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<SEC-DOCUMENT>0001047469-03-010161.txt : 20030325
<SEC-HEADER>0001047469-03-010161.hdr.sgml : 20030325
<ACCEPTANCE-DATETIME>20030325172617
ACCESSION NUMBER:		0001047469-03-010161
CONFORMED SUBMISSION TYPE:	DEF 14A
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20030422
FILED AS OF DATE:		20030325
EFFECTIVENESS DATE:		20030325

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			MARINE PRODUCTS CORP
		CENTRAL INDEX KEY:			0001129155
		STANDARD INDUSTRIAL CLASSIFICATION:	SHIP & BOAT BUILDING & REPAIRING [3730]
		IRS NUMBER:				582572419
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		DEF 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-16263
		FILM NUMBER:		03616405

	BUSINESS ADDRESS:	
		STREET 1:		2170 PIEDMONT ROAD NE
		CITY:			ATLANTA
		STATE:			GA
		ZIP:			30324
		BUSINESS PHONE:		4043212140

	MAIL ADDRESS:	
		STREET 1:		2170 PIEDMONT ROAD NE
		CITY:			ATLANTA
		STATE:			GA
		ZIP:			30324
</SEC-HEADER>
<DOCUMENT>
<TYPE>DEF 14A
<SEQUENCE>1
<FILENAME>a2106110zdef14a.htm
<DESCRIPTION>DEF 14A
<TEXT>
<HTML>
<HEAD>

</HEAD>
<BODY BGCOLOR="#FFFFFF" LINK=BLUE  VLINK=PURPLE>
<BR>
<FONT SIZE=3 ><A HREF="#03ATA1182_1">QuickLinks</A></FONT>
<font size=3> -- Click here to rapidly navigate through this document</font>
<P ALIGN="CENTER"><FONT SIZE=2><B>SCHEDULE 14A INFORMATION  </B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>Proxy Statement Pursuant to Section&nbsp;14(a) of<BR>
the Securities Exchange Act of 1934 (Amendment No.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;) </FONT></P>

<!-- User-specified TAGGED TABLE -->
<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="BOTTOM">
<TD COLSPAN=3 VALIGN="TOP"><FONT SIZE=2>Filed by the Registrant <FONT FACE="WINGDINGS">&#253;</FONT></FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD COLSPAN=3 VALIGN="TOP"><FONT SIZE=2>Filed by a Party other than the Registrant <FONT FACE="WINGDINGS">&#111;</FONT></FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD COLSPAN=3 VALIGN="TOP"><FONT SIZE=2><BR>
Check the appropriate box:</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="2%" VALIGN="TOP"><FONT SIZE=2><FONT FACE="WINGDINGS">&#111;</FONT></FONT></TD>
<TD WIDTH="3%" VALIGN="TOP"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="95%" VALIGN="TOP"><FONT SIZE=2>Preliminary Proxy Statement</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="2%"><FONT SIZE=2><FONT FACE="WINGDINGS">&#111;</FONT></FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="95%"><FONT SIZE=2><B>Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2))</B></FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="2%" VALIGN="TOP"><FONT SIZE=2><FONT FACE="WINGDINGS">&#253;</FONT></FONT></TD>
<TD WIDTH="3%" VALIGN="TOP"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="95%" VALIGN="TOP"><FONT SIZE=2>Definitive Proxy Statement</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="2%" VALIGN="TOP"><FONT SIZE=2><FONT FACE="WINGDINGS">&#111;</FONT></FONT></TD>
<TD WIDTH="3%" VALIGN="TOP"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="95%" VALIGN="TOP"><FONT SIZE=2>Definitive Additional Materials</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="2%" VALIGN="TOP"><FONT SIZE=2><FONT FACE="WINGDINGS">&#111;</FONT></FONT></TD>
<TD WIDTH="3%" VALIGN="TOP"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="95%" VALIGN="TOP"><FONT SIZE=2>Soliciting Material Pursuant to &sect;240.14a-12</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=3 ALIGN="CENTER"><BR><FONT SIZE=3> MARINE PRODUCTS CORPORATION</FONT><HR NOSHADE></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD COLSPAN=3 ALIGN="CENTER" VALIGN="TOP"><FONT SIZE=2>(Name of Registrant as Specified In Its Charter)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=3 ALIGN="CENTER"><BR><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><HR
NOSHADE></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD COLSPAN=3 ALIGN="CENTER" VALIGN="TOP"><FONT SIZE=2>(Name of Person(s) Filing Proxy Statement, if other than the Registrant)<BR></FONT>
</TD>
</TR>
</TABLE>
<!-- end of user-specified TAGGED TABLE -->


<P><FONT SIZE=2>Payment of Filing Fee (Check the appropriate box): </FONT></P>

<!-- User-specified TAGGED TABLE -->
<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="TOP">
<TD WIDTH="2%"><FONT SIZE=2><FONT FACE="WINGDINGS">&#253;</FONT></FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=3><FONT SIZE=2>No fee required.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="2%"><FONT SIZE=2><FONT FACE="WINGDINGS">&#111;</FONT></FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=3><FONT SIZE=2>Fee computed on table below per Exchange Act Rules&nbsp;14a-6(i)(4) and 0-11.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2>(1)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="90%"><FONT SIZE=2>Title of each class of securities to which transaction applies:<BR>
<BR>
<BR></FONT>
<HR NOSHADE></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2>(2)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="90%"><FONT SIZE=2>Aggregate number of securities to which transaction applies:<BR>
<BR>
<BR></FONT>
<HR NOSHADE></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2>(3)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="90%"><FONT SIZE=2>Per unit price or other underlying value of transaction computed pursuant to Exchange Act Rule 0-11 (set forth the amount on which the filing fee is calculated and state how it was determined):<BR>
<BR>
<BR></FONT>
<HR NOSHADE></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2>(4)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="90%"><FONT SIZE=2>Proposed maximum aggregate value of transaction:<BR>
<BR>
<BR></FONT>
<HR NOSHADE></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2>(5)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="90%"><FONT SIZE=2>Total fee paid:<BR>
<BR>
<BR></FONT>
<HR NOSHADE></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="2%"><FONT SIZE=2><BR>
<FONT FACE="WINGDINGS">&#111;</FONT></FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD COLSPAN=3><FONT SIZE=2><BR>
Fee paid previously with preliminary materials.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="2%"><FONT SIZE=2><BR>
<FONT FACE="WINGDINGS">&#111;</FONT></FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD COLSPAN=3><FONT SIZE=2><BR>
Check box if any part of the fee is offset as provided by Exchange Act Rule&nbsp;0-11(a)(2) and identify the filing for which the offsetting fee was paid previously. Identify the previous filing by registration statement number, or the Form or
Schedule and the date of its filing.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="2%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2><BR>
(1)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="90%"><FONT SIZE=2><BR>
Amount Previously Paid:<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<BR></FONT>
<HR NOSHADE></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2>(2)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="90%"><FONT SIZE=2>Form, Schedule or Registration Statement No.:<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<BR>
</FONT><HR NOSHADE></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2>(3)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="90%"><FONT SIZE=2>Filing Party:<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<BR></FONT>
<HR NOSHADE></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2>(4)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="90%"><FONT SIZE=2>Date Filed:<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<BR></FONT>
<HR NOSHADE></TD>
</TR>
</TABLE>
<!-- end of user-specified TAGGED TABLE -->

<HR NOSHADE>
<!-- ZEQ.=1,SEQ=1,EFW="2106110",CP="MARINE PRODUCTS CORPORATION",DN="1",CHK=829220,FOLIO='blank',FILE='DISK038:[03ATA2.03ATA1182]AA1182A.;3',USER='SSTANSE',CD='25-MAR-2003;10:29' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->
<P ALIGN="CENTER"><FONT SIZE=4><B>MARINE PRODUCTS CORPORATION  </B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=3><B>NOTICE OF ANNUAL MEETING OF STOCKHOLDERS  </B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=3><B> 2170 Piedmont Road, NE, Atlanta, Georgia 30324  </B></FONT></P>


<P><FONT SIZE=2>TO THE HOLDERS OF THE COMMON STOCK: </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>PLEASE TAKE NOTICE</B></FONT><FONT SIZE=2> that the 2003 Annual Meeting of Stockholders of Marine Products Corporation, a Delaware corporation ("Marine Products"
or "the Company"), will be held at the Company's offices located at 2170 Piedmont Road, NE, Atlanta, Georgia, on Tuesday, April&nbsp;22, 2003, at 1:00&nbsp;P.M., or any adjournment thereof, for
the following purposes: </FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(1)</FONT></DT><DD><FONT SIZE=2>To
elect two Class&nbsp;II directors to the Board of Directors; and
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(2)</FONT></DT><DD><FONT SIZE=2>To
transact such other business as may properly come before the meeting or any adjournment thereof. </FONT></DD></DL>
</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Proxy Statement dated March&nbsp;17, 2003 is attached. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Board of Directors has fixed the close of business on February&nbsp;24, 2003 as the record date for the determination of stockholders entitled to notice of, and to vote at, the
meeting. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stockholders
who do not expect to be present at the meeting are urged to complete, date, sign and return the enclosed proxy. No postage is required if the enclosed envelope is mailed in
the United States. </FONT></P>

<UL>
<UL>
<UL>
<UL>
<UL>
<UL>
<UL>
<UL>
<UL>
<UL>
<UL>

<P><FONT SIZE=2>&nbsp;&nbsp;BY
ORDER OF THE BOARD OF DIRECTORS </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;/s/
Linda H. Graham </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;Linda
H. Graham, Secretary </FONT></P>

</UL>
</UL>
</UL>
</UL>
</UL>
</UL>
</UL>
</UL>
</UL>
</UL>
</UL>

<P><FONT SIZE=2>Atlanta,
Georgia<BR>
March&nbsp;17, 2003 </FONT></P>

<HR NOSHADE>
<!-- ZEQ.=1,SEQ=2,EFW="2106110",CP="MARINE PRODUCTS CORPORATION",DN="1",CHK=413081,FOLIO='blank',FILE='DISK038:[03ATA2.03ATA1182]BA1182A.;5',USER='SSTANSE',CD='25-MAR-2003;16:12' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->
<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="page_de1182_1_2"> </A> </FONT></P>

<!-- TOC_END -->
<P ALIGN="CENTER"><FONT SIZE=1><B> <A NAME="de1182_proxy_statement"> </A>
<A NAME="toc_de1182_1"> </A>
<BR>    </B></FONT><FONT SIZE=2><B>PROXY STATEMENT    <BR>  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Proxy Statement and a form of proxy were first mailed to stockholders on or about March&nbsp;21, 2003. The following information concerning the enclosed
proxy and the matters to be acted upon at the Annual Meeting of Stockholders to be held on April&nbsp;22, 2003, is submitted by the Company to the stockholders for their information. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="de1182_solicitation_of_and_power_to_revoke_proxy"> </A>
<A NAME="toc_de1182_2"> </A>
<BR></FONT><FONT SIZE=2><B>SOLICITATION OF AND POWER TO REVOKE PROXY    <BR>  </B></FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A form of proxy is enclosed. Each proxy submitted will be voted as directed, but if not otherwise specified, proxies solicited by the Board of Directors of the
Company will be voted in favor of the candidates for election to the Board of Directors. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A
stockholder executing and delivering a proxy has power to revoke the same and the authority thereby given at any time prior to the exercise of such authority if he so elects, by
contacting either proxyholder at 2170 Piedmont Road, NE, Atlanta, Georgia, 30324. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="de1182_capital_stock"> </A>
<A NAME="toc_de1182_3"> </A>
<BR></FONT><FONT SIZE=2><B>CAPITAL STOCK    <BR>  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The outstanding capital stock of the Company on February&nbsp;24, 2003 consisted of 17,110,603 shares of Common Stock, par value $0.10 per share. Holders of
Common Stock are entitled to one vote (non-cumulative) for each share of such stock registered in their respective names at the close of business on February&nbsp;24, 2003, the record
date for determining stockholders entitled to notice of and to vote at the meeting or any adjournment thereof. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A
majority of the outstanding shares will constitute a quorum at the Annual Meeting. Abstentions and broker non-votes are counted for purposes of determining the presence or
absence of a quorum for the transaction of business. In accordance with General Corporation Law of the state
of Delaware, the election of the nominees named herein as Directors will require the affirmative vote of a plurality of the votes cast by the shares of Company Common Stock entitled to vote in the
election provided that a quorum is present at the Annual Meeting. In the case of a plurality vote requirement (as in the election of directors), where no particular percentage vote is required, the
outcome is solely a matter of comparing the number of votes cast for each nominee, and hence only votes for director nominees (and not abstentions or broker non-votes) are relevant to the
outcome. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
executives named in the Summary Compensation Table, all of the directors of the Company and the name and address of each stockholder who owned beneficially five percent (5%) or more
of the shares of Common Stock of the Company on February&nbsp;24, 2003, together with the number of shares by such persons and the percentage of outstanding shares that ownership represents, and
information as </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>2</FONT></P>

