execute the construction programs with our own forces as we have done for Marcona, Pima, Lucky Mc Uranium, Mt. Goldsworthy, and Blackwater coal, all completed within the amounts that had been projected. Third, the company's policy of advance selling of its mineral production under long-term contracts wherever this is possible has given assurance of future profits in a way that sets it apart from other mining companies. The backlog of undelivered mineral sales exceeds $ 1 billion for Utah's uranium, steam coal, coking coal and iron ore. Not included in this figure is the $1. 055 billion of unfilled long-term contracts of Marcona. This gives us an assurance of future earnings uncommon in the mining industry and indeed in most other industries. Given our background in the construction business where the backlog is rarely more than twice the size of the annual volume put in place, Utah has wanted the comfort and protection that comes from underwriting our mining investments with long-term cost-protected sales agreements. Fourth, while Utah has no single stockholder that owns as much as 3. 4% of the company, 8 of its 12 directors are drawn from families whose combined holdings would exceed over 50% of the common stock outstanding a,nd who have to have a substantial involvement in the success of the company and a very direct financial incentive to see that the interests of the shareholders are protected and enhanced. Fifth, despite the family holdings, the company is professionally managed, I am the only full-time officer of the company related to the family stockholders and below the Board level there are no officers or employees working for the company related to any of the large shareholding groups. We have a relatively young and dedicated group of managers who have -16-