U.C. & M. CO. - STOCK Question Do you plan to list UC&M Co. stock on the major exchanges? Answer This is a question we are quite often asked and one to which we have given a great deal of consideration. In 1965 we participated in a study, along with other over-the-counter companies, prepared by Corplan Associates which addressed itself to this matter. This study analyzed the various security markets and set forth a number of reasons both for and against UC&M Co. listing. Their conclusion was that it would not be to Utah's benefit to list at this time, primarily because of the difference in the type of markets available. The over-the-counter market essentially provides a merchandizing Cont'd. system, whereas the typical stock exchange system provides trading facilities. Therefore, a listed stock tends to require more promotional effort on the part of the company's executives or a public relations firm and generally requires that a company business be relatively easy to explain to the general public, or a company which is in a glamor type industry which has public appeal regardless of the depth of public understanding. Utah's business, because of its changing nature, is not one that is readily classified or understood by the public. Our executive staff has limited time to spend public relations effort, and consequently we feel that we are better served by the merchandizing effort offered by the over-the-counter market. That this conclusion is