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<SEC-DOCUMENT>0000950135-04-001836.txt : 20040413
<SEC-HEADER>0000950135-04-001836.hdr.sgml : 20040413
<ACCEPTANCE-DATETIME>20040413170421
ACCESSION NUMBER:		0000950135-04-001836
CONFORMED SUBMISSION TYPE:	DEF 14A
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20040506
FILED AS OF DATE:		20040413
EFFECTIVENESS DATE:		20040413

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			LYNCH CORP
		CENTRAL INDEX KEY:			0000061004
		STANDARD INDUSTRIAL CLASSIFICATION:	TRUCKING (NO LOCAL) [4213]
		IRS NUMBER:				381799862
		STATE OF INCORPORATION:			IN
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		DEF 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-00106
		FILM NUMBER:		04731024

	BUSINESS ADDRESS:	
		STREET 1:		401 THEODORE FREMD AVENUE
		CITY:			RYE
		STATE:			NY
		ZIP:			10580
		BUSINESS PHONE:		9149217601

	MAIL ADDRESS:	
		STREET 1:		401 THEODORE FREMD AVENUE
		STREET 2:		SUITE 290
		CITY:			RYE
		STATE:			NY
		ZIP:			10580
</SEC-HEADER>
<DOCUMENT>
<TYPE>DEF 14A
<SEQUENCE>1
<FILENAME>b49924lcdef14a.htm
<DESCRIPTION>LYNCH CORPORATION
<TEXT>
<HTML>
<HEAD>
<TITLE>Lynch Corporation Proxy Statement</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<P align="center">
<B><FONT size="4">UNITED STATES</FONT></B>

<DIV align="center">
<B><FONT size="4">SECURITIES AND EXCHANGE COMMISSION</FONT></B>
</DIV>

<DIV align="center">
<B><FONT size="4">Washington,&nbsp;D.C. 20549</FONT></B>
</DIV>

<P align="center">
<B><FONT size="4">SCHEDULE 14A INFORMATION</FONT></B>

<P align="center">
<B>Proxy Statement Pursuant to Section&nbsp;14(a) of the
Securities</B>

<DIV align="center">
<B>Exchange Act of 1934 (Amendment
No. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;)</B>
</DIV>

<DIV>&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="50%"></TD>
    <TD width="50%"></TD>
</TR>

<TR valign="top">
    <TD align="left"><B><FONT size="2">Filed by the Registrant <FONT face="wingdings">&#120;</FONT></FONT></B></TD>
    <TD align="right"><B><FONT size="2">Filed by a Party other than the Registrant&nbsp; <FONT face="wingdings">&#111;</FONT></FONT></B></TD>
</TR>

</TABLE>

<P align="left">
<HR size="1" width="100%" align="left" noshade>

<P align="left">
<FONT size="2">Check the appropriate box:
</FONT>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD><FONT size="2"><FONT face="wingdings">&#111;</FONT>&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Preliminary Proxy Statement
    </FONT></TD>
</TR>

<TR valign="top">
    <TD><FONT size="2"><FONT face="wingdings">&#120;</FONT>&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Definitive Proxy Statement
    </FONT></TD>
</TR>

<TR valign="top">
    <TD><FONT size="2"><FONT face="wingdings">&#111;</FONT>&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Definitive Additional Materials
    </FONT></TD>
</TR>

<TR valign="top">
    <TD><FONT size="2"><FONT face="wingdings">&#111;</FONT>&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Soliciting Material Pursuant to
    &#167;240.14a-11(c) or &#167;240.14a-12
    </FONT></TD>
</TR>

<TR valign="top">
    <TD><FONT size="2"><FONT face="wingdings">&#111;</FONT>&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Confidential, for Use of the Commission Only (as
    permitted by Rule&nbsp;14a-6(e)(2))
    </FONT></TD>
</TR>

</TABLE>

<P align="center">
<FONT size="6">Lynch Corporation
</FONT>

<DIV align="center">
<I><FONT size="2">(Name of Registrant as Specified In Its
Charter)</FONT></I>
</DIV>

<P align="center">
<FONT size="6">Lynch Corporation
</FONT>

<DIV align="center">
<I><FONT size="2">(Name of Person(s) Filing Proxy
Statement)</FONT></I>
</DIV>

<P align="left">
<B><FONT size="2">Payment of Filing Fee (Check the appropriate
box):</FONT></B>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD><FONT size="2"><FONT face="wingdings">&#120;</FONT>&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">No fee required.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">
<FONT size="2"><FONT face="wingdings">&#111;</FONT>&nbsp;Fee
computed on table below per Exchange Act Rules&nbsp;14a-6(i)(4)
and 0-11.
</FONT>

<P align="left">
<FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1)&nbsp;Title
of each class of securities to which transaction applies:
</FONT>

<P align="left">
<FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2)&nbsp;Aggregate
number of securities to which transaction applies:
</FONT>

<P align="left">
<FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3)&nbsp;Per
unit price or other underlying value of transaction computed
pursuant to Exchange Act Rule&nbsp;0-11
</FONT>

<DIV align="left">
<FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Set
forth the amount on which the filing fee is calculated and state
how it was determined):
</FONT>
</DIV>

<P align="left">
<FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4)&nbsp;Proposed
maximum aggregate value of transaction:
</FONT>

<P align="left">
<FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5)&nbsp;Total
fee paid:
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD><FONT size="2"><FONT face="wingdings">&#111;</FONT>&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Fee paid previously with preliminary materials.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD><FONT size="2"><FONT face="wingdings">&#111;</FONT>&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Check box if any part of the fee is offset as
    provided by Exchange Act Rule&nbsp;0-11(a)(2) and identify the
    filing for which the offsetting fee was paid previously.
    Identify the previous filing by registration statement number,
    or the Form or Schedule and the date of its filing.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">
<FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1)&nbsp;Amount
Previously Paid:
</FONT>

<P align="left">
<FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2)&nbsp;Form,
Schedule or Registration Statement No.:
</FONT>

<P align="left">
<FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3)&nbsp;Filing
Party:
</FONT>

<P align="left">
<FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4)&nbsp;Date
Filed:
</FONT>

<P align="left">
<HR size="1" width="100%" align="left" noshade>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<P align="center">
<B><FONT size="4">LYNCH CORPORATION</FONT></B>

<DIV align="center">
<B><FONT size="2">50 Kennedy Plaza</FONT></B>
</DIV>

<DIV align="center">
<B><FONT size="2">Suite&nbsp;1250</FONT></B>
</DIV>

<DIV align="center">
<B><FONT size="2">Providence, Rhode Island 02903</FONT></B>
</DIV>

<P align="center">
<B>NOTICE OF ANNUAL MEETING OF SHAREHOLDERS</B>

<DIV align="center">
<B>To Be Held May&nbsp;6, 2004</B>
</DIV>

<P align="right">
<B><FONT size="2">April&nbsp;13, 2004</FONT></B>

<P align="left">
<FONT size="2">To the Shareholders of Lynch Corporation
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">NOTICE IS HEREBY GIVEN that the Annual Meeting of
Shareholders of Lynch Corporation, an Indiana Corporation (the
&#147;Corporation&#148;), will be held at The Westin Hotel, 1
West Exchange Street, Providence, Rhode Island on Thursday,
May&nbsp;6, 2004, at 3:00&nbsp;p.m. for the following purposes:
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">1.&nbsp;To elect five directors to serve until
    the next Annual Meeting of Shareholders and until their
    successors are duly elected and qualified.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">2.&nbsp;To transact such other business as may
    properly come before the Annual Meeting or any adjournments
    thereof.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Information relating to the above matters is set
forth in the attached Proxy Statement. As fixed by the Board of
Directors, only Shareholders of record at the close of business
on March&nbsp;12, 2004 are entitled to receive notice of, and to
vote at, the Annual Meeting and any adjournments thereof.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B><FONT size="2">The Board of Directors encourages all
shareholders to personally attend the annual meeting. Your vote
is very important regardless of the number of shares you own.
Shareholders who do not expect to attend are requested to
promptly date, complete and return the enclosed proxy card in
the enclosed accompanying postage-paid envelope in order that
their shares of common stock may be represented at the annual
meeting. Your cooperation is greatly appreciated.</FONT></B>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="40%"></TD>
    <TD width="60%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <FONT size="2">By Order of the Board of Directors
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <FONT size="2">RAYMOND H. KELLER
    </FONT></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <I><FONT size="2">Secretary</FONT></I></TD>
</TR>

</TABLE>
<DIV style="width: 100%; border: 1px solid black; padding: 12px;">

<P align="center">
<B><FONT size="2">IMPORTANT</FONT></B>

<DIV align="left">
<B><FONT size="2">Your vote is important regardless of the
number of shares you own. Please date, sign and return your
proxy promptly in the enclosed envelope. Your cooperation is
greatly appreciated.</FONT></B>
</DIV>
</DIV>

<DIV align="left">

</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<P align="center">
<B><FONT size="4">LYNCH CORPORATION</FONT></B>

<DIV align="center">
<B><FONT size="2">50 Kennedy Plaza, Suite&nbsp;1250</FONT></B>
</DIV>

<DIV align="center">
<B><FONT size="2">Providence, Rhode Island 02903</FONT></B>
</DIV>

