5 - growth Company. It increased its earnings fourteen-fold in the period from 1966 to 1976, with most of that improvement coming in the past five years. Because of its policy of selling the output of its mines on long-term contracts (predominantly in U.S. dollars and with good protection against future cost increases) Utah has a stability of earnings that you won't find in most other mining companies. On the basis of Utah's fiscal-year 1976 results already announced, it is clear that Utah will improve General Electric's earnings per share from the very first day of the merger. And to anticipate your first question our unaudited financial results for 1976 will become available toward the end of January. Most of the security analysts are estimating between $3.95 and $4.05 per share, and I would say we are going to be in that range. Some of you who follow Utah know that their fiscal year ended on October 31. Adding their fiscal 1976 earnings to our estimates should increase GE earnings about five to seven cents a share. So to recap this is the rationale for the Utah merger, in the context of General Electric's overall strategic plan: 1. It brings us into a major new area of opportunity, natural resources. 2. It decisively advances our program of diversification into materials and services businesses. 3. It strengthens and broadens our strategic international thrust. 4. It provides, through its mineral reserves, a long-term hedge against inflation.