E. W. LITTLEFIELD REMARKS THE CONFERENCE BOARD DEL MONTE CONFERENCE - APRIL 2-4, 1971 GENTLEMEN: In this distinguished group I can claim only one distinction. Among the participants in the fourth Del Monte Conference held in 1953 I am the sole survivor. Suprisingly, 17 of the 43 companies that were then in attendance have been merged out of existence and the light of six others shines so dimly that I do not believe they are on any of the invitation lists today for these Conference Board meetings. In the intervening 18 years many changes have taken place -- some for the better and some I fear for the worse. Certainly The Conference Board under successive strong leaderships has changed for the better, providing more companies with more and better information at more conferences such as this. And in the intervening years the fortunes of our company have changed, and changed for the better. In 1953 we were The Utah Construction Company, engaged primarily in heavy engineering and contract construction. Now we are Utah Construction & Mining Co., deriving over 90% of our earnings from mining and ocean shipping. Then we made about $2 million annually. Now we make over $30 million annually. The market price of our stock has increased from $1.25 a share to around $70 now and the aggregate market value of the shares outstanding has grown from less than $18 million to threateningly close to $1 billion. We are engaged in the open pit mining of coking coal, steam coal, uranium, iron ore and copper. Between 1968 and 1973 we will expend over $310 million expanding our facilities to serve the $2 1/2 billion backlog of long term mineral sales contracts now on our books. Our mining revenues have quadrupled in the last five years and we expect them to triple in the next five years.