[LOGO OF ZAPATA CORPORATION]
June 26, 1995
To Our Stockholders:
You are cordially invited to attend the 1995 Annual Meeting of Stockholders to
be held on July 27, 1995, at 12:00 noon, New York time, at the offices of
Bloomberg Financial Markets Commodity News, 499 Park Avenue, New York, New York
At the meeting, we will report on the progress of the Company, comment on
matters of interest, and respond to your questions. A copy of the Company's 1994
annual report to stockholders has been or is being furnished to stockholders.
Whether or not you plan to attend the meeting, we ask that you indicate the
manner in which you wish your shares to be voted and sign and return your proxy
as promptly as possible in the enclosed envelope so that your vote may be
recorded. You may vote your shares in person if you attend the meeting, even if
you send in your proxy.
I appreciate your continued interest in the Company.
/s/ Avram A. Glazer
Avram A. Glazer
President and Chief Executive Officer