CORPORATE FINANCE

Merger & Acquisition - Representing Buyer

Totowa, New Jersey

Has Acquired All of the Assets of

SPECIALTY GRAPHICS, INC.
Los Angeles, California
March 1996

ALLETEC, INC.
St. Louis, Missouri
April 1997

MAHALICK CORP.
Yonkers, New York
October 1998

LDR, INC.
Portland, Oregon
January 2002

The undersigned acted as financial
advisor to Pitman Company in connection
with these acquisitions.

Pitman Company

Carreden served as M&A advisor to Pitman Company, a large graphic arts supplies distributor. Rapid technological developments in digital imaging dramatically changed the nature of the graphic arts distribution business and changed its customer's assortment of production supplies and services. These changes severely strained capital resources of many smaller distributors forcing them to seek additional liquidity, merge with competitors or simply go out of business. As the industry's preeminent competitor, Pitman regularly received inquiries from smaller competitors interested in becoming part of a much larger organization. Carreden evaluated over a dozen potential sellers resulting in the four successful acquisitions shown here.