Record copy. Elfien Speech General Electric August 20, 1968 GENTLEMEN: We welcome the opportunity to come before you today to tell you about Utah Construction & Mining Co. its past, its present, and its hopes and expectations for the future. We are here for the purpose of raising $Z5 million through the sale of a Subordinated Convertible Debenture. This issue is part of a Euro-dollar financing plan embracing a total of $80 million. The additional $55 million required over and above the proceeds from the sale of the convertible debentures will be raised in two parts. We expect to borrow from lending institutions in Australia $12 to $15 million and to raise the balance through straight debt financing through a syndicate of commercial banks and merchant banks in the United States and Europe. While the details of this straight debt financing have not been worked out, we have assurances that lead us to believe that this straight debt financing can be placed satisfactorily. We are seeking this Euro-dollar financing at this time primarily for the purpose of financing a large scale coking coal mining operation in the Northern Area of the State of Queensland, Australia. Obviously the restrictions prevailing in the United States against foreign investment brings us to the Euro-dollar market, for we had originally planned to take advantage of this opportunity by arranging the financing for it in the United States and in Australia.