<PAGE>
DATARAM CORPORATION
A New Jersey Corporation
NOTICE OF ANNUAL MEETING OF SHAREHOLDERS
to be held on September 10, 1996
TO THE SHAREHOLDERS OF DATARAM CORPORATION:
The Annual Meeting of the Shareholders of DATARAM CORPORATION (the
"Company") will be held at the Company's corporate headquarters at 186
Princeton-Hightstown Road, Windsor Business Park, West Windsor, New Jersey, on
Tuesday, September 10, 1996 at 2:00 p.m., for the following purposes:
(1) To elect five (5) directors of the Company to serve until the next
succeeding Annual Meeting of Shareholders and until their successors
have been elected and have qualified.
(2) To ratify the selection of KPMG Peat Marwick LLP as the independent
certified public accountants of the Company for the fiscal year
ending April 30, 1997.
(3) To transact such other business as may properly come before the
meeting or any adjournments.
Only shareholders of record at the close of business on the 26th day of
July, 1996 are entitled to notice of and to vote at this meeting.
By order of the Board of Directors
Thomas J. Bitar, Secretary
August 2, 1996
The Company's 1996 Annual Report is Enclosed.
PLEASE COMPLETE, DATE, SIGN AND RETURN THE ACCOMPANYING PROXY
IN THE ENCLOSED ENVELOPE. NO POSTAGE IS REQUIRED. <PAGE>
[LOGO]
DATARAM CORPORATION
PROXY STATEMENT
ANNUAL MEETING OF SHAREHOLDERS
SEPTEMBER 10, 1996
This Proxy Statement is furnished by DATARAM CORPORATION (the "Company"),
which has a mailing address for its principal executive offices at P.O. Box
7528, Princeton, New Jersey 08543- 7528, in connection with the solicitation by
the Board of Directors of proxies to be voted at the Annual Meeting of
Shareholders of the Company to be held at the Company's corporate headquarters
at 186 Princeton-Hightstown Road, Windsor Business Park, West Windsor, New
Jersey on Tuesday, September 10, 1996 at 2:00 p.m. The close of business on
July 26, 1996 has been fixed as the record date for the determination of
shareholders entitled to notice of and to vote at the Annual Meeting and any
adjournments thereof. This Proxy Statement was mailed to shareholders on or
about August 2, 1996.
VOTING RIGHTS
On July 26, 1996, there were outstanding and entitled to vote 3,531,705
shares of the Company's common stock, par value $1.00 per share (the "Common
Stock"). Holders of the Common Stock are entitled to one vote, exercisable in
person or by proxy, for each share of Common Stock owned on the record date.
Shareholders may revoke executed proxies at any time before they are voted by
filing a written notice of revocation with the secretary of the Company. Where
a choice has been specified in the proxy, the shares will be voted as directed.
With respect to each matter to be voted upon, a vote of a majority of the
number of shares voting is required for approval or election. Abstentions will
be counted as votes cast, but proxies submitted by brokers with a "not voted"
direction will not be counted as votes cast with respect to each matter to be
voted upon where such instruction is given.
<PAGE>
EXECUTIVE OFFICERS OF THE COMPANY
The following table sets forth information concerning each of the
Company's executive officers:
Name Age Positions with the Company
____ ___ __________________________
Robert V. Tarantino 53 President, Chief Executive Officer and Director
Jeffrey H. Duncan 46 Vice President - Manufacturing and Engineering
Mark E. Maddocks 44 Vice President - Finance and Chief Financial
Officer
Hugh F. Tucker 43 Vice President - Sales and Marketing
Robert V. Tarantino has been employed by the Company since 1970. He began
as a project engineer and has held such positions as Manufacturing Supervisor,
Manufacturing Manager and Operations Manager. He was elected Vice President of
Operations in 1972, Executive Vice President in 1979, President and Chief
Operating Officer in 1984 and Chief Executive Officer in 1986.
Jeffrey H. Duncan has been employed by the Company since 1974. In 1983,
he was promoted to Senior Project Engineer. In 1986, he was promoted to Custom
Systems Manager. In 1988 he was named Engineering Manager, and in 1989, he
became Director of Engineering. In 1990, he was elected Vice President-
Engineering. In 1995, he was named Vice President - Manufacturing and
Engineering.
