Dear Guy: It is July 1, 1969, and we continue to live in an uncertain world. But on this day there is one thing of which I am absolutely sure -- the company will never be quite the same again. The change will not show on the balance sheet in detectable form for under the peculiar rules of accounting no provision is made for the capitalization of the company's most precious assets --its people. For the past 27 years you have served this company faithfully and extremely well. No matter what the assignment you brought to it your very considerable talents, complete conscientiousness, and a devotion to the company's interests always. More than that you conducted yourself in a way that earned you the profound respect and great affection from all those of us privileged to be associated with you. You were a character with character. In the mail room or the Board room, in the field or in the home office, Guy Sperry could find only friends. For the past 18 years I have had the good fortune to be associated with you. In that time we have come a long ways together, and I am personally most grateful for your full measure of support during the good times and the bad. Now as you hang up your spikes, I cannot help but feel a sense of regret that you will -5-