<!-- link2 "PROXY STATEMENT" -->

<P align="center">
<B>PROXY STATEMENT</B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">This Proxy Statement is furnished by the Board of
Directors of Lynch Corporation (the &#147;Corporation&#148;) in
connection with the solicitation of proxies for use at the
Annual Meeting of Shareholders to be held at The Westin Hotel,
One West Exchange Street, Providence, Rhode Island on
May&nbsp;6, 2004, at 3:00&nbsp;P.M. and at any adjournments
thereof. This Proxy Statement and the accompanying proxy is
first being mailed to shareholders on or about April&nbsp;15,
2004.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Only shareholders of record at the close of
business on March&nbsp;12, 2004 are entitled to notice of, and
to vote at, the Annual Meeting. As of the close of business on
such date, 1,495,483&nbsp;shares of the Corporation&#146;s
common stock, $0.01&nbsp;par value (the &#147;Common
Stock&#148;), were outstanding and eligible to vote. Each share
of Common Stock is entitled to one vote on each matter submitted
to the shareholders. Where a specific designation is given in
the proxy, the proxy will be voted in accordance with such
designation. If no such designation is made, the proxy will be
voted FOR the nominees for director named below, and in the
discretion of the proxies with respect to any other matter that
is properly brought before the Annual Meeting. Any shareholder
giving a proxy may revoke it at any time before it is voted at
the Annual Meeting by delivering to the Secretary of the
Corporation a written notice of revocation or duly executed
proxy bearing a later date or by appearing at the Annual Meeting
and revoking his or her proxy and voting in person.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">No action may be taken on any matter to be acted
upon at the meeting unless a quorum is present with respect to
that matter. For each matter to be acted upon at the meeting, a
quorum consists of a majority of the votes entitled to be cast
by all shares of Common Stock outstanding on the record date for
the meeting. The election of directors shall be determined by a
plurality of the votes cast.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">An automated system administered by the
Corporation&#146;s transfer agent tabulates the votes. Pursuant
to the Indiana Business Corporation Law and the By-laws of the
Corporation, shares held by persons who abstain from voting on a
proposal will be counted in determining whether a quorum is
present, but will not be counted as voting either for or against
such proposal. If a broker indicates on the proxy that it does
not have discretionary authority as to certain shares to vote on
a particular matter, those shares will not be considered as
present (for quorum purposes) or entitled to vote with respect
to that matter, even though such shares will be considered
present for purposes of determining a quorum and voting on other
proposals.
</FONT>

<!-- link1 "ITEM NO. 1 ELECTION OF DIRECTORS" -->

<P align="center">
<B><FONT size="2">ITEM NO. 1</FONT></B>

<P align="center">
<B><FONT size="2">ELECTION OF DIRECTORS</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Five directors are to be elected at the Annual
Meeting to serve until the next Annual Meeting of Shareholders
and until their respective successors are elected. Except where
authority to vote for directors has been withheld, it is
intended that the proxies received pursuant to this solicitation
will be voted FOR the nominees named below. If for any reason
any nominee shall not be available for election, such proxies
will be voted in favor of the remainder of those named and may
be voted for substitute nominees in place of those who decline
to be candidates. Management, however, has no reason to expect
that any of the nominees will be unavailable for election.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The election of directors shall be determined by
a plurality of the votes cast.
</FONT>

<P align="center">

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">All of the nominees have served as directors of
Lynch Corporation since the last Annual Meeting of Shareholders.
The By-laws of the Corporation provide that the Board of
Directors shall consist of no less than five and no more than
thirteen members and that any vacancies on the Board of
Directors for whatever cause arising, including newly created
directorships, may be filled by the remaining directors until
the next meeting of shareholders. Biographical summaries and
ages as of April&nbsp;13, 2004 of the nominees are set forth
below. Data with respect to the number of shares of the Common
Stock beneficially owned by each of them appears on page&nbsp;7
of this Proxy Statement. All such information has been furnished
to the Corporation by the nominees.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B><FONT size="2">The Board of Directors recommends a vote FOR
the election of its Nominees FOR Directors for terms to expire
at the 2005 Annual Meeting of the Stockholders.</FONT></B>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="31%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="8%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="50%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Served as</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Business Experience And Principal Occupation For Last</FONT></B></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Director</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">5&nbsp;Years; and Directorships in Public Corporations</FONT></B></TD>
</TR>

<TR>
    <TD align="center" nowrap><B><FONT size="1">Name</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Age</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">From</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">and Investment Companies</FONT></B></TD>
</TR>

<TR>
    <TD align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <B><FONT size="2">E. Val Cerutti</FONT></B></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">64
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">1990
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="bottom">
    <FONT size="2">Business Consultant (since 1992); President and
    Chief Operating Officer (1975-1992) of Stella D&#146;oro Biscuit
    Co.,&nbsp;Inc., producer of bakery products; Director of
    Spinnaker Industries,&nbsp;Inc.; current Director or Trustee of
    four registered investment companies included within the Gabelli
    Funds Mutual Fund Complex; Director of Approach,&nbsp;Inc., a
    private company providing computer consulting services (since
    1999); former Chairman of Board of Trustees of Fordham
    Preparatory School.
    </FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <B><FONT size="2">Mario J. Gabelli</FONT></B></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">61
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">1986
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="bottom">
    <FONT size="2">Chairman (1986 to August 2001) and Chief
    Executive Officer (1986 to January 2000; and April 2001 to
    August 2001) and Vice Chairman (since August 2001) of the
    Corporation; Chairman, Chief Executive Officer and a Director of
    Lynch Interactive Corporation (since September 1999); Chairman
    and Chief Executive Officer of Gabelli Group Capital Partners
    (since 1980), a private Corporation which makes investments for
    its own account; Chairman and Chief Executive Officer of Gabelli
    Asset Management Inc. (since 1999), a NYSE listed holding
    corporation for subsidiaries engaged in various aspects of the
    securities business; Director/ Trustee and/or President of all
    registered investment companies managed by Gabelli Funds, LLC
    (since 1986); Governor of the American Stock Exchange; Overseer
    of Columbia University Graduate School of Business; Trustee of
    Fairfield University, Roger Williams University, Winston
    Churchill Foundation and E.L. Wigend Foundation; Director of The
    National Italian American Foundation and The American-Italian
    Cancer Foundation; Chairman, Patron&#146;s Committee of
    Immaculate Conception School; and former trustee of Fordham
    Preparatory School.
    </FONT></TD>
</TR>

</TABLE>
</CENTER>

<P align="center"><FONT size="2">2
</FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="31%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="8%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="50%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Served as</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Business Experience And Principal Occupation For Last</FONT></B></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Director</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">5&nbsp;Years; and Directorships in Public Corporations</FONT></B></TD>
</TR>

<TR>
    <TD align="center" nowrap><B><FONT size="1">Name</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Age</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">From</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">and Investment Companies</FONT></B></TD>
</TR>

<TR>
    <TD align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <B><FONT size="2">Avrum Gray</FONT></B></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">68
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">1999
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="bottom">
    <FONT size="2">Chairman and Chief Executive Officer of G-Bar
    Limited Partnership and affiliates (1982 to present),
    proprietary computer based derivative arbitrage trading
    companies; Gray Capital Corp., and ACI I (1958-1998); Chairman
    of the Board, Lynch Systems,&nbsp;Inc., (1997 through 2001);
    Director of Nashua Corp., a NYSE listed manufacturer of paper
    products and labels (2001 to present); Director of
    SL&nbsp;Industries, Inc., a ASE listed manufacturer of power and
    data quality equipment and systems (since 2001); Director of
    Material Sciences, Corporation, a NYSE listed provided of
    material-based solutions for electronic, acoustical, thermal and
    coated metal applications (since 2003); Current member of
    Illinois Institute of Technology Financial Markets and Trading
    Advisory Board; Former member of Illinois Institute of
    Technology Board of Overseers MBA Program; Former Chairman of
    Chicago Presidents Organization; Former Chairman of the Board of
    Trustees of Spertus College; Former Presidential Appointee to
    The U.S.&nbsp;Dept. of Commerce ISAC 16.
    </FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <B><FONT size="2">Ralph R. Papitto</FONT></B></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">77
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">1995
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="bottom">
    <FONT size="2">Chairman and Chief Executive Officer (since
    August 2001) of the Corporation; Chief Executive Officer of
    Avtek Inc., since 2000, a private holding company controlled by
    Mr.&nbsp;Papitto; Chairman and Chief Executive Officer of AFC
    Cable Systems,&nbsp;Inc., a NASDAQ listed manufacturer and
    supplier of electrical distribution products (1990-1999);
    Founder, Chairman and Chief Executive Officer of
    Nortek,&nbsp;Inc., a NYSE listed manufacturer of construction
    products (1967-1990); Chairman of the Board of Trustees of Roger
    Williams University; Former Director of Lynch Interactive
    Corporation and Spinnaker Industries,&nbsp;Inc.
    </FONT></TD>
</TR>

</TABLE>
</CENTER>

<P align="center"><FONT size="2">3
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="31%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="8%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="50%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Served as</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Business Experience And Principal Occupation For Last</FONT></B></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Director</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">5&nbsp;Years; and Directorships in Public Corporations</FONT></B></TD>
</TR>

<TR>
    <TD align="center" nowrap><B><FONT size="1">Name</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Age</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">From</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">and Investment Companies</FONT></B></TD>
</TR>

<TR>
    <TD align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <B><FONT size="2">Anthony R. Pustorino, CPA</FONT></B></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">78
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">2002
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="bottom">
    <FONT size="2">Professor Emeritus, Pace University (2001 to
    Present), Professor of Accounting, Pace University (1965 to
    2001), and former Assistant Chairman, Accounting Department at
    Pace University; President and Shareholder of Pustorino,
    Puglisi&nbsp;&#38; Co.,&nbsp;P.C., CPAs (1961 to 1989);
    Instructor, Fordham University (1961-1965); Assistant
    Controller, Olivetti-Underwood Corporation (1957-1961); CPA with
    Peat, Marwick, Mitchell&nbsp;&#38; Co., CPAs (1953-1957); former
    Chairman, Board of Directors of New&nbsp;York State Board for
    Public Accountancy; former Chairman, CPA Examination Review
    Board of National Association of State Boards of Accountancy;
    former Member of Council of American Institute of Certified
    Public Accountants; former Vice President, Treasurer, Director
    and member of Executive Committee of New&nbsp;York State Society
    of Certified Public Accountants; current Director or Trustee of
    twelve registered investment companies included within the
    Gabelli Funds Mutual Fund Complex.
    </FONT></TD>
</TR>

</TABLE>
</CENTER>

<P align="center"><FONT size="2">4
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<!-- link1 "OPERATION OF BOARD OF DIRECTORS AND COMMITTEES" -->