<HR NOSHADE>
<!-- ZEQ.=1,SEQ=3,EFW="2106110",CP="MARINE PRODUCTS CORPORATION",DN="1",CHK=738224,FOLIO='2',FILE='DISK038:[03ATA2.03ATA1182]DE1182A.;4',USER='SSTANSE',CD='25-MAR-2003;10:30' -->
<A NAME="page_de1182_1_3"> </A>
<BR>

<P><FONT SIZE=2>
to Common Stock ownership of the executive officers and directors of the Company as a group (according to information received by the Company), is set out below: </FONT></P>

<!-- User-specified TAGGED TABLE -->
<TABLE WIDTH="84%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="BOTTOM">
<TH WIDTH="70%" ALIGN="LEFT"><FONT SIZE=1><B>Name and Address<BR>
of Beneficial Owner<BR> </B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="12%" ALIGN="CENTER"><FONT SIZE=1><B>Amount<BR>
Beneficially<BR>
Owned (1)</B></FONT><HR NOSHADE></TH>
<TH WIDTH="3%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="13%" ALIGN="CENTER"><FONT SIZE=1><B>Percent of<BR>
Outstanding<BR>
Shares</B></FONT><HR NOSHADE></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="70%" VALIGN="TOP"><FONT SIZE=1>FMR Corporation<BR>
82 Devonshire Street<BR>
Boston, Massachusetts</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT" VALIGN="TOP"><FONT SIZE=1>1,587,940</FONT></TD>
<TD WIDTH="3%" VALIGN="TOP"><FONT SIZE=1>(2)</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT" VALIGN="TOP"><FONT SIZE=1>9.3</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="70%" VALIGN="TOP"><FONT SIZE=1>LOR, Inc.<BR>
2170 Piedmont Road<BR>
Atlanta, GA 30324</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT" VALIGN="TOP"><FONT SIZE=1>10,068,569</FONT></TD>
<TD WIDTH="3%" VALIGN="TOP"><FONT SIZE=1>(3)</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT" VALIGN="TOP"><FONT SIZE=1>58.8</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="70%" VALIGN="TOP"><FONT SIZE=1>R. Randall Rollins<BR>
Chairman of the Board<BR>
2170 Piedmont Road, NE<BR>
Atlanta, Georgia</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT" VALIGN="TOP"><FONT SIZE=1>10,467,076</FONT></TD>
<TD WIDTH="3%" VALIGN="TOP"><FONT SIZE=1>(4)</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT" VALIGN="TOP"><FONT SIZE=1>59.8</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="70%" VALIGN="TOP"><FONT SIZE=1>Gary W. Rollins<BR>
President and Chief Executive Officer,<BR>
Rollins, Inc.<BR>
2170 Piedmont Road, NE<BR>
Atlanta, Georgia</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT" VALIGN="TOP"><FONT SIZE=1>10,522,314</FONT></TD>
<TD WIDTH="3%" VALIGN="TOP"><FONT SIZE=1>(5)</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT" VALIGN="TOP"><FONT SIZE=1>60.1</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="70%" VALIGN="TOP"><FONT SIZE=1>Henry B. Tippie<BR>
Chairman of the Board and Chief Executive Officer,<BR>
Tippie Services, Inc.<BR>
P.O. Box 26557<BR>
Austin, Texas 78755</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT" VALIGN="TOP"><FONT SIZE=1>179,376</FONT></TD>
<TD WIDTH="3%" VALIGN="TOP"><FONT SIZE=1>(6)</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT" VALIGN="TOP"><FONT SIZE=1>1.0</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="70%" VALIGN="TOP"><FONT SIZE=1>Richard A. Hubbell<BR>
President and Chief Executive Officer<BR>
2170 Piedmont Road, NE<BR>
Atlanta, Georgia</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT" VALIGN="TOP"><FONT SIZE=1>457,352</FONT></TD>
<TD WIDTH="3%" VALIGN="TOP"><FONT SIZE=1>(7)</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT" VALIGN="TOP"><FONT SIZE=1>2.6</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="70%" VALIGN="TOP"><FONT SIZE=1>James A. Lane, Jr.<BR>
Executive Vice President and President,<BR>
Chaparral Boats, Inc.<BR>
2170 Piedmont Road, NE<BR>
Atlanta, Georgia</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT" VALIGN="TOP"><FONT SIZE=1>97,145</FONT></TD>
<TD WIDTH="3%" VALIGN="TOP"><FONT SIZE=1>(8)</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT" VALIGN="TOP"><FONT SIZE=1>**</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="70%" VALIGN="TOP"><FONT SIZE=1>Wilton Looney<BR>
Honorary Chairman of the Board,<BR>
Genuine Parts Company<BR>
2170 Piedmont Road, NE<BR>
Atlanta, Georgia</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT" VALIGN="TOP"><FONT SIZE=1>720</FONT></TD>
<TD WIDTH="3%" VALIGN="TOP"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT" VALIGN="TOP"><FONT SIZE=1>**</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="70%" VALIGN="TOP"><FONT SIZE=1>James B. Williams<BR>
Chairman of the Executive Committee,<BR>
SunTrust Banks, Inc.<BR>
2170 Piedmont Road, NE<BR>
Atlanta, Georgia</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT" VALIGN="TOP"><FONT SIZE=1>24,000</FONT></TD>
<TD WIDTH="3%" VALIGN="TOP"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT" VALIGN="TOP"><FONT SIZE=1>**</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="70%" VALIGN="TOP"><FONT SIZE=1>Linda H. Graham<BR>
Vice President and Secretary<BR>
2170 Piedmont Road, NE<BR>
Atlanta, Georgia</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT" VALIGN="TOP"><FONT SIZE=1>81,916</FONT></TD>
<TD WIDTH="3%" VALIGN="TOP"><FONT SIZE=1>(9)</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT" VALIGN="TOP"><FONT SIZE=1>**</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="70%" VALIGN="TOP"><FONT SIZE=1>All Directors and Executive Officers as a group (9 persons)</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT" VALIGN="TOP"><FONT SIZE=1>11,701,379</FONT></TD>
<TD WIDTH="3%" VALIGN="TOP"><FONT SIZE=1>(10)</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT" VALIGN="TOP"><FONT SIZE=1>66.8</FONT></TD>
</TR>
</TABLE>
<!-- end of user-specified TAGGED TABLE -->

<HR NOSHADE ALIGN="LEFT" WIDTH="120">
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=1>**</FONT></DT><DD><FONT SIZE=1>Less
than one percent
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=1>(1)</FONT></DT><DD><FONT SIZE=1>Except
as otherwise noted, the nature of the beneficial ownership for all shares is sole voting and investment power.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=1>(2)</FONT></DT><DD><FONT SIZE=1>Based
on Schedule&nbsp;13G/A filed with the Securities and Exchange Commission on February&nbsp;13, 2003.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=1>(3)</FONT></DT><DD><FONT SIZE=1>LOR,&nbsp;Inc.
wholly owns LOR Investment Company, LLC, a Georgia limited liability company, which is the general partner of RFPS Investments II, L.P., a Georgia limited partnership
that owns 10,068,569 shares of the Company.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=1>(4)</FONT></DT><DD><FONT SIZE=1>Includes
47,520 shares of common stock held as Trustee, Guardian, or Custodian for his children. Also includes 48,576 shares of common stock in two trusts of which he is
Co-Trustee and as to which he shares voting and investment power. Also includes 10,068,569 shares owned by RFPS Investments III, L.P., a Georgia limited partnership, of which LOR
Investment
Company, LLC is the general partner. LOR Investment Company, LLC is owned by LOR,&nbsp;Inc. of which Mr.&nbsp;Rollins is an officer, director and stockholder. Mr.&nbsp;R. Randall Rollins and
Mr.&nbsp;Gary W. Rollins have voting control of LOR,&nbsp;Inc. Does not include 13,999 shares of common stock held by his wife, as to which Mr.&nbsp;Rollins disclaims any beneficial interest. </FONT></DD></DL>
<P ALIGN="CENTER"><FONT SIZE=2>3</FONT></P>

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<A NAME="page_de1182_1_4"> </A>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=1>(5)</FONT></DT><DD><FONT SIZE=1>Includes
48,576 shares of common stock in two trusts of which he is Co-Trustee and as to which he shares voting and investment power. Also includes 10,068,569 shares owned
by RFPS Investments III, L.P., a Georgia limited partnership, of which LOR Investment Company, LLC is the general partner. LOR Investment Company, LLC is owned by LOR,&nbsp;Inc. of which
Mr.&nbsp;Rollins is an officer, director and stockholder. Mr.&nbsp;R. Randall Rollins and Mr.&nbsp;Gary W. Rollins have voting control of LOR,&nbsp;Inc. Does not include 60,002 shares of
common stock held by his wife, as to which Mr.&nbsp;Rollins disclaims any beneficial interest.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=1>(6)</FONT></DT><DD><FONT SIZE=1>Includes
11,376 shares of common stock in trusts of which he is a Trustee or Co-Trustee and as to which he shares voting and investment power. Also includes shares held by
a wholly owned corporation that owns a beneficial partnership interest in 180 shares and voting rights for 18,000 shares.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=1>(7)</FONT></DT><DD><FONT SIZE=1>Includes
343,195 shares subject to options that are currently exercisable or that become exercisable within 60&nbsp;days of the date hereof, and 60,977 shares of restricted stock
awards.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=1>(8)</FONT></DT><DD><FONT SIZE=1>Includes
16,667 shares subject to options that are currently exercisable or that become exercisable within 60&nbsp;days of the date hereof, and 24,000 shares of restricted stock
awards.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=1>(9)</FONT></DT><DD><FONT SIZE=1>Includes
37,749 shares subject to options that are currently exercisable or that become exercisable within 60&nbsp;days of the date hereof, and 11,927 shares of restricted stock
awards.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=1>(10)</FONT></DT><DD><FONT SIZE=1>Shares
held in trusts as to which more than one officer and/or director are Co-Trustees or entities in which there is common ownership have been included only once.
Includes an aggregate of 397,611 shares that may be purchased by four executive officers upon exercise of options that are currently exercisable or that become exercisable within 60&nbsp;days of the
date hereof, and 96,904 shares of restricted stock grants awarded to or earned by them pursuant to the Company's 2001 Employee Stock Incentive Plan. </FONT></DD></DL>
<P ALIGN="CENTER"><FONT SIZE=1><A
NAME="de1182_election_of_directors"> </A>
<A NAME="toc_de1182_4"> </A>
<BR></FONT><FONT SIZE=2><B>ELECTION OF DIRECTORS    <BR>  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At the Annual Meeting, Mr.&nbsp;Richard A. Hubbell and Ms.&nbsp;Linda H. Graham will be nominated to serve as Class&nbsp;II directors. The directors in each
class serve for a three year term. The director nominees will serve in their respective class until their successors are elected and qualified. Six other individuals serve as directors but are not
standing for re-election because their terms as directors extend past this Annual Meeting pursuant to provisions of the Company's Bylaws that provide for the election of directors for
staggered terms, with each director serving a three-year term. Unless authority is withheld, the proxy holders will vote for the election of each nominee named below as directors. Although
management does not contemplate the possibility, in the event any nominee is not a candidate or is unable to serve as a director at the time of the election, unless authority is withheld, the proxies
will be voted for any nominee who shall be designated by the present Board of Directors to fill such vacancy. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
name and age of each of the two director nominees, his or her principal occupation, together with the number of shares of Common Stock beneficially owned, directly or indirectly, by
him or her and the percentage of outstanding shares that ownership represents, all as of the close of business on February&nbsp;24, 2003 (according to information received by the Company), are set
out below. Similar information is also provided for those directors whose terms expire in future years. Each director was originally elected as a director shortly after incorporation of the Company in
February, 2001. </FONT></P>

