Ralph Roberts 1165 Madia Street Pasadena, California 91103 12 November 1976 Mr. E. W. Littlefield, Chairman Utah International Inc. 550 California Street San Francisco, Ca 94104 Dear Mr. Littlefield: Perhaps I should tell you the reason I expect to vote No on the Utah/GE merger. When we acquired our shares in Utah Intl. early in 1974 its market price was 50, equivalent to 37 since the 4/3 split in 75. Now it is quoted 63, a 68% Gain. Clearly, Utah Intl. has been a good growth stock. And I think we might as clearly say that investors in Utah are growth stock-minded. GE, in the same period, was moved from 63 to 51, for a loss of 23%. And over various periods, the same comparison is valid. I can see why Utah directors, loaded with shares, might seek a safe haven, in lieu of the situation stressed in your letter October 29th recommending the merger. But for the balance of your shareholders, many thousands, if they wished a safer and colorless investment, why wouldnt we have switched to GE (or even a better one)? I shall withhold my proxy for while in case you wish to reply. Yours sincerely Ralph Roberts R ms Regards to Spence Eccles, from the father of an old skiing friend of his, Ann Roberts (now Coleman), in S.F.