<P align="center">
<B><FONT size="2">OPERATION OF BOARD OF DIRECTORS AND
COMMITTEES</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">There were five meetings of the Board of
Directors during 2003.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The Board of Directors has established four
standing committees, the principal duties of which are described
below:
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <I><FONT size="2">Audit Committee:</FONT></I><FONT size="2">
    Recommends to the Board of Directors the appointment of
    independent auditors; reviews the independence of the
    independent auditors; reviews with management and the
    independent auditors the annual financial statements prior to
    their filing with the Securities and Exchange Commission;
    reviews the report by the independent auditors concerning
    management procedures and policies; and determines whether the
    independent auditors have received satisfactory access to the
    Corporation&#146;s financial records and full cooperation of
    corporate personnel in connection with their audit of the
    Corporation&#146;s records. The Audit Committee met five times
    during 2003. The present members are Messrs.&nbsp;Pustorino,
    Cerutti and Gray. The Board of Directors has determined that all
    audit committee members are financially literate under the
    current listing standards of the AMEX. Mr.&nbsp;Pustorino serves
    as Chairman and qualifies as an &#147;audit committee financial
    expert&#148; as defined in Item&nbsp;401(h) of
    Regulation&nbsp;S-K. See the Report of the Audit Committee on
    page&nbsp;16. Attached as Exhibit&nbsp;A hereto is the amended
    and restated Charter of the Audit Committee.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <I><FONT size="2">Executive Compensation and Benefits
    Committee:</FONT></I><FONT size="2"> Develops and makes
    recommendations to the Board of Directors with respect to the
    Corporation&#146;s executive compensation policies; recommends
    to the Board of Directors the compensation to be paid to
    executive officers; administers the Lynch Corporation Bonus
    Plan; and performs such other duties as may be assigned to it by
    the Board of Directors. The Executive Compensation and Benefits
    Committee did not meet during 2003. The present members are
    Messrs.&nbsp;Cerutti (Chairman), Gray and Pustorino. All members
    of the Committee are &#147;independent&#148; in accordance with
    the rules of The American Stock Exchange (AMEX).
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <I><FONT size="2">Executive Committee:</FONT></I><FONT size="2">
    Exercises all the power and authority of the Board of Directors,
    except as otherwise provided by Delaware law or by the By-laws
    of the Corporation, in the management and affairs of the
    Corporation during intervals between meetings of the Board of
    Directors. The Executive Committee did not meet during 2003. The
    present members are Messrs.&nbsp;Papitto (Chairman) and Mario
    Gabelli.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <I><FONT size="2">Nominating
    Committee:</FONT></I><FONT size="2"> The Nominating Committee
    includes Avrum Gray (Chairman), E. Val Cerutti, and Anthony
    Pustorino. The Committee did not meet during 2003. The purpose
    of the Committee is to evaluate and recommend candidates for
    election as directors, make recommendations concerning the size
    and composition of the Board of Directors, develop and implement
    the Company&#146;s corporate governance policies, develop
    specific criteria for director independence, and assess the
    effectiveness of the Board of Directors. The Board of Directors
    has not yet adopted a charter for this Committee, but is in the
    process of preparing a Charter. All members of the Committee are
    &#147;independent&#148; in accordance with the rules of The
    American Stock Exchange (AMEX).
    </FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">In evaluating and determining whether to nominate
a candidate for a position on the Company&#146;s Board, the
Committee will consider criteria which include high professional
ethics and values, relevant management and/or manufacturing
experience and a commitment to enhancing shareholder value. In
evaluating candidates for nomination, the Committee utilizes a
variety of methods. Candidates may come to the attention of the
Committee from current Board members, shareholders, officers or
other persons. The Committee will review all candidates in the
same manner regardless of the source of the recommendation.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The Committee will consider shareholder
recommendations of candidates when the recommendations are
properly submitted. Any shareholder recommendations which are
submitted under the criteria summa-
</FONT>

<P align="center"><FONT size="2">5
</FONT>
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV align="left">
<FONT size="2">rized above should include the candidate&#146;s
name and qualifications for Board membership and should be
addressed to:
</FONT>
</DIV>

<P align="left">
<FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Corporate
Secretary
</FONT>

<DIV align="left">
<FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lynch
Corporation
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50&nbsp;Kennedy
Plaza
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Suite&nbsp;1250
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Providence,
RI 02903
</FONT>
</DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">For purposes of potential nominees to be
considered at the 2005 annual shareholders&#146; meeting, the
Corporate Secretary must receive this information by
December&nbsp;5, 2004. The notice must include the
candidate&#146;s name, age, business address, residence address,
principal occupation or employment, and the number of shares
beneficially owned by the candidate. In addition, the notice
must include the shareholder&#146;s name and address.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Shareholders may communicate with the Board of
Directors, including the non-management directors, by sending an
e-mail to Ray.Keller@lynch-mail.com or by sending a letter to
the Lynch Corporation, 50&nbsp;Kennedy Plaza, Suite&nbsp;1250,
Providence, RI 02903. The Corporate Secretary has the authority
to disregard any inappropriate communications or to take other
appropriate actions with respect to any such inappropriate
communications. If deemed an appropriate communication, the
Corporate Secretary will submit your correspondence to the
Chairman of the Board or to any specific director to whom the
correspondence is directed.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">It is the Corporation&#146;s policy that all
directors attend the annual shareholders&#146; meetings. Six of
the eight current directors attended last year&#146;s annual
meeting in person and one participated telephonically. Six of
the eight current directors participated in each of the five
board meetings and two directors participated in all but one
meeting.
</FONT>

<!-- link1 "COMPENSATION OF DIRECTORS" -->

<P align="center">
<B><FONT size="2">COMPENSATION OF DIRECTORS</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">In 2003, Directors who were not employees
received (i)&nbsp;a cash retainer of $3,000&nbsp;per quarter,
(ii)&nbsp;beginning August&nbsp;7, a fee of $2,000 (formerly
$1,000) for each meeting of the Board of Directors attended in
person or telephonically that has a duration of at least one
hour, (iii)&nbsp;effective August&nbsp;7, a fee of $1,500
(formerly $500) for each Audit committee meeting the director
attends in person or telephonically that has a duration of at
least one hour, and (iv)&nbsp;effective August&nbsp;7, a fee of
$750 (formerly $500) for each Compensation Committee and each
Executive Committee meeting attended in person. In addition, a
director serving as audit committee chairman receives an
additional $4,000 (formerly $1,000) annual cash retainer.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The Vice Chairman of the Board of Directors
receives a $50,000 annual stipend payable in equal quarterly
installments.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">A director who is an employee of the Corporation
is not compensated for services as a member of the Board of
Directors or any committee thereof.
</FONT>

<!-- link1 "SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT" -->

<P align="center">
<B><FONT size="2">SECURITY OWNERSHIP OF CERTAIN BENEFICIAL
OWNERS AND MANAGEMENT</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The following table sets forth, as of
March&nbsp;12, 2004, certain information with respect to all
persons each known to the Corporation to own beneficially more
than 5% of the Common Stock of the Corporation, which is the
only class of voting stock of the Corporation outstanding. The
table also sets forth information with
</FONT>

<P align="center"><FONT size="2">6
</FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV align="left">
<FONT size="2">respect to the Corporation&#146;s Common Stock
beneficially owned by the directors, by each of the executive
officers named in the Summary Compensation Table on page&nbsp;9
of this Proxy Statement, and by all directors and executive
officers as a group. The number of shares beneficially owned is
determined under rules of the Securities and Exchange
Commission, and the information is not necessarily indicative of
beneficial ownership for any other purpose. Under such rules,
beneficial ownership includes any shares to which a person has
the sole or shared voting or investment power or any shares
which the person can acquire within 60&nbsp;days (e.g., through
exercise of stock options or conversions of securities). Except
as otherwise indicated, the shareholders listed in the table
have sole voting and investment powers with respect to the
Common Stock set forth in the table. The following information
is either reflected in Schedule&nbsp;13Ds and 13Gs or
Form&nbsp;3s, Form&nbsp;4s and Form&nbsp;5s that have been filed
with the Securities and Exchange Commission or which has
otherwise been furnished to the Corporation.
</FONT>
</DIV>

<CENTER>
<TABLE width="80%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="71%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Amount and</FONT></B></TD>
    <TD></TD>
    <TD colspan="3"></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Nature of</FONT></B></TD>
    <TD></TD>
    <TD colspan="3"></TD>
</TR>

<TR>
    <TD align="center" nowrap><B><FONT size="1">Name of</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Beneficial</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Percent</FONT></B></TD>
</TR>

<TR>
    <TD align="center" nowrap><B><FONT size="1">Beneficial Owner*</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Ownership</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">of Class</FONT></B></TD>
</TR>

<TR>
    <TD align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Mario J. Gabelli
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">270,641</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">(1)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">18.10</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">%</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">E. Val Cerutti
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,000</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">(2)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">**</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Avrum Gray
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">8,900</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">(3)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">**</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Ralph R. Papitto
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">180,952</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">(4)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">10.80</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">%</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Richard E. McGrail
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">18,000</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">(4)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1.19</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">%</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Raymond H. Keller
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">18,000</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">(4)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1.19</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">%</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Anthony R. Pustorino
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,000</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">(5)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">**</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Marc J. Gabelli
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">201,241</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">(6)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">13.46</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">%</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">All Directors and Executive Officers as a group
    (8 in total)
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">699,734</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">40.88</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">%(7)</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

</TABLE>
</CENTER>

<P align="left">
<HR size="1" width="18%" align="left" noshade>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="5%"></TD>
    <TD width="95%"></TD>
</TR>

