3 - Third, the Utah merger also advances our strategic objective of becoming a worldwide Company, a priority task that we announced at the security analysts' meeting three years ago. We realize that it is unfashionable in some quarters to speak about expanding international operations because of understandable concerns about the pause in the world's economic recovery. I think Barton Biggs, Research Director of Morgan Stanley and Company, put the situation in perspective when he said that generalizations about foreign earnings are dangerously simplistic, and that foreign earnings "must be evaluated country-by-country, by asset exposure, by manufacturing exposure, currency risk, and the degree of management sophistication". General Electric has minimized its risks by being highly selective in its international investments and by concentrating its exports on the high-technology equipment by which nations build their industrial infrastructure power plants, transportation equipment, and industrial systems. Our fastest-growing markets for such equipment are the resource-rich countries that have broad-scale development programs which are relatively immune to the ups and downs of the cycles. By its very nature, Utah is also operating in resource-rich countries and thus complements our basic strategy of helping these nations realize their aspirations for economic growth. General Electric's international sales have been growing twice as fast as its domestic sales, and two thirds of our international business has been coming from countries that are growing faster than the United States. But these economic growth rates are less important than our rates of penetration into world markets.