as a well diversified mining company with lesser interests in land development, construction, and ocean shipping. In these 20 years its annual growth rate has averaged over 16. 5% and accelerated to 27. 5% in the last 5 years. Comparing 1969 to 1949, earnings were 21 1/2 times greater, dividends 16 times greater, and the price of the shares over 50 times greater, although the market in 1949 was not significant because the stock was still then closely held. The stock is now listed on the New York Stock Exchange and the company has some 5, 500 shareholders scattered over the 50 states and a number of foreign countries. So much for where we have been. Let's see where we are now. As we enter the 70's we find that Utah Construction & Mining Co. is engaged directly or through affiliated companies in the mining of iron ore in Utah, Peru, and Western Australia, uranium from two mines in Wyoming, steam coal sold for the generation of electricity from a mine in New Mexico, copper in Arizona, coking coal in Queensland; in the ocean transportation of bulk commodities; in land development; and in hydraulic dredging and building construction. Mining and ocean shipping account for some 85% of the company's gross profit, and its land development and construction activities produce the remaining 15%. Two affiliated companies are of significant importance. Utah owns 50% of the voting stock and 46% of the equity stock of the Marcona Corporation, which through subsidiaries mines iron ore in Peru and salt in Chile. It transports these products as well as other bulk commodities in a fleet of large specialized ocean carriers. We also have a 25% interest in the Pima Mining Company which operates a copper mine and mill near Tucson, Arizona. -2-