<!-- User-specified TAGGED TABLE -->
<TABLE WIDTH="83%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="BOTTOM">
<TH WIDTH="21%" ALIGN="LEFT"><FONT SIZE=1><B>Names of Nominees<BR> </B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="42%" ALIGN="CENTER"><FONT SIZE=1><B>Principal Occupation (1)</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="4%" ALIGN="CENTER"><FONT SIZE=1><B>Age</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="10%" ALIGN="CENTER"><FONT SIZE=1><B>Common<BR>
Stock (2)</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="13%" ALIGN="CENTER"><FONT SIZE=1><B>Percentage of<BR>
Outstanding<BR>
Shares</B></FONT><HR NOSHADE></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD COLSPAN=3><FONT SIZE=1><B><U>Class&nbsp;II (New Term Expires 2006)</U></B></FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="10%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="21%"><FONT SIZE=1>Richard A. Hubbell</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="42%"><FONT SIZE=1>President and Chief Executive Officer of the Company since February 2001; President and Chief Operating Officer of RPC, Inc.</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="4%" ALIGN="RIGHT"><FONT SIZE=1>58</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=1>457,352</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>(3)</FONT></TD>
<TD WIDTH="13%" ALIGN="CENTER" VALIGN="BOTTOM"><FONT SIZE=1>2.6</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="21%"><FONT SIZE=1>Linda H. Graham</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="42%"><FONT SIZE=1>Vice President and Secretary of the Company since February 2001; Vice President and Secretary of RPC,&nbsp;Inc.</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="4%" ALIGN="RIGHT"><FONT SIZE=1>66</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=1>81,916</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>(4)</FONT></TD>
<TD WIDTH="13%" ALIGN="CENTER" VALIGN="BOTTOM"><FONT SIZE=1>*</FONT></TD>
</TR>
</TABLE>
<!-- end of user-specified TAGGED TABLE -->

<P ALIGN="CENTER"><FONT SIZE=2>4</FONT></P>

<HR NOSHADE>
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<TABLE WIDTH="83%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="BOTTOM">
<TH WIDTH="20%" ALIGN="LEFT"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="42%" ALIGN="CENTER"><FONT SIZE=1><B>Principal Occupation (1)</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="4%" ALIGN="CENTER"><FONT SIZE=1><B>Age</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="11%" ALIGN="CENTER"><FONT SIZE=1><B>Common<BR>
Stock (2)</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="13%" ALIGN="CENTER"><FONT SIZE=1><B>Percentage of<BR>
Outstanding<BR>
Shares</B></FONT><HR NOSHADE></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD COLSPAN=3><FONT SIZE=1><B><U>Names of Directors Whose Terms Have Not Expired</U></B></FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="11%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD COLSPAN=3><FONT SIZE=1><B><U>Class&nbsp;III (Term Expires 2004)</U></B></FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="11%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="20%"><FONT SIZE=1>Wilton Looney</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="42%"><FONT SIZE=1>Honorary Chairman of the Board of Genuine Parts Company (automotive parts distributor).</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="4%" ALIGN="RIGHT"><FONT SIZE=1>83</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=1>720</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="CENTER" VALIGN="BOTTOM"><FONT SIZE=1>*</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="20%"><FONT SIZE=1>Gary W. Rollins(5)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="42%"><FONT SIZE=1>President and Chief Executive Officer of Rollins, Inc. (consumer services) since 2001; President and Chief Operating Officer of Rollins,&nbsp;Inc. prior to 2001.</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="4%" ALIGN="RIGHT"><FONT SIZE=1>58</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=1>10,522,314</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>(6)</FONT></TD>
<TD WIDTH="13%" ALIGN="CENTER" VALIGN="BOTTOM"><FONT SIZE=1>60.1</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="20%"><FONT SIZE=1>James A. Lane, Jr.</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="42%"><FONT SIZE=1>Executive Vice President of the Company since February 2001, and President of Chaparral Boats,&nbsp;Inc.</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="4%" ALIGN="RIGHT"><FONT SIZE=1>60</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=1>97,145</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>(7)</FONT></TD>
<TD WIDTH="13%" ALIGN="CENTER" VALIGN="BOTTOM"><FONT SIZE=1>*</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD COLSPAN=3><FONT SIZE=1><B><U>Class&nbsp;I (New Term Expires 2005)</U></B></FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="11%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="20%"><FONT SIZE=1>R. Randall Rollins(5)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="42%"><FONT SIZE=1>Chairman of the Board of the Company since February 2001; Chairman of the Board and Chief Executive Officer of RPC,&nbsp;Inc.; Chairman of the Board of Rollins,&nbsp;Inc. (consumer services) since October
1991.</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="4%" ALIGN="RIGHT"><FONT SIZE=1>71</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=1>10,467,076</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>(8)</FONT></TD>
<TD WIDTH="13%" ALIGN="CENTER" VALIGN="BOTTOM"><FONT SIZE=1>59.8</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="20%"><FONT SIZE=1>Henry B. Tippie</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="42%"><FONT SIZE=1>Chairman of the Board and Chief Executive Officer of Tippie Services,&nbsp;Inc. (management services). Chairman of the Board of Dover Downs Gaming and Entertainment,&nbsp;Inc. (operator of multi-purpose gaming and
entertainment complex) since January 2002; and Chairman of the Board of Dover Motorsports,&nbsp;Inc. (operator of motorsports tracks).</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="4%" ALIGN="RIGHT"><FONT SIZE=1>76</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=1>179,376</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>(9)</FONT></TD>
<TD WIDTH="13%" ALIGN="CENTER" VALIGN="BOTTOM"><FONT SIZE=1>1.0</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="20%"><FONT SIZE=1>James B. Williams</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="42%"><FONT SIZE=1>Chairman of the Executive Committee, SunTrust Banks,&nbsp;Inc. (bank holding company) since 1998; and Chairman of the Board and Chief Executive Officer of SunTrust Banks,&nbsp;Inc. until 1998.</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="4%" ALIGN="RIGHT"><FONT SIZE=1>69</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=1>24,000</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="CENTER" VALIGN="BOTTOM"><FONT SIZE=1>*</FONT></TD>
</TR>
</TABLE>
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<HR NOSHADE ALIGN="LEFT" WIDTH="120">
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=1>*</FONT></DT><DD><FONT SIZE=1>Less
than one percent
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=1>(1)</FONT></DT><DD><FONT SIZE=1>Unless
otherwise noted, each of the directors has held the positions of responsibility set out in this column (but not necessarily his or her present title) for more than five years.
In addition to the directorships listed in this column, the following individuals also serve on the boards of directors of the following companies: James B. Williams: The Coca-Cola Company
and Genuine Parts Company; R. Randall Rollins: SunTrust Banks,&nbsp;Inc., SunTrust Banks of Georgia, Dover Downs Gaming and Entertainment, Inc. and Dover Motorsports,&nbsp;Inc. All of the
directors shown in the above table are also directors of RPC,&nbsp;Inc. and with the exception of Messrs.&nbsp;Hubbell and Lane and Ms.&nbsp;Graham are also directors of Rollins,&nbsp;Inc.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=1>(2)</FONT></DT><DD><FONT SIZE=1>Except
as otherwise noted, the nature of the beneficial ownership for all shares is sole voting and investment power.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=1>(3)</FONT></DT><DD><FONT SIZE=1>See
information contained in footnote (7)&nbsp;to the table appearing in Capital Stock section.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=1>(4)</FONT></DT><DD><FONT SIZE=1>See
information contained in footnote (9)&nbsp;to the table appearing in Capital Stock section.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=1>(5)</FONT></DT><DD><FONT SIZE=1>R.
Randall Rollins and Gary W. Rollins are brothers.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=1>(6)</FONT></DT><DD><FONT SIZE=1>See
information contained in footnote (5)&nbsp;to the table appearing in Capital Stock section.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=1>(7)</FONT></DT><DD><FONT SIZE=1>See
information contained in footnote (8)&nbsp;to the table appearing in Capital Stock section.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=1>(8)</FONT></DT><DD><FONT SIZE=1>See
information contained in footnote (4)&nbsp;to the table appearing in Capital Stock section.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=1>(9)</FONT></DT><DD><FONT SIZE=1>See
information contained in footnote (6)&nbsp;to the table appearing in Capital Stock section. </FONT></DD></DL>
<P ALIGN="CENTER"><FONT SIZE=2>5</FONT></P>