<TR valign="top">
    <TD><FONT size="2">*&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">The address of each holder of more than 5% of the
    Common Stock is as follows: Both Mario J. Gabelli and Marc J.
    Gabelli&nbsp;&#151; 401 Theodore Fremd Ave., Rye, NY 10580-1430,
    and Mr.&nbsp;Papitto&nbsp;&#151; Sailfish Point, 6863&nbsp;S.E.
    Isle Way, Stuart, FL 34996.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD><FONT size="2">**&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Represents holdings of less than one percent.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD><FONT size="2">(1)&nbsp;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Includes (i)&nbsp;183,541&nbsp;shares of Common
    Stock owned directly by Mr.&nbsp;Mario Gabelli (including 8,768
    held for the benefit of Mr.&nbsp;Gabelli under the Lynch
    Interactive Corporation&#146;s 401(k) Savings Plan),
    (ii)&nbsp;800&nbsp;shares owned by a charitable foundation of
    which Mr.&nbsp;Gabelli is a trustee,
    (iii)&nbsp;70,000&nbsp;shares owned by a limited partnership in
    which Mr.&nbsp;Gabelli is the general partner and has an
    approximate 5% interest, and (iv)&nbsp;16,300&nbsp;shares owned
    by Lynch Interactive Corporation, of which Mr.&nbsp;Gabelli is
    its Vice Chairman and Chief Executive Officer and the beneficial
    officer of approximately 23% of the outstanding common stock of
    Interactive. Mr.&nbsp;Gabelli disclaims beneficial ownership of
    the shares owned by the foundation, by Lynch Interactive
    Corporation, and by the partnership, except for his 5% interest
    therein. Mr.&nbsp;Mario Gabelli has the authority to vote the
    200,241&nbsp;shares held by the Venator Merchant Fund that are
    beneficially owned by Mr.&nbsp;Marc Gabelli.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD><FONT size="2">(2)&nbsp;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">1,000&nbsp;shares are jointly owned with his
    wife, with whom he shares voting and investment power.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD><FONT size="2">(3)&nbsp;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Includes 3,400&nbsp;shares owned by
    Mr.&nbsp;Gray, 500&nbsp;shares owned by a partnership of which
    Mr.&nbsp;Gray is the general partner, 1,600&nbsp;shares owned by
    a partnership of which Mr.&nbsp;Gray is one of the general
    partners, 1,400&nbsp;shares owned by Mr.&nbsp;Gray&#146;s wife
    and 2,000&nbsp;shares owned by a partnership of which
    Mr.&nbsp;Gray&#146;s wife is one of the general partners.
    </FONT></TD>
</TR>

</TABLE>

<P align="center"><FONT size="2">7
</FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD><FONT size="2">(4)&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Includes 180,000, 18,000 and 18,000&nbsp;shares,
    respectively, that may be acquired by the exercise of options
    granted to Messrs.&nbsp;Papitto, McGrail and Keller. None of the
    grants have been exercised.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD><FONT size="2">(5)&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">All shares are owned directly.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD><FONT size="2">(6)&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Includes (i)&nbsp;1,000&nbsp;shares of Common
    Stock owned directly by Mr.&nbsp;Marc Gabelli;
    (ii)&nbsp;200,241&nbsp;shares beneficially owned by the Venator
    Merchant Fund, L.P. and Venator Global, LLC. Venator Global, LLC
    is deemed to have beneficial ownership of the Securities owned
    beneficially by Venator Merchant Fund, L.P.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Mr.&nbsp;Marc Gabelli is the sole general partner
    of the Venator Merchant Fund and a managing member of Venator
    Global, LLC.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Mr.&nbsp;Mario Gabelli has the authority to vote
    the 200,241&nbsp;shares held by the Venator Merchant Fund LP
    that are beneficially owned by Mr.&nbsp;Marc Gabelli.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD><FONT size="2">(7)&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Percent of class is based upon
    1,711,483&nbsp;shares (1,495,483 outstanding shares and 216,000
    option shares).
    </FONT></TD>
</TR>

</TABLE>

<!-- link1 "EXECUTIVE COMPENSATION" -->

<P align="center">
<B><FONT size="2">EXECUTIVE COMPENSATION</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The following table sets forth the compensation
received in the Corporation&#146;s last three completed fiscal
years by the Corporation&#146;s &#147;named executive
officers&#148; as defined in Item&nbsp;402(a)(3) of
Regulation&nbsp;S-K.
</FONT>

<P align="center">
<B><FONT size="2">Summary Compensation Table</FONT></B>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="32%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="7"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
</TR>

<TR>
    <TD colspan="2"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="7" align="center" nowrap><B><FONT size="1">Long Term</FONT></B></TD>
    <TD></TD>
    <TD colspan="3"></TD>
</TR>

<TR>
    <TD colspan="2"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="11"></TD>
    <TD></TD>
    <TD colspan="7" align="center" nowrap><B><FONT size="1">Compensation Awards</FONT></B></TD>
    <TD></TD>
    <TD colspan="3"></TD>
</TR>

<TR>
    <TD colspan="2"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="11" align="center" nowrap><B><FONT size="1">Annual Compensation</FONT></B></TD>
    <TD></TD>
    <TD colspan="7" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3"></TD>
</TR>

<TR>
    <TD colspan="2"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="11" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Stock</FONT></B></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
</TR>

<TR>
    <TD colspan="2"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="7"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Other Annual</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Underlying</FONT></B></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">All Other</FONT></B></TD>
</TR>

<TR>
    <TD colspan="2"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Salary</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Bonus</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Compensation</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Options</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Payments</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Compensation</FONT></B></TD>
</TR>

<TR>
    <TD colspan="2" align="center" nowrap><B><FONT size="1">Name and Principal Position</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Year</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">($)</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">($)(1)</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">($)(2)</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">(#)(3)</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">($)</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">($)</FONT></B></TD>
</TR>

<TR>
    <TD colspan="2" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Ralph R. Papitto
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">2003</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">250,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Chairman of the Board
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">2002</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">270,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Chief Executive Officer(5)
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">2001</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">40,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">37,333</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">180,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Mario J. Gabelli
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">2003</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">50,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Vice Chairman of the Board(4)
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">2002</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">100,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">2001</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">100,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Raymond H. Keller
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">2003</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">91,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Vice President&nbsp;&#38;
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">2002</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">70,475</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Chief Financial Officer&nbsp;&#38;
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">2001</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">18,800</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">24,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Secretary(6)
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Richard E. McGrail
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">2003</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">94,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">President&nbsp;&#38; Chief Operating
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">2002</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">73,430</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Officer(6)
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">2001</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">22,500</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">24,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

</TABLE>
</CENTER>

<P align="left">
<HR size="1" width="18%" align="left" noshade>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD><FONT size="2">(1)&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Bonuses earned in any fiscal year are generally
    paid during the following fiscal year.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD><FONT size="2">(2)&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">For Mr.&nbsp;Gabelli, includes
    Vice-Chairman&#146;s fee of $50,000 paid in 2003 and $100,000
    paid in 2002. For Mr.&nbsp;Papitto, includes non-employee
    directors fees of $37,333 paid in 2001.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD><FONT size="2">(3)&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Represents shares of Common Stock of Lynch
    Corporation underlying stock options granted to
    Messrs.&nbsp;Papitto, McGrail and Keller during 2001.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD><FONT size="2">(4)&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Mr.&nbsp;Gabelli resigned as Chief Executive
    Officer of the Corporation in January 2000 upon the appointment
    of Louis A. Guzzetti,&nbsp;Jr. as President and Chief Executive
    Officer. When Mr.&nbsp;Guzzetti resigned as Chief Executive
    Officer on March&nbsp;31, 2001, Mr.&nbsp;Gabelli was reappointed
    as Chief Executive
    </FONT></TD>
</TR>

</TABLE>

<P align="center"><FONT size="2">8
</FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD></TD>
    <TD align="left">
    <FONT size="2">Officer and Chairman of the Board of Directors
    and served in those positions until August&nbsp;17, 2001, when
    Mr.&nbsp;Papitto became Chief Executive Officer and Chairman of
    the Board of Directors. Since August&nbsp;17, 2001,
    Mr.&nbsp;Gabelli has served as Vice Chairman of the Board of
    Directors.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD><FONT size="2">(5)&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Mr.&nbsp;Papitto was appointed Chief Executive
    Officer and Chairman of the Board of Directors on
    August&nbsp;17, 2001.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD><FONT size="2">(6)&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">On October&nbsp;15, 2001, Mr.&nbsp;Keller was
    appointed Chief Financial Officer, Vice President and Secretary
    of the Corporation and Mr.&nbsp;McGrail was appointed President
    and Chief Operating Officer of the Corporation.
    </FONT></TD>
</TR>

</TABLE>

<!-- link1 "OPTION GRANTS IN LAST FISCAL YEAR" -->

<P align="center">
<B><FONT size="2">OPTION GRANTS IN LAST FISCAL YEAR</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">There were no option grants in 2003.
</FONT>

<!-- link1 "AGGREGATED OPTIONS/SAR EXERCISES IN LAST FISCAL YEAR AND FY-END OPTION/SAR VALUES" -->

<P align="center">
<B><FONT size="2">AGGREGATED OPTIONS/ SAR EXERCISES IN LAST
FISCAL YEAR AND</FONT></B>

<DIV align="center">
<B><FONT size="2">FY-END OPTION/ SAR VALUES</FONT></B>
</DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The following table presents information
regarding the exercise of stock options during 2003 by the named
executive officers and the fiscal year-end value of their
unexercised options:
</FONT>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="31%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="10%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="10%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="9%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="9%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Number of Securities</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Value of Unexercised In-</FONT></B></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Shares</FONT></B></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Underlying Unexercised</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">The-Money</FONT></B></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Acquired On</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Value</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Options/SARs At Fiscal</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Options/SARs</FONT></B></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Exercise</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Realized</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Year-End(#)</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">At Fiscal Year-End($)</FONT></B></TD>
</TR>

<TR>
    <TD align="center" nowrap><B><FONT size="1">Name(a)</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">(#)</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">($)</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Exercisable/Unexercisable</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Exercisable/Unexercisable</FONT></B></TD>
</TR>

<TR>
    <TD align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Ralph R. Papitto
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">180,000/0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">0/0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Mario J. Gabelli
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">None/None</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Raymond H. Keller
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">16,000/8,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">0/0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Richard E. McGrail
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">16,000/8,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">0/0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

</TABLE>
</CENTER>

<!-- link1 "EXECUTIVE COMPENSATION AND BENEFITS COMMITTEE REPORT ON EXECUTIVE COMPENSATION" -->

<P align="center">
<B><FONT size="2">EXECUTIVE COMPENSATION AND BENEFITS COMMITTEE
REPORT</FONT></B>

<DIV align="center">
<B><FONT size="2">ON EXECUTIVE COMPENSATION</FONT></B>
</DIV>

