2019-09-16-TransactionalServicesProposalDechertParisFINAL

Preliminary Overview of Strategy Options

At this stage we have identified the following, broad strategy options : 1. Negotiate a new lease in Capital 8, in the coming months, for a 9 year firm period from early 2020, at a market rent and in exchange for the landlord agreeing to an early hand back of up to 1 000m² (space on either 9 th or 10 th floor, depending on needs and write-off costs/re-fit costs) 2. Identify a single-occupier building which will be available for fit-out by early/mid-2022. Agree a pre-let for this building in early 2020. Quit Capital 8 towards end-2022, providing sufficient time to respect reinstatement obligations 3. Identify currently surplus space and let this on a short-term, non-renewable lease until your lease expiry in January 2023 (Note that such leases are for a maximum 36 month term under French lease law). Dechert to then review space requirement again in 2021, in order to finalize long-term strategy at that time (‘stay versus go’).

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