<HR NOSHADE>
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<A NAME="page_de1182_1_6"> </A>
<P ALIGN="CENTER"><FONT SIZE=1><A
NAME="de1182_board_of_directors_comp__de102272"> </A>
<A NAME="toc_de1182_5"> </A>
<BR></FONT><FONT SIZE=2><B>BOARD OF DIRECTORS COMPENSATION, COMMITTEES AND MEETINGS    <BR>  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During 2002, non-employee Directors received from the Company $1,000 for each meeting of the Board of Directors or committee they attended, plus
$10,000 per year. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Audit Committee of the Board of Directors of the Company consists of Henry B. Tippie, Chairman, Wilton Looney and James B. Williams. The Audit Committee held six meetings during the
fiscal year ended December&nbsp;31, 2002. Its functions are described under the caption, "Report of the Audit Committee." The Compensation Committee of the Board of Directors of the Company consists
of Henry B. Tippie, Chairman, Wilton Looney, and James B. Williams. It held one meeting during the fiscal year ended December&nbsp;31, 2002. The function of the Compensation Committee is to review
the base salary and cash based incentive compensation of R. Randall Rollins, Chairman, and Richard A. Hubbell, President and Chief Executive Officer, and to recommend to the Board any changes to
insure continued effectiveness, and to administer the compensation of James A. Lane, Jr. in accordance with the Performance-Based Compensation Agreement. The Compensation Committee also administers
the Marine Products 2002 Employee Stock Incentive Plan. The function of the Executive Committee is to take all permitted actions of the Board in its stead. The Board of Directors met four times during
the fiscal year ended December&nbsp;31, 2002. No director attended fewer than 75&nbsp;percent of the Board meetings and meetings of committees on which he or she served during 2002. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During
2002, the Board passed resolutions authorizing the formation of the Diversity Committee and the Nominating and Governance Committee. The Diversity Committee's function is to
monitor compliance with applicable non-discrimination laws. The Nominating and Governance Committee's function is to recommend to the Board of Directors nominees for election as director
and to insure that the Company's corporate governance rules are in compliance with the American Stock Exchange and Securities and Exchange Commission rules. Both of these committees consist of Henry
B. Tippie, Chairman, Wilton Looney, and James B. Williams. Neither of these committees met during the fiscal year ended December&nbsp;31, 2002. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="de1182_compensation_committee___de102490"> </A>
<A NAME="toc_de1182_6"> </A>
<BR></FONT><FONT SIZE=2><B>COMPENSATION COMMITTEE INTERLOCKS AND INSIDER PARTICIPATION    <BR>  </B></FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;None of the directors named above who serve on the Company's Compensation Committee are or have ever been employees of the Company. R. Randall Rollins, Gary W.
Rollins and Richard A. Hubbell serve on the Company's Executive Committee. R. Randall Rollins and Richard A. Hubbell are employees of the Company. R. Randall Rollins and Gary W. Rollins also serve on
the Executive Committee of Rollins,&nbsp;Inc. and RPC,&nbsp;Inc. These committees make certain decisions with respect to the compensation of the executive officers of those companies. Except as
otherwise noted, no executive officer of the Company serves on a Compensation Committee of another company. R. Randall Rollins, an executive of the Company, serves on the Board of Directors of both
SunTrust Banks,&nbsp;Inc. and SunTrust Banks of Georgia, a subsidiary of SunTrust Banks,&nbsp;Inc. Mr.&nbsp;Williams is the Chairman of the Executive Committee, SunTrust Banks,&nbsp;Inc.
Mr.&nbsp;Rollins is not on the Compensation Committee of SunTrust Banks,&nbsp;Inc., or SunTrust Banks of Georgia. Marine Products maintains a significant banking relationship with SunTrust Bank of
Georgia. All banking services provided to the Company by SunTrust Banks of Georgia are priced at market-competitive rates. Mr.&nbsp;Rollins serves on the Board of Directors and is a member of the
Compensation Committee of Dover Downs Gaming and Entertainment,&nbsp;Inc. and Dover Motorsports,&nbsp;Inc.; Mr.&nbsp;Tippie serves as Chairman of both of these companies. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="de1182_executive_compensation"> </A>
<A NAME="toc_de1182_7"> </A>
<BR></FONT><FONT SIZE=2><B>EXECUTIVE COMPENSATION    <BR>  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shown below is information concerning the annual and long-term compensation for services in all capacities to the Company for the calendar years ended
December&nbsp;31, 2002, 2001 and 2000 of those persons who were at December&nbsp;31, 2002 (i)&nbsp;the Chief Executive Officer and (ii)&nbsp;the most highly </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>6</FONT></P>

<HR NOSHADE>
<!-- ZEQ.=5,SEQ=7,EFW="2106110",CP="MARINE PRODUCTS CORPORATION",DN="1",CHK=897596,FOLIO='6',FILE='DISK038:[03ATA2.03ATA1182]DE1182B.;12',USER='SSTANSE',CD='25-MAR-2003;10:30' -->
<A NAME="page_de1182_1_7"> </A>
<BR>


<P><FONT SIZE=2>
compensated executive officers of the Company whose total annual compensation exceeded $100,000 (the "Named Executives"). </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="de1182_summary_compensation_table"> </A>
<A NAME="toc_de1182_8"> </A>
<BR></FONT><FONT SIZE=2><B>SUMMARY COMPENSATION TABLE    <BR>  </B></FONT></P>

<!-- User-specified TAGGED TABLE -->
<TABLE WIDTH="93%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="BOTTOM">
<TH WIDTH="24%" ALIGN="LEFT"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="5%" ALIGN="LEFT"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="LEFT"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="LEFT"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH WIDTH="2%" ROWSPAN=2><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=3 ROWSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>Long-Term Compensation Awards</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="LEFT"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH WIDTH="24%" ALIGN="LEFT"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="5%" ALIGN="LEFT"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH WIDTH="2%" ROWSPAN=3><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=5 ROWSPAN=3 ALIGN="CENTER"><FONT SIZE=1><B>Annual<BR>
Compensation</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="LEFT"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH WIDTH="24%" ALIGN="LEFT"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="5%" ALIGN="LEFT"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH WIDTH="2%" ROWSPAN=3><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="8%" ROWSPAN=3 ALIGN="CENTER"><FONT SIZE=1><B>Restricted<BR>
Stock<BR>
Awards<BR>
($)(2)</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%" ROWSPAN=3><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="11%" ROWSPAN=3 ALIGN="CENTER"><FONT SIZE=1><B>Securities<BR>
Underlying<BR>
Options<BR>
(#)(2)</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="LEFT"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH WIDTH="24%" ROWSPAN=2 ALIGN="LEFT"><FONT SIZE=1><B>Name and Principal Position(1)<BR> </B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="5%" ALIGN="LEFT"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH WIDTH="2%" ROWSPAN=2><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ROWSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>All Other<BR>
Compensation(3)</B></FONT><HR NOSHADE></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="5%" ALIGN="CENTER"><FONT SIZE=1><B>Year</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>Salary</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>Bonus</B></FONT><HR NOSHADE></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="24%"><FONT SIZE=1>R. Randall Rollins<BR>
Chairman of the Board</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT"><FONT SIZE=1>2002<BR>
2001</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>$<BR></FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=1>150,000<BR>
125,000</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>$<BR></FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=1>100,000<BR>
0</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>0</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=1>0</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>$</FONT></TD>
<TD WIDTH="17%" ALIGN="RIGHT"><FONT SIZE=1>0</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="24%"><FONT SIZE=1>Richard A. Hubbell<BR>
President and Chief Executive Officer</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT"><FONT SIZE=1>2002<BR>
2001</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=1>200,000<BR>
158,333</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=1>100,000<BR>
0</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>0<BR>
0</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=1>100,000<BR>
30,000</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="17%" ALIGN="RIGHT"><FONT SIZE=1>0<BR>
0</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="24%"><FONT SIZE=1>James A. Lane, Jr.<BR>
Executive Vice President, and President, Chaparral Boats, Inc.</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT"><FONT SIZE=1>2002<BR>
2001<BR>
2000</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=1>67,841<BR>
67,841<BR>
67,841</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=1>2,678,914<BR>
2,048,715<BR>
3,259,448</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1><BR><BR>(4)</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>0<BR>
0<BR>
0</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=1>100,000<BR>
0<BR>
0</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="17%" ALIGN="RIGHT"><FONT SIZE=1>21,350<BR>
2,040<BR>
2,040</FONT></TD>
</TR>
</TABLE>
<!-- end of user-specified TAGGED TABLE -->

<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=1>(1)</FONT></DT><DD><FONT SIZE=1>Mr.&nbsp;Rollins,
Mr.&nbsp;Hubbell and Mr.&nbsp;Lane became executive officers of the Company on February&nbsp;28, 2001. The amounts reflected in 2001 and 2000 for
Mr.&nbsp;Lane include compensation paid to him as an employee of Chaparral Boats,&nbsp;Inc. prior to the spin-off from RPC,&nbsp;Inc.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=1>(2)</FONT></DT><DD><FONT SIZE=1>Time-Lapse
Restricted Stock vests ten years from the date of grant. These shares are forfeited if the employment of the Named Executive terminates prior to vesting for
reasons other than death, retirement or permanent disability. During these ten years, grantees receive all dividends declared and retain voting rights for the granted shares. Performance Restricted
Stock is granted, but not earned and issued, until certain five year tiered performance criteria are met. The performance criteria are predetermined market prices of the Company's common stock. On the
date the common stock appreciates to each level (determination date), 20&nbsp;percent of performance shares are earned. Once earned, the shares vest five years from the determination date. After the
determination date, the grantee will receive all dividends declared and also voting rights to the shares. As of December&nbsp;31, 2002, Mr.&nbsp;Hubbell held 48,600 shares of time lapse restricted
stock and 12,377 shares of performance restricted stock and Mr.&nbsp;Lane held 24,000 shares of time lapse restricted stock. The total number of shares held and their values on December&nbsp;31,
2002 were as follows: Mr.&nbsp;Hubbell, 60,977 shares valued at $601,000 and Mr.&nbsp;Lane, 24,000 shares valued at $236,000. The December&nbsp;31, 2002 values are based on the closing market
stock price of $9.85 and do not take into account any diminution of value attributable to vesting provisions on these shares. During 2002, 20,640 shares of restricted stock vested and were released to
Mr.&nbsp;Hubbell and are included in the direct holdings held at February&nbsp;24, 2003 stated in the Capital Stock section of this document.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=1>(3)</FONT></DT><DD><FONT SIZE=1>Effective
with the spin-off from RPC in February&nbsp;2001, the Company adopted the RPC 401(k) Plan ("401(k) Plan"), a qualified retirement plan designed to meet the
requirements of Section&nbsp;401(k) of the Internal Revenue Code (the "Code"). The 401(k) Plan provides for a matching contribution of fifty cents ($0.50) for each dollar ($1.00) of a participant's
contribution to the 401(k) Plan, that does not exceed six percent of his or her annual compensation (which includes commissions, overtime and bonuses). A participant's voluntary pretax salary
deferrals made under the 401(k) plan are in
lieu of payment of compensation to the participant. The Company's Retirement Income Plan, a trusteed defined benefit pension plan, provides monthly benefits upon retirement at age 65 to eligible
employees. In the first quarter of 2002, the Company's Board of Directors approved a resolution to cease all future retirement benefit accruals under the Retirement Income Plan effective
March&nbsp;31, 2002. In lieu thereof, the Company began providing enhanced benefits in the form of cash contributions on behalf of certain longer serviced employees that had not reached the normal
retirement age of 65 as of March&nbsp;31, 2002. These enhanced benefit contributions are discretionary and made annually subject to continued employment for a maximum of seven years beginning in
2002. The contributions are made either to the Marine Products Supplemental Retirement Plan ("Supplemental Plan") established by the Company or to the 401(k) Plan for each employee who is entitled to
the enhanced benefits. The amounts shown in this column represent the Company match under the 401(k) Plan and, in the case of Mr.&nbsp;Lane, it includes $21,350 towards enhanced benefits.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=1>(4)</FONT></DT><DD><FONT SIZE=1>Includes
a bonus of $2,407,323 pursuant to Mr.&nbsp;Lane's employment agreement plus an additional bonus of $852,125 from the gain on settlement of claim of an antitrust allegation
asserted against Brunswick Corporation by the American Boatbuilders Association (ABA), of which the Company's subsidiary, Chaparral Boats,&nbsp;Inc., is a member. </FONT></DD></DL>
<P ALIGN="CENTER"><FONT SIZE=2>7</FONT></P>

<HR NOSHADE>
<!-- ZEQ.=6,SEQ=8,EFW="2106110",CP="MARINE PRODUCTS CORPORATION",DN="1",CHK=686115,FOLIO='7',FILE='DISK038:[03ATA2.03ATA1182]DE1182B.;12',USER='SSTANSE',CD='25-MAR-2003;10:30' -->
<A NAME="page_de1182_1_8"> </A>
<P ALIGN="CENTER"><FONT SIZE=1><A
NAME="de1182_option/sar_grants_in_fiscal_year_2002"> </A>
<A NAME="toc_de1182_9"> </A>
<BR></FONT><FONT SIZE=2><B>OPTION/SAR GRANTS IN FISCAL YEAR 2002    <BR>  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following table sets forth stock options granted in the fiscal year ending December&nbsp;31, 2002 to each of the Company's Named Executives. Employees of
the Company and its subsidiaries are eligible for stock option grants based on individual performance. The table sets forth the hypothetical gains that would exist for the options at the end of their
ten-year term, assuming compound rates of stock appreciation of five percent and ten percent. The actual future value of the option will depend on the market value of the Company's Common
Stock. All option exercise prices are based on the market price on the grant date. </FONT></P>

