PLEDGE SECURITY AGREEMENT
                            -------------------------
                              (Investment Account)

     The  undersigned,  Unidigital  Inc., a Delaware  corporation,  executes and
delivers this Pledge Security Agreement (the "Agreement") to THE CHASE MANHATTAN
BANK ("Chase"),  having an office at 600 Fifth Avenue, New York, New York 10020,
further  to  induce  Chase to enter  into  that  certain  Waiver  And  Amendment
Agreement of even date herewith by and among Chase,  the undersigned and certain
subsidiaries of the undersigned and for other good and valuable consideration.

     Unless otherwise  defined herein  capitalized  terms shall have the meaning
ascribed to them in that certain  Guarantee  Agreement dated as of April 3, 1997
(the "Guarantee Agreement") made by the undersigned to Chase.

     1.  Certain  Definitions.  The  term  "Liabilities"  shall  mean:  (i)  the
Obligations,   and  (ii)  any  and  all  other  indebtedness,   obligations  and
liabilities  of any kind of the  undersigned  to Chase and also to others to the
extent of their  participations  granted  to or  interests  therein  created  or
acquired for them by Chase, now or hereafter existing,  arising directly between
the  undersigned   and  Chase  or  acquired   outright,   conditionally,   as  a
participation  or as  collateral  security  from  another by Chase,  absolute or
contingent,  joint  and/or  several,  secured  or  unsecured,  due or  not  due,
contractual or tortuous, liquidated or unliquidated, arising by operation of law
or otherwise, direct or indirect.

     The term "Collateral"  means all property in which the undersigned grants a
security  interest  pursuant to the "Grant of Security  Interest"  paragraph set
forth below.

     The term "Obligor"  means the undersigned or any maker,  drawer,  acceptor,
indorser,  guarantor, surety, accommodation party or other person liable upon or
for any of the Liabilities or the Collateral.

     2.  Grant  of  Security  Interest.  As  security  for  the  payment  of the
Liabilities,  the undersigned  hereby grants to Chase a security  interest in, a
general lien upon and/or right of setoff against (as  applicable) and pledges to
Chase the following Collateral and in all increases,  profits or rights received
from it, in all substitutions and additions together with any proceeds:

All commercial paper and any other investment or other property now or hereafter
held  in or  credited  to  Money  Center  Account  #01107317  maintained  by the
undersigned  with Chase  (the  "Collateral  Account"),  all  present  and future
entitlements  of the  undersigned  with respect to such property and  Collateral
Account,  all  income,  dividends  and other  disbursements  in  respect  of the
foregoing, and all proceeds of any of the foregoing.

     The undersigned  agrees that Chase's records will be the accurate record of
any substitutions in and additions to the Collateral.

     Chase  shall  release its  security  interest  in the  Collateral  upon the
repayment by the  undersigned  of that  certain  indebtedness  in the  aggregate
original  principal  amount  of  $2,600,000   evidenced  by  its  unsubordinated
promissory  notes  dated May 21,  1997 as  certified  to the Lender to the 

<PAGE>

Chief Financial Officer of the undersigned;  provided,  however, that the Lender
shall not release its security interest if an Event of Default has occurred.

     3. Covenants.  As long as any part of the Liabilities  remains unpaid,  the
undersigned shall:

     (a)  defend the Collateral  against all claims,  keep the  Collateral  free
          from other  security  interests  and not dispose of any portion of the
          Collateral without Chase's written consent;

     (b)  notify  Chase  promptly  of any changes in the  undersigned's  name or
          address;

     (c)  notify Chase of any change in legal entity structure, if applicable;

     (d)  execute and deliver any financing  statements or other documents,  pay
          any costs of title searches and filing fees, and take any other action
          Chase requests in relation to the security interest;

     (e)  pay all taxes  and other  charges,  which  may be levied  against  the
          Collateral; and

     (f)  at all times maintain  Collateral in the Collateral Account (including
          for the purpose of this covenant,  only readily marketable  investment
          grade debt securities of Persons other than the Credit Parties) having
          a fair market value as determined by Chase of not less than $350,000.

