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1050 Crown Pointe Parkway
Suite 950
Atlanta, GA 30338
August 19, 2004
By Fax: 310-320-2436
Farmer Bros. Employees
C/o Roy E. Farmer
Chairman and CEO
Farmer Bros. Co.
203333 S. Normandie Avenue
Torrance, CA 90502
Dear Farmer Bros. Employees:
As a Farmer Bros shareholder myself and as investment advisor to clients
owning 31,500 shares, I am writing this letter to express my support for the
shareholder proposal to protect employee pension rights that has been put
forward by Lime Capital Management for the 2004 annual meeting.
The shareholder proposal would amend the company’s By-laws to provide
independent control of the ESOP by an independent trustee and a governing
committee elected by the ESOP employee participants. The best interests of
the employees and the shareholders are served by having your own elected
governing committee who can represent the employee interests separate from
the interests of the Board of Directors. This change would insure that the
ESOP could vote independently of the Board of Directors if that was in the
best interests of the employees. I believe that all shareholders would
benefit from this change.
ESOPs are a financial instrument that I have long supported as a means of
giving ownership to those who work for the company. When management uses
it for the wrong purposes, it subverts the purpose of an ESOP as envisioned
by those of us who were its early proponents.
I strongly recommend support of this proposal.
Sincerely,
Marc S.
Heilweil
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