FOUNDATION OF HEARTS ANNUAL GENERAL MEETING AND BOARD OF DIRECTORS

A message to members from the directors

We would like to update you on our plans for the next annual general meeting of the Foundation.

We are projecting to hold this in late January/early February.

The principal factor driving the timing is that our constitution includes a process for the retirement of directors by rotation at specified intervals. Orderly rotation is important for the effective functioning of the board and its stewardship of the Foundation. The rules will operate for the first time in relation to our forthcoming AGM, and we are therefore allowing ourselves some time to plan the process and ensure that it operates in the best interests of the Foundation and its members. We are currently in the final stages of that process.

The timeline for an AGM is approximately two months, starting with an invitation to members to come forward as candidates for election. We would hope to issue that invitation by the end of this month, which will put us on track for an AGM in late January or early February. The meeting will be held in the Gorgie Suite at Tynecastle. We anticipate meeting in the early evening rather than during working hours, as we believe this would be more convenient for many members.

We will be in touch with you again as soon as we have finalised the date of the AGM. At the same time, we will also issue our 2016 annual accounts.

During the lead-up to the AGM, we also plan to launch a process of consultation with our members on the long-term governance model for the period after the Foundation becomes the majority shareholder in the club. This will give you an opportunity to have your say on how we ensure that we build the right framework.