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<TABLE WIDTH="89%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="BOTTOM">
<TH WIDTH="18%" ALIGN="LEFT"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH WIDTH="2%" ROWSPAN=2><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=6 ROWSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>Individual Grants(1)</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="9%" ALIGN="LEFT"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="LEFT"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="LEFT"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH WIDTH="18%" ALIGN="LEFT"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="9%" ALIGN="LEFT"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH WIDTH="2%" ROWSPAN=4><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=5 ROWSPAN=4 ALIGN="CENTER"><FONT SIZE=1><B>Potential Realizable<BR>
Value At Annual Rates<BR>
Of Stock Price<BR>
Appreciation For<BR>
Option Term (2)</B></FONT><HR NOSHADE></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH WIDTH="18%" ALIGN="LEFT"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="11%" ALIGN="LEFT"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH WIDTH="3%" ROWSPAN=4><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="12%" ROWSPAN=4 ALIGN="CENTER"><FONT SIZE=1><B>Percent<BR>
Of Total<BR>
Options<BR>
Granted To<BR>
Employees<BR>
In Fiscal<BR>
Year</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="LEFT"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="9%" ALIGN="LEFT"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH WIDTH="18%" ALIGN="LEFT"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH WIDTH="2%" ROWSPAN=3><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="11%" ROWSPAN=3 ALIGN="CENTER"><FONT SIZE=1><B>Number Of<BR>
Securities<BR>
Underlying<BR>
Options<BR>
Granted</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="LEFT"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="9%" ALIGN="LEFT"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH WIDTH="18%" ROWSPAN=2 ALIGN="LEFT"><FONT SIZE=1><B>Name<BR> </B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%" ROWSPAN=2><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ROWSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>Exercise<BR>
Or<BR>
Base Price</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%" ROWSPAN=2><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="9%" ROWSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>Expiration<BR>
Date</B></FONT><HR NOSHADE></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>5%</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>10%</B></FONT><HR NOSHADE></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="18%"><FONT SIZE=2>R. Randall Rollins</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>0</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2>0</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>0</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>0</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>0</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>0</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="18%"><FONT SIZE=2><BR>
Richard A. Hubbell</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2><BR>
100,000</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>(3)</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2><BR>
25.7</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2><BR>
6.01</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2><BR>
1/12/12</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2><BR>
377,966</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2><BR>
957,389</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="18%"><FONT SIZE=2><BR>
James A. Lane, Jr.</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2><BR>
100,000</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>(4)</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2><BR>
25.7</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2><BR>
6.01</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2><BR>
1/12/12</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2><BR>
377,966</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2><BR>
957,389</FONT></TD>
</TR>
</TABLE>
<!-- end of user-specified TAGGED TABLE -->

<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=1>(1)</FONT></DT><DD><FONT SIZE=1>Options
were granted on January&nbsp;22, 2002 at a price of $6.01 per share. No Stock Appreciation Rights were granted to the Named Executives during 2002.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=1>(2)</FONT></DT><DD><FONT SIZE=1>These
amounts, based on assumed appreciation rates of five percent and ten percent as prescribed by the Securities and Exchange Commission rules, are not intended to forecast possible
future appreciation, if any, of the Company's stock price. These numbers do not take into account certain provisions of options providing for termination of the option following termination of
employment, nontransferability or phased-in vesting. The Company did not use an alternative formula for a grant date valuation as it is not aware of any formula that will determine with
reasonable accuracy a
present value based on future unknown or volatile factors. Future compensation resulting from option grants is based solely on the performance of the Company's stock price.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=1>(3)</FONT></DT><DD><FONT SIZE=1>The
stock options granted during 2002 are comprised of 73,717 incentive stock options and 26,283 non-qualified stock options. The incentive stock options become
exercisable as follows: 7,248 in 2003, 7,603 in 2004, 12,795 in 2005, 12,795 in 2006, 16,638 in 2007 and 16,638 in 2008. The non-qualified stock options become exercisable as follows:
9,419 in 2003, 9,064 in 2004, 3,872 in 2005, 3,872 in 2006, 28 in 2007 and 28 in 2008.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=1>(4)</FONT></DT><DD><FONT SIZE=1>The
stock options granted during 2002 are comprised of 99,832 incentive stock options and 168 non-qualified stock options. The incentive stock options become exercisable
as follows: 16,639 in 2003, 16,639 in 2004, 16,639 in 2005, 16,639 in 2006, 16,638 in 2007 and 16,638 in 2008. The non-qualified stock options become exercisable as follows: 28 in 2003, 28
in 2004, 28 in 2005, 28 in 2006, 28 in 2007 and 28 in 2008. </FONT></DD></DL>
<P ALIGN="CENTER"><FONT SIZE=1><A
NAME="de1182_aggregated_option/sar_exercise__agg02924"> </A>
<A NAME="toc_de1182_10"> </A>
<BR></FONT><FONT SIZE=2><B>AGGREGATED OPTION/SAR EXERCISES IN FISCAL YEAR 2002 AND YEAR-END<BR>  OPTION/SAR VALUES    <BR>  </B></FONT></P>

<!-- User-specified TAGGED TABLE -->
<TABLE WIDTH="88%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="BOTTOM">
<TH WIDTH="20%" ALIGN="LEFT"><FONT SIZE=1><B>Name<BR> </B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="12%" ALIGN="CENTER"><FONT SIZE=1><B>Shares<BR>
Acquired<BR>
on Exercise</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>Value<BR>
Realized</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="23%" ALIGN="CENTER"><FONT SIZE=1><B>Number of Securities<BR>
Underlying<BR>
Unexercised<BR>
Options/SARs<BR>
at FY-End(#)<BR>
Exercisable/Unexercisable</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>Value of Unexercised<BR>
In-the-Money<BR>
Options/SARs<BR>
At FY-End($)(1)<BR>
Exercisable/Unexercisable</B></FONT><HR NOSHADE></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="20%"><FONT SIZE=2>R. Randall Rollins</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2>0</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>0</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="23%" ALIGN="RIGHT"><FONT SIZE=2>0/0</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="23%" ALIGN="RIGHT"><FONT SIZE=2>0/0</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="20%"><FONT SIZE=2>Richard A. Hubbell</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2>0</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>0</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="23%" ALIGN="RIGHT"><FONT SIZE=2>297,580/69,895</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="23%" ALIGN="RIGHT"><FONT SIZE=2>2,463,156/533,649</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="20%"><FONT SIZE=2>James A. Lane, Jr.</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2>0</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>0</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="23%" ALIGN="RIGHT"><FONT SIZE=2>0/100,000</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="23%" ALIGN="RIGHT"><FONT SIZE=2>0/384,000</FONT></TD>
</TR>
</TABLE>
<!-- end of user-specified TAGGED TABLE -->

<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=1>(1)</FONT></DT><DD><FONT SIZE=1>Based
on the closing price of Company Common Stock on the American Stock Exchange on December&nbsp;31, 2002 of $9.85 per share. </FONT></DD></DL>
<P ALIGN="CENTER"><FONT SIZE=2>8</FONT></P>

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<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="page_dg1182_1_9"> </A> </FONT></P>

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<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="dg1182_reports_of_the_audit,_compensa__rep03251"> </A>
<A NAME="toc_dg1182_1"> </A>
<BR></FONT><FONT SIZE=2><B>REPORTS OF THE AUDIT, COMPENSATION AND EXECUTIVE COMMITTEES AND PERFORMANCE GRAPH    <BR>  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT SIZE=2><I>Notwithstanding anything to the contrary set forth in any of the Company's filings under the Securities Act of 1933, as amended, or the
Securities Exchange Act of 1934, as amended, that might incorporate other Company filings, including this Proxy Statement, in whole or in part, the following Report of the Audit Committee, Report of
the Compensation Committee and Executive Committee on Executive Compensation and the Performance Graph included herein shall not be incorporated by reference into any such
filings.</I></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="dg1182_report_of_the_audit_committee"> </A>
<A NAME="toc_dg1182_2"> </A>
<BR></FONT><FONT SIZE=2><B>REPORT OF THE AUDIT COMMITTEE    <BR>  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Audit Committee of the Board of Directors is established pursuant to the Company's Bylaws and the Audit Committee Charter, as amended and adopted by the Board
of Directors on January&nbsp;28, 2003. A copy of the Audit Committee Charter is attached to this Proxy Statement as Appendix&nbsp;A. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management
is responsible for the Company's internal controls and the financial reporting process. The Company's independent public accountants are responsible for performing an
independent audit of the Company's consolidated financial statements in accordance with auditing standards generally accepted in the United States of America and for issuing a report thereon. The
Audit Committee's responsibility is generally to monitor and oversee these processes, as described in the Audit Committee Charter. It is not the duty of the Audit Committee to plan or conduct audits
or to determine that the Company's financial statements are complete and accurate and in accordance with generally accepted accounting principles; that is the responsibility of management and the
Company's independent public accountants. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
member of the Audit Committee is independent in the judgment of the Company's Board of Directors and as required by the listing standards of the American Stock Exchange. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
fulfilling its oversight responsibilities with respect to the year ended December&nbsp;31, 2002, the Audit Committee: </FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>Approved
the terms of the engagement of Ernst&nbsp;&amp; Young LLP as independent public accountants of the Company for the year ended December&nbsp;31,
2002;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>Reviewed
and discussed with the Company's management and the independent public accountants the audited consolidated financial statements of the Company as
of December&nbsp;31, 2002 and for the year then ended;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>Discussed
with the independent public accountants the matters required to be discussed by Statement on Auditing Standards No.&nbsp;61, "Communications with
Audit Committees;" and
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>Received
from the independent public accountants written affirmation of their independence required by Independence Standards Board Standard No.&nbsp;1,
"Independence Discussions with Audit Committees," and has discussed with the public accountants the firm's independence from the Company. </FONT></DD></DL>
</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Based
upon the review and discussions referred to above, the Committee recommended to the Board of Directors that the audited consolidated financial statements of the Company and
subsidiaries as of December&nbsp;31, 2002 and 2001 and for the three years then ended, be included in the Company's Annual Report on Form&nbsp;10-K for the year ended
December&nbsp;31, 2002 and for filing with the Securities and Exchange Commission. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
giving its recommendation to the Board of Directors, the Audit Committee has relied on (i)&nbsp;management's representation that such financial statements have been prepared with
integrity and objectivity and in conformity with accounting principles generally accepted in the United States of </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>9</FONT></P>

<HR NOSHADE>
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<A NAME="page_dg1182_1_10"> </A>
<BR>

<P><FONT SIZE=2>
America and (ii)&nbsp;the report of the Company's independent public accountants with respect to such financial statements. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Submitted
by the Audit Committee of the Board of Directors. </FONT></P>

<UL>
<UL>
<UL>
<UL>
<UL>
<UL>
<UL>
<UL>
<UL>
<UL>
<UL>

<P><FONT SIZE=2>AUDIT
COMMITTEE<BR>
Henry B. Tippie, Chairman<BR>
Wilton Looney<BR>
James B. Williams </FONT></P>

</UL>
</UL>
</UL>
</UL>
</UL>
</UL>
</UL>
</UL>
</UL>
</UL>
</UL>
<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="dg1182_report_of_the_compensation_com__rep03572"> </A>
<A NAME="toc_dg1182_3"> </A>
<BR></FONT><FONT SIZE=2><B>REPORT OF THE COMPENSATION COMMITTEE AND EXECUTIVE COMMITTEE ON EXECUTIVE COMPENSATION    <BR>  </B></FONT></P>

