveo is a holding company (the “Parent Company”), which is the ultimate parent of all Cenveo subsidiaries. The Parent Company’s wholly owned subsidiary, Cenveo Corporation (the “Subsidiary Issuer”), issued the 7⁷/₈% Notes, the 8⁷/₈% Notes and, in connection with an acquisition, assumed the 8³/₈% Notes (collectively, the “Subsidiary Issuer Notes”), which are fully and unconditionally guaranteed, on a joint and several basis, by the Parent Company and substantially all of its wholly-owned subsidiaries (the “Guarantor Subsidiaries”).

Presented below is condensed consolidating financial information for the Parent Company, the Subsidiary Issuer, the Guarantor Subsidiaries and the Non-Guarantor Subsidiaries for the three years ended 2011, 2010 and 2009. The condensed consolidating financial information has been presented to show the nature of assets held, results of operations and cash flows of the Parent Company, the Subsidiary Issuer, the Guarantor Subsidiaries and the Non-Guarantor Subsidiaries, assuming the guarantee structure of the Subsidiary Issuer Notes was in effect at the beginning of the periods presented.

The supplemental condensed consolidating financial information reflects the investments of the Parent Company in the Subsidiary Issuer, the Guarantor Subsidiaries and the Non-Guarantor Subsidiaries using the equity method of accounting. The Company’s primary transactions with its subsidiaries other than the investment account and related equity in net income (loss) of unconsolidated subsidiaries are the intercompany payables and receivables between its subsidiaries.

CENVEO, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING BALANCE SHEET 2011 (in thousands)

	Parent Company			Subsidiary Issuer			Guarantor Subsidiaries			Non-Guarantor Subsidiaries		Eliminations			Consolidated
Assets
Current assets:
Cash and cash equivalents	$	—		$	16,033		$	280		$	1,440	$	—		$	17,753
Accounts receivable, net	—			113,368			174,003			1,112		—			288,483
Inventories	—			63,234			70,434			128		—			133,796
Notes receivable from subsidiaries	—			40,838			—			—		(40,838		)	—
Prepaid and other current assets	—			57,967			10,953			3,822		—			72,742
Assets of discontinued operations - current	—			9,455			13,501			—		—			22,956
Total current assets	—			300,895			269,171			6,502		(40,838		)	535,730

Investment in subsidiaries	(381,704		)	1,681,084			7,399			6,725		(1,313,504		)	—
Property, plant and equipment, net	—			96,680			229,932			1,955		—			328,567
Goodwill	—			29,244			155,361			6,217		—			190,822
Other intangible assets, net	—			6,785			214,435			2,343		—			223,563
Other assets, net	—			107,286			(29,400		)	1,604		—			79,490
Assets of discontinued operations - long-term	—			5,717			21,699			—		—			27,416
Total assets	$	(381,704	)	$	2,227,691		$	868,597		$	25,346	$	(1,354,342	)	$	1,385,588

Liabilities and Shareholders’ (Deficit) Equity
Current liabilities:
Current maturities of long-term debt	$	—		$	4,109		$	4,700		$	—	$	—		$	8,809
Accounts payable	—			94,503			91,311			834		—			186,648
Accrued compensation and related liabilities	—			26,173			12,760			222		—			39,155
Other current liabilities	—			72,813			22,634			460		—			95,907
Liabilities of discontinued operations - current	—			2,492			2,854			—		—			5,346
Intercompany payable (receivable)	—			1,005,396			(1,011,202		)	5,806		—			—
Notes payable to issuer	—			—			36,938			3,900		(40,838		)	—
Total current liabilities	—			1,205,486			(840,005		)	11,222		(40,838		)	335,865

Long-term debt	—			1,227,238			10,296			—		—			1,237,534
Other liabilities	—			175,088			10,331			—		—			185,419
Liabilities of discontinued operations - long-term	—			1,583			6,891			—		—			8,474
Shareholders’ (deficit) equity	(381,704		)	(381,704		)	1,681,084			14,124		(1,313,504		)	(381,704		)
Total liabilities and shareholders’ (deficit) equity	$	(381,704	)	$	2,227,691		$	868,597		$	25,346	$	(1,354,342	)	$	1,385,588

