-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
 MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen
 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 Gry8ofsLheaveuQ14z9B2Uk5rfSvGl3dXWg8NwbOyx4zxJvVv6pGuPuBeb/gWHc+
 nTga+pPhyZgQxYjHXd0SVQ==

<SEC-DOCUMENT>0001206774-04-001730.txt : 20041213
<SEC-HEADER>0001206774-04-001730.hdr.sgml : 20041213
<ACCEPTANCE-DATETIME>20041213085430
ACCESSION NUMBER:		0001206774-04-001730
CONFORMED SUBMISSION TYPE:	DEF 14A
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20040128
FILED AS OF DATE:		20041213
DATE AS OF CHANGE:		20041213
EFFECTIVENESS DATE:		20041213

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			NORTHERN TECHNOLOGIES INTERNATIONAL CORP
		CENTRAL INDEX KEY:			0000875582
		STANDARD INDUSTRIAL CLASSIFICATION:	CONVERTED PAPER & PAPERBOARD PRODS (NO CONTAINERS/BOXES) [2670]
		IRS NUMBER:				410857886
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0831

	FILING VALUES:
		FORM TYPE:		DEF 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-11038
		FILM NUMBER:		041197773

	BUSINESS ADDRESS:	
		STREET 1:		6680 N HIGHWAY 49
		CITY:			LINO LAKES
		STATE:			MN
		ZIP:			55014
		BUSINESS PHONE:		6127841250

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	NORTHERN INSTRUMENTS CORP
		DATE OF NAME CHANGE:	19930328
</SEC-HEADER>
<DOCUMENT>
<TYPE>DEF 14A
<SEQUENCE>1
<FILENAME>d15821.htm
<TEXT>
<!DOCTYPE HTML PUBLIC "-//W3C//DTD HTML 3.2 Final//EN">
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY>
<!-- BEGIN DIVISION: DIV_proxy PAGE POSITION: 1 -->

<HR style="MARGIN-TOP: -2px" NOSHADE SIZE=4>
<HR style="MARGIN-TOP: -10px" NOSHADE SIZE=1>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="20%" valign="top" style="padding:0in .7pt .7pt .7pt;width:20.0%;">
  <p align="center" style="margin:0in 0in .0001pt 10.0pt;text-align:center;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="60%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in .7pt .7pt .7pt;width:60.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="5" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">UNITED
  STATES</font></b></p>
  </td>
  <td width="20%" valign="bottom" style="border:solid windowtext 1.0pt;border-left:none;padding:0in .7pt .7pt .7pt;width:20.0%;">
  <P STYLE="margin:0in 0in .0001pt;" ALIGN="CENTER"><font size="2" face="Times New Roman" style="font-size:10.0pt;">OMB APPROVAL</font></p>
  </td>
 </tr>
 <tr>
  <td width="20%" valign="top" style="padding:0in .7pt .7pt .7pt;width:20.0%;">
  <p align="center" style="margin:0in 0in .0001pt 10.0pt;text-align:center;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="60%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in .7pt .7pt .7pt;width:60.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="5" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">SECURITIES
  AND EXCHANGE COMMISSION</font></b></p>
  </td>
  <td width="20%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in .7pt .7pt .7pt;width:20.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">OMB Number:  3235-00595</font></p>
  </td>
 </tr>
 <tr>
  <td width="20%" valign="top" style="padding:0in .7pt .7pt .7pt;width:20.0%;">
  <p align="center" style="margin:0in 0in .0001pt 10.0pt;text-align:center;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="60%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in .7pt .7pt .7pt;width:60.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><FONT FACE="Times New Roman"><FONT SIZE="2"><B>Washington,
D.C. 20549</B></FONT></FONT></p>
  </td>
  <td width="20%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in .7pt .7pt .7pt;width:20.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Expires: February &nbsp;28, 2006</font></p>
  </td>
 </tr>
 <tr>
  <td width="20%" valign="top" style="padding:0in .7pt .7pt .7pt;width:20.0%;">
  <p align="center" style="margin:0in 0in .0001pt 10.0pt;text-align:center;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="60%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in .7pt .7pt .7pt;width:60.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><FONT FACE="Times New Roman"><FONT SIZE="4"><B>SCHEDULE
14A</B></FONT></FONT></p>
  </td>
  <td width="20%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in .7pt .7pt .7pt;width:20.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Estimated average burden
  hours per response......... 12.75 </font></p>
  </td>
 </tr>
</table>


<p align="center"><strong><font size="3" face="Times New Roman, Times, serif">Proxy
  Statement Pursuant to Section 14(a) of the Securities <BR>Exchange Act of 1934 (Amendment No. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;)</font></strong></p>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr valign="top">
    <td colspan="2"><font size="2" face="Times New Roman, Times, serif">Filed
      by the Registrant&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size=3 face=WINGDINGS><b>x</b></font></p></td>
  </tr>
  <tr valign="top">
    <td colspan="2"><font size="2" face="Times New Roman, Times, serif">Filed
      by a Party other than the Registrant&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size=3 face=WINGDINGS><b>o</b></font></p></font></td>
  </tr>
  <tr valign="top">
    <td colspan="2"><font size="2" face="Times New Roman, Times, serif">Check
      the appropriate box:</font></td>
  </tr>
  <tr valign="top">
    <td width="5%">&nbsp;</td>
    <td width="95%">&nbsp;</td>
  </tr>
  <tr valign="top">
    <td width="5%"><font size="2" face="Times New Roman, Times, serif"><font size=3 face=WINGDINGS><b>o</b></font></td>
    <td width="95%"><font size="2" face="Times New Roman, Times, serif">Preliminary
      Proxy Statement</font></td>
  </tr>
  <tr valign="top">
    <td width="5%"><font size="2" face="Times New Roman, Times, serif"><font size=3 face=WINGDINGS><b>o</b></font></td>
    <td width="95%"><FONT FACE="Times New Roman, Times, serif"><FONT SIZE="2"><B>Confidential,
for Use of the Commission Only (as permitted by Rule 14a-6(e)(2))</B></FONT></FONT></td>
  </tr>
  <tr valign="top">
    <td width="5%"><font size="2" face="Times New Roman, Times, serif"><font size=3 face=WINGDINGS><b>x</b></font></td>
    <td width="95%"><font size="2" face="Times New Roman, Times, serif">Definitive
      Proxy Statement</font></td>
  </tr>
  <tr valign="top">
    <td width="5%"><font size="2" face="Times New Roman, Times, serif"><font size=3 face=WINGDINGS><b>o</b></font></td>
    <td width="95%"><font size="2" face="Times New Roman, Times, serif">Definitive
      Additional Materials</font></td>
  </tr>
  <tr valign="top">
    <td width="5%"><font size="2" face="Times New Roman, Times, serif"><font size=3 face=WINGDINGS><b>o</b></font></td>
    <td width="95%"><font size="2" face="Times New Roman, Times, serif">Soliciting
      Material Pursuant to Rule &sect;240.14a-12</font></td>
  </tr>
</table>
<p>&nbsp;</p>
<div align="center"><FONT FACE="Arial, Helvetica, sans-serif"><FONT SIZE="5">Northern Technologies International Corporation</FONT></FONT>
<HR SIZE="2" NOSHADE WIDTH="75%">
<font size="2" face="Times New Roman, Times, serif">(Name of Registrant as Specified In Its Charter)</font></div>


<p><font size="2" face="Times New Roman, Times, serif">Payment of Filing Fee (Check
  the appropriate box):</font></p>

<TABLE WIDTH="100%" BORDER="0" CELLSPACING="0" CELLPADDING="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="Times New Roman, Times, serif"><font size=3 face=WINGDINGS><b>x</b></font></td>
    <td colspan="2"><font size="2" face="Times New Roman, Times, serif">No fee
      required.</font></td>
  </tr>
  <tr valign="top">
    <TD WIDTH="5%">&nbsp;</td>
    <TD WIDTH="5%">&nbsp;</td>
    <TD WIDTH="90%">&nbsp;</td>
  </tr>
  <tr valign="top">
    <td width="5%"><font size="2" face="Times New Roman, Times, serif"><font size=3 face=WINGDINGS><b>o</b></font></td>
    <td colspan="2"><font size="2" face="Times New Roman, Times, serif">Fee computed
      on table below per Exchange Act Rules 14a-6(i)(1) and 0-11.</font></td>
  </tr>
  <tr valign="top">
    <td width="5%">&nbsp;</td>
    <td width="5%">&nbsp;</td>
    <td width="90%">&nbsp;</td>
  </tr>
  <tr valign="top">
    <td width="5%">&nbsp;</td>
    <td width="5%"><font size="2" face="Times New Roman, Times, serif">1.</font></td>
    <td width="90%"><font size="2" face="Times New Roman, Times, serif">Title
      of each class of securities to which transaction applies:</font></td>
  </tr>
  <tr valign="top">
    <td width="5%">&nbsp;</td>
    <td width="5%">&nbsp;</td>
    <td width="90%">&nbsp;</td>
  </tr>
  <tr valign="top">
    <td width="5%">&nbsp;</td>
    <td width="5%">&nbsp;</td>
    <td width="70%"> <hr size="2" noshade></td>
  </tr>
  <tr valign="top">
    <td width="5%">&nbsp;</td>
    <td width="5%">&nbsp;</td>
    <td width="90%">&nbsp;</td>
  </tr>
  <tr valign="top">
    <td width="5%">&nbsp;</td>
    <td width="5%"><font size="2" face="Times New Roman, Times, serif">2.</font></td>
    <td width="90%"><font size="2" face="Times New Roman, Times, serif">Aggregate
      number of securities to which transaction applies:</font></td>
  </tr>
  <tr valign="top">
    <td width="5%">&nbsp;</td>
    <td width="5%">&nbsp;</td>
    <td width="90%">&nbsp;</td>
  </tr>
  <tr valign="top">
    <td width="5%">&nbsp;</td>
    <td width="5%">&nbsp;</td>
    <td width="70%"> <hr size="2" noshade></td>
  </tr>
  <tr valign="top">
    <td width="5%">&nbsp;</td>
    <td width="5%">&nbsp;</td>
    <td width="90%">&nbsp;</td>
  </tr>
  <tr valign="top">
    <td width="5%">&nbsp;</td>
    <td width="5%"><font size="2" face="Times New Roman, Times, serif">3.</font></td>
    <td width="90%"><font size="2" face="Times New Roman, Times, serif">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):</font></td>
  </tr>
  <tr valign="top">
    <td width="5%">&nbsp;</td>
    <td width="5%">&nbsp;</td>
    <td width="90%">&nbsp;</td>
  </tr>
  <tr valign="top">
    <td width="5%">&nbsp;</td>
    <td width="5%">&nbsp;</td>
    <td width="70%"> <hr size="2" noshade></td>
  </tr>
  <tr valign="top">
    <td width="5%">&nbsp;</td>
    <td width="5%">&nbsp;</td>
    <td width="70%">&nbsp;</td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td><font size="2" face="Times New Roman, Times, serif">4.</font></td>
    <td><font size="2" face="Times New Roman, Times, serif">Proposed maximum aggregate
      value of transaction:</font></td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td> <hr size="2" noshade></td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td><font size="2" face="Times New Roman, Times, serif">5.</font></td>
    <td><font size="2" face="Times New Roman, Times, serif">Total fee paid:</font></td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td> <hr size="2" noshade></td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <TD NOWRAP><font size="2" face="Times New Roman, Times, serif"></font></td>
    <TD><FONT FACE="Times New Roman, Times, serif"><FONT SIZE="2">SEC 1913 (03-04)&nbsp; <BR><B>Persons who are to respond to the Collection of information<BR>contained in this form are not required to respond unless the <BR>
form displays a currently valid OMB cotrol number.</B></FONT></FONT></td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td><font size="2" face="Times New Roman, Times, serif"><font size=3 face=WINGDINGS><b>o</b></font></td>
    <td colspan="2"><font size="2" face="Times New Roman, Times, serif">Fee paid
      previously with preliminary materials.</font></td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td><font size="2" face="Times New Roman, Times, serif"><font size=3 face=WINGDINGS><b>o</b></font></td>
    <td colspan="2"><font size="2" face="Times New Roman, Times, serif">Check
      box if any part of the fee is offset as provided by Exchange Act Rule 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>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td><font size="2" face="Times New Roman, Times, serif">1.</font></td>
    <td><font size="2" face="Times New Roman, Times, serif">Amount Previously
      Paid:</font></td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td><hr size="2" noshade></td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td><font size="2" face="Times New Roman, Times, serif">2.</font></td>
    <td><font size="2" face="Times New Roman, Times, serif">Form, Schedule or
      Registration Statement No.:</font></td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td><hr size="2" noshade></td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td><font size="2" face="Times New Roman, Times, serif">3.</font></td>
    <td><font size="2" face="Times New Roman, Times, serif">Filing Party:</font></td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td><hr size="2" noshade></td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td><font size="2" face="Times New Roman, Times, serif">4.</font></td>
    <td><font size="2" face="Times New Roman, Times, serif">Date Filed:</font></td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td><hr size="2" noshade></td>
  </tr>
</table>
<p>&nbsp;</p>
<HR style="MARGIN-TOP: -2px" NOSHADE SIZE=4>
<HR style="MARGIN-TOP: -10px" NOSHADE SIZE=1>

<HR SIZE=5 COLOR=GRAY NOSHADE>

<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 17; page: 17" -->


<P ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><B>NORTHERN TECHNOLOGIES INTERNATIONAL CORPORATION</B></FONT></P>

<P ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><B>NOTICE OF ANNUAL MEETING OF STOCKHOLDERS</B></FONT></P>

<P ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><B>January 28, 2005</B></FONT></P>

<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 0 px; TOP-MARGIN: 12 px; TEXT-ALIGN: LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">The Annual
Meeting of the Stockholders of Northern Technologies International Corporation, a Delaware corporation, will be held at Northern Technologies
International Corporation Headquarters, 6680 North Highway 49, Lino Lakes, Minnesota 55014, beginning at 8:30 a.m., local time, on Friday, January 28,
2005, for the following purposes:</FONT></DIV></P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="100%">
<TR VALIGN="TOP">
     <TD WIDTH="37px" ALIGN="LEFT" nowrap><DIV STYLE="TEXT-INDENT: 20px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">1.</FONT></DIV></TD>
     <TD WIDTH="3px" ALIGN="LEFT">&nbsp;</TD>
     <TD WIDTH="100%" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">To elect eleven persons to serve as our directors until the next
annual meeting of the stockholders or until their respective successors shall be elected and qualified.</FONT></TD>
</TR>
</TABLE>
<BR>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="100%">
<TR VALIGN="TOP">
     <TD WIDTH="37px" ALIGN="LEFT" nowrap><DIV STYLE="TEXT-INDENT: 20px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">2.</FONT></DIV></TD>
     <TD WIDTH="3px" ALIGN="LEFT">&nbsp;</TD>
     <TD WIDTH="100%" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">To transact such other business as may properly come before the
meeting or any adjournment of the meeting.</FONT></TD>
</TR>
</TABLE>
<BR>

<P ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Only stockholders of record at the close of business on December 3, 2004 will be
entitled to notice of, and to vote at, the meeting and any adjournments thereof. A stockholder list will be available at our corporate offices
beginning January 17, 2004 during normal business hours for examination by any stockholder registered on Northern Technologies&#146; stock ledger as of
the record date, December 3, 2004, for any purpose germane to the annual meeting.</FONT></P>

<P ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">It is important that your shares be represented and voted at the meeting. Please
mark, sign, date and mail the enclosed proxy card in the postage-paid envelope provided.</FONT></P>

<P ALIGN="LEFT"><DIV STYLE="MARGIN-LEFT: 252px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">By Order of the Board of Directors,<BR>
<DIV ALIGN="LEFT"><IMG SRC="wolsfeld.jpg"></DIV></FONT></DIV>

<P ALIGN="LEFT"><DIV STYLE="MARGIN-LEFT: 252px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Matthew Wolsfeld<BR> <I>Corporate
Secretary</I></FONT></DIV></P>

<P ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">December 12, 2004<BR> Lino Lakes, Minnesota</FONT></P>

<P ALIGN="LEFT"><DIV STYLE="Text-Indent: 0 px; Text-Align: Left; Border-Top-Width: 1.0pt; Border-Top-Style: Solid; Border-Bottom-Width: 1.0pt; Border-Bottom-Style: Solid; Border-Left-Width: 1.0pt; Border-Left-Style: Solid; Border-Right-Width: 1.0pt; Border-Right-Style: Solid"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><B>&nbsp;&nbsp;Important:
The prompt return of your proxy card will save the company the expense of further requests for proxies to ensure a<BR> &nbsp;&nbsp;quorum at the meeting. A
self-addressed envelope is enclosed for your convenience. No postage is required if mailed within the<BR>&nbsp;&nbsp;United States.</B></FONT></DIV></P>



<HR SIZE=5 COLOR=GRAY NOSHADE>

<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 1; page: 1" -->


<P ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"></FONT></P>

<P ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><B>NORTHERN TECHNOLOGIES INTERNATIONAL CORPORATION<BR> 6680 N. Highway 49, Lino
Lakes, Minnesota 55014<BR></B></FONT></P>

<P ALIGN="CENTER"><DIV STYLE="TEXT-INDENT: 0 px; TOP-MARGIN: 4 px; TEXT-ALIGN: CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">
<B><HR SIZE="1" WIDTH="120" ALIGN="center" NOSHADE COLOR="#000000"><BR>PROXY STATEMENT<BR> FOR ANNUAL MEETING OF STOCKHOLDERS<BR>&nbsp;<BR>January 28,
2005</B><BR><HR SIZE="1" WIDTH="120" ALIGN="center" NOSHADE COLOR="#000000"></FONT></DIV></P>

<P ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><B>INFORMATION CONCERNING THE ANNUAL MEETING</B></FONT></P>

<P ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><B>Date, Time, Place and Purposes</B></FONT></P>

<P ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">The Annual Meeting of the Stockholders of Northern Technologies International
Corporation (sometimes referred to as &#147;NTIC&#148; in this proxy statement) will be held on Friday, January 28, 2005, at 8:30 a.m., local time, at
the principal executive offices of Northern Technologies International Corporation, 6680 North Highway 49, Lino Lakes, Minnesota 55014, for the
purposes set forth in the Notice of Meeting.</FONT></P>

<P ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><B>Stockholders Entitled to Vote</B></FONT></P>

<P ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Stockholders of record at the close of business on December 3, 2004 will be
entitled to vote at the meeting. As of that date, there were 3,581,982 shares of our common stock outstanding. Each share of our common stock is
entitled to one vote on each matter to be voted on at the Annual Meeting. Stockholders are not entitled to cumulate voting rights.</FONT></P>

<P ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><B>Proxies</B></FONT></P>

<P ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">This proxy statement is being mailed to our stockholders beginning on or about
December 12, 2004, in connection with the solicitation of proxies by the Board of Directors for use at the Annual Meeting of Stockholders.</FONT></P>

<P ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Your vote is important. A proxy card is enclosed for your use. <B>You are solicited
on behalf of the Board of Directors to mark, sign, date and return the proxy card in the accompanying envelope.</B> No postage is required if mailed
within the United States.</FONT></P>

<P ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Proxies will be voted as specified by you. Signed proxies that lack any
specification will be voted in favor of the election of all of the nominees for director listed in this proxy statement.</FONT></P>

<P ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><B>The Board recommends that you vote FOR the approval of all of the nominees for
director listed in this proxy statement.</B></FONT></P>

<P ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><B>Revocation of Proxies</B></FONT></P>

