Message from Board Chairman

We strive to have an economic, social and spiritual impact and provide a safe and growing company for all our shareholders.

Dear Shareholder,

During the past 15 years we have used a strategy of steady plodding, keeping expenses low and looking for investment opportunities that we believe have low downside and a good chance of providing good returns. We have truly been blessed with great partners who have expertise in certain industries that have given us the opportunity to invest right beside them and for that we are grateful.

As a result of our strategy, your Company has a strong balance sheet that has no debt and another year of solid earnings. We continue to keep our powder dry with cash to take advantage of opportunities after we have spent time carefully analyzing each and every opportunity. Our biggest threat remains the low interest rate environment. The longer the rates stay low or go lower the more pressure it puts on the Company to find investments that provide suitable return.

Your interest as a shareholder is aligned with our executive team and board as all of us own stock in UTG. We have not and do not plan to pay dividends unless we are not able to find investments that meet our objectives.

The stock buyback plan continues to be in place for those who may want to sell. If you have questions or a desire to sell, please feel free to give our office a call.

We consider it an honor to serve you.

Sincerely,

Jesse T. Correll

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