The activities of the Company within the Energy Business Segment consist of the management of its interests in real properties and the participation in working interests as described hereinafter. Certain real property interests have been held and managed by the Company for lease to others for their exploration and the extraction of coal and oil and gas and for surface use. From time to time sales of portions of such properties have been made. The properties owned at the end of the fiscal year are described in Item 2.

The Company's liquid assets are invested in a portfolio of marketable securities, including United States government and agency obligations.

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