     4.  Warranties.  As long as any part of the Liabilities  remains unpaid the
undersigned warrants to Chase that:

     (a)  each document representing the Collateral is genuine;

     (b)  the undersigned owns the Collateral;

     (c)  the undersigned (and its officer executing this Agreement on behalf of
          the  undersigned)  is fully  authorized  and has taken  all  necessary
          corporate  and  shareholder  action  to enter  into and  perform  this
          Agreement; and

     (d)  the  undersigned  shall  not  grant or suffer to exist any Lien in the
          Collateral to or in favor of any Person other than Lender.

     5.  Voting  Rights.  If  the  Collateral  is  investment  securities,   the
undersigned  authorizes  Chase to transfer them into Chase's name or the name of
any nominee. So long as no Event of Default (as hereinafter defined) occurs, the
undersigned  shall have all voting  rights with  respect  investment  securities
which   constitute   Collateral  and  Chase  will  mail  the   undersigned   all
communications and proxies addressed to Chase,  within a reasonable time so that
the undersigned may exercise such rights; provided, however, that the failure of
Lender so to do shall not  entitle  the  undersigned  to any  damages  by way of
separate action, offset or otherwise. After an Event of Default, Chase shall not
be  required  to send the  undersigned  further  communications  and any proxies
issued by the  undersigned  will be invalid.  Chase shall then have the right to
vote in person or by proxy without any direction from the undersigned.

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     6.  Default.  Any of the  following  will  constitute  an Event of  Default
hereunder:

     (a)  an "Event of Default" under the Credit Agreement; or

     (b)  the fair market value of the Collateral (including, for the purpose of
          this  provision,   only  readily  marketable   investment  grade  debt
          securities) in the Account shall be less than $350,000 for a period of
          3 consecutive Business Days (as defined in the Credit Agreement) after
          notice  from  Chase  that the  fair  market  value  of the  Collateral
          Account, as determined by it in its sole discretion, is less than such
          amount;

     (c)  any Obligor shall default in the  performance of any of its agreements
          herein or in any  instrument  or document  delivered  pursuant to this
          Agreement or any of the  Liabilities  or in connection  herewith,  and
          such default  shall  continue for 30 days after notice  thereof by the
          Lender to the Obligor  (except that there shall be no grace period for
          any default under paragraphs 3(f) or(d) hereof);


     Upon the  occurrence of an Event of Default,  unless and to the extent that
Chase shall otherwise elect, all of the Liabilities  shall become and be due and
payable  forthwith.  THE RIGHTS OF CHASE SET FORTH IMMEDIATELY ABOVE ARE WITHOUT
LIMITATION  OF, AND IN  ADDITION  TO, ANY OTHER  RIGHT OF CHASE  UNDER ANY OTHER
DOCUMENT  EVIDENCING OR EXECUTED IN CONNECTION WITH THE  LIABILITIES  (INCLUDING
BUT NOT  LIMITED  TO ANY  RIGHT  OF  ACCELERATION  OF  PAYMENT  PURSUANT  TO THE
PROVISIONS  THEREOF OR ANY RIGHT OF CHASE TO MAKE DEMAND FOR PAYMENT  THEREUNDER
WITHOUT REFERENCE TO ANY PARTICULAR CONDITION OR EVENT).

     7. Dividends/Income. So long as no Event of Default occurs, the undersigned
shall have the right to receive all cash income  from the  Collateral.  If Chase
receives any cash income  before the  occurrence  of an Event of Default,  Chase
agrees to turn it over to the undersigned.  Once an Event of Default occurs, the
undersigned  will no longer be  entitled  to receive  any cash income and if the
undersigned receives any, the undersigned agrees to turn it over to Chase. If an
event of Default exists, Chase may apply such receipts to the Liabilities in any
order in which it may determine in its sole  discretion,  but Chase will account
for such receipts and pay over to the undersigned any cash which remains on hand
after the Liabilities are satisfied.

     8. General Waivers.  Without  affecting the liability of the undersigned to
Chase, any of the following may be done without notice to the undersigned:

     (a)  change,  renew or  extend  the time for  repayment  of any part of the
          Liabilities;

     (b)  change the rate of interest or any other  provisions  with  respect to
          any part of the Liabilities;

     (c)  surrender, sell or otherwise dispose of any money or property which is
          in Chase's possession as collateral security for the Liabilities;

     (d)  release or discharge any party liable to Chase in whole or in part for
          the Liabilities or accept any additional parties or guarantors;

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     (e)  delay or refrain from exercising any of Chase's rights;

     (f)  settle or compromise any and all claims; and/or

     (g)  apply any money or  property of the  undersigned  or that of any other
          party  liable  to  Chase  for  any  part  of the  Liabilities,  to the
          Liabilities in any order Chases chooses in its sole discretion.