Mark E. Maddocks has been employed by the Company since 1978. He began as
a staff accountant. In 1982, he was promoted to the position of Data
Processing Supervisor. In 1983, he became Accounting Manager, and in 1986, he
was named Controller. This past year he was named Vice President - Finance and
Chief Financial Officer.
Hugh F. Tucker has been employed by the Company since 1983, initially as
Western Regional Sales Manager. In 1995 he was promoted to Director of Sales
and Marketing. In June of 1996 he was elected Vice President - Sales and
Marketing.
ELECTION OF DIRECTORS
Five (5) directors will be elected at the Annual Meeting of Shareholders
by the vote of a plurality of the shares of Common Stock represented at such
meeting. Unless otherwise indicated by the shareholder, the accompanying proxy
will be voted for the election of the five (5) persons named under the heading
"Nominees for Directors." Although the Company knows of no reason why any
nominee could not serve as a director, if any nominee shall be unable to serve,
the accompanying proxy will be voted for a substitute nominee.
2<PAGE>
NOMINEES FOR DIRECTORS
The term of office for each director will expire at the next Annual
Meeting of Shareholders and when the director's successor shall have been
elected and duly qualified. Each nominee is a member of the present Board of
Directors and has been elected by shareholders at prior meetings, except Mr.
Riley who was elected by the Board of Directors to fill a vacancy:
Name of Nominee Age
_______________ ___
Robert V. Tarantino 53
Richard Holzman 62
John J. Cahill 63
Thomas A. Majewski 44
Bernard L. Riley 66
Mr. Tarantino is an executive officer of the Company. Mr. Tarantino has
been a director since 1981.
Richard Holzman has been retired since September of 1995. From January of
1994 until August of 1995, he had been Vice-President of Optika Imaging
Systems. Prior to that, and for more than five years, he had served as
President of Teamworks Technologies, Inc., a software development company. Mr.
Holzman has been a Director since 1978.
John J. Cahill has been a private investor since 1989. Prior to that, he
had been President and a director of Rockaway Corporation, a manufacturer and
distributor of mailing equipment. Mr. Cahill is also a director of Micro-
General Corp. Mr. Cahill has been a Director since 1980 and has served as
Chairman of the Board of Directors since 1995.
Thomas A. Majewski has been a principal in Walden, Inc., a computer
consulting and technologies venture capital firm, since 1990. Prior to 1990,
he had been Chief Financial Officer of Custom Living Homes & Communities, Inc.,
a developer of residential housing. Mr. Majewski has been a Director since
1990.
Bernard L. Riley retired as Executive Vice President and Chief Financial
Officer in December of 1995. He had been employed by the Company since 1992.
His business career included thirty years with International Paper with senior
responsibilities in both finance and general management before taking early
retirement in 1985. At that time, he was Vice President - Logistics.
Thereafter, he served for four years as Vice President, Finance and as a
director of Emcore Corporation, a semiconductor equipment manufacturer. During
the two years immediately prior to joining Dataram, he was a management
consultant. Mr. Riley has been a Director since 1995.
3<PAGE>
SECURITY OWNERSHIP OF CERTAIN
BENEFICIAL OWNERS AND MANAGEMENT
The following table sets forth the number of shares of Common Stock
beneficially owned by certain owners known by the Company to beneficially own
in excess of 5% of the Common Stock, each director of the Company, and all
directors and executive officers collectively, as of July 26, 1996. Unless
otherwise indicated, stock ownership includes sole voting power and sole
investment power. No other person or group is known to beneficially own in
excess of five percent (5%) of the Common Stock.
Name of Director Amount and Percent
or Number of Nature of of
Persons in Group Beneficial Ownership Class(1)
___________________ ____________________ ________
Robert V. Tarantino 324,128(2) 9.0%
Richard Holzman 37,460(3) 1.1%
John J. Cahill 22,800(3) *
Thomas A. Majewski 25,500(3) *
Bernard L. Riley 45,000(4) 1.3%
Directors and 511,588(5) 13.7%
executive officers
as a group (8 persons)
__________
(1) On July 26, 1996, 3,531,705 shares were outstanding.
(2) Of this amount, 5,700 shares are held by Mr. Tarantino's
wife and 60,000 shares may be acquired by the exercise of
options held. Mr. Tarantino's address is 186 Princeton-
Hightstown Road, Windsor Business Park, West Windsor, New
Jersey 08550.
