From: Liam Murray <Liam.Murray@CairnFin.com> Date: Tue, 22 Mar 2011 09:59:40 +0000 To: Phil Betts (phil.betts@virgin.net)<phil.betts@virgin.

net> Cc: Gary Withey (gary.withey@collyerbristow.com)<gary.withey@collyerbristow.com>; Tony Rawlinson<Tony.Rawlinson@CairnFin.com>; Avi Robinson<Avi.Robinson@CairnFin.com> Subject: Charlotte - notes of meeting 21 March 2011

In attendance Phil Betts Niraj Patel Liam Murray Paul Murray Mile McGill Donald McIntyre Meeting commenced 10:15 16 Charlotte Square, Edinburgh Discounted Option Scheme - 3.2m PAYE liability to be paid to HMRC prior to 31/3. PB advised that Wavetower had not previously aware of this issue / liability DM confirmed net debt position as at 31/12/10 as 17.5m being (1) 13m term loan / overdraft (including 5.5 of cash) (2) 4m finance loan and (3)250k youth development loan Albion car park - MIH to waive its right to share in any uplift in this asset. Wavetower confused as to the financing arrangements further clarification required Season Ticket sales have declined. From 41,000 last year 37,500 current year and forecast to be 33,000 next year. Proposal for Charlotte to work with Zebra to allow supporters to spread cost of season ticket over 10 monthly payments. Directors of Charlotte considering issues in relation to ring fencing the monies from season ticket sales if there was an insolvency situation SPL broadcasting revenues of 2.5m - 3m received p.a., plans are being discussed at SPL to change the payments in light of reduced number of clubs in the SPL effect would be a reduction in annual revenues Squad size was discussed there is a need to renegotiate 4 key player contracts and freshen up the team Concept of trading players to manage clubs debt burden discussed JJB contract discussed in light of the CVA proposal to be voted on 22 March 2011 CAPEX requirements of the club discussed. It was noted that CAPEX had been reduced over last number of years and now it was essential to undertake. Catering outlets on verge of shut down re Health and Safety issues (1.2m spend required by club) also PA system requires an upgrade on H&S issues (0.6m) 2012 Europa cup revenues likely to be Euro 6m being (1) ticketing 3.5m (2) hospitality 0.5m (3) Broadcasting 2m Martin Bain responsible for negotiating player contracts Youth team Celtic spend circa 2m p.a. on youth team; Charlotte 0.2m. Major issues summarised as (1) Ticketing (2) Players (3) Tax and (4) Capex Meeting ended 13:00 Liam Murray, Partner Cairn Financial Advisers LLP