Document:

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                                                                   Exhibit 10.38
                                PRUDENTIAL CENTER

                                 INDEX TO LEASE

                                      FROM

                          BP PRUCENTER ACQUISITION LLC

                                       TO

                        THE FIRST MARBLEHEAD CORPORATION

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                                TABLE OF CONTENTS

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<Caption>
                                                                                               PAGE
                                                                                               ----
<S>                                                                                              <C>
ARTICLE I      BASIC LEASE PROVISIONS AND ENUMERATIONS OF EXHIBITS................................1

    1.1        INTRODUCTION.......................................................................1
    1.2        BASIC DATA.........................................................................1
    1.3        ENUMERATION OF EXHIBITS............................................................4

ARTICLE II     PREMISES...........................................................................5

    2.1        DEMISE AND LEASE OF PREMISES.......................................................5
    2.2        APPURTENANT RIGHTS AND RESERVATIONS................................................6
    2.3        RIGHT OF FIRST OFFER...............................................................7

ARTICLE III    LEASE TERM AND EXTENSION OPTIONS..................................................10

    3.1        TERM..............................................................................10
    3.2        EXTENSION OPTION..................................................................10

ARTICLE IV     CONDITION OF PREMISES; ALTERATIONS................................................12

    4.1        SUBSTANTIAL COMPLETION............................................................12
    4.2        TENANT'S COMPLETION REMEDIES......................................................18
    4.3        QUALITY AND PERFORMANCE OF WORK...................................................19
    4.4        SPECIAL ALLOWANCE.................................................................20
    4.5        PAYMENT OF TENANT PLAN EXCESS COSTS...............................................21
    4.6        COMPLIANCE WITH LAW...............................................................22

ARTICLE V      ANNUAL FIXED RENT AND ELECTRICITY.................................................23

    5.1        FIXED RENT........................................................................23
    5.2        ALLOCATION OF ELECTRICITY CHARGES.................................................24
    5.3        LANDLORD'S RECAPTURE RIGHT........................................................24

ARTICLE VI     TAXES.............................................................................24

    6.1        DEFINITIONS.......................................................................25
    6.2        TENANT'S SHARE OF REAL ESTATE TAXES...............................................26

ARTICLE VII    LANDLORD'S REPAIRS AND SERVICES...................................................27

    7.1        STRUCTURAL REPAIRS................................................................27
    7.2        OTHER REPAIRS TO BE MADE BY LANDLORD..............................................28
    7.3        SERVICES TO BE PROVIDED BY LANDLORD...............................................28
    7.4        OPERATING COSTS DEFINED...........................................................28
    7.5        TENANT'S ESCALATION PAYMENTS......................................................34
    7.6        NO DAMAGE.........................................................................36

ARTICLE VIII   TENANT'S REPAIRS..................................................................38

    8.1        TENANT'S REPAIRS AND MAINTENANCE..................................................38
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                                       (i)
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<S>                                                                                              <C>
ARTICLE IX     ALTERATIONS.......................................................................38

    9.1        LANDLORD'S APPROVAL...............................................................38
    9.1.1      CERTAIN ALTERATIONS...............................................................39
    9.2        CONFORMITY OF WORK................................................................40
    9.3        PERFORMANCE OF WORK, GOVERNMENTAL PERMITS AND INSURANCE...........................40
    9.4        LIENS.............................................................................41
    9.5        NATURE OF ALTERATIONS.............................................................41
    9.6        INCREASES IN TAXES................................................................43

ARTICLE X      PARKING...........................................................................43

    10.1       PARKING PRIVILEGES................................................................43
    10.2       PARKING CHARGES...................................................................44
    10.3       GARAGE OPERATION..................................................................44
    10.4       LIMITATIONS.......................................................................45

ARTICLE XI     CERTAIN TENANT COVENANTS..........................................................45

ARTICLE XII    ASSIGNMENT AND SUBLETTING.........................................................49

    12.1       RESTRICTIONS ON TRANSFER..........................................................49
    12.2       EXCEPTIONS FOR AFFILIATED ENTITIES................................................50
    12.3       LANDLORD'S TERMINATION RIGHT......................................................50
    12.4       CONSENT OF LANDLORD...............................................................51
    12.5       TENANT'S NOTICE...................................................................53
    12.6       PROFIT ON SUBLEASING OR ASSIGNMENT................................................54
    12.7       ADDITIONAL CONDITIONS.............................................................54

ARTICLE XIII   INDEMNITY AND COMMERCIAL GENERAL LIABILITY INSURANCE..............................56

    13.1       TENANT'S INDEMNITY................................................................56
    13.1A      LANDLORD'S  INDEMNITY OF TENANT...................................................56
    13.2       COMMERCIAL GENERAL LIABILITY INSURANCE............................................56
    13.3       TENANT'S PROPERTY INSURANCE.......................................................57
    13.4       NON-SUBROGATION...................................................................57
    13.5       TENANT'S RISK.....................................................................58
    13.6       LANDLORD'S INSURANCE..............................................................58

ARTICLE XIV    FIRE, CASUALTY AND TAKING.........................................................58

    14.1       DAMAGE RESULTING FROM CASUALTY....................................................58
    14.2       UNINSURED CASUALTY................................................................59
    14.3       RIGHTS OF TERMINATION FOR TAKING..................................................60
    14.4       AWARD.............................................................................61

ARTICLE XV     DEFAULT...........................................................................61

    15.1       TENANT'S DEFAULT..................................................................61
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                                      (ii)
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    15.2       TERMINATION; RE-ENTRY.............................................................63
    15.3       CONTINUED LIABILITY; RE-LETTING...................................................63
    15.4       LIQUIDATED DAMAGES................................................................64
    15.5       WAIVER OF REDEMPTION..............................................................65
    15.6       LANDLORD'S DEFAULT................................................................65

ARTICLE XVI    MISCELLANEOUS PROVISIONS..........................................................66

    16.1       WAIVER............................................................................66
    16.2       CUMULATIVE REMEDIES...............................................................66
    16.3       QUIET ENJOYMENT...................................................................67
    16.4       SURRENDER.........................................................................67
    16.5       BROKERAGE.........................................................................67
    16.6       INVALIDITY OF PARTICULAR PROVISIONS...............................................68
    16.7       PROVISIONS BINDING, ETC...........................................................68
    16.8       RECORDING.........................................................................68
    16.9       NOTICES AND TIME FOR ACTION.......................................................69
    16.10      WHEN LEASE BECOMES BINDING........................................................69
    16.11      PARAGRAPH HEADINGS................................................................70
    16.12      RIGHTS OF MORTGAGEE...............................................................70
    16.13      RIGHTS OF GROUND LESSOR...........................................................71
    16.14      NOTICE TO MORTGAGEE AND GROUND LESSOR.............................................71
    16.15      ASSIGNMENT OF RENTS...............................................................71
    16.16      STATUS REPORT AND FINANCIAL STATEMENTS............................................73
    16.17      SELF-HELP.........................................................................73
    16.18      HOLDING OVER......................................................................74
    16.19      ENTRY BY LANDLORD.................................................................74
    16.20      TENANT'S PAYMENTS.................................................................75
    16.21      LATE PAYMENT......................................................................75
    16.22      COUNTERPARTS......................................................................75
    16.23      ENTIRE AGREEMENT..................................................................75
    16.24      LANDLORD LIABILITY................................................................76
    16.25      NO PARTNERSHIP....................................................................76
    16.26      SECURITY DEPOSIT..................................................................76
    16.27      GOVERNING LAW.....................................................................79
    16.28      WAIVER OF TRIAL BY JURY...........................................................79
    16.29      ROOFTOP ANTENNA...................................................................79
    16.30      SIGNAGE...........................................................................83
    16.31      STORAGE SPACE; GENERATOR SPACE....................................................83
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                                      (iii)
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                                PRUDENTIAL CENTER

         THIS INSTRUMENT IS AN INDENTURE OF LEASE in which the Landlord and the
Tenant are the parties hereinafter named, and which relates to space in the
building known as the Prudential Tower, Boston, Massachusetts.

         The parties to this instrument hereby agree with each other as follows:

                                    ARTICLE I
               BASIC LEASE PROVISIONS AND ENUMERATIONS OF EXHIBITS

1.1      INTRODUCTION. The following sets forth the basic data and identifying
         Exhibits elsewhere hereinafter referred to in this Lease, and, where
         appropriate, constitute definitions of the terms hereinafter listed.

1.2      BASIC DATA.

<Table>
         <S>                                    <C>
         Execution Date:                        September 5, 2003

         Landlord:                              BP Prucenter Acquisition LLC

         Present Mailing Address                c/o Boston Properties Limited Partnership
         of Landlord:                           111 Huntington Avenue - Suite 300
                                                Boston, Massachusetts 02199-7610

         Landlord's Construction                Jon Randall or Gretchen McGill
         Representative:

         Tenant:                                The First Marblehead Corporation,
                                                a Delaware corporation

         Present Mailing Address of Tenant:     30 Little Harbor
                                                Marblehead, Massachusetts 01945

         Tenant's Construction
         Representative:                        Robert Campbell

         Design and Construction Schedule:

                  Authorization to Proceed Date:   September 15, 2003
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         <S>                                    <C>
                  Estimated Commencement Date:     December 1, 2003

         Outside Damages Date:                  June 1, 2004

         Outside Completion Date:               September 1, 2004

         Term or Lease Term:                    One hundred twenty-four (124) calendar
         (sometimes called                      months (plus the partial month, if any,
         the "Original Lease Term")             immediately following the Commencement
                                                Date), unless extended or sooner terminated
                                                as hereinafter provided.

         Extension Option:                      Two (2) periods of five (5) years as provided
                                                in and on the terms set forth in Section 3.2
                                                hereof.

         Lease Year:                            A period of twelve (12) consecutive calendar
                                                months, commencing on the Rent
                                                Commencement Date and on each
                                                succeeding anniversary of the Rent
                                                Commencement Date.

         Commencement Date:                     As defined in Section 3.1 hereof.

         Rent Commencement Date:                Subject to the provisions of Section 5.1(B),
                                                the date four (4) months after the
                                                Commencement Date

         Premises:                              The entirety of the thirty-fourth (34th) floor
                                                of the Building, in accordance with the floor
                                                plan annexed hereto as Exhibit D and
                                                incorporated herein by reference, as further
                                                defined and limited in Section 2.1 hereof.

         Rentable Floor Area of                 26,296 square feet
         the Premises:

         Annual Fixed Rent:
                                                (a)  During the Initial Term:
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<Caption>
Lease Year                 Rent psf        Annual Fixed Rent           Monthly Payment
--------------------------------------------------------------------------------------
<S>                        <C>             <C>                         <C>
1-3                        $ 34.00         $ 894,064.00                $ 74,505.33
4-6                        $ 36.00         $ 946,656.00                $ 78,888.00
7-expiration of            $ 38.00         $ 999,248.00                $ 83,270.67
Initial Term
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         <S>                                    <C>
                                                (b)  During the extension option
                                                period(s) (if any and if exercised), as
                                                determined pursuant to Section 3.2.

         Tenant Electricity:                    See Section 5.2

         Additional Rent:                       All charges and other sums payable by
                                                Tenant to Landlord or its affiliates or agents
                                                as set forth in this Lease, other than the
                                                Annual Fixed Rent.

         Initial Minimum Limits                 $4,000,000 combined single limit per
         of Tenant's Commercial                 occurrence on a per location basis.
         General Liability Insurance:           provided however, that Tenant may satisfy
                                                this requirement with a $2,000,000 base
                                                commercial general liability policy with a
                                                $2,000,000 umbrella insurance policy.

         Total Rentable Floor Area              1,226,539 square feet
         of the Building:

         Building:                              For the purposes of this Lease, the Building
                                                shall mean the building commonly known as
                                                The Prudential Tower located in the
                                                Prudential Center (as hereinafter defined) as
                                                the same may be altered, expanded, reduced
                                                or otherwise changed by Landlord from time to
                                                time.

         Prudential Center:                     For purposes of this Lease, the Prudential
                                                Center shall mean the land described on
                                                Exhibit A and the buildings, garages and
                                                other improvements thereon, commonly
                                                known as Prudential Center, as depicted on
                                                the plan attached hereto as Exhibit A-1, as
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         <S>                                    <C>
                                                the same may be altered, expanded, reduced
                                                or otherwise changed from time to time.

         Permitted Use:                         General office use.

         PruOwner:                              Each owner of record or tenant under a
                                                ground lease, from time to time, of all or any
                                                portion of the Prudential Center.

         Broker:                                Trammell Crow Company

         Security Deposit:                      Five Hundred Thousand and 00/100
                                                ($500,000.00) Dollars, subject to reduction
                                                in accordance with Section 16.26
</Table>

1.3      ENUMERATION OF EXHIBITS. The following Exhibits attached hereto are a
         part of this Lease, are incorporated herein by reference, and are to be
         treated as a part of this Lease for all purposes. Undertakings
         contained in such Exhibits are agreements on the part of Landlord and
         Tenant, as the case may be, to perform the obligations stated therein
         to be performed by Landlord and Tenant, as and where stipulated
         therein.

         Exhibit A      --    Legal Description of the Prudential Center

         Exhibit A-1    --    Plan Depicting the Prudential Center

         Exhibit B      --    Tenant Plan and Working Drawing Requirements

         Exhibit B-1    --    Plans and Construction Schedule

         Exhibit C      --    Landlord's Services

         Exhibit D      --    Floor Plan

         Exhibit E      --    Form of Commencement Date Agreement

         Exhibit F      --    Location of Reserved Parking Stalls

         Exhibit G      --    Intentionally Omitted

         Exhibit H      --    Broker Determination of Prevailing Market Rent

         Exhibit I      --    List of Mortgagees

                                       -4-
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                                   ARTICLE II
                                    PREMISES

2.1      DEMISE AND LEASE OF PREMISES. Landlord hereby demises and leases to
         Tenant, and Tenant hereby hires and accepts from Landlord, the Premises
         in the Building, excluding exterior faces of exterior walls, the common
         stairways and stairwells, elevators and elevator walls, mechanical
         rooms, electric and telephone closets, janitor closets, and pipes,
         ducts, shafts, conduits, wires and appurtenant fixtures serving
         exclusively or in common other parts of the Building, and if the
         Premises includes less than the entire rentable area of any floor,
         excluding the common corridors, elevator lobbies and toilets located on
         such floor. Tenant hereby agrees with Landlord that, upon not less than
         ninety (90) days' notice from Landlord made after the third anniversary
         of the Commencement Date, Tenant shall relocate from the Premises then
         demised to Tenant under this Lease (the "Original Premises") to other
         premises (the "Relocated Premises") within the Building and upon such
         relocation the Relocated Premises shall become the premises demised
         under this Lease and wherever the term "Premises" is used herein the
         same thereafter shall mean and refer to the Relocated Premises. The
         Relocated Premises shall (i) be on a floor in the Building higher than
         the floor containing the Original Premises, and (ii) contain similar
         finishes as the Premises and the same level of fit-out, and
         approximately the same Rentable Square Footage as the Premises and the
         same number of work stations, offices, breakrooms and reception areas
         as are contained in the Premises as of the date Tenant receives
         Landlord's notice of relocation. In no event shall Tenant be required
         to pay more Annual Fixed Rent or Additional Rent for the Relocated
         Premises than it would have had to pay for the Original Premises.
         Landlord, at its sole cost and expense, shall perform the partitioning
         of the Relocated Premises and shall place the same into substantially
         equivalent condition to that in which the Original Premises were in
         prior to such relocation, including all telecommunications wiring and
         cabling. Landlord shall also reimburse Tenant for Tenant's reasonable
         out-of-pocket moving expenses in so relocating to the Relocated
         Premises including all costs for moving Tenant's furniture, equipment,
         supplies and other personal property, as well as the cost of printing
         and distributing change of address notices to Tenant's customers and
         one month's supply of stationery showing the new address, upon billing
         therefor from Tenant (which billing shall include reasonable evidence
         thereof in the form of paid invoices, receipts and the like). Landlord
         shall cooperate with Tenant to minimize the disruption to Tenant's
         business caused by the relocation.. Landlord shall also reimburse
         Tenant for the reasonable cost of the time spent by Tenant's employees
         in connection with the construction of and relocation to the Relocated
         Premises. Tenant shall not be required to vacate the Original Premises
         and to relocate to the Relocated Premises until the Relocated Premises
         shall be demonstrated, to Tenant's reasonable satisfaction, to be
         substantially complete subject to punch list

                                       -5-
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         items and items of long lead time. Only one such relocation request may
         be made during the term of this Lease. Upon any such relocation the
         Tenant shall enter into an amendment to this Lease confirming such
         relocation, but the Tenant's failure to enter into such amendment shall
         not affect in any manner the relocation of the Premises demised under
         this Lease from the Original Premises to the Relocated Premises.

2.2      APPURTENANT RIGHTS AND RESERVATIONS.

         (A)      Subject to Landlord's or any other PruOwner's right to change
         or alter any of the following in Landlord's discretion as herein
         provided, Tenant shall have, as appurtenant to the Premises, the
         non-exclusive right to use in common with others, but not in a manner
         or extent that would materially interfere with the normal operation and
         use of the Building as a multi-tenant office building and subject to
         reasonable rules of general applicability to tenants of the Building
         from time to time made by Landlord or any other PruOwner of which
         Tenant is given reasonable prior notice: (i) the common lobbies,
         corridors, stairways, and elevators of the Building, and the pipes,
         ducts, shafts, conduits, wires and appurtenant meters and equipment
         serving the Premises in common with others, (ii) the loading areas
         serving the Building and the common walkways and driveways necessary
         for access to the Building, (iii) if the Premises include less than the
         entire rentable floor area of any floor, the common toilets, corridors
         and elevator lobby of such floor and (iv) the plazas and other common
         areas of the Prudential Center as Landlord or any other PruOwner makes
         the same available from time to time; and no other appurtenant rights
         and easements. Notwithstanding anything to the contrary herein,
         Landlord has no obligation to allow any particular telecommunication
         service provider to have access to the Building or to the Premises, but
         Landlord agrees not to unreasonably withhold its consent to particular
         providers. If Landlord permits such access, Landlord may condition such
         access upon the payment to Landlord by the service provider of fees
         assessed by Landlord in its sole discretion, provided that no such fees
         shall be assessed unless such service provider provides
         telecommunication service to more than one tenant in the Building.
         Landlord agrees that any of the following providers are acceptable to
         Landlord, and will not be required to pay any such access fees:
         BellAtlantic; Shared Technologies, Inc., MFS, Comcast, Teleport
         Communications and Cablevision of Boston.

