work can be more clearly assessed and proper credit given. Those of us in executive positions keep an open door and hopefully an open mind. We expect our top people to be accessible, approachable, capable of making sound decisions and willing to make them within the area of their authority. If they want the benefit of the counsel of others for help and advice, they are free to seek this on a voluntary basis, but the final responsibility for the decision is theirs. They are not required to go through any committee setup that consumes time, delays action, and diffuses responsibility. We try to recognize ability where we find it. Performance is what counts -- not age or service with the company, and especially not relationship by blood or marriage to the four families that still represent over 50% of the stock outstanding. The average age when our present officer group made the rank of Vice President was 48 but two were in their 30's and several in their early 40's. The average period between the time of initial employment and achieving Vice Presidential status was 8 years. We could not have transformed the nature of our business nor achieved the rate of growth we have enjoyed by strictly adhering to the policy of promoting from within and, while we favor those who are working for us, we also recognize that the introduction of new blood from the outside can add new strength to our organization. I am now the only full-time employee of Utah who has enjoyed the dubious advantage of being related to any of the large family shareholders. -13-