Optiplex 380MT does not boot, error codes 1&2

I have a Optiplex 380 MT with the following configuration:  3GB RAM, 320GB HDD, Win7 32 bit.  It will not boot into the OS and has the diagnostic codes 1&2 lit up.   When consulting the manual, this is an error for an expansion card but there are none installed.

I disconnected the DVD & HDD and removed both RAM chips and reinstalled them one at a time with no success.  Is this a bad system board?