<P align="left">
<B><FONT size="2">Overview and Philosophy</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The Executive Compensation and Benefits Committee
(the &#147;Committee&#148;) of the Board of Directors is
responsible for developing and making recommendations to the
Board of Directors with respect to the Corporation&#146;s
executive compensation policies and administering the various
executive compensation plans. In addition, the Committee
recommends to the Board of Directors the annual compensation to
be paid to the Chief Executive Officer and each of the other
executive officers of the Corporation, as well as to other key
employees. The composition of the Committee is described below.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The objectives of the Corporation&#146;s
executive compensation program are to:
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Support the achievement of desired Corporation
    performance.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Provide compensation that will attract and retain
    superior talent and reward performance.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Ensure that there is appropriate linkage between
    executive compensation and the enhancement of shareholder value.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Evaluate the effectiveness of the
    Corporation&#146;s incentives for key executives.
    </FONT></TD>
</TR>

</TABLE>

<P align="center"><FONT size="2">9
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The executive compensation program is designed to
provide an overall level of compensation opportunity that is
competitive with companies of comparable size, capitalization
and complexity. Actual compensation levels, however, may be
greater or less than average competitive levels based upon
annual and long-term Corporation performance, as well as
individual performance. The Committee uses its discretion to
recommend executive compensation at levels warranted in its
judgment by corporate and individual performance.
</FONT>

<P align="left">
<B><FONT size="2">Executive Officer Compensation
Program</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The Corporation&#146;s executive officer
compensation program is comprised of base salary, cash bonus
compensation, 401(k) Savings Plan, and other benefits generally
available to employees of the Corporation.
</FONT>

<P align="left">
<B><FONT size="2">Base Salary</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Base salary levels for the Corporation&#146;s
executive officers are intended to be competitive. In
recommending salaries the Committee also takes into account
individual experience and performance and specific issues
relating to the Corporation. A summary of the compensation
awarded to the Chief Executive Officer and the other executive
officers is set forth in the &#147;Summary Compensation
Table&#148; on page&nbsp;8 of this Proxy Statement. Initial
salaries for the Corporation&#146;s executive officers were
based upon a variety of judgmental factors, including their
respective proposed responsibilities with the Corporation, their
background and experience, and the size and nature of the
Corporation&#146;s business.
</FONT>

<P align="left">
<B><FONT size="2">Bonus Plan</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The Corporation has in place a bonus plan that is
based on an objective measure of corporate performance and on
subjective evaluation of individual performance for its
executive officers and other key personnel. In general, the plan
provides for an annual bonus pool equal to 20% of the excess of
(i)&nbsp;the consolidated pre-tax profits of the Corporation for
a calendar year less (ii)&nbsp;25% of the Corporation&#146;s
average shareholders equity at the beginning of such year.
Shareholders&#146; equity is the average of shareholders equity
at the beginning of the period and at the beginning of the two
preceding years. The Executive Compensation and Benefits
Committee in its discretion may take into consideration other
factors and circumstances in determining the amount of the bonus
pool and awarding bonuses such as progress toward achievement of
strategic goals and qualitative aspects of management
performance. The breakdown of the bonus pool is not based upon a
formula but upon judgmental factors.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">No bonuses were paid to the named executive
officers in 2003, 2002 and 2001.
</FONT>

<P align="left">
<B><FONT size="2">Lynch Corporation 401(k) Savings
Plan</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">All employees of the Corporation and certain of
its subsidiaries are eligible to participate in the Lynch
Corporation 401(k) Savings Plan, after having completed one year
of service (as defined in the Plan) and having reached the age
of 18.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The 401(k) Plan permits employees to make
contributions by deferring a portion of their compensation.
Participating employees also share in contributions made by
their respective employers. The annual mandatory employer
contribution to each participant&#146;s account is equal to
62.5% of the first $800 of the participant&#146;s contribution.
In addition, the employer may make a discretionary contribution
of up to 37.5% of the first $800 of the participant&#146;s
contribution. A participant&#146;s interest in both employee and
employer contributions and earnings thereupon are fully vested
at all times. Employee and employer contributions are invested
in guaranteed investment contracts, certain mutual funds or
Common Stock of the Corporation, as determined by the
participants.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The Company&#146;s executive officers were not
participants in the 401(k) Plan in 2003.
</FONT>

<P align="center"><FONT size="2">10
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<P align="left">
<B><FONT size="2">Benefits</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The Corporation provides medical, life insurance
and disability benefits to the executive officers that are
generally available to Corporation employees. There were no
benefits of this nature applicable to the Company&#146;s
executive officers in 2003.
</FONT>

<P align="left">
<B><FONT size="2">Compensation to Chief Executive Officer and
Other Executive Officers</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Mr.&nbsp;Mario Gabelli was the Chief Executive
Officer of the corporation until January 2000. Mr.&nbsp;Louis A.
Guzzetti became President and Chief Executive Officer of the
Corporation in January 2000 at a salary of $250,000. For 2000,
the Committee recommended a salary of $150,000 to
Mr.&nbsp;Gabelli in light of the Lynch Interactive Spin Off and
Mr.&nbsp;Louis A. Guzzetti being hired as President and Chief
Executive Officer of Lynch Corporation.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">When Mr.&nbsp;Guzzetti resigned as Chief
Executive Officer on March&nbsp;31, 2001, Mr.&nbsp;Gabelli
agreed to be reappointed as Chief Executive Officer on an
interim basis until a new Chief Executive Officer was appointed.
Mr.&nbsp;Gabelli served as interim CEO until August&nbsp;17,
2001 when Mr.&nbsp;Papitto was appointed Chief Executive
Officer. For his service as Chairman (through March&nbsp;31,
2001) and as Chairman and Chief Executive Officer (from
April&nbsp;1 through August&nbsp;17, 2001), Mr.&nbsp;Gabelli
received $100,000 in salary. On September&nbsp;26, 2002, for his
services as Vice Chairman of the Corporation, the Committee
(Mr.&nbsp;Gabelli abstaining) awarded Mr.&nbsp;Gabelli an annual
Vice Chairman fee of $50,000&nbsp;per year, retroactive to 2001.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">At a meeting of the entire Board of Directors on
August&nbsp;17, 2001, based upon the recommendation of
Mr.&nbsp;Gabelli, the Board unanimously appointed
Mr.&nbsp;Papitto as Chief Executive Officer and Chairman of the
Board of Directors.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">At a meeting of the entire Board of Directors on
December&nbsp;10, 2001, based upon the unanimous recommendation
of the Executive Compensation and Benefits Committee (with
Mr.&nbsp;Papitto abstaining), the Board of Directors
unanimously: (a)&nbsp;authorized the payment of a salary to
Mr.&nbsp;Papitto as Chief Executive Officer at the rate of
$125,000&nbsp;per annum for the period from August&nbsp;17, 2001
to December&nbsp;31, 2001 and at the rate of $250,000&nbsp;per
annum thereafter, and (b)&nbsp;authorized the Corporation,
subject to shareholder approval, to grant to Mr.&nbsp;Papitto a
stock option to purchase 180,000&nbsp;shares of the
Corporation&#146;s Common Stock at an exercise price of
$17.50&nbsp;per share (being the then fair market value of the
Common Stock). At the same meeting, the Board also unanimously:
(a)&nbsp;authorized the payment of a salary to each of
Mr.&nbsp;McGrail as President and Chief Operating Officer and
Mr.&nbsp;Keller as Chief Financial Officer at the rate of
$50,000&nbsp;per annum commencing January&nbsp;1, 2002 and
(b)&nbsp;authorized the Corporation, subject to shareholder
approval, to grant to each of Mr.&nbsp;McGrail and
Mr.&nbsp;Keller a stock option to purchase 24,000&nbsp;shares of
the Corporation&#146;s Common Stock, also at an exercise price
of $17.50&nbsp;per share.
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="40%"></TD>
    <TD width="60%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <FONT size="2">E. Val Cerutti, <I>Chairman of the</I>
    </FONT></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <I><FONT size="2">Executive Compensation and Benefits
    Committee</FONT></I></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <FONT size="2">Avrum Gray <I>(Member)</I>
    </FONT></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <FONT size="2">Anthony R. Pustorino <I>(Member)</I>
    </FONT></TD>
</TR>

</TABLE>

<P align="left">
<B><FONT size="2">Compensation Committee Interlocks and Insider
Participation</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">From December&nbsp;10, 2001, until March&nbsp;18,
2004, the Committee has consisted of Mr.&nbsp;Gabelli
(Chairman), Mr.&nbsp;Cerutti and Mr.&nbsp;Papitto.
Mr.&nbsp;Papitto has been Chief Executive Officer of the
Corporation since August&nbsp;17, 2001. Since March 18, 2004,
this Committee has been comprised of Messrs.&nbsp;Cerutti, Gray
and Pustorino, all of whom are non-employee independent
directors.
</FONT>

<P align="center"><FONT size="2">11
</FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<!-- link1 "PERFORMANCE GRAPH" -->

<P align="center">
<B><FONT size="2">PERFORMANCE GRAPH</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The graph below compares the cumulative total
shareholder return on the Common Stock of the Corporation for
the last five fiscal years ended December&nbsp;31, 2003 with the
cumulative total return over the same period (i)&nbsp;on the
broad market, as measured by the American Stock Exchange Market
Value Index, and (ii)&nbsp;on a peer group, as measured by a
composite index based on the total returns earned on the stock
of the publicly traded companies included in the Media General
Financial Services database under the two Standard Industrial
Classification (SIC)&nbsp;codes within which the Corporation
conducts the bulk of its business operations: SIC Code 355,
Special Industry Machinery; and SIC Code 367, Electronic
Components Accessories. The data presented in the graph assumes
that $100 was invested in the Corporation&#146;s Common Stock
and in each of the indexes on December&nbsp;31, 1998 and that
all dividends were reinvested.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Also presented in the graph is a peer group trend
line representing total returns for a former peer group which
utilized SIC Code 4813, Telephone Communications except Radio
Telephones and SIC Code 4213, Trucking, except Local, and SIC
Code 267 converted paper and paper products, except boxes. The
Corporation made the switch because its Telephone Communications
and Trucking operations were spun off in September 1999. SIC
Code 267 is included in the Corporation&#146;s former peer group
because it represents the industry served by one of the
Corporation&#146;s subsidiaries, Spinnaker Industries,&nbsp;Inc.
(&#147;Spinnaker&#148;) until deconsolidated on
September&nbsp;30, 2001.
</FONT>

<P align="center">
<IMG src="b49924lcb4992400.gif" alt="(PERFORMANCE CHART)">

<P align="center">
<B><U><FONT size="2">FISCAL YEAR ENDING</FONT></U></B>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="32%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="25"></TD>
</TR>

