I have or will provide you with copies of Utah Construction & Mining Co.'s 1969 Annual Report, a Financial Fact Book, and a copy of this address if you desire it once you have heard it. Hopefully the first two of these documents will provide you with whatever background of history and statistical information you require for your purposes. I propose to deal with the past very briefly and then only as a bench mark from which to measure our progress in recent years, and will concentrate my remarks on where we are now and where we are going rather than consume much time in describing to you where we came from. Suffice it to say that Utah was started at the turn of the century with capital of only $24, 000 and spent the first 50 years of its existence primarily engaged in the heavy construction business. At the end of that time the company had experienced an average annual compound growth in its earnings of 5%, and had achieved a net worth of not quite $10 million. It had operated in the black most of the time but profits and dividends were of modest proportions. It entered the 1950's as a heavy construction company that had made modest beginnings in mining and in land development. It emerges from the 1960's 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 -2-