<P ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Any stockholder giving a proxy may revoke it at any time prior to its use at the
Annual Meeting by:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="100%">
<TR VALIGN="TOP">
     <TD WIDTH="17px" ALIGN="LEFT" nowrap><DIV STYLE="TEXT-INDENT: 20px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">&#149;&nbsp;&nbsp;</FONT></DIV></TD>
     <TD WIDTH="3px" ALIGN="LEFT">&nbsp;</TD>
     <TD WIDTH="100%" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">giving written notice of your revocation to our Corporate
Secretary,</FONT></TD>
</TR>
</TABLE>
<BR>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="100%">
<TR VALIGN="TOP">
     <TD WIDTH="17px" ALIGN="LEFT" nowrap><DIV STYLE="TEXT-INDENT: 20px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">&#149;&nbsp;&nbsp;</FONT></DIV></TD>
     <TD WIDTH="3px" ALIGN="LEFT">&nbsp;</TD>
     <TD WIDTH="100%" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">filing a duly executed proxy bearing a later date with our
Corporate Secretary, or</FONT></TD>
</TR>
</TABLE>
<BR>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="100%">
<TR VALIGN="TOP">
     <TD WIDTH="17px" ALIGN="LEFT" nowrap><DIV STYLE="TEXT-INDENT: 20px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">&#149;&nbsp;&nbsp;</FONT></DIV></TD>
     <TD WIDTH="3px" ALIGN="LEFT">&nbsp;</TD>
     <TD WIDTH="100%" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">appearing at the Annual Meeting and filing written notice of
revocation with our Corporate Secretary prior to use of the proxy.</FONT></TD>
</TR>
</TABLE>
<BR>

<P ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><B>Quorum Requirement</B></FONT></P>

<P ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">The presence at the Annual Meeting, in person or by proxy, of the holders of a
majority of the outstanding shares of our common stock (1,790,992 shares) as of the record date will constitute a quorum for the transaction of
business at the Annual Meeting. In general, shares of our common stock represented by a properly signed and</FONT></P>


<P ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">1<BR></FONT></P>


<HR SIZE=5 COLOR=GRAY NOSHADE>

<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 2; page: 2" -->


<P ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><BR>returned proxy card will be counted as shares present and entitled to vote at
the Annual Meeting for purposes of determining a quorum, without regard to whether the card reflects abstentions (or is left blank) or reflects a
&#147;broker non-vote&#148; on a matter. A &#147;broker non-vote&#148; is a card returned by a broker on behalf of its beneficial owner customer that
is not voted on a particular matter because voting instructions have not been received by the broker from the customer, and the broker has no
discretionary authority to vote on behalf of such customer on such matter.</FONT></P>

<P ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><B>Vote Required</B></FONT></P>

<P ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Assuming a quorum is represented at the Annual Meeting, either in person or by
proxy, the election of the nine nominees for director requires the affirmative vote of a plurality of the shares of common stock present in person or
by proxy and entitled to vote.</FONT></P>

<P ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Shares represented by a proxy card including any broker non-votes on a matter will
be treated as shares not entitled to vote on that matter, and thus will not be counted in determining whether that matter has been approved. Shares
represented by a proxy card voted as abstaining on any of the proposals will be treated as shares present and entitled to vote that were not cast in
favor of a particular matter, and thus will be counted as votes against that matter.</FONT></P>

<P ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Signed proxies that lack any specification will be voted in favor of the election
of all of the nine nominees for directors listed in this proxy statement.</FONT></P>

<P ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><B>Proxy Solicitation Costs</B></FONT></P>

<P ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">The cost of soliciting proxies, including the preparation, assembly and mailing of
proxies and soliciting material, as well as the cost of forwarding this material to the beneficial owners of our common stock will be borne by NTIC.
Our directors, officers and regular employees may, without compensation other than their regular compensation, solicit proxies by telephone, facsimile,
telegraph or personal conversation. We may reimburse brokerage firms and others for expenses in forwarding proxy materials to the beneficial owners of
our common stock.</FONT></P>

<P ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><B>Procedures at the Annual Meeting</B></FONT></P>

<P ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">The presiding officer at the Annual Meeting will determine how business at the
meeting will be conducted. Only matters brought before the Annual Meeting in accordance with our bylaws will be considered.</FONT></P>

<P ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Only a natural person present at the Annual Meeting who is either a NTIC
stockholder, or is acting on behalf of a stockholder, may make a motion or second a motion. A person acting on behalf of a stockholder must present a
written statement executed by the stockholder or the duly authorized representative of the stockholder on whose behalf the person purports to
act.</FONT></P>

<P ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><B>Householding of Annual Meeting Materials</B></FONT></P>

<P ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Some banks, brokers and other nominee record holders may be participating in the
practice of &#147;householding&#148; proxy statements and annual reports. This means that only one copy of this proxy statement or NTIC&#146;s Annual
Report to Stockholders may have been sent to multiple stockholders in each household. NTIC will promptly deliver a separate copy of either document to
any stockholder upon written or oral request to NTIC&#146;s Stockholder Information Department, Northern Technologies International Corporation, 6680
North Highway 49, Lino Lakes, Minnesota 55014, telephone: (651) 784-1250. Any stockholder who wants to receive separate copies of this proxy statement
or NTIC&#146;s Annual Report to Stockholders in the future, or any stockholder who is receiving multiple copies and would like to receive only one copy
per household, should contact the stockholder&#146;s bank, broker, or other nominee record holder, or the stockholder may contact NTIC at the above
address and phone number.</FONT></P>



<P ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">2<BR></FONT></P>


<HR SIZE=5 COLOR=GRAY NOSHADE>

<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 3; page: 3" -->


<P ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><B>SECURITY OWNERSHIP OF PRINCIPAL STOCKHOLDERS AND MANAGEMENT</B></FONT></P>

<P ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">The following table sets forth information known to us with respect to the
beneficial ownership of our common stock as of November 2, 2004 for (1) each person known by us to beneficially own more than 5% of our common stock,
(2) each of our directors, (3) each of the executive officers named in the Summary Compensation Table on page 12 under the heading &#147;Executive
Compensation and Other Benefits&#148; and (4) all of our directors and executive officers as a group.</FONT></P>

<P ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Shares are deemed to be &#147;beneficially owned&#148; by a person if such person,
directly or indirectly, has sole or shared power to vote or to direct the voting of such shares or sole or shared power to dispose or direct the
disposition of such shares. Except as otherwise indicated, we believe that each of the beneficial owners of our common stock listed below, based on
information provided by these owners, has sole dispositive and voting power with respect to its shares, subject to community property laws where
applicable. Shares not outstanding but deemed beneficially owned by virtue of the right of a person or member of a group to acquire them within 60 days
are treated as outstanding only when determining the amount and percent owned by such person or group.</FONT></P>


<TABLE ALIGN="CENTER" CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="100%">

<TR VALIGN="BOTTOM">
     <TH nowrap ALIGN="LEFT" ><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Name<HR SIZE=1 NOSHADE COLOR="#000000" ALIGN="LEFT"
WIDTH="22pt"></FONT></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE="1">&nbsp;</FONT></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE="1">&nbsp;</FONT></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TH>

     <TH COLSPAN="3" nowrap><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Shares Subject to Options<BR> Immediately Exercisable or<BR>
Exercisable Within 60 Days<HR SIZE=1 NOSHADE COLOR="#000000"></FONT></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TH>

     <TH COLSPAN="3" nowrap><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Total Number of Shares<BR> of Common Stock<BR> Beneficially Owned<HR
SIZE=1 NOSHADE COLOR="#000000"></FONT></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TH>

     <TH COLSPAN="3" nowrap><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Percent of<BR> Total Voting<BR> Power<HR SIZE=1 NOSHADE
COLOR="#000000"></FONT></TH>
</TR>
<TR VALIGN="BOTTOM" BGCOLOR="#FFF3CE">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV STYLE="MARGIN-LEFT: 10px; TEXT-INDENT: -10px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Inter Alia
Holding Company (1)</FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>

     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">0</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>

     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" NOWRAP><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">911,668</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>

     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">25.5</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">%&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV STYLE="MARGIN-LEFT: 10px; TEXT-INDENT: -10px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Kern Capital
Management, LLC (2)</FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>

     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">0</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>

     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" NOWRAP><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">516,800</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>

     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">14.4</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">%&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM" BGCOLOR="#FFF3CE">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV STYLE="MARGIN-LEFT: 10px; TEXT-INDENT: -10px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Philip M.
Lynch</FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>

     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">3,334</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>

     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" NOWRAP><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">917,002 </FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">(3)</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>

     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">25.6</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">%&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV STYLE="MARGIN-LEFT: 10px; TEXT-INDENT: -10px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">G. Patrick
Lynch</FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>

     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">3,000</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>

     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" NOWRAP><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">916,368</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">(3)</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>

     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">25.6</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">%&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM" BGCOLOR="#FFF3CE">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV STYLE="MARGIN-LEFT: 10px; TEXT-INDENT: -10px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Pierre
Chenu</FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>

     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">0</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>

     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" NOWRAP><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">0</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>

     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">0.0</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">%&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV STYLE="MARGIN-LEFT: 10px; TEXT-INDENT: -10px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Dr. Donald A.
Kubik</FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>

     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">2,667</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>

     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" NOWRAP><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">110,508</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>

     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">3.1</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">%&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM" BGCOLOR="#FFF3CE">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV STYLE="MARGIN-LEFT: 10px; TEXT-INDENT: -10px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Dr. Sunggyu
Lee</FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>

     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">0</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>

     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" NOWRAP><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">0</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>

     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">0.0</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">%&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV STYLE="MARGIN-LEFT: 10px; TEXT-INDENT: -10px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Tao
Meng</FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>

     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">0</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>

     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" NOWRAP><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">0</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>

     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">0.0</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">%&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM" BGCOLOR="#FFF3CE">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV STYLE="MARGIN-LEFT: 10px; TEXT-INDENT: -10px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Mark
Stone</FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>

     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">2,334</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>

     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" NOWRAP><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">12,334</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">(4)</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>

     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">*</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV STYLE="MARGIN-LEFT: 10px; TEXT-INDENT: -10px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Stephan
Taylor</FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>

     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">2,334</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>

     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" NOWRAP><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">2,334</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>

     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">*</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM" BGCOLOR="#FFF3CE">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV STYLE="MARGIN-LEFT: 10px; TEXT-INDENT: -10px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Ms. Tatiana
Yakubovskaya</FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>

     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">0</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>

     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" NOWRAP><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">0</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>

     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">0.0</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">%&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV STYLE="MARGIN-LEFT: 10px; TEXT-INDENT: -10px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Dr. Ramani
Narayan</FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>

     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">0</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>

     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" NOWRAP><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">0</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>

     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">0.0</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">%&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM" BGCOLOR="#FFF3CE">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV STYLE="MARGIN-LEFT: 10px; TEXT-INDENT: -10px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Mark
Mayers</FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>

     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">0</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>

     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" NOWRAP><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">0</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>

     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">0.0</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">%&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV STYLE="MARGIN-LEFT: 10px; TEXT-INDENT: -10px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Matthew C.
Wolsfeld</FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>

     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">6,666</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>

     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" NOWRAP><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">8,190</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>

     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">*</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM" BGCOLOR="#FFF3CE">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV STYLE="MARGIN-LEFT: 10px; TEXT-INDENT: -10px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Dr. Mehmet A.
Gencer</FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>

     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">1,334</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>

     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" NOWRAP><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">7,334</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>

     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">*</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV STYLE="MARGIN-LEFT: 10px; TEXT-INDENT: -10px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Directors and
executive officers as a group (13 persons) (5)</FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>

     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">19,002</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>

     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" NOWRAP><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">1,062,402</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>

     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">30.7</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">%&nbsp;&nbsp;</FONT></TD>
</TR>
</TABLE>
&nbsp;<BR>


<P ALIGN="LEFT"><DIV STYLE="MARGIN-LEFT: 20px; TEXT-INDENT: -20px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><HR SIZE="1" WIDTH="72"
ALIGN="left" NOSHADE COLOR="#000000"></FONT></DIV></P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="100%">
<TR VALIGN="TOP">
     <TD WIDTH="17px" ALIGN="LEFT" nowrap><DIV STYLE="MARGIN-LEFT: 20px; TEXT-INDENT: -20px; TOP-MARGIN: 0 px">
<FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">*&nbsp;&nbsp;</FONT></DIV></TD>
     <TD WIDTH="3px" ALIGN="LEFT">&nbsp;</TD>
     <TD WIDTH="100%" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">less than 1%.</FONT></TD>
</TR>
</TABLE>
<BR>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="100%">
<TR VALIGN="TOP">
     <TD WIDTH="37px" ALIGN="LEFT" nowrap><DIV STYLE="MARGIN-LEFT: 20px; TEXT-INDENT: -20px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">(1)</FONT></DIV></TD>
     <TD WIDTH="3px" ALIGN="LEFT">&nbsp;</TD>
     <TD WIDTH="100%" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Inter Alia Holding Company is a financial and management
consulting firm, of which Mr. Philip M. Lynch, our Chairman of the Board of Directors and Chief Executive Officer; Mr. G. Patrick Lynch, our President
of North American Operations; are stockholders. Messrs. Philip M. Lynch and G. Patrick Lynch share voting and dispositive power over such shares. Inter
Alia Holding Company&#146;s address is 16210 Parkland Drive Shaker Heights, Ohio 44120.</FONT></TD>
</TR>
</TABLE>
<BR>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="100%">
<TR VALIGN="TOP">
     <TD WIDTH="37px" ALIGN="LEFT" nowrap><DIV STYLE="MARGIN-LEFT: 20px; TEXT-INDENT: -20px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">(2)</FONT></DIV></TD>
     <TD WIDTH="3px" ALIGN="LEFT">&nbsp;</TD>
     <TD WIDTH="100%" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">On February 13, 2004, Kern Capital Management, LLC reported in
an amended Schedule 13G filed with the Securities and Exchange Commission that as of December 31, 2003, Kern Capital Management, LLC beneficially owned
516,800 shares of our common stock. Robert E. Kern Jr. and David G. Kern are principals and controlling members of Kern Capital Management, LLC. Robert
E. Kern Jr. and David G. Kern&#146;s principal business address is 114 West 47th Street, Suite 1926, New York, NY 10036.</FONT></TD>
</TR>
</TABLE>
<BR>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="100%">
<TR VALIGN="TOP">
     <TD WIDTH="37px" ALIGN="LEFT" nowrap><DIV STYLE="MARGIN-LEFT: 20px; TEXT-INDENT: -20px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">(3)</FONT></DIV></TD>
     <TD WIDTH="3px" ALIGN="LEFT">&nbsp;</TD>
     <TD WIDTH="100%" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Includes 911,688 shares held by Inter Alia Holding Company. See
footnote (1) above.</FONT></TD>
</TR>
</TABLE>
<BR>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="100%">
<TR VALIGN="TOP">
     <TD WIDTH="37px" ALIGN="LEFT" nowrap><DIV STYLE="MARGIN-LEFT: 20px; TEXT-INDENT: -20px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">(4)</FONT></DIV></TD>
     <TD WIDTH="3px" ALIGN="LEFT">&nbsp;</TD>
     <TD WIDTH="100%" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Includes 10,000 shares held jointly with Mr. Stone&#146;s
wife.</FONT></TD>
</TR>
</TABLE>
<BR>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="100%">
<TR VALIGN="TOP">
     <TD WIDTH="37px" ALIGN="LEFT" nowrap><DIV STYLE="MARGIN-LEFT: 20px; TEXT-INDENT: -20px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">(5)</FONT></DIV></TD>
     <TD WIDTH="3px" ALIGN="LEFT">&nbsp;</TD>
     <TD WIDTH="100%" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">The amount beneficially owned by all current directors and
executive officers as a group includes 911,668 shares held of record by Inter Alia Holding Company. See footnote (1) above.</FONT></TD>
</TR>
</TABLE>
<BR>


<P ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">3<BR></FONT></P>


<HR SIZE=5 COLOR=GRAY NOSHADE>

<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 4; page: 4" -->


<P ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><B>ELECTION OF DIRECTORS</B></FONT></P>

<P ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><B>Number of Directors</B></FONT></P>

<P ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Our bylaws provide that the Board of Directors will consist of at least one member,
or such other number as may be determined by the Board of Directors from time to time or by the stockholders at an annual meeting. The Board of
Directors has fixed the number of directors at eleven.</FONT></P>

<P ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><B>Nominees for Director</B></FONT></P>

<P ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">The Board of Directors has nominated the following individuals to serve as our
directors until the next annual meeting of our stockholders or until their successors are elected and qualified. All of the nominees named below are
current members of the Board of Directors, except Dr. Ramani Narayan and Mark Mayers. In February 2004, the Board of Directors expanded the size of the
Board and elected Mr. G. Patrick Lynch and Ms. Tatiana Yakubovskaya as directors.</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="100%">
<TR VALIGN="TOP">
     <TD WIDTH="37px" ALIGN="LEFT" nowrap><DIV STYLE="MARGIN-LEFT: 20px; TOP-MARGIN: 6 px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">&#149;</FONT></DIV></TD>
     <TD WIDTH="3px" ALIGN="LEFT">&nbsp;</TD>
     <TD WIDTH="100%" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Philip M. Lynch</FONT></TD>
</TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="100%">
<TR VALIGN="TOP">
     <TD WIDTH="37px" ALIGN="LEFT" nowrap><DIV STYLE="MARGIN-LEFT: 20px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&#149;</FONT></DIV></TD>
     <TD WIDTH="3px" ALIGN="LEFT">&nbsp;</TD>
     <TD WIDTH="100%" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Pierre Chenu</FONT></TD>
</TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="100%">
<TR VALIGN="TOP">
     <TD WIDTH="37px" ALIGN="LEFT" nowrap><DIV STYLE="MARGIN-LEFT: 20px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&#149;</FONT></DIV></TD>
     <TD WIDTH="3px" ALIGN="LEFT">&nbsp;</TD>
     <TD WIDTH="100%" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Dr. Donald A. Kubik</FONT></TD>
</TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="100%">
<TR VALIGN="TOP">
     <TD WIDTH="37px" ALIGN="LEFT" nowrap><DIV STYLE="MARGIN-LEFT: 20px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&#149;</FONT></DIV></TD>
     <TD WIDTH="3px" ALIGN="LEFT">&nbsp;</TD>
     <TD WIDTH="100%" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Dr. Sunggyu Lee</FONT></TD>
</TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="100%">
<TR VALIGN="TOP">
     <TD WIDTH="37px" ALIGN="LEFT" nowrap><DIV STYLE="MARGIN-LEFT: 20px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&#149;</FONT></DIV></TD>
     <TD WIDTH="3px" ALIGN="LEFT">&nbsp;</TD>
     <TD WIDTH="100%" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">G. Patrick Lynch</FONT></TD>
</TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="100%">
<TR VALIGN="TOP">
     <TD WIDTH="37px" ALIGN="LEFT" nowrap><DIV STYLE="MARGIN-LEFT: 20px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&#149;</FONT></DIV></TD>
     <TD WIDTH="3px" ALIGN="LEFT">&nbsp;</TD>
     <TD WIDTH="100%" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Tao Meng</FONT></TD>
</TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="100%">
<TR VALIGN="TOP">
     <TD WIDTH="37px" ALIGN="LEFT" nowrap><DIV STYLE="MARGIN-LEFT: 20px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&#149;</FONT></DIV></TD>
     <TD WIDTH="3px" ALIGN="LEFT">&nbsp;</TD>
     <TD WIDTH="100%" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Mark J. Stone</FONT></TD>
</TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="100%">
<TR VALIGN="TOP">
     <TD WIDTH="37px" ALIGN="LEFT" nowrap><DIV STYLE="MARGIN-LEFT: 20px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&#149;</FONT></DIV></TD>
     <TD WIDTH="3px" ALIGN="LEFT">&nbsp;</TD>
     <TD WIDTH="100%" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Stephan C. Taylor</FONT></TD>
</TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="100%">
<TR VALIGN="TOP">
     <TD WIDTH="37px" ALIGN="LEFT" nowrap><DIV STYLE="MARGIN-LEFT: 20px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&#149;</FONT></DIV></TD>
     <TD WIDTH="3px" ALIGN="LEFT">&nbsp;</TD>
     <TD WIDTH="100%" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Tatiana Yakubovskaya</FONT></TD>
</TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="100%">
<TR VALIGN="TOP">
     <TD WIDTH="37px" ALIGN="LEFT" nowrap><DIV STYLE="MARGIN-LEFT: 20px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&#149;</FONT></DIV></TD>
     <TD WIDTH="3px" ALIGN="LEFT">&nbsp;</TD>
     <TD WIDTH="100%" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Dr. Ramani Narayan</FONT></TD>
</TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="100%">
<TR VALIGN="TOP">
     <TD WIDTH="37px" ALIGN="LEFT" nowrap><DIV STYLE="MARGIN-LEFT: 20px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&#149;</FONT></DIV></TD>
     <TD WIDTH="3px" ALIGN="LEFT">&nbsp;</TD>
     <TD WIDTH="100%" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Mark Mayers</FONT></TD>
</TR>
</TABLE>