(3) Of this amount, 22,500 shares may be acquired by the
exercise of options held.
(4) Of this amount, 37,500 shares may be acquired by the
exercise of options held.
(5) Of this amount, 139,500 shares may be acquired by the
exercise of options held by executive officers under the
Company's incentive and non-statutory stock option plan, and
67,500 shares may be acquired by exercise of options held by
outside directors.
* Less than 1%.
4<PAGE>
<TABLE>
EXECUTIVE COMPENSATION
The following table sets forth the compensation paid for the fiscal years ended April 30, 1994,
1995 and 1996 to the Company's Chief Executive Officer and the four other most highly paid executive
officers.
Summary Compensation Table
Annual Compensation Long Term Compensation
___________________________ ______________________
Other
Name and Annual Stock Other
Principal Fiscal Compen- Options Compen-
Position(1) Year Salary Bonus sation Awarded sation(2)
___________ _____ _______ ______ ______ _______ _________
<S> <C> <C>
Robert V. Tarantino 1996 $238,050 $32,445 -- -- $11,423
President, Chief Executive 1995 230,635 -- -- -- 12,900
Officer, Director 1994 224,050 -- -- -- 12,900
Bernard L. Riley(3) 1996 111,900 19,496 -- -- 2,730
Executive Vice President - 1995 147,002 -- -- -- 2,813
Finance, Director 1994 144,791 -- -- -- 1,950
Jeffrey H. Duncan 1996 144,550 19,467 -- -- 9,275
Vice President - Manu- 1995 124,990 -- -- -- 6,932
facturing and Engineering 1994 115,130 -- -- -- 6,365
Mark E. Maddocks 1996 121,323 14,093 -- 40,000 6,707
Vice President - Finance, 1995 95,475 -- -- -- 5,603
Chief Financial Officer 1994 95,075 -- -- -- 5,603
Hugh F. Tucker 1996 175,550 -- -- 30,000 9,633
Vice President - Sales 1995 125,059 -- -- -- 7,504
and Marketing 1994 143,087 -- -- -- 8,585
________
(1) No other executive officer had annual compensation in excess of $100,000 in fiscal 1996.
(2) Payments by the Company to a plan trustee under the Company's Savings and Investment Retirement
Plan, a 401(k) plan. The Company does not have a pension plan.
(3) Mr. Riley retired as an executive officer in December of 1995.
</TABLE>
5<PAGE>
No options were exercised by the named executive officers during the
fiscal year ended April 30, 1996. The following tables provide information on
the number and value of the named executive officers' unexercised options at
year end and options granted during the fiscal year:
Option Values at April 30, 1996
Value of
Unexercised
Number of In-the-Money
Options at Options at
April 30, 1996 April 30, 1996
______________ _______________
Exercisable/ Exercisable/
Name Unexercisable Unexercisable ($)
____ _____________ _________________
Robert V. Tarantino 60,000 - 0 -
40,000 - 0 -
Bernard L. Riley 37,500 - 0 -
12,500 - 0 -
Mark E. Maddocks 6,000 - 0 -
44,000 - 0 -
Jeffrey H. Duncan 36,000 14,205
20,000 - 0 -
Hugh F. Tucker - 0 - - 0 -
30,000 24,375
<PAGE>
<TABLE>
Option Grants in Fiscal 1996
Potential
Percent Exercise Expiration Realizable Value(1)
Name Number of Total Price($) Date 5%($) 10%($)
____ ______ ________ ________ __________ ___________________
<S> <C>
Robert V. Tarantino -- -- -- -- -- --
Bernard L. Riley -- -- -- -- -- --
Mark E. Maddocks 40,000 30% 6.75 11/28/05 169,802 430,310
Jeffrey H. Duncan -- -- -- -- -- --
Hugh F. Tucker 30,000 23% 5.12 6/6/05 96,598 244,799
______________________________
(1) Assumes a growth in the value of the Company's Common Stock from the grant date at
the annual percentage rate indicated for ten years.
