we produce and sell are not characterized by rapid and violent fluctuations. Iron ore, coking coal, steam coal for utilities, and uranium are largely sold on a negotiated basis and, while the prices change, they do not do so with the volatility that characterizes such minerals as lead, zinc and copper. Third is the backlog of mineral sales contracts which brings with it several important benefits. Its size --42 times last year's mineral revenues -- indicates an assurance of growth in volume for a long time to come. The fact that we have sold ahead makes it possible to predict with unusual accuracy the assured further sales volume in the future. 80% of the backlog is represented by long-term contracts with cost escalation protection which freezes in profit margins, and, coupled with assurances of quantity, brings a predictability of higher earnings and an absence of downside risk that is rarely found in other companies. The predictability, the reliability, and the growth that the backlog makes possible gives our earnings a quality aspect that the market place appears to appreciate. Fourth, our track record has been good, and this tends to suggest that we know what we are doing. We are worldly enough to realize that the affection of investors is a fickle and fragile thing but, for the moment at least, we are in favor and hopefully will continue so. Perhaps it is these distinguishing features that differentiate us from other mining companies and cause our shares to enjoy the multiplier they now do. -10-