Record copy DRAFT 1/27/66 Directly or through affiliated companies Utah 10th Rocky Mountain Carefree Cerez Construction & Mining is engaged in heavy engineering construction, land development, ocean shipping, and the mining of iron ore, uranium, copper, and coal. By any standard of measurement 1965 was a tremendous year. 1. Company profits were at an all time high, up 50% from the preceding year. 2. We put more new construction business on the books than ever before in our 65-year history. 3. Land development earnings set a new high as did the earnings of ocean shipping and mining. 4. We even made some money in construction -- no mean feat in the light of recent history and the experience of some of our more worthy competitors. Perhaps more important than the figures themselves is the progress that we made in setting the stage for future profits. We launched a new iron ore venture costing $51 mm in "Australia in which we have a third interest. The copper company in which we hold a 2 5% interest is trebling the size of its mill at a cost of some $20mm. Another affiliated company is winding up a $70 mm expansion program for iron ore in Peru, and we are buying another two large bulk carriers to transport the additional tonnage we expect to produce and sell. Utah is also opening up a coking coal mine, in Australia that will cost another $20 mm.