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%%                  THE COMMODORE SHAREHOLDER MOVEMENT                   %%
%%                     MAJOR ANNOUNCEMENT - 1/27/93                      %%
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Commodore's Annual Report and Shareholder Proxies have finally been sent out.

The Shareholders' Meeting will be held on March 2, 1994 at 10:00am at
the Lyford Cay Club, Nassau, Bahamas.

All shares bought before January 10th, 1994 entitle their owner to vote
by proxy or in person at the meeting.

Items to be voted on for this meeting:

1. Election of Class III Directors - Irving Gould and Alexander M. Haig Jr.
   Choices are FOR all nominees, WITHHOLD authority to vote for both
   nominees, and FOR both nominees, EXCEPT the nominees written in.

2. Amendment of the Company's Articles
   Choices are For Amendment and Withhold authority to vote for the
   Amendment.

  ************************************************************************
  *                                                                      *
  *  IF HAVE RECEIVED YOUR PROXY, HERE'S WHAT TO DO:                     *
  *                                                                      *
  *  SIGN AND DATE YOUR PROXY VOTE. BUT PLEASE DO NOT CHECK OFF ANY      *
  *  RESPONSE BECAUSE DOING SO PRECLUDES ANY OTHER OPTIONS WHICH MAY     *
  *  BE MORE EFFECTIVE (The way the choices are worded, you either vote  *
  *  for the nominee/amendment or not at all).                           * 
  *                                                                      *
  *  SEND THE VOTE AND ITS ENVELOPE TO THE FOLLOWING ADDRESS:            *
  *                                                                      *
  *  COMMODORE SHAREHOLDERS MOVEMENT                                     *
  *  P.O. BOX 8296                                                       *
  *  PHILADELPHIA, PA 19101                                              *
  *                                                                      *
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The Director positions have three year terms (these two ending in 1996).

The Amendment is an important change to the Company's Articles of 
Incorporation.  It essentially removes the necessary 3/4 vote of all
outstanding shares on decisions by Commodore's Board of Directors to
certain things including mergers, transfers of stock or assets, or loans
over $10 million in value. The possibilities range from selling the company
to just being able to accept larger loans.