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[letterhead]
LUTIN & COMPANY
575 Madison Avenue
New York, New York 10022
Telephone (212) 605-0335
Facsimile (212) 605-0325
May 2, 2003
By telecopier:
310/320-2436
Messrs. Guenter W. Berger,
Lewis A. Coffman,
Roy E. Farmer,
Roy F. Farmer,
Thomas Maloof,
John H. Merrell, and
John Samore, Jr.
c/o Farmer Bros. Co.
20333 South Normandie Avenue
Torrance, California 90502
To the members of the board of directors
of Farmer Bros. Co.:
Responding to the company's April
30th announcements, I would like to start by noting that Forum participants
have been impressed by the speed of the board's efforts to comply with the
Sarbanes-Oxley Act's requirements for director independence.
On the subject of a possible
buyout, the statement of your intent to evaluate strategic options "in the
best interests of all shareholders" should be particularly assuring to the
company's public investors. I will of course provide your investment
bankers with whatever Forum support they need to advise you properly, and
look forward to hearing from them.
The company's press release raised
a question, though, in its reference to communications with "a significant
shareholder." The statement attributed to Mr. Simmons recognizes that
providing the information sought by Franklin Mutual was "legally mandated
under California law." But there has been no response to an identical
information demand initiated by another shareholder on March 13, 2003, and
repeated in two subsequent letters. Your attention to this matter will be
appreciated.
I continue to welcome each of you
to participate in the Forum, either as a director or as a shareholder, and
hope you will find it helpful.
Sincerely yours,
Gary Lutin
cc: John M. Anglin, Esquire
Mr. John E. Simmons
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