February 10, 1970 Utah has been a firm believer in the desirability of harmonizing the interests of shareholders and of management. We believe that each group should share in the company's prosperity and in its adversities. Therefore it has been our practice for many years to pay a substantial part of the yearly compensation to our key employees as a year-end bonus. The size of the total bonuses paid has gone up or down as profits have changed, and the bonus awarded to the individual employee has depended upon the appraisal of his particular contribution to the overall performance of the company. Under this policy both the shareholders and the management staff have fared well. In the past five years the shareholders have seen earnings more than treble, dividends almost double, and the market price of the shares rise some $500 million, almost 8 times the value 5 years ago. In that same period of time year-end bonuses have increased from $90,750 to $650,000. 80 employees participated in the 1969 awards. The year-end bonuses have for the most part been paid in cash. More recently some individuals have received part of their bonuses in restricted stock in lieu of cash. 11, 700 shares of treasury stock were used for this purpose. This treasury stock consisted of shares reacquired by the company from employees who had purchased them originally under an Employees' Stock Purchase Plan authorized by the shareholders some years ago, which plan has since expired. When for one reason or another an employee did not complete his purchase of all the stock allotted to him, the