<P><FONT SIZE=2><B>Overview  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During the fiscal year 2002, the members of the Compensation Committee of the Board of Directors held primary responsibility for determining the compensation for
R. Randall Rollins, Chairman of the Board, and Richard A. Hubbell, President and Chief Executive Officer, for administering the compensation of James A. Lane, Jr. in accordance with the
Performance-Based Compensation Agreement, and for determining the stock based incentives for all the executive officers. The Compensation Committee is comprised of outside directors who are not
eligible to participate in the Company's compensation plans. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company is engaged in a highly competitive industry. The actions of the executive officers have a profound impact on the short-term and long-term
profitability of the Company; therefore, the design of the executive officer compensation package is very important. In order to retain key employees, the Company has an executive compensation package
that is driven by an increase in shareholder value, the overall performance of the Company, and the individual performance of the executive. The measures of the Company's performance include net sales
and net income. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant
to the above compensation philosophy, the three main components of the executive compensation package are base salary, cash based incentive plans, and stock based incentive
plans. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
connection with the spin-off of the Company in February&nbsp;2001 from RPC,&nbsp;Inc., initial compensation packages were established for the Chairman of the Board by
the Compensation Committee and for the Chief Executive Officer by the Executive Committee based on evaluation of the responsibilities of these executive officers. The Committees considered, among
other things, that the Chairman of the Board and the Chief Executive Officer are employees of both the Company and RPC,&nbsp;Inc. and are paid compensation directly from the Company and
RPC,&nbsp;Inc. The Chief Executive Officer did not consult with the Executive Committee when his compensation was discussed or participate in the vote with respect to his compensation. The
Compensation Committee determined in connection with the spin-off that no changes to the compensation package of Mr.&nbsp;Lane were necessary. </FONT></P>

<P><FONT SIZE=2><B>Base Salary  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The factors subjectively used in determining base salary include the recent profit performance of the Company, the magnitude of responsibilities, the scope of the
position, individual performance, and the salary received by peers in similar positions in the same geographic area. These factors are not used in any specific formula or weighting. The salaries of
the Named Executives are reviewed annually. There were no changes in the base salary during 2002. </FONT></P>

<P><FONT SIZE=2><B>Cash Based Incentive Plans  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The annual cash based incentive compensation packages for the executive officers, other than Mr.&nbsp;Lane, are based upon performance objectives for the
ensuing fiscal year. The executive officers </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>10</FONT></P>

<HR NOSHADE>
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<A NAME="page_dg1182_1_11"> </A>
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<P><FONT SIZE=2>
participate in a variety of individualized performance bonus plans designed to encourage achievement of short-term objectives. These plans all have payouts subjectively based on net
income, budget objectives, and other individual specific performance objectives. The specific performance objectives relate to each executive improving the contribution of his functional area of
responsibility to further enhance the earnings of the Company. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;One
of the Named Executives, James A. Lane, Jr., has an employment agreement with the Company. Under this agreement, Mr.&nbsp;Lane receives an annual cash incentive bonus of
10&nbsp;percent of pretax profit, as defined, of Chaparral Boats,&nbsp;Inc. This incentive payment was approximately 97&nbsp;percent of the total cash compensation paid to this executive in
2002. During 2002, Mr.&nbsp;Lane received in excess of $1&nbsp;million in aggregate compensation (the maximum amount for which an employer may claim a compensation deduction, pursuant to
Section&nbsp;162(m) of the Internal Revenue Code of 1986, as amended, unless certain performance related compensation exemptions are met, during any one fiscal year.) The Company obtained
stockholder approval of this agreement at the April&nbsp;23, 2002 Stockholders' meeting. </FONT></P>

<P><FONT SIZE=2><B>Stock Based Incentive Plans  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Awards under the Company's 2002 Employee Stock Incentive Plan are purely discretionary, and are not based on any specific formula and may or may not be granted in
any given fiscal year. Grants are made under the Plan, and the Plan is administered, by non-employee directors within the meaning of Rule&nbsp;16b-3 under the Securities
Exchange Act of 1934, as amended. When considering the grant of stock options, the Compensation Committee gives consideration to the overall performance of the Company and the performance of
individual employees. During the fiscal year
2002, two of the Named Executives were granted 100,000 stock options each. In general, these grants were based upon the scope of the position and performance of this individual. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except
for Mr.&nbsp;Lane, the Compensation and Executive Committees currently believe that no other employees' total compensation, including option grants under the Company's 2001
Employee Stock Incentive Plan, will materially exceed the $1&nbsp;million deductibility limit of Section&nbsp;162(m) of the Internal Revenue Code of 1986, as amended. Therefore the Committees have
determined that the Company will not change its various compensation plans, or otherwise meet the requirements of such exemption, at this time in order to exempt other types of compensation under
section&nbsp;162(m). </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>11</FONT></P>

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<A NAME="page_dg1182_1_12"> </A>

<P><FONT SIZE=2><B>Chief Executive Officer Compensation  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Chief Executive Officer's compensation is determined by the Compensation Committee. For fiscal year 2002, the cash compensation of Richard A. Hubbell,
President and Chief Executive Officer, was $300,000, $100,000 of which was cash based incentive compensation. The Chief Executive Officer's compensation is based upon the long-term growth
in net income, stockholder value improvements and the Chief Executive Officer's individual performance. The decision of the Committee is subjective and is not based upon any specific formula or
guidelines. On January&nbsp;22, 2002, the Chief Executive Officer was granted a total of 100,000 stock options priced at $6.01 per share which represented the fair market value of the common stock
on that date. No member of the Compensation Committee nor any non-employee member of the Executive Committee participates in any Company incentive program. </FONT></P>

<UL>
<UL>
<UL>
<UL>
<UL>
<UL>
<UL>
<UL>
<UL>
<UL>
<UL>

<P><FONT SIZE=2>COMPENSATION
COMMITTEE<BR>
Henry B. Tippie, Chairman<BR>
Wilton Looney<BR>
James B. Williams<BR>
EXECUTIVE COMMITTEE<BR>
R. Randall Rollins<BR>
Gary W. Rollins<BR>
Richard A. Hubbell </FONT></P>

</UL>
</UL>
</UL>
</UL>
</UL>
</UL>
</UL>
</UL>
</UL>
</UL>
</UL>
<P ALIGN="CENTER"><FONT SIZE=2>12</FONT></P>

<HR NOSHADE>
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<A NAME="page_dg1182_1_13"> </A>
<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="dg1182_common_stock_performance"> </A>
<A NAME="toc_dg1182_4"> </A>
<BR></FONT><FONT SIZE=2><B>COMMON STOCK PERFORMANCE    <BR>  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As part of the executive compensation information presented in this Proxy Statement, the Securities and Exchange Commission requires a 5-year
comparison of the cumulative total stockholder return based on the performance of the stock of the Company, assuming dividend reinvestment, as compared with both a broad equity market index and an
industry or peer group index. However, if the Company's stock has traded for a shorter period of time, the period covered by the comparison may correspond to that time period. The indices included in
the following graph are the S&nbsp;&amp; P 600 Small Cap Index and a peer group which includes companies that are considered peers of the Company. The companies included in the peer group have been
weighted according to each respective issuer's stock market capitalization at the beginning of each year. The companies are Brunswick Corporation, MarineMax,&nbsp;Inc., and Travis Boats and
Motors,&nbsp;Inc. The graph below assumes the value of $100.00 invested on February&nbsp;28, 2001, the date of the Company's spin-off from RPC,&nbsp;Inc. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="dg1182_comparison_of_cumulative_total_return"> </A>
<A NAME="toc_dg1182_5"> </A>
<BR></FONT><FONT SIZE=2><B>COMPARISON OF CUMULATIVE TOTAL RETURN *    <BR>  </B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><B>
<IMG SRC="g1022538.jpg" ALT="COMPARISON GRAPH" WIDTH="543" HEIGHT="291">
  </B></FONT></P>

<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>*</FONT></DT><DD><FONT SIZE=2>Assumes
reinvestment of dividends.   </FONT></DD></DL>
<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="dg1182_certain_relationships_and_related_party_transactions"> </A>
<A NAME="toc_dg1182_6"> </A>
<BR></FONT><FONT SIZE=2><B>CERTAIN RELATIONSHIPS AND RELATED PARTY TRANSACTIONS    <BR>  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Effective February&nbsp;28, 2001, RPC,&nbsp;Inc. began providing certain administrative services to the Company. The service agreements between RPC and the
Company provide for the provision of services on a cost reimbursement basis and are terminable on six months' notice. The services covered by these agreements include administration of certain
employee benefit programs and other administrative services. Charges from RPC,&nbsp;Inc. (or from corporations that are subsidiaries of RPC,&nbsp;Inc.) for such services aggregated approximately
$454,000 in 2002. During 2002, the Company paid $332,000 to a division of RPC for the purchase, installation and service of overhead cranes. The Company believes
the charges paid by its subsidiary are at least as favorable as the charges that would have been incurred for similar services from unaffiliated third parties. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>13</FONT></P>

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<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="dg1182_benefit_plans"> </A>
<A NAME="toc_dg1182_7"> </A>
<BR></FONT><FONT SIZE=2><B>BENEFIT PLANS    <BR>  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Effective February&nbsp;28, 2001, the Company became an adopting employer of the RPC,&nbsp;Inc. Retirement Income Plan, a trusteed defined benefit pension
plan, that provides monthly benefits upon retirement at age 65 to eligible employees. In the first quarter of 2002, the Boards of Directors of the Company and RPC,&nbsp;Inc. joined in approving
resolutions to cease all future retirement benefit accruals under the Retirement Income Plan effective March&nbsp;31, 2002. Retirement income benefits are based on the average of the employee's
compensation from the Company and RPC for the five consecutive complete calendar years of highest compensation during the last ten consecutive complete calendar years ("final average compensation")
immediately preceding March&nbsp;31, 2002. Accordingly the pension plan table has not been presented under this section. Mr.&nbsp;Lane has one year of credited service under the Plan following the
spin-off of the Company from RPC, and 13&nbsp;years of credited service prior to the spin-off. The estimated annual benefit payable at the later of retirement or age 65 for
Mr.&nbsp;Lane is $48,400. The Plan also provides reduced early retirement benefits under certain conditions. In accordance with the Internal Revenue Code ("Code"), the maximum annual benefit that
could be payable to a Retirement Income Plan beneficiary in 2002 was $160,000. In accordance with the Code (as amended by the Economic Growth and Tax Relief Reconciliation Act of 2001), the maximum
compensation recognized by the Retirement Income Plan was $200,000 in 2002. Retirement benefits accrued at the end of any calendar year will not be reduced by any subsequent changes in the maximum
compensation limit. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Effective
February&nbsp;28, 2001, the Company began participating in a defined contribution 401(k) Plan sponsored by RPC,&nbsp;Inc., which is available to substantially all employees
with more than six months of service. The Company makes matching contributions of fifty cents ($0.50) for each dollar ($1.00) of a participant's contribution to the 401(k) Plan, that does not exceed
six percent of his or her annual compensation. The only form of benefit payment under the 401(k) Plan is a single lump-sum payment equal to the vested balance in the participant's account
on the date the distribution is processed. Under the 401(k) Plan, the full amount of a participant's vested accrued benefit is payable upon his termination of employment, retirement, total and
permanent disability, or death. Also under the 401(k) Plan, the pre-tax account is payable upon attainment of age 59<SUP>1</SUP>/<SMALL>2</SMALL> or in the event of certain specified instances of
financial hardship. Amounts contributed by the Company to the accounts of the Named Executives for 2002 under this plan are reported in the "All Other Compensation" column of the Summary Compensation
Table on page 7. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="dg1182_independent_public_accountants"> </A>
<A NAME="toc_dg1182_8"> </A>
<BR></FONT><FONT SIZE=2><B>INDEPENDENT PUBLIC ACCOUNTANTS    <BR>  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The independent public accounting firm of Arthur Andersen LLP ("Andersen") was initially engaged as the Company's auditors for the fiscal year ended
December&nbsp;31, 2002. Effective subsequent to the filing of the Company's Quarterly report on Form&nbsp;10-Q for the quarter ended March&nbsp;31, 2002, the Board of Directors, upon
recommendation of the Audit Committee, decided on July&nbsp;23, 2002 to terminate Andersen as the Company's independent public accountants, and to appoint Ernst&nbsp;&amp;Young LLP ("Ernst&nbsp;&amp;
Young") as its independent public accountants for the year ended December&nbsp;31, 2002. Representatives of Ernst&nbsp;&amp; Young are expected to be present at the Annual Meeting and will have an
opportunity to make a statement if they so desire and will be available to respond to appropriate questions. No representative of Andersen is expected to attend the meeting. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During
the Company's fiscal years ended December&nbsp;31, 2001 and 2000, and the subsequent interim period through July&nbsp;23, 2002, there were no disagreements between the Company
and Andersen on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedure, which disagreements if not resolved to Andersen's satisfaction would
have caused them to make reference to the subject matter of the disagreement in connection with their reports. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>14</FONT></P>

