Board in this day and age. Eight of its 13 members are drawn from the four families whose combined holdings still represent approximately 50% of the stock outstanding. There are three of us who work full time for the company and a wise Chairman who spends perhaps one-third of his time closely following our affairs. There are three Directors without large individual shareholdings but with broad experience and excellent judgment, and they bring an outside objective viewpoint to our deliberations. The relationship between the Board and the management is excellent and in the management we have a group of relatively young and extremely able men who have demonstrated their competence. The Executive Vice President, the Senior Vice President in charge of the Mining Division, and two of the four Vice Presidents in the Mining Division are all under 50 years of age. Of the 15 officers listed in our Annual Report only four are over 60. I am 55, feeling well, and resting easy knowing that the management will be in good and capable hands when it comes my turn to prove that no one is either immortal or indispensable. This is a comfortable feeling for me, for I am an undiversified investor and must rely heavily on the investment performance of Utah to see me through my declining years. I am grateful to you for providing me with this opportunity to be your guest and to discuss with you the promising prospects of Utah Construction & Mining Co. Thank you. *** *** *** -16-