         (B)      Landlord reserves for its benefit and the benefit of any other
         PruOwner the right from time to time, without unreasonable interference
         with Tenant's use: (i) to install, use, maintain, repair, replace and
         relocate for service to the Premises and other parts of the Building,
         or either, pipes, ducts, conduits, wires and appurtenant fixtures,
         wherever located in the Premises or the Building, and (ii) to alter or
         relocate any other common facility, provided that substitutions are
         substantially equivalent or better. Installations, replacements and
         relocations

                                       -6-
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         referred to in clause (i) above shall be located so far as practicable
         in the central core area of the Building, above ceiling surfaces, below
         floor surfaces or inside the perimeter walls of the Premises. Except in
         the case of emergencies, Landlord agrees to use all reasonable efforts
         to give, or cause such PruOwner to give, Tenant reasonable advance
         notice of any of the foregoing activities which require work in the
         Premises. In making any entry into the Premises, Landlord shall use
         reasonable efforts to minimize interference with the Tenant's use and
         enjoyment of the Premises.

         (C)      Landlord reserves and excepts for its benefit and the benefit
         of any other PruOwner all rights of ownership and use in all respects
         outside the Premises, including without limitation, the Building and
         all other structures and improvements and plazas and common areas in
         the Prudential Center, except that at all times during the term of this
         Lease Tenant shall have a reasonable means of access from a public
         street to the Premises. Without limitation of the foregoing reservation
         of rights by Landlord, it is understood that in its sole discretion
         Landlord or any other PruOwner, as the case may be, shall have the
         right to change and rearrange the plazas and other common areas, to
         change, relocate and eliminate facilities therein, to erect new
         buildings thereon, to permit the use of or lease all or part thereof
         for exhibitions and displays and to sell, lease or dedicate all or part
         thereof to public use; and further that Landlord or any other PruOwner,
         as the case may be, shall have the right to make changes in, additions
         to and eliminations from the Building and other structures and
         improvements in the Prudential Center, the Premises excepted; provided
         however that Tenant, its employees, agents, clients, customers, and
         invitees shall at all times have reasonably direct access to the
         Building and Premises. Landlord is not under any obligation to permit
         individuals without proper building identification to enter the
         Building after 6:00 p.m.

2.3      RIGHT OF FIRST OFFER.

         (A)      Subject to the provisions of Sections 2.3(C) and 2.3(D) below,
         provided that at the time that any separately demised portion of the
         thirty-fifth (35th) floor of the Building (each such portion being
         referred to as an "RFO Space") first becomes available for reletting
         (i) there exists no "Event of Default" (defined in Section 15.1), (ii)
         this Lease is still in full force and effect, and (iii) Tenant has
         neither assigned this Lease nor sublet more than twenty percent (20%)
         of the Rentable Floor Area of the Premises (except for an assignment or
         subletting permitted without Landlord's consent under Section 12.2
         hereof), Landlord agrees not to enter into a lease to relet the RFO
         Space without first giving to Tenant an opportunity to lease such space
         for the RFO Annual Fixed Rent as determined by Landlord. An RFO Space
         shall be deemed to be available for reletting when Landlord, in its
         sole judgment, determines that: (x) such RFO Space will be vacated by
         the tenant of such RFO Space, (y) Landlord intends to offer such area

                                       -7-
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         for lease, and (z) all rights to lease such RFO Space which are
         superior to Tenant's rights under this Section 2.3 have lapsed
         unexercised in accordance with this Section 2.3 or have been
         irrevocably waived. When the RFO Space becomes so available for
         reletting, Landlord shall notify Tenant of the availability of such
         space and shall advise Tenant of the RFO Annual Fixed Rent and other
         business terms upon which Landlord is willing to lease the RFO Space
         ("Landlord's Notice"). If Tenant wishes to exercise Tenant's right of
         first offer, Tenant shall do so, if at all, by giving Landlord notice
         ("Tenant's RFO Exercise Notice") of Tenant's desire to lease the entire
         amount of such space (it being agreed that Tenant has no right to lease
         less than the entire amount of the RFO Space) on the terms provided
         herein within fifteen (15) days after receipt of Landlord's Notice to
         Tenant of the availability of such space and Landlord's quotation of
         the RFO Annual Fixed Rent and business terms, time being of the
         essence. If Tenant shall timely give such notice the same shall
         constitute an agreement to enter into an instrument in writing to lease
         such space within thirty (30) days thereafter upon all of the same
         terms and conditions in this Lease except for the provisions of this
         Section, the Annual Fixed Rent which shall be equal to the RFO Annual
         Fixed Rent as quoted by Landlord, such other business terms set forth
         in Landlord's Notice and those provisions hereof which are
         inappropriate to the business agreement. If Tenant shall fail to timely
         give Tenant's RFO Exercise Notice with respect to an RFO Space, time
         being of the essence in respect to such exercise, Landlord shall be
         free for two hundred seventy (270) days after the date of Landlord's
         Notice to Lease such RFO Space, upon economic terms, taken as a whole,
         not less than ninety percent (90%) of the economic terms, taken as a
         whole, contained in Landlord's Notice, and without again offering such
         space to Tenant for lease (it being agreed that if Landlord does not so
         lease such space during such two hundred seventy (270) day period or if
         Landlord proposes to lease such space upon economic terms, taken as a
         whole, less than ninety percent (90%) of the economic terms, taken as a
         whole contained in Landlord's Notice during such two hundred seventy
         (270) day period, the terms of this Section shall continue to apply to
         the RFO Space).

         (B)      If Tenant shall exercise any such right of first offer and if,
         thereafter, the then occupant of the RFO Space wrongfully fails to
         deliver possession of such premises at the time when its tenancy is
         scheduled to expire, commencement of the term of Tenant's occupancy and
         lease of such additional space shall, in the event of such holding over
         by such occupant, be deferred until possession of the additional space
         is delivered to Tenant. The failure of the then occupant of such
         premises to so vacate shall not constitute or default or breach by
         Landlord and shall not give Tenant any right to terminate this Lease or
         to deduct from, offset against or withhold Annual Fixed Rent or
         additional rent (or any portions thereof). However, Landlord agrees to
         use good faith efforts (which shall be limited to the commencement and
         prosecution of eviction proceedings but shall not require the

                                       -8-
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         taking of any appeal) to cause the then occupant of the RFO Space to
         vacate such space when its tenancy expires.

         (C)      As of the date hereof, the entire thirty-fifth (35th) floor of
         the Building as well as other premises in the Building are leased to
         The Gillette Company (The Gillette Company, as well as any successor to
         The Gillette Company which holds the tenant's interest under The
         Gillette Company's lease with Landlord, as such lease may be extended,
         amended or renewed, being hereinafter referred to as the "Existing
         Tenant"). Such existing lease and the term thereof, including, but not
         limited to, the original term thereof, options to extend the term
         thereof, any expansion options and any amendments thereto is
         hereinafter called the "Existing Lease". Notwithstanding anything to
         the contrary herein contained, Tenant's rights to lease the RFO Space
         shall be subject and subordinate (i) to the Existing Lease and the
         rights of the Existing Tenant thereunder, and (ii) to any other rights
         which Landlord may grant to the Existing Tenant in the future, pursuant
         to amendments to the Existing Lease or otherwise, all of which rights
         are prior to the rights of Tenant under this Section.

         (D)      Notwithstanding anything to the contrary herein contained, and
         in addition to the prior rights of the Existing Tenant as set forth in
         the preceding paragraph, Tenant's rights to lease the RFO Space shall
         be subject and subordinate to (i) the rights, as of the Execution Date
         of this Lease, of any existing tenants ("Other RFO Tenants") under
         existing leases with Landlord ("Other RFO Tenant Leases") for space in
         the Building to lease the RFO Space, and to Landlord's right to grant
         to any Other RFO Tenants a grace period (for the purpose of exercising
         such rights) of up to an additional thirty (30) days beyond the last
         day which such Other RFO Tenant has to exercise such rights. Other RFO
         Tenants include any entity which becomes the holder of the tenant's
         interest under an Other RFO Tenant Lease; and (ii) the right of any
         tenant of the RFO Space ("RFO Existing Tenant") to exercise any right
         which it has under its lease to extend or renew the term of its lease
         of the RFO Space. If any Other RFO Tenants or any RFO Existing Tenants
         lease the RFO Space pursuant to the Prior RFO Rights, Tenant shall have
         no right to lease such RFO Space pursuant to this Section 2.3 until
         such space again becomes available for relet, subject to, and in
         accordance with the provisions of this Section 2.3. Landlord represents
         that as of the Execution Date hereof, to the actual knowledge of David
         Provost, Vice President, Leasing, without further inquiry, the only
         Other RFO Tenants are the Existing Tenant and Digitas LLC.

         (E)      Tenant's rights under this Section 2.3 shall expire on, and
         Landlord shall have no obligation to deliver a Landlord's Notice to
         Tenant after, the date that is twelve (12) months prior to the
         scheduled termination date of this Lease.

                                       -9-
<Page>

                                   ARTICLE III
                        LEASE TERM AND EXTENSION OPTIONS

3.1      TERM. The Term of this Lease shall be the period specified in Section
         1.2 hereof as the "Lease Term", unless sooner terminated or extended as
         herein provided. If Section 1.2 provides for a fixed Commencement Date,
         then the Commencement Date of the Lease Term hereof shall be such date.
         Otherwise, the Lease Term hereof shall commence on, and the
         Commencement Date shall be, the first to occur of:

         (a)      The day on which the Premises are delivered by Landlord to
                  Tenant; or

         (b)      The date upon which Tenant commences use of the Premises for
                  business purposes (the parties hereby agreeing that the
                  installation of Tenant's furniture, fixtures and equipment
                  shall not be considered to be business purposes).

         Where the Landlord is to perform work to the Premises as provided in
         Article IV, the Premises shall be considered delivered by the Landlord
         to the Tenant on the day when the Premises are deemed to be
         substantially complete, as defined in Section 4.1 hereof.

         As soon as may be convenient after the Commencement Date has been
         determined, Landlord and Tenant agree to join with each other in the
         execution, in the form of Exhibit E hereto, of a written Commencement
         Date Agreement in which the Commencement Date and specified Lease Term
         of this Lease shall be stated. If Tenant shall fail to execute such
         Agreement (or notify Landlord in writing of its objections thereto)
         within fifteen (15) days after Tenant's receipt of Landlord's request
         to Tenant to enter into such Agreement, the Commencement Date and Lease
         Term shall be as reasonably determined by Landlord in accordance with
         the terms of this Lease.

3.2      EXTENSION OPTION.

         (A)      On the conditions (which conditions Landlord may waive by
         written notice to Tenant) that at the time of exercise of the herein
         described option to extend (i) there exists no "Event of Default"
         (defined in Section 15.1), (ii) this Lease is still in full force and
         effect, and (iii) Tenant has neither assigned this Lease nor sublet
         more than twenty percent (20%) of the Rentable Floor Area of the
         Premises (except for an assignment or subletting permitted without
         Landlord's consent under Section 12.2 hereof), Tenant shall have the
         right to extend the Term hereof upon all the same terms, conditions,
         covenants and agreements herein contained (except for the Annual Fixed
         Rent which shall be adjusted during the option period as hereinbelow
         set forth and except that there shall be no further option to

                                      -10-
<Page>

         extend beyond the two (2) Extended Terms referenced in this Section
         3.2(A)) for two (2) periods of five (5) years as hereinafter set forth.
         Each option period is sometimes herein referred to as the "Extended
         Term." Notwithstanding any implication to the contrary Landlord has no
         obligation to make any additional payment to Tenant in respect of any
         construction allowance or the like or to perform any work to the
         Premises as a result of the exercise by Tenant of any such option.

         (B)      No earlier than ninety (90) days prior to the Extension Notice
         Date, as hereinafter defined, Tenant may request that Landlord
         designate the Annual Fixed Rent payable in respect of the Extended Term
         in question, and Landlord shall designate the Annual Fixed Rent payable
         during the Extended Term in question ("Landlord's Rent Quotation")
         within thirty (30) days thereafter but Landlord shall not be required
         to make such designation more than seventeen (17) months prior to the
         commencement of the Extended Term in question. If at the expiration of
         thirty (30) days after the date when Landlord provides such quotation
         to Tenant (the "Negotiation Period"), Landlord and Tenant have not
         reached agreement on a determination of an Annual Fixed Rent for such
         Extended Term and executed a written instrument extending the Term of
         this Lease pursuant to such agreement, then the provisions of Section
         3.2(C) below shall apply.

         (C)      If Tenant desires to exercise an option to extend the Term,
         then Tenant shall give notice ("Tenant's Extension Exercise Notice") to
         Landlord, not earlier than fifteen (15) months nor later than twelve
         (12) months prior to the expiration of the then Term of this Lease (as
         it may have been previously extended) (the Extension Notice Date")
         exercising such option to extend. If Tenant shall not have timely given
         Tenant's Extension Exercise Notice on or before the date twelve (12)
         months prior to the expiration of the then Term of this Lease (as it
         may have been previously extended), then such option shall be void and
         of no further force and effect. If Tenant does not agree with
         Landlord's Rent Quotation, then Tenant shall have the right, for thirty
         (30) days following the expiration of the Negotiation Period but not
         later than the date twelve (12) months prior to the expiration of the
         then Term of this Lease (as it may have been previously extended), to
         make a request to Landlord for a broker determination (the "Broker
         Determination") of the Prevailing Market Rent (as defined in Exhibit H)
         for such Extended Term, which Broker Determination shall be made in the
         manner set forth in Exhibit H. If Tenant shall have timely given
         Tenant's Extension Exercise Notice and shall timely have requested the
         Broker Determination, then the Annual Fixed Rent for such Extended Term
         shall be ninety-five percent (95%) of the Prevailing Market Rent as
         determined by the Broker Determination. If Tenant shall have timely
         given Tenant's Extension Exercise Notice but shall not have timely
         requested the Broker Determination, then the Annual Fixed Rent during
         the applicable Extended Term shall be equal to Landlord's Rent
         Quotation.

                                      -11-
<Page>

         (D)      Upon the giving of the Exercise Notice by Tenant to Landlord
         exercising Tenant's applicable option to extend the Lease Term in
         accordance with the provisions of Section 3.2 (C) above, then this
         Lease and the Lease Term hereof shall automatically be deemed extended,
         for the applicable Extended Term, without the necessity for the
         execution of any additional documents, except that Landlord and Tenant
         agree to enter into an instrument in writing setting forth the Annual
         Fixed Rent for the applicable Extended Term as determined in the
         relevant manner set forth in this Section 3.2; and in such event all
         references herein to the Lease Term or the Term of this Lease shall be
         construed as referring to the Lease Term, as so extended, unless the
         context clearly otherwise requires, and except that there shall be no
         further option to extend the Lease Term. Notwithstanding anything
         contained herein to the contrary, in no event shall Tenant have the
         right to exercise more than one extension option at a time and,
         further, Tenant shall not have the right to exercise its second
         extension option unless it has duly exercised its first extension
         option and in no event shall the Lease Term hereof be extended for more
         than ten (10) years after the expiration of the Original Lease Term
         hereof.

                                   ARTICLE IV
                       CONDITION OF PREMISES; ALTERATIONS

4.1      SUBSTANTIAL COMPLETION.

         (A)      PLANS AND CONSTRUCTION PROCESS.

         (1)      PREPARATION OF THE PLANS. No later than dates set forth in
         Exhibit B-1, Tenant shall submit the specified plans to Landlord, or
         otherwise take the action specified. Landlord hereby acknowledges
         receipt and approval of the Permit/GMP Plans for the work to be
         performed by Landlord to prepare the Premises for Tenant's occupancy
         ("Landlord's Work"), provided, however, that the Landlord shall have no
         responsibility for the installation or connection of Tenant's computer,
         telephone, other communication equipment, systems or wiring, unless
         otherwise agreed by Landlord in writing. By not later than the date set
         forth in Exhibit B-1, Tenant shall also submit full construction
         drawings for Landlord's Work, which plans and specifications (the
         "Construction Plans") shall contain at least the information required
         by, and shall conform to the requirements of, Exhibit B. Landlord shall
         have no obligation to perform Landlord's Work until the Construction
         Plans shall have been presented to it and approved by it. Provided that
         the Construction Plans shall contain at least the information required
         by, and shall conform to the requirements of, Exhibit B, Landlord shall
         not unreasonably withhold or delay its approval of the Construction
         Plans. However, Landlord's determination of matters relating to
         material aesthetic issues relating to alterations or changes visible
         from the common areas, or from the exterior of the Building at street
         level, shall be in Landlord's sole discretion.

                                      -12-
<Page>

         Within five (5) days after Landlord's receipt of Tenant's request for
         approval of the Construction Plans (as well as receipt of the plans to
         be approved), Landlord shall notify Tenant as to whether Landlord
         approves the Construction Plans. If Landlord disapproves such plans,
         such notice shall state the grounds for such disapproval with
         reasonable specificity.

         (1A)     COST OF LANDLORD'S WORK. Landlord shall engage Shawmut Design
         & Construction, or another contractor reasonably acceptable to Tenant,
         to perform Landlord's Work. Landlord shall be paid a fee, equal to four
         percent (4%) of the "Cost of the Work." (as hereinafter defined) to
         compensate Landlord for the construction management services which
         Landlord provides with respect to the performance of Landlord's Work.
         As used herein, "Cost of the Work" shall be defined as the total
         project costs for Landlord's Work, including both hard and soft costs.
         The costs of Landlord's Work shall be paid as set forth in Section
         4.1(A)(2) below.

         (2)      TENANT PLAN EXCESS COSTS. To the extent such costs exceed the
         Tenant Allowance set forth in Section 4.4, such excess costs are
         hereinafter referred to as "Tenant Plan Excess Costs" and shall be paid
         by Tenant in accordance with Section 4.5. Tenant shall notify Landlord
         in writing, within three (3) business days of receipt by Tenant of
         Landlord's statement of Tenant Plan Excess Costs, of either its
         approval thereof and its authorization to Landlord to proceed with
         Landlord's Work in accordance with the Construction Plans in the event
         Landlord had no objection to the Construction Plans, or changes in the
         Construction Plans prepared by Tenant's architect which shall be
         responsive to any objections raised by Landlord. In the event of the
         latter modification, Landlord shall, as soon as practicable after
         Landlord obtains price quotations for any changes in the Construction
         Plans, quote to Tenant all changes in Tenant Plan Excess Costs
         resulting from said plan modifications and whether Landlord approves
         the revised Construction Plans. Tenant shall, within three (3) business
         days after receipt of Landlord's revised quotation of Tenant Plan
         Excess Costs submit to Landlord any revisions to the Construction Plans
         required by Landlord.

         (3)      AUTHORIZATION TO PROCEED DATE. Tenant shall, on or before the
         Authorization to Proceed Date, give Landlord written authorization to
         proceed with Landlord's Work in accordance with Tenant's approved
         Construction Plans ("Notice to Proceed"). In addition, Tenant shall, on
         or before the Authorization to Proceed Date, execute and deliver to
         Landlord any applications or other documentation required in order to
         obtain all permits and approvals necessary for Landlord to commence and
         complete Landlord's Work on a timely basis ("Permit Documentation").
         The Authorization to Proceed Date shall be extended on a day for day
         basis for each day of Landlord Delay. For purposes hereof, "Landlord
         Delay" shall mean a failure by Landlord to respond to plan submissions
         within the time frames or to the reasonableness standards set forth in
         Section 4.1(A)(1).