<HR NOSHADE>
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<A NAME="page_dg1182_1_15"> </A>
<BR>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;None
of the reportable events described under Item 304(a)(1)(v)&nbsp;of Regulation&nbsp;S-K occurred within the Company's fiscal years ended December&nbsp;31, 2001 and
2000 (during which the Company was operated as a part of RPC,&nbsp;Inc.) or during any subsequent interim period through July&nbsp;23, 2002. The Company did not consult Ernst&nbsp;&amp; Young on the
application of accounting principles to a specified transaction, or the type of audit opinion that might be rendered on its financial statements during the fiscal years ended December&nbsp;31, 2001
and 2000 or any subsequent interim period. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
audit reports of Andersen on the consolidated financial statements of the Company and subsidiaries as of and for the two fiscal years ended December&nbsp;31, 2001 and 2000 did not
contain any adverse opinion or disclaimer of opinion, nor were they qualified or modified as to uncertainty, audit scope, or accounting principles. The Company filed a Report on
Form&nbsp;8-K with the SEC on July&nbsp;24, 2002 regarding the change in accountants. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
aggregate fees billed by Andersen and Ernst&nbsp;&amp; Young for the year ended December&nbsp;31, 2002 were as follows: </FONT></P>

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE WIDTH="70%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="BOTTOM">
<TH WIDTH="53%" ALIGN="LEFT"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH WIDTH="3%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>Arthur Andersen LLP</B></FONT><HR NOSHADE></TH>
<TH WIDTH="3%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>Ernst &amp; Young LLP</B></FONT><HR NOSHADE></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="53%"><FONT SIZE=2>Audit and quarterly reviews</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="19%" ALIGN="RIGHT"><FONT SIZE=2>4,000</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="16%" ALIGN="RIGHT"><FONT SIZE=2>65,000</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="53%"><FONT SIZE=2>All other services</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="19%" ALIGN="RIGHT"><FONT SIZE=2>25,000</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="16%" ALIGN="RIGHT"><FONT SIZE=2>7,000</FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Andersen
and Ernst&nbsp;&amp; Young did not provide any services related to financial information systems design and implementation during 2002. All other services include tax planning and
preparation of tax returns of the Company. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For
the year ended December&nbsp;31, 2002, the Company's Audit Committee has considered and determined that the provision of non-audit services is compatible with
maintaining auditor independence. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
is its policy, upon the recommendation of the Audit Committee, the Board of Directors shall select a firm of independent public accountants for fiscal year 2003. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="dg1182_section_16(a)_beneficia__dg102039"> </A>
<A NAME="toc_dg1182_9"> </A>
<BR></FONT><FONT SIZE=2><B>SECTION 16(a) BENEFICIAL OWNERSHIP REPORTING COMPLIANCE    <BR>  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company has completed a review of Forms 3, 4 and 5 and amendments thereto furnished to the Company by all Directors and Officers subject to the provisions of
Section&nbsp;16 of the Securities Exchange Act of 1934, as amended. In addition, the Company has a written representation from all Directors, Officers and greater than 10&nbsp;percent stockholders
from whom no Form&nbsp;5 was received, indicating that no Form&nbsp;5 filing was required. Based solely on this review, the Company believes that filing requirements of such persons under
Section&nbsp;16 for the fiscal year ended December&nbsp;31, 2002 have been satisfied. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="dg1182_stockholder_proposals"> </A>
<A NAME="toc_dg1182_10"> </A>
<BR></FONT><FONT SIZE=2><B>STOCKHOLDER PROPOSALS    <BR>  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Appropriate proposals of stockholders intended to be presented at the Company's 2004 Annual Meeting of Stockholders pursuant to Rule&nbsp;14a-8
promulgated under the Securities Exchange Act of 1934, as amended (the "Exchange Act"), must be received by the Company by December&nbsp;24, 2003 for
inclusion in its Proxy Statement and form of proxy relating to that meeting. With respect to the Company's annual meeting of the stockholders to be held in 2004, all stockholder proposals submitted
outside of the stockholder proposal rules contained in Rule&nbsp;14a-8 promulgated under the Exchange Act must be received by the Company by March&nbsp;8, 2004 in order to be
considered timely. With regard to such stockholder proposals, if the date of the next annual meeting of stockholders is advanced or delayed by more than 30 calendar days from April&nbsp;22, 2004,
the Company will, in a timely manner, inform stockholders of the change and the date by which proposals must be received. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>15</FONT></P>

<HR NOSHADE>
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<A NAME="page_dg1182_1_16"> </A>
<BR>
<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="dg1182_expenses_of_solicitation"> </A>
<A NAME="toc_dg1182_11"> </A>
<BR></FONT><FONT SIZE=2><B>EXPENSES OF SOLICITATION    <BR>  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marine Products will bear the cost of soliciting proxies. Upon request, we will reimburse brokers, dealers and banks, or their nominees, for reasonable expenses
incurred in forwarding copies of the proxy material to their beneficial shareholders of record. Solicitation of proxies will be made principally by mail. Proxies also may be solicited in person or by
telephone, facsimile or other means by our directors, officers and regular employees. These individuals will receive no additional compensation for these services. The Company has retained Georgeson
Shareholder Communications,&nbsp;Inc. to conduct a broker search and to send proxies by mail for an estimated fee of $4,500 plus shipping expenses. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="dg1182_miscellaneous"> </A>
<A NAME="toc_dg1182_12"> </A>
<BR></FONT><FONT SIZE=2><B>MISCELLANEOUS    <BR>  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company's Annual Report on Form&nbsp;10-K for the fiscal year ended December&nbsp;31, 2002 is being mailed to stockholders with this proxy
statement. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management
knows of no business other than the matters set forth herein that will be presented at the Annual Meeting. In as much as matters not known at this time may come before the
Annual Meeting, the enclosed proxy confers discretionary authority with respect to such matters as may properly come before the Annual Meeting; and it is the intention of the persons named in the
proxy to vote in accordance with their best judgment on such matters. </FONT></P>

<UL>
<UL>
<UL>
<UL>
<UL>
<UL>
<UL>
<UL>
<UL>
<UL>
<UL>

<P><FONT SIZE=2>&nbsp;&nbsp;BY
ORDER OF THE BOARD OF DIRECTORS </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;/s/
Linda H. Graham </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;Linda
H. Graham, Secretary </FONT></P>

</UL>
</UL>
</UL>
</UL>
</UL>
</UL>
</UL>
</UL>
</UL>
</UL>
</UL>

<P><FONT SIZE=2>Atlanta,
Georgia<BR>
March&nbsp;17, 2003 </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>16</FONT></P>

<HR NOSHADE>
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<P ALIGN="RIGHT"><FONT SIZE=2><A
NAME="page_la1182_1_1"> </A> </FONT> <FONT SIZE=2><B>APPENDIX A  </B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><B>MARINE PRODUCTS CORPORATION<BR>
CHARTER OF THE AUDIT COMMITTEE<BR>
OF THE BOARD OF DIRECTORS  </B></FONT></P>

<P><FONT SIZE=2><B>PURPOSE  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Audit Committee (the "Committee") is appointed by the Board of Directors (the "Board") to assist the Board in fulfilling its oversight responsibilities. The
Committee's primary purpose is to monitor the integrity of the Company's financial reporting process, including (by overseeing the financial reports and other financial information provided by the
Company to any governmental or regulatory body, the public or other users thereof) the Company's systems of internal accounting and financial controls, the performance of the Company's internal audit
function, the independent auditor's qualifications and independence, the Company's compliance with ethics policies and legal and regulatory requirements statements, and the annual independent audit of
the Company's financial statements. The Committee will monitor the independence, performance, and qualifications of the Company's independent auditors. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
discharging its oversight role, the Committee is empowered to investigate any matter brought to its attention with full access to all books, records, facilities and personnel of the
Company. The Committee is authorized to retain outside counsel, auditors or other experts and professionals for this purpose. The Board and the Committee are in place to represent the Company's
shareholders; accordingly, the outside auditor is ultimately accountable to the Board and the Committee. </FONT></P>


<P><FONT SIZE=2><B>MEMBERSHIP  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Committee shall be comprised of not less than three members of the Board, and the Committee's composition shall meet all requirements of the Audit Committee
policy of the American Stock Exchange. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accordingly,
all of the members must be directors: </FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>Who
are independent of management and the Company. Members of the Committee shall be considered independent as long as they do not accept any consulting,
advisory, or compensatory fee from the Company and are not an affiliated person of the Company or its subsidiaries, and meet the independence requirements of the American Stock Exchange;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>Who
are financially literate or who become financially literate within a reasonable period of time after appointment to the Committee. In addition, at least
one member of the Committee must be a "financial expert" as defined by SEC regulations. </FONT></DD></DL>
</UL>

<P><FONT SIZE=2><B>KEY RESPONSIBILITIES  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Committee's primary responsibility is to oversee the Company's financial reporting process on behalf of the Board and report results of their activities to
the Board. While the Committee has the responsibilities and powers set forth in this Charter, it is not the duty of the Committee to plan or conduct audits or to determine that the Company's financial
statements are complete and accurate and are in accordance with generally accepted accounting principles. Management is responsible for the preparation, presentation, and integrity of the Company's
financial statements and for the appropriateness of the accounting principles and reporting policies that are used by the Company as well as the Company's internal controls. The independent auditors
are responsible for performing an independent audit of the Company's financial statements in accordance with auditing standards generally accepted in the United States and for issuing a report hereon. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>A-1</FONT></P>