<TR>
    <TD colspan="25" align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">12/31/1998</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">12/31/1999</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">12/29/2000</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">12/31/2001</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">12/31/2002</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">12/31/2003</FONT></B></TD>
</TR>

<TR>
    <TD colspan="25"></TD>
</TR>

<TR>
    <TD colspan="25" align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Lynch Corporation
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">100.00</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">36.61</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">60.99</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">25.53</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">10.99</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">14.82</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="25" align="left"><HR size="1" noshade></TD>

</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Old Peer Group (267, 4213, 4813)
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">100.00</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">129.14</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">112.33</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">114.59</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">116.22</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">151.34</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="25" align="left"><HR size="1" noshade></TD>

</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">AMEX Market Index
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">100.00</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">124.67</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">123.14</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">117.47</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">112.78</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">153.50</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="25" align="left"><HR size="1" noshade></TD>

</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">New Peer Group (355, 367)
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">100.00</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">234.55</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">163.00</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">149.65</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">82.64</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">150.86</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="25" align="left"><HR size="1" noshade></TD>

</TR>

</TABLE>
</CENTER>

<P align="center">
<B><FONT size="2">ASSUMES $100 INVESTED ON JANUARY&nbsp;1,
1999</FONT></B>

<DIV align="center">
<B><FONT size="2">ASSUMES DIVIDEND REINVESTED</FONT></B>
</DIV>

<DIV align="center">
<B><FONT size="2">FISCAL YEAR ENDING DECEMBER&nbsp;31,
2003</FONT></B>
</DIV>

<P align="center"><FONT size="2">12
</FONT>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">On September&nbsp;1 1999, the Corporation spun
off Lynch Interactive Corporation which owned the multimedia and
services businesses previously owned by the Corporation. As a
result, the returns for the pre and post Spin Off periods are
not comparable. On September&nbsp;1, 1999, the
Corporation&#146;s stock traded without giving effect to the
Spin Off and closed at $87. On September&nbsp;2, 1999, giving
effect to the Spin Off, the Corporation&#146;s stock closed at
$33 and Lynch Interactive&#146;s stock closed at $28 (after
giving effect to a 2-for-1 stock split on September&nbsp;12,
2000). On December&nbsp;31, 1999, the Corporation&#146;s stock
closed at $25&nbsp;13/16 and Lynch Interactive&#146;s stock
closed at $49&nbsp;15/16 (after giving effect to a 2-for-1 stock
split on September&nbsp;12, 2000).
</FONT>

<!-- link1 "TRANSACTIONS WITH CERTAIN AFFILIATED PERSONS" -->

<P align="center">
<B><FONT size="2">TRANSACTIONS WITH CERTAIN AFFILIATED
PERSONS</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Mr.&nbsp;Gabelli is affiliated with various
entities which he directly or indirectly controls and which are
engaged in various aspects of the securities business, such as
an investment advisor to various institutional and individual
clients including registered investment companies and pension
plans, as a broker-dealer, and as managing general partner of
various private investment partnerships. During 2003, the
Corporation and its subsidiaries engaged in various transactions
with certain of these entities and the amount of commissions,
fees, and other remuneration paid to such entities was less than
$60,000.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The Corporation&#146;s principal executive
offices in Providence, Rhode Island are shared with Avtek Inc.
(&#147;Avtek&#148;) a private holding company co-owned by
Mr.&nbsp;Papitto and Mr.&nbsp;Gabelli until November&nbsp;27,
2002 and now controlled by Mr.&nbsp;Papitto. Since August 2001,
Avtek and the Corporation have shared, on an approximately equal
basis, (i)&nbsp;all occupancy costs of the shared premises and
(ii)&nbsp;the salary expense of certain persons employed by
Avtek at the premises (including Mr.&nbsp;McGrail, the
Corporation&#146;s President and Chief Operating Officer and
Mr.&nbsp;Keller, the Corporation&#146;s Chief Financial Officer,
and other administrative and clerical personnel) whose services
are provided to both the Corporation and Avtek. The
Corporation&#146;s share of such occupancy and salary costs in
2003 was $344,000, a portion of which represents compensation to
Mr.&nbsp;McGrail and Mr.&nbsp;Keller that is reported in the
Summary Compensation Table on page&nbsp;9 of this Proxy
Statement.
</FONT>

<!-- link1 "INDEPENDENT AUDITORS" -->

<P align="center">
<B><FONT size="2">INDEPENDENT AUDITORS</FONT></B>

<P align="left">
<B><FONT size="2">Independent Public Accountants</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Ernst&nbsp;&#38; Young LLP has audited the books
of the Corporation for many years.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Ernst&nbsp;&#38; Young LLP has been reappointed
to audit the consolidated financial statements of the
Corporation for the year ended December&nbsp;31, 2003 and to
report the results of their audit to the Audit Committee of the
Board of Directors. A representative of Ernst&nbsp;&#38; Young
LLP is expected to be present at the Annual Meeting, will have
the opportunity to make a statement if the representative
desires to do so, and will be available to respond to
appropriate questions from shareholders. The Corporation has not
yet selected a principal auditor for 2004 because it wanted to
finalize the 2003 audit before considering auditors for 2004.
</FONT>

<!-- link1 "FEES BILLED TO THE COMPANY BY ERNST &#38; YOUNG, LLP" -->

<P align="center">
<B><FONT size="2">FEES BILLED TO THE COMPANY BY ERNST&nbsp;&#38;
YOUNG, LLP</FONT></B>

<P align="left">
<B><FONT size="2">Audit Fees</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Audit fees incurred by Lynch Corporation from
Ernst&nbsp;&#38; Young LLP for all services performed to comply
with auditing standards generally accepted in the United States
totaled $262,450 for 2003 and $300,100 for
</FONT>

<P align="center"><FONT size="2">13
</FONT>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV align="left">
<FONT size="2">2002. Audit fees for 2003 and 2002 include the
audit of the Corporation&#146;s annual financial statements and
review of those financial statements included in the
Corporation&#146;s quarterly reports on Form&nbsp;10-Q, and
certain accounting consultations.
</FONT>
</DIV>

<P align="left">
<B><FONT size="2">Audit Related Fees</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Audit related fees billed to Lynch Corporation by
Ernst&nbsp;&#38; Young LLP totaled $20,000 and $22,500 in 2003
and 2002 respectively. Audit related services generally include
fees for services performed relating to employee benefit plans.
</FONT>

<P align="left">
<B><FONT size="2">Tax Fees</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Fees billed to Lynch Corporation by
Ernst&nbsp;&#38; Young LLP for tax services performed totaled
$39,958 and $5,280 for 2003 and 2002 respectively. Tax services
include fees for services performed related to tax compliance
and customs services.
</FONT>

<P align="left">
<B><FONT size="2">All Other Fees</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Lynch Corporation was not billed for non-audit
services by Ernst&nbsp;&#38; Young LLP during 2003 and 2002.
</FONT>

<P align="left">
<B><FONT size="2">Report of the Audit Committee</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The Audit Committee is composed of 3
&#147;independent&#148; directors as defined in the American
Stock Exchange listing standards (Mr.&nbsp;Pustorino, Chairman,
who meets the standards of a &#147;audit committee financial
expert&#148;, Mr.&nbsp;Cerutti and Mr.&nbsp;Gray) and operates
under a revised written charter adopted by the Board of
Directors on February&nbsp;5, 2004. The Audit Committee reviews
the Corporation&#146;s financial reporting process on behalf of
the Board of Directors, reviews the financial information issued
to shareholders and others, including a discussion of the
quality, not just the acceptability of the accounting
principles; the reasonableness of significant judgments; and the
clarity of discussions in the financial statements, and monitors
the systems of internal control and the audit process.
Management has primary responsibility for the financial
statements and the reporting process.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The Audit Committee has met and held discussions
with management and the independent auditors. In our discussion,
management has represented to the Audit Committee that the
Corporation&#146;s consolidated financial statements were
prepared in accordance with accounting principles generally
accepted in the United States. The Audit Committee has reviewed
and discussed the consolidated financial statements with both
management and Ernst&nbsp;&#38; Young LLP, the
Corporation&#146;s independent auditors. The Audit Committee
meets with our independent auditors, with and without management
present, to discuss the results of their examinations, the
evaluations of the Corporation&#146;s internal controls and the
overall quality of the Corporation&#146;s financial reporting.
There were five such meetings in 2003. The Audit Committee
discussed with the independent auditors matters required to be
discussed by Statement on Auditing Standards No.&nbsp;61
(Communication with Audit Committees).
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The Corporation&#146;s independent auditors also
provided to the Committee the written disclosures and the letter
required by Independence Standards Board Standard No.&nbsp;1
(Independence Discussions with Audit Committees), and the Audit
Committee has considered and discussed with Ernst&nbsp;&#38;
Young the firm&#146;s independence and the compatibility of the
non-audit services provided by the firm with its independence.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Based on the Audit Committee&#146;s review of the
audited financial statements and the various discussions noted
above, the Audit Committee recommended that the Board of
Directors include the audited consolidated
</FONT>

<P align="center"><FONT size="2">14
</FONT>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV align="left">
<FONT size="2">financial statements in the Corporation&#146;s
Annual Report on Form&nbsp;10-K for the year ended
December&nbsp;31, 2003, and the Board has approved this
recommendation.
</FONT>
</DIV>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="40%"></TD>
    <TD width="60%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <FONT size="2">AUDIT COMMITTEE
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <FONT size="2">Anthony R. Pustorino <I>(Chairman)</I>
    </FONT></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <FONT size="2">E. Val Cerutti <I>(Member)</I>
    </FONT></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <FONT size="2">Avrum Gray <I>(Member)</I>
    </FONT></TD>
</TR>