     9. Custody of Collateral.  Chase agrees to use  reasonable  care to protect
any Collateral in its possession. However, Chase shall not be required to:

     (a)  vote any stock;

     (b)  collect any debt;

     (c)  exercise any conversion rights; and/or

     (d)  take any steps necessary to preserve rights against prior parties;

     (e)  notify the undersigned of any maturities, calls, conversions, or other
          similar matters  concerning the  Collateral,  except for forwarding to
          the  undersigned  those  communications  which  are  addressed  to the
          undersigned.

     10. Changes in Collateral. Whether or not an Event of Default has occurred,
the undersigned authorizes Chase to:

     (a)  receive and hold as additional collateral any non-cash increases in or
          profits on the Collateral; and/or

     (b)  surrender the Collateral and receive any payment or distribution  upon
          redemption,   dissolution   or   liquidation  of  the  issuer  of  the
          Collateral.

If the undersigned receive any of the payments or distributions  described above
the undersigned agrees promptly to turn them over to Chase.

     11.   Further   Assurances.   The   undersigned   appoints   Chase  as  its
attorney-in-fact to take any necessary steps,  including the filing of financing
statements, to perfect Chase's security interest in the Collateral without first
obtaining the  undersigned's  signature.  Upon Chase's request,  the undersigned
will  execute any  amendments,  including  UCC-3 forms,  which are  necessary or
appropriate  as  determined  by Chase  in its sole  discretion  to  perfect  and
continue Chase's security interest in the Collateral.

     12. Fees and Expenses.  The  undersigned  agrees to pay all Chase's  costs,
including  reasonable  attorneys' fees for necessary court process, in enforcing
this Agreement or realizing upon the Collateral.

     13.  Modification.  This Agreement  cannot be modified  except by a written
agreement between the parties.

     14. Notices. The undersigned waives any right to notice of any action Chase
may take with respect to the Collateral. If Chase shall provide such notice, the
undersigned  agrees  that  notice  will  be  sufficiently  given  if sent to the
undersigned's  address  shown in this  Agreement  or to a 


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new address which the undersigned  shall have notified Chase of in writing.  The
undersigned  agrees  that  notice of  foreclosure  sale sent at least  five days
before the sale  provides  the  undersigned  with a  reasonable  opportunity  to
exercise any right of redemption of the Collateral and any other legal rights.

     15.  Governing Law;  Jurisdiction.  This Agreement shall be governed by and
construed in accordance  with the laws of the State of New York. The undersigned
consents  to the  nonexclusive  jurisdiction  and venue of the state or  federal
courts located in such state. In the event of a dispute  hereunder,  suit may be
brought against the undersigned in such courts or in any jurisdiction  where the
undersigned or any of its assets may be located.  Service of process by Chase in
connection  with any dispute shall be binding on the  undersigned if sent to the
undersigned by registered  mail at the address  specified below or to such other
address as the undersigned may specify to Chase in writing.

     16.  Miscellaneous.  This  Agreement  shall  constitute an additional  Loan
Document and Security  Document  within the meaning of the Credit  Agreement and
shall not  supersede  any other Loan  Document  or  Security  Document,  and the
Collateral  herein  pledged to the Chase is in addition to all other  collateral
heretofore pledged by the undersigned or any of the Borrowers to Chase under any
of the Security Documents.



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     IN WITNESS  WHEREOF,  the undersigned has caused this instrument to be duly
executed  and  delivered  by its duly  authorized  officer as of this 1st day of
July, 1997.

                                   UNIDIGITAL INC.


                                By:/s/ William E. Dye
                                   ----------------------------
                                   Name:  William E. Dye
                                   Title:  President and CEO

                                   Address for Notices:

                                   545 West 45th Street
                                   New York,  New York 10036  
                                   Attention:  William E. Dye, President 
                                   Telecopy: (212) 262-1830


                                   THE CHASE MANHATTAN BANK


                                By:/s/ Donald Furrer
                                   ----------------------------
                                   Name:  Donald Furrer
                                   Title:  Vice President

                                   Address for Notices:

                                   600 Fifth Avenue
                                   New York, New York 10020
                                   Attention: Donald Furrer, Vice President
                                   Telecopy: (212) 332-4369

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