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PRESS RELEASE DATED 06/18/01

                     MULTI-COLOR CORPORATION BOARD APPROVES
                             STOCK BUY BACK PROGRAM

         CINCINNATI, June 18 / PRNewswire / -- Multi-Color Corporation (Nasdaq:
LABL) today announced that its Board of Directors has approved the repurchase
from time to time of up to 100,000 shares of the Company's common stock. The
authorization includes both open market purchases as well as private
transactions. The Company currently has 2.5 million shares of common stock
outstanding. Hilliard Lyons, a PNC Advisors Company, will be handling the
transactions.

         Francis D. Gerace, President and CEO, stated, "We believe that
investing in the Company's common stock at current prices represents an
attractive investment opportunity earning a return well above our weighted
average cost of capital. The Company's continued strong financial performance
allows us to repurchase our common stock, increase shareholder value, and carry
out our plans for the continued growth of the Company."

         In addition, the Board has set the Annual Meeting date to be held on
Thursday, August 16, 2001 at the Queen City Club, 331 East Fourth Street,
Cincinnati, Ohio 45202, at 10:30 a.m. EDT. Proxy statements will be mailed to
Shareholders of Record as of June 30, 2001.

         Gerace also reported Multi-Color's recent success with signing
long-term contracts with several major customers.

         "Our ability to provide multiple label solutions while assisting our
customers with reducing their overall packaging costs has been recognized and
well received," Gerace added.

         About Multi-Color (http://www.multicolorcorp.com)
                            ------------------------------

         Cincinnati, Ohio based Multi-Color Corporation is the premier supplier
of specialty decorative labels and related services for technically demanding
applications to consumer product companies and container manufacturers
worldwide. Multi-Color is the leading producer of in-mold labels (IML) and
specialty labels. Recent acquisitions have placed the Company into the high-end
pressure sensitive and heat shrink label markets and tamper-evident neckband
markets. The Company has four manufacturing operations in the United States. Its
products are shipped to four manufacturing operations in the United States. Its
products are shipped to more than 40 locations in the United States, Canada,
Mexico, South America and Asia.

         Safe Harbor Statement

         Forward looking statements in this release including, without
limitations, statements relating to the Company's plans, strategies, objectives,
expectations, intentions and adequacy of resources, are made pursuant to the
safe harbor provisions of the Private Securities Litigation Reform Act of 1995.
These forward-looking statements involve known and unknown risks,



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uncertainties and other factors that may cause the actual results, performance
or achievements of the Company to be materially different from any future
results, performance or achievements expressed or implied by such
forward-looking statements. These factors include, among others, the following:
general economic and business conditions; the ability to integrate acquisitions;
the success of its significant customers; competition; acceptance of new product
offerings; changes in business strategy or plans; quality of management;
availability, terms and development of capital; availability of raw materials;
business abilities and judgment of personnel; changes in, or the failure to
comply with, government regulations, and other factors. The Company undertakes
no obligation to publicly update or revise any forward-looking statements,
whether as a result of new information, future events or otherwise.