Les Cannoniers: Arsenal Holdings letter to Shareholders

When Arsenal announced their financial results on Monday, the club sent the following letter to all shareholders:

Arsenal Holdings plc (the "Company") announces that a letter, reproduced
below, has been sent to all shareholders.


24th September 2007

Dear Shareholder,

Enclosed you will find the Club's latest annual report and results. The Board
believes that these results speak for themselves.  The Club is clearly in a
strong financial position. We are also buoyant on the football front with
manager Arsene Wenger extending his contract with us until 2011 and the team
making an excellent start to the season.

You will be aware over the last twelve months the Club's shareholder base has
changed significantly.  Stanley Kroenke now owns 12.2% and Red & White
Holdings, a company controlled by Alisher Usmanov and Farhad Moshiri, now
holds 21%.  The Directors of Arsenal continue to hold 45.5% and have no
current intention of selling any of their shares as evidenced by their
statement of 18th April 2007.

Against the backdrop of the strong financial and playing position of the Club,
if you are contemplating the possibility of dealing in shares, we would
suggest that you take appropriate financial advice and consider the stance
taken by the Directors in committing not to sell their own shareholdings.

In closing, we recognise that many shareholders retain shares because they are
fans of the Club and wish to support the Club to the fullest extent possible
rather than holding shares solely as a financial investment. 

We welcome shareholders' continued support at this time.

Yours faithfully
P D Hill-Wood
Chairman