6 - MORE INTERNATIONAL As I indicated earlier, General Electric's international sales in recent years have been increasing at a rate roughly twice as fast as its domestic sales. Ten years ago, international sales provided about 13% of our earnings; this year it should be about 25% of our earnings exclusive of Utah International. The addition of Utah will increase that percentage substantially close to 40%. I have already spoken about our highly selective yet diversified approach to world markets, both as to exports and investments in foreign affiliates. There is no need to repeat that story, but I want to add one more point with respect to exports. General Electric is a major contributor to the United States balance of payments, with a favorable balance of trade totalling $5 billion in the past five years, of which $1-1/2 billion was achieved last year. Our exports also provide about 80,000 jobs here in the United States, directly and indirectly. As one of the nation's leading exporters, we are strongly urging that the Congress and the new Administration develop a more positive international economic policy that will help keep U.S. industry competitive in world markets, in the face of more intensive foreign competition. Certainly this is no time to increase the tax burden on U.S. companies by eliminating the DISC incentives to export, or trying to tax foreign-source income before it is repatriated to the United States. LESS VULNERABLE TO INFLATION AND CYCLES Another important change since 1966 is that our Company is decidedly less