3. The third chart compares the book value per share with the change that has taken place in the market price of the shares, showing the latter at the annual high and low bid prices. Perhaps it is timely here to call attention to the fact that even as late as 1949 Utah had only about 150 shareholders and most of the stock was still largely in the hands of five Utah families. Even today the descendants of these families own over half the stock. However in 1960 when Utah issued 242,500 additional shares (equal to 515,000 shares today) to acquire the 40% of Lucky Mc Uranium that it did not own, the shareholders increased to 2550 and the number has steadily increased to some 4400 shareholders today. The trading activity in the stock has also increased substantially and as near as we can tell from our records some 95,000 shares trade in a typical month. More recently the growth in the number of shareholders has slowed down as institutional holders have taken positions in our stock. 4. To put matters in better perspective for you, let's look at the next chart which shows the composition of our assets. Here you see the decline in the proportion of our investment devoted to construction with the absolute dollars little changed but the percentage down to 8%. In land the percentage has not changed much in the last 10 years but the dollar investment has trebled. Mining investments, including ocean shipping, have increased materially both in dollars and in proportion and now account for some 66%. -5-