CENVEO, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS For the year ended 2011 (in thousands)

	Parent Company			Subsidiary Issuer			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Consolidated
Net sales	$	—		$	726,420		$	1,164,013		$	18,754		$	—		$	1,909,187
Cost of sales	—			595,529			935,360			15,284			—			1,546,173
Selling, general and administrative expenses	—			118,807			97,247			1,082			—			217,136
Amortization of intangible assets	—			426			9,344			536			—			10,306
Restructuring, impairment and other charges	—			8,773			9,010			29			—			17,812
Operating income (loss)	—			2,885			113,052			1,823			—			117,760
Gain on bargain purchase	—			(11,720		)	—			—			—			(11,720		)
Interest expense, net	—			115,307			712			(51		)	—			115,968
Intercompany interest expense (income)	—			(1,180		)	975			205			—			—
Gain on early extinguishment of debt	—			(4,011		)	—			—			—			(4,011		)
Other (income) expense, net	—			9,832			378			(1,136		)	—			9,074
Income (loss) from continuing operations before income taxes and equity in income of unconsolidated subsidiaries	—			(105,343		)	110,987			2,805			—			8,449
Income tax expense (benefit)	—			16,226			(8,396		)	1,647			—			9,477
Income (loss) from continuing operations before equity in income of unconsolidated subsidiaries	—			(121,569		)	119,383			1,158			—			(1,028		)
Equity in income of unconsolidated subsidiaries	(8,565		)	111,454			1,158			—			(104,047		)	—
Income (loss) from continuing operations	(8,565		)	(10,115		)	120,541			1,158			(104,047		)	(1,028		)
Income from discontinued operations, net of taxes	—			1,550			(9,087		)	—			—			(7,537		)
Net income (loss)	$	(8,565	)	$	(8,565	)	$	111,454		$	1,158		$	(104,047	)	$	(8,565	)

CENVEO, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS For the year ended 2011 (in thousands)

	Parent Company			Subsidiary Issuer			Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Eliminations			Consolidated
Cash flows from operating activities:
Net cash provided by (used in) continuing operating activities	$	8,716		$	(105,375	)	$	178,872		$	1,605		$	—		$	83,818
Net cash (used in) provided by discontinued operating activities	—			3,886			(7,382		)	—			—			(3,496		)
Net cash provided by (used in) operating activities	8,716			(101,489		)	171,490			1,605			—			80,322
Cash flows from investing activities:
Cost of business acquisitions, net of cash acquired	—			(59,719		)	—			—			—			(59,719		)
Capital expenditures	—			(9,972		)	(5,004		)	(695		)	—			(15,671		)
Proceeds from sale of property, plant and equipment	—			1,298			9,816			—			—			11,114
Intercompany note	—			5,600			—			—			(5,600		)	—
Net cash (used in) provided by investing activities of continuing operations	—			(62,793		)	4,812			(695		)	(5,600		)	(64,276		)
Net cash used in investing activities of discontinued operations	—			(536		)	—			—			—			(536		)
Net cash (used in) provided by investing activities	—			(63,329		)	4,812			(695		)	(5,600		)	(64,812		)
Cash flows from financing activities:
Repayment of Term Loan B due 2016	—			(23,800		)	—			—			—			(23,800		)
Repayment of 7⁷/₈% senior subordinated notes	—			(8,952		)	—			—			—			(8,952		)
Repayment of 8³/₈% senior subordinated notes	—			(5,363		)	—			—			—			(5,363		)
Repayments of other long-term debt	—			(107		)	(6,296		)	—			—			(6,403		)
Payment of financing related costs and expenses	—			(2,675		)	—			—			—			(2,675		)
Purchase and retirement of common stock upon vesting of RSUs	(1,283		)	—			—			—			—			(1,283		)
Proceeds from exercise of stock options	356			—			—			—			—			356
Intercompany note	—			—			—			(5,600		)	5,600			—
Intercompany advances	(7,789		)	174,867			(170,730		)	3,652			—			—
Net cash (used in) provided by financing activities	(8,716		)	133,970			(177,026		)	(1,948		)	5,600			(48,120		)
Effect of exchange rate changes on cash and cash equivalents	—			—			—			614			—			614
Net decrease in cash and cash equivalents	—			(30,848		)	(724		)	(424		)	—			(31,996		)
Cash and cash equivalents at beginning of year	—			46,881			1,004			1,864			—			49,749
Cash and cash equivalents at end of year	$	—		$	16,033		$	280		$	1,440		$	—		$	17,753

