November 9, 1967 GENTLEMEN: I very much appreciate your being with us today and affording us the opportunity to tell you about Utah Construction & Mining Co. which is undertaking public financing for the first time in its 68-year history. Starting as The Utah Construction Company at the turn of the century with $24, 000 capital furnished by four Utah families, the company enjoyed early success, first as a railroad builder and later as a builder of dams and other forms of heavy engineering construction. It took the company sixty years to earn its first $60 million. The last $60 million was earned in the 5 3/4 years covered by the prospectus. Behind this change in pace lies the story that we would like to tell you today, for the nature of the company has been transformed and its objectives changed. For most of the first fifty years the company acted principally as a contractor, competing for heavy engineering construction business as it became available. Sometimes it was feast, sometimes famine, but there is little any construction company can do about influencing the volume of business available for the decisions to build or not to build rest on factors beyond the contractor's control. The turning point in Utah's affairs came when it decided that there were better uses for the skills that it possessed than merely limiting its -1-