</TABLE>
6<PAGE>
PERFORMANCE GRAPH
COMPARISON OF THE FIVE-YEAR CUMULATIVE TOTAL RETURN*
AMONG DATARAM CORPORATION, THE S&P 500 INDEX AND A PEER GROUP
[The chart is a three-line graph of dollars versus dates having the following
datapoints:
4/91 4/92 4/93 4/94 4/95 4/96
____ ____ ____ ____ ____ ____
Dataram 100 441 270 148 146 176
Peer Group** 100 120 107 162 192 283
S&P 500 100 114 125 131 154 201]
* $100 invested on 4/30/91 in stock or index including reinvestment of
dividends, fiscal year ending
April 30.
** Computer-Memory Devices Peer Group (compiled by Investor's Business Daily)
includes the following companies: Alliance Semiconductor, Inc.; Applied
Magnetics Corp.; Cambex Corp.; Catalyst Semiconductor, Inc.; Ciprico, Inc.;
Dataram Corp.; Disc, Inc. (1); Drexler Technology Corp.; EMC Corp. Mass.;
Emulex Corp.; Exabyte Corp.; IPL System, Inc.; Iomega Corp.; Komag, Inc.;
Microchip Technology, Inc.; Network Imaging Corp.; Pinnacle Micro Inc.; Quantum
Corp.; Ramtron International Corp.; Read-Rite Corp.; Rimage Corp.; Seagate
Technology; Stac Electronics; Storage Technology Corp.; Syquest Technology,
Inc. (1); Veritas Software Co.; and Zitel Corp.
- ----------
(1) Added by Investor's Business Daily to the Peer Group during the past year.
Five companies, Conner Peripherals, Inc., Maxtor Corp., Micropolis Corp.,
Mirror Technologies, Inc. and Rexon, Inc. were dropped by Investor
Business Daily from the Peer Group during the past year as they are no
longer trading.
7<PAGE>
EMPLOYMENT AGREEMENT
As of May 1, 1990, Robert V. Tarantino entered into an Employment
Agreement with the Company. The Employment Agreement was scheduled to expire
on April 30, 1995 but was not terminated and continues on a year to year basis
until terminated by one of the parties. It provides for compensation of
$175,000 a year, subject to annual review by the Board of Directors. He
presently earns $240,000 a year in base salary. In lieu of the bonus provided
under the Employment Agreement, Mr. Tarantino will receive a bonus under the
Board approved bonus plan (See "Report of the Compensation and Stock Option
Committee of the Board of Directors on Executive Compensation-Bonuses). The
Employment Agreement may be terminated by the Company for cause and expires
upon the death, or six months after the onset of the disability, of the
executive. In the event of termination within a year of a change of control,
Mr. Tarantino is entitled to damages for the breach of the Employment Agreement
or, if greater, one year's base salary plus three months additional salary at
the then current rate for each year of the Agreement in which the pre-tax
operating profits shall have exceeded 110% of the greater of the prior year's
actual pre-tax operating profit or a minimum base pre-tax operating profit.
The Employment Agreement contains terms concerning confidentiality, assignment
and disclosure of inventions and post-employment restrictions on competition.
COMPENSATION COMMITTEE INTERLOCKS AND INSIDER PARTICIPATION
The Securities and Exchange Commission rules regarding disclosure of
executive compensation require proxy statement disclosure of specified
information regarding certain relationships of members of the Company's Board
of Directors with the Company or certain other entities. None of the members
of the Corporation's Board of Directors has a relationship requiring such
disclosure.
REPORT OF THE COMPENSATION AND STOCK OPTION COMMITTEE
OF THE BOARD OF DIRECTORS ON EXECUTIVE COMPENSATION
The Company's compensation policies applicable to its executive officers
are administered by the Compensation and Stock Option Committee (the
"Committee") of the Board of Directors. All members of the Committee are non-
employee directors. These policies are designed to enhance the overall
strength and financial performance of the Company by aligning the financial
interests of the Company's executive officers with those of its stockholders.
The three primary components of executive compensation are base salaries,
bonuses and stock option grants. The Committee determines the base salary,
bonus amount and stock option grants for the President and Chief Executive
Officer. The Committee reviews and gives final approval to the President and
Chief Executive Officer's recommendations for base salaries, bonus and stock
option grants for all other executives.
Base Salary
The Committee considered the financial performance of the Company,
reviewed a survey of executive salaries for computer and computer products
companies (compiled by the American Electronics Association) and determined the
base salary for the President and Chief Executive Officer, Robert V. Tarantino.
