MEMBERS OF THE SAN FRANCISCO SOCIETY OF SECURITY ANALYSTS Fifteen years ago Utah Construction & Mining Co. made its first appearance before this distinguished group. Indeed, this was the first time that the company had appeared before any society of Security Analysts. Much has changed since then, the nature of the company has changed radically. The name of the company has been changed. The investment climate here and abroad has changed. Even I have changed but my name is the same and I remain pleased to appear before you for the fifth time to tell you about Utah International, its past, its present, and its future. For the first 50 years of its corporate existence Utah was primarily a heavy engineering and construction contractor with the stock closely held and traded infrequently on the over-the-counter market. Diversification into mining initiated in the mid 1940's was accelerated in the 1950's and 1960's. In the late 60's the construction business was sold, the stock listed, and a broad expansion program in mining was undertaken with financing arranged publicly and privately. The acquisition of Ladd Petroleum Corporation in 1974 marked Utah's entry into the production of oil and gas, thus giving the company an added dimension to its role as an energy supplier. This redirection of the company's activities away from construction has served Utah shareholders well, for it has brought with it a dramatic leap forward in earning power, dividends, and market appreciation. In the last decade: -- Net income has grown at the average annual compound rate of 29%.