Provation

RENEW/RESTRUCTURE PRIOR TO LEASE EXPIRATION

OPPORTUNITIES • Assess if building and location still align with present and future frm profle • Determine if current location works or other available space exists in the building • Enter negotiations with existing landlord based upon current market information (assumes landlord’s willingness to negotiate now)

INITIAL CONSIDERATIONS • Could be lowest cost psf option – with immediate savings • Get tenant improvement capital to renovate early • Renew now to have next lease milestone occur sooner – is the timing for a reset of the space now better for the frm? • Enhance fexibility - renewal options and expansion / contraction options

RELOCATE OR RENEW AT LEASE EXPIRATION

OPPORTUNITIES • Parallel renegotiation discussions with existing building alternatives • Create leverage with existing landlord by going to the market to look at both current and future options

INITIAL CONSIDERATIONS • What is the least expensive option if minor renovations are required for the future

• Determine if current adjacent space availability may not be available for swing space or expansion • Timing for overall process can begin approximately 18 months in advance of current lease expiration