8<PAGE>
Base salaries for other executive officers for the fiscal year ended April
30, 1996 were determined by the President and Chief Executive Officer.
Bonuses
The Committee reviewed and gave final approval for a bonus plan for the
President and Chief Executive Officer and for other executive officers. This
bonus plan, similar to plans adopted in prior years, is based on a distribution
of a percentage (approximately 6%) of pre-tax operating profits based on the
achievement of agreed-to objectives.
Stock Option Plan
The value to each executive officer of stock option grants is tied
directly to stock price performance. The Committee grants options under the
stockholder approved option plan at an exercise price equal to the market price
of the Common Stock at the date of grant. If there is no appreciation in the
market price for the Company's Common Stock, the options are valueless.
Grants are made to executive officers based on salary, responsibility and
performance of the individual officer. The Committee believes that options are
important to better align the financial interests of executive officers with
those of shareholders in general. Each option granted was a ten year option
with a deferred vesting provision for four or five years.
Compensation and Stock Option Committee
Richard Holzman
John H. Cahill
Thomas A. Majewski
INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTS
The Board of Directors has selected KPMG Peat Marwick LLP as the
independent certified public accountants to the Company for the fiscal year
ending April 30, 1997. The holders of Common Stock are asked to ratify this
selection. KPMG Peat Marwick LLP has served the Company in this capacity since
the Company's incorporation. If the shareholders fail to ratify the Board's
selection of KPMG Peat Marwick LLP, the Board will reconsider its action in
light of the shareholder vote.
The Company has been informed that neither KPMG Peat Marwick LLP, nor any
of its partners, has any direct financial interest or any material indirect
financial interest in the Company or any of its subsidiaries, nor has any of
its partners acted in the capacity of promoter, underwriter, voting trustee,
director, officer or employee of the Company.
The Company has been advised by KPMG Peat Marwick LLP that representatives
of that firm are expected to be present at the Annual Meeting of Shareholders.
These representatives will have the opportunity to make a statement, if they so
desire, and will also be available to respond to appropriate questions from
shareholders.
9<PAGE>
OTHER MATTERS
Should any other matter or business be brought before the meeting, a vote
may be cast pursuant to the accompanying proxy in accordance with the judgment
of the proxy holder. The Company does not know of any such other matter or
business.
PROPOSALS OF SECURITY HOLDERS AT 1997 ANNUAL MEETING
Any shareholder wishing to present a proposal which is intended to be
presented at the 1997 Annual Meeting of Shareholders should submit such
proposal to the Company at its principal executive offices no later than April
6, 1997. It is suggested that any proposals be sent by certified mail, return
receipt requested.
BOARD OF DIRECTORS
The Board of Directors of the Company met five times during the last
fiscal year. The Board of Directors has a standing Audit Committee whose
members are John J. Cahill, Richard Holzman and Thomas A. Majewski. This
Committee met once during the last fiscal year. The principal functions of the
Audit Committee are evaluation of work of the auditors, review of the
accounting principles used in preparing the annual financial statements and
review of internal control procedures. The Board of Directors has a standing
Compensation and Stock Option Committee whose members are Richard Holzman, John
J. Cahill and Thomas A. Majewski. This Committee met twice during the past
fiscal year. The principal functions of the Compensation and Stock Option
Committee are to recommend to the Board of Directors the compensation of
directors and the Chief Executive Officer and to establish and administer
various compensation plans, including stock option plans. The Board of
Directors has a standing Nominating Committee whose members are Richard
Holzman, John J. Cahill and Thomas A. Majewski. This Committee met once during
the past fiscal year. The principal function of this Committee is the
recommendation to the Board of Directors of new members of the Board of
Directors. This Committee will consider nominees for the Board of Directors
recommended by shareholders. Shareholders desiring to make such
recommendations should write directly to the Committee at the Company's
executive offices at P.O. Box 7528, Princeton, New Jersey 08543-7528.
Mr. Cahill, Chairman of the Board of Directors, receives compensation of
$12,500 per quarter. Other directors who are not employees of the Company
receive a quarterly payment of $3,750. During 1992, Mr. Cahill, Mr. Holzman
and Mr. Majewski each received five year options to purchase 30,000 shares of
the Common Stock of the Corporation at $11.25, the fair market value of the
Common Stock at the date of grant. Of these options, 25% were first
exercisable on November 20, 1993 and 25% more are first exercisable on each
succeeding anniversary date until the option is fully exercisable.
