PROMISSORY NOTE

Principal Amount: $1,000,000.00   Initial Rate: 4.000%    Date of Note: 4-7-2004

PROMISE TO PAY.  Stationers, Inc. (“Borrower”) promises to pay to FIRST SENTRY BANK (“Lender”), or order, in lawful money of the United States of America, the principal amount of One Million & 00/100 Dollars ($1,000,000.00) or so much as may be outstanding, together with interest on the unpaid outstanding principal balance of each advance.  Interest shall be calculated from the date of each advance until repayment of each advance.

PAYMENT.  Borrower will pay this loan in one payment of all outstanding principal plus all accrued unpaid interest on October 7, 2005.  In addition, Borrower will pay regular monthly payments of all accrued unpaid interest due as of each payment date, beginning May 7, 2004, with all subsequent interest payments to be due on the same day of each month after that.  Unless otherwise agreed or required by applicable law, payments will be applied first to any unpaid collection costs; then to any late charges; then to any accrued unpaid interest; and then to principal. The annual interest rate for the Note is computed on a 365/360 basis; that is, by applying the ratio of annual interest rate over a year of 360 days, multiplied by the outstanding principal balance, multiplied by the actual number of days the principal balance is outstanding Borrower will pay Lender at Lender's address shown above or at such other place as Lender may designate in writing.

VARIABLE INTEREST RATE.   The interest rate on this Note is subject to change from time to time based on changes in an independent index which is the Prime Rate as published in the Wall Street Journal (the “index”).  The index is not necessarily the lowest rate charged by Lender on its loans.  If the Index becomes unavailable during the term of this loan, Lender may designate a substitute index after notice to Borrower.  Linder will tell Borrower the current index rate upon Borrower’s request.  The interest rate change will not occur more often than each day.  Borrower understands that Lender may make loans based on other rates as well.  The Index currently is 4.000% per annum. The interest rate to be applied to the unpaid principal balance of this Note will be at a rate equal to the index, resulting in an initial rate of 4.000% per annum.  NOTICE: Under no circumstances will interest rate on this Note be more than the maximum rate allowed by applicable law. 

PREPAYMENT.  Borrower may pay without penalty all or portion of the amount owed earlier than it is due.  Early payments will not, unless agreed to by Lender in writing, relieve Borrower of Borrower’s obligation to continue to make payments of accrued unpaid interest.  Rather, early payments will reduce the principal balance due.  Borrower agrees not to send Lender payments marked “paid in full”, “without recourse”, or similar language.  If Borrower sends such a payment, Lender may accept it without losing any of Lender’s rights under this Note, and Borrower will remain obligated to pay any further amount owed to Lender.  All written communications concerning disputed amounts, including any check or other payment instrument that indicates that the payment constitutes “payment if full” of the amount owed or that is tendered with other conditions or limitations or as full satisfaction of a disputed amount must be mailed or delivered to FIRST SENTRY BANK, P.O. BOX 2107, HUNTINGTON, WV 25721.

LATE CHARGE.   If a payment is 10 days or more late, Borrower will be charged $25.00.

INTEREST AFTER DEFAULT.   Upon default, including failure to pay upon final maturity, the total sum due under this Note will bear interest from the date of acceleration or maturity at the variable interest rate on this Note.  The interest rate will not exceed the maximum rate permitted by applicable law.  

DEFAULT.   Each of the following shall constitute an event of default (“Event of Default”) under this Note.