Palatine is going from strength to strength as an independent

than offset that problem for us. Anglo-Welsh's huge breweries in Birmingham, Bristol, Cardiff, London, Plymouth and Wrexham are believed to have more than enough spare capacity to brew all of Palatine's production requirements. The future of our Northwich and St Helens breweries would inevitably be at risk. Anglo-Welsh have been conspicuously silent about their intentions with regard to the continued employment of our workforce. Moreover, many of our tied houses are relatively small pubs, many of them serving villages and rural communities. We succeed in operating them profitably, but the big national breweries regard such pubs as non-viable and tend to close them or sell them off, with inevitable consequences in the form of unemployment. Why you should reject Anglo-Welsh's bid: Palatine is going from strength to strength as an independent. Anglo-Welsh can do nothing for Palatine. It seriously undervalues your Company, its record, its strengths and its prospects. Anglo-Welsh is attempting to deprive you of the opportunity to benefit from our excellent prospects. You are being asked to give up your shares in