Chelsea Pitch Owners PLC. Minutes of the meeting of Directors. Held at 16 St James's Street, London. SW1A 1ER. Thursday 6th September 2018 at 08.

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1 Chelsea Pitch Owners PLC Minutes of the meeting of Directors Held at 16 St James's Street, London. SW1A 1ER Thursday 6th September 2018 at am In attendance: Mr C Rose Apologies: Mr S Jones Mr. S Frankham Mr G Smith Mrs G Gower 1. Approval of Minutes from the 1/6/18 meeting & Matters previously agreed to be note The board unanimously approved the minutes of the meeting of 1st June Board Resolutions The board noted the written resolutions from previous correspondence to approve the quotation and payment of the invoice of 3500 plus VAT from Rawley & Co for the valuation of Stamford Bridge. The board also noted the approval of the transfer of ownership of photographs and website chelseapitchowners.net from Charles Rose for 1.00 each. 3. Business Plan The board approved the final draft and executive summary of the business plan, unanimously. It was agreed that the summary should be published on the website and where appropriate on social media. 4. Stamford Bridge Redevelopment & Negotiation Updates The board noted the request from Fordstam to recommence discussions about heads of agreement for a new lease. The board are concerned that due to current uncertainty surrounding the redevelopment, as well as other external factors, that it would be better to wait until the situation is clearer before re-commencing discussions. A letter to Paul Heagren will be drafted and sent as soon as possible.

2 5. AGM Matters Timetable The timetable for the AGM was noted and agreed by the board Fall in Value of Stamford Bridge The revaluation of the ground has resulted in a fall in value by 200,000 to 12,300,000. The explanation from Rawley & Co stated that this was due to the property market, as well as an oversupply of luxury housing in the borough. This combined with the reduction of land banks has meant that our valuation has returned to 2013 values. Resolutions It was agreed that due to the sales of shares in the megastore, that we should allow some further headroom in the amount of sales that are permitted in each year to 200,000 from 100,000. GS noted that we will need to reassure shareholders that we will keeping a careful watch to ensure that no new blocks of share ownership are being built up without due diligence. Printing It was agreed that the report should be pdf only / printed in house by EngageUK. Directors All Directors present have indicated they wish to re-stand for election. 6. Events (GG) Annual Lunch GG reported on progress with the Annual Lunch. The date and format are still currently under discussion. CPO have been promised a priority period for booking, a gratis table, a table at cost, branding and a raffle prize on the day. Share sales need to be discussed.

3 October Dinner After some discussion it was felt that the timescales were too short to market and sell a dinner and ensure a good attendance. We will look to reschedule this in Star on a Stool Proposal (SOAS) A budget for SOAS for December 10th was presented verbally. It showed that with maximum attendance there would be a suitable profit for CPO. The board approved this and the agreement from Under the Bridge. Further income opportunities will be sought for the evening. The event will be filmed by Kings Road Creative. May, Men s Tournament Proposal A proposal for the tournament scheduled for 14th May 2019 will be brought forward in due course. May, Women & Girls Tournament - Chelsea Foundation CR reported that CPO are seeking discussions with Chelsea Foundation to organise a tournament for women and girls. Event and Marketing Support GG reported that she is looking to formulate a support team in the new year. ALL ABOVE UNLESS INDICATED 7. Marketing (GG) CPO Logo, typefaces, Artworks, A discussion took place about the changes to the logo and typefaces used by CPO. GG reported the chain of events and the meetings leading up to this change. CR commented that this was an updating of the previous logo that featured the club crest and now was in line with the club design guidelines. CR accepted that this should have been discussed, and positively been agreed with the board, and apologised for this oversight. GS reminded CR that corporate governance demanded decisions of this type required a positive rather than passive acceptance.

4 Share Certificates CR reported that new certificates are being designed and approved for the new season. These are currently with the communications team in Cobham but are expected to be completed this month. Proposed marketing materials including digital & non-digital campaigns GG reported on new marketing materials that are currently being designed for use in the megastore prior to the shares going on sale directly at the end of the tour on the top floor. This DL leaflet will be ed to the board. The English version will be printed once feedback has been received. It will then be translated into 11 languages and quotes are being obtained for this. As part of the pitch presentations, a short video will be shown on the big screens. This is in production with the assistance of Chelsea TV. This will also be shown on a TV screen positioned at the end of the tour. Plans have been put in place for video interviews to be filmed by Kings Road Creative outside the West Stand on Sunday 7 October from 10.00am (now confirmed with the Club s Communications team). Around 10 people will be approached to deliver messages about the importance of CPO and encouraging others to buy a share. Once complete these will be used for social media campaigns. Social Media GG reported that she is concentrating on fundamentals rather than on social media, but regular messages will be posted on Twitter, Facebook and Instagram. Museum & Megastore GG reported that in addition to the leaflet, she is actively looking at materials regarding our story. As part of this SF volunteered to assist and GG will interview SF as part of the process.

5 Merchandise GG reported on the t-shirt seen on Twitter. This was produced by Tshirts365 who in addition to using their own image have put our logo on it as a sample. Consideration is being given to providing us some of the proceeds of the sale. GG reported that she has checked with CFC and there are no problems with using our logo for this eventuality. In due course it is planned to have more merchandise available. 8. AOB External Share Register A proposal was put to the board from CR to use Avenir Registrars. GS requested the opportunity to review this with Avenir directly and undertook to do so within 2 weeks of receiving contact details. /GS Outstanding Legal Bills The board expressed their embarrassment and annoyance at the ongoing debt to Travers Smith. CR was requested to write to the club requesting that this matter be cleared up in the next two weeks. Accounts and Stats August The accounts were tabled. These show a loss for the month of and the number of shares sold as AGM Organisation and Interaction As part of the AGM, CR suggested that Engage UK could provide innovative ideas on how to interact with our shareholders. GS commented that we needed to ensure best practice, but that he is open to a meeting with CR to discuss this. One idea was for an CPO open evening with the directors so that shareholders could meet them and discuss issues. /GS

6 9. DoNM The board noted that AGM materials and other matters would need to be signed off before the next board meeting. This will be done via and all directors are requested to respond in a timely fashion. Friday October 19th 2018, 9.00 am The meeting concluded at 10.20