November 16, 1976 Mr. Ralph Roberts 1165 Madia Street Pasadena, California 91103 Dear Mr. Roberts, Thank you for your letter of November 12. I appreciate your writing. Those of us who have been charged with the management of Utah International have worked to make the company a growth stock, and the record testifies that we have been successful in achieving this objective. We will continue to strive to cause the earnings of Utah International to grow and we think we can do so. The large the company gets the harder it becomes obviously to maintain rates of growth in the future of the size Utah has achieved in the past. It is your privilege to vote your shares as your judgment dictates. I cannot really go beyond the material in the proxy statement. It is a judgment call and in my judgment the merger is in the best interests of those holding the majority of the shares. My judgment has not been infallible but neither has it served the shareholders of Utah too badly. I can only put before you my recommendation but you must make the final decision on how your shares are to be voted. I shall pass on your kind regards to Spence Eccles when next I see him. Sincerely yours, EWL/nf