2. took the first 69 1/2 years to earn the first 50% of that total. The second 50% will have been earned in just 4 l/2 years. If you had been fortunate enough and far-sighted enough to have invested $5500 in Utah stock 20 years ago and reinvested the dividends each year at a share price midway between the high and low of that year, today you would be a millionaire and enjoying a 165% return annually on your original investment. There are mining companies more prosperous than Utah International but the Utah shares sell at a price-earnings ratio of around 30 times earnings while our competitors in general sell in the 9 to 12 times earnings area. As a consequence based on market price, Utah International today is the most valuable of all the mining companies headquartered in the United States with a value in excess of $1 1/2 billion. I cite these "gee-whiz" figures to capture your attention and to provide a backdrop of the progress the company has made against which to discuss with you its history. Utah's history can be divided into three logical periods. The first 50 years when it functioned primarily as a construction company. The next 20 years the years of transition from a construction company to a mining company, from a privately-held company to a publicly-held company, from essentially a domestic company to an international company. And finally the last 4 years as a prosperous and growing mining company. The first 50 years must be divided into three discrete periods and I would like to describe each of these separately to you. In its first 20 years The Utah Construction Company got off its launching pad fast. It was founded by six Utah pioneer businessmen who, for the most part, were men of very limited schooling, came from the humblest of backgrounds,