<P ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Proxies can only be voted for the number of persons named as nominees in this proxy
statement, which is nine.</FONT></P>

<P ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Dr. Mehmet A. Gencer, a former director of NTIC, was elected as President and Chief
Operating Officer of NTIC effective as of November 12, 2004. In light of this new officer position and NTIC&#146;s efforts to increase the number of
independent directors on its Board of Directors, Dr. Gencer resigned as a director.</FONT></P>

<P ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Richard G. Lareau and Ursula Kiel-Dixon, two former directors of NTIC, resigned
effective as of August 31, 2004. Mr. Lareau had served as a director of NTIC for 24 years and Ms. Kiel-Dixon had served as a director since 2001. The
Board of Directors thanks Mr. Lareau and Ms. Kiel-Dixon for their many years of service to NTIC.</FONT></P>

<P ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><B>Vote Required</B></FONT></P>

<P ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Assuming a quorum is represented at the Annual Meeting, either in person or by
proxy, the election of a nominee for director requires the affirmative vote of a plurality of the shares of common stock represented in person or by
proxy at the Annual Meeting.</FONT></P>

<P ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><B>Board Recommendation</B></FONT></P>

<P ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">The Board of Directors recommends a vote <B>FOR</B> the election of all of the
nominees named above.</FONT></P>

<P ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">If prior to the Annual Meeting, the Board of Directors should learn that any
nominee will be unable to serve for any reason, the proxies that otherwise would have been voted for this nominee will be voted for a substitute
nominee as selected by the Board of Directors. Alternatively, the proxies, at the Board&#146;s discretion, may be voted for that fewer number of
nominees as results from the inability of any nominee to serve. The Board of Directors has no reason to believe that any of the nominees will be unable
to serve.</FONT></P>


<P ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">4<BR></FONT></P>


<HR SIZE=5 COLOR=GRAY NOSHADE>

<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 5; page: 5" -->


<P ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><B>Information About Nominees</B></FONT></P>

<P ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">The following table sets forth the name, age and principal occupation of each
nominee for director, as of November 22, 2004, as well as how long each nominee has served as a director of NTIC.</FONT></P>


<TABLE ALIGN="CENTER" CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="100%">

<TR VALIGN="BOTTOM">
     <TH nowrap ALIGN="LEFT" ><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Name<HR SIZE=1 NOSHADE COLOR="#000000" ALIGN="LEFT"
WIDTH="22pt"></FONT></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE="1">&nbsp;</FONT></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE="1">&nbsp;</FONT></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TH>

     <TH COLSPAN="3" nowrap><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Age<HR SIZE=1 NOSHADE COLOR="#000000" WIDTH="16.5pt"></FONT></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TH>

     <TH COLSPAN="3" nowrap><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Principal Occupation<HR SIZE=1 NOSHADE COLOR="#000000"
WIDTH="110pt"></FONT></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TH>

     <TH COLSPAN="3" nowrap><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Director Since<HR SIZE=1 NOSHADE COLOR="#000000"
WIDTH="77pt"></FONT></TH>
</TR>
<TR VALIGN="TOP" BGCOLOR="#FFF3CE">
     <TD ALIGN="LEFT" WIDTH="30%"><DIV STYLE="MARGIN-LEFT: 10px; TEXT-INDENT: -10px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Philip M.
Lynch (4)</FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>

     <TD ALIGN="LEFT" COLSPAN="3"><DIV STYLE="MARGIN-LEFT: 0px; TEXT-INDENT: 0px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">68</FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>

     <TD ALIGN="LEFT" WIDTH="45%" COLSPAN="3"><DIV STYLE="MARGIN-LEFT: 0px; TEXT-INDENT: 0px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Chief
Executive Officer and Chairman of the Board of NTIC and Executive Vice President of Inter Alia Holding Company</FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>

     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">1979</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
     <TD ALIGN="LEFT" WIDTH="30%"><DIV STYLE="MARGIN-LEFT: 10px; TEXT-INDENT: -10px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Pierre Chenu
(1)(2)(4)</FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>

     <TD ALIGN="LEFT" COLSPAN="3"><DIV STYLE="MARGIN-LEFT: 0px; TEXT-INDENT: 0px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">66</FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>

     <TD ALIGN="LEFT" WIDTH="45%" COLSPAN="3"><DIV STYLE="MARGIN-LEFT: 0px; TEXT-INDENT: 0px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">Retired Vice President, Worldwide Operations, Flat Glass Company within the Asahi-Glaverbel Glass Group</FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>

     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">2003</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP" BGCOLOR="#FFF3CE">
     <TD ALIGN="LEFT" WIDTH="30%"><DIV STYLE="MARGIN-LEFT: 10px; TEXT-INDENT: -10px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Donald A.
Kubik, M.D. (4)</FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>

     <TD ALIGN="LEFT" COLSPAN="3"><DIV STYLE="MARGIN-LEFT: 0px; TEXT-INDENT: 0px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">64</FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>

     <TD ALIGN="LEFT" WIDTH="45%" COLSPAN="3"><DIV STYLE="MARGIN-LEFT: 0px; TEXT-INDENT: 0px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Vice
Chairman and Chief Technology Officer of NTIC</FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>

     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">1995</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
     <TD ALIGN="LEFT" WIDTH="30%"><DIV STYLE="MARGIN-LEFT: 10px; TEXT-INDENT: -10px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Sunggyu Lee,
M.D. (2)(4)</FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>

     <TD ALIGN="LEFT" COLSPAN="3"><DIV STYLE="MARGIN-LEFT: 0px; TEXT-INDENT: 0px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">52</FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>

     <TD ALIGN="LEFT" WIDTH="45%" COLSPAN="3"><DIV STYLE="MARGIN-LEFT: 0px; TEXT-INDENT: 0px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">C.W.
LaPierre Professor and Chairman of Chemical Engineering Department, University of Missouri-Columbia</FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>

     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">2004</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP" BGCOLOR="#FFF3CE">
     <TD ALIGN="LEFT" WIDTH="30%"><DIV STYLE="MARGIN-LEFT: 10px; TEXT-INDENT: -10px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">G. Patrick
Lynch (4)</FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>

     <TD ALIGN="LEFT" COLSPAN="3"><DIV STYLE="MARGIN-LEFT: 0px; TEXT-INDENT: 0px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">38</FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>

     <TD ALIGN="LEFT" WIDTH="45%" COLSPAN="3"><DIV STYLE="MARGIN-LEFT: 0px; TEXT-INDENT: 0px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">President of North American Operations of NTIC</FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>

     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">2004</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
     <TD ALIGN="LEFT" WIDTH="30%"><DIV STYLE="MARGIN-LEFT: 10px; TEXT-INDENT: -10px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Tao Meng
(4)</FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>

     <TD ALIGN="LEFT" COLSPAN="3"><DIV STYLE="MARGIN-LEFT: 0px; TEXT-INDENT: 0px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">40</FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>

     <TD ALIGN="LEFT" WIDTH="45%" COLSPAN="3"><DIV STYLE="MARGIN-LEFT: 0px; TEXT-INDENT: 0px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">General Manager of Tianjin Zerust Co.</FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>

     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">2003</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP" BGCOLOR="#FFF3CE">
     <TD ALIGN="LEFT" WIDTH="30%"><DIV STYLE="MARGIN-LEFT: 10px; TEXT-INDENT: -10px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Mark J. Stone
(1)(3)(4)</FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>

     <TD ALIGN="LEFT" COLSPAN="3"><DIV STYLE="MARGIN-LEFT: 0px; TEXT-INDENT: 0px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">45</FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>

     <TD ALIGN="LEFT" WIDTH="45%" COLSPAN="3"><DIV STYLE="MARGIN-LEFT: 0px; TEXT-INDENT: 0px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">President of Petrus International, Inc.</FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>

     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">2001</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
     <TD ALIGN="LEFT" WIDTH="30%"><DIV STYLE="MARGIN-LEFT: 10px; TEXT-INDENT: -10px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Stephan C.
Taylor (4)</FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>

     <TD ALIGN="LEFT" COLSPAN="3"><DIV STYLE="MARGIN-LEFT: 0px; TEXT-INDENT: 0px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">57</FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>

     <TD ALIGN="LEFT" WIDTH="45%" COLSPAN="3"><DIV STYLE="MARGIN-LEFT: 0px; TEXT-INDENT: 0px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">President and Co-founder of Taylor Packaging Ltd. and Chief Executive Officer of Zerust (U.K.) Ltd. and Zerust B.V.</FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>

     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">2001</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP" BGCOLOR="#FFF3CE">
     <TD ALIGN="LEFT" WIDTH="30%"><DIV STYLE="MARGIN-LEFT: 10px; TEXT-INDENT: -10px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Tatiana
Yakubovskaya (4)</FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>

     <TD ALIGN="LEFT" COLSPAN="3"><DIV STYLE="MARGIN-LEFT: 0px; TEXT-INDENT: 0px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">45</FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>

     <TD ALIGN="LEFT" WIDTH="45%" COLSPAN="3"><DIV STYLE="MARGIN-LEFT: 0px; TEXT-INDENT: 0px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">Managing Partner of MostNIC</FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>

     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">2004</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
     <TD ALIGN="LEFT" WIDTH="30%"><DIV STYLE="MARGIN-LEFT: 10px; TEXT-INDENT: -10px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Dr. Ramani
Narayan (4)</FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>

     <TD ALIGN="LEFT" COLSPAN="3"><DIV STYLE="MARGIN-LEFT: 0px; TEXT-INDENT: 0px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">55</FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>

     <TD ALIGN="LEFT" WIDTH="45%" COLSPAN="3"><DIV STYLE="MARGIN-LEFT: 0px; TEXT-INDENT: 0px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">Professor of Chemical &amp; Biochemical Engineering in the Department of Chemical Engineering &amp; Materials Science at Michigan State
University</FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>

     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">2004</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP" BGCOLOR="#FFF3CE">
     <TD ALIGN="LEFT" WIDTH="30%"><DIV STYLE="MARGIN-LEFT: 10px; TEXT-INDENT: -10px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Mark Mayers
(1)(3)(4)</FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>

     <TD ALIGN="LEFT" COLSPAN="3"><DIV STYLE="MARGIN-LEFT: 0px; TEXT-INDENT: 0px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">72</FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>

     <TD ALIGN="LEFT" WIDTH="45%" COLSPAN="3"><DIV STYLE="MARGIN-LEFT: 0px; TEXT-INDENT: 0px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">Co-Chairman, Harbor Group NY, Inc.</FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>

     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">2004</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
</TR>
</TABLE>
&nbsp;<BR>


<P ALIGN="LEFT"><DIV STYLE="MARGIN-LEFT: 20px; TEXT-INDENT: -20px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><HR SIZE="1" WIDTH="72"
ALIGN="left" NOSHADE COLOR="#000000"></FONT></DIV></P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="100%">
<TR VALIGN="TOP">
     <TD WIDTH="17px" ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">(1)</FONT></TD>
     <TD WIDTH="3px" ALIGN="LEFT">&nbsp;</TD>
     <TD WIDTH="100%" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Member of the Audit Committee</FONT></TD>
</TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="100%">
<TR VALIGN="TOP">
     <TD WIDTH="17px" ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">(2)</FONT></TD>
     <TD WIDTH="3px" ALIGN="LEFT">&nbsp;</TD>
     <TD WIDTH="100%" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Member of the Compensation Committee</FONT></TD>
</TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="100%">
<TR VALIGN="TOP">
     <TD WIDTH="17px" ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">(3)</FONT></TD>
     <TD WIDTH="3px" ALIGN="LEFT">&nbsp;</TD>
     <TD WIDTH="100%" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Member of the Nominating Committee</FONT></TD>
</TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="100%">
<TR VALIGN="TOP">
     <TD WIDTH="17px" ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">(4)</FONT></TD>
     <TD WIDTH="3px" ALIGN="LEFT">&nbsp;</TD>
     <TD WIDTH="100%" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Member of the Strategic Planning Committee</FONT></TD>
</TR>
</TABLE>
<BR>

<P ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><B>Other Information About Nominees</B></FONT></P>

<P ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><I>Philip M. Lynch</I> has been our Chief Executive Officer and Chairman of the
Board of NTIC since 1979. From May 2000 to May 2004, Mr. Lynch served as Co-Chief Executive Officer of NTIC. Mr. Lynch has also served as Executive
Vice President of Inter Alia Holding Company, a financial and management consulting firm, for more than six years. Mr. Lynch is a member of the Board
of Directors of EDR Media Inc. in Cleveland, Ohio. Mr. Philip M. Lynch is the father of G. Patrick Lynch, a director of NTIC and President of North
American Operations of NTIC.</FONT></P>

<P ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><I>Pierre Chenu</I>, a citizen of Belgium, has been a director of NTIC since 2003.
Mr. Chenu is currently retired. Prior to his retirement, Mr. Chenu served as Vice President, Worldwide Operations, Flat Glass Activities within the
Asahi-Glaverbel Glass Group, a position he had served for at least five years. Prior to that, Mr. Chenu was a member of the Executive Committee of
Glaverbel S.A., with various operating responsibilities in France, Spain, Italy, Russia, Germany, China and the United States. Before joining
Glaverbel, Mr. Chenu worked for U.S. Steel in steel production in Pittsburgh, Pennsylvania and for Corning Inc. where he held various staff, line and
executive</FONT></P>


<P ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">5<BR></FONT></P>


<HR SIZE=5 COLOR=GRAY NOSHADE>

<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 6; page: 6" -->


<P ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><BR>positions in the United States, France and the United Kingdom. Mr. Chenu holds
a Master&#146;s Degree in Engineering, with a specialty in metallurgy, from the University of Liege (Belgium) and a M.B.A. from Harvard
University.</FONT></P>

<P ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><I>Dr. Donald A. Kubik</I> has been a director of NTIC since 1995. He has been
employed by NTIC since 1978. He was elected Vice Chairman in September 1999 and Chief Technology Officer in May 2000. Dr. Kubik served as Vice
President from 1979 to September 1999 and as Co-Chief Executive Officer from September 1999 to May 2000. Dr. Kubik was responsible for developing the
patent that led to the introduction by NTIC of protective plastic film and paper products incorporating volatile corrosion inhibitors. Prior to joining
NTIC, Dr. Kubik held a research and development position with Minnesota Mining &amp; Manufacturing (3M).</FONT></P>

<P ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><I>Dr. Sunggyu Lee</I> was elected a director of NTIC in January 2004. Dr. Lee has
been C.W. LaPierre Professor and Chairman of Chemical Engineering Department, University of Missouri-Columbia since 1997. Previously, he served as
Robert Iredell Professor and Head of Chemical Engineering Department, the University of Akron, for eight years. He has authored six books and over 400
archival publications and received 19 U.S. patents in a variety of chemical and polymer processes and products. He is currently serving as Editor of
Dekker Encyclopedia of Chemical Processing, Marcel Dekker, New York, NY. Throughout his career, he has served as consultant and technical advisor to a
number of national and international companies. He received his Ph.D. from Case Western Reserve University, Cleveland, OH in 1980.</FONT></P>

<P ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><I>G. Patrick Lynch</I> has been a director of NTIC since February 2004. Mr. G.
Patrick Lynch has been an employee of NTIC since 1995. He currently serves as President of North American Operations, a position he has held since May
2004. From May 2000 to May 2004, he served as President and Co-Chief Executive Officer, Vice President of Strategic Planning and Corporate Secretary.
Mr. G. Patrick Lynch is also an officer and director of Inter Alia Holding Company. Prior to joining NTIC, Mr. G. Patrick Lynch held positions in sales
management for Fuji Electric Co., Ltd. in Tokyo, Japan, and programming project management for BMW AG in Munich, Germany. Mr. G. Patrick Lynch received
an M.B.A. degree from the University of Michigan Business School in Ann Arbor, Michigan. Mr. G. Patrick Lynch is the son of Mr. Philip M.
Lynch.</FONT></P>

<P ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><I>Tao Meng</I>, a citizen of China, has been a director of NTIC since 2003. Mr.
Meng received his Bachelor&#146;s and Master&#146;s Degrees in Systems Engineering at the Huazhong University of Science and Technology. Following
successful completion of Advanced Training Programs in International Trading and International Cooperation in England and Canada, Mr. Meng was
appointed Deputy Director, Division of America and Oceania in the Department of International Cooperation at the Ministry of Internal Trade of the
People&#146;s Republic of China. From there, Mr. Meng was posted to New York where he served as Chief Representative of the Ministry of Internal Trade
of the People&#146;s Republic of China in the United States from 1996 to 1999. In 1999, Mr. Meng was named General Manager of Tianjin Zerust Co.,
NTIC&#146;s joint venture company in China, a position he currently holds.</FONT></P>

<P ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><I>Mark J. Stone</I> has been a director of NTIC since 2001. Mr. Stone has been
President of Petrus International, Inc., an international consulting firm, since 1992. Mr. Stone has advised a variety of Japanese and other
multi-national corporations in areas including project finance and international investment strategy. Mr. Stone was a director of Aqua Design, Inc., an
international water desalination company, from 1988 to 1996. Mr. Stone was Director, Marketing &amp; Business Development of Toray Marketing &amp;
Sales (America) Inc. from 1986 to 1992. From 1980 to 1986 Mr. Stone was employed by Mitsui &amp; Co. (U.S.A.), Inc. where he founded and was Treasurer
of Hydro Management Resources, a Mitsui subsidiary, which finances, owns, and operates water treatment projects. Mr. Stone holds an A.B. from Harvard
University.</FONT></P>

<P ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><I>Stephan Taylor</I>, a citizen of the United Kingdom, has been a director of NTIC
since 2001. Mr. Taylor graduated in education from Bede College, Durham University, England in 1969. He then spent four years teaching before founding,
with his Father, Taylor Packaging Ltd. Taylor Packaging maintains a 50% ownership in both Zerust (UK) Ltd. and Zerust B.V., NTIC&#146;s joint ventures
in the United Kingdom and the Netherlands. Mr. Taylor is Chief Executive Officer of both companies, a position he has served for at least five years.
Mr. Taylor is also Chairman and Managing Director of Taylor Packaging Ltd, Taypac Moroc Sarl and T.P. Enterprises Ltd and Vice Chairman of Business
Link County Durham, Business Support Advisory Board, County Durham, England.</FONT></P>


<P ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">6<BR></FONT></P>

<HR NOSHADE SIZE="5">
<!-- END DIVISION: DIV_proxy PAGE POSITION: 8 -->
<PAGE>
<BR>
<!-- BEGIN DIVISION: DIV_proxy PAGE POSITION: 9 -->

