3ds Max :: Render Color Accuracy With Ink (n) Paint Materials

I am having trouble getting colors in Ink 'n Paint materials to render as specified. They appear washed out - brighter and in low saturation. It happens with both default and mental ray renderers, with or without exposure control on. It also happens if I create an all new scene with nothing but a single box and the default Ink 'n Paint material, using default render settings, not touching anything else - the blue is wrong in the render.

Maybe I am misunderstanding the material itself somehow or missing something else, but I imagined one of the points of the material is to force colors to render exactly as specified.