MESSAGE FROM THE CHAIR

As the new season has started and we are getting back into the swing of things I thought I would provide current and potential shareholders with an update on Chelsea Pitch Owners. All in all, we have had a pretty successful year and, with your help, we are hoping for a vibrant future.

720 shares were sold in the financial year up to the end of July 2013, with a further 40 are being processed or awaiting player signatures. Of these three-quarters were sold to single shareholders, thereby broadening our shareholder base in keeping with the Board's strategy. We will also be launching a new pay-as-you-go share scheme shortly.

These figures represent a substantial increase over most recent years of share trading but we need to sell more.

Of the 1,000 shares the company is allowed to issue from AGM to AGM, 356 have been accounted for - so there are plenty still available to buy before Christmas. If you know someone who has always said they would like a share, try and convince them the time is right to join loyal Chelsea fans and show that commitment.

Disappointingly, we also have many pledged shares from the 'Written In The Stars' evening yet to be fulfilled - we would urge anybody who did pledge to buy to contact CPO if they haven't received or completed the share application.

The 'Stars' evening was a great success. Just under 200 shareholders, supporters and friends of Chelsea saw Frank Lampard bring our latest European trophy onto the stage just 48 hours after the final had been won. (Our thanks go to Chelsea FC for their assistance in making that happen.)

Those present enjoyed a wonderful evening of stories from Frank centred around the successful 2012 Champions League campaign. We really appreciate Frank spending so long with us. There was also a further chance to pay tribute to Bobby Tambling, who was there to support CPO and honour the man who had just overtaken him as the club's top scorer.

We raised £7,500 towards CPO funds on the night, with a further £475 donated to the Chelsea Past Players' Trust from a 'Champions 1954/55' book raffle. Further events are in the pipeline.

The Board has, after inquiry, drawn a line under the oversale of shares from 2011. The matter has consumed considerable time and, more importantly, huge legal costs, and has been pursued in line with requests from the shareholders. We all now feel the company's energies and finances are best put into extending the base of new share ownership as widely as possible and modernising company processes.

With four of our five Directors having come on board in the last two years, with more streamlined ways of operating and raising funds, CPO is working hard to ensure that our unique offering of a stake in the future of our Stamford Bridge is within the reach of all of our supporters. Further improvements in company procedure will be made and proposals put to shareholders at the next AGM.

The Chelsea fan base can always do more too. Most shareholders know supporters who have said they were thinking about buying a CPO share. Now is the time to encourage them to follow that through - it is the only way you can have a say in the future of Stamford Bridge.

Bobby Tambling is now a CPO shareholder - are you? Why not honour the turf he played on by owning a part of it?

We would love to hear from you!

Enjoy the season,

Steve Frankham
Chair, CPO