<P ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><I>Tatiana Yakubovskaya</I>, a citizen of the Russian Federation, was elected a
director of NTIC in February 2004. Ms. Yakubovskaya was awarded a Diploma in International Relations from the Ministerial Institute of Foreign Affairs
of the USSR in 1978 and a Diploma in Linguistics, and the Theory and History of Languages from the Moscow Institute of Foreign Languages in 1984. In
1981, Ms. Yakubovskaya assumed a position as Manager in a Soviet International Trade Association. Thereafter, she served as a Managing Instructor in
the State Commission on Rehabilitation of Victims of Illegal Repressions in the Soviet Union during the period 1937 &#151; 1950. Ms. Yakubovskaya
joined NTIC in 1993. Her first involvement with NTIC was that of a SABIT (Soviet-American Business Internship and Training Program) Intern in the US
under the aegis of the U.S. Department of Commerce. In 1994, Ms. Yakubovskaya returned to Moscow where she has since been serving as Managing Partner
of NTIC&#146;s Russian joint venture partner, &#147;MostNIC&#148;.</FONT></P>

<P ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><I>Dr. Ramani Narayan</I> has been a director since November 2004. He is Professor
of Chemical &amp; Biochemical Engineering in the Department of Chemical Engineering &amp; Materials Science at Michigan State University, E. Lansing,
MI where he has 90 refereed publications in leading journals to his credit, 18 patents, edited three books and one expert dossier in the area of
bio-based polymeric materials. His research area encompasses engineering and design of sustainable, biobased products, biodegradable plastics and
polymers, reactive extrusion polymerization and processing, studies in polymer biodegradation and composting. He has major research programs with
industry and serves as consultant for several companies. He is on the Board of Directors of ASTM International &#151; a premier international standards
setting organization. He also chairs the committee on Environmentally Degradable Plastics and Biobased Products and the Terminology committee. He is
also the technical expert for the United States on Plastics &#151; specifically for Terminology and Biodegradable plastics. Dr. Narayan also chairs the
scientific committee of Biodegradable Products Institute (BPI), North America. He has testified before U.S. congressional hearings on the biodegradable
and biobased plastics issues.</FONT></P>

<P ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><I>Mark M. Mayers</I> has been a director since November 2004. Mr. Mayers has been
a co-chairman of the Harbor Group NY, Inc. since 1996. Harbor is a small boutique investment firm which primarily creates financial products which it
markets or licenses to principally insurance companies to market. His primary expertise is with energy related matters, technology and finance. Prior
to 1996, Mr. Mayers served as the CEO of Columbia Energy Storage Company, Inc. for seven years. In addition from 1970 to 1986, Mr. Mayers served in
various capacities as a technical, energy, and financial advisor to the Reynolds Metals Company. Mr. Mayers holds a BA from the University of
Maryland.</FONT></P>

<P ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><B>Information About the Board and its Committees</B></FONT></P>

<P ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">The Board of Directors believes it has obtained full disclosure from each director
of all material relationships between each such director and NTIC that would interfere with the exercise by the director of independent judgment. Based
on this information, and as required by the listing standards of the American Stock Exchange, the Board has affirmatively determined that the following
directors are &#147;independent&#148; within the meaning of the listing standards of the American Stock Exchange: Dr. Lee and Narayan and Messrs.
Chenu, Stone and Mayers.</FONT></P>

<P ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">The Board of Directors met four times during the fiscal year ended August 31, 2004.
Each of the directors attended at least 75% of the aggregate of the total number of meetings of the Board and the total number of meetings held by all
Board committees on which he or she served.</FONT></P>

<P ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">It is the policy of the Board of Directors that directors standing for reelection
should attend our annual meeting of stockholders, if their schedules permit. A Board of Directors meeting is generally held on the same day as the
Annual Meeting of Stockholders. Last year was an exception and the Board of Directors meeting was held one week after the Annual Meeting of
Stockholders. Accordingly, none of the directors of NTIC attended the 2004 Annual Meeting of NTIC&#146;s Stockholders, except for Mr. Kubik and Mr.
Lareau.</FONT></P>

<P ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">The Board of Directors has a standing Audit Committee, Compensation Committee,
Nominating Committee and Strategic Planning Committee.</FONT></P>

<P ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><I>Audit Committee.</I> The Audit Committee provides assistance to the Board of
Directors in fulfilling its responsibilities for oversight, for quality and integrity of the accounting, auditing, reporting practices, systems
of</FONT></P>


<P ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">7</FONT></P>

<HR SIZE=5 COLOR=GRAY NOSHADE>

<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 18; page: 18" -->



<P ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">internal accounting and financial controls, the annual independent audit of our
financial statements, and the legal compliance and ethics programs of NTIC as established by management. The Audit Committee operates under a written
charter adopted by the Board of Directors.</FONT></P>

<P ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">The Audit Committee for fiscal 2004 consisted of Messrs. Lareau, Chenu and Stone.
The Audit Committee met five times during fiscal 2004, three times outside the presence of management. Messrs. Stone, Chenu and Mayers currently serve
as members of the Audit Committee and will continue to serve on the Audit Committee for fiscal 2005. The Board of Directors has determined that Messrs.
Stone, Chenu and Mayers are &#147;independent directors&#148; within the meaning of the listing standards of the American Stock Exchange and otherwise
satisfy the independence standards for serving on an audit committee under the federal securities laws. The Board has also determined that Messrs.
Stone, Chenu and Mayers are able to read and understand fundamental financial statements and that Mr. Stone satisfies the &#147;financial
sophistication&#148; requirement of the listing standards of the American Stock Exchange and meets the definition of &#147;audit committee financial
expert&#148; within the meaning of Item 401(e) of Regulation S-B under the Securities Exchange Act of 1934, as amended, as a result of his extensive
financial background and various financial positions has held throughout his career.</FONT></P>

<P ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><I>Compensation Committee.</I> The Compensation Committee discharges the
responsibilities of the Board of Directors relating to compensation of NTIC&#146;s executive officers and administers NTIC&#146;s stock incentive
plans. The Compensation Committee for fiscal 2004 consisted of Mr. Stone and Ms. Kiel-Dixon until February 2004 and Messrs. Lee and Taylor and Ms.
Kiel-Dixon since February 2004. The Compensation Committee met three times during fiscal 2004. Messrs. Lee and Chenu are currently and will continue to
serve as a member of the Compensation Committee during fiscal 2005. The Compensation Committee does not currently operate under a written charter
adopted by the Board of Directors.</FONT></P>

<P ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><I>Nominating Committee.</I> The primary responsibilities of the Nominating
Committee include making recommendations for board nominees. It also reviews board practices, approves management succession plans and reviews outside
directors&#146; compensation. The Nominating Committee does not currently operate under a written charter adopted by the Board of Directors.</FONT></P>

<P ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">The Nominating Committee for fiscal 2004 consisted of Messrs. Philip M. Lynch and
Stone until February 2004 and Messrs. Philip M. Lynch, Lareau and Meng since February 2004. The Nominating Committee met once during fiscal 2004 and
met on an informal basis on several occasions. Messrs. Stone and Mayers will serve as members of the Nominating Committee during fiscal 2005. The Board
of Directors has determined that both Mr. Stone and Mayers are considered an &#147;independent director&#148; within the meaning of the listing
standards of the American Stock Exchange.</FONT></P>

<P ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">In accordance with procedures set forth in NTIC&#146;s bylaws, NTIC stockholders
may propose nominees for election to the Board of Directors only after providing timely written notice to our Corporate Secretary. To be timely, a
stockholder&#146;s notice to the Corporate Secretary must be delivered to or mailed and received at NTIC&#146;s principal executive offices not less
than 90 days nor more than 120 days prior to the date of the annual meeting of stockholders; provided, however, that in the event that less than 100
days&#146; notice or prior public disclosure of the date of the annual meeting is given or made to stockholders, notice by the stockholder to be timely
must be so delivered not less than the close of business on the 10<SUP>th</SUP> day following the day on which such notice of the date of the meeting
was mailed or public disclosure was made, whichever first occurs. The notice must set forth, among other things:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="100%">
<TR VALIGN="TOP">
     <TD WIDTH="37px" ALIGN="LEFT" nowrap><DIV STYLE="MARGIN-LEFT: 20px; TOP-MARGIN: 6 px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">&#149;</FONT></DIV></TD>
     <TD WIDTH="3px" ALIGN="LEFT">&nbsp;</TD>
     <TD WIDTH="100%" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">the nominee&#146;s name, age, business address and residence
address;</FONT></TD>
</TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="100%">
<TR VALIGN="TOP">
     <TD WIDTH="37px" ALIGN="LEFT" nowrap><DIV STYLE="MARGIN-LEFT: 20px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&#149;</FONT></DIV></TD>
     <TD WIDTH="3px" ALIGN="LEFT">&nbsp;</TD>
     <TD WIDTH="100%" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">the nominee&#146;s principal occupation or
employment;</FONT></TD>
</TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="100%">
<TR VALIGN="TOP">
     <TD WIDTH="37px" ALIGN="LEFT" nowrap><DIV STYLE="MARGIN-LEFT: 20px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&#149;</FONT></DIV></TD>
     <TD WIDTH="3px" ALIGN="LEFT">&nbsp;</TD>
     <TD WIDTH="100%" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">the class and number of shares of NTIC capital stock which are
beneficially owned by the nominee;</FONT></TD>
</TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="100%">
<TR VALIGN="TOP">
     <TD WIDTH="37px" ALIGN="LEFT" nowrap><DIV STYLE="MARGIN-LEFT: 20px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&#149;</FONT></DIV></TD>
     <TD WIDTH="3px" ALIGN="LEFT">&nbsp;</TD>
     <TD WIDTH="100%" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">signed consent to serve as a director of NTIC; and</FONT></TD>
</TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="100%">
<TR VALIGN="TOP">
     <TD WIDTH="37px" ALIGN="LEFT" nowrap><DIV STYLE="MARGIN-LEFT: 20px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&#149;</FONT></DIV></TD>
     <TD WIDTH="3px" ALIGN="LEFT">&nbsp;</TD>
     <TD WIDTH="100%" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">any other information concerning the nominee required under the
rules of the Securities and Exchange Commission in a proxy statement soliciting proxies for the election of directors.</FONT></TD>
</TR>
</TABLE>
<BR>

<P ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">The Nominating Committee will evaluate candidates recommended by stockholders in
the same manner as those recommended by others.</FONT></P>


<P ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">8<BR></FONT></P>

<HR SIZE=5 COLOR=GRAY NOSHADE>

<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 8; page: 8" -->


<P ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">The Nominating Committee generally solicits recommendations for nominees from
persons whom the Nominating Committee believes are likely to be familiar with qualified candidates having the qualifications, skills and
characteristics required for Board nominees from time to time. Such persons may include members of the Board and senior management of NTIC. The
Nominating Committee reviews and evaluates each candidate whom it believes merits serious consideration, taking into account available information
concerning the candidate, the existing composition of the Board, and other factors that it deems relevant. In conducting its review and evaluation, the
Committee may solicit the views of NTIC&#146;s management, other Board members, and any other individuals it believes may have insight into a
candidate. The Nominating Committee has not adopted any formal requirements or minimum qualifications that a candidate must meet in order for the
Nominating Committee to recommend the candidate to the Board. The Nominating Committee believes that each nominee should be evaluated based on his or
her merits as an individual, taking into accounts the needs of NTIC and the Board. The Nominating Committee will evaluate whether it should adopt more
formal policies and procedures regarding the director nominations process.</FONT></P>

<P ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><I>Strategic Planning Committee.</I> The primary responsibilities of the Strategic
Planning Committee include developing the strategy of NTIC and evaluating the feasibility of our long-term projects. The Strategic Planning Committee
for fiscal 2004 consisted of Messrs. Kubik, Gencer, Stone, Taylor, G.P. Lynch and Chenu. The Strategic Planning Committee met twice during fiscal 2004.
Messrs. P. Lynch, Kubik, Stone, Taylor, G.P. Lynch, Chenu, Meng, Yakubovskaya and Mayers and Dr. Lee and Narayan are currently serving and will
continue to serve as members of the Strategic Planning Committee during fiscal year 2005.</FONT></P>

<P ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><B>Director Compensation</B></FONT></P>

<P ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><I>Fees.</I> Each person who was a non-employee director for all of fiscal 2004 and
the Chairman of the Board received an annual retainer of $10,000 in fiscal 2004 for services rendered as one or our directors, and each person who was
a non-employee director for a portion of fiscal 2004 received a prorated portion of such fee. Each of our non-employee directors also received $1,000
for each Board meeting and each Strategic Planning Committee meeting and $500 for each Audit Committee, Compensation Committee and Nominating Committee
meeting attended. Any director that is an employee of NTIC does not receive any Board or Committee meeting fees. NTIC pays the premium on a group
health insurance policy for the Chairman of the Board. In addition, all of our directors are reimbursed for travel expenses for attending
meetings.</FONT></P>

<P ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><I>Stock Options.</I> Pursuant to our 1994 and 2000 Stock Incentive Plans, each
non-employee director of NTIC is automatically granted a five-year non-qualified option to purchase 2,000 shares of our common stock on the first day
of each fiscal year in respect to their past year&#146;s services as a non-employee director of NTIC. Non-employee directors who are elected or
appointed to the Board following the first day of our fiscal year receive a pro rata portion of 2,000 shares of common stock calculated by dividing the
number of months remaining in the fiscal year at the time of election or appointment divided by 12, which options are granted at the end of the
relevant fiscal year. Each automatically granted option becomes exercisable, on a cumulative basis, with respect to 33-1/3% of the shares covered by
such option on each anniversary of the date of its grant. The exercise price of such option is equal to the fair market value of a share of our common
stock on the date of grant.</FONT></P>

<P ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">On September 1, 2003, the following directors received an automatic option grant to
purchase 2,000 shares of our common stock at an exercise price of $5.30 per share: Mr. Meng, Mr. Chenu, Mr. Stone and Mr. Taylor. Richard Lareau and
Dr. Gencer also received an option grant as directors of NTIC at that time.</FONT></P>

<P ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">In addition to these automatic option grants to the non-employee directors, Mr.
Philip M. Lynch was granted a five-year option on September 1, 2003 to purchase 2,000 shares of common stock at an exercise price of $5.30 per
share.</FONT></P>


<P ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">9<BR></FONT></P>

<HR SIZE=5 COLOR=GRAY NOSHADE>

<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 9; page: 9" -->


<P ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><B>EXECUTIVE COMPENSATION AND OTHER BENEFITS</B></FONT></P>

<P ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><B>Summary of Cash and Other Compensation</B></FONT></P>

<P ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">The following table provides summary information concerning the cash and non-cash
compensation earned during the fiscal years indicated below by our Chief Executive Officer, our former Co-Chief Executive Officer and our most highly
compensated executive officers whose cash and non-cash salary and bonus exceeded $100,000 in the fiscal year ended August 31, 2004.</FONT></P>

<P ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><B>Summary Compensation Table</B></FONT></P>


<TABLE ALIGN="CENTER" CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="100%">

<TR VALIGN="BOTTOM">
     <TH nowrap><FONT FACE="Times New Roman, Times, Serif" SIZE="1"><BR>&nbsp;</FONT></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE="1">&nbsp;</FONT></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE="1">&nbsp;</FONT></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TH>

     <TH COLSPAN=11 nowrap><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Annual Compensation<HR SIZE=1 NOSHADE COLOR="#000000"></FONT></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TH>

     <TH COLSPAN="3" nowrap><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Long Term<BR> Compensation<HR SIZE=1 NOSHADE
COLOR="#000000"></FONT></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TH>
</TR>
<TR VALIGN="BOTTOM">
     <TH nowrap ALIGN="LEFT" ><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Name and Principal Position<HR SIZE=1 NOSHADE COLOR="#000000"
ALIGN="LEFT"  WIDTH="148.5pt"></FONT></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE="1">&nbsp;</FONT></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE="1">&nbsp;</FONT></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TH>

     <TH COLSPAN="3" nowrap><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Year<HR SIZE=1 NOSHADE COLOR="#000000"></FONT></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TH>

     <TH COLSPAN="3" nowrap><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Salary ($)<HR SIZE=1 NOSHADE COLOR="#000000"></FONT></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TH>

     <TH COLSPAN="3" nowrap><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Bonus ($)(1)<HR SIZE=1 NOSHADE COLOR="#000000"></FONT></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TH>

     <TH COLSPAN="3" nowrap><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Securities<BR> Underlying<BR> Options (#)<HR SIZE=1 NOSHADE
COLOR="#000000"></FONT></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TH>

     <TH COLSPAN="3" nowrap><FONT FACE="Times New Roman, Times, Serif" SIZE="1">All Other<BR> Compensation<BR> ($)(2)<HR SIZE=1 NOSHADE
COLOR="#000000"></FONT></TH>
</TR>
<TR VALIGN="TOP" BGCOLOR="#FFF3CE">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV STYLE="MARGIN-LEFT: 0px; TEXT-INDENT: 0px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Philip M. Lynch
<BR> <I>Chairman of the Board and<BR> Chief Executive Officer</I></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>

     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">2004<BR> 2003<BR> 2002</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>

     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;$</FONT></TD>
     <TD ALIGN="RIGHT" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">1<BR> 1<BR> 0</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>

     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;$</FONT></TD>
     <TD ALIGN="RIGHT" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">0<BR> 0<BR> 0</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>

     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">2,000<BR> 2,000<BR> 2,000</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>

     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;$</FONT></TD>
     <TD ALIGN="RIGHT" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">0&nbsp;(3)<BR> 0&nbsp;(3)<BR> 0&nbsp;(3)</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"></FONT></TD>
</TR>
<TR VALIGN="TOP">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV STYLE="MARGIN-LEFT: 0px; TEXT-INDENT: 0px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">&nbsp;</FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>

<TD>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD>&nbsp;&nbsp;&nbsp;&nbsp;</TD></TR>
<TR VALIGN="TOP" BGCOLOR="#FFF3CE">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV STYLE="MARGIN-LEFT: 0px; TEXT-INDENT: 0px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">G. Patrick Lynch
<BR> <I>Former Co-Chief Executive<BR> Officer and Current President<BR> of North American Operations</I></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>

     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">2004<BR> 2003<BR> 2002</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>

     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">120,000<BR> 116,630<BR> 110,000</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>

     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">90,000<BR> 17,500<BR> 15,000</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>

     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">0<BR> 0<BR> 0</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>

     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">4,812&nbsp;(3)<BR> 4,607&nbsp;(3)<BR> 3,850&nbsp;(3)</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"></FONT></TD>
</TR>
<TR VALIGN="TOP">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV STYLE="MARGIN-LEFT: 0px; TEXT-INDENT: 0px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">&nbsp;</FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>

<TD>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD>&nbsp;&nbsp;&nbsp;&nbsp;</TD></TR>
<TR VALIGN="TOP" BGCOLOR="#FFF3CE">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV STYLE="MARGIN-LEFT: 0px; TEXT-INDENT: 0px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Donald A. Kubik
<BR> <I>Vice Chairman and Chief<BR> Technology Officer</I></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>

     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">2004<BR> 2003<BR> 2002</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>

     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">120,000<BR> 200,000<BR> 200,000</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>

     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">120,000<BR> 0<BR> 0</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>

     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">0<BR> 0<BR> 0</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>

     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">3,675&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<BR> 5,500&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<BR> 5,250&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV STYLE="MARGIN-LEFT: 0px; TEXT-INDENT: 0px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">&nbsp;</FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>

<TD>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD>&nbsp;&nbsp;&nbsp;&nbsp;</TD></TR>
<TR VALIGN="TOP" BGCOLOR="#FFF3CE">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV STYLE="MARGIN-LEFT: 0px; TEXT-INDENT: 0px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Matthew C.
Wolsfeld <BR> <I>Chief Financial Officer</I></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>

     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">2004<BR> 2003<BR> 2002</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>

