represent projected revenues when the contracts that were firmly in hand at the end of the year come into production. Included here are the volume increases which are forecast under existing contracts when Navajo coal production rises from the present level of around 2 l/2 million tons yearly to 8 1/2 million tons, when Blackwater coal grows from the 833,000 tons delivered in fiscal 1968 to 2. 4 million tons by 1970, plus the additional deliveries under contracts in hand from Mt. Goldsworthy. Not included in either the mineral sales backlog chart or in the projection of gross revenues are the mineral backlog of Marcona or the gross revenues of the affiliated com-panies. Nor do they include the growth that we would anticipate from the new projects or expansion of existing projects about which I shall have more to say later. EURO-DOLLAR FINANCING Among other significant developments worthy of note in 1968 was the additional Euro-Dollar financing undertaken in anticipation of our expansion program. Specifically we arranged for $50 million in bank borrowings and sold $30 million in 5 3/4% subordinated guaranteed debentures for Utah International Finance Corp., a wholly owned subsidiary, whose obligations are guaranteed by the parent company. The debentures mature in 20 years and are convertible on or after April 1st this year at $111 a share on the old stock, or 1/3 of that amount on the new stock. LISTING Partly to facilitate this financing and for other reasons -5-