                                      -13-
<Page>

         (4)      CHANGE ORDERS. Tenant shall have the right, in accordance
         herewith, to submit for Landlord's approval change proposals subsequent
         to Landlord's approval of the Construction Plans and Tenant's approval
         of the Tenant Plan Excess Costs, if any (each, a "Change Proposal").
         Landlord agrees to respond to any such Change Proposal within such time
         as is reasonably necessary (taking into consideration the information
         contained in such Change Proposal) after the submission thereof by
         Tenant, advising Tenant of any anticipated costs ("Change Order Costs")
         associated with such Change Proposal, as well as an estimate of any
         delay which would likely result in the completion of the Landlord's
         Work if a Change Proposal is made pursuant thereto ("Landlord's Change
         Order Response"). Tenant shall have the right to then approve or
         withdraw such Landlord's Change Order Response within three(3) days
         after receipt of such Landlord's Change Order Response. If Tenant fails
         to respond to Landlord's Change Order Response within such three (3)
         day period, such Change Proposal shall be deemed withdrawn. If Tenant
         approves such Change Proposal, then such Change Proposal shall be
         deemed a "Change Order" hereunder and if the Change Order is made, then
         the Change Order Costs associated with the Change Order, if any, shall
         be deemed additions to the Tenant Plan Excess Costs and shall be paid
         in the same manner as Tenant Plan Excess Costs are paid as set forth in
         Section 4.5.

         (5)      TENANT RESPONSE TO REQUESTS FOR INFORMATION AND APPROVALS.
         Except to the extent that another time period is expressly herein set
         forth, Tenant shall respond to any reasonable request from Landlord,
         Landlord's architect, Landlord's contractor and/or Landlord's
         Construction Representative for approvals or information in connection
         with Landlord's Work, within two (2) business days of Tenant's receipt
         of such request, except that if the information requested is not
         readily available, Tenant shall so inform Landlord within two (2)
         business days of Tenant's receipt of such request, whereupon Tenant
         shall respond to such request as soon as possible, but in no event more
         than ten (10) days after Tenant's receipt of such request.

         (6)      TIME OF THE ESSENCE. Time is of the essence in connection with
         Tenant's obligations under this Section 4.1.

         (B)      TENANT DELAY.

         (1)      A "TENANT DELAY" shall be defined as the following:

                  (a)      Tenant's failure to timely comply with the Plans and
         Construction Schedule set forth in Exhibit B-1 attached hereto,
         including without limitation Tenant's failure to give authorization to
         Landlord to proceed with Landlord's Work on or before the Authorization
         to Proceed Date (as the same may be

                                      -14-
<Page>

         extended as provided above) or to provide all required Permit
         Documentation to Landlord on or before the Authorization to Proceed
         Date; or

                  (b)      Tenant's failure timely to respond to any reasonable
         request from Landlord, Landlord's architect, Landlord's contractor
         and/or Landlord's Construction Representative within the time periods
         set forth in this Article IV (including, without limitation, Section
         4.1(A)(5) above);

                  (c)      Tenant's failure to pay the Tenant Plan Excess Costs
         in accordance with Section 4.5;

                  (d)      Any delay due to items of work for which there is a
         long lead time in obtaining the materials therefor or which are
         specially or specifically manufactured, produced or milled for the work
         in or to the Premises and require additional time for receipt or
         installation, but only with respect to items as to which Landlord
         notifies Tenant in writing at the time that Landlord approves Tenant's
         plans and/or change orders related thereto that such items are long
         lead time items;

                  (e)      Any delay due to changes, alterations or additions
         required or made by Tenant after Landlord approves Tenant's
         Construction Plans including, without limitation, Change Orders. With
         respect to any Tenant Delay under this clause (e), no period of time
         prior to the date that Landlord notifies Tenant of a Tenant Delay shall
         be considered to be a Tenant Delay; or

                  (f)      Any other delays caused by Tenant, Tenant's
         contractors, architects, engineers or anyone else engaged by Tenant in
         connection with the preparation of the Premises for Tenant's occupancy,
         including, without limitation, utility companies and other entities
         furnishing communications, data processing or other service, equipment,
         or furniture. With respect to any Tenant Delay under this clause (f),
         no period of time prior to the date that Landlord notifies Tenant of a
         Tenant Delay shall be considered to be a Tenant Delay.

         The Tenant Delays defined in clauses (a), (b) and (c) of this Section
         4.1(B)(1) are sometimes hereinafter referred to as "Accelerated Rent
         Tenant Delays", the Tenant Delays defined in clauses (d), (e), and (f)
         of this Section 4.1(B)(1) are sometimes hereinafter referred to as
         "Other Tenant Delays". Landlord agrees to give Tenant status reports
         from time to time upon Tenant's written request of the status of any of
         the items set forth in this Section 4.1(B)(1).

         (2)      TENANT OBLIGATIONS WITH RESPECT TO TENANT DELAYS.

                  (a)      Tenant covenants that no Tenant Delay shall delay
         commencement of the Term or the obligation to pay Annual Fixed Rent or
         Additional Rent,

                                      -15-
<Page>

         regardless of the reason for such Tenant Delay or whether or not it is
         within the control of Tenant or any such employee. Landlord's Work
         shall be deemed substantially completed as of the date when Landlord's
         Work would have been substantially completed but for any Tenant Delays,
         as certified by the project architect or Landlord's architect, in the
         exercise of its professional judgment.

                  (b)      If any Accelerated Rent Tenant Delays occur: (i)
         Tenant shall, for the purpose of reimbursing Landlord for lost rent due
         to Landlord's inability to proceed with Landlord's Work as scheduled,
         pay to Landlord an amount ("Accelerated Rent Payment") equal to one day
         of Annual Fixed Rent and Additional Rent for each day of Accelerated
         Rent Tenant Delay, (ii) the Estimated Commencement Date shall be
         extended by each day of Accelerated Rent Tenant Delay, and (iii) if the
         Commencement Date occurs before the Estimated Commencement Date, then
         any Accelerated Rent Payment paid by Tenant shall be credited against
         the Annual Fixed Rent and Additional Rent payable by Tenant in respect
         of the period commencing as of the Commencement Date and ending as of
         the Estimated Commencement Date.

                  (c)      Tenant shall reimburse Landlord the amount, if any,
         by which the cost of Landlord's Work is increased as the result of any
         Tenant Delay in excess of the amounts paid under Section 4.1(B)(2)(b)
         above and not otherwise credited to Tenant under said Section
         4.1(B)(2)(b). Notwithstanding the foregoing, no amounts shall be due
         from Tenant pursuant to this Section 4.1(B)(2)(c) unless and until the
         total cost of Landlord's Work, including any increases therein due to
         Tenant Delay, exceeds the Tenant Allowance, as defined in Section 4.4
         hereof.

                  (d)      Any amounts due from Tenant to Landlord under this
         Section 4.1(B)(2) shall be due and payable within thirty (30) days of
         billing therefor, and shall be considered to be Additional Rent.
         Nothing contained in this Section 4.1(B)(2) shall limit or qualify or
         prejudice any other covenants, agreements, terms, provisions and
         conditions contained in this Lease.

         (C)      SUBSTANTIAL COMPLETION OF LANDLORD'S WORK.

         (1)      LANDLORD'S OBLIGATIONS. Subject to Tenant Delays and delays
         due to Force Majeure, as defined in Section 14.1, Landlord shall use
         reasonable speed and diligence to have Landlord's Work substantially
         completed on or before the Estimated Commencement Date, but Tenant
         shall have no claim against Landlord for failure so to complete
         construction of Landlord's Work in the Premises, except for the right
         to terminate this Lease, without further liability to either party, in
         accordance with the provisions hereinafter specified in Section 4.2.

         (2)      DEFINITION OF SUBSTANTIAL COMPLETION. The Premises shall be
         treated as having been substantially completed on the date that
         Landlord notifies Tenant

                                      -16-
<Page>

         (which notice may be by facsimile) that both of the following have
         occurred:

                  (a)      Landlord's Work, together with common facilities for
         access and services to the Premises, has been completed (or would have
         been completed except for Tenant Delays, as determined in accordance
         with Section 4.1(B)(2)(a)) except for Punch List Items, as hereinafter
         defined, and

                  (b)      Permission has been obtained (or would have been
         obtained except for Tenant Delays) from the applicable governmental
         authority, to the extent required by law, for occupancy by Tenant of
         the Premises for the Permitted Use.

         In the event of any dispute as to the date on which Landlord's Work has
         been substantially completed, the reasonable determination of
         Landlord's architect as to such date shall be deemed conclusive and
         binding on both Landlord and Tenant.

         Landlord agrees to notify Tenant, from time to time upon Tenant's
         written request, of Landlord's estimate of when Landlord's Work will be
         substantially completed.

         (3)      PUNCH LIST ITEMS AND INCOMPLETE WORK.

                  (a)      "Punch List Items" shall be defined as those items of
         work and adjustment of equipment and fixtures in the Premises, the
         incompleteness of which does not cause material interference with
         Tenant's use of the Premises, or access thereto, and which can be
         completed after Tenant commences its occupancy of the Premises without
         causing material interference with Tenant's use of the Premises or
         access thereto. The Punch List Items shall be set forth in a so-called
         punch list prepared and signed by Tenant and Landlord (provided,
         however, that Landlord and Tenant shall use good faith efforts to
         arrange for a mutually acceptable time to walk through the Premises and
         compile the punch list. If despite such good faith efforts Landlord and
         Tenant are unable to agree upon a mutually acceptable time, Landlord
         shall give Tenant reasonable advance notice of the time when Landlord
         intends to walk through the Premises and compile the punch list, and if
         Tenant does not accompany Landlord on such walk-through, Tenant shall
         be bound by the punch list compiled by Landlord).

                  (b)      Landlord shall complete as soon as conditions
         practically permit the Punch List items and any long-lead time items
         which were not complete as of the substantial completion of the
         Premises, and Tenant shall cooperate with Landlord in providing access
         as may be required to complete such work in a normal manner. Landlord
         agrees to perform such completion work in a manner so as not to
         unreasonably interfere with Tenant's use of the Premises, provided,
         however, that such work shall be performed during normal business hours
         unless Tenant elects to pay the excess cost for performing such work
         after normal

                                      -17-
<Page>

         business hours.

         (4)      EARLY ACCESS BY TENANT. Landlord shall permit Tenant access
         for installing Tenant's trade fixtures in portions of the Premises
         prior to substantial completion when it can be done without material
         interference with remaining work or with the maintenance of harmonious
         labor relations. Any such access by Tenant shall be at upon all of the
         terms and conditions of the Lease (other than the payment of Annual
         Fixed Rent) and shall be at Tenant's sole risk, and Landlord shall not
         be responsible for any injury to persons or damage to property
         resulting from such early access by Tenant.

         (5)      PROHIBITION ON ACCESS BY TENANT PRIOR TO ACTUAL SUBSTANTIAL
         COMPLETION. If, prior to the date that the Premises are in fact
         actually substantially complete, the Premises are deemed to be
         substantially complete pursuant to the provisions of this Section 4.1
         (i.e. and the Commencement Date has therefore occurred), Tenant shall
         not (except with Landlord's consent) be entitled to take possession of
         the Premises for the Permitted Use until the Premises are in fact
         actually substantially complete. Notwithstanding the foregoing,
         Landlord agrees to permit such occupancy of the Premises by Tenant
         provided that, in Landlord's reasonable opinion, such occupancy will
         not materially interfere with or delay the completion of Landlord's
         Work, nor will such occupancy endanger the safety of persons or
         property.

         (6)      SPECIAL PROVISION CONCERNING POTENTIAL VERIZON STRIKE. The
         parties acknowledge that the employees of Verizon, a major provider of
         telecommunication services in the greater Boston area, are threatening
         to strike imminently. Notwithstanding anything to the contrary herein
         contained, the parties agree as follows:

                  (i)      If Tenant submits a work order for Tenant's
         telecommunication services reasonably satisfactory to Landlord on or
         before September 5, 2003; and

                  (ii)     The installation and/or connection of Tenant's
         telecommunication services is delayed due to an actual Verizon strike;
         and

                  (iii)    As a result, Tenant is unable to use the Premises for
         the Permitted Use because it lacks telecommunication services; then

                  (iv)     There shall be no Annual Fixed Rent due hereunder
         during the period, not to exceed seventy-five (75) days, after the
         Commencement Date and before Tenant has sufficient telecommunications
         services to be able to use the Premises for the Permitted Use.

4.2      TENANT'S COMPLETION REMEDIES.

                                      -18-
<Page>

         (A)      TENANT'S TERMINATION RIGHT. If the Commencement Date shall not
         have occurred on or before the Outside Completion Date as set forth in
         Section 1.2 hereof (which date shall be extended automatically for such
         periods of time as Landlord is prevented from proceeding with or
         completing the same by reason of Force Majeure as defined in Section
         14.1, as well as for any Tenant Delay, without limiting Landlord's
         other rights on account thereof), Tenant shall have the right to
         terminate this Lease by giving notice to Landlord of Tenant's desire to
         do so at any time before such completion and within the time period
         from the Outside Completion Date (as so extended) until the date which
         is thirty (30) days subsequent to the Outside Completion Date (as so
         extended); and, upon the giving of such notice, the Term of this Lease
         shall cease and come to an end without further liability or obligation
         on the part of either party unless, within thirty (30) days after
         receipt of such notice, the Commencement Date occurs. Each day of
         Tenant Delay shall be deemed conclusively to cause an equivalent day of
         delay by Landlord in substantially completing Landlord's Work, and
         thereby automatically extend for each such equivalent day of delay the
         date of the Outside Completion Date.

         (B)      LIQUIDATED DAMAGES. Notwithstanding anything to the contrary
         herein contained, if the Commencement Date does not occur on or before
         the Outside Damages Date as set forth in Section 1.2 hereof (which date
         shall be extended automatically for such periods of time as Landlord is
         prevented from proceeding with or completing the same by reason of
         Force Majeure as defined in Section 14.1, as well as for any Tenant
         Delay, without limiting Landlord's other rights on account thereof),
         then Tenant shall be entitled, as liquidated damages which are payable
         as the result of such delay in the Commencement Date, to a rent credit
         ("Rent Credit"), against the first installment(s) of Annual Fixed Rent
         and other charges payable under the Lease, equal to Two Thousand Four
         Hundred Eighty-Three and 51/00 Dollars ($2,483.51) times the number of
         days in the period commencing as of the Outside Damages Date (as it may
         be extended in accordance with this Paragraph (B)) and terminating on
         the Commencement Date (determined as set forth in Section 3. hereof).
         At Landlord's sole election, in lieu of giving Tenant the Rent Credit,
         Landlord may, on or before the date on which Tenant would have been
         entitled to receive such Rent Credit, pay to Tenant a cash payment in
         the amount of such Rent Credit. Tenant shall have no right to the Rent
         Credit or any payments pursuant to this Paragraph (B), if Tenant
         exercises its right to terminate the Lease pursuant to Section 4.1(A).

         (C)      The remedies set forth in this Section 4.2 are Tenant's sole
         and exclusive rights and remedies based upon any delay in the
         performance of Landlord's Work.

4.3      QUALITY AND PERFORMANCE OF WORK. All construction work required or
         permitted by this Lease shall be done in a good and workmanlike manner
         and

                                      -19-
<Page>

         in compliance with all applicable laws, ordinances, rules, regulations,
         statutes, by-laws, court decisions, and orders and requirements of all
         public authorities ("Legal Requirements") and all Insurance
         Requirements (as defined in Section 9.1 hereof). All of Tenant's work
         shall be coordinated with any work being performed by or for Landlord
         and in such manner as to maintain harmonious labor relations. Each
         party may inspect the work of the other at reasonable times and shall
         promptly give notice of observed defects. Each party authorizes the
         other to rely in connection with design and construction upon approval
         and other actions on the party's behalf by any Construction
         Representative of the party named in Section 1.2 or any person
         hereafter designated in substitution or addition by notice to the party
         relying. Except to the extent to which Tenant shall have given Landlord
         notice of respects in which Landlord has not performed Landlord's
         construction obligations under this Article IV (if any) not later than
         the end of the eleventh (11th) full calendar month next beginning after
         the Commencement Date, Tenant shall be deemed conclusively to have
         approved Landlord's construction and shall have no claim that Landlord
         has failed to perform any of Landlord's obligations under this Article
         IV (if any). Landlord agrees to correct or repair at its expense items
         which are then incomplete or do not conform to the work contemplated
         under the Construction Plans and as to which, in either case, Tenant
         shall have given notice to Landlord, as aforesaid.

4.4      SPECIAL ALLOWANCE

         (A)      Landlord shall provide to Tenant a special allowance equal to
         $1,709,240.00, being the product of (i) $65.00 and (ii) the Rentable
         Floor Area of the Premises (the "Tenant Allowance"), in accordance with
         and subject to the provisions of this Section 4.4. The Tenant Allowance
         shall be used and applied by Landlord solely on account of the cost of
         Landlord's Work. In no event shall Landlord's obligations to pay or
         reimburse Tenant for any of the costs of Landlord's Work which exceed
         the total Tenant Allowance. Notwithstanding the foregoing, Landlord
         shall be under no obligation to apply any portion of the Tenant
         Allowance for any purposes other than as provided in this Section 4.4.

         (B)      In addition, in the event that (i) Tenant is in default under
         this Lease, or (ii) there are any liens against Tenant's interest in
         the Lease or against the Building or the Site arising out of any work
         performed by Tenant or any litigation in which Tenant is a party which
         are not bonded to the reasonable satisfaction of Landlord, then, from
         and after the date of such event ("Event"), Landlord shall have no
         further obligation to fund any portion of the Tenant Allowance until
         such default has been cured or waived in writing or such lien has been
         released or bonded over to Landlord's reasonable satisfaction.

         (C)      Further, in no event shall Landlord be required to make
         application of any portion of the Tenant Allowance on account of any
         supervisory fees, overhead,

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         management fees or other payments to Tenant, or any partner or
         affiliate of Tenant. In the event that the costs of Landlord's Work are
         less than the Tenant Allowance, Tenant shall not be entitled to any
         payment or credit nor shall there be any application of the same toward
         Annual Fixed Rent or Additional Rent owed by Tenant under this Lease.

         (D)      In addition to the foregoing Tenant Allowance, Landlord shall
         also provide Tenant with an allowance ("Initial Fit Allowance") of up
         to $2,629.60, being the product of (i) $0.10 and (ii) the Rentable
         Floor Area of the Premises, toward the cost of initial fit plans.

         (E)      Provided that no Event of Default has occurred hereunder at
         the time that Tenant requests any requisition on account of the Initial
         Fit Allowance, Landlord shall pay the cost of the work shown on each
         requisition (as hereinafter defined) submitted by Tenant to Landlord
         within twenty (20) days of submission thereof by Tenant to Landlord.

