Santa Fe Holding Company, Inc. (SFHDQ)

[tjokon]

The top section is the e-mail I sent; below that is the response from IR

Comments: I am concerned about the stock price of the company. The audit was to be completed by the end of summer; there was not audit. IR has not been putting out any info, in fact they only release the store opening the day of the event. There have not been any pre-announcements and there have been no follow up announcements as to the success of the openings.

Help. A frustrated shareholder
Joe



Joe,
Thanks for your inquiry.

I appreciated your frustration and I do understand. I really appreciate you taking the time to ask questions instead of doing what so many uneducated shareholders do when they sell their stock for no logical reason.

I also would be happy to talk to you personally if you would like. My name is Marc and my number is 813-265-9274.

Our stock has actually done very well considering the overall market. We are trading a little higher than were we came public 18 months ago at $1.25. The average stock is down more than 50% during the same 18 month period and many are down much more.

Our stock has drifted lower because some people have been forced to liquidate their entire portfolios to meet margin calls and some just to pay bills. When they sell that means some Santa Fe get sold too.

Once this stops the stock should start heading back up.

The company has made tremendous progress this year. Sales should be up over 60% from last year which is incredible considering the environment. We are continuing to open new stores as you can see and expect to continue on the same path in 2009.

This continues to build shareholder value month after month.

With the market so bad over the last quarter the company decided to slow up on news announcements because no one was really paying attention. Each news announcement is $300 to $500. The company will be more proactive on the news front in new year now that the overall economic financial turmoil is
starting to subside.

The audit has taken much longer than anticipated because of the complexities that have come about because of Sarbanes- Oxley.

The audit will be wrapped up shortly and an announcement will be made to let everyone know. Once this is complete the company will begin the process of trying to list on a higher exchange.

I hope this answers you questions. We appreciate you being a shareholder and look forward to a very prosperous new year for all Santa Fe shareholders.

Thanks YOU

MARC
Santa Fe IR