MINING ASSETS In 1945 Utah had only $900, 000, less than 10% of its net assets, invested in mining. By 1950 this had grown to $2,400,000, or 14% of our net invested assets. When first I addressed you in 1960, our investment in mining and ocean shipping had jumped to $33 million, or almost 40% of our net assets. By the end of last year another $30 million had been invested, and we then had $63 million invested in this category, which now constitutes 56% of our net assets. Since last we met three years ago, the new capital outlays for mining committed by Utah or for its account by affiliates to expand their operations come to approximately $75 million - a figure more than our total assets 9 years ago. The return which we have received on our mining investments expressed either in absolute terms or as a rate of return, has been very satisfactory indeed. You have seen its impact on earnings and it has also allowed us to increase our dividend in each of the last 15 years. A FORWARD LOOK So much for where we came from, where we are, and how we got there. Let's look ahead. In doing so, I shall not dwell for long on either the construction or land development aspects of our business, for neither of these lends itself well to forecasts that you can put forth with confidence and in a convincing manner, and therefore would be of little help to me in converting you to the ranks of the true believers. Suffice it to say, in construction our forces are fully employed and our backlog is near its all-time high. - 11 -