                  For the purposes hereof, a "requisition" shall mean written
         documentation showing in reasonable detail the costs of the initial fit
         plans prepared for Tenant. Each requisition shall be accompanied by
         evidence reasonably satisfactory to Landlord that (if applicable) all
         work covered by previous requisitions has been fully paid by Tenant.

         (F)      Notwithstanding anything to the contrary herein contained:

         (i)      Landlord shall have no obligation to advance funds on account
         of the Initial Fit Allowance unless and until Landlord has received the
         requisition in question.

         (ii)     Landlord shall have no obligation to pay the Initial Fit
         Allowance in respect of any requisition submitted after the date six
         (6) months after substantial completion of the Premises.

         (iii)    Tenant shall not be entitled to any unused portion of the
         Tenant Allowance of Initial Fit Allowance.

4.5      PAYMENT OF TENANT PLAN EXCESS COSTS. To the extent, if any, that there
         are Tenant Plan Excess Costs, Tenant shall pay Landlord the Monthly
         Improvement Cost Payment (as hereinafter defined), as Additional Rent,
         in order to repay Landlord for the amount of such Tenant Plan Excess
         Costs up to the Maximum Amount, as hereinafter defined (the
         "Amortization Amount") as provided herein. However, in the event that
         the Tenant Plan Excess Costs exceed $525,920.00 (being the product of
         (i) $20.00 and (ii) the Rentable Floor Area of the Premises) ("Maximum
         Amount"), then Tenant shall pay to Landlord, as

                                      -21-
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         Additional Rent, prior to the commencement of Landlord's Work, all such
         Tenant Plan Excess Costs in excess of the Maximum Amount.

         Tenant shall reimburse Landlord, as Additional Rent, for the
         Amortization Amount amortized on a direct reduction basis over one
         hundred twenty-three (123) months at an interest rate of nine percent
         (9%) per annum in one hundred twenty-three (123) monthly payments
         ("Monthly Improvement Cost Payments") payable on the first day of each
         month following the Commencement Date (provided that if the
         Commencement Date is the first day of a month such payments shall
         commence on the Commencement Date) in the same manner as provided in
         the Lease for the payment of Annual Fixed Rent. By way of example, if
         the Amortization Amount equals $262,960.00, Tenant shall make 123
         Monthly Improvement Cost Payments of $3,280.96 each.

         Neither the Amortization Amount nor the Monthly Improvement Cost
         Payments shall be abated or reduced for any reason whatsoever
         (including, without limitation, untenantability of the Premises or
         termination of the Lease). Without limiting the foregoing, the rent
         abatement provisions of Article XIV of the Lease shall not apply to the
         Amortization Amount or the Monthly Improvement Cost Payments. Since the
         payment of the Amortization Amount represents a reimbursement to
         Landlord of costs which Landlord will incur in connection with the
         construction of the Premises, if there is any default (beyond the
         expiration of any applicable grace periods) of any of Tenant's
         obligations under the Lease (including, without limitation, its
         obligation to pay the Monthly Improvement Cost Payments) or if the term
         of this Lease is terminated for any reason whatsoever prior to the
         termination of the term of the Lease, Tenant shall pay to Landlord,
         immediately upon demand, the unamortized balance of the Amortization
         Amount. Tenant's obligation to pay the unamortized balance of the
         Amortization Amount shall be in addition to all other rights and
         remedies which Landlord has based upon any default of Tenant under the
         Lease, and Tenant shall not be entitled to any credit or reduction in
         such payment based upon amounts collected by Landlord from reletting
         the Premises after the default of Tenant.

4.6      COMPLIANCE WITH LAW. Landlord represents to Tenant that, to the best of
         Landlord's actual knowledge, the Building was constructed in accordance
         with the provisions of the Legal Requirements applicable to the
         Building as of the construction of the Building, and Landlord has not
         received any notices from any governmental authorities alleging that
         the Building is currently in violation of any Legal Requirement (except
         to the extent, if any, that Landlord may have received any such notice
         and corrected the violation claimed therein). Landlord shall use
         reasonable efforts to make the common areas of the Building and the
         "Base Building" (as hereinafter defined) (including the Base Building
         areas in the Premises) comply with Legal Requirements, provided that
         the foregoing shall not apply to (i) requirements of such Legal
         Requirements resulting from the use of, or

                                      -22-
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         additions, alterations or improvements in, any tenant space in the
         Building, including the Premises, and (ii) any additions, alterations
         and improvements (including the Landlord's Work, as more fully set
         forth below) in any tenant space in the Building, including the
         Premises. For purposes of this Section 4.6, "Base Building" shall mean
         the structural elements of the Building and the heating, ventilating
         and air conditioning, electrical and plumbing systems and equipment
         bringing primary service to the tenant spaces in the Building. Landlord
         agrees that to the extent that Landlord receives notice that the common
         areas and/or the Base Building are not in compliance with Legal
         Requirements, Landlord shall, when, if and in the manner permitted or
         required by Legal Requirements, remedy such non-compliance at its sole
         cost and expense, except to the extent that the cost of such compliance
         may be properly included in Operating Expenses..

         Tenant acknowledges that it is preparing the Construction Plans, and
         that Landlord has no responsibility whatsoever for the compliance of
         the Construction Plans with Applicable Laws. Landlord agrees to perform
         Landlord's Work in accordance with the Construction Plans. Except to
         the extent due to Landlord's failure to perform Landlord's Work in
         accordance with the Construction Plans, Landlord shall have no
         responsibility for the compliance of Landlord's Work with Applicable
         Laws.

         Tenant at Tenant's expense shall be responsible for (i) the compliance
         of any addition, alterations or improvements performed by or for Tenant
         or any assignee or subtenant of Tenant, including the Landlord's Work
         except to the extent set forth in the preceding paragraph ("Tenant
         Improvements") with the Federal Americans With Disabilities Act (the
         "ADA"), and (ii) compliance with the ADA required because of "Tenant's
         Specific Use of the Premises" (as defined below) or Tenant
         Improvements. The term "Tenant's Specific Use of the Premises" as used
         herein shall not refer to the general office use of the Premises, but
         shall refer to the specific products and operations Tenant and any
         assignee or subtenant of Tenant use in the Premises and the manner in
         which Tenant and any assignee or subtenant of Tenant use such products
         and conduct such operations.

4.7      DISPUTES.Any dispute between the parties with respect to the provisions
         of this Article IV shall be submitted to arbitration in accordance with
         Section 16.32.

                                    ARTICLE V
                       ANNUAL FIXED RENT AND ELECTRICITY

5.1      FIXED RENT. Tenant agrees to pay to Landlord, or as directed by
         Landlord at such place as Landlord shall from time to time designate by
         notice, on the Rent Commencement Date, and thereafter monthly, in
         advance, on the first day of each and every calendar month during the
         Original Lease Term, a sum equal to one-twelfth (1/12) of the Annual
         Fixed Rent specified in Section 1.2 hereof and on the

                                      -23-
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         first day of each and every calendar month during each Extended Term
         (if exercised), a sum equal to one-twelfth of the Annual Fixed Rent as
         determined in Section 3.2 for the applicable Extended Term. Until
         notice of some other designation is given, Annual Fixed Rent and all
         other charges for which provision is herein made shall be paid by
         remittance to or to the order of BOSTON PROPERTIES LIMITED PARTNERSHIP,
         Agents at P.O. Box 3557, Boston, Massachusetts 02241-3557, and all
         remittances received by BOSTON PROPERTIES LIMITED PARTNERSHIP, as
         Agents as aforesaid, or by any subsequently designated recipient, shall
         be treated as a payment to Landlord.

         Annual Fixed Rent for any partial month shall be paid by Tenant to
         Landlord at such rate on a pro rata basis, and, if the Rent
         Commencement Date shall be other than the first day of a calendar
         month, the first payment of Annual Fixed Rent which Tenant shall make
         to Landlord shall be a payment equal to a proportionate part of such
         monthly Annual Fixed Rent for the partial month from the Rent
         Commencement Date to the first day of the succeeding calendar month.

         Additional Rent payable by Tenant on a monthly basis, as elsewhere
         provided in this Lease, likewise shall be prorated, and the first
         payment on account thereof shall be determined in similar fashion and
         shall commence on the Rent Commencement Date and other provisions of
         this Lease calling for monthly payments shall be read as incorporating
         this undertaking by Tenant.

         Notwithstanding that the payment of Annual Fixed Rent payable by Tenant
         to Landlord shall not commence until the Rent Commencement Date, Tenant
         shall be subject to, and shall comply with, all other provisions of
         this Lease as and at the times provided in this Lease.

         The Annual Fixed Rent and all other charges for which provision is made
         in this Lease shall be paid by Tenant to Landlord without setoff,
         deduction or abatement.

5.2      ALLOCATION OF ELECTRICITY CHARGES.   The Premises shall be separately
         metered for electricity, at Landlord's expense, and Tenant shall pay
         for all electricity charges directly to the supplier of the same.

5.3      LANDLORD'S RECAPTURE RIGHT. Notwithstanding anything to the contrary in
         the Lease contained, if Tenant shall abandon or vacate the Premises for
         a period of no less than three hundred sixty-five (365) days, then
         Landlord shall have the right to terminate this Lease upon written
         notice to Tenant.

                                   ARTICLE VI
                                      TAXES

                                      -24-
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6.1      DEFINITIONS.  With reference to the real estate taxes referred to in
         this Article VI, it is agreed that terms used herein are defined as
         follows:

         (a)      "Tax Year" means the 12-month period beginning July 1 each
                  year during the Lease Term or if the appropriate Governmental
                  tax fiscal period shall begin on any date other than July 1,
                  such other date.

         (b)      "Landlord's Tax Expenses Allocable to the Premises" means the
                  same proportion of Landlord's Tax Expenses as Rentable Floor
                  Area of Tenant's Premises bears to 100% of the Total Rentable
                  Floor Area of the Building.

         (c)      "Landlord's Tax Expenses" with respect to any Tax Year means
                  the aggregate "real estate taxes" (hereinafter defined) with
                  respect to that Tax Year, reduced by any net abatement
                  receipts with respect to that Tax Year; provided, however,
                  that if in any Tax Year an abatement has been obtained on
                  account of vacancies in the Building, or if the real estate
                  taxes had initially been assessed in an amount to reflect such
                  vacancies then Landlord's Tax Expenses shall be determined to
                  be an amount equal to the taxes which would normally be
                  expected to have been assessed had occupancy been ninety-five
                  percent (95%) as of the reference date or period on which or
                  in relation to which such assessment was made. For this
                  purpose, taxes on properties comparable to the Building may be
                  used as a reference if such properties were occupied at
                  ninety-five percent (95%) more or less during the relevant
                  period.

         (d)      "Real estate taxes" means all taxes and special assessments of
                  every kind and nature and user fees and other like fees
                  assessed by any Governmental authority on, or allocable to (i)
                  the Building or (ii) the land, open areas, public areas and
                  amenities, plazas, common areas and other non-leasable areas
                  of the Prudential Center (for the purposes of this Subsection
                  (d) "Common Areas") which the Landlord shall be obligated to
                  pay because of or in connection with the ownership, leasing or
                  operation of the Building and reasonable expenses of and fees
                  for any formal or informal proceedings for negotiation or
                  abatement of taxes (collectively, Abatement Expenses"), which
                  Abatement Expenses shall be excluded from Base Taxes. The
                  amount of special taxes or special assessments to be included
                  shall be limited to the amount of the installment (plus any
                  interest other than penalty interest payable thereon) of such
                  special tax or special assessment required to be paid during
                  the year in respect of which such taxes are being determined.
                  There shall be excluded from such taxes all income, estate,
                  succession, inheritance and transfer taxes; provided, however,
                  that if at any time during the Lease Term the present system
                  of ad valorem taxation of real property shall be changed so
                  that in lieu of, or

                                      -25-
<Page>

                  in addition to, the whole or any part of the ad valorem tax on
                  real property, there shall be assessed on Landlord a capital
                  levy or other tax on the gross rents received with respect to
                  the Building, or a Federal, State, County, Municipal, or other
                  local income, franchise, excise or similar tax, assessment,
                  levy or charge (distinct from any now in effect in the
                  jurisdiction in which the Prudential Center is located)
                  measured by or based, in whole or in part, upon any such gross
                  rents, then any and all of such taxes, assessments, levies or
                  charges, to the extent so measured or based, shall be deemed
                  to be included within the term "real estate taxes" but only to
                  the extent that the same would be payable if the Building,
                  were the only property of Landlord. To the extent that the
                  Building is not separately assessed for real estate tax
                  purposes, but is assessed as part of a larger parcel, then the
                  Landlord shall make a reasonable allocation as to the amount
                  of the real estate taxes that should be allocated to the
                  Building for the purposes of determination of the Tenant's
                  share of increases in real estate taxes under this Lease. The
                  Landlord's allocation, if made in good faith and for which
                  Landlord has a reasonable basis shall be final, absent
                  manifest error, provided that such allocation is consistently
                  applied throughout the Lease. For the purposes of this Lease,
                  real estate taxes shall include any payment in lieu of taxes
                  or any payments made under Chapter 121A of the Massachusetts
                  General Laws or any similar law.

         (e)      "Base Taxes" means Landlord's Tax Expenses (hereinbefore
                  defined) for fiscal tax year 2004 (that is the period
                  beginning July 1, 2003 and ending June 30, 2004).

         (f)      "Base Taxes Allocable to the Premises" means the same
                  proportion of Base Taxes as the Rentable Floor Area of
                  Tenant's Premises bears to 100% of the Total Rentable Floor
                  Area of the Building.

         (g)      If during the Lease Term the Tax Year is changed by applicable
                  law to less than a full 12-month period, the Base Taxes and
                  Base Taxes Allocable to the Premises shall each be
                  proportionately reduced.

6.2      TENANT'S SHARE OF REAL ESTATE TAXES. If with respect to any full Tax
         Year or fraction of a Tax Year falling within the Lease Term Landlord's
         Tax Expenses Allocable to the Premises for a full Tax Year exceed Base
         Taxes Allocable to the Premises or for any such fraction of a Tax Year
         exceed the corresponding fraction of Base Taxes Allocable to the
         Premises (such amount being hereinafter referred to as the "Tax
         Excess"), then Tenant shall pay to Landlord, as Additional Rent, the
         amount of such Tax Excess. Payments by Tenant on account of the Tax
         Excess shall be made monthly at the time and in the fashion herein
         provided for the payment of Annual Fixed Rent. The amount so to be paid
         to Landlord shall be an amount from time to time reasonably estimated
         by

                                      -26-
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         Landlord to be sufficient to provide Landlord, in the aggregate, a sum
         equal to the Tax Excess, ten (10) days at least before the day on which
         tax payments by Landlord would become delinquent. Not later than ninety
         (90) days after Landlord's Tax Expenses Allocable to the Premises are
         determinable for the first such Tax Year or fraction thereof and for
         each succeeding Tax Year or fraction thereof during the Lease Term,
         Landlord shall render Tenant a statement in reasonable detail certified
         by a representative of Landlord showing for the preceding year or
         fraction thereof, as the case may be, real estate taxes allocated to
         the Building, abatements and refunds, if any, of any such taxes and
         assessments, expenditures incurred in obtaining such abatement or
         refund, the amount of the Tax Excess, the amount thereof already paid
         by Tenant and the amount thereof overpaid by, or remaining due from,
         Tenant for the period covered by such statement. Within thirty (30)
         days after the receipt of such statement, Tenant shall pay any sum
         remaining due. Any balance shown as due to Tenant shall be credited
         against Annual Fixed Rent next due, or promptly refunded to Tenant if
         the Lease Term has then expired and Tenant has no further obligation to
         Landlord. Expenditures for legal fees and for other expenses incurred
         in obtaining an abatement or refund may be charged against the
         abatement or refund before the adjustments are made for the Tax Year.

         To the extent that real estate taxes shall be payable to the taxing
         authority in installments with respect to periods less than a Tax Year,
         the statement to be furnished by Landlord shall be rendered and
         payments made on account of such installments.

                                  ARTICLE VII

                         LANDLORD'S REPAIRS AND SERVICES
                        AND TENANT'S ESCALATION PAYMENTS

7.1      STRUCTURAL REPAIRS. Except for (a) normal and reasonable wear and use
         and (b) damage caused by fire or casualty and by eminent domain,
         Landlord shall, throughout the Lease Term, at Landlord's sole cost and
         expense, keep and maintain, or cause to be kept and maintained, in good
         order, condition and repair the following portions of the Building: the
         structural portions of the roof, the exterior and load bearing walls,
         the foundation, the structural columns and floor slabs and other
         structural elements of the Building; provided however, that Tenant
         shall pay to Landlord, as Additional Rent, the cost of any and all such
         repairs which may be required as a result of repairs, alterations, or
         installations made by Tenant or any subtenant, assignee, licensee or
         concessionaire of Tenant or any agent, servant, employee or contractor
         of any of them or to the extent of any loss, destruction or damage
         caused by the omission or negligence of Tenant, any assignee or
         subtenant or any agent, servant, employee, customer, visitor or
         contractor of any of them.

                                      -27-
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7.2      OTHER REPAIRS TO BE MADE BY LANDLORD. Except for (a) normal and
         reasonable wear and use and (b) damage caused by fire or casualty and
         by eminent domain, and except as otherwise provided in this Lease, and
         subject to provisions for reimbursement by Tenant as contained in
         Section 7.5, Landlord agrees to keep and maintain, or cause to be kept
         and maintained, in good order, condition and repair the common areas
         and facilities of the Building, including heating, ventilating, air
         conditioning, plumbing and other Building systems equipment servicing
         the Premises, except that Landlord shall in no event be responsible to
         Tenant for (a) the condition of glass in and about the Premises (other
         than for glass in exterior walls for which Landlord shall be
         responsible unless the damage thereto is attributable to Tenant's
         negligence or misuse, in which event the responsibility therefor shall
         be Tenant's), or (b) any condition in the Premises or the Building
         caused by any act or neglect of Tenant or any agent, employee,
         contractor, assignee, subtenant, licensee, concessionaire or invitee of
         Tenant. Without limitation, Landlord shall not be responsible to make
         any improvements or repairs to the Building or the Premises other than
         as expressly provided in this Lease (including, without limitation, in
         Article IV, Section 7.1 and Section 7.2 hereof).

7.3      SERVICES TO BE PROVIDED BY LANDLORD. In addition, and except as
         otherwise provided in this Lease and subject to provisions for
         reimbursement by Tenant as contained in Section 7.5 and Tenant's
         responsibilities in regard to electricity as provided in Section 5.2,
         Landlord agrees to furnish services, utilities, facilities and supplies
         as set forth in Exhibit C hereto equal in quality comparable to those
         customarily provided by landlords in high quality Class A office
         buildings in Boston. In addition, Landlord agrees to furnish, at
         Tenant's expense, reasonable additional Building operation services
         which are usual and customary in similar buildings in Boston, and such
         additional special services as may be mutually agreed upon by Landlord
         and Tenant, upon reasonable and equitable rates from time to time
         established by Landlord. Tenant agrees to pay to Landlord, as
         Additional Rent, the cost of any such additional Building services
         requested by Tenant and for the cost of any additions, alterations,
         improvements or other work performed by Landlord in the Premises at the
         request of Tenant within thirty (30) days after being billed therefor.

