Kahn, Peck & Company Institutional Investor Conf. - January 7, 1971 - NYC Rec Copy 1/5/71 GENTLEMEN: At the outset I would like to express my appreciation for the opportunity of being with you today and the chance it affords me to discuss with you the affairs of Utah Construction & Mining Co. I have prepared no speech for the occasion and would prefer to keep this meeting informal and spend the better part of our time together answering questions that you may have about the company or its prospects. A detailed description of the company's operations is available to you through the very excellent report that has been prepared by Kahn, Peck and I would be pleased to send each of you a copy of our annual report for 1970 which will be mailed to shareholders this weekend. Twenty years ago Utah Construction & Mining Co. was not recognized as a factor in the mining industry. Today, based on market value of the shares outstanding, Utah is exceeded in size by only such large and well established giants as International Nickel, Kennecott, American Metals Climax, and American Smelting and Refining. For seven consecutive years the company has recorded a new high in earnings. This record of growth, coupled with the expectation of continued and reasonably assured growth prospects over the next several years, has caused the market to place a multiplier on our earnings that exceeds that common to other companies in the mining industry, and which must inevitably raise the question as to whether this multiplier is deserved. Certainly it can only be justified if Utah can be distinguished in important ways from other companies in the mining industry. If there is a case to be made of the fact that Utah is distinctive among mining companies, I suggest that it would be based upon the following factors: