<p><strong>Pub management offer made by Cherry/Hancock/Barber sent on 20 July 2020</strong></p>

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<p>Hi Steve and John,</p>

<p>Please find the attached doc.</p>

<p>We have spent some time reviewing the existing concepts and the areas. We have had a look back through the existing numbers and looked at where we think the pubs can get to with a bit of a redirection, and built out some new P&amp;Ls that we think the pubs should be aiming for at maturity. There is obviously quite a bit of work to do to get there and the Covid19 ramp up is an unknown, however we think these are achievable.</p>

<p>You will see a charging structure that we are suggesting, we think this is probably the most aligned way of doing it. We have stuck with the original performance fees for ease but obviously it is an unknown how this will pan out in a deal with James McCulloch. Also for example investors may want to sell The Harcourt at 90% against equity just to get money out quicker but obviously this wouldn&rsquo;t trigger any performance fee. This can all be discussed and we are open to suggestions.</p>

<p>We have tried to do this quickly so please forgive typos!</p>

<p>Best regards,</p>

<p>Robert Cherry</p>

<p>Ducalian Capital</p>