7.4      OPERATING COSTS DEFINED. "Operating Expenses Allocable to the Premises"
         means the same proportion of the Operating Expenses for the Building
         (as hereinafter defined) as Rentable Floor Area of the Premises bears
         to 100% of the Total Rentable Floor Area of the Building. "Base
         Operating Expenses" means Operating Expenses for the Building for
         calendar year 2004 (that is the period beginning January 1, 2004 and
         ending December 31, 2004). Base Operating Expenses shall not include
         market-wide cost increases due to extraordinary circumstances,
         including but not limited to, Force Majeure (as defined in Section

                                      -28-
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         14.1), boycotts, strikes, conservation surcharges, embargoes or
         shortages. "Base Operating Expenses Allocable to the Premises" means
         the same proportion of Base Operating Expenses as the Rentable Floor
         Area of Tenant's Premises bears to 100% of the Total Rentable Floor
         Area of the Building. "Operating Expenses for the Building" means the
         cost of operation of the Building and the Building's share of the cost
         of operating other areas of the Prudential Center as more specifically
         provided below in Section 7.4, including those incurred in discharging
         the obligations under Sections 7.2 and 7.3; however there shall be
         excluded from the Operating Expenses for the Building the cost of
         operation of (x) the Garage, and (y) any retail areas of the Prudential
         Center which are outside the Building, except to the extent the costs
         attributable to the retail areas may be included in Operating Expenses
         pursuant to Section 7.4(i). In addition, such costs shall exclude
         payments of debt service and any other mortgage charges, brokerage
         commissions, salaries of executives and owners not directly employed in
         the management or operation of the Building, the general overhead and
         administrative expenses of the home office of Landlord or Landlord's
         managing agent, and costs of special services rendered to tenants
         (including Tenant) for which a separate charge is made, but shall
         include, without limitation:

         (a)      compensation, wages and all fringe benefits, workmen's
                  compensation insurance premiums and payroll taxes paid to, for
                  or with respect to all persons for their services in the
                  operating, maintaining, managing, insuring or cleaning of the
                  Building or the Prudential Center, up to and including the
                  level of general manager;

         (b)      payments under service contracts with independent contractors
                  for operating, maintaining or cleaning of the Building or the
                  Prudential Center;

         (c)      steam, water, sewer, gas, oil, electricity and telephone
                  charges (excluding such utility charges separately chargeable
                  to tenants for additional or separate services and electricity
                  charges paid by Tenant in the manner set forth in Section 5.2)
                  and costs of maintaining letters of credit or other security
                  as may be required by utility companies as a condition of
                  providing such services;

         (d)      cost of maintenance, cleaning and repairs and
                  replacements(other than repairs reimbursed from contractors
                  under guarantees);

         (e)      cost of snow removal and care of landscaping;

         (f)      cost of building and cleaning supplies and equipment;

                                      -29-
<Page>

         (g)      premiums for insurance carried with respect to the Building or
                  Prudential Center (including, without limitation, liability
                  insurance, insurance against loss in case of fire or casualty
                  and of monthly installments of Annual Fixed Rent and any
                  Additional Rent which may be due under this Lease and other
                  leases of space in the Building for not more than twelve (12)
                  months in the case of both Annual Fixed Rent and Additional
                  Rent and, if there be any first mortgage on the Building,
                  including such insurance as may be required by the holder of
                  such first mortgage);

         (h)      management fees at reasonable rates consistent with the type
                  of occupancy and the services rendered, provided that the
                  amount of such fees included in Operating Expenses shall not
                  exceed four percent (4%) of the gross receipts of the
                  Building;

         (i)      the Building's share (as reasonably determined by Landlord) of
                  Operating Expenses for the Building (as herein defined in this
                  Section 7.4) related to the operation of the open areas,
                  public areas and amenities, plazas, common areas, facilities
                  and other non-leasable areas of the Prudential Center and
                  other mixed use common area maintenance costs incurred by
                  Landlord or any other PruOwner and allocated to the Building
                  and any shuttle buses and other like amenities, for use of
                  tenants of the Building either alone or in common with tenants
                  of other buildings in the Prudential Center ("Common PruCenter
                  Costs"). Landlord agrees that it will not change the
                  procedures which it is presently (i.e. as of the Execution
                  Date of this Lease) using to allocate Common PruCenter Costs,
                  unless there are changes in the uses in the Prudential Center
                  or other changes in the operation of the Prudential Center
                  which constitute, in Landlord's reasonable judgment, a basis
                  for changing such allocation procedures;

         (j)      depreciation for capital improvements (x) to reduce Operating
                  Expenses if Landlord reasonably shall have determined that the
                  annual reduction in Operating Expenses shall exceed
                  depreciation therefor plus Imputed Interest (as defined below)
                  or (y) to comply with Legal Requirements first enacted or
                  promulgated and in effect after the Commencement Date (plus,
                  in the case of both (x) and (y), an interest factor ("Imputed
                  Interest"), reasonably determined by Landlord, as being the
                  interest rate then charged for long term mortgages by
                  institutional lenders on like properties within the general
                  locality in which the Building is located), and in the case of
                  both (x) and (y) depreciation shall be determined by dividing
                  the original cost of such capital expenditure by the number of
                  years of useful life of the capital item acquired, which
                  useful life shall be determined reasonably by Landlord in
                  accordance with generally accepted accounting principles and
                  practices in effect at the time of acquisition of the capital
                  item, consistently applied; provided, however, if Landlord
                  reasonably concludes

                                      -30-
<Page>

                  on the basis of engineering estimates that a particular
                  capital expenditure will effect savings in other Operating
                  Expenses, including, without limitation, energy related costs,
                  and that such projected savings will, on an annual basis
                  ("Projected Annual Savings"), exceed the annual depreciation
                  and Imputed Interest therefor, then and in such event the
                  amount of depreciation for such capital expenditure shall be
                  increased to an amount equal to the Projected Annual Savings;
                  and in such circumstance, the increased depreciation (in the
                  amount of the Projected Annual Savings) shall be made for such
                  period of time as it would take to fully amortize the cost of
                  the item in question, together with Imputed Interest, in equal
                  monthly payments, each in the amount of 1/12th of the
                  Projected Annual Savings, with such payment to be applied
                  first to interest and the balance to principal; and

         (k)      all other reasonable and necessary expenses paid in connection
                  with the operating, cleaning and maintenance of the Building
                  or the Prudential Center or said common areas and facilities
                  and properly chargeable against income.

         Notwithstanding the foregoing, in determining the amount of Operating
         Expenses for the Building for any calendar year or portion thereof
         falling within the Lease Term, if less than ninety-five percent (95%)
         of the Rentable Area of the Building shall have been occupied by
         tenants at any time during the period in question, then, at Landlord's
         election, those components of Operating Expenses which vary based on
         occupancy (excluding Landlord's Tax Expenses) for such period shall be
         adjusted to equal the amount such components of Operating Expenses
         would have been for such period had occupancy been ninety-five percent
         (95%) throughout such period.

         Notwithstanding the foregoing, the following shall be excluded from
         Operating Expenses for the Building:

         (i)      repair costs in connection with other buildings in the
                  Prudential Center (provided that this clause (i) shall not be
                  deemed to exclude costs associated with the Arcade);

         (ii)     All capital expenditures and depreciation, except as otherwise
                  explicitly provided in this Section 6.2;

         (iii)    Leasing fees or commissions, advertising and promotional
                  expenses, legal fees, the cost of tenant improvements, build
                  out allowances, moving expenses, assumption of rent under
                  existing leases and other concessions incurred in connection
                  with leasing space in the Building or in Prudential Center;

                                      -31-
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         (iv)     Interest on indebtedness, debt amortization, ground rent, and
                  refinancing costs for any mortgage or ground lease of the
                  Building or the Prudential Center, provided however, that the
                  foregoing shall not exclude the inclusion of the amortization
                  and interest permitted to be included in Operating Expenses on
                  account of capital improvements under Section 6.2(j) above;

         (v)      Legal, auditing, consulting and professional fees and other
                  costs, (other than those legal, auditing, consulting and
                  professional fees and other costs incurred in connection with
                  the normal and routine maintenance and operation of the
                  Building and/or the Prudential Center), including, without
                  limitation, those: (i) paid or incurred in connection with
                  financings, refinancings or sales of any Landlord's interest
                  in the Building or the Prudential Center, (ii) relating to
                  specific disputes with tenants, and (iii) relating to any
                  special reporting required by securities laws

         (vi)     Costs incurred in performing work or furnishing services for
                  any tenant (including Tenant), whether at such tenant's or
                  Landlord's expense, to the extent that such work or services
                  is in excess of any work or service that Landlord is obligated
                  to furnish to Tenant at Landlord's expense (e.g., if Landlord
                  agrees to provide extra cleaning to another tenant, the cost
                  thereof would be excluded since Landlord is not obligated to
                  furnish extra cleaning to Tenant);

         (vii)    The cost of any item or service to the extent reimbursable to
                  Landlord by insurance required to be maintained under the
                  Lease, by any tenant, or any third party, such as the cost of
                  supplying electricity for plugs and lights in a tenant's
                  premises;

         (viii)   Landlord's general corporate overhead, including costs
                  relating to accounting, payroll, legal and computer services
                  to the extent rendered in locations outside the Building or
                  Prudential Center;

         (ix)     Insurance premiums to the extent any tenant causes Landlord's
                  existing insurance premiums to increase or requires Landlord
                  to purchase additional insurance because of such tenant's use
                  of the Building for other than office purposes;

         (x)      Any costs expressly excluded from Operating Expenses or real
                  estate taxes elsewhere in this Lease or included as real
                  estate taxes;

         (xi)     Overhead and profit increment paid to Landlord, to affiliates
                  or partners of Landlord, partners or affiliates of such
                  partners, or affiliates of Landlord

                                      -32-
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                  for goods and/or services in the Building or Prudential Center
                  to the extent the same exceeds the costs or the overhead
                  profit increment, as the case may be, of such goods and/or
                  services rendered by unaffiliated third parties on a
                  competitive basis in comparable buildings (provided however,
                  that this clause (xi) shall not apply to the management fee);

         (xii)    Payments for rented equipment, the cost of which equipment
                  would constitute a capital expenditure if the equipment were
                  purchased to the extent that such payments exceed the amount
                  which could have been included in Operating Expenses had
                  Landlord purchased such equipment rather than leasing such
                  equipment;

         (xiii)   Penalties, damages, and interest for late payment or
                  violations of any obligations of Landlord, including, without
                  limitation, taxes, insurance, equipment leases and other past
                  due amounts;

         (xiv)    Contributions to charitable organizations;

         (xv)     Costs incurred in removing the property of former tenants or
                  other occupants of the Building;

         (xvi)    The cost of testing, remediation or removal of "Hazardous
                  Materials" (as defined in Section 11.2) in the Building or on
                  the Prudential Center required by "Hazardous Materials Laws"
                  (as defined in Section 11.2), provided however, that with
                  respect to the testing, remediation or removal of any material
                  or substance which, as of the Commencement Date, was not
                  considered, as a matter of law, to be a Hazardous Material,
                  but which is subsequently determined to be a Hazardous
                  Material as a matter of law, the costs thereof shall be
                  included in Operating Expenses, subject, however, to Section
                  6.2(j) to the extent that such cost is treated as a capital
                  expenditure;

         (xvii)   The cost of acquiring, installing, moving or restoring objects
                  or art;

         (xviii)  Wages, salaries, or other compensation paid to any executive
                  employees above the grade of general manager at the Prudential
                  Center, except that if any such employee performs a service
                  which would have been performed by an outside consultant (and
                  the cost of which service would otherwise have been includable
                  in Operating Expenses), the compensation paid to such employee
                  for performing such service shall be included in Operating
                  Expenses, to the extent only that the cost of such service
                  does not exceed competitive cost of such service had such
                  service been rendered by an outside consultant;

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         (xix)    Costs, including permit, license and inspection costs,
                  incurred in renovating or otherwise improving, decorating,
                  painting or redecorating space for tenants or other occupants
                  of the Building or Prudential Center;

         (xx)     The net (i.e. net of the reasonable costs of collection)
                  amount recovered by Landlord under any warranty or service
                  agreement from any contractor or service provider shall be
                  credited against Operating Costs;

         (xxi)    The cost of installation of, space preparation for and
                  subsidizing the operation of any amenities of the Prudential
                  Center (the parties hereby agreeing that this clause (xxi)
                  shall not be deemed to exclude the cost of subsidizing the
                  operation of the shuttle bus service as described above); or

         (xxii)   Costs of mitigation or impact fees or subsidies (however
                  characterized), imposed or incurred prior to the date of this
                  Lease or imposed or incurred solely as a result of another
                  tenant's or tenants' use of their Premises.

7.5      TENANT'S ESCALATION PAYMENTS. (A) If with respect to any calendar year
         falling within the Lease Term, or fraction of a calendar year falling
         within the Lease Term at the beginning or end thereof, the Operating
         Expenses Allocable to the Premises (as defined in Section 7.4) for a
         full calendar year exceed Base Operating Expenses Allocable to the
         Premises (as defined in Section 7.4) or for any such fraction of a
         calendar year exceed the corresponding fraction of Base Operating
         Expenses Allocable to the Premises (such amount being hereinafter
         referred to as the "Operating Cost Excess"), then Tenant shall pay to
         Landlord, as Additional Rent, on or before the thirtieth (30th) day
         following receipt by Tenant of the statement referred to below in this
         Section 7.5, the amount of such excess.

         (B)      Payments by Tenant on account of the Operating Cost Excess
         shall be made monthly at the time and in the fashion herein provided
         for the payment of Annual Fixed Rent. The amount so to be paid to
         Landlord shall be an amount from time to time reasonably estimated by
         Landlord to be sufficient to cover, in the aggregate, a sum equal to
         the Operating Cost Excess for each calendar year during the Lease Term.

         (C)      No later than one hundred twenty (120) days after the end of
         the first calendar year or fraction thereof ending December 31 and of
         each succeeding calendar year during the Lease Term or fraction thereof
         at the end of the Lease Term, Landlord shall render Tenant a statement
         in reasonable detail and according to usual accounting practices
         consistently applied from year to year certified by a representative of
         Landlord, showing for the preceding calendar year or fraction thereof,
         as the case may be, the Operating Expenses for the Building and the
         Operating Expenses Allocable to the Premises. Said statement to be
         rendered to Tenant also shall show for the preceding year or fraction
         thereof, as the case may

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         be, the amounts already paid by Tenant on account of Operating Cost
         Excess and the amount of Operating Cost Excess remaining due from, or
         overpaid by, Tenant for the year or other period covered by the
         statement.

         If such statement shows a balance remaining due to Landlord, Tenant
         shall pay same to Landlord on or before the thirtieth (30th) day
         following receipt by Tenant of said statement. Any balance shown as due
         to Tenant shall be credited against Annual Fixed Rent next due, or
         promptly refunded to Tenant if the Lease Term has then expired and
         Tenant has no further obligation to Landlord.

         Any payment by Tenant for the Operating Cost Excess shall not be deemed
         to waive any rights of Tenant to claim that the amount thereof was not
         determined in accordance with the provisions of this Lease.

         (D)      Subject to the provisions of this paragraph, Tenant shall have
         the right, at Tenant's cost and expense, to examine all documentation
         and calculations prepared in the determination of Operating Cost
         Excess:

                           1.    Such documentation and calculation shall be
         made available to Tenant at the offices where Landlord keeps such
         records during normal business hours within a reasonable time after
         Landlord receives a written request from Tenant to make such
         examination.

                           2.    Tenant shall have the right to make such
         examination no more than once in respect of any period for which
         Landlord has given Tenant a statement of the actual amount of Operating
         Expenses for the Building.

                           3.    Any request for examination in respect of any
         calendar year may be made no more than one hundred eighty (180) days
         after Landlord advises Tenant of the actual amount of Operating
         Expenses for the Building in respect of such calendar year and provides
         to Tenant the year-end statement required under Paragraph C of this
         Section 7.5, provided, however, if such examination results in a
         determination that Tenant was overcharged with respect to a calendar
         year, then Tenant shall have the right to review Landlord's books as to
         the erroneous items for the two calendar years immediately prior to the
         calendar year in question.

                           4.    Such examination may be made only by an
         independent certified public accounting firm approved by Landlord,
         which approval shall not be unreasonably withheld. Without limiting
         Landlord's approval rights, Landlord may withhold its approval of any
         examiner of Tenant who is being paid by Tenant on a contingent fee
         basis. Notwithstanding the foregoing, Landlord agrees that Tenant may
         retain a third party agent to review Landlord's books and records which
         is not a CPA firm, so long as the third party agent retained by Tenant
         shall have expertise in and familiarity with general industry practice
         with respect to the

                                      -35-
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         operation of and accounting for a first class office building and whose
         compensation shall in no way be contingent upon or correspond to the
         financial impact on Tenant resulting from the review.

                           5.    As a condition to performing any such
         examination, Tenant and its examiners shall be required to execute and
         deliver to Landlord an agreement, in form reasonably acceptable to
         Landlord, agreeing to keep confidential any information which it
         discovers about Landlord or the Building in connection with such
         examination, provided however, that Tenant shall be permitted to share
         such information with each of its permitted subtenants so long as such
         subtenants execute and deliver to Landlord similar confidentiality
         agreements. Without limiting the foregoing, if Tenant uses any examiner
         which is other than a nationally recognized accounting firm, Tenant's
         examiner shall be required to agree that it will not represent any
         other tenant in the Building or in other buildings located in the
         Prudential Center which are owned by Landlord or an affiliate of
         Landlord in connection with reviewing operating expenses for such
         tenant.

                           6.    If the results of such examination, as verified
         by Landlord's accountant, show that Operating Expense Excess for the
         year in question was overstated by more than four percent (4%), then
         Landlord shall reimburse Tenant for the reasonable costs of performing
         such examination.

7.6      NO DAMAGE.

         (A)      NO LIABILITY. Landlord shall give Tenant reasonable advance
         notice (except in an emergency and except for normal cleaning and
         maintenance operations) prior to exercising any right which Landlord
         has to enter the Premises and Landlord shall use reasonable efforts to
         avoid material interference with Tenant's use and enjoyment of the
         Premises; however, Landlord shall not be liable to Tenant for any
         compensation or reduction of rent by reason of inconvenience or
         annoyance or for loss of business arising from the necessity of
         Landlord or its agents entering the Premises for any purposes in this
         Lease authorized, or for repairing the Premises or any portion of the
         Building or Prudential Center however the necessity may occur. In case
         Landlord is prevented or delayed from making any repairs, alterations
         or improvements, or furnishing any services or performing any other
         covenant or duty to be performed on Landlord's part, by reason of any
         cause reasonably beyond Landlord's control, including, without
         limitation, strike, lockout, breakdown, accident, order or regulation
         of or by any Governmental authority, or failure of supply, or inability
         by the exercise of reasonable diligence to obtain supplies, parts or
         employees necessary to furnish such services, or because of war or
         other emergency, or for any cause due to any act or negligence of
         Tenant or Tenant's servants, agents, employees, licensees or any person
         claiming by, through or under Tenant,

                                      -36-
<Page>

         Landlord shall not be liable to Tenant therefor, nor, except as
         expressly otherwise provided in this Lease, shall Tenant be entitled to
         any abatement or reduction of rent by reason thereof, nor shall the
         same give rise to a claim in Tenant's favor that such failure
         constitutes actual or constructive, total or partial, eviction from the
         Premises.