</TABLE>

<!-- link1 "SECTION 16(a) BENEFICIAL OWNERSHIP REPORTING COMPLIANCE" -->

<P align="center">
<B><FONT size="2">SECTION&nbsp;16(a) BENEFICIAL OWNERSHIP
REPORTING COMPLIANCE</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Section&nbsp;16(a) of the Securities and Exchange
Act of 1934, as amended, requires the Corporation&#146;s
directors, executive officers and holders of more than 10% of
the Corporation&#146;s Common Stock to file with the Securities
and Exchange Commission and American Stock Exchange initial
reports of ownership and reports of changes in the ownership of
Common Stock and other equity securities of the Corporation.
Such persons are required to furnish the Corporation with copies
of all Section&nbsp;16(a) filings. Based solely on the
Corporation&#146;s review of the copies of such filings it has
received and written representations of directors and officers,
the Corporation believes that during the fiscal year ended
December&nbsp;31, 2003, its officers, directors, and 10%
shareholders are in compliance with all Section&nbsp;16(a)
filing requirements applicable to them. Mr.&nbsp;Cerutti&#146;s
report of ownership on Form&nbsp;5 was inadvertently filed late.
</FONT>

<!-- link1 "PROPOSALS OF SHAREHOLDERS" -->

<P align="center">
<B><FONT size="2">PROPOSALS OF SHAREHOLDERS</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Proposals of shareholders intended to be
presented at the 2005 Annual Meeting of Shareholders must be
received by the Office of the Secretary, Lynch Corporation,
50&nbsp;Kennedy Plaza, Suite&nbsp;1250, Providence, Rhode Island
02903, by no later than December&nbsp;16, 2004, for inclusion in
the Corporation&#146;s proxy statement and form of proxy
relating to the 2005 Annual Meeting.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The date after which notice of a shareholder
proposal intended to be submitted to the next annual meeting of
the Corporation outside the processes of Rule&nbsp;14a-8 will be
considered untimely is March 1, 2005. If not received by that
date, the persons named in the form of proxy accompanying the
notice of meeting may vote on any such proposal in their
discretion.
</FONT>

<!-- link1 "MISCELLANEOUS" -->

<P align="center">
<B><FONT size="2">MISCELLANEOUS</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The Board of Directors knows of no other matters
which are likely to come before the Annual Meeting. If any other
matters should properly come before the Annual Meeting, it is
the intention of the persons named in the accompanying form of
proxy to vote on such matters in accordance with their best
judgment.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The solicitation of proxies is made on behalf of
the Board of Directors of the Corporation, and the cost thereof
will be borne by the Corporation. The Corporation has employed
the firm of Morrow&nbsp;&#38; Co. Inc., 445&nbsp;Park Avenue,
5th&nbsp;Floor, New&nbsp;York, New&nbsp;York, 10022 to assist in
this solicitation at a cost of $3,500, plus out-of-pocket
expenses. The Corporation will also reimburse brokerage firms
and nominees for their expenses in forwarding proxy material to
beneficial owners of the Common Stock of the Corporation. In
addition, officers and employees of the Corporation (none of
whom will receive any compensation therefor in addition to their
regular compensation) may solicit proxies. The solicitation will
be made by mail and, in addition, may be made by telegrams and
personal interviews, and the telephone.
</FONT>

<P align="center"><FONT size="2">15
</FONT>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<!-- link1 "ANNUAL REPORT" -->

<P align="center">
<B><FONT size="2">ANNUAL REPORT</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The Corporation&#146;s Annual Report to
Shareholders for the fiscal year ended December&nbsp;31, 2003,
has been sent herewith to each shareholder. Such Annual Report,
however, is not to be regarded as part of the proxy soliciting
material.
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="40%"></TD>
    <TD width="60%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <FONT size="2">By Order of the Board of Directors
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <FONT size="2">RAYMOND H. KELLER
    </FONT></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <I><FONT size="2">Secretary</FONT></I></TD>
</TR>

</TABLE>

<P align="left">
<FONT size="2">Dated: April 13, 2004
</FONT>

<P align="center"><FONT size="2">16
</FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<P align="right">
<B><FONT size="2">EXHIBIT A</FONT></B>

<P align="center">
<B><FONT size="2">LYNCH CORPORATION</FONT></B>

<DIV align="center">
<B><FONT size="2">AUDIT COMMITTEE CHARTER</FONT></B>
</DIV>

<DIV align="center">
<B><FONT size="2">(Amended and Restated as of February&nbsp;5,
2004)</FONT></B>
</DIV>

<P align="left">
<B><FONT size="2">I.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Organization</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">This Charter governs the operations of the Lynch
Corporation (the &#147;Company&#148;) Audit Committee (the
&#147;Committee&#148;). The Committee shall be appointed by the
Board of Directors and shall consist of at least three
directors, each of whom are &#147;independent&#148; of
management and the Company and are &#147;financially
literate&#148; as those terms are used by the Securities and
Exchange Commission (&#147;SEC&#148;) and the American Stock
Exchange (&#147;AMEX&#148;) and at least one of whom is
&#147;financially sophisticated&#148; as that term is used by
the AMEX. An &#147;audit committee financial expert&#148; within
the meaning of SEC regulations is presumed to qualify as
&#147;financially sophisticated&#148;. The Committee shall meet
at least quarterly.
</FONT>

<P align="left">
<B><FONT size="2">II.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Statement of
Purpose</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The Committee shall provide assistance to the
Board in fulfilling its oversight responsibility to the
shareholders, potential shareholders, the investment community,
and others, with respect to the Company&#146;s financial
statements and financial reporting process, the systems of
internal accounting and financial controls, the annual
independent audit of the Company&#146;s financial statements,
and the legal compliance, conflict of interest and ethics
programs as established by management and the Board. In so
doing, it is the responsibility of the Committee to maintain
free and open communication between the Committee, independent
auditors and management of the Company. In discharging its
oversight role, the Committee is empowered to investigate any
matter brought to its attention with full access to all books,
records, facilities, and personnel of the Company and the power
to retain outside counsel, or other experts for this purpose.
The Company shall provide adequate funding for the Committee to
enable the Committee to carry out its duties under this charter.
</FONT>

<P align="left">
<B><FONT size="2">III.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Responsibilities
and Processes</FONT></B>

<P align="left">
<FONT size="2">A.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">1.&nbsp;The Committee&#146;s responsibility is to
oversee the Company&#146;s financial reporting process. The
Company&#146;s responsibility is to maintain appropriate systems
for accounting and internal control and for the preparation,
presentation and integrity of the Company&#146;s financial
statements. The independent auditors responsibility is to audit
those statements. The auditors are ultimately responsible to the
Board and the Committee as representatives of shareholders. The
Committee recognizes that financial management and the
independent auditors have more time, knowledge and detailed
information on the Company than do Committee members;
consequently, in carrying out its oversight responsibilities,
the Committee does not provide any expert or special assurance
as to the Company&#146;s financial statements or any
professional certification as to the independent auditor&#146;s
work.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">2.&nbsp;The Committee, in carrying out its
responsibilities, believes its policies and procedures should
remain flexible, in order best to react to changing conditions
and circumstances. The Committee should take the appropriate
actions to set the overall corporate &#147;tone&#148; for
quality financial reporting, sound business risk practice, and
ethical behavior. At least annually, it shall perform an
evaluation of its performance to determine whether it is
functioning effectively and shall review and reassess the
adequacy of this Charter and obtain approval for its continued
adoption by the full Board of Directors.
</FONT>

<P align="center"><FONT size="2">A-1
</FONT>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">3.&nbsp;The Committee is authorized to
investigate any matters within its scope of responsibilities or
as delegated to it by the Board of Directors.
</FONT>

<P align="left">
<FONT size="2">B.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Specific
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The following are the principal processes of the
Committee in carrying out its oversight responsibilities. They
are set forth as guides with the understanding that the
Committee may amend or supplement them as appropriate.
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">1.&nbsp;The Committee is responsible for the
    appointment, retention, termination, compensation and evaluation
    of the independent auditors.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">2.&nbsp;The Committee shall pre-approve all audit
    and non-audit services provided by the independent auditors and
    shall not engage the independent auditors to perform the
    specific non-audit services proscribed by law or regulation. The
    Committee may delegate pre-approval authority to a member of the
    Committee. The decisions of any Committee member to whom
    pre-approval authority is delegated must be presented to the
    full Committee at its next scheduled meeting.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">3.&nbsp;The Committee is authorized to retain
    independent counsel and other advisors to assist it in carrying
    out its responsibilities under this charter.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">4.&nbsp;The Committee shall discuss with the
    independent auditors the overall scope and plans for their
    respective audits, including the adequacy of staffing. It shall
    discuss with management and the independent auditors, the
    adequacy and effectiveness of the accounting and financial
    controls, including the Company&#146;s system to monitor
    business risk, and legal and ethical compliance programs. It
    shall meet separately with the independent auditors, with and
    without management present, to discuss the results of their
    examinations and any other matters required to be communicated
    to the Committee under generally accepted auditing standards.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">5.&nbsp;At least annually, the Committee shall
    obtain and review formal written reports by the independent
    auditors describing:
    </FONT></TD>
</TR>

</TABLE>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="6%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">a.&nbsp;the firm&#146;s internal quality control
    procedures;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">b.&nbsp;any material issues raised by the most
    recent internal quality control review, or peer review, of the
    firm, or by any inquiry or investigation by governmental or
    professional authorities;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">c.&nbsp;all relationships between the independent
    auditors and the Company, consistent with Independence Standards
    Board Standard&nbsp;1, to enable the Committee to evaluate the
    auditors&#146; attestation of their independence;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">d.&nbsp;their reasoning in accepting or
    questioning sensitive accounting estimates by management;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">e.&nbsp;their conclusions regarding any serious
    disagreements with management encountered during the course of
    the audit.
    </FONT></TD>
</TR>

</TABLE>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">6.&nbsp;The Committee shall review
    management&#146;s assessment of the effectiveness of the
    Company&#146;s internal control over financial reporting as of
    the end of the most recent fiscal year and the independent
    auditors&#146; assessment report on management&#146;s assessment.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">7.&nbsp;The Committee shall discuss with
    management, the internal auditors, and the independent auditors
    the adequacy and effectiveness of the Company&#146;s policies
    and procedures to assess, monitor, and manage business risk, and
    legal and ethical compliance programs (e.g., Company&#146;s
    Business Conduct Policy).
    </FONT></TD>
</TR>

</TABLE>

<P align="center"><FONT size="2">A-2
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">8.&nbsp;The Committee shall receive regular
    reports from the independent auditors delineating the critical
    accounting policies and practices of the Company; all
    alternative treatments of financial information within generally
    accepted accounting principles that have been discussed with
    management including:
    </FONT></TD>
</TR>