CENVEO, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING BALANCE SHEET 2010 (in thousands)

	Parent Company			Subsidiary Issuer			Guarantor Subsidiaries			Non-Guarantor Subsidiaries		Eliminations			Consolidated
Assets
Current assets:
Cash and cash equivalents	$	—		$	46,881		$	1,004		$	1,864	$	—		$	49,749
Accounts receivable, net	—			99,985			149,515			4,953		—			254,453
Inventories	—			62,596			71,081			1,395		—			135,072
Notes receivable from subsidiaries	—			46,438			—			—		(46,438		)	—
Prepaid and other current assets	—			54,484			6,664			4,467		—			65,615
Assets held for sale - current	—			9,854			13,664			—		—			23,518
Total current assets	—			320,238			241,928			12,679		(46,438		)	528,407

Investment in subsidiaries	(341,331		)	1,514,329			11,239			6,725		(1,190,962		)	—
Property, plant and equipment, net	—			103,719			230,997			1,280		—			335,996
Goodwill	—			29,244			156,647			7,020		—			192,911
Other intangible assets, net	—			7,188			220,922			3,182		—			231,292
Other assets, net	—			113,886			(41,349		)	2,183		—			74,720
Assets held for sale - long-term	—			6,301			37,284			—		—			43,585
Total assets	$	(341,331	)	$	2,094,905		$	857,668		$	33,069	$	(1,237,400	)	$	1,406,911

Liabilities and Shareholders’ (Deficit) Equity
Current liabilities:
Current maturities of long-term debt	$	—		$	3,896		$	6,202		$	—	$	—		$	10,098
Accounts payable	—			80,239			82,320			781		—			163,340
Accrued compensation and related liabilities	—			17,249			12,640			372		—			30,261
Other current liabilities	—			70,780			24,718			2,298		—			97,796
Liabilities of discontinued operations - current	—			2,477			1,739			—		—			4,216
Intercompany payable (receivable)	—			847,200			(849,354		)	2,154		—			—
Notes payable to issuer	—			—			36,938			9,500		(46,438		)	—
Total current liabilities	—			1,021,841			(684,797		)	15,105		(46,438		)	305,711

Long-term debt	—			1,268,816			15,089			—		—			1,283,905
Other liabilities	—			143,949			5,430			—		—			149,379
Liabilities of discontinued operations - long-term	—			1,630			7,617			—		—			9,247
Shareholders’ (deficit) equity	(341,331		)	(341,331		)	1,514,329			17,964		(1,190,962		)	(341,331		)
Total liabilities and shareholders’ (deficit) equity	$	(341,331	)	$	2,094,905		$	857,668		$	33,069	$	(1,237,400	)	$	1,406,911

CENVEO, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS For the year ended 2010 (in thousands)

	Parent Company			Subsidiary Issuer			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations		Consolidated
Net sales	$	—		$	681,636		$	1,000,555		$	26,338		$	—	$	1,708,529
Cost of sales	—			570,082			797,747			17,873			—		1,385,702
Selling, general and administrative expenses	—			106,469			95,840			1,674			—		203,983
Amortization of intangible assets	—			421			9,949			268			—		10,638
Restructuring, impairment and other charges	—			25,415			200,735			—			—		226,150
Operating income (loss)	—			(20,751		)	(103,716		)	6,523			—		(117,944		)
Interest expense, net	—			119,965			1,161			(89		)	—		121,037
Intercompany interest expense (income)	—			(1,116		)	990			126			—		—
Loss on early extinguishment of debt	—			9,592			—			—			—		9,592
Other (income) expense, net	—			1,137			923			267			—		2,327
Income (loss) from continuing operations before income taxes and equity in income of unconsolidated subsidiaries	—			(150,329		)	(106,790		)	6,219			—		(250,900		)
Income tax expense (benefit)	—			(26,254		)	(27,341		)	393			—		(53,202		)
Income (loss) from continuing operations before equity in income of unconsolidated subsidiaries	—			(124,075		)	(79,449		)	5,826			—		(197,698		)
Equity in income of unconsolidated subsidiaries	(186,377		)	(67,754		)	5,826			—			248,305		—
Income (loss) from continuing operations	(186,377		)	(191,829		)	(73,623		)	5,826			248,305		(197,698		)
Income from discontinued operations, net of taxes	—			5,452			5,869			—			—		11,321
Net income (loss)	$	(186,377	)	$	(186,377	)	$	(67,754	)	$	5,826		$	248,305	$	(186,377	)

