9 May 2011

Dear Shareholder

We are writing to you as an Arsenal shareholder and custodian with regard to the formal takeover offer document (Offer) issued by Kroenke Sports Enterprises (KSE) for Arsenal Holdings PLC (Arsenal) on 6 May 2011 and recently sent to all shareholders in the post. Please accept our apologies for contacting you like this if you are no longer a shareholder in Arsenal.

The Arsenal Supporters Trust (AST) represents almost 1,000 shareholders and supporters who have become members of the AST because they care about the future of our club and wish to play a constructive role in its governance. We also recently established Arsenal Fanshare to give more supporters influence and representation in Arsenals ownership structure through mutually owned shares. To date more than 1800 supporters have joined the scheme and invested more than 650,000 in Arsenal shares. You can read more about the scheme at www.arsenalfanshare.com

Our reason for writing is to explain why the AST and Arsenal Fanshare will not be selling our shares to Stan Kroenke, and to set out some reasons and reassurances that we hope will encourage you to take the same course of action. This position is not an anti-Kroenke statement but is a pro-Arsenal statement; we have high regard for Mr Kroenke.

The AST believes that Arsenal is stronger when supporters are represented in its ownership structure. This arrangement means we can ask questions at an AGM and scrutinise the official report and accounts, something the AST has gained a reputation for doing with clarity and expertise. We also think that having supporters involved in the ownership helps to give the club a real sense of belonging and acts as a check and reminder to those that run the club that its most important asset is its supporters.

The AST has established a role as a watchdog of the club and there are numerous examples of where we have both influenced policy and also ensured that the views of fans are listened to. Later this month Ivan Gazidis will hold his main supporter end of season review and Q&A with AST members.

The Offer itself is of course a legal requirement that Stan Kroenke has to follow as a result of buying Danny Fiszmans and/or Lady Bracewell-Smiths shares in Arsenal as he breached the 30% level that is a precursor to a mandatory bid.

The AST is encouraged that Stan Kroenke has responded to our questions since the issue of the initial takeover announcement by adding wording to the Offer on the important role fans have at the heart of the club and committing personally to engage with supporters for the long-term good of the club.

The meetings with supporters that Kroenke refers to in this statement (section 5, page 7) are with the AST which makes them an important pointer to future policy direction. In these meetings he has spoken of his regard for the role of small shareholders and personally backed Arsenal Fanshare. As a Board member he voted for the establishment of a three year partnership agreement between the club and Arsenal Fanshare (2010 to 2013) and was receptive to the idea of making new equity available exclusively to the scheme. Kroenke also says that he does not plan to delist Arsenal from the PLUS Markets.

Further, Arsenal chief executive Ivan Gazidis has frequently stated his commitment to having supporters involved in the ownership of Arsenal and recently spoke of the importance of the Fanshare scheme to Members of Parliament investigating footballs governance.

The AST takes these words from Stan Kroenke and Ivan Gazidis in good faith, in line with our previous dealings, and look forward to working with him to keep Arsenal supporters involved in the clubs ownership structure and contributing to the clubs success.

The AST has also held discussions with Red and White Holdings which owns 27% of the shares in issue, which has stressed its intention to maintain its shareholding (and it continues to buy shares) and this, together with the statements in the Offer document that KSE do not intend to delist the shares, leads us to believe there will continue to be a market in Arsenal shares following the closing of the Offer.

All of these factors mean it is likely that up to 35% of shares in Arsenal Holdings PLC will remain outside the ownership of Stan Kroenke with up to 10% in the hands of small shareholders. This should guarantee the on-going listing of Arsenal on the PLUS markets for the forseeable future.

Accordingly Arsenal Fanshare will continue and will also help to create a market in Arsenal shares. Shareholders who wish to sell their shares in the future will have the option to sell them to other supporters subscribing to the scheme. Just this month Arsenal Fanshare placed orders for more than 50,000 worth of shares and many of the shares it buys each month come from shareholders who wish to sell only to other supporters (if you are thinking of selling in the future then please think of the Fanshare scheme).

We hope that you have found the information in this letter helpful and that you will choose to remain a custodian in Arsenals future. Please do contact us on info@arsenaltrust.org or through our website www.arsenaltrust.org if you require any further information. If you are not a member already then do please join us and help us to be the most effective voice of supporters at any club in the Premier League.

Finally, we must stress that this letter does not constitute any form of financial advice or recommendation and we cannot guarantee any future arrangements or prices for Arsenal shares. If you are in any doubt as to what course of action to take then we would urge you to consult a solicitor, accountant or other independent financial adviser duly authorised under the Financial Services and Markets Act 2000.

Thank you for taking the time to read this letter.

Yours sincerely

Arsenal Supporters Trust