MFW M&F Worldwide Corp. Common Stock

Harland Clarke Holdings Corp. (formerly Clarke American Corp. (the �Company�)) announced that its tender offer relating to its 11�% Senior Notes due 2013 (the �Notes�) expired at 9:00 a.m., New York City time, on Thursday, May 3, 2007. Holders of approximately 99.9% of the outstanding Notes tendered their Notes in the tender offer. In connection with the tender offer, holders also delivered consents to the proposed amendments to the indenture governing the Notes in the consent solicitation, which expired on April�19, 2007 (the �Consent Date�). On May 1, 2007, the Company completed its acquisition of John�H. Harland Company. As part of the closing, the Company accepted the Notes tendered on or prior to the Consent Date for payment and paid holders of those Notes the total consideration. Bear, Stearns & Co. Inc. acted as Dealer Manager for the tender offer and as the Solicitation Agent for the consent solicitation. The depositary for the tender offer was The Bank of New York. About Harland Clarke Holdings Corp. Harland Clarke is a leading provider of printed products, software and services, and testing and assessment solutions. Harland Clarke�s printed products division is a leading provider of checks and related products, direct marketing and contact center services to financial and commercial institutions as well as individual consumers and small businesses. Harland Clarke�s Harland Financial Solutions business is a leading lending and mortgage compliance software provider in the United States. Harland Clarke�s Scantron division is a leading provider of educational testing and survey technologies to educational institutions and Fortune 1000 organizations in the United States. Harland Clarke is a wholly owned subsidiary of M & F Worldwide Corp., a holding company that, in addition to Harland Clarke, wholly owns Mafco Worldwide Corporation, which is the world�s largest producer of licorice extracts and related products. Safe Harbor Statement This press release contains forward-looking statements that reflect management�s current assumptions and estimates of future performance and economic conditions, which are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are subject to a number of risks and uncertainties, many of which are beyond Harland Clarke�s control. All statements other than statements of historical facts included in this press release, including those regarding Harland Clarke�s strategy, future operations, financial position, estimated revenues, projected costs, projections, prospects, plans and objectives of management, are forward-looking statements. When used in this press release, the words �believes,� �anticipates,� �plans,� �expects,� �intends,� �estimates� or similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. All forward-looking statements speak only as of the date of this press release. Although Harland Clarke believes that its plans, intentions and expectations reflected in or suggested by the forward-looking statements made in this press release are reasonable, such plans, intentions or expectations may not be achieved. The factors which may cause Harland Clarke�s actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements contained in this press release include: 1) Harland Clarke�s substantial indebtedness; 2) covenant restrictions under Harland Clarke�s indebtedness that may limit its ability to operate its business and react to market changes; 3) the maturity of the principal industry in which Harland Clarke operates and trends in the paper check industry, including a faster than anticipated decline in check usage due to increasing use of alternative payment methods and other factors; 4) consolidation among financial institutions; 5) higher than anticipated stand-alone costs of Harland Clarke; 6) adverse changes among the large financial institution clients on which Harland Clarke depends, resulting in decreased revenues; 7) intense competition in all areas of Harland Clarke�s business; 8) interruptions or adverse changes in Harland Clarke�s supplier relationships, technological capacity, intellectual property matters and applicable laws; and 9) the inability to integrate (including realization of anticipated synergies) the businesses of Clarke American Corp. and John H. Harland Company at all or in the manner previously anticipated by Clarke American Corp. and its parent, M & F Worldwide Corp. Harland Clarke assumes no responsibility to update the forward-looking statements contained in this release. You should read carefully the factors described in Item 1A of the Company�s Annual Report on Form 10-K filed with the SEC on March 9, 2007 for a description of other risks that could, among other things, cause actual results to differ from these forward looking statements.