Zapata Corporation has rejected an unsolicited offer it received by e-mail from Hollingsworth, Rothwell & Roxford, a purported partnership.

The e-mail stated that the partnership would purchase all outstanding Zapata shares for $45 per share. Zapata's Board of Directors has determined that it would not be in the best interest of Zapata or its stockholders to pursue this matter. As of September 30, 2002, the Company reported a book value per share of $73.23 in its Quarterly Report on Form 10-Q filed with the Securities & Exchange Commission.

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