CENVEO, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS For the year ended 2010 (in thousands)

	Parent Company			Subsidiary Issuer			Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Eliminations			Consolidated
Cash flows from operating activities:
Net cash provided by (used in) continuing operating activities	$	10,853		$	(100,348	)	$	132,389		$	6,862		$	—		$	49,756
Net cash provided by discontinued operating activities	—			2,710			6,120			—			—			8,830
Net cash provided by (used in) operating activities	10,853			(97,638		)	138,509			6,862			—			58,586
Cash flows from investing activities:
Cost of business acquisitions, net of cash acquired	—			(27,373		)	—			(13,172		)	—			(40,545		)
Capital expenditures	—			(9,400		)	(8,752		)	—			—			(18,152		)
Proceeds from sale of property, plant and equipment	—			2,297			1,242			—			—			3,539
Intercompany note	—			(9,500		)	—			—			9,500			—
Net cash (used in) provided by investing activities of continuing operations	—			(43,976		)	(7,510		)	(13,172		)	9,500			(55,158		)
Net cash used in investing activities of discontinued operations	—			(857		)	(22		)	—			—			(879		)
Net cash (used in) provided by investing activities	—			(44,833		)	(7,532		)	(13,172		)	9,500			(56,037		)
Cash flows from financing activities:
Proceeds from issuance of 8⁷/₈% senior secured lien notes	—			397,204			—			—			—			397,204
Proceeds from issuance of Term Loan B	—			376,200			—			—			—			376,200
Proceeds from exercise of stock options	1,030			—			—			—			—			1,030
Repayment of Term Loans	—			(683,306		)	—			—			—			(683,306		)
Payment of financing related costs and expenses	—			(23,154		)	—			—			—			(23,154		)
Repayment under revolving credit facility, net	—			(22,500		)	—			—			—			(22,500		)
Repayments of other long-term debt	—			(80		)	(7,555		)	—			—			(7,635		)
Purchase and retirement of common stock upon vesting of RSUs	(1,597		)	—			—			—			—			(1,597		)
Intercompany note	—			—			—			9,500			(9,500		)	—
Intercompany advances	(10,286		)	136,019			(123,134		)	(2,599		)	—			—
Net cash provided by (used in) financing activities	(10,853		)	180,383			(130,689		)	6,901			(9,500		)	36,242
Effect of exchange rate changes on cash and cash equivalents	—			—			(43		)	212			—			169
Net increase in cash and cash equivalents	—			37,912			245			803			—			38,960
Cash and cash equivalents at beginning of year	—			8,969			759			1,061			—			10,789
Cash and cash equivalents at end of year	$	—		$	46,881		$	1,004		$	1,864		$	—		$	49,749

CENVEO, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS For the year ended 2009 (in thousands)

