The scrapbook was, deducing from available clews, the final project a young fashion student who, for an estimated period of 18-24 years, answered to the moniker "Miss Swan".
Much to the pride of the sometimes gruff (but still lovable) Mr. Swan, his daughter's project was deemed "Ex". The instructor shared this concise thought in the book's margins with a pencil (which scrapbook scholars believe to have been a yellow American Pencil Company (which would later be acquired by Faber-Castell USA) product) .
An analysis of the handwriting indicates that this particular instructor was an closet horse gambler who dabbled with communism in the 1920s, but would surprisingly vote for Nixon in the 1960 presidential election. More surprisingly, her decision was to be based solely on the televised debates, which she would watch through a storefront window, but not listen to.
To the point, much like Mr. Swan and his progeny, "Ex" is often interpreted as "Excellent" and not "Expletive", "Exonic", or "Exodos". You may agree with this 54 year old judgement.