     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">90,000<BR> 81,575<BR> 65,000</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>

     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">67,500<BR> 17,500<BR> 15,000</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>

     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">0<BR> 0<BR> 10,000</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>

     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">3,763&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<BR> 3,380&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<BR> 2,275&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV STYLE="MARGIN-LEFT: 0px; TEXT-INDENT: 0px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">&nbsp;</FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>

<TD>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD>&nbsp;&nbsp;&nbsp;&nbsp;</TD></TR>
<TR VALIGN="TOP" BGCOLOR="#FFF3CE">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV STYLE="MARGIN-LEFT: 0px; TEXT-INDENT: 0px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Dr. Mehmet
Gencer <BR> <I>President and Chief Operating Officer</I></FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>

     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">2004<BR> 2003<BR> 2002</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>

     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">0<BR> 0<BR> 0</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>

     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">0<BR> 0<BR> 0</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>

     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">2,000<BR> 2,000<BR> 2,000</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>

     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">104,500&nbsp;(4)<BR> 104,000&nbsp;(4)<BR> 79,000&nbsp;(4)</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"></FONT></TD>
</TR>
</TABLE>
&nbsp;<BR>


<P ALIGN="LEFT"><DIV STYLE="MARGIN-LEFT: 20px; TEXT-INDENT: -20px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><HR SIZE="1" WIDTH="72"
ALIGN="left" NOSHADE COLOR="#000000"></FONT></DIV></P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="100%">
<TR VALIGN="TOP">
     <TD WIDTH="37px" ALIGN="LEFT" nowrap><DIV STYLE="MARGIN-LEFT: 20px; TEXT-INDENT: -20px; TOP-MARGIN: 0 px"><FONT FACE="TIMES NEW ROMAN, TIMES,
SERIF" SIZE="2">(1)</FONT></DIV></TD>
     <TD WIDTH="3px" ALIGN="LEFT">&nbsp;</TD>
     <TD WIDTH="100%" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Annually, prior to the November meeting of our Board of
Directors, the Compensation Committee recommends bonuses to be paid to our executive officers. The Board of Directors then considers and, if it deems
appropriate, approves the bonuses. The annual bonuses are paid in the subsequent fiscal year based on the services performed during the prior fiscal
year.</FONT></TD>
</TR>
</TABLE>
<BR>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="100%">
<TR VALIGN="TOP">
     <TD WIDTH="37px" ALIGN="LEFT" nowrap><DIV STYLE="MARGIN-LEFT: 20px; TEXT-INDENT: -20px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">(2)</FONT></DIV></TD>
     <TD WIDTH="3px" ALIGN="LEFT">&nbsp;</TD>
     <TD WIDTH="100%" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Unless otherwise indicated, consists of employer contributions
to the 401(k) plans of the named executive officers.</FONT></TD>
</TR>
</TABLE>
<BR>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="100%">
<TR VALIGN="TOP">
     <TD WIDTH="37px" ALIGN="LEFT" nowrap><DIV STYLE="MARGIN-LEFT: 20px; TEXT-INDENT: -20px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">(3)</FONT></DIV></TD>
     <TD WIDTH="3px" ALIGN="LEFT">&nbsp;</TD>
     <TD WIDTH="100%" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Does not include any commissions payable to Inter Alia Holding
Company, an entity of which Mr. Philip Lynch and Mr. G. Patrick Lynch are stockholders, under a certain Manufacturer&#146;s Representative Agreement.
See &#147;Certain Relationships and Related Party Transactions&#148; below.</FONT></TD>
</TR>
</TABLE>
<BR>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="100%">
<TR VALIGN="TOP">
     <TD WIDTH="37px" ALIGN="LEFT" nowrap><DIV STYLE="MARGIN-LEFT: 20px; TEXT-INDENT: -20px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">(4)</FONT></DIV></TD>
     <TD WIDTH="3px" ALIGN="LEFT">&nbsp;</TD>
     <TD WIDTH="100%" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Includes consulting payments made to Atagencer LLC, a limited
liability company that is principally owned by Dr. Mehmet Gencer, a former member of NTIC&#146;s Board of Directors and a current executive officer of
NTIC. See &#147;Certain Relationships and Related Party Transactions&#148; below.</FONT></TD>
</TR>
</TABLE>
<BR>



<P ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">10<BR></FONT></P>

<HR SIZE=5 COLOR=GRAY NOSHADE>

<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 10; page: 10" -->


<P ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><B>Option Grants in Last Fiscal Year</B></FONT></P>

<P ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">The following table summarizes option grants during the fiscal year ended August
31, 2004 to or by each of the executive officers named in the Summary Compensation Table above.</FONT></P>


<TABLE ALIGN="CENTER" CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="100%">

<TR VALIGN="BOTTOM">
     <TH nowrap><FONT FACE="Times New Roman, Times, Serif" SIZE="1"><BR>&nbsp;</FONT></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE="1">&nbsp;</FONT></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE="1">&nbsp;</FONT></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TH>

     <TH COLSPAN=15 nowrap><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Individual Grants (1)<HR SIZE=1 NOSHADE COLOR="#000000"></FONT></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TH>
</TR>
<TR VALIGN="BOTTOM">
     <TH nowrap ALIGN="LEFT" ><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Name<HR SIZE=1 NOSHADE COLOR="#000000" ALIGN="LEFT"
WIDTH="22pt"></FONT></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE="1">&nbsp;</FONT></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE="1">&nbsp;</FONT></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TH>

     <TH COLSPAN="3" nowrap><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Number of<BR> Securities<BR> Underlying<BR> Options Granted (#)<HR
SIZE=1 NOSHADE COLOR="#000000"></FONT></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TH>

     <TH COLSPAN="3" nowrap><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Percent of Total<BR> Options Granted<BR> to Employees<BR> in Fiscal
Year<HR SIZE=1 NOSHADE COLOR="#000000"></FONT></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TH>

     <TH COLSPAN="3" nowrap><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Exercise or<BR> Base Price<BR> ($/Sh)<HR SIZE=1 NOSHADE
COLOR="#000000"></FONT></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TH>

     <TH COLSPAN="3" nowrap><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Expiration<BR> Date<HR SIZE=1 NOSHADE COLOR="#000000"></FONT></TH>
</TR>
<TR VALIGN="TOP" BGCOLOR="#FFF3CE">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV STYLE="MARGIN-LEFT: 0px; TEXT-INDENT: 0px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Philip M.
Lynch</FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>

     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="CENTER" NOWRAP><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">2,000</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>

     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="CENTER" NOWRAP><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">100%</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>

     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="CENTER" NOWRAP><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">$5.30 (2)</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>

     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">9/1/2008</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV STYLE="MARGIN-LEFT: 0px; TEXT-INDENT: 0px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">G. Patrick
Lynch</FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>

     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="CENTER" NOWRAP><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&#151;</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>

     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="CENTER" NOWRAP><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&#151;</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>

     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="CENTER" NOWRAP><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&#151;</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>

     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&#151;</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP" BGCOLOR="#FFF3CE">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV STYLE="MARGIN-LEFT: 0px; TEXT-INDENT: 0px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Donald A.
Kubik</FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>

     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="CENTER" NOWRAP><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&#151;</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>

     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="CENTER" NOWRAP><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&#151;</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>

     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="CENTER" NOWRAP><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&#151;</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>

     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&#151;</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV STYLE="MARGIN-LEFT: 0px; TEXT-INDENT: 0px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Matthew C.
Wolsfeld</FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>

     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="CENTER" NOWRAP><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&#151;</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>

     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="CENTER" NOWRAP><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&#151;</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>

     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="CENTER" NOWRAP><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&#151;</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>

     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&#151;</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP" BGCOLOR="#FFF3CE">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV STYLE="MARGIN-LEFT: 0px; TEXT-INDENT: 0px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Dr. Mehmet
Gencer</FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>

     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="CENTER" NOWRAP><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">2,000</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>

     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="CENTER" NOWRAP><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">100%</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>

     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="CENTER" NOWRAP><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">$5.30 (2)</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>

     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">9/1/2008</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
</TR>
</TABLE>
&nbsp;<BR>


<P ALIGN="LEFT"><DIV STYLE="MARGIN-LEFT: 20px; TEXT-INDENT: -20px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><HR SIZE="1" WIDTH="72"
ALIGN="left" NOSHADE COLOR="#000000"></FONT></DIV></P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="100%">
<TR VALIGN="TOP">
     <TD WIDTH="37px" ALIGN="LEFT" nowrap><DIV STYLE="MARGIN-LEFT: 20px; TEXT-INDENT: -20px; TOP-MARGIN: 0 px">
<FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">(1)</FONT></DIV></TD>
     <TD WIDTH="3px" ALIGN="LEFT">&nbsp;</TD>
     <TD WIDTH="100%" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">All options were granted under our 2000 Stock Incentive Plan and
are subject to the terms of that plan. Each option granted becomes exercisable, on a cumulative basis, with respect to 33 1/3% of the shares of common
stock underlying such option on each anniversary of the date of its grant. Each option will automatically accelerate and become immediately exercisable
with respect to all of the shares of common stock underlying the option upon a change of control of NTIC.</FONT></TD>
</TR>
</TABLE>
<BR>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="100%">
<TR VALIGN="TOP">
     <TD WIDTH="37px" ALIGN="LEFT" nowrap><DIV STYLE="MARGIN-LEFT: 20px; TEXT-INDENT: -20px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">(2)</FONT></DIV></TD>
     <TD WIDTH="3px" ALIGN="LEFT">&nbsp;</TD>
     <TD WIDTH="100%" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">The per share exercise price of the option granted is equal to
the fair market value of a share of our common stock on the date of grant, which is determined as the closing market price per share of our common
stock as reported by the American Stock Exchange on that date.</FONT></TD>
</TR>
</TABLE>
<BR>

<P ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><B>Aggregated Option Exercises In Last Fiscal Year and Fiscal Year-End Option
Values</B></FONT></P>

<P ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">The following table summarizes the number and value of options held by each of the
executive officers named in the Summary Compensation Table above as of August 31, 2004. None of these executive officers exercised any stock options
during fiscal 2004.</FONT></P>


<TABLE ALIGN="CENTER" CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="100%">

<TR VALIGN="BOTTOM">
     <TH NOWRAP ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="1"><BR>&nbsp;</FONT></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE="1">&nbsp;</FONT></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE="1">&nbsp;</FONT></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TH>

     <TH COLSPAN=7 nowrap><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Number of Unexercised Securities<BR> Underlying Options as of<BR> August
31, 2004<HR SIZE=1 NOSHADE COLOR="#000000"></FONT></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TH>

     <TH COLSPAN=7 nowrap><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Value of Unexercised<BR> In-the-Money Options<BR> as of August 31, 2004
(1)<HR SIZE=1 NOSHADE COLOR="#000000"></FONT></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TH>
</TR>
<TR VALIGN="BOTTOM">
     <TH NOWRAP ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Name<HR SIZE=1 NOSHADE COLOR="#000000" ALIGN="LEFT"
WIDTH="22pt"></FONT></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE="1">&nbsp;</FONT></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE="1">&nbsp;</FONT></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TH>

     <TH COLSPAN="3" nowrap><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Exercisable<HR SIZE=1 NOSHADE COLOR="#000000"></FONT></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TH>

     <TH COLSPAN="3" nowrap><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Unexercisable<HR SIZE=1 NOSHADE COLOR="#000000"></FONT></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TH>

     <TH COLSPAN="3" nowrap><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Exercisable<HR SIZE=1 NOSHADE COLOR="#000000"></FONT></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TH>

     <TH COLSPAN="3" nowrap><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Unexercisable<HR SIZE=1 NOSHADE COLOR="#000000"></FONT></TH>
</TR>
<TR VALIGN="TOP" BGCOLOR="#FFF3CE">
     <TD ALIGN="LEFT" WIDTH="100%" NOWRAP><DIV STYLE="MARGIN-LEFT: 0px; TEXT-INDENT: 0px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Philip M.
Lynch</FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>

     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">3,334</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>

     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="CENTER" NOWRAP><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">4,666</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>

     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="CENTER" NOWRAP><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">$334</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>

     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="CENTER" NOWRAP><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">$3,987</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
     <TD ALIGN="LEFT" WIDTH="100%" NOWRAP><DIV STYLE="MARGIN-LEFT: 0px; TEXT-INDENT: 0px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">G. Patrick
Lynch</FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>

     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">3,000</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>

     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="CENTER" NOWRAP><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">0</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>

     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="CENTER" NOWRAP><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">$0</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>

     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="CENTER" NOWRAP><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">$0</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP" BGCOLOR="#FFF3CE">
     <TD ALIGN="LEFT" WIDTH="100%" NOWRAP><DIV STYLE="MARGIN-LEFT: 0px; TEXT-INDENT: 0px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Donald A.
Kubik</FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>

     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>

     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="CENTER" NOWRAP><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">0</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>

     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="CENTER" NOWRAP><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">$0</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>

     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="CENTER" NOWRAP><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">$0</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
     <TD ALIGN="LEFT" WIDTH="100%" NOWRAP><DIV STYLE="MARGIN-LEFT: 0px; TEXT-INDENT: 0px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Matthew C.
Wolsfeld</FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>

     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">6,667</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>

     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="CENTER" NOWRAP><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">3,333</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>

     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="CENTER" NOWRAP><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">$4,600</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>

     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="CENTER" NOWRAP><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">$4,300</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP" BGCOLOR="#FFF3CE">
     <TD ALIGN="LEFT" WIDTH="100%" NOWRAP><DIV STYLE="MARGIN-LEFT: 0px; TEXT-INDENT: 0px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Dr. Mehmet
Gencer</FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>

     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">1,334</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>

     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="CENTER" NOWRAP><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">4,666</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>

     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="CENTER" NOWRAP><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">$334</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>

     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="CENTER" NOWRAP><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">$3,987</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
</TR>
</TABLE>
&nbsp;<BR>


<P ALIGN="LEFT"><DIV STYLE="MARGIN-LEFT: 20px; TEXT-INDENT: -20px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><HR SIZE="1" WIDTH="72"
ALIGN="left" NOSHADE COLOR="#000000"></FONT></DIV></P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="100%">
<TR VALIGN="TOP">
     <TD WIDTH="37px" ALIGN="LEFT" nowrap><DIV STYLE="MARGIN-LEFT: 20px; TEXT-INDENT: -20px; TOP-MARGIN: 0 px">
<FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">(1)</FONT></DIV></TD>
     <TD WIDTH="3px" ALIGN="LEFT">&nbsp;</TD>
     <TD WIDTH="100%" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Value is based on the difference between the fair market value
of one share of our common stock as of August 31, 2004 ($5.25), and the exercise price of the options ranging from $3.34 to $7.00 per share. An options
is in-the-money if the fair market value of the shares of common stock underlying the option exceeds the option exercise price.</FONT></TD>
</TR>
</TABLE>
<BR>

<P ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><B>Change in Control Arrangements</B></FONT></P>

<P ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Under our 1994 Stock Incentive Plan and 2000 Stock Incentive Plan, options granted
under these plans will become fully exercisable following certain changes in control of NTIC, such as:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="100%">
<TR VALIGN="TOP">
     <TD WIDTH="37px" ALIGN="LEFT" nowrap><DIV STYLE="TEXT-INDENT: 20px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&#149;</FONT></DIV></TD>
     <TD WIDTH="3px" ALIGN="LEFT">&nbsp;</TD>
     <TD WIDTH="100%" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">the sale, lease, exchange or other transfer of all or
substantially all of our assets to a corporation that is not controlled by us;</FONT></TD>
</TR>
</TABLE>
<BR>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="100%">
<TR VALIGN="TOP">
     <TD WIDTH="37px" ALIGN="LEFT" nowrap><DIV STYLE="TEXT-INDENT: 20px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&#149;</FONT></DIV></TD>
     <TD WIDTH="3px" ALIGN="LEFT">&nbsp;</TD>
     <TD WIDTH="100%" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">the approval by our stockholders of any plan or proposal for our
liquidation or dissolution;</FONT></TD>
</TR>
</TABLE>
<BR>


<P ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">11<BR></FONT></P>

<HR SIZE=5 COLOR=GRAY NOSHADE>

<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 11; page: 11" -->


<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="100%">
<TR VALIGN="TOP">
     <TD WIDTH="37px" ALIGN="LEFT" nowrap><DIV STYLE="TEXT-INDENT: 20px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&#149;</FONT></DIV></TD>
     <TD WIDTH="3px" ALIGN="LEFT">&nbsp;</TD>
     <TD WIDTH="100%" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">certain merger or business combination transactions;</FONT></TD>
</TR>
</TABLE>
<BR>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="100%">
<TR VALIGN="TOP">
     <TD WIDTH="37px" ALIGN="LEFT" nowrap><DIV STYLE="TEXT-INDENT: 20px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&#149;</FONT></DIV></TD>
     <TD WIDTH="3px" ALIGN="LEFT">&nbsp;</TD>
     <TD WIDTH="100%" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">more than 40% of our outstanding voting shares are acquired by
any person or group of persons who did not own any shares of common stock on the effective date of the plan; and</FONT></TD>
</TR>
</TABLE>
<BR>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="100%">
<TR VALIGN="TOP">
     <TD WIDTH="37px" ALIGN="LEFT" nowrap><DIV STYLE="TEXT-INDENT: 20px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&#149;</FONT></DIV></TD>
     <TD WIDTH="3px" ALIGN="LEFT">&nbsp;</TD>
     <TD WIDTH="100%" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">certain changes in the composition of our Board of
Directors.</FONT></TD>
</TR>
</TABLE>
<BR>

<P ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><B>RELATED PARTY RELATIONSHIPS AND TRANSACTIONS</B></FONT></P>

<P ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">The Company paid reimbursement for travel and related expenses of $449,000,
$421,000, and $240,000, for the fiscal years ended August 31, 2004, 2003, and 2002, respectively, to a financial and management consulting firm, Inter
Alia, which beneficially owns 25.1% of the Company&#146;s outstanding common stock, and of which the Company&#146;s Chief Executive Officer and
Chairman of the Board and the Company&#146;s President of North American Operations are shareholders. The management consulting firm earned commissions
of approximately $99,239, $51,882, and $66,420, for the fiscal years ended August 31, 2004, 2003, and 2002, respectively, on the net proceeds of sales
of the Company&#146;s products. In addition, the Company has paid health insurance premiums of $17,158, $10,619 and $10,355 for the years ended August
31, 2004, 2003 and 2002, respectively, related to policies that insure the Company&#146;s Chief Executive Officer and Chairman of the Board.</FONT></P>

<P ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Messrs. Meng and Taylor and Ms. Yakubovskaya, all of whom are directors of NTIC,
are affiliated with certain of our joint venture entities. Mr. Meng is General Manager of Tianjin Zerust Co., our joint venture entity in China. Mr.
Taylor is Chief Executive Officer of each Zerust (UK) Ltd. and Zerust B.V., our joint venture entities in the United Kingdom and the Netherlands. Ms.
Yakubovskaya is Managing Partner of our Russian joint venture entity, MostNIC. Each of these individuals have personal ownership interests in these
joint venture entities, either directly or through other entities, and as a result receive certain distributions of any profits of the joint venture
entities based on their respective ownership percentages. These individuals also receive salary and other compensation as employees or consultants to
these joint venture entities.</FONT></P>

<P ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">On June 1, 2003, the Company made a loan of $25,000 and agreed to make an
additional loan to cover undetermined secretarial fees that later were determined amounted to $6,781, bringing the total loan to $31,781 for Tao Meng,
who subsequently became a member of NTIC&#146;s Board of Directors on July 15, 2003. The loan was evidenced by a promissory note held by NTIC. The note
was due to us five years from the date of issuance. The loan was made to Mr. Meng to enable him to obtain a 25% ownership interest in Tianjin Zerust
Co., NTIC&#146;s joint venture entity in China, of which NTIC maintains a 25% ownership interest. This loan has since been repaid in full and is no
longer outstanding.</FONT></P>