<HR NOSHADE>
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<A NAME="page_la1182_1_2"> </A>
<BR>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Committee, in carrying out its responsibilities, believes its policies and procedures should remain flexible, in order to best react to changing conditions and circumstances. The
Committee should take appropriate actions to set the overall corporate "tone" for quality financial reporting, sound business risk practices, and ethical behavior. The following shall be the principal
duties
and responsibilities of the Committee. These functions are set forth as a guide with the understanding that the Committee may diverge from this guide as appropriate under the circumstances. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Committee shall be directly responsible for the appointment and termination (subject, if applicable, to shareholder ratification), compensation, and oversight of the work of the
independent auditors, including resolution of disagreements between management and the auditor regarding financial reporting. The Committee shall pre-approve all audit and
non-audit services provided by the independent auditors and shall not engage the independent auditors to perform the specific non-audit services proscribed by law or
regulation. The Committee may delegate pre-approval authority to a member of the Committee. The decisions of any Committee member to whom pre-approval authority is delegated
must be presented to the full Committee at its next scheduled meeting. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At
least annually, the Committee shall obtain and review a report by the independent auditors describing: </FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>The
firm's internal quality control procedures.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>Any
material issues raised by the most recent internal quality control review, or peer review, of the firm, or by any inquiry or investigation by
governmental or professional authorities, within the preceding five years, respecting one or more independent audits carried out by the firm, and any steps taken to deal with any such issues.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>All
relationships between the independent auditor and the Company (to assess the auditor's independence). </FONT></DD></DL>
</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
addition, the Committee shall set clear hiring policies for employees or former employees of the independent auditors that meet the SEC regulations and the American Stock Exchange
listing standards. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Committee shall discuss with the internal auditors and the independent auditors the overall scope and plans for their respective audits, including the adequacy of staffing and
compensation. Also, the Committee shall discuss with management, the internal auditors, and the independent auditors the adequacy and effectiveness of the accounting and financial controls, including
the Company's policies and procedures to assess, monitor, and manage business risk, and legal and ethical compliance programs (e.g., Company's Code of Conduct). </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Committee shall meet separately periodically with management, the internal auditors, and the independent auditors to discuss issues and concerns warranting committee attention. The
Committee shall provide sufficient opportunity for the internal auditors and the independent auditors to meet privately with the members of the Committee. The Committee shall review with the
independent auditor any audit problems or difficulties and management's response. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Committee shall receive regular reports from the independent auditor on the critical policies and practices of the Company, and all alternative treatments of financial information
within generally accepted accounting principles that have been discussed with management. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Committee shall review management's assertion on its assessment of the effectiveness of internal controls as of the end of the most recent fiscal year and the independent auditors'
report on management's assertion. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Committee shall review and discuss earnings press releases, as well as financial information and earnings guidance provided to analysts and rating agencies. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>A-2</FONT></P>

<HR NOSHADE>
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<A NAME="page_la1182_1_3"> </A>
<BR>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Committee shall review the interim financial statements and disclosures under Management's Discussion and Analysis of Financial Condition and Results of Operations with management
and the independent auditors prior to the filing of the Company's Quarterly Report on Form&nbsp;10-Q. Also, the Committee shall discuss the results of the quarterly review and any other
matters required to be communicated to the Committee by the independent auditors under generally accepted auditing standards. The chair of the Committee may represent the entire Committee for the
purposes of this review. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Committee shall review with management and the independent auditors the financial statements and disclosures under Management's Discussion and Analysis of Financial Condition and
Results of Operations to be included in the Company's Annual Report on Form&nbsp;10-K (or the annual report to shareholders if distributed prior to the filing of
Form&nbsp;10-K), including their judgment about the quality, not just the acceptability, of accounting principles, the reasonableness of significant judgments, and the clarity of the
disclosures in the financial statements. Also, the Committee shall discuss the results of the annual audit and any other matters required to be communicated to the Committee by the independent
auditors under generally accepted auditing standards. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Committee shall establish procedures for the receipt, retention, and treatment of complaints received by the issuer regarding accounting, internal accounting controls, or auditing
matters,
and the confidential, anonymous submission by employees of the issuer of concerns regarding questionable accounting or auditing matters. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Committee shall receive corporate attorneys' reports of evidence of a material violation of securities laws or breaches of fiduciary duty. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Committee also prepares its report to be included in the Company's annual proxy statement, as required by SEC regulations. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Committee shall perform an evaluation of its performance at least annually to determine whether it is functioning effectively. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>A-3</FONT></P>

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<P ALIGN="CENTER"><FONT SIZE=1><B>Marine Products Corporation<BR>
Proxy Solicited by the Board of Directors of Marine Products Corporation<BR>
for Annual Meeting of Stockholders on Tuesday, April&nbsp;22, 2003, 1:00&nbsp;P.M.  </B></FONT></P>

<P><FONT SIZE=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The undersigned hereby constitutes and appoints GARY W. ROLLINS and R. RANDALL ROLLINS, and each of them, jointly and severally, proxies, with full power of
substitution, to vote all shares of Common Stock which the undersigned is entitled to vote at the Annual Meeting of Stockholders to be held on April&nbsp;22, 2003, at 1:00&nbsp;P.M. at 2170
Piedmont Road, NE, Atlanta, Georgia, or any adjournment thereof. </FONT></P>

<P><FONT SIZE=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
undersigned acknowledges receipt of Notice of Annual Meeting of Stockholders and Proxy Statement, each dated March&nbsp;17, 2003, grants authority to said proxies, or either of
them, or their substitutes, to act in the absence of others, with all the powers which the undersigned would possess if personally present at such meeting and hereby ratifies and confirms all that
said proxies or their substitutes may lawfully do in the undersigned's name, place and stead. The undersigned instructs said proxies, or either of them, to vote as follows: </FONT></P>

<!-- User-specified TAGGED TABLE -->
<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="TOP">
<TD WIDTH="2%"><FONT SIZE=1>1.</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1><FONT FACE="WINGDINGS">&#111;</FONT></FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="43%"><FONT SIZE=1>FOR Richard A. Hubbell and Linda H. Graham, as Class&nbsp;II Directors </FONT><FONT SIZE=1><I>except as indicated below</I></FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1><FONT FACE="WINGDINGS">&#111;</FONT></FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="43%"><FONT SIZE=1>ABSTAIN from voting for the election of all Class&nbsp;II nominees</FONT></TD>
</TR>
</TABLE>
<!-- end of user-specified TAGGED TABLE -->


<P><FONT SIZE=1><I>INSTRUCTIONS: To refrain from voting for any individual nominee, write that nominee's name in the space provided below:  </I></FONT></P>

<HR NOSHADE>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=1>2.</FONT></DT><DD><FONT SIZE=1>ON
ALL OTHER MATTERS WHICH MAY PROPERLY COME BEFORE THE MEETING OR ANY ADJOURNMENT THEREOF. </FONT>
<P ALIGN="CENTER"><FONT SIZE=1><B>(over)</B></FONT></P>

</DD></DL>
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<UL>
<P ALIGN="CENTER"><FONT SIZE=2><B>MARINE PRODUCTS CORPORATION  </B></FONT></P>

</UL>

<P><FONT SIZE=1><B>ALL PROXIES SIGNED AND RETURNED WILL BE VOTED OR NOT VOTED IN ACCORDANCE WITH YOUR INSTRUCTIONS, BUT THOSE WITH NO CHOICE WILL BE VOTED
"FOR" THE ABOVE-NAMED NOMINEES FOR DIRECTOR. THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD OF DIRECTORS OF THE COMPANY.  </B></FONT></P>

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<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="TOP">
<TD WIDTH="57%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD COLSPAN=5 ALIGN="CENTER"><FONT SIZE=1>PROXY<BR>
<BR>
Please sign below, date and return promptly.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="57%"><FONT SIZE=1><BR>
&nbsp;</FONT></TD>
<TD COLSPAN=5><BR><HR NOSHADE></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="57%"><FONT SIZE=1><BR>
&nbsp;</FONT></TD>
<TD COLSPAN=5 ALIGN="RIGHT"><BR><HR NOSHADE><FONT SIZE=1> Signature</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="57%"><FONT SIZE=1><BR>
&nbsp;</FONT></TD>
<TD WIDTH="6%"><FONT SIZE=1><BR>
Dated:</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
<TD WIDTH="29%"><FONT SIZE=1><BR>
&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=1><BR>
, 2003</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="57%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="6%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="29%"><HR NOSHADE></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="7%"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="57%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD COLSPAN=5><FONT SIZE=1>(Signature should conform to name and title stenciled hereon. Executors, administrators, trustees, guardians and attorneys should add their title upon signing)<BR></FONT>
</TD>
</TR>
</TABLE>
<!-- end of user-specified TAGGED TABLE -->


<P><FONT SIZE=1><B>NO POSTAGE REQUIRED IF THIS PROXY IS RETURNED IN THE ENCLOSED ENVELOPE AND MAILED IN THE UNITED STATES.  </B></FONT></P>

<HR NOSHADE>
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<BR>
<P><br><A NAME="03ATA1182_1">QuickLinks</A><br></P><!-- TOC_BEGIN -->
<FONT SIZE=2><A HREF="#toc_de1182_1">PROXY STATEMENT</A></FONT><BR>
<FONT SIZE=2><A HREF="#toc_de1182_2">SOLICITATION OF AND POWER TO REVOKE PROXY</A></FONT><BR>
<FONT SIZE=2><A HREF="#toc_de1182_3">CAPITAL STOCK</A></FONT><BR>
<FONT SIZE=2><A HREF="#toc_de1182_4">ELECTION OF DIRECTORS</A></FONT><BR>
<FONT SIZE=2><A HREF="#toc_de1182_5">BOARD OF DIRECTORS COMPENSATION, COMMITTEES AND MEETINGS</A></FONT><BR>
<FONT SIZE=2><A HREF="#toc_de1182_6">COMPENSATION COMMITTEE INTERLOCKS AND INSIDER PARTICIPATION</A></FONT><BR>
<FONT SIZE=2><A HREF="#toc_de1182_7">EXECUTIVE COMPENSATION</A></FONT><BR>
<FONT SIZE=2><A HREF="#toc_de1182_8">SUMMARY COMPENSATION TABLE</A></FONT><BR>
<FONT SIZE=2><A HREF="#toc_de1182_9">OPTION/SAR GRANTS IN FISCAL YEAR 2002</A></FONT><BR>
<FONT SIZE=2><A HREF="#toc_de1182_10">AGGREGATED OPTION/SAR EXERCISES IN FISCAL YEAR 2002 AND YEAR-END OPTION/SAR VALUES</A></FONT><BR>
<!-- TOC_BEGIN -->
<FONT SIZE=2><A HREF="#toc_dg1182_1">REPORTS OF THE AUDIT, COMPENSATION AND EXECUTIVE COMMITTEES AND PERFORMANCE GRAPH</A></FONT><BR>
<FONT SIZE=2><A HREF="#toc_dg1182_2">REPORT OF THE AUDIT COMMITTEE</A></FONT><BR>
<FONT SIZE=2><A HREF="#toc_dg1182_3">REPORT OF THE COMPENSATION COMMITTEE AND EXECUTIVE COMMITTEE ON EXECUTIVE COMPENSATION</A></FONT><BR>
<FONT SIZE=2><A HREF="#toc_dg1182_4">COMMON STOCK PERFORMANCE</A></FONT><BR>
<FONT SIZE=2><A HREF="#toc_dg1182_5">COMPARISON OF CUMULATIVE TOTAL RETURN</A></FONT><BR>
<FONT SIZE=2><A HREF="#toc_dg1182_6">CERTAIN RELATIONSHIPS AND RELATED PARTY TRANSACTIONS</A></FONT><BR>
<FONT SIZE=2><A HREF="#toc_dg1182_7">BENEFIT PLANS</A></FONT><BR>
<FONT SIZE=2><A HREF="#toc_dg1182_8">INDEPENDENT PUBLIC ACCOUNTANTS</A></FONT><BR>
<FONT SIZE=2><A HREF="#toc_dg1182_9">SECTION 16(a) BENEFICIAL OWNERSHIP REPORTING COMPLIANCE</A></FONT><BR>
<FONT SIZE=2><A HREF="#toc_dg1182_10">STOCKHOLDER PROPOSALS</A></FONT><BR>
<FONT SIZE=2><A HREF="#toc_dg1182_11">EXPENSES OF SOLICITATION</A></FONT><BR>
<FONT SIZE=2><A HREF="#toc_dg1182_12">MISCELLANEOUS</A></FONT><BR>
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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>3
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`
end

</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
