CHELSEA PITCH OWNERS EGM

The board of CPO have set a date for the EGM of Monday 25 June 2012 in the Harris Suite at Stamford Bridge, with further details to be sent out to shareholders shortly.

We had agreed the date for the EGM and were about to announce it this weekend, along with guidance regarding the processes for attending the meeting and suggesting resolutions - set out below - before Friday's statement by Chelsea FC (CFC) regarding their bid for a site in Battersea on which a new stadium might potentially be built.

While CFC's statement also made it clear that no decision has yet been made to move from Fulham Road, it did represent an important new development for us all to consider with regard to the EGM.

The club has started the bidding process for the Battersea site, an initial stage that may take several months to complete. We wanted to know whether this meant that the club would be making another proposal to shareholders at the forthcoming meeting. This is the response we received from the club:

Dear Steve,

In light of our involvement with Battersea Power Station, you have asked me what the club's intentions are with respect to proposing resolutions to the shareholders of CPO.

As we said in our statement to fans on Friday 4 May, while the prospect of developing a new stadium at Battersea Power Station could be very attractive for the club, we are at a very preliminary stage of what could be a drawn out process.

There are many other parties interested in purchasing the Battersea site and there can be no assurance that we will be successful in our efforts.

We also recognised in our statement to our fans that we have a number of hurdles to jump if we are to proceed with a stadium in Battersea, "including winning the support of our fans, the CPO shareholders and local Wandsworth residents, as well as securing the approval of Wandsworth Council, the Greater London Authority and heritage authorities."

We will therefore not be making any proposals to the CPO at its EGM in June nor do we currently intend to make any proposals before the end of this year.

We will keep the CPO and all Chelsea fans informed of material developments as they arise and will be open and transparent at all times.

I hope this information is helpful.

Sincerely,

Bruce Buck

Chairman, Chelsea Football Club


We have also arranged to meet with the club in the next ten days to discuss this further.

However, there are other important company matters which already need addressing at the EGM, so we are going ahead with the meeting as planned.

To assist shareholders and answer some queries about the processes involved in the EGM, we provide the following advice:


Voting by Proxy
Proxies have to be in writing and signed by the shareholder. The original - not a copy - has to be received by the company. As a board we are not happy that this is flexible enough and would like to allow for the submission of proxies by fax or email. However, changing the present system would require an amendment to the memorandum and articles of association. We will put forward resolutions at the EGM to make the necessary amendments to allow for more flexibility for all future meetings.

Resolutions for the EGM
As a matter of company law, and the constitution of CPO, it is the directors who put forward resolutions for consideration at a meeting of shareholders. There is no mechanism for an individual shareholder to put something to the meeting directly. However, the directors are keen to ensure that issues of obvious concern to shareholders are properly aired at the meeting.

In order to facilitate this, any shareholder who wishes to suggest a specific matter for consideration can submit an email to: cpomeeting@btconnect.com

The deadline for the receipt of these will be 6pm on Monday 21 May 2012. This will allow the board to consider suggestions, prepare resolutions and send these out ahead of the EGM. However, please bear in mind that we have over 12,000 shareholders, and limited, volunteer resources.

Any suggestion sent should state the name and address of the shareholder, and clearly and briefly state the matter to be raised. If you wish, you can include a proposed draft resolution.

The directors will endeavour to assess areas where there is strength of feeling, but also consider any points raised which are potentially of great importance or benefit to the company.

This will then be taken into account when the notice of meeting, agenda and any resolutions to be considered are finalised.

We recognise that this process is not perfect, and no assurances can be given that any suggestions will be taken forward, but we hope that the shareholders will work with us in this attempt to make the company more open and transparent to all.

The CPO Board