<p>Harcourt Group shareholder notes<br />
Questions to James/Request for information:<br />
1. Principal pub management contracts with each pub:<br />
a. Management agreements with Ducalian/Ducalian successor;<br />
b. Service agreements e.g. with &ldquo;head office co&rdquo; (see also 4b below);<br />
c. Other key contracts such as director appointment contracts<br />
2. Explanation of how the pub operator contract with each pub was terminated<br />
3. Any legacy arrangements for each pub re: the split of Ducalian (into pubs and storage)/confirmation any buy out of one party by another was not financed by the pubs<br />
4. EIS status update:<br />
a. Hero, KPH, and Crown;<br />
b. Status of &ldquo;head office co&rdquo; which we understand caused the prevailing EIS issue (see also point 13c)<br />
c. Initial tax advice regarding the set up of &ldquo;head office co&rdquo;<br />
5. 2019 accounts for each pub and summary of performance for that 2019 period (i.e. prior to COVID-19)<br />
6. All historic filed accounts for each pub<br />
7. Current capital structure of each pub to include all share classes, all debt (short and long term), and all debt like instruments<br />
8. Explanation for level of debt in each pub versus IM base case i.e. what has the debt be used for<br />
9. Up to date management accounts for each pub for current trading period<br />
10. Re-opening strategy for each pub including whether you intend to apply for any government covid-related loans<br />
11. Budget 2020-21 for each pub<br />
12. Status of planning permission for Harcourt<br />
13. Exit strategy for<br />
a. Three Cranes, Coach and Harcourt (which are out of EIS holding period);<br />
b. Hero, KPH, and Crown;<br />
c. Any separation issues re: &ldquo;head office co&rdquo;.<br />
14. Governance - have you considered how to address conflicts of interest of the board of each pub as you work through any strategic options?</p>