10<PAGE>
SECTION 16(a) COMPLIANCE
The Securities and Exchange Commission requires that the Company report to
shareholders the compliance of directors, executive officers and 10% beneficial
owners with Section 16(a) of the Securities Exchange Act of 1934, as amended.
This provision requires that such persons report on a monthly basis most
acquisitions or dispositions of the Company's securities. Based upon
information submitted to the Company, all directors, executive officers and 10%
beneficial owners have fully complied with such requirements during the past
fiscal year.
MISCELLANEOUS
The accompanying proxy is being solicited on behalf of the Board of
Directors of the Company. The expense of preparing, printing and mailing the
form of proxy, including broker solicitation fees and accountants' and
attorneys' fees in connection therewith, will be borne by the Company. The
amount is expected to be the amount normally expended for a solicitation for an
election of directors in the absence of a contest and costs represented by
salaries and wages of regular employees and officers. Solicitation of proxies
will be made by mail, but regular employees may solicit proxies by telephone or
otherwise.
Please date, sign and return the accompanying proxy at your earliest
convenience. No postage is required for mailing in the United States.
Financial information concerning the Company is set forth in the Company's
1996 Annual Report, which is enclosed.
By Order of the Board of Directors
THOMAS J. BITAR,
SECRETARY
ANNUAL REPORT ON FORM 10-K
Upon the written request of a shareholder, the Company will provide,
without charge, a copy of its Annual Report on Form 10-K for the year ended
April 30, 1996, including the financial statements and schedules but without
exhibits, as filed with the Securities and Exchange Commission. The Company
will furnish any exhibit to the Annual Report on Form 10-K to any shareholder
upon request and upon payment of a fee equal to the Company's reasonable
expenses in furnishing such exhibit. All requests for the Annual Report on
Form 10-K or its exhibits should be addressed to Vice President - Finance,
Dataram Corporation, P.O. Box 7528, Princeton, New Jersey 08543-7528.
11<PAGE>
DATARAM CORPORATION
P.O. Box 7528, Princeton, New Jersey 08543-7528
PROXY SOLICITED ON BEHALF OF THE COMPANY'S BOARD OF DIRECTORS
The undersigned hereby appoints and constitutes Robert V. Tarantino and Thomas
J. Bitar, and each of them, attorneys and proxies for the undersigned, with
full power of substitution to vote as if the undersigned were personally
present at the Annual Meeting of the Shareholders of Dataram Corporation (the
"Company") to be held at the Company's corporate headquarters at 186 Princeton-
Hightstown Road, Windsor Business Park, West Windsor, New Jersey, on Tuesday,
September 10, 1996 at 2 o'clock in the afternoon and at all adjournments
thereof, the shares of stock of said Company registered in the name of the
undersigned. The undersigned instructs all such proxies to vote such shares as
follows upon the following matters, which are described more fully in the
accompanying proxy statement:
I authorize and instruct my Proxy to:
1. VOTE FOR all nominees for the Company's Board of Directors listed below;
except that I WITHHOLD AUTHORITY for the following nominees (if any)
Richard Holzman John J. Cahill Robert V. Tarantino
Thomas A. Majewski Bernard L. Riley
VOTE WITHHELD from all nominees.
2. VOTE FOR AGAINST ABSTAIN approval of KPMG Peat Marwick, LLP
to be the independent auditors of the Company for the fiscal year ending April
30, 1997
(Continued, and to be signed, on the other side)<PAGE>
(See other side)
3. In their discretion, to vote upon such other business as may properly come
before the meeting and all adjournments thereof. This proxy when properly
executed will be voted in the manner directed herein by the undersigned
stockholder. If no direction is made, this proxy will be voted for Proposals 1
and 2.
Please sign exactly as name appears below. When shares are held by joint
tenants, both should sign. When signing as attorney, as executor,
administrator, trustee or guardian, please give full title as such. If a
corporation, please sign in full corporate name by
President or other authorized officer.
If a partnership, please sign in
partnership name by authorized person.
Signature
Signature if held jointly
Dated 1996
PLEASE MARK, SIGN, DATE AND RETURN THE
PROXY CARD PROMPTLY USING THE ENCLOSED
ENVELOPE.