         (B)      STOPPAGE OF SERVICE. Landlord reserves the right to stop any
         service or utility system, when necessary by reason of accident or
         emergency, or until necessary repairs have been completed; provided,
         however, that in each instance of stoppage, Landlord shall exercise
         reasonable diligence to eliminate the cause thereof as soon as
         reasonably practicable. Except in case of emergency repairs, Landlord
         will give Tenant reasonable advance notice of any contemplated stoppage
         and will use reasonable efforts to avoid unnecessary inconvenience to
         Tenant by reason thereof.

         (C)      RENT ABATEMENT. Notwithstanding anything to the contrary in
         this Lease contained, if due to Landlord's failure to make any repairs,
         alterations, or improvements required to be made by Landlord hereunder,
         or to provide any service required to be provided by Landlord
         hereunder, any portion of the Premises becomes untenantable so that for
         the Premises Untenantability Cure Period, as hereinafter defined, the
         continued operation in the ordinary course of Tenant's business is
         materially adversely affected, then, provided that Tenant ceases to use
         the affected portion of the Premises during the entirety of the
         Premises Untenantability Cure Period by reason of such untenantability,
         and that such untenantability and Landlord's inability to cure such
         condition is not caused by the fault or neglect of Tenant or Tenant's
         agents, employees or contractors, Annual Fixed Rent, Tax Excess and
         Operating Cost Excess shall thereafter be abated in proportion to such
         untenantability and its impact on the continued operation in the
         ordinary course of Tenant's business until the day such condition is
         completely corrected. For the purposes hereof, the "Premises
         Untenantability Cure Period" shall be defined as five (5) consecutive
         business days after Landlord's receipt of written notice from Tenant of
         the condition causing untenantability in the Premises, provided
         however, that the Premises Untenantability Cure Period shall be ten
         (10) consecutive business days after Landlord's receipt of written
         notice from Tenant of such condition causing untenantability in the
         Premises if either the condition was caused by causes beyond Landlord's
         control or Landlord is unable to cure such condition as the result of
         causes beyond Landlord's control. The provisions of this Section 7.6(C)
         shall not apply in the event of untenantability caused by fire or other
         casualty, or taking.

                                      -37-
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                                  ARTICLE VIII
                                TENANT'S REPAIRS

8.1      TENANT'S REPAIRS AND MAINTENANCE. Tenant covenants and agrees that,
         from and after the date that possession of the Premises is delivered to
         Tenant and until the end of the Lease Term, Tenant will keep neat and
         clean and maintain in good order, condition and repair the Premises and
         every part thereof, excepting only for (i) those repairs for which
         Landlord is responsible under the terms of Article VII of this Lease,
         and (ii) damage by fire or casualty, and (iii) as a consequence of the
         exercise of the power of eminent domain, and (iv) reasonable wear and
         tear. Tenant shall not permit or commit any waste, and Tenant shall be
         responsible for the cost of repairs which may be made necessary by
         reason of damages to common areas in the Building or Prudential Center
         by Tenant, Tenant's agents, employees, contractors, sublessees,
         licensees, concessionaires or invitees. Tenant shall maintain all its
         equipment, furniture and furnishings in good order and repair,
         reasonable wear and tear excepted.

         If repairs are required to be made by Tenant pursuant to the terms
         hereof, Landlord may demand that Tenant make the same forthwith, and if
         Tenant refuses or neglects to commence such repairs and complete the
         same with reasonable dispatch after such demand, Landlord may (but
         shall not be required to do so) make or cause such repairs to be made
         and shall not be responsible to Tenant for any loss or damage that may
         accrue to Tenant's stock or business by reason thereof, except (subject
         to the provisions of Section 13.4) to the extent caused by Landlord's
         gross negligence or willful malfeasance. If Landlord makes or causes
         such repairs to be made, Tenant agrees that Tenant will forthwith on
         demand, pay to Landlord as Additional Rent the cost thereof together
         with interest thereon at the rate specified in Section 16.21, and if
         Tenant shall default in such payment, Landlord shall have the remedies
         provided for non-payment of rent or other charges payable hereunder.

                                   ARTICLE IX
                                   ALTERATIONS

9.1      LANDLORD'S APPROVAL. Tenant covenants and agrees not to make
         alterations, additions or improvements to the Premises, whether before
         or during the Lease Term, except in accordance with plans and
         specifications therefor first approved by Landlord in writing, which
         approval shall not be unreasonably withheld or delayed. However,
         Landlord's determination of matters relating to aesthetic issues
         relating to alterations, additions or improvements which are visible
         from common areas outside the Premises or from the exterior of the
         Building shall be in Landlord's sole discretion. Without limiting such
         standard, Landlord shall not be deemed unreasonable:

                                      -38-
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         (a)      for withholding approval of any alterations, additions or
                  improvements which (i) in Landlord's reasonable opinion might
                  affect any structural or exterior element of the Building, any
                  area or element outside of the Premises or any facility or
                  base building mechanical system serving any area of the
                  Building outside of the Premises, or (ii) involve or affect
                  the exterior design, size, height or other exterior dimensions
                  of the Building, or (iii) enlarge the Rentable Floor Area of
                  the Premises, or (iv) are inconsistent, in Landlord's
                  judgment, with alterations satisfying Landlord's standards for
                  new alterations in the Building, or (v) will require unusual
                  expense to readapt the Premises to normal office use on Lease
                  termination or increase the cost of construction or of
                  insurance or taxes on the Building or of the services called
                  for by Section 7.3 unless Tenant first gives assurance
                  acceptable to Landlord for payment of such increased cost and
                  that such readaptation will be made prior to such termination
                  without expense to Landlord.

         (b)      for making its approval conditional on Tenant's agreement to
                  restore the Premises to its condition prior to such
                  alteration, addition, or improvement at the expiration or
                  earlier termination of the Lease Term.

         Landlord's review and approval of any such plans and specifications or
         under Section 4.1 and consent to perform work described therein shall
         not be deemed an agreement by Landlord that such plans, specifications
         and work conform with applicable Legal Requirements and requirements of
         insurers of the Building and the other requirements of the Lease with
         respect to Tenant's insurance obligations (herein called "Insurance
         Requirements") nor deemed a waiver of Tenant's obligations under this
         Lease with respect to applicable Legal Requirements and Insurance
         Requirements nor impose any liability or obligation upon Landlord with
         respect to the completeness, design sufficiency or compliance of such
         plans, specifications and work with applicable Legal Requirements and
         Insurance Requirements. Within 30 days after receipt of an invoice from
         Landlord, Tenant shall pay to Landlord, as a fee for Landlord's review
         of any plans or work (excluding any review respecting initial
         improvements performed pursuant to Section 4.1 hereof for which a fee
         had previously been paid), as Additional Rent, an amount equal to the
         sum of : (i) $1,000.00, plus (ii) third party expenses incurred by
         Landlord to review Tenant's plans and Tenant's work.

9.1.1    CERTAIN ALTERATIONS. Notwithstanding the terms of Section 9.1, Tenant
         shall have the right, without obtaining the prior consent of Landlord,
         but upon at least five (5) business days' prior written notice to
         Landlord, to make alterations, additions or improvements to the
         Premises where:

                                      -39-
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                  (i)      the same are within the interior of the Premises
                           within the Building, and do not affect the exterior
                           of the Premises and the Building;

                  (ii)     the same do not affect the roof, any structural
                           element of the Building, or the mechanical,
                           electrical, plumbing, heating, ventilating,
                           air-conditioning and fire protection systems of the
                           Building;

                  (iii)    the cost of any individual alteration, addition or
                           improvement shall not exceed $50,000.00 in each
                           instance; and

                  (iv)     Tenant shall comply with the provisions of this Lease
                           and if such work increases the cost of insurance or
                           taxes or of services, Tenant shall pay for any such
                           increase in cost.

9.2      CONFORMITY OF WORK. Tenant covenants and agrees that any alterations,
         additions, improvements or installations made by it to or upon the
         Premises shall be done in a good and workmanlike manner and in
         compliance with all applicable Legal Requirements and Insurance
         Requirements now or hereafter in force, that materials of first and
         otherwise good quality shall be employed therein, that the structure of
         the Building shall not be endangered or impaired thereby and that the
         Premises shall not be diminished in value thereby.

9.3      PERFORMANCE OF WORK, GOVERNMENTAL PERMITS AND INSURANCE. All of
         Tenant's alterations and additions and installation of furnishings
         shall be coordinated with any work being performed by or for Landlord
         and in such manner as to maintain harmonious labor relations and not to
         damage the Building or Prudential Center or interfere with Building
         construction or operation and, except for installation of furnishings,
         shall be performed by Landlord's general contractor or by contractors
         or workers first approved by Landlord, such approval not to be
         unreasonably withheld or delayed. Except for work by Landlord's general
         contractor, Tenant shall procure all necessary governmental permits
         before making any repairs, alterations, other improvements or
         installations. Tenant agrees to save harmless and indemnify Landlord
         from any and all injury, loss, claims or damage to any person or
         property occasioned by or arising out of the doing of any such work
         whether the same be performed prior to or during the Term of this
         Lease. At Landlord's election, unless Landlord acts as Tenant's general
         contractor or construction manager, Tenant shall cause its contractor
         to maintain a payment and performance bond in such amount and with such
         companies as Landlord shall reasonably approve. In addition, Tenant
         shall cause each contractor to carry workmen's compensation insurance
         in statutory amounts covering the employees of all contractors and
         subcontractors, and commercial general liability insurance or
         comprehensive general liability

                                      -40-
<Page>

         insurance with a broad form comprehensive liability endorsement with
         such limits as Landlord may require reasonably from time to time during
         the Term of this Lease, but in no event less than the minimum amount of
         commercial general liability insurance or comprehensive general
         liability insurance Tenant is required to maintain as set forth in
         Section 1.2 hereof and as the same may be modified as provided in
         Section 13.2 hereof (all such insurance to be written in companies
         approved reasonably by Landlord and insuring Landlord, Landlord's
         managing agent and Tenant as additional insureds as well as
         contractors) and to deliver to Landlord certificates of all such
         insurance. Tenant shall also prepare and submit to Landlord a set of
         as-built plans, in both print and electronic forms, showing such work
         performed by Tenant to the Premises promptly after any such
         alterations, improvements or installations are substantially complete
         and promptly after any wiring or cabling for Tenant's computer,
         telephone and other communications systems is installed by Tenant or
         Tenant's contractor. Without limiting any of Tenant's obligations
         hereunder, Tenant shall be responsible, as Additional Rent, for the
         costs of any alterations, additions or improvements in or to the
         Building that are required in order to comply with Legal Requirements
         as a result of any work performed by Tenant. Landlord shall have the
         right to provide such rules and regulations relative to the performance
         of any alterations, additions, improvements and installations by Tenant
         hereunder and Tenant shall abide by all such reasonable rules and
         regulations and shall cause all of its contractors to so abide
         including, without limitation, payment for the costs of using Building
         services.

9.4      LIENS. Tenant covenants and agrees to pay promptly when due the entire
         cost of any work done on the Premises by Tenant, its agents, employees
         or contractors, and not to cause or permit any liens for labor or
         materials performed or furnished in connection therewith to attach to
         the Premises or the Building or the Prudential Center and immediately
         to discharge any such liens which may so attach.

9.5      NATURE OF ALTERATIONS. All work, construction, repairs, alterations,
         other improvements or installations made to or upon the Premises
         (including, but not limited to, the construction performed by Landlord
         under Article IV), shall become part of the Premises and shall become
         the property of Landlord and remain upon and be surrendered with the
         Premises as a part thereof upon the expiration or earlier termination
         of the Lease Term, except as follows:

         (a)      All trade fixtures whether by law deemed to be a part of the
                  realty or not, installed at any time or times by Tenant or any
                  person claiming under Tenant shall remain the property of
                  Tenant or persons claiming under Tenant and may be removed by
                  Tenant or any person claiming under Tenant at any time or
                  times during the Lease Term or any occupancy by Tenant
                  thereafter and shall be removed by Tenant at the expiration or
                  earlier termination of the Lease Term if so requested by
                  Landlord. Tenant

                                      -41-
<Page>

                  shall repair any damage to the Premises occasioned by the
                  removal by Tenant or any person claiming under Tenant of any
                  such property from the Premises. Notwithstanding the
                  foregoing, Tenant shall have the right to grant security
                  interests and/or to lease its business equipment and personal
                  property in the Premises, provided that such lessor or secured
                  party agrees (or to such other commercially reasonable terms
                  as may be mutually agreed upon by Landlord and such lessor or
                  secured party):

                  1.       That it will repair any damage to the Building or the
                           Premises caused by the installation or removal of any
                           such equipment or personal property;

                  2.       That it will give Landlord not less than five (5)
                           days' advance written notice prior to making any
                           entry into the Premises;

                  3.       That it will not hold any auction or foreclosure sale
                           on the Premises; and

                  4.       That it will have the right to remove such equipment
                           or property only during the term of this Lease, if
                           the term of this Lease expires in the normal course,
                           or within five (5) days after the earlier termination
                           of the term of this Lease.

         (b)      At the expiration or earlier termination of the Lease Term,
                  Tenant shall remove: (i) any wiring, cables or other
                  installations appurtenant thereto for Tenant's computer,
                  telephone and other communication systems and equipment
                  whether located in the Premises or in any other portion of the
                  Building, including all risers (collectively, "Cable"), unless
                  Landlord notifies Tenant in writing that such Cable shall
                  remain in the Premises, and (ii) any alterations, additions
                  and improvements made with Landlord's consent during the Lease
                  Term for which such removal was made a condition of such
                  consent under Section 9.1(b). Upon such removal Tenant shall
                  restore the Premises to their condition prior to such
                  alterations, additions and improvements and repair any damage
                  occasioned by such removal and restoration. Tenant shall have
                  the right, upon written request to Landlord at any time on or
                  after the date which is three (3) months prior to the
                  expiration of the Lease Term, to ask Landlord if Tenant shall
                  be required to remove such Cable at the termination of the
                  Lease Term. Landlord shall respond to Tenant within fifteen
                  (15) days of such request as to whether Tenant shall be
                  required to remove such Cable at the expiration or earlier
                  termination of the Lease Term and Landlord shall be bound by
                  such response. If Landlord has not responded within such
                  15-day period, then Tenant may send Landlord a second notice,
                  which shall state at the top, in all-capital bold-face print
                  at least 10 points

                                      -42-
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                  large, "WARNING: FAILURE TO RESPOND TO THIS NOTICE WITHIN FIVE
                  (5) BUSINESS DAYS SHALL CONSTITUTE A WAIVER OF THE RIGHT TO
                  REQUIRE TENANT TO REMOVE CABLE". If Landlord does not respond
                  to such second notice within five (5) business days, then
                  Landlord shall be deemed to have waived its right to require
                  Tenant to remove such Cable.

         (c)      If Tenant shall make any alterations, additions or
                  improvements to the Premises for which Landlord's approval is
                  required under Section 9.1 without obtaining such approval,
                  then at Landlord's request at any time during the Lease Term,
                  and at any event at the expiration or earlier termination of
                  the Lease Term, Tenant shall remove such alterations,
                  additions and improvements and restore the Premises to their
                  condition prior to same and repair any damage occasioned by
                  such removal and restoration. Nothing herein shall be deemed
                  to be a consent to Tenant to make any such alterations,
                  additions or improvements, the provisions of Section 9.1 being
                  applicable to any such work.

9.6      INCREASES IN TAXES. Tenant shall pay, as Additional Rent, one hundred
         percent (100%) of any increase in real estate taxes on the Building
         which shall, at any time after the Commencement Date, result from
         alterations, additions or improvements to the Premises made by Tenant
         if the taxing authority specifically determines such increase results
         from such alterations, additions or improvements made by Tenant.

                                    ARTICLE X
                                     PARKING

10.1     PARKING PRIVILEGES. Landlord shall provide to Tenant monthly parking
         privileges in the Prudential Center Garage (the "Garage") for eighteen
         (18) passenger automobiles for the parking of motor vehicles, sixteen
         (16) in unreserved stalls and two (2) in reserved stalls, in the Garage
         by Tenant's employees commencing on the Commencement Date of the Term.
         Tenant's reserved parking stalls shall initially be as shown on Exhibit
         F attached hereto. Landlord reserves the right to relocate such
         reserved stalls to another location, provided that (i) the stall
         numbered 1 on Exhibit F can only be relocated to a stall numbered 2
         through 45 as shown on Exhibit F or another location which is
         approximately equally proximate to the entrance from the Garage to the
         Building, and (ii) the stall numbered 49 on Exhibit F can only be
         relocated to a space within the area reserved for reserved parking for
         tenants of the Building, as Landlord may designate such area from time
         to time. Tenant acknowledges that Landlord has advised Tenant that
         stall numbered 1 is not located within the reserved gate of the other
         reserved spaces in the Garage and, notwithstanding signs indicating
         that such stall is reserved, such space is often utilized by others.
         Therefore, Tenant

                                      -43-
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         acknowledges and agrees that Landlord shall have no obligation to
         police such stall and that Landlord's only obligation with respect to
         such stall is to maintain reserved signage as is in place on the date
         of this Lease.

10.2     PARKING CHARGES. Tenant shall pay for such parking privileges at the
         prevailing monthly rates from time to time charged by the operator or
         operators of the Garage, whether or not such operator is an affiliate
         of Landlord, for unreserved and, if applicable, reserved stalls. Such
         monthly parking charges for parking privileges shall be payable monthly
         as directed by Landlord upon billing therefor by Landlord or such
         operator. Tenant acknowledges that said monthly charges to be paid
         under this Section are for the use by the Tenant of the parking
         privileges referred to herein, and not for any other service. Tenant
         shall have the right to cease using any such parking privileges upon
         thirty (30) days' notice to Landlord and such operator, whereupon
         Tenant shall no longer have any rights to use the relinquished
         privileges nor any obligation to pay any charges for such privileges
         accruing after the end of such 30-day period.

