LADIES AND GENTLEMEN: When one is asked to address so distinguished a group as this, one approaches the prospect with keen anticipation. However, your confidence cannot help but be shaken when you find that the place assigned to you in the busy schedule of speakers is between the "coffee break" and "cocktails", which seems to imply that the organizers felt that the audience needed fortification in the beginning and the promise of a reward at the end. In preparation for this occasion I had taken the easy way out and had reworked a speech I gave five times in five days at Due Diligence meetings last Fall when we were selling $25 million of Convertible Debentures. I was tired giving the speech and I figured that it would tire you to hear it, for it duplicated much of the description of our operations and the statistical material that is furnished in the 16 page report which Mr. Bureker has prepared for your use at this Western Investment Forum. So, much to the distress of my secretary, I decided to start from scratch and to try to put before you today some of the management philosophy and thinking that has resulted in transforming our company from what it was to what it is today and what we hope to make of it in the future. To put the matter in proper perspective, remember that the Utah Construction Company started at the turn of the century with $24,000 capital furnished by four Utah families. It enjoyed early success, first - 1 -