<P ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">On January 21, 2004, the Company made a consulting payment to Dr. Sunggyu Lee of
$50,000. This consulting payment is not part of a formal written agreement and is not reoccurring. The consulting services related to research and
development associated with various new technologies.</FONT></P>

<P ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">On July 6, 2004 and January 21, 2004, the Company made consulting payments to Dr.
Ramani Narayan of $10,000 and $25,000, respectively. Additionally, in fiscal 2003 and 2002 consulting payments were made totaling $50,000 and $30,000
respectively. These consulting payments are not part of a formal written agreement and are not reoccurring. The consulting services related to research
and development associated with various new technologies.</FONT></P>

<P ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">On May 31, 2002, the Company made a loan of $50,000 to Atagencer LLC, a limited
liability company that is principally owned by Dr. Mehmet Gencer, a former member of NTIC&#146;s Board of Directors and a current executive officer of
NTIC. This loan was evidenced by a promissory note held by NTIC and the outstanding principal balance bore interest at a rate of 2% per annum. The note
was due five years from the date of issuance. The loan was made to Atagencer LLC to enable Atagencer LLC to obtain a 25% ownership interest in Fibro
NTI, NTIC&#146;s joint venture entity in Turkey, of which NTIC has a 50% ownership interest. This note was repaid in full in July 2003. Additionally,
in 2001 prior to Dr. Gencer becoming a director of NTIC in 2002, NTIC and Atagencer LLC entered into a consulting agreement pursuant to which NTIC pays
Atagencer LLC fees for consulting services rendered. During fiscal 2004 and 2003, NTIC paid Atagencer LLC $104,500 and $104,000, respectively, in
consulting fees. Atagencer LLC also has a 6.25% ownership interest in Polymer Energy LLC, a joint venture entity in the United States, of which NTIC
has a 50% ownership interest.</FONT></P>


<P ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">12<BR></FONT></P>

<HR SIZE=5 COLOR=GRAY NOSHADE>

<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 12; page: 12" -->


<P ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><B>AUDIT COMMITTEE REPORT</B></FONT></P>

<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 0 px; TOP-MARGIN: 12 px; TEXT-ALIGN: LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Notwithstanding
anything to the contrary set forth in any of NTIC&#146;s previous or future filings under the Securities Act of 1933 or the Securities Exchange Act of
1934 that might incorporate this proxy statement or future filings with the Securities and Exchange Commission, in whole or in part, the following
report shall not be deemed to be incorporated by reference into any such filing.</FONT></DIV></P>

<P ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">The Audit Committee has reviewed and discussed the audited financial statements of
NTIC for the fiscal year ended August 31, 2004 with our management. The Audit Committee has discussed with Virchow Krause &amp; Company LLP, our
independent public accountants, the matters required to be discussed by Statement on Auditing Standards No. 61 (Communication with Audit Committees).
The Audit Committee believes that the provision by Virchow Krause &amp; Company LLP of services other than auditing and review of our quarterly
financial statements is compatible with the maintenance by Virchow Krause &amp; Company LLP of its independence from NTIC.</FONT></P>

<P ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">The Audit Committee has also received the written disclosures and the letter from
Virchow Krause &amp; Company LLP required by Independence Standards Board Standard No. 1 (Independence Discussions with Audit Committees) and the Audit
Committee has discussed the independence of Virchow Krause &amp; Company LLP with that firm.</FONT></P>

<P ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Based on the Audit Committee&#146;s review and discussions noted above, the Audit
Committee recommended to the Board of Directors that our audited financial statements be included in our Annual Report on Form 10-KSB for the fiscal
year ended August 31, 2004 for filing with the SEC.</FONT></P>

<P ALIGN="LEFT"><DIV STYLE="MARGIN-LEFT: 452px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><B><I>Audit Committee</I></B><BR> Mark Stone<BR>
Pierre Chenu<BR> Mark Mayers</FONT></DIV></P>



<P ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">13<BR></FONT></P>

<HR SIZE=5 COLOR=GRAY NOSHADE>

<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 13; page: 13" -->


<P ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><B>INDEPENDENT PUBLIC ACCOUNTANTS</B></FONT></P>

<P ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><B>Dismissal of Prior Independent Accountants</B></FONT></P>

<P ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">On June 8, 2004, the Audit Committee elected not to retain Deloitte &amp; Touche,
LLP, which had previously served as NTIC&#146;s independent accountants. The reports of Deloitte &amp; Touche, LLP on NTIC&#146;s financial statements
for the past two fiscal years, contained no adverse opinion or disclaimer of opinion and were not qualified or modified as to uncertainty, audit scope
or accounting principles. In connection with the audits by Deloitte &amp; Touche, LLP of NTIC&#146;s fiscal 2002 and fiscal 2003 financial statements
and interim financial statements through June 8, 2004, NTIC had no disagreements with Deloitte &amp; Touche, LLP on any matter of accounting principles
or practices, financial statement disclosure or auditing scope or procedure, which disagreements, if not resolved to the satisfaction of Deloitte &amp;
Touche, LLP, would have caused Deloitte &amp; Touche, LLP to make reference to such disagreements in its report on the financial statements for such
periods. Following Deloitte &amp; Touche, LLP&#146;s completion of the audit of NTIC&#146;s fiscal 2003 financial statements, Deloitte &amp; Touche,
LLP provided the Audit Committee with a letter noting certain deficiencies in the design or operation of NTIC&#146;s internal control which, in the
judgment of Deloitte &amp; Touche, LLP, could adversely affect NTIC&#146;s ability to record, process, summarize and report financial data consistent
with the assertions of NTIC&#146;s management in such financial statements. These conditions were discussed with NTIC&#146;s management and Audit
Committee on various dates through June 8, 2004. Deloitte &amp; Touche, LLP has furnished NTIC a letter addressed to the Securities and Exchange
Commission stating whether or not it agrees with the above statements. A copy of such letter was filed as Exhibit 16.1 to a Current Report on Form 8-K
that was filed by NTIC with the SEC on June 8, 2004.</FONT></P>

<P ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><B>Appointment of Current Independent Accountants</B></FONT></P>

<P ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">On June 8, 2004, the Audit Committee approved the engagement of Virchow Krause
&amp; Company LLP, to serve as our independent certified public accountants to audit our financial statements for the fiscal year ended August 31,
2004. We expect that Virchow Krause &amp; Company LLP will continue to serve as our independent certified public accountants during fiscal
2005.</FONT></P>

<P ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">We have requested and expect a representative of Virchow Krause &amp; Company LLP
to be present at the Annual Meeting, either by phone or in person, to make a statement if they so desire and to respond to appropriate
questions.</FONT></P>

<P ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><B>Audit, Audit-Related, Tax and Other Fees</B></FONT></P>

<P ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">The following table presents fees billed by Deloitte &amp; Touche LLP, our prior
independent certified public accountants, for the fiscal years ended August 31, 2004 and August 31, 2003.</FONT></P>


<TABLE ALIGN="CENTER" CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="80%">

<TR VALIGN="BOTTOM">
     <TH NOWRAP ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="1"><BR>&nbsp;</FONT></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE="1">&nbsp;</FONT></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE="1">&nbsp;</FONT></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TH>

     <TH COLSPAN=7 nowrap><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Aggregate Amount Billed<BR> by Deloitte &amp; Touche LLP ($)<HR SIZE=1
NOSHADE COLOR="#000000"></FONT></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TH>
</TR>
<TR VALIGN="BOTTOM">
     <TH NOWRAP ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="1"><BR>&nbsp;</FONT></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE="1">&nbsp;</FONT></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE="1">&nbsp;</FONT></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TH>

     <TH COLSPAN="3" nowrap><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Fiscal 2004<HR SIZE=1 NOSHADE COLOR="#000000"></FONT></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TH>

     <TH COLSPAN="3" nowrap><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Fiscal 2003<HR SIZE=1 NOSHADE COLOR="#000000"></FONT></TH>
</TR>
<TR VALIGN="TOP" BGCOLOR="#FFF3CE">
     <TD ALIGN="LEFT" WIDTH="100%" NOWRAP><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Audit Fees (1)</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>

     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;$</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">116,950</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>

     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;$</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">96,430</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
     <TD ALIGN="LEFT" WIDTH="100%" NOWRAP><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Audit-Related Fees</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>

     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">$0</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>

     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">$0</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP" BGCOLOR="#FFF3CE">
     <TD ALIGN="LEFT" WIDTH="100%" NOWRAP><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Tax Fees</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>

     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;$</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">116,450</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>

     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;$</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">65,902</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
     <TD ALIGN="LEFT" WIDTH="100%" NOWRAP><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">All Other Fees</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>

     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">$0</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>

     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">$0</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
</TR>
</TABLE>
&nbsp;<BR>


<P ALIGN="LEFT"><DIV STYLE="MARGIN-LEFT: 20px; TEXT-INDENT: -20px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><HR SIZE="1" WIDTH="72"
ALIGN="left" NOSHADE COLOR="#000000"></FONT></DIV></P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="100%">
<TR VALIGN="TOP">
     <TD WIDTH="37px" ALIGN="LEFT" nowrap><DIV STYLE="MARGIN-LEFT: 20px; TEXT-INDENT: -20px; TOP-MARGIN: 0 px">
<FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">(1)</FONT></DIV></TD>
     <TD WIDTH="3px" ALIGN="LEFT">&nbsp;</TD>
     <TD WIDTH="100%" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Aggregate fees billed for professional services rendered by
Deloitte &amp; Touche, LLP for the audit of our annual financial statements by fiscal year, review of financial statement included in our quarterly
reports on Form 10-QSB and other services normally provided in connection with our statutory and regulatory filings or engagements.</FONT></TD>
</TR>
</TABLE>
<BR>



<P ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">14<BR></FONT></P>

<HR SIZE=5 COLOR=GRAY NOSHADE>

<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 14; page: 14" -->




<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 20px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">The following table presents fees billed by Virchow
Krause &amp; Company LLP, our current independent certified public accountants, for the fiscal year ended August 31, 2004.</FONT></DIV></P>


<TABLE ALIGN="CENTER" CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="80%">

<TR VALIGN="BOTTOM">
     <TH nowrap><FONT FACE="Times New Roman, Times, Serif" SIZE="1"><BR>&nbsp;</FONT></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE="1">&nbsp;</FONT></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE="1">&nbsp;</FONT></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TH>

     <TH COLSPAN="3" nowrap><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Aggregate Amount Billed<BR> by Virchow Krause &amp; Company<BR> LLP in
Fiscal 2004 ($)<HR SIZE=1 NOSHADE COLOR="#000000"></FONT></TH>
</TR>
<TR VALIGN="BOTTOM" BGCOLOR="#FFF3CE">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV STYLE="MARGIN-LEFT: 10px; TEXT-INDENT: -10px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Audit Fees
(1)</FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>

     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="CENTER" NOWRAP><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">$13,442</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV STYLE="MARGIN-LEFT: 10px; TEXT-INDENT: -10px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Audit-Related
Fees</FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>

     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="CENTER" NOWRAP><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM" BGCOLOR="#FFF3CE">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV STYLE="MARGIN-LEFT: 10px; TEXT-INDENT: -10px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Tax
Fees</FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>

     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="CENTER" NOWRAP><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV STYLE="MARGIN-LEFT: 10px; TEXT-INDENT: -10px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">All Other
Fees</FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;&nbsp;</TD>

     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="CENTER" NOWRAP><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
</TR>
</TABLE>
&nbsp;<BR>


<P ALIGN="LEFT"><DIV STYLE="MARGIN-LEFT: 20px; TEXT-INDENT: -20px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><HR SIZE="1" WIDTH="72"
ALIGN="left" NOSHADE COLOR="#000000"></FONT></DIV></P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="100%">
<TR VALIGN="TOP">
     <TD WIDTH="37px" ALIGN="LEFT" nowrap><DIV STYLE="MARGIN-LEFT: 20px; TEXT-INDENT: -20px; TOP-MARGIN: 0 px">
<FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">(1)</FONT></DIV></TD>
     <TD WIDTH="3px" ALIGN="LEFT">&nbsp;</TD>
     <TD WIDTH="100%" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Aggregate fees billed for professional services rendered by
Virchow Krause &amp; Company LLP for the audit of our annual financial statements for fiscal 2004, review of financial statement included in our
quarterly reports on Form 10-QSB and other services normally provided in connection with our statutory and regulatory filings or
engagements.</FONT></TD>
</TR>
</TABLE>
<BR>

<P ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><B>Audit Committee Pre-Approval Policies and Procedures</B></FONT></P>

<P ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Rules adopted by the Securities and Exchange Commission in order to implement
requirements of the Sarbanes-Oxley Act of 2002 require public company audit committees to pre-approve audit and non-audit services provided by a
company&#146;s independent auditor. The Audit Committee has not adopted any formal pre-approval policies and procedures in response to these rules. All
services rendered by Deloitte &amp; Touche LLP and Virchow Krause &amp; Company LLP were permissible under applicable laws and regulations and all
services provided were approved in advance by the Audit Committee in accordance with these rules. The Audit Committee intends to consider whether to
adopt formal pre-approval policies and procedures in the near future.</FONT></P>



<P ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">15<BR></FONT></P>

<HR SIZE=5 COLOR=GRAY NOSHADE>

<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 15; page: 15" -->


<P ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><B>OTHER MATTERS</B></FONT></P>

<P ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><B>Section 16(a) Beneficial Ownership Reporting Compliance</B></FONT></P>

<P ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Section 16(a) of the Securities Exchange Act of 1934, as amended, requires our
directors, executive officers, and all persons who beneficially own more than 10% of the outstanding shares of our common stock to file with the
Securities and Exchange Commission initial reports of ownership and reports of changes in ownership of our common stock. Executive officers, directors
and greater than 10% beneficial owners are also required to furnish NTIC with copies of all Section 16(a) forms they file.</FONT></P>

<P ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">To our knowledge, based upon a review of the copies of such reports furnished to us
and written representations that no other reports were required, during the fiscal year ended August 31, 2004, none of our directors or executive
officers or beneficial owners of greater than 10% of our common stock failed to file on a timely basis the forms required by Section 16 of the Exchange
Act, except that G. Philip Lynch failed to file timely a Form 3 reporting his appointment as one of our directors. To date, all late Form 3 reports
have been filed.</FONT></P>

<P ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><B>Stockholder Proposals for 2006 Annual Meeting</B></FONT></P>

<P ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Stockholder proposals intended to be presented in the proxy materials relating to
the 2006 Annual Meeting of Stockholders must be received by us on or before August 14, 2005, unless the date of the meeting is delayed by more than 30
calendar days, and must satisfy the requirements of the proxy rules promulgated by the Securities and Exchange Commission.</FONT></P>

<P ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Any other stockholder proposals to be presented at the 2006 Annual Meeting of
Stockholders must be given in writing to our Corporate Secretary and received at our principal executive offices on or before September 13, 2005. The
proposal must contain specific information required by our Bylaws, a copy of which may be obtained by writing to our Corporate Secretary. If a proposal
is not timely and properly made in accordance with the procedures set forth in our Bylaws, it will be defective and may not be brought before the
meeting. If the proposal is nonetheless brought before the meeting and the Chairman of the meeting does not exercise the power and duty to declare the
proposal defective, the persons named in the proxy may use their discretionary voting with respect to the proposal.</FONT></P>

<P ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><B>Other Business</B></FONT></P>

<P ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Our management does not intend to present other items of business and knows of no
items of business that are likely to be brought before the Annual Meeting, except those described in this proxy statement. However, if any other
matters should properly come before the Annual Meeting, the persons named in the enclosed proxy will have discretionary authority to vote such proxy in
accordance with their best judgment on the matters.</FONT></P>

<P ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><B>Communications with Directors</B></FONT></P>

<P ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Stockholders may communicate with our Board of Directors by sending correspondence,
addressed to our Corporate Secretary, NTIC International Corporation, 6680 N. Highway 49, Lino Lakes, Minnesota 55014, with an instruction to forward
the communication to a particular director. Our Corporate Secretary will receive the correspondence and forward it to any individual director or
directors to whom the communication is directed.</FONT></P>



<P ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">16<BR></FONT></P>

<HR SIZE=5 COLOR=GRAY NOSHADE>

<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 16; page: 16" -->


<P ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><B>Copies of 2004 Annual Report</B></FONT></P>

<P ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">We will furnish without charge a copy of our Annual Report on Form 10-KSB for the
fiscal year ended August 31, 2004, to each person who was a stockholder of NTIC as of December 3, 2004 upon receipt from any such person of a written
request for such an Annual Report. Such a request should be sent to:</FONT></P>

<P ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Northern Technologies International Corporation<BR> 6680 N. Highway 49<BR> Lino
Lakes, Minnesota 55014<BR> Attention: Stockholder Information</FONT></P>

<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 0 px; TOP-MARGIN: 12 px; TEXT-ALIGN: LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><HR SIZE="1" WIDTH="144" ALIGN="CENTER" NOSHADE COLOR="#000000"></FONT></DIV></P>

<P ALIGN="LEFT"><DIV STYLE="TEXT-INDENT: 0 px; TOP-MARGIN: 12 px; TEXT-ALIGN: LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Your vote is
important. Whether or not you plan to attend the Annual Meeting, please vote your shares of NTIC common stock by marking, signing, dating and promptly
returning the enclosed proxy card in the envelope provided. No postage is required for mailing in the United States.</FONT></DIV></P>

<P ALIGN="LEFT"><DIV STYLE="MARGIN-LEFT: 252px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">By Order of the Board of Directors<BR>
<DIV ALIGN="LEFT"><IMG SRC="pml-sig.jpg"></DIV></FONT></DIV>

<P ALIGN="LEFT"><DIV STYLE="MARGIN-LEFT: 252px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Philip M. Lynch<BR> <I>Chairman and Chief Executive
Officer</I></FONT></DIV></P>

<P ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">December 12, 2004<BR> Lino Lakes, Minnesota</FONT></P>


<P ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">17<BR></FONT></P>

<HR NOSHADE SIZE="5">
<BR>


<HR SIZE=5 COLOR=GRAY NOSHADE>
<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 1; page: 1" -->


