York Stock Exchange in 1968 and Utah was in the process of becoming an investment favorite of the institutions and being elevated into a class by itself among the mining companies. In the few minutes remaining I would like to review with you some of the reasons why I believe Utah has been accorded this unique distinction. First I would cite to you Utah's. growth record. If its performance is inferior to that of 1900, it still does not suffer by comparison to other companies. For the past 20 years Utah's earnings have grown at a compound rate of over 15% and when the 1973 results are in the compound rate will be in excess of 20% for the last 5 years. On the record Utah has demonstrated a rare ability to be in the right place at the right time, selecting well in advance as targets for its exploration those minerals that have proved to be the more promising and avoiding those that have demonstrated limited economic potential. Its record in exploration and discovery has been extraordinary, and we have gotten a lot of "bang for the buck" out of our exploration dollars, partly through good management and frankly, partly through very good luck. Necessity is the frequent father of good ideas. Because in the early days we had little choice, Utah has followed a procedure of preselling the anticipated output of a new mine under a long-term contract before committing itself to the investment to open up the mine. The long-term contracts were of sufficient size to produce enough cash flow to service the debt and return Utah a profit. Utah then used the long-term contracts as a basis for borrowing the funds necessary to finance the new mine. Frequent repetition of this process has resulted in the fact that Utah's backlog of unsold minerals under long-term contract is in excess of $3 billion with 85% of the amount protected under long-term contracts with escalation clauses against cost increases. This in turn has given Utah an assured stream of future earnings that is well protected