CHICAGO, IL, September 7, 2001 — Pitman Company, the leading North American graphic arts supplier, today announced the establishment of the Robert Pitman Schmidt Memorial Scholarship at the Rochester Institute of Technology (RIT) School of Printing with an initial endowment of $50,000. The scholarship honors the memory of the former President and Chief Executive Officer of Pitman Company who passed away last December. Additionally, in a step designed to enable RIT to enhance the number and values of both the tuition and working scholarships available to School of Printing students, the company also announced that it will be consolidating eleven existing Pitman endowments into a more productive operating nucleus comprising two major endowment funds – the Paul F. and Katharine P. Schmidt Scholarship Fund and the new Robert Pitman Schmidt Memorial Scholarship Fund. Following completion of the consolidation, the endowment of each individual scholarship fund is expected to attain a value, over time, in excess of $100,000. The relationship between RIT and Pitman Company began in the early 1950's with the company's ongoing support of the School of Printing. The Paul F. and Katharine P. Schmidt Scholarship Fund, established in 1982, was the first of several scholarships established by the company for students in the RIT School of Printing. In announcing the new RIT scholarship, Joe Demharter, President and Chief Executive Officer of Pitman Company, observed, "Bob Schmidt was truly admired and respected by all of his colleagues in the graphic arts industry. What better way to honor his memory than with a scholarship in his name that supports the education of dedicated RIT students and helps them prepare to become the industry's innovators and leaders in an exciting era of new technologies and growth. It's an enduring legacy that will benefit the students and our industry for decades to come."