Our earnings for 1969 were at record levels for the 5th successive year. All of our operations were profitable and earnings gains in land, coal, copper, and iron ore offset the drop in profits on uranium resulting from the scheduled decline in prices under our sales contract with the Atomic Energy Commission. Dividends were increased for the 19th consecutive year. The stock was split three for one, listed on the New York Stock Exchange, and performed well in a shoddy market. 1969 also witnessed the largest addition to our mineral sales backlog ever recorded in a single year. We added $740 million to the backlog, bringing the total figure at year-end to $1,840 million, compared to only $131 million 10 years earlier. These figures do not include any part of the backlog of either Marcona or Pima. 80% of Utah's backlog is represented by long-term contracts containing cost escalation protection. The increase in the backlog resulted from our decision to bring two new mines into operation. In January 1969 the company entered into a 13-year contract calling for the delivery of 50. 5 million long tons of coking coal from the Goonyella deposits in Central Queensland starting at 2 1/2 million tons in the first year and increasing to 4 million tons thereafter. Utah's 85% share of the estimated revenues from this contract added over $500 million to the backlog and will require an investment on our part of approximately $95 million. The second new large mine was the Island Copper project on Vancouver Island in British Columbia where Utah plans to install a 33, 000 -4-