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Letter from Shareholder Steven Dudley to Employees
Supporting Proposal for Pension Rights
(August 19, 2004)
Copied below is the text of a letter sent to the employees of
Farmer Bros. on August 19, 2004 by Stephen Dudley,
an individual shareholder of Farmer Bros. Co., expressing his support of Lime Capital's
recently submitted shareholder proposal for
protecting employee pension rights.
Mr. Dudley notes in his letter that he has been a Farmer
Bros. shareholder for over 15 years, and that he believes the significant ESOP
holdings of company stock should be independently managed in the long-term
interests of employees.
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Sent via FAX: (310) 320-2436
31650 Arbor Glen Loop
Wilsonville, OR 97070
August 19, 2004
Employees of Farmer Bros.
c/o Roy E. Farmer
Chairman and CEO
Farmer Bros. Co.
20333 S. Normandie Ave.
Torrance, CA 90502
Dear Employees:
I have been a shareholder of Farmer Bros. for more than 15 years and share
with you a common goal of having the Company do well. The reason I am
writing is to express my approval of the shareholder proposal recently
submitted by Lime Capital Management for the 2004 annual meeting.
Your ESOP plan holds on behalf of the participants a substantial investment
in Farmer Bros. stock. It is appropriate that this investment be managed
independently of the Company and solely in the long-term interests of the
ESOP participants. In my opinion, the proposed Bylaw changes not only will
protect better the rights of the plan participants, but is a step in the
direction of good corporate governance that is of benefit to all
shareholders.
Sincerely,
Stephen Dudley
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