General Electric meetings. Each of us takes away something that is useful to us in our business affairs. While we learn together, as Directors we also have fun together. Part of this comes from the trips we take together which sometimes are so arranged that we spend a golfing weekend together before the business of the Board is assumed. Part of it stems from the dinners we have from time to time together in New York and elsewhere. Part of it is because I have never found a group of men so easy to like, so much fun to be with, so free from pretense. There is not one of them that you would not seek and welcome as a friend and companion. Given the legal liabilities assumed, no one in their right mind would serve as a Director of another company if the financial compensation were the only reward. Obviously most of the Directors are in the higher tax brackets and keep little of the fee or retainer that is paid. However, as companies go, the G. E. Directors are relatively well compensated, receiving a retainer of $7,500 yearly and an attendance fee of $300 a meeting. While it is not classified as compensation per se, the Directors do not find unwelcome their eligibility for Appliance Exchange Plan or their ability to participate in the Corporate Alumnus Program. But the real compensation to us comes from the fact that each and every one of us is proud to be associated with General Electric. We are proud of the company, and we are proud of the company we keep. To this I am no exception. # # #