10.3     GARAGE OPERATION. Unless otherwise determined by Landlord or the
         operator of such garage (the "Garage Operator"), the Garage is to be
         operated on a self-parking basis, and Tenant shall be obligated to park
         and remove its own automobiles, and Tenant's parking shall be on an
         unreserved basis, Tenant having the right to park in any available
         stalls. Without limiting the foregoing, Landlord shall have the right
         to operate portions of the Garage, except for Tenant's reserved stalls,
         on an attendant-managed basis, and Tenant shall cooperate with such
         attendants in parking and removing its automobiles, recognizing that
         Tenant may be required to leave keys for its vehicles with such
         attendants while such vehicles are in the Garage. Tenant's access and
         use privileges with respect to the Garage shall be in accordance with
         regulations of uniform applicability to the users of the Garage from
         time to time established by the Landlord or the Garage Operator. Tenant
         shall receive one (1) identification sticker or pass and one (1)
         magnetic card so-called, or other suitable device providing access to
         the Garage, for each parking privilege paid for by Tenant. Tenant shall
         supply Landlord with an identification roster listing, for each
         identification sticker or pass, the name of the employee and the make,
         color and registration number of the vehicle to which it has been
         assigned, and shall provide a revised roster to Landlord monthly
         indicating changes thereto. Any automobile found parked in the Garage
         during normal business hours without appropriate identification will be
         subject to being towed at said automobile owner's expense. The parking
         privileges granted herein are non-transferable (other than to a
         permitted assignee or subtenant pursuant to the applicable provisions
         of Article XII hereof). Landlord or the Garage Operator may institute a
         so-called valet parking program for the Garage, and in such event
         Tenant shall cooperate in all respects with such program. Landlord
         reserves for itself and any other PruOwner the right to alter the
         Garage as it sees fit and in such case to change the Garage including
         the reduction in area of the same, Tenant

                                      -44-
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         acknowledging that in connection with the potential expansion of
         buildings in the Prudential Center or the addition of other buildings
         thereto, it may be necessary to make significant changes to the Garage
         which may result in the reduction of the amount of parking available in
         the Garage and the change of location of such parking or may change the
         access to or egress from the Garage, all of which Landlord or any other
         PruOwner may perform in its sole and exclusive discretion, without
         limitation to its other rights in respect thereof.

10.4     LIMITATIONS. Tenant agrees that it and all persons claiming by, through
         and under it, shall at all times abide by all reasonable rules and
         regulations promulgated by Landlord or the Garage Operator with respect
         to the use of the Garage. Except to the extent of gross negligence or
         willful acts, neither the Landlord nor the Garage Operator assumes any
         responsibility whatsoever for loss or damage due to fire or theft or
         otherwise to any automobile or to any personal property therein,
         however caused, and Tenant agrees, upon request from the Landlord, from
         time to time, to notify its officers, employees and agents then using
         any of the parking privileges provided for herein, of such limitation
         of liability. Tenant further acknowledges and agrees that a license
         only is hereby granted, and no bailment is intended or shall be
         created.

                                   ARTICLE XI
                            CERTAIN TENANT COVENANTS

Tenant covenants during the Lease Term and for such further time as Tenant
occupies any part of the Premises:

11.1     To pay when due all Annual Fixed Rent and Additional Rent and all
         charges for utility services rendered to the Premises and service
         inspections therefor except as otherwise provided in Exhibit C and, as
         further Additional Rent, all charges for additional and special
         services rendered pursuant to Section 7.3.

11.2     (A)      To use and occupy the Premises for the Permitted Use only,
         and not to injure or deface the Premises or the Building or Prudential
         Center and not to permit in the Premises any auction sale, vending
         machine or flammable fluids or chemicals, or nuisance, or the emission
         from the Premises of any objectionable noise or odor and not to use or
         devote the Premises or any part thereof for any purpose other than the
         Permitted Use, nor any use thereof which is inconsistent with the
         maintenance of the Building as an office building of the first-class in
         the quality of its maintenance, use and occupancy, or which is
         improper, offensive, contrary to law or ordinance or liable to
         invalidate or increase the premiums for any insurance on the Building
         or its contents or liable to render necessary any alteration or
         addition to the Building.

                                      -45-
<Page>

         (B)      Further, (i) Tenant shall not, nor shall Tenant permit its
         employees, invitees, agents, independent contractors, contractors,
         assignees or subtenants to, keep, maintain, store or dispose of (into
         the sewage or waste disposal system or otherwise) or engage in any
         activity which might produce or generate any substance which is or may
         hereafter be classified as a hazardous material, waste or substance
         (collectively "Hazardous Materials"), under federal, state or local
         laws, rules and regulations, including, without limitation, 42 U.S.C.
         Section 6901 et seq., 42 U.S.C. Section 9601 et seq., 42 U.S.C. Section
         2601 et seq., 49 U.S.C. Section 1802 et seq. and Massachusetts General
         Laws, Chapter 21E and the rules and regulations promulgated under any
         of the foregoing, as such laws, rules and regulations may be amended
         from time to time (collectively "Hazardous Materials Laws"), (ii)
         Tenant shall immediately notify Landlord of any incident in, on or
         about the Premises, the Building or the Prudential Center that would
         require the filing of a notice under any Hazardous Materials Laws,
         (iii) Tenant shall comply and shall cause its employees, invitees,
         agents, independent contractors, contractors, assignees and subtenants
         to comply with each of the foregoing and (iv) Landlord shall have the
         right to make such inspections (including testing) as Landlord shall
         elect from time to time to determine that Tenant is complying with the
         foregoing.

         (C)      Landlord represents and warrants that, to its actual knowledge
         and as of the Date of this Lease, there are no Hazardous Materials in,
         on, under or emanating from the Prudential Center, including its
         interior, systems or structure, which are required to be assessed,
         reported, removed or remediated pursuant to applicable Hazardous
         Materials Laws, except as disclosed in the following reports have been
         provided to Tenant:

         Phase I Environmental Site Assessment
         Prudential Center
         800 Boylston Street
         Boston, MA
         Dated July 11, 1997 prepared for Prudential Real Estate by
         Levine-Fricke-Recon

         and

         Report of Phase I Environmental Site Assessment
         Prudential Center
         760 & 800 Huntington Avenue
         Boston, Massachusetts
         By Haley & Aldrich, Inc., Boston, Massachusetts
         For Boston Properties Limited Partnership dated March, 1998

         and

                                      -46-
<Page>

         Report on Phase I Environmental Site Assessment
         Prudential Center
         111 Huntington Avenue
         Boston, Massachusetts
         By Haley & Aldrich, Inc., Boston, Massachusetts
         For Boston Properties dated July, 1999

         Landlord shall indemnify Tenant and hold it harmless against any
         claims, damages, losses or liabilities (including reasonable attorneys'
         and expert consultants' fees) arising from any breach of the
         representations and warranties made by Landlord as set forth in this
         Paragraph (C) and from claims, damages, losses or liabilities arising
         in the event that Landlord, Landlord's agents, employees or contractors
         release Hazardous Materials onto the Building or the Prudential Center;
         provided however, the foregoing indemnity shall not apply to: (i) any
         material or substance existing on the Prudential Center as of the
         Execution Date of this Lease which, as of the Date of this Lease, was
         not considered, as a matter of law, to be a Hazardous Material, but
         which is subsequently determined to be a Hazardous Material as a matter
         of law or (ii) any material or substance released or installed or
         placed on the Prudential Center after the Execution Date of this Lease
         which, as of the date of such release, installation or placement, was
         not considered, as a matter of law, to be a Hazardous Material but
         which is later determined, as a matter of law, to be a Hazardous
         Material. In addition, if Hazardous Materials are discovered in the
         Building or the Premises which are not caused by Tenant, its employees,
         invitees, agents, independent contractors, contractors, assignees or
         subtenants, then Landlord shall, if and as required by law, assess,
         remediate or remove the same, or cause the same to be assessed,
         remediated or removed.

11.3     Not to obstruct in any manner any portion of the Building not hereby
         leased or any portion thereof or of the Prudential Center used by
         Tenant in common with others; not without prior consent of Landlord to
         permit the painting or placing of any signs, curtains, blinds, shades,
         awnings, aerials or flagpoles, or the like, visible from the common
         areas outside the Premises or from the exterior of the Building; and to
         comply with all reasonable rules and regulations now or hereafter made
         by Landlord, of which Tenant has been given notice, for the care and
         use of the Building and the Prudential Center and their facilities and
         approaches, but Landlord shall not be liable to Tenant for the failure
         of other occupants of the Building to conform to such rules and
         regulations.

11.4     To keep the Premises equipped with all safety appliances required by
         law or ordinance or any other regulation of any public authority
         because of any use made by Tenant other than normal office use, and to
         procure all licenses and permits so required because of any use made by
         Tenant other than normal office use, and to procure all licenses and
         permits so required because of such use and, if requested

                                      -47-
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         by Landlord, to do any work so required because of such use, it being
         understood that the foregoing provisions shall not be construed to
         broaden in any way Tenant's Permitted Use.

11.5     Not to place a load upon any floor in the Premises exceeding an average
         rate of 70 pounds of live load (including partitions) per square foot
         of floor area; and not to move any safe, vault or other heavy equipment
         in, about or out of the Premises except in such manner and at such time
         as Landlord shall in each instance authorize. Tenant's business
         machines and mechanical equipment shall be placed and maintained by
         Tenant at Tenant's expense in settings sufficient to absorb and prevent
         vibration or noise that may be transmitted to the Building structure or
         to any other space in the Building.

11.6     To pay promptly when due all taxes which may be imposed upon personal
         property (including, without limitation, fixtures and equipment) in the
         Premises to whomever assessed.

11.7     To pay, as Additional Rent, all reasonable costs, counsel and other
         fees incurred by Landlord in connection with the successful enforcement
         by Landlord of any obligations of Tenant under this Lease or in
         connection with any bankruptcy case involving Tenant or any guarantor.

11.8     Not to do or permit anything to be done in or upon the Premises, or
         bring in anything or keep anything therein, which shall increase the
         rate of insurance on the Premises or on the Building above the standard
         rate applicable to premises being occupied for the use to which Tenant
         has agreed to devote the Premises; and Tenant further agrees that, in
         the event that Tenant shall do any of the foregoing, Tenant will
         promptly pay to Landlord, on demand, any such increase resulting
         therefrom, which shall be due and payable as Additional Rent hereunder.

11.9     To comply with all applicable Legal Requirements now or hereafter in
         force which shall impose a duty on Landlord or Tenant relating to or as
         a result of the Tenant's use or occupancy of the Premises; provided
         that Tenant shall not be required to make any capital improvements to
         the Building or the Premises or any alterations or additions to the
         structure, roof, exterior and load bearing walls, foundation,
         structural floor slabs and other structural elements of the Building
         unless the same are required by such Legal Requirements as a result of
         or in connection with Tenant's use or occupancy of the Premises other
         than for general business office purposes. Tenant shall promptly pay
         all fines, penalties and damages that may arise out of or be imposed
         because of its failure to comply with the provisions of this Section
         11.9.

11.10    The word "Prudential" alone or in any combination other than
         "Prudential Center" shall not be used by the Tenant for any purpose
         whatsoever. Tenant shall not use

                                      -48-
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         the words "Prudential Center" other than as part of the business
         address of Tenant and then only in such manner as will not appear to be
         part of Tenant's name. Tenant shall not use the words "Prudential
         Center" in any manner which is undignified, confusing, detrimental or
         misleading in Landlord's opinion and shall give no greater prominence
         to the words "Prudential Center" than to any other part of the business
         address of Tenant and shall give less prominence to the words
         "Prudential Center" than to Tenant's name. The Tenant shall not utilize
         signage or advertising which contains (a) any description of the
         Prudential Center or the description of the location of the Premises
         other than "Prudential Center", "at Prudential Center", or an official
         street address such as "Boylston Street" or "Huntington Avenue" or a
         regional locator such as "Boston" or "Back Bay" and (b) any name of a
         building, space or area within the Prudential Center other than
         "Prudential Tower" if Tenant is located within the Prudential Tower in
         order to describe the location of the Premises.

         In order to reduce peak-hour trip generation of employees at the
         Prudential Center, the Landlord encourages all employers at the
         Prudential Center to adopt flexible work schedules for its employees.
         The Landlord encourages all employers at the Prudential Center to
         participate in the Corporate Pass Program of the Massachusetts Bay
         Transit Authority which is designed to encourage the use of mass
         transit by persons working in Boston. As of June 1988, one hundred and
         twenty-five greater Boston companies provided subsidies for the
         purchase by their employees of monthly transit passes through this
         program with subsidies ranging from 10% to 100% of the cost of the
         transit pass. The provision of transit pass subsidies may also offer
         certain benefits to employers under tax law. The Landlord encourages
         all employers at the Prudential Center to participate in this program
         and to inform their employees of the benefits of using monthly transit
         passes.

11.11    Any vendors engaged by Tenant to perform services in or to the Premises
         including, without limitation, janitorial contractors and moving
         contractors shall be coordinated with any work being performed by or
         for Landlord and in such manner as to maintain harmonious labor
         relations and not to damage the Building or Prudential Center or
         interfere with Building construction or operation and shall be
         performed by vendors first approved by Landlord.

                                   ARTICLE XII
                            ASSIGNMENT AND SUBLETTING

12.1     RESTRICTIONS ON TRANSFER. Except as otherwise expressly provided
         herein, Tenant covenants and agrees that it shall not assign, mortgage,
         pledge, hypothecate or otherwise transfer this Lease and/or Tenant's
         interest in this Lease or sublet (which term, without limitation, shall
         include granting of concessions, licenses or the like) the whole or any
         part of the Premises. Any assignment,

                                      -49-
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         mortgage, pledge, hypothecation, transfer or subletting not expressly
         permitted in or consented to by Landlord under this Article XII shall
         be void, ab initio; shall be of no force and effect; and shall confer
         no rights on or in favor of third parties. In addition, Landlord shall
         be entitled to seek specific performance of, and other equitable relief
         with respect to, the provisions hereof.

12.2     EXCEPTIONS FOR AFFILIATED ENTITIES. Notwithstanding the foregoing
         provisions of Section 12.1 above and the provisions of Section 12.4
         below, BUT subject to the provisions of Sections 12.5 and 12.7 below,
         Tenant shall have the right to assign this Lease or to sublet the
         Premises (in whole or in part) to any controlling entity of Tenant or
         to any entity controlled by Tenant or to any entity under common
         control with Tenant (such parent or subsidiary entity or entity under
         common control with Tenant being hereinafter called a "Tenant
         Affiliate") or to any corporation, limited liability partnership or
         limited liability company into which Tenant may be converted or with
         which it may merge, or to any entity purchasing all or substantially
         all of Tenant's assets (each, a "Permitted Tenant Successor"), provided
         that (i) in the case of a Permitted Tenant Successor, the entity to
         which this Lease is so assigned or which so sublets the Premises has a
         net worth (e.g. assets on a pro forma basis using generally accepted
         accounting principles consistently applied and using the most recent
         financial statements) equal to the net worth of the Tenant immediately
         before such transaction, and (ii) in the case of an assignment to a
         Tenant Affiliate or a Permitted Tenant Successor, such Tenant Affiliate
         or a Permitted Tenant Successor shall execute an assumption agreement
         in form and substance reasonably acceptable to Landlord whereby such
         entity agrees to assume and be bound by all of Tenant's obligations
         under this Lease. If any Tenant Affiliate to which this Lease is
         assigned or the Premises sublet (in whole or in part) shall cease to be
         such a Tenant Affiliate within one (1) year after such assignment or
         sublease, and if such cessation was contemplated at the time of the
         assignment or subletting, such cessation shall be considered an
         assignment or subletting requiring Landlord's consent, except to the
         extent that such cessation leads to the assignee or sublessee becoming
         a Permitted Tenant Successor, or otherwise being a Permitted Tenant
         Successor, satisfying the requirements for waiver of Landlord's consent
         set forth above.

12.3     LANDLORD'S TERMINATION RIGHT. Notwithstanding the provisions of Section
         12.1 above, but subject to the exceptions set forth in Section 12.2
         above, in the event Tenant desires to assign this Lease or to sublet
         the whole or any part of the Premises, Tenant shall give Landlord a
         Recapture Offer, as hereinafter defined.

         For the purposes hereof a "Recapture Offer" shall be defined as a
         notice in writing from Tenant to Landlord which:

                                      -50-
<Page>

         (a)      States that Tenant desires to sublet the Premises, or a
                  portion thereof, or to assign its interest in this Lease.

         (b)      Identifies the affected portion of the Premises ("Recapture
                  Premises").

         (c)      Identifies the period of time ("Recapture Period") during
                  which Tenant proposes to sublet the Recapture Premises or to
                  assign its interest in the Lease.

         (d)      Identifies the rental rate of the proposed subletting or
                  assignment.

         (e)      Offers to Landlord to terminate the Lease in respect of the
                  Recapture Premises (in the case of a proposed assignment of
                  Tenant's interest in the Lease or a subletting for the
                  remainder of the Term of the Lease) or to suspend the Term of
                  the Lease PRO TANTO in respect of the Recapture Period (i.e.
                  the Term of the Lease in respect of the Recapture Premises
                  shall be terminated during the Recapture Period and Tenant's
                  rental obligations shall be reduced in proportion to the ratio
                  of the Rentable Floor Area of the Recapture Premises to the
                  Rentable Floor Area of the Premises then demised to Tenant and
                  at the expiration of the Recapture Period the Recapture
                  Premises will be returned to Tenant under the terms of the
                  Lease).

         Landlord shall have thirty (30) days from Landlord's receipt of the
         Recapture Offer to accept a Recapture Offer (the "Acceptance Period").
         In the event that Landlord shall not timely exercise its termination
         rights as aforesaid, or shall fail to give any or timely notice
         pursuant to this Section, the provisions of Sections 12.4-12.7 shall be
         applicable. This Section 12.3 shall not be applicable to an assignment
         or sublease pursuant to Section 12.2.

