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September 14, 2006
Contact: Deborah Baum
(401) 863-2476

Brown Receives $26.5-Million Gift for University Scholarships

The Frederic N. Schwartz Trust has given $26.5 million to Brown University on behalf of the late Eleanor H. Schwartz, a member of the Pembroke College Class of 1929, and the late Frederic N. Schwartz. The gift will endow University scholarships for women.

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PROVIDENCE, R.I. — On behalf of the late Eleanor H. Schwartz, a member of the Pembroke College Class of 1929, and the late Frederic N. Schwartz, Brown University is receiving $26.5 million, to be used for University scholarships.  This generous bequest from two trusts administered by JPMorgan Chase Bank and trusted advisors of Mr. and Mrs. Schwartz will establish the Eleanor Haley Schwartz Scholarship Fund, benefiting female undergraduate and graduate students.

Brown University established its Women’s College in 1891 to provide a route by which young women could earn bachelor’s degrees from the University. The Women’s College was renamed Pembroke College in 1928 and was formally merged with the undergraduate College in 1971.

Brown provides all its financial aid on the basis of need; these scholarships will enhance Brown’s ability to offer substantial financial assistance to some of Brown’s brightest, most competitive scholars.

Brown President Ruth J. Simmons, addressing the need for continued scholarship support, has said, “There is no better way to sustain Brown’s tradition of excellence.”

“This extraordinary gift is significant in so many ways,” said James S. Miller, dean of admissions at Brown. “Perhaps most importantly, it reinforces and expands the resources Brown can commit to ensure an enduring policy of need-blind admissions. Future generations of women from across the nation will be the beneficiaries of the family’s generosity – a wonderful legacy that has its roots in Eleanor Schwartz’s enrollment at Pembroke more than 80 years ago.”

Mr. Schwartz was a former chairman of the board and director of Bristol-Myers. These trusts, funded largely with shares of Bristol-Myers, also designated that similar bequests be distributed to his alma mater, Syracuse University.