JOSEPH ST. E.OLSEN GEORGE, UTAH i pegeanon* re ~ “ % s ” # os ae i Ag F bp aes ge OT & oft ‘ “duly lL, 1961 Val A. Browning, President Browning Arms Company Bank Building 719 First Security Ogden, Utah : Dear stock Val: With matters probably However, with you feel the for is reference now under to the various considerafion. proposed We may be up to see you in a few days, letter fully digested. before you get this cooperate shall we know we want you to personally you to accomplish whatever for the best interests of the company nothing would be Certainly, stockholders. the one that was not equally good for fhe and good ofher. On the prmosed sale of sfock after fhe | fhis thaf feeling our is it is accomplished, split should be carefully considered and no move made associated with in the dark about any single detail agreemenfs and/or Securities Exchange under-writing complete and absolute rulings rules. To move without leave us matfers could these in and understandings surprises. unexpected and unhappy confronted with Generally, we feel that the cosf of the stock with the Securities Exchange, registering and ofher basic advertising prospectus, publishing items should be borne by the over-head underwriting as their Company or else prorata by all stockholders be. may Company the in interest share that part of under-writing Specifically, on sale of brokerage commission costs representing is the entire expense of the stock fthaf is stock cosfs underewriting sold. To this end the total lumped just not identified, should be specifically the , Naturally figure. e percentag in one total parts for fee is made of component under-writing fing under-wri over-all the various steps of the serviceSe Best wishes. Sincerely,