<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr align="left" valign="top">
    <td><font size="2" face="Arial, Helvetica, sans-serif"><B><I>NORTHERN
      TECHNOLOGIES<br>
      INTERNATIONAL CORPORATION<br>
      6680 N. HIGHWAY 49<br>
      LINO LAKES, MINNESOTA 55014</I></B></font></td>
    <td><font size="2" face="Arial, Helvetica, sans-serif"><B>VOTE BY MAIL</B><br>
      Mark, sign, and date your proxy card and return it in the<br>
      postage-paid envelope we have provided or return it to<br>
      Northern Technologies International Corporation,<br>
      c/o ADP 51 Mercedes Way, Edgewood, NY 11717.</font></td>
  </tr>
</table>
<p>&nbsp;</p>
<p>&nbsp;</p>
<p>&nbsp;</p>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td><font size="1" face="Arial, Helvetica, sans-serif">TO VOTE, MARK BLOCKS
      BELOW IN BLUE OR BLACK INK AS FOLLOWS:</font></td>
    <td align="right"><font size="1" face="Arial, Helvetica, sans-serif">NRTRN1</font></td>
    <td align="right"><font size="1" face="Arial, Helvetica, sans-serif">KEEP THIS PORTION FOR
      YOUR RECORDS</font></td>
  </tr>
  <tr>
    <td colspan="3"><hr size="1" noshade></td>
  </tr>
  <tr>
    <td><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
    <td><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
    <td align="right"><font size="1" face="Arial, Helvetica, sans-serif">DETACH AND RETURN THIS
      PORTION ONLY</font></td>
  </tr>
</table>
<p align="center"><B><font size="2" face="Arial, Helvetica, sans-serif">THIS
  PROXY CARD IS VALID ONLY WHEN SIGNED AND DATED.</font></B></p>
<hr size="2" noshade>
<B><font size="2" face="Arial, Helvetica, sans-serif"> </font></B><B><font size="2" face="Arial, Helvetica, sans-serif">
</font></B>
<p align="left"><B><font size="2" face="Arial, Helvetica, sans-serif">NORTHERN
  TECHNOLOGIES INTERNATIONAL CORPORATION</font></B></p>
<p align="left"><font size="2" face="Arial, Helvetica, sans-serif">THE BOARD RECOMMENDS
  THAT THE STOCKHOLDERS<br>
  VOTE &quot;FOR&quot; PROPOSAL 1.</font></p>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr valign="top">
    <td colspan="2"><font size="2" face="Arial, Helvetica, sans-serif"><B>Vote
      On Directors</B></font></td>
    <td width="3%"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
    <td width="7%" align="center"><B><font size="2" face="Arial, Helvetica, sans-serif">For<br>
      All</font></B></td>
    <td width="10%" align="center"><B><font size="2" face="Arial, Helvetica, sans-serif">Withhold<br>
      All</font></B></td>
    <td width="7%" align="center"><B><font size="2" face="Arial, Helvetica, sans-serif">For
      All<br>
      Except</font></B></td>
    <td width="3%"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
    <td width="30%" nowrap><div align="justify"><font size="2" face="Arial, Helvetica, sans-serif">To
        withhold authority to vote, mark &quot;For All Except&quot;<br>
        and write the nominee's number on the line below.</font></div></td>
  </tr>
  <tr valign="top">
    <td width="2%"><font size="2" face="Arial, Helvetica, sans-serif">1.</font></td>
    <td><p><font size="2" face="Arial, Helvetica, sans-serif">PROPOSAL TO ELECT
        DIRECTORS:</font></p>
      <p><font size="2" face="Arial, Helvetica, sans-serif">01) Philip M. Lynch<br>
        02) Pierre Chenu<br>
        03) Dr. Donald A. Kubik<br>
        04) Dr. Sunggyu Lee<br>
        05) G. Patrick Lynch<br>
        06) Tao Meng<br>
        07) Mark J. Stone<br>
        08) Stephan C. Taylor<br>
        09) Tatiana Yakubovskaya<br>
        10) Dr. Ramani Narayan<br>
        11) Mark Mayers<br>
        <br>
        </font></p></td>
    <td><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
    <td width="7%" align="center"><font size="3" face="Wingdings">&nbsp;<br>
      o</font></td>
    <td width="10%" align="center"><font size="3" face="Wingdings">&nbsp;<br>
      o </font></td>
    <td width="7%" align="center"><font size="3" face="Wingdings">&nbsp;<br>
      o </font></td>
    <td width="3%"><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
    <td width="30%" nowrap><br> <br> <br> <hr size="1" > <font size="2" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
  </tr>
  <tr valign="top">
    <td width="2%"><font size="2" face="Arial, Helvetica, sans-serif">2.</font></td>
    <td colspan="7"><font size="2" face="Arial, Helvetica, sans-serif">To transact
      such other business as may roperly come before the meeting.</font><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;</font><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;</font><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;</font><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;</font><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;</font><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
  </tr>
</table>
<br>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr valign="top">
    <td width="50%"><div align="justify"><font size="2" face="Arial, Helvetica, sans-serif">For
        comments, please check this box and write them on the back where indicated.<br>
        <br>
        PLEASE SIGN exactly as the name appears on this card. When shares are
        held by joint tenants, both should sign. When signing as an attorney,
        executor, administrator, trustee or guardian, please give full title as
        such. If a corporation, please sign in full corporate name by President
        or other authorized officer. If a partnership, please sign in partnership
        name by authorized person.</font></div></td>
    <td width="3%">&nbsp;</td>
    <td><font size="3" face="Wingdings">&nbsp;<br>
      o </font></td>
  </tr>
</table><br>

<table width="75%" border="0" cellspacing="0" cellpadding="0">
  <tr align="left" valign="bottom">
    <td width="35%"><hr size="1" noshade> <br>
      <hr size="1" noshade></td>
    <td width="5%"><hr size="1" noshade> <br> <hr size="1" noshade> </td>
    <td width="20%">&nbsp;</td>
    <td width="35%"><hr size="1" noshade> <br> <hr size="1" noshade> </td>
    <td width="5%"><hr size="1" noshade> <br> <hr size="1" noshade> </td>
  </tr>
  <tr valign="bottom">
    <td width="35%" height="12"><font size="1" face="Arial, Helvetica, sans-serif">Signature
      [PLEASE SIGN WITHIN BOX]</font></td>
    <td width="5%"><font size="1" face="Arial, Helvetica, sans-serif">Date</font></td>
    <td width="20%"><font size="1" face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
    <td width="35%"><font size="1" face="Arial, Helvetica, sans-serif">Signature
      (Joint Owners) </font></td>
    <td width="5%"><font size="1" face="Arial, Helvetica, sans-serif">Date</font></td>
  </tr>
</table>
<br>
<hr size="2" noshade>

<HR SIZE=5 COLOR=GRAY NOSHADE>
<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 2; page: 2" -->


<p align="left"><br>
  <br>
  <br>
  <br>
</p>
<hr size="2" noshade>

<p align="center"><font size="2" face="Arial, Helvetica, sans-serif"><B>THIS
  PROXY IS SOLICITED ON BEHALF OF THE BOARD OF DIRECTORS<br>
  <br>
  NORTHERN TECHNOLOGIES INTERNATIONAL CORPORATION<br>
  <br>
  ANNUAL MEETING OF STOCKHOLDERS<br>
  <br>
  January 28, 2005</B></font></p>

<p align="left"><FONT FACE="Arial, Helvetica, sans-serif"><FONT SIZE="2">The undersigned,
having duly received the Notice of Annual Meeting of Stockholders and Proxy
Statement, hereby appoints Philip M. Lynch and Donald A. Kubik, or either of
them, as proxies, each with the power to appoint his substitute, and hereby
authorizes them to represent and to vote, as designated on the reverse side
of this ballot, all of the shares of Common Stock of Northern Technologies International
Corporation that the undersigned is entitled to vote at The Annual Meeting of
Stockholders of Northern Technologies International Corporation, a Delaware
corporation (the &#147;Company&#148;), to be held at Northern Technologies
International Corporation Headquarters, 6680 North Highway 49, Lino Lakes, Minnesota
55014, beginning at 8:30 a.m., local time, on Friday, January 28, 2005, for
the purposes stated on the reverse side, and any adjournment or postponement
thereof.<br>
<br><B>WHEN PROPERLY EXECUTED, THIS PROXY WILL BE VOTED IN THE MANNER DIRECTED
HEREIN BY THE UNDERSIGNED STOCKHOLDER. IF NO DIRECTION IS MADE, THE PROXY WILL
BE VOTED FOR THE ELECTION OF ALL NOMINEES FOR DIRECTORS AND, IN THE DISCRETION
OF THE PROXY HOLDER, ON OTHER MATTERS WHICH MAY PROPERLY COME BEFORE THE MEETING.<br>
<br>
PLEASE MARK, SIGN, DATE AND RETURN THIS PROXY CARD PROMPTLY USING THE ENCLOSED
REPLY ENVELOPE</B><br>
<br></FONT></FONT>
</p>
<table width="85%" border="1" align="center" cellpadding="5" cellspacing="0">
  <tr>
    <td colspan="2" valign="bottom"><font size="2" face="Arial, Helvetica, sans-serif">Comments:
      </font> <hr size="1" noshade width="90%" align="right"> <font size="2" face="Arial, Helvetica, sans-serif"><br>
      </font> <hr size="1" noshade></td>
  </tr>
</table>
<p align="center"><font size="2" face="Arial, Helvetica, sans-serif">(If you noted
  any comments above, please mark corresponding box on other side.) <br>
  <br>
  <B>CONTINUED AND TO BE SIGNED ON REVERSE SIDE</B></font> </p>
<hr size="2" noshade>
<p align="left">&nbsp;</p>


</BODY></HTML>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>2
<FILENAME>pml-sig.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 pml-sig.jpg
M_]C_X``02D9)1@`!`@``9`!D``#_[``11'5C:WD``0`$````9```_^X`#D%D
M;V)E`&3``````?_;`(0``0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!
M`0$!`0$!`0$!`0$!`0("`@("`@("`@("`P,#`P,#`P,#`P$!`0$!`0$"`0$"
M`@(!`@(#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#
M`P,#`P,#`P,#_\``$0@`+0"*`P$1``(1`0,1`?_$`&<``0`"`@,!`0``````
M```````("08'`@0*`P4!`0`````````````````````0```'`0$``@$$`@,`
M``````$"`P0%!@<(`!,)$2$2%!8B&$$5%Q$!`````````````````````/_:
M``P#`0`"$0,1`#\`]_'@>"H_KWH27H7VJ?4%@D'8K(S;;M_O>:\0$5/O&E9D
MX"B\Y(W&M_W"OHA_`EWAK+!"O#*N!!1`6+X40,'SB0+</`\#P/`\#P/`\#P/
M`\#P/`\#P/`\%.9L0;]/?9=9NH:[,,_GX7UC$.?8TSUBVD&S"2BN8.D+QNIZ
MZ[54_)'%UKG?]3A'JK<%!;OZD9$W[5$7'Q!<9X.)CD*)"F,4HJ&$B8&,`"<X
M$,H)2`(_DQ@(0QOP'Z_@!'_CP<O!UW;I%BU<O7`J`W9MUG2XHH+N501;IF55
M%)LV36<N%`(0?VD3(8YQ_0H"(@'@CWR?T="=9X15-VK]+O&<L+/.:375J+I<
M26`T"JS.7Z?<\ILD+<*_\JJU?L#.Q4ET5S'KB#IBI^4%RD634(4-S7"ZTW/*
M\]MU_MM9HU4C5HUO(V>X3T56:\P<3,HR@XA![-33IE&M5I6:DF[-L4ZI3+NG
M":1`,H<I1"#':W:3KEG;OKNR]!.NIQO7O6*V'W.3L+&3=&BZDOD&BO80:\[9
MOXUA$V:;VQ>EQ;==X9PDHB_6;IM55ETU4`L-\#P/`\#P/`\#P/!JW<-@IG/F
M,:QN^BNUF-"QK.;GI]P<M4R+/"5RC5Z0LLN2/;'42!W)+LHTZ;9`#`9=<Q$R
M_P"1@\$>?KRR6]Y'R=G"&OE;_P#NVHN+9T%T`=L*QT4MMZ!M<QKFAP359RFD
MY5AZ/,VT:]%@<I11B(EJD!2E3*4`W-O>_5#G^KQ$Q.Q=FN=KN-B9TK+LGSY@
MRF].UJ]2"#I\A4Z%`/Y*(9O'3*'CW<I*/7;MG$P4''O923=-(YFZ<I!YO^O^
MGM0ZSLA-,2HMRP;2/J7:]<]06K,*[H07F-LNK\D:EQM-G:QMEKK.MM;DQNW*
M-YT.KN8U2+5*8]S<-2*#\:3AR$L.C7S'[!N3>J^VTYV[1?/&'X+T!:OK^3K5
MOO%"<VC3LHIUY?$[H?MH"4@"3)5K;76Z&5H2:#UNR@F*\^0#C8TT&`?I?49W
M5TGMU@TVN]AWBESTOJ%'OW5?/E>JD`V;6.CY50^H-QYIU/)5V5=B8]_:8O*3
MT"C2+:6<L`DI:0N[Q!,RR;,B+8*@NIOL6G>B?KKVX>,*'TU7\IZ`[^V69H>Z
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M>"F<1+^H$,)RAG"G4%^C&Y'UJXEZZK$>)D2JNDVW-6AN&X*+.2+G/`XUTII=
MH6*S;MP7/\+%45"*$(B"JXBD`2&H-\A]'KJ-FA(RZ1#)9PX:&87[/KSF5B0<
MM1*5P5:L:%7JS/@W`YOPFY*W,U<``F154+_EX,T\#P/`\#P/!7K]ES!*W8-G
MF/R!ED:UO767(F0WIR1-0[<^>3705#G[Y79`Y4'"*3'1:K6756,*Q?B.><*0
M1_<<OY"7&T;-GO/^;V+5=0FS0E2KA8]`_P#%8O)B<GIV=DV<!5*;4*Y%HNIN
MW7J[V>3:1,'#1Z+B1EY5X@T:I*+K$(8(X\W8A=IB[O.P.EF;<.B;U4_ZS2Z`
MW<J/:SROC$LXC9LN,U,14,TDKY/R,<UD;_92E^:<FT$F;<Y86*B6Z(53_3+,
MT3I'4>[[X_BW%B=M;IJ=1T=:2.BO7'-GZ8Z9Z.WFPYPC&(KR,<Z9T_G*7R:+
M<*%7,J+HCM%R0%B&``L(^R>C15$^JGI_#LBJK>O5Z0Y?D^7\YIM3:MF32N5O
M28!A@-9@*TS.4S9DW@8:TI(LR``@D5$@%`?P`>"I+E[ZA.QN09/0.D*W,4G3
M.D.;^AK+#\;4Q.UFK5.UC@BU:1M>KZ'AEH>R'RQ>86;19?JBQ+LSJI.&\39:
M/6U%%5(Q,P"&1ZA]*LO>N(J[>M,S*NZ'WH[W:Z=>])TO+]%M&216YK;7,ZVA
MN/+M>OM.M-'9MUHO#-RFJ?4IJ17(T=/HQDWD7"<(]?$`)B<9\S=URLMK'5F]
M:0BQO6KP,]EN+\\]04RJ:C;,0Y=C)R0G*/0M!OF&3N6P)-2T:POUY6YN4T[9
M\;,(B-%[('ABN%@T?QE@>B\0L=#B/L8;R3JC1O..:<18CJ&9-)'2^7LQXYQR
M-LC2`8Z!9/X:>BTS2K<UMQUK[:KE3X2E)MJ[&$3E3`FH50+`/J,V9KM'U^X"
MH-RKM_L>.1,_S!>KA5IR+L<+:[GS!:)C"Y2[L)F%55BI&-TIK16]G8.&P@V=
MQTTW<(`"*J?@LF\#P?-99)NDJNNJF@@@F=9998Y4TD4DRB=1550XE(FFF0HB
M8PB```?D?!6KSI]E]-WN[UN+E,.V;&\HVJS7*`Y`Z#TEI54<NZO;TD7BBDE2
M30EBE+)2#:!!Q3RPT=O9F,6>ZU1L>3BS+%*H@F%EW@>!X'@C3UOSFEU+B4QE
MK:\RV6V]E:LXU#*]3@XF-L,EF>QXQH-:U;)[R%9F3)P]LC8"^5!@K(0[LZ;:
M7C?Y#)11(JXJ$#0>0<2:"YUEAT'VST(7K+6J38G<SAE8K^:)XCS5SP=2)D*[
M_9,NQ$;MILQ(:E+0DHY2=6FV6BT2S%)TJVB5(YLJX(Y"Q+P:GR+"<:P**ML)
MBN94O+HB^Z);]:ND?28%C`M;1I=]>IO[?=II-BDD#^P3JZ"155U/R8$$$42?
MM112(0,@T'.:AJ,&RK5WCG$M!L+92+JE'HRTQ$H+S^>6Z%O55/)!#OV!I:+:
M6:OM%UX]T*S!\1+XG**J1C$$,X\#P/`\&F\>YZQ#GT-'3Q#+Z?E;37-(DM>T
M.,I$2C`PUCTJ9KM8JTU;U(1E\<1&RDU$4]@+W^&BW2=O$U7BQ#O'+E=8-R>!
MX.G(QT?+Q[Z)EF+.4BY1FYCI*-D6R+V/D8]ZB=L\8OF;DBK=VS=MU3)JI*%,
M10AA*8!`1#P8NKG-#4J,!025"OLJ55/ZA_5:K%QC6'@JN7/W\5)T8E:C8I-F
MV@$Z>_@F2L:5H5$K(S5+X@*!"@`9IX'@>!X'@>!X'@>!X'@>!X'@>!X'@>!X
%'@>#_]D_
`
end