</TABLE>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="6%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">a.&nbsp;ramifications of the use of such
    alternatives;&nbsp;and
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">b.&nbsp;the treatment preferred by the
    independent auditors; material written communications between
    the independent auditors and management such as management
    letters and schedules of unadjusted differences; and their
    reasoning for not recognizing material audit adjustments the
    auditors proposed.
    </FONT></TD>
</TR>

</TABLE>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">9.&nbsp;The Committee shall resolve disagreements
    between management and the independent auditors regarding
    financial reporting.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">10.&nbsp;The Committee shall receive corporate
    attorneys&#146; reports of evidence of a material violation of
    securities laws or breaches of fiduciary duty. It shall adopt
    procedures for handling:
    </FONT></TD>
</TR>

</TABLE>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="6%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">a.&nbsp;The receipt, retention and treatment of
    complaints received by the Company regarding accounting,
    internal accounting controls, or auditing matters;&nbsp;and
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">b.&nbsp;The confidential anonymous submission by
    employees of concerns regarding questionable accounting or
    auditing matters.
    </FONT></TD>
</TR>

</TABLE>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">11.&nbsp;The Committee shall set hiring policies
    for employees or former employees of the independent auditors
    that meet the SEC regulations and stock exchange listing
    standards.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">12.&nbsp;The Committee shall review the interim
    financial statements with management and the independent
    auditors prior to any earnings release and prior to the filing
    of the Company&#146;s Quarterly Report on Form&nbsp;10-Q. It
    shall discuss the results of the quarterly review and any other
    matters required to be communicated to the Committee by the
    independent auditors under generally accepted auditing
    standards. The chair of the Committee may represent the entire
    Committee for the purposes of its review.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">13.&nbsp;The Committee shall meet separately with
    management, the internal auditors, and the independent auditors
    to discuss issues and concerns warranting Committee attention.
    The Committee shall provide sufficient opportunity for the
    internal auditors and the independent auditors to meet privately
    with the members of the Committee.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">14.&nbsp;The Committee shall review with
    management and the independent auditors, prior to any press
    release and prior to filing, the financial statements to be
    included in the Company&#146;s annual report on Form&nbsp;10-K
    (or the annual report to shareholders if distributed prior to
    the filing of Form&nbsp;10-K), including their judgment about
    the quality and appropriateness, not just the acceptability, of
    accounting principles, the reasonableness of significant
    judgments, and the clarity and completeness of the disclosures
    in the financial statements. It shall discuss the results of the
    annual audit and any other matters required to be communicated
    to the Committee by the independent auditors under generally
    accepted auditing standards.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">15.&nbsp;The Committee shall review the
    management discussion and analysis of financial condition and
    results of operations included in the Company&#146;s annual
    report and oversee the CEO and CFO&#146;s certifications of
    periodic reports required under the Securities and Exchange Act
    of 1934.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">16.&nbsp;The Committee shall prepare its report
    to be included in the Company&#146;s annual proxy statement, as
    required by SEC regulations.
    </FONT></TD>
</TR>

</TABLE>

<P align="center"><FONT size="2">A-3
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">17.&nbsp;The Committee shall report to the Board
    of Directors on a regular and timely basis.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">18.&nbsp;On an annual basis, the Committee shall:
    </FONT></TD>
</TR>

</TABLE>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="6%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">a.&nbsp;review and reassess the adequacy of this
    charter and recommend to the full Board any changes the
    Committee deems appropriate;&nbsp;and
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">b.&nbsp;evaluate its performance as a whole and
    that of its individual members to assess whether it is
    functioning effectively.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">
<B><FONT size="2">IV.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Limitation</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Nothing in this Charter is intended to alter in
any way the standard of conduct that applies to any of the
directors of the Corporation under the Indiana Business
Corporation Law, as amended, and this Charter does not impose,
nor shall it be interpreted to impose, any duty on any director
greater than, or in addition to, the duties or standards
established by the Indiana Business Corporation Law.
</FONT>

<P align="center"><FONT size="2">A-4
</FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<P align="center" style="font-size: 10pt"><B>LYNCH CORPORATION</B>



<P align="left" style="font-size: 10pt"><B>This Proxy is Solicited on Behalf of the Board of Directors</B>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The undersigned shareholder of LYNCH CORPORATION (the &#147;Corporation&#148;)
hereby appoints Raymond H. Keller and Richard E. McGrail, or any one of them
(each with power to act alone and with power of substitution), Proxies of the
undersigned, with authority to vote at the Annual Meeting of Shareholders of
the Corporation to be held May&nbsp;6, 2004 at 3:00 p.m., and at any adjournments
thereof, all the shares of Common Stock of the Corporation which the
undersigned would be entitled to vote if then personally present, upon the
matters proposed by the Corporation as specified below, and, in their
discretion, upon such other matters that may properly come before the Annual
Meeting, and any adjournments thereof.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>The shares represented by this Proxy shall be voted in accordance with the
instructions given by the shareholder, but if no instructions are given, this
Proxy will be voted FOR all of the nominees for Directors listed in Item&nbsp;1 and,
in the discretion of the Proxies, with respect to any other matter that is
properly brought before the Annual Meeting.</B>


<P align="center" style="font-size: 10pt">(continued and to be signed on the reverse side)



<P align="center" style="font-size: 10pt"><B>FOLD AND DETACH HERE</B>



<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<P align="center" style="font-size: 10pt"><B>Please mark your vote as indicated in this example: &#091;x&#093;</B>


<P align="left" style="font-size: 10pt">Item&nbsp;1: Election of Directors Duly Nominated:




<P align="left" style="margin-left:5%; font-size: 10pt">01 E. Val Cerutti, 02 Avrum Gray, 03 Mario J. Gabelli, 04 Ralph R.
Papitto and 05 Anthony R. Pustorino. <B>(INSTRUCTION: To withhold authority
to vote for one or more individual nominees, mark &#147;For All Except&#148; and
write such name or names on the space provided below.)</B>


<P align="center" style="font-size: 10pt"><HR align="center" size="1" noshade width="25%">


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">

<!-- Begin Table Head --><TR valign="bottom">
    <TD width="10%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="20%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="20%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="20%">&nbsp;</TD>
</TR>

<!-- End Table Head -->

<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#091;&nbsp;&nbsp;&#093; For All
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#091;&nbsp;&nbsp;&#093; Withhold All
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#091;&nbsp;&nbsp;&#093; For All Except</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Please sign exactly as
your name appears on
this Proxy. All joint
owners must sign. When
acting as 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 person. If a
partnership, please sign
in full partnership name
by authorized person.</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Dated:<U>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;</U>, 2004</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">(L.S.)
<HR size="1" noshade >
(Signature of Shareholder)</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">(L.S.)
<HR size="1" noshade >
(Signature of Shareholder)</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>PLEASE DATE, SIGN AND
MAIL THIS
PROXY IN THE ENVELOPE
PROVIDED.</B></TD>
</TR>


<!-- End Table Body -->
</TABLE>
</DIV>




<P align="center" style="font-size: 10pt">&nbsp;
</DIV>


<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">


<P align="center" style="font-size: 10pt"><B>LYNCH CORPORATION</B>



<P align="center" style="font-size: 10pt"><B>This Proxy is Solicited on Behalf of the Board of Directors</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The undersigned shareholder of LYNCH CORPORATION (the &#147;Corporation&#148;)
hereby appoints Fleet National Bank Retirement Services, as Trustee for shares
of the Corporation&#146;s Common Stock held in the Lynch Corporation 401(k) Savings
Plan and/or the Lynch Interactive Corporation 401(k) Savings Plan, Proxies of
the undersigned, with authority to vote at the Annual Meeting of Shareholders
of the Corporation to be held May&nbsp;6, 2004 at 3:00 p.m., and at any adjournments
thereof, all the shares of Common Stock of the Corporation which the
undersigned would be entitled to vote if then personally present, upon the
matters proposed by the Corporation as specified below, and, in their
discretion, upon such other matters that may properly come before the Annual
Meeting, and any adjournments thereof.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>The shares represented by this Proxy shall be voted in accordance with the
instructions given by the shareholder, but if no instructions are given, this
Proxy will be voted FOR all of the nominees for Directors listed in Item&nbsp;1 and,
in the discretion of the Proxies, with respect to any other matter that is
properly brought before the Annual Meeting.</B>


<P align="center" style="font-size: 10pt">(continued and to be signed on the reverse side)



<P align="center" style="font-size: 10pt"><B>FOLD AND DETACH HERE</B>



<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">




<P align="center" style="font-size: 12pt"><B>Please mark your vote as indicated in this example: </B>&nbsp; <FONT face="Wingdings">&#254;</FONT>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="95%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Item&nbsp;1:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Election of Directors Duly Nominated:</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">01 E. Val Cerutti, 02 Avrum Gray, 03 Mario J. Gabelli, 04 Ralph R. Papitto and 05 Anthony R. Pustorino.</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt"><HR size="2" noshade width="50%" align="center">


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="70%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="30%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top"><FONT face="Wingdings">&#111;</FONT>&nbsp;For All
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><FONT face="Wingdings">&#111;</FONT>&nbsp;Withhold All
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><FONT face="Wingdings">&#111;</FONT>&nbsp;For All Except</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="95%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>(INSTRUCTION: To withhold authority to vote for one or more individual
nominees, mark &#147;For All Except&#148; and write such name or names on the space provided below.)</B></TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="80%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="50%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="48%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Please sign exactly as
your name appears on
this Proxy. All joint
owners must sign. When
acting as 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 person. If a
partnership, please sign
in full partnership name
by authorized person.</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Dated:&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;, 2004</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">(L.S.)</TD>
</TR>

<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top"><HR size="1" noshade>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">(Signature of Shareholder)</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">(L.S.)</TD>
</TR>

<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top"><HR size="1" noshade>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">(Signature of Shareholder)</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>PLEASE DATE, SIGN AND
MAIL THIS PROXY IN THE
ENVELOPE PROVIDED.</B></TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt">* Fold and Detach Here *




<P align="center" style="font-size: 10pt">&nbsp;
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end

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