	Parent Company			Subsidiary Issuer			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Consolidated
Net sales	$	—		$	709,030		$	886,290		$	19,276		$	—		$	1,614,596
Cost of sales	—			600,932			704,075			12,436			—			1,317,443
Selling, general and administrative expenses	—			116,219			86,147			425			—			202,791
Amortization of intangible assets	—			425			8,753			—			—			9,178
Restructuring, impairment and other charges	—			43,651			24,383			—			—			68,034
Operating income (loss)	—			(52,197		)	62,932			6,415			—			17,150
Interest expense, net	—			104,585			1,538			(60		)	—			106,063
Intercompany interest expense (income)	—			(1,042		)	1,042			—			—			—
Gain on early extinguishment of debt	—			(16,917		)	—			—			—			(16,917		)
Other (income) expense, net	—			932			(2,587		)	288			—			(1,367		)
Income (loss) from continuing operations before income taxes and equity in income of unconsolidated subsidiaries	—			(139,755		)	62,939			6,187			—			(70,629		)
Income tax expense (benefit)	—			(1,432		)	(22,946		)	2,785			—			(21,593		)
Income (loss) from continuing operations before equity in income of unconsolidated subsidiaries	—			(138,323		)	85,885			3,402			—			(49,036		)
Equity in income of unconsolidated subsidiaries	(30,939		)	94,885			3,402			—			(67,348		)	—
Income (loss) from continuing operations	(30,939		)	(43,438		)	89,287			3,402			(67,348		)	(49,036		)
Income from discontinued operations, net of taxes	—			12,499			5,598			—			—			18,097
Net income (loss)	$	(30,939	)	$	(30,939	)	$	94,885		$	3,402		$	(67,348	)	$	(30,939	)

CENVEO, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS For the year ended 2009 (in thousands)

	Parent Company			Subsidiary Issuer			Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Eliminations			Consolidated
Cash flows from operating activities:
Net cash provided by (used in) continuing operating activities	$	14,274		$	(83,288	)	$	130,542		$	2,702		$	—		$	64,230
Net cash provided by discontinued operating activities	—			3,848			3,975			—			—			7,823
Net cash provided by (used in) operating activities	14,274			(79,440		)	134,517			2,702			—			72,053
Cash flows from investing activities:
Capital expenditures	—			(8,729		)	(16,306		)	—			—			(25,035		)
Cost of business acquisitions, net of cash acquired	—			(3,189		)	—			—			—			(3,189		)
Intercompany note	—			2,257			—			—			(2,257		)	—
Investment in guarantor subsidiary preferred shares	—			—			—			(6,725		)	6,725			—
Proceeds from sale of property, plant and equipment	—			13,041			1,578			—			—			14,619
Proceeds from sale of investment	—			—			4,032			—			—			4,032
Net cash (used in) provided by investing activities of continuing operations	—			3,380			(10,696		)	(6,725		)	4,468			(9,573		)
Net cash used in investing activities of discontinued operations	—			(134		)	(58		)	—			—			(192		)
Net cash (used in) provided by investing activities	—			3,246			(10,754		)	(6,725		)	4,468			(9,765		)
Cash flows from financing activities:
Repayment of Term Loans	—			(24,594		)	—			—			—			(24,594		)
Repayment of 8³/₈% senior subordinated notes	—			(23,024		)	—			—			—			(23,024		)
Repayments of other long-term debt	—			(385		)	(11,793		)	—			—			(12,178		)
Payment of financing related costs and expenses	—			(7,390		)	—			—			—			(7,390		)
Repayment of 7⁷/₈% senior subordinated notes	—			(4,295		)	—			—			—			(4,295		)
Repayment of 10¹/₂% senior notes	—			(3,250		)	—			—			—			(3,250		)
Purchase and retirement of common stock upon vesting of RSUs	(2,050		)	—			—			—			—			(2,050		)
Borrowings under revolving credit facility, net	—			14,500			—			—			—			14,500
Proceeds from exercise of stock options	539			—			—			—			—			539
Proceeds from issuance of preferred shares	—			—			6,725			—			(6,725		)	—
Intercompany note	—			—			(2,257		)	—			2,257			—
Intercompany advances	(12,763		)	128,888			(116,427		)	302			—			—
Net cash (used in) provided by financing activities	(14,274		)	80,450			(123,752		)	302			(4,468		)	(61,742		)
Effect of exchange rate changes on cash and cash equivalents	—			—			(299		)	106			—			(193		)
Net increase (decrease) in cash and cash equivalents	—			4,256			(288		)	(3,615		)	—			353
Cash and cash equivalents at beginning of year	—			4,713			1,047			4,676			—			10,436
Cash and cash equivalents at end of year	$	—		$	8,969		$	759		$	1,061		$	—		$	10,789