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>3
<FILENAME>wolsfeld.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 wolsfeld.jpg
M_]C_X``02D9)1@`!`@``9`!D``#_[``11'5C:WD``0`$````9```_^X`#D%D
M;V)E`&3``````?_;`(0``0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!
M`0$!`0$!`0$!`0$!`0("`@("`@("`@("`P,#`P,#`P,#`P$!`0$!`0$"`0$"
M`@(!`@(#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#
M`P,#`P,#`P,#_\``$0@`9P"Y`P$1``(1`0,1`?_$`&P``0`#``(#`0``````
M```````'"`D&"@($!0,!`0`````````````````````0``$$`P$``00"`0,%
M`0````4#!`8'`0((``D2$Q05$187(2(C5B?7&)@*$0$`````````````````
M````_]H`#`,!``(1`Q$`/P#O\>!X'@>!X'@>!X'@>!X'@>!X'@>!X'@>!X'@
M>!X'@>!X'@>!X'@>#\7#ANS;KNW:Z+5JU15<.7+A71!NW;H:;*K+KK*[:IHH
MHIZYVVVVSC777&<YS_'@JSRIV=17:(ZXY!SZ;*2^'4O=!VBRL\_5Y;PJ:RR-
M1>'RDN9K"0:.'#6;P=%&9H-42[?Z6SMR@MLW^ZV^RX6"UG@>!X'@>!X'@>!X
M*;]O]8!N2Z7/S'7+=].WP.3.(8(48['$QS>.B<D)+8\CC;,N%-&8'7+5=NN_
M:L%TR)D@['`!F5#9H2U<A6/F2[KEYSK[@CF;J^;22_>W^NBEH368IG7D-`$Z
MTB(T5)[GL)\<0BD8!AU8G18\R#@K;#$:AH4.O6>J6K1HKM^(&LG@>!X'@>!X
M'@>!X'@@'HOI&N>982SEL[W+%B\D-(1"M*VB#1N7L>W+!?M7;P3`:[CR[Q@D
M4//6S%9PLLX7:C!0]NX($73,>U<ND@ZY-,]B=J]C0;I:<=;`X6'YY/=4'.:Z
M"Y7@;X&_`=0VM"Y2<KJ,<K1BU1D:<V!/J??SP$X*7'/%V6\:*1\:ND.9(1AC
M*<.@[(7.5.:T74H*#NR#$[+7A*4SRSI4.%M0K29VY9LG+V#:DN:BFB**0L:=
MG<D?K,6?^[#`?E!KKMG1#7/@XC<78-'49<%&41.SAC6S.A3FX2`@@4=*G4FV
MN'C04@:EY)BAN/B0,@<((L6:SQ33=ZZV4PAHIHV=;H!:#P1+=-[T_P`[0I:P
M[LL&.UW$]'S,.S?'76_YT@D1/;9(-$H>`8I/)#-IM(7./L#`@AJ^+$W.VJ+5
MNLKMKID(5B?:M?R.6U_'#M;7Y4X>V5$1-73J[JH+5)'YO.'*)$@TK%M'IHZ%
MVC&;$>@`SXF@//1T1A=DR7RFILJGE+P7$\%6^K.O*BY$A(N06&1<&)O.BFT0
MH^E(IJD6MV_[-<IIZA:UJ:'I[_L)%(";QRAHNOC74>);JY>$%VK--1?4*R?&
MUSQVM7;"W;_[_P"@Y!9'1/2D@'R5Y0L9E3][S7R9"PRQG,/IZEXWHHD"<&!8
MHMHC(I(DWT=G7+9'"Z[[9ODB]"ZL4OJ#S6\+>H*.I'GTOHV,U?(;#,ZC4OZ:
M,>VTE*R$:A:)[1YOLM.F4=BZ9<B.RAINS%&1;C;;.KY+'@S===`2OI3L^6S>
M-6E)*O\`CQ^--.PE+RL2-23`".])]9"XHHC**W,/@SE8U)Z+Y2A)ETZD+;7"
M+`I/UD6:NCO8"JGJ$<U*!-=T=52*W;:'(@*OI*15A8,@@IQJFP,UX5@[,=;O
M+G.L^W?--OUD^B+B4(7/:[)!PEH*E>\$!:K/$(Z0</P]?BXEMTY\BTHZT+QS
M9)^IR*PF,=4/"G38M"Z*Z"MLV)XKBC1J<6<DXE*BM343-Y]*!J&K)PV?6HFS
M)(;?A#MM0W:\#P/`\#P/`\#P/!UW?DR^68_'Y8OR;Q/-PH.=9=2(1?/6&(LO
M9P.@$(J;BP&95_24!8861OKK))]+QP@?&],Y',)2<"!G2BAHNR&[!6.N.-;N
MWD=5<9`C<RA=V6;3L@DG0UP[3,K9=I?'OQ#8<P*F9!!1=UR)4FREG?WR!6<@
M1UF<P8)LVR>@=_D*TR&B0-90-%J0;<_@7LX[`'H*13B;XX8'9W-W(-?Q0*JO
M%45:H:O8GTQ>T*#BU'3NPIA))&#<UG%E$\+O%DPA;++*V\E6RJ'Y]1?*K(Z[
M^-L5U/!*:D$(Z*NQ2?P&BJ)L?<9(30BQ(L:G(1P2DV84\+`)&W&C(2N_$LF+
M_P##EAMZ&C[,AJY-LW.0@'G643KIGJ[C>:6DN-E<N4LKHRRMI@(1_`$2^J_C
MYI)]Q$TD&8FP(OHZ/B,V[*Z[L&=1MSH@EEPV>BU-%G*3`:HD&RG1-]D*I3B4
M!K6,,;,Z-MY8N.I>JWQ=['Q!+^OI,5Y?8-BRD>%D*T#IVM6)-NY/&MV;C?*S
MED+8(O#)06P=A467M:0XS/"^E.O[)DG2_7LU<%HS3P>-P8Q))DH])LV2;^G^
M%^5H^2F!&$BWK1DCN;(-UB)ITWUR\E,B4'M4U&82E45,6_=-J0SJOKL`-@DA
MKUJ<QSGR_'I:M,([1JLF:%P9>T;/DC'+6,6%TE(H25W$;K#VZ@.&#7;\:)=D
MLO7I=Z'T#/7T@M>0$J^XD@8V]RP0\ZC<WO>2&'4:Y3K`D*=;LI(*6L,:S*&+
MGL*/N--T=XW#&C]!N_2W9FC`%7'U^"G/(/(+2P>XK2[8N*3&+OG5!/)OSK5U
MLR\2J(8R"RGNS%/H.6U'!UGQ8;4U/U42RXK&(@V3AT[0<CY8^)D3+XOL25#1
M;K7HC7G*JT30$2QE]PV1*@5.\Z5J^=/&:-FWS/\`9RQ@,6(/1[5\^#Q%DLW7
M,28MHBKJ"BPLD34URFTWQD*1RF*S?G.L*^X>HBS5C7<'99Z?V#;W23L8W4D,
M4_/;CG/2_:A:,;)%6#-K#<OA,4KB..5?UK$@\BX'13]0-7W0"K-NMXW&TZ4^
M-_BJ`,R4`HZ<!(!"`Y<@M((=/NEH0+&67(YG?BF=E"<\I/D-O*QMFV41<.V[
MB8VP\C<7T=[%G9%O@+2655,2KFJZW^,&MI$8).KIC<WL+L2ZI,4T:2]/GPD:
M<E>J;TLF6CM1R#*X.JYJ?>1X:ZUV98:NCA4LQUPUC6[3`6(X$<9L2$VGU%K'
M1\<!=46HYL&H6;9BV:NO_6B%1"*4_P`ZE<Y0U^MN'LFOJ_3GK!AMG&1J<RV0
MV316U52T"<K:ZKYXH\R-BEDVM&15@GFKQY%JE";/YQ=LW2'M]7;W2OJ0@C*2
MVW8+ILV4UWV0"!7Z^-=M<_1_NQ_(1JSO;I.S%VVM.\I&(;&5GC/56Q>K)L)J
M1%X#=:,E7!V&U)`VEM6V3(#\+KI;")@QKQPJX;9QA;5!1-QL'("E#6_/29)2
MT.HYXA%7+Q3\6`4%'!-#AE!61S%N@V,S?!"P;Q_:($4%W?Y867`$U,KX2W;Y
M2T^G8/<_]0ZH_P"K.H/_`+>[1_\`/W@M!X'@>#QWWT3TV44VUTTTUVWWWWVQ
MKIIIKC.VVVVVV<8UUUQC^<YS_IC'@Q%Z@[3;6_6-OV6&LUY0/Q@TA&S)7HGM
MF-''`RQ.A/U3O`U]2_%I`0JF]&QL^551"$+*9KX?OWSS]3#OI);XD`P,O^&X
M9M6'/J'RO]0<U"X9*3<@"1;XK^#!;1)G(!KZ>.I%`>384(T=II_ARB6L[%=I
M#5%1Z*S/:12F>'=EWA?&H`-+G=97#3=>07DT)8.TA^1GY(I,0L?LSI:+-W6J
MU85O'`$?$7U;D2QLR<MHA%:C@6X2IZ<:*-T44CQ,(]<H+[)'%]@X;W>8?B7=
M0?';R&SC=>Q6I0=`PR,1L8.8&F(NZ[0-%XWR%'F8@DX74(!^3('4<RZ%D3=5
M3#_?%;QS[NRS4FYT6#,VPE%S=NRRUJU?Z[\O?&-2M;4?P+7$D>ME`,UZ2FL_
M$T/R(:G9AWJ63DFLVZ4@#:U31-XU<:*1V/UE)=/I37)ZN`U.Y!E\8Y7Y*E/<
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MR_8K=,=0-&.NC0-IJ\*Q^)[#8^WT1*D9`@Y"I]L7S->$^:K#[AOU,6,^1+NG
M]0+A%=G%6QU_SC5HO19[7M"Q0!C;=J>'\Z`95N^D&^N!X646B>S^U)#!I!N^
M8!BIQ#\J];<;WKU#T+U?TO7!L5#ZKUI7G7D>NW(&Y>F;1LB5E0=POXJE*@B\
MN*"F9&82/=V;F9+2*.;,F\I>E93HU?`4H['`T)YE*_(KW=&Y8<DG&4VAL0OQ
MT+-]*&.A;1-<_P`=O7+!MOB/T=L4(5S-;@B/'M6BR#P6,B-?0U<?8B"JA(I.
M==I!*&I(-_HQSI;<JCK@9T;T$<.#BP?(AU4_-PMUS14T<8_CLTF#*-RF*FB7
M3'Y@5-#=#+I.>L!Q#3?;;82V3SHW2";*HH.DZ+9$&-/55`ZXU,N%7TA>Q2,B
MQ1F4E'+I=^]-R^0(-\'9?("1%VLY=D";AV]=NEE%EE=U5-]\A+G@>!X'@>"%
M[/O*.5,_38GX9=$BT5AYN8ZD*PI"U+;8:IA9+#(KI'%%*UBDH72F!I_-T'#$
M=LGA54:Q(O\`;[;,<[72"C;ZC>CN[3Z3_K-B\Y[XY:*;[,N(A!J/'K$Z(;[?
M1C53M2P(P]-QMK6;A/7;7:K(H_>"RZ"FR<F+E6BRH)`*P&8P)^57J6+L4&K=
M'XG/C_F!+!(<Y&?H*Z[*['J@L4CC8*&:XPS92SEOC\D'^M1[IG0`?G+51EJD
M_8"E5/!+-0VA%NG+5G7R@VC(V,;X8Y;@MB`^-24B;NVX23BVXM;?H?O!TU7:
M?D9$R4&,6B%?.-4MW68DW,D&W\MY1IKD/O5Y!I+-J4ZMZ0OZ]K(Y.M^^P;"T
M2TGA.U>!KLX^X@KPO,35!5RX!V-#[<C,1,;P49)S<L</`CY=*7R21HLUM=AS
M+9F'5\"12TK'K6<]EWUWAUP,-6U<DK%4ZY#/*AATMC@AS"X3%>\K=F"E/T3&
M%I7)*0YAAT2IP0/!8':N+A`$0PC.K62-$]@O51GQUP;KPASOP_$HT:K_`).Y
M!N*2]+?)G%G<UE=BK2KIB:P,:"Y[^-MS=1V1%C-H;<J\PR-E"9\X;OGPYI%F
M0<;JJB_<8_$#=^I20_KSL&P+51PB\H/A"52+GVD&.C9DH$E74NP'4;T7;K#?
M79759&G8Z>2K,$HEH@HP+;S1'?*NBJ'V@TN\#P<=E\MC,`B<HG<U.#8Q#85'
M3<MELE,N4V0>/1F-C7)D\<*O%<X2:#1(IDJX75VSC5-)/;;/^F/!U\^B^UIY
MSK1,X[CBU32*==M]U:QNL^#*;E@HRW$5E0C^P(77-$N[.55RA'ZZ:R2:7"'F
M4K8.G+0T6E<S#Q'=911D.V9A*QZQ"W1\#<7IT9)VYWXX>'XFSLZ36`*#-GV/
MD/NND8NW.G;K;P^+80$Z\IUA/@CM\##Z(X9SF4MFY-)1$`)99-!UXK(^;#K'
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MC[Q)0(GO."0>Q=H-\-',@)Q7-*`*GAY'K<]7!!W'FU+\F_L-QD=H00:9)*K_
M`.5.N<1XB%<XV<Z%&4+_`'AE535VX%JN0C?Y">E.;Z1CQ0!/1I`=QY\=HNI)
ME:-55V+8M6ES]".FX%SQ5PW!XSC#8=*7`I'(R;%H^GENW8:YARKK.PER1U3"
MF5YU-<!CGD=RC<<U&Q?Y._\`]`D^:@+Q(QWZ-QW-',%=UV]G5KU=&@9$JXT-
M07G7FT66@[+'Y**D@FTP<D=U5/RUM?!EO\D7458\NWS(Z=YEC@DO'OCW8T+Q
MGRM36WVF\88W0G&(K+H5*)'@M]S690V`=#3N,S*P]U$%7Q6;UE7R>^VZ)`@_
M;A>CFKXX^C.`U/CRZD>\[7EV9<%?1'J:Y[DT`S*BX/)JHL"TJZ#1QC'IDI>-
MT0]5<]:FER3Z5V(?8.YE(7\K##Q.FJH8<#38AN'\9A^O:@X3Y%K@W9D1EMGR
M"J8A8,S&0I]O,3Q&Q+Z^Y<\W+[AX^H>DKYB[EMANW+@VZ133=:*9?.-D<+9Q
MJ%Q+.Z&@5,P4C;%MEP-150%U1W*SNVI&/@[3."?XB,<;"Q"NA,VX-2!^[U:H
M"GB`\OLZSJAHU4<;81\%76$PZ=[)U3_Q^SL3CSG%4@T<JVA-8FVBO3-SQ5=-
MPLX%5S4\M;$3//0=YILV3_L\M1;2O[>KM)O&&&ZK(PW"-?DAK&&5?\?$ZKH!
M,:I@=?&)U5O^6B_5729RN@UFU@O:,2,7K!9GT?9B-FR3^Q7)58@K&UWQ)(N[
M7'/UFZ6OU81^V%8ZR,6/V5"YPW<\=U;VP.NS4`TEMU=30+%+\!1J#PQ_M(JY
MJ>A:BMB`3;H:_8+64F35+(R-W"!8V7R1UL_;G&3'`]J%"XPGXWV]G!68OMBY
M)!T-%1Z<<;1[F>MQ;SFGB6"!8JTV;`8B&Y_KN2.3-DQ<9HKG3\.Q)-,AZFJ#
M7[3-MALCIH$;V')J1E;(G,L!5(7P'\;4PW6&U_6`!@'CW1_3M3NA&817];00
M4*!L#\/YWLW1H*C8H2Y43EEP;(C4TF^\8^V7"Y7*M1S6/MYE?5ZL!K?I?H-8
M.:L,</(:G1E2P8#H_P`57SA$3V6[?8E%:A$F'6[YVGHBV.3`L=-I(-4R>C1N
M%NO`\#P/`\#P/`\#P0+TWT/!N5J/G5XS_0D_%1%BT0"16/M5",OL6>2,DSC5
M=59`PZ&BCDY/K.G!9@""LD]<[."+]+7/TZYVVU#/N+#I?P=S;+;VLO2.VO\`
M)%VW,J\"F47"2C`%8/5,[#YBU%\XQMT*26+`N;>>&*B[;"^GU[C(H*/2=WC+
MUT355"RU34D3XIYLM`W&`YSH[I68*2FZ;:D22+<7*^ENEY**:-?KW5SJHSAL
M/W>,!L=C[13?8?#X>.9-ME-D&.Z^X4-Z>^)^4S^E>+G444@MX])\K]=`.S9O
M_F.<RFJ*GZ$O:2E'!VT9U-5X5!++>"D1DP>(.XXPV!E4146'_P!=:ZI(*(+M
MPXO<=*KN9?&[.K;JLE8/R<0"UBLEL*3U'1,KZ>KZ#/C]#3^J'=$I4HSM*/P7
MFN$QB(RT@_@>)[,A>N\FRJ]*N2JI8GHY#QH3X@8H#L".6[M1D/KB9L^B"?5<
MAN7H>QBW2_5]JW>2B9$*+LRT8Y`W$)YZ@T\K\I*S3N,CAQF>0Z.OG.2#!@FZ
M<*ZIAKH6YFBTX0:HW%-[4N%%%N*0=!I).",1@AG4=NW<.6\FK"IM:\KF;"S+
MYMJJZ9GQ99NII_*'T_8VW2V"K=8_&BPYVC6U:<G=@=8<NT@F8.F`M(5\GR[/
M8+"-I"8?'B`VO'_0_,EU3F*`]B+]3";#4NNR;(9^ALDAMC534(3E#OXY>4[W
M9')U.+0[/[K%.%R4*@I"33WM/J:$[/T70U1_65$1K8Y%^8H^L/+N&[HV,`0H
M.HW56P]>[8SOGP3L@=^2CHUVQ6`Q>N?CTJC=9%VX?V-B.],=92(?AVFMJP1@
M\1.)<YTJZ<C\?3NY<G[(4TW4VTRQ0V3QOL$I5SP+0\/G"%M6$I/.G+I9.-G0
M6W.HI9M;LDA:RF-,N,U3%WK`95-()NUL;J+Z0F.QW1;*NVN^-D\)IZ!=CP4Y
MZ=M.<JGH1S!0[_8?>EU-7Y,G-D$63U#GNB@9`</L:\RK=]HX9*2;7!/0)!A[
MA%QH6ESU%95LN(%FU&H5QYZ@L8Z8/UU((F`_K7!?)!@4$Y+AZ*>$A/0ME5TV
M6!H]*$M/KS^\J.N"&JC>N\+Z[)'3[=Q,/Y733C+W4-5/`\#P/`\#P/`\#P/!
M4VUN8=[GZ3Y]N*=3/4E5W-[663&$4C^ASD:2Z'.H)QV-75)SBY==H56K*"/2
M[./#\#$]V!(RN0P[RHF@FF%AI@[@T>%JS^?.8F#"URS,RQ>:S!8.-%P0>U"$
M&\@DRLD-;(M(PS;1QPZT>/<K(::,MU=5-\);;XR%/=>L;!NY9`9QG3A*P8\0
M&L"J/35QI&ZJYEU'$OMN&CN"+/!VUKWZL_%*:O1SF+`\PX@CMKKO)VN^VN-@
MY<&Y4?RM\/D?3]O2CH<VS4P[2A&HU&L.<Q+[&[9378/1L>)%,R5FW5;YW;XG
M1V;O&VZJGVG6NN=--`M-'8W'8@%'QJ)@`L7CHE'+<4`CHMB$"C&^RFZVR`\4
M-0;,62.RRNV^=4T]=<[;9S_'\YSX*OV;WOQK4,Z7JF<=&5BC;[=JY>*4O%SN
M+"NO9)K]OZ]$*=KU&4V8Z=+?=Q]A!(5NNYSKOA+3?Z-_I""UNLNRKH>*#>4^
M%9-%8RJL]88O7NZ6YYMB:&[?937!B-T%'`UD=+R]'3&NNR;,^$K]-YMOC75^
MEKC=70/L;<.61<&4GG9O7EQ7*Q7V75(TE12SOD+FO;*JS=RBS7!5;('_`$3-
M!+?*6R"XZ5V=(`A)MME-T.WUV4UW"XE44=2]#@58M2-25K4,<<+9<N@=9P>-
M0<6]=[+.7.[U\SC0T:@^?*N7JZNZZV-U5%5E-]ML[;[9R$I>!X(3Z$OB&\X5
M:;LV8ID"FS=P-CT+A$?32>36U+*E#Q,+7U3UZ)551_=SRPY0Z;C1C;ZM$OO+
M_=741;)++)ADS65:V?TI,9[5)5?4;K-I$.EOR?WM&C[@\/DLC:858AOB\Y[E
M>$QKAE7-61/Z`\V-B]66K`<H[U22_M<N-E1(;B#!@T(-'A@P]B(#B&+08)$C
M&C=@-&#6#=-HQ'CV+1-)JR8LFJ6B:22>FJ::>N-=<8QC&/![W@>!X'@>!X'@
M>!X'@>"C/<O,5E=)@J5<UI-("P*4?<PBZ%:HNB,26543>+V.1Z1#HQ&+18PN
M3Q.3M-8=*R[.3`GN=C(P?(!#-VZ"$E&[7+8.-KFOE<=M<M6M:_'J`>JZIZ:G
M%[OZ0ES5COC;3*KC,63Y]A*I77;3&V-4?W#/.,[8SE7/T_3L'RT:6^32?)_]
MQ^XJ-I9KOKA'(WE3D=-S)6^N$E-%'>M@=.6Q>4;=.EE%?KTTS"DDD/M:8VPO
MC._UAZZ_Q?4W-E<+='W9V%UJG]G"*P&\.E9P'K4AC=/9!W^]HZ@<T?1$G1(-
M\_;60)QAXUSI_.-4M?K4^L+G4_0U'<]1C$)H.FZKI*'84U6S%:DKZ)US'=E]
M,;XU<*!H@)#CU''_`";?\FR>=\YVSG.?]<^"6/`\#P/`\&%=D3V3=H]R6/!Z
M!L&/J2GB_P#8U+7#Y@\9R>.\\W/8D(>#;WZ_M..[,7@,M/*]A<KTKRI8F3SL
MJ3DN9@Z<-E0[9X]&!L-35002A:TBE3UL+6%Q*(L56[7+YZY+G#1-^\<EI%+)
M9('^ZQ64S:92%\Z*FR[U19^6*O'#MRHHNLIOL$G>!X'@>!X'@>!X'@>!X'@>
M!X'@>!X'@>!X'@>#A,)K6O*U3DR5>06(P;2:S*2V+,<1..B8_P#VN?3$BH6E
M<UDFPMHUV.2J1DE=EGK]SE5TXW_C.^^?XQ_`<V\#P/`\#P/`\#P/`\#P/`\#
MP/`\#P/`\#P/`\#P/`\#P/`\#P/`\#P/`\#P/`\#P/`\#P/`\#P/`\#P/`\#
- -P/`\#P/`\#P/`\'_V3\_
`
end

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