Market Overview

Merrill Corporation Announces Sale of Transactions and Compliance Business to Toppan Leefung


Merrill Corporation to Focus on Reinvestment and Growth Opportunities
Moving Forward, Capitalizing on its Innovative Applications, Expertise
and Global Security Capabilities

Merrill Corporation (Merrill),
a global leader in SaaS solutions for M&A, communications and secure
business collaboration today announced it has closed a definitive
agreement to sell its Transaction and Regulatory Compliance divisions to
Toppan Leefung Pte. Ltd.,
parent company to Toppan Vintage
Toppan Vintage is a leading international financial printing,
communications and technology company. Financial terms of the
transaction were not disclosed.

Merrill employees within the company's Transactions and Compliance
divisions will transition to Toppan Vintage. The two companies will work
together closely over the coming months to ensure a seamless transition.
The newly created entity will become part of Toppan Printing Co., Ltd.
creating the leading printing group in the world. Headquarters of the
combined company will be in Tokyo, with approximately US$14 billion in
annual sales.

"This strategic transaction creates significant opportunities for both
Merrill Corporation and Toppan Vintage," said Rusty Wiley, Chief
Executive Officer of Merrill Corporation. "Merrill will continue
executing on its strategic initiative of investing in its premier,
technology-enabled solutions platform, DatasiteOne, to serve the needs
of M&A Advisors and Corporations globally, while ensuring that its
capital transactions and regulatory disclosure solutions clients
continue to receive an exceptional service experience. We are grateful
for the dedication and service of Merrill's Transactions and Compliance
employees and are confident they will continue to thrive at Toppan

"Our vision is to become the top financial printing and communications
company in the world," said Jeff Riback, President of Toppan Vintage.
"By bringing Merrill's transactions and regulatory compliance business
to Toppan Vintage, we are creating a robust financial printing and
communications leader with the resources to provide the most
comprehensive and customized suite of service options in the industry.
Merrill's employee talent, technology solutions and worldwide service
locations will give Toppan Vintage a more competitive footprint globally
and strategically position us to pursue new growth opportunities."

Moelis & Company LLC acted as exclusive financial advisor and Akin Gump
acted as legal advisor to Merrill Corporation.

About Merrill Corporation

Merrill provides SaaS solutions for M&A, communications and secure
business collaboration. Clients trust Merrill's innovative applications,
excellent customer service and deep subject expertise to successfully
navigate the secure sharing of their most sensitive content. Clients
turn to Merrill when their need to manage complex content intersects
with the need to collaborate securely around the globe.

About Toppan Vintage

Toppan Vintage, a leader in financial printing and communications
solutions, is part of the Toppan
Printing Co., Ltd.
, the world's leading printing group,
headquartered in Tokyo with approximately US$14 billion in annual sales.
Toppan Vintage has been a pioneer and trusted partner in the financial
markets for three decades, serving the financial, legal and corporate
communities with meticulous, responsive service and unparalleled local
market expertise and capabilities. Toppan Vintage's expanding operations
deliver a hassle-free experience for mission-critical content for
capital markets transactions, financial reporting and regulatory
compliance filings, investment companies and insurance providers.
Collaboration is at the heart of what we do and who we are. Our Hive®
suite of SaaS solutions
, utilizing cutting-edge technology and
expertise, aspires to the idea of the hive – an industrious community
working together in a secure, efficient environment. Learn more at

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