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Forum Report: Forum Engagement of Investment Banker for Coffee Business

(October 7, 2005)

Sent: Friday, October 07, 2005 7:48 AM
Subject: Forum engagement of investment banker for coffee business

I am pleased to report that J.H. Chapman Group, LLC, the leading food industry investment banking firm, has been engaged to define a strategic relationship that will benefit Forum participants by acquiring or otherwise assuming management responsibility for the coffee processing and food distribution operations owned by Farmer Bros. Co.
Marco V. Galante and John W. Loeb of Chapman will be handling the assignment.  Some of you may recall that Mr. Galante had provided courtesy advice to the Farmer Bros. Forum when it started in 2002, and he has continued to follow the situation and offer helpful insights since then.  His specific familiarity with Farmer Bros. combined with his and Mr. Loeb's broad food industry M&A expertise should now serve the company’s shareholders well.
The Forum is also establishing a “Strategic Advisory Program” as a separate activity for Farmer Bros. shareholders interested in the development of strategic alternatives for the coffee operations and other company assets.  Generally following provisions for the “Advisory Panel” in the Forum’s publicly posted Conditions of Participation, a limited number of investors will offer views to guide the Chapman Group and others in the process of defining proposals.  Anyone wishing to consider involvement in this Program is encouraged to call me for more information.
Although most of the explorations of strategic alternatives will necessarily be private, I will of course continue to report any non-private developments to all Forum participants.  Please let me know if you have any questions or suggestions about how this Forum Program can most effectively develop alternatives for all the company’s shareholders to realize the fair value of their investments, and for all the company’s employees to secure the career benefits and pride they have earned.
             - GL

Gary Lutin
Lutin & Company
575 Madison Avenue, 10th Floor
New York, New York 10022
Tel: 212/605-0335
Fax: 212/605-0325



The Forum is open to all Farmer Bros. shareholders, whether institutional or individual, and to professionals concerned with their investment decisions.  Its purpose is to provide shareholders with access to information and a free exchange of views on issues relating to their evaluations of alternatives.  As stated in the Forum's Conditions of Participation, participants are expected to make independent use of information obtained through the Forum, subject to the privacy rights of other participants.  It is a Forum rule that participants will not be identified or quoted without their explicit permission.

There is no charge for participation.  Franklin Mutual Advisers, LLC, the manager of funds owning approximately 12.6% of Farmer Bros. shares, provided initial sponsorship for the Forum and arranged for it to be chaired by Gary Lutin.  Continuing support and guidance of the Forum is provided by an Advisory Panel of actively interested shareholders.

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