Phoenix Earth Food Cooperative—referendum on change to an equity system

January 26^th, 2009

Shall the Phoenix Earth Food Coöperative change from an annual membership fee basis to an equity share basis, set the equity share price at $200.00, and make all equity funds held in escrow as of the end of the day on February 2^nd, 2009 available for the operations of the cooperative?

□     Yes

□     No