Neil Carter, Trevor Lambert, Tim Rosser and Martin Brodetsky attended
from OxVox; Nick Merry, Kelvin Thomas and Mick Brown from OUFC.

OxVox thanked NM for agreeing to an early meeting, and gave some
background to OxVox and supporters trusts (with a brief excursion as
NM and TR exchanged reminiscences of their days at Woodstock primary
school!). It was agreed that notes of the meeting would be made by
OxVox and passed to the club for comment before circulation to OxVox
members. The club had a continuing requirement for confidentiality in
some areas.

NM was not prepared at this point to discuss Woodstock Partners
Limited or possible future expansion of the OUFC Board. NM and KT
explained the financial position of the club following the takeover.
The club debt to Firoka has been repaid and the club is debt free in
this sense. However, the money to do that came from Woodstock
Partners and it is under advisement how to structure this in the best
interests of the club. The payoff of the loan amount to Firoka and the
placing of any amounts on the balance sheet for the club is under
advisement from tax solicitors. This will be revisited soon. The
club does not have any outside debt.

The intention remained to acquire the stadium and conference centre.
NM and KT confirmed that the funds were in place to buy the stadium,
but Firoz Kassam decided not to sell the stadium at the same time as
the club, for reasons unknown. They remained ready to purchase the
ground as soon as Kassam indicates his readiness to sell.

NM and KT confirmed that the club had a secure long-term lease, for 20
years with an option to extend, at an affordable rent which would be
subject only to adjustment for inflation. There was provision for the
rent to rise or fall depending on the league in which the club played.

The club was able to use the stadium on non-matchdays subject to
availability. Relations between the stadium company and the club were
described by NM as good. KT said the dynamic of the relationship had
changed; as tenants the club could ask for things to be done and the
stadium company were responding well.

KT and NM were working full-time as directors at present. NM, KT and
MB confirmed the backroom and playing staff were well motivated and
the mood had become much more positive.

KT spoke about the commercial model for the club. He described it as
one of controlling costs and increasing revenue. There would be no
petty areas of cost cutting affecting players and staff adversely. A
new philosophy of partnership with local business, rather than simply
sponsorship, was being developed and implemented. It was vital to
increase revenue to the football club in light of the wage cap.

OxVox asked that the possibility of a share issue be given serious
consideration. This could be either by means of a supporters trust
shareholding, or sale of shares to individual small shareholders, or
both, as a means of bringing extra capital into the club. NM had not
considered this possibility at this stage, but does not rule it out.
This is something to possibly consider in the future.

NM confirmed that the option held on the stadium meant that Kassam
would have to give him first option on any purchase. The club's wish
was to carry through the purchase as soon as possible. OxVox
supported this and believed that the stadium and club would function
much better under common ownership, and would be looking to Kassam to
fulfil his promise at the fans forum in February of selling both
companies together. Meanwhile, OxVox had deferred its planned march
to avoid distraction from the immediate task of ensuring league
survival, but would continue to refer to the stadium as the United
Stadium pending the sale.

Revenue streams and their allocation between club and stadium company
were of concern to OxVox and many fans. KT reported that there were
ongoing discussions and nothing could be reported in detail at
present; there could be more news in two to three weeks' time.

The need to improve the matchday experience was recognised. Among
other things, new matchday meal options featuring affordable food and
a supporters club feel, previously proposed by OxVox, would be
considered.

There were many areas in which OxVox and OUFC could work
co-operatively for the benefit of the club. The OxVox representatives
came away from the meeting with a very positive impression that NM, KT
and MB were willing to listen to suggestions and to work together for
success. There is clearly much to do to rebuild the club and its
community links and identity, but the takeover seems to OxVox to be
bringing a fresh approach and an atmosphere in which ideas are
welcomed. Contact details were exchanged and close contact would be
maintained.

The club would meet OxVox again in a month's time and both parties
were happy to meet on a monthly basis. OxVox suggested that a general
fans forum should be held around the end of the season; the club would
consider this proposal.