12.4     CONSENT OF LANDLORD. Notwithstanding the provisions of Section 12.1
         above, BUT subject to the provisions of this Section 12.4 and the
         provisions of Sections 12.5, 12.6 and 12.7 below, in the event that
         Landlord shall not have exercised the termination or suspension right
         as set forth in Section 12.3, or shall have failed to give any or
         timely notice under Section 12.3, then for a period of ninety (90) days
         (i) after the receipt of Landlord's notice stating that Landlord does
         not elect the termination or suspension right, or (ii) after the
         expiration of the thirty (30) day period referred to in Section 12.3 in
         the event Landlord shall not give any or timely notice under Section
         12.3, as the case may be, Tenant shall have the right to assign this
         Lease or sublet the whole or any part of the Premises in accordance
         with Tenant's notice to Landlord given as provided in Section 12.5
         provided that, in each instance, Tenant first obtains the express prior
         written consent of Landlord, which consent shall not be unreasonably
         withheld or delayed. Without limiting the foregoing standard, Landlord
         shall not be deemed

                                      -51-
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         to be unreasonably withholding its consent to such a proposed
         assignment or subleasing if:

         (a)      the proposed assignee or subtenant is a Restricted Complex
                  Occupant, as hereinafter defined, or is (or within the
                  previous sixty (60) days has been) in active negotiation
                  (evidenced by (i) a proposal from Landlord or a PruOwner to
                  the Tenant, or vice versa, or (ii) a letter of intent executed
                  by Landlord or a PruOwner and/or such proposed assignee or
                  subtenant)with Landlord for premises in the Building or
                  elsewhere in the Prudential Center or is not of a character
                  consistent with the operation of a first class office building
                  (by way of example Landlord shall not be deemed to be
                  unreasonably withholding its consent to an assignment or
                  subleasing to any governmental or quasi-governmental agency),
                  or

         (b)      in Landlord's reasonable judgment, the proposed assignee or
                  subtenant is not of good character and reputation, or

         (c)      the proposed assignee or subtenant does not possess adequate
                  financial capability to perform the Tenant obligations as and
                  when due or required (recognizing that Tenant remains liable
                  under this Lease), or

         (d)      the assignee or subtenant proposes to use the Premises (or
                  part thereof) for a purpose other than the purpose for which
                  the Premises may be used as stated in Section 1.2 hereof, or

         (e)      the character of the business to be conducted or the proposed
                  use of the Premises by the proposed subtenant or assignee
                  shall (i) be likely to materially increase Operating Expenses
                  for the Building beyond that which Landlord now incurs for use
                  by Tenant; (ii) be likely to materially increase the burden on
                  elevators or other Building systems or equipment over the
                  burden prior to such proposed subletting or assignment; or
                  (iii) violate or be likely to violate any provisions or
                  restrictions contained herein relating to the use or occupancy
                  of the Premises, or

         (f)      there shall be existing an Event of Default (defined in
                  Section 15.1), or

         (g)      intentionally omitted, or

         (h)      any part of the rent payable under the proposed assignment or
                  sublease shall be based in whole or in part on the income or
                  profits derived from the Premises or if any proposed
                  assignment or sublease shall potentially have any adverse
                  effect on the real estate investment trust qualification
                  requirements applicable to Landlord and its affiliates, or

                                      -52-
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         (i)      the holder of any mortgage or ground lease on property which
                  includes the Premises, which holder has approval rights over
                  the proposed assignment or sublease, does not so approve the
                  proposed assignment or sublease (Landlord agreeing to use good
                  faith efforts to obtain such approval before Landlord refuses
                  its consent based on this Section 12.4(i)); or

         (j)      due to the identity or business of a proposed subtenant, such
                  approval would cause Landlord to be in violation of any
                  covenant or restriction contained in another lease or other
                  agreement affecting space in the Building or elsewhere in the
                  Prudential Center.

         For the purposes hereof a "Restricted Complex Occupant" shall be
         defined as any tenant or subtenant of the Building or any other
         building in the Prudential Center Complex (which other building is then
         owned by Landlord or an affiliate of Landlord) other than one who
         satisfies all three of the following criteria: (i) such tenant or
         subtenant desires to sublease the Recapture Premises for expansion
         purposes only, and (ii) such tenant or subtenant will not, either
         directly or indirectly, cause a vacancy in the premises which it then
         occupies in the Building or elsewhere in the Prudential Center Complex,
         and (iii) such tenant or subtenant's need, as to size of premises and
         length of term cannot then (i.e. at the time that Tenant requests
         Landlord's consent to a sublease or assignment to such tenant or
         subtenant) be satisfied by Landlord or its affiliates in the Prudential
         Center Complex.

12.5     TENANT'S NOTICE. Tenant shall give Landlord prior notice of any
         proposed sublease or assignment, and said notice shall specify the
         provisions of the proposed assignment or subletting, including (a) the
         name and address of the proposed assignee or subtenant, (b) in the case
         of a proposed assignment or subletting pursuant to Section 12.4, such
         information as to the proposed assignee's or proposed subtenant's net
         worth and financial capability and standing as may reasonably be
         required for Landlord to make the determination referred to in Section
         12.4 above (provided, however, that Landlord shall hold such
         information confidential having the right to release same to its
         officers, accountants, attorneys and mortgage lenders on a confidential
         basis), (c) all of the terms and provisions upon which the proposed
         assignment or subletting is to be made, (d) in the case of a proposed
         assignment or subletting pursuant to Section 12.4, all other
         information necessary to make the determination referred to in Section
         12.4 above and (e) in the case of a proposed assignment or subletting
         pursuant to Section 12.2 above, such information as may be reasonably
         required by Landlord to determine that such proposed assignment or
         subletting complies with the requirements of said Section 12.2.

         If Landlord shall consent to the proposed assignment or subletting, as
         the case may be, then, in such event, Tenant may thereafter sublease or
         assign the whole or

                                      -53-
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         any part of the Premises pursuant to Tenant's notice, as given
         hereunder; provided, however, that if such assignment or sublease shall
         not be executed and delivered to Landlord within ninety (90) days after
         the date of Landlord's consent, the consent shall be deemed null and
         void and the provisions of Section 12.3 shall be applicable.

12.6     PROFIT ON SUBLEASING OR ASSIGNMENT. In addition, in the case of any
         assignment or subleasing as to which Landlord may consent (other than
         an assignment or subletting permitted under Section 12.2 hereof or an
         assignment in conjunction with a bona fide transfer of either a
         significant portion of Tenant's assets or a significant portion of the
         assets of Tenant's business division located at the Premises) such
         consent shall be upon the express and further condition, covenant and
         agreement, and Tenant hereby covenants and agrees that, in addition to
         the Annual Fixed Rent, Additional Rent and other charges to be paid
         pursuant to this Lease, fifty percent (50%) of the "Assignment/Sublease
         Profits" (hereinafter defined), if any shall be paid to Landlord.

         The "Assignment/Sublease Profits" shall be the excess, if any, of (a)
         the "Assignment/Sublease Net Revenues" as hereinafter defined over (b)
         the Annual Fixed Rent, Additional Rent and other charges provided in
         this Lease (provided, however, that for the purpose of calculating the
         Assignment/Sublease Profits in the case of a sublease, appropriate
         proportions in the applicable Annual Fixed Rent, Additional Rent and
         other charges under this Lease shall be made based on the percentage of
         the Premises subleased and on the terms of the sublease). The
         "Assignment/Sublease Net Revenues" shall be the fixed rent, additional
         rent and all other charges and sums payable either initially or over
         the term of the sublease or assignment plus all other profits and
         increases to be derived by Tenant as a result of such subletting or
         assignment, less the reasonable costs of Tenant incurred in such
         subleasing or assignment (the definition of which shall be limited to
         rent concessions, brokerage commissions, marketing costs, legal fees,
         Landlord review fees, permitting costs and alteration allowances, in
         each case actually paid) as set forth in a statement certified by an
         appropriate officer of Tenant and delivered to Landlord within thirty
         (30) days of the full execution of the sublease or assignment document,
         amortized over the term of the sublease or assignment.

         All payments of the Assignment/Sublease Profits due Landlord shall be
         made within ten (10) days of receipt of same by Tenant.

12.7     ADDITIONAL CONDITIONS.

         (A) It shall be a condition of the validity of any assignment or
         subletting permitted under Section 12.2 above, or consented to under
         Section 12.4 above, that both Tenant and the assignee or sublessee
         agree directly with Landlord in a separate written instrument
         reasonably satisfactory to Landlord which contains

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         terms and provisions reasonably required by Landlord, including,
         without limitation, the agreement of the assignee or sublessee to be
         bound by all the obligations of the Tenant hereunder, including,
         without limitation, the obligation to pay the Annual Fixed Rent,
         Additional Rent, and other amounts provided for under this Lease (but
         in the case of a partial subletting, such subtenant shall agree on a
         pro rata basis to be so bound) including the provisions of Sections
         12.1 through 12.7 hereof, but such assignment or subletting shall not
         relieve the Tenant named herein of any of the obligations of the Tenant
         hereunder, Tenant shall remain fully and primarily liable therefor and
         the liability of Tenant and such assignee (or subtenant, as the case
         may be) shall be joint and several. Further, and notwithstanding the
         foregoing, the provisions hereof shall not constitute a recognition of
         the assignment or the assignee thereunder or the sublease or the
         subtenant thereunder, as the case may be, and at Landlord's option,
         upon the termination or expiration of the Lease (whether such
         termination is based upon a cause beyond Tenant's control, a default of
         Tenant, the agreement of Tenant and Landlord or any other reason), the
         assignment or sublease shall be terminated.

         (B)      As Additional Rent, Tenant shall reimburse Landlord promptly
         for reasonable out of pocket legal and other expenses incurred by
         Landlord in connection with any request by Tenant for consent to
         assignment or subletting.

         (C)      If this Lease be assigned, or if the Premises or any part
         thereof be sublet or occupied by anyone other than Tenant, Landlord may
         upon prior notice to Tenant, at any time and from time to time, collect
         Annual Fixed Rent, Additional Rent, and other charges from the
         assignee, sublessee or occupant and apply the net amount collected to
         the Annual Fixed Rent, Additional Rent and other charges herein
         reserved, but no such assignment, subletting, occupancy or collection
         shall be deemed a waiver of this covenant, or a waiver of the
         provisions of Sections 12.1 through 12.7 hereof, or the acceptance of
         the assignee, sublessee or occupant as a tenant or a release of Tenant
         from the further performance by Tenant of covenants on the part of
         Tenant herein contained, the Tenant herein named to remain primarily
         liable under this Lease.

         (D)      No assignment or subletting under any of the provisions of
         Sections 12.2 or 12.4 shall in any way be construed to relieve Tenant
         from obtaining the express consent in writing of Landlord to any
         further assignment or subletting in accordance with the provisions of
         this Article XII.

         (E)      Without limiting Tenant's obligations under Article IX, Tenant
         shall be responsible, at Tenant's sole cost and expense, for performing
         all work necessary to comply with Legal Requirements and Insurance
         Requirements in connection with any assignment or subletting hereunder
         including, without limitation, any work in connection with such
         assignment or subletting.

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                                  ARTICLE XIII
              INDEMNITY AND COMMERCIAL GENERAL LIABILITY INSURANCE

13.1     TENANT'S INDEMNITY. To the maximum extent this agreement may be made
         effective according to law, Tenant agrees to indemnify and save
         harmless Landlord from and against all claims of whatever nature
         arising from or claimed to have arisen from any breach of this Lease by
         Tenant or any act, omission or negligence of Tenant, or Tenant's
         contractors, licensees, invitees, agents, servants, independent
         contractors or employees; any accident, injury or damage whatsoever
         caused to any person, or to the property of any person, occurring in or
         about the Premises after the date that possession of the Premises is
         first delivered to Tenant and until the end of the Lease Term and
         thereafter, provided that during any such period after the Lease Term
         Tenant or anyone acting by, through or under Tenant is in occupancy of
         the Premises or any portion thereof; or any accident, injury or damage
         occurring outside the Premises but within the Building, the Garage or
         on the Prudential Center, where such accident, injury or damage
         results, or is claimed to have resulted, from an act, omission or
         negligence on the part of Tenant or Tenant's contractors, licensees,
         invitees, agents, servants, independent contractors or employees.

         This indemnity and hold harmless agreement shall include indemnity
         against all costs, expenses and liabilities incurred in or in
         connection with any such claim or proceeding brought thereon, and the
         defense thereof.

13.1A.   LANDLORD'S INDEMNITY OF TENANT .. Landlord, subject to the limitations
         on Landlord's liability contained elsewhere in this Lease, agrees to
         hold Tenant harmless and to defend, exonerate and indemnify Tenant from
         and against any and all claims, liabilities, or penalties asserted by
         or on behalf of any third party for damage to property or injuries to
         persons sustained or occurring in the Building to the extent arising
         from the negligence or willful misconduct of Landlord or Landlord's
         agents, employees or contractors.

         This indemnity and hold harmless agreement shall include indemnity
         against all costs, expenses and liabilities incurred in or in
         connection with any such claim or proceeding brought thereon, and the
         defense thereof.

13.2     COMMERCIAL GENERAL LIABILITY INSURANCE. Tenant agrees to maintain in
         full force from the date upon which Tenant first enters the Premises
         for any reason, throughout the Lease Term of this Lease, and
         thereafter, so long as Tenant is in occupancy of any part of the
         Premises, a policy of commercial general liability written on an
         occurrence basis with a broad form comprehensive liability endorsement
         under which Landlord and Landlord's managing agent (and such other
         persons as are in privity of estate with Landlord and Landlord's
         managing agent as may be set out in notice from time to time) and
         Tenant are

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         named as insureds, and under which the insurer agrees to indemnify and
         hold Landlord and Landlord's managing agent, and those in privity of
         estate with Landlord and Landlord's managing agent, harmless from and
         against all cost, expense and/or liability arising out of or based upon
         any and all claims, accidents, injuries and damages mentioned in
         Section 13.1 of this Article XIII, in the broadest form of such
         coverage from time to time available in the jurisdiction in which the
         Premises are located. Tenant shall use reasonable efforts to cause the
         issuer of each such policy to include a provision therein stating that
         the policy shall be non-cancelable and non-amendable with respect to
         Landlord and Landlord's said designees without thirty (30) days' prior
         notice to Landlord, and a duplicate original or certificate thereof
         shall be delivered to Landlord. As of the Commencement Date hereof, the
         minimum limits of liability of such insurance shall be as specified in
         Section 1.2 and from time to time during the Lease Term for such higher
         limits, if any, as are carried customarily in the Greater Boston Area
         with respect to similar properties identified in writing to Tenant. In
         addition, in the event Tenant hosts a function in the Premises, Tenant
         agrees to obtain and maintain, and cause any persons or parties
         providing services for such function to obtain, the appropriate
         insurance coverages as determined by Landlord (including liquor
         liability, if applicable) and provide Landlord with evidence of the
         same. All insurance required to be maintained by Tenant pursuant to
         this Lease shall be maintained with responsible companies qualified to
         do business, and in good standing, in the Commonwealth of Massachusetts
         and which have a rating of at least "A-" and are within a financial
         size category of not less than "Class VIII" in the most current Best's
         Key Rating Guide or such similar rating as may be reasonably selected
         by Landlord if such Guide is no longer published.

13.3     TENANT'S PROPERTY INSURANCE. Tenant, at Tenant's expense, shall
         maintain at all times during the Term of the Lease business
         interruption insurance and insurance against loss or damage covered by
         the so-called "all risk" type insurance coverage with respect to
         Tenant's fixtures, equipment, goods, wares and merchandise, tenant
         improvements made by or paid for by Tenant, and other property of
         Tenant (collectively "Tenant's Property"). Such insurance shall be in
         an amount at least equal to the full replacement cost of Tenant's
         Property. In addition, during such time as Tenant is performing work in
         or to the Premises, Tenant, at Tenant's expense, shall also maintain
         builder's risk insurance for the full insurable value of such work.

13.4     NON-SUBROGATION. Any insurance carried by either party with respect to
         the Premises or property therein or occurrences thereon shall, if it
         can be so written without additional premium or with an additional
         premium which the other party agrees to pay, include a clause or
         endorsement denying to the insurer rights of subrogation against the
         other party to the extent rights have been waived by the insured prior
         to occurrence of injury or loss. Each party, notwithstanding any
         provisions of this Lease to the contrary, hereby waives any rights of
         recovery

                                      -57-
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         against the other for injury or loss due to hazards covered by such
         insurance (or which would have been covered had such party carried the
         insurance required to be carried by it under the Lease) the to the
         extent of the indemnification received thereunder. This waiver of
         rights by Tenant shall apply to, and be for the benefit of, Landlord's
         managing agent.

13.5     TENANT'S RISK. To the maximum extent that this agreement may be made
         effective according to law, Tenant agrees to use and occupy the
         Premises and to use such other portions of the Building, the Garage or
         the Prudential Center as Tenant is herein given the right to use at
         Tenant's own risk; and Landlord shall have no responsibility or
         liability for any loss of or damage to fixtures or other personal
         property of Tenant.

13.6     LANDLORD'S INSURANCE. Landlord shall maintain so called All Risk
         property insurance on the Building at full replacement cost value and
         Commercial General Liability Insurance providing, on an occurrence
         basis, a minimum combined single limit of $5,000,000.00.

                                   ARTICLE XIV
                            FIRE, CASUALTY AND TAKING

14.1     DAMAGE RESULTING FROM CASUALTY. In case during the Lease Term the
         Building is damaged by fire or casualty, and such fire or casualty
         damage cannot, in the ordinary course, reasonably be expected to be
         repaired within one hundred twenty (120) days from the time that repair
         work would commence as reasonably determined by Landlord, Landlord may,
         at its election, terminate this Lease by notice given to Tenant within
         sixty (60) days after the date of such fire or other casualty,
         specifying the effective date of termination. The effective date of
         termination specified by Landlord shall not be less than thirty (30)
         days nor more than forty-five (45) days after the date of notice of
         such termination. Unless terminated pursuant to the foregoing
         provisions, this Lease shall remain in full force and effect following
         any such damage subject, however, to the following provisions.

         If during the last eighteen (18) months of the Lease Term (as it may
         have been extended), the Building shall be damaged by fire or casualty
         and such fire or casualty damage to the Premises cannot reasonably be
         expected to be repaired or restored within one hundred twenty (120)
         days from the time that repair or restoration work would commence as
         reasonably determined by Landlord, then Tenant shall have the right, by
         giving notice to Landlord not later than thirty (30) days after such
         damage, to terminate this Lease, whereupon this Lease shall terminate
         as of the date of such notice with the same force and effect as if such
         date were the date originally established as the expiration date
         hereof.

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         If the Building or any part thereof is damaged by fire or casualty and
         this Lease is not so terminated, or Landlord has no right to terminate
         this Lease, and in either such case the holder of any mortgage which
         includes the Building as a part of the mortgaged premises or any ground
         lessor of any ground lease which includes the Building as part of the
         demised premises allows the net insurance proceeds to be applied to the
         restoration of the Building, Landlord, promptly after such damage and
         the determination of the net amount of insurance proceeds available
         shall use due diligence to restore the Premises and the Building in the
         event of damage thereto (excluding Tenant's Property ) into proper
         condition for use and occupation and a just proportion of the Annual
         Fixed Rent, the Operating Cost Excess and the Tax Excess according to
         the nature and extent of the injury to the Premises shall be abated
         from the date of casualty until the Premises shall have been put by
         Landlord substantially into such condition. Notwithstanding the
         foregoing, Landlord shall not be obligated to expend for such repairs
         and restoration any amount in excess of the net insurance proceeds.

         Where Landlord is obligated or otherwise elects to effect restoration
         of the Premises, unless such restoration is completed within ten (10)
         months from the date of the casualty, such period to be subject,
         however, to extension where the delay in completion of such work is due
         to Force Majeure, as defined hereinbelow (but in no event beyond
         eighteen (18) months from the date of the casualty or taking), Tenant,
         as its sole and exclusive remedy, shall have the right to terminate
         this Lease at any time after the expiration of such one-year (as
         extended) period until the restoration is substantially completed, such
         termination to take effect as of the thirtieth (30th) day after the
         date of receipt by Landlord of Tenant's notice, with the same force and
         effect as if such date were the date originally established as the
         expiration date hereof unless, within such thirty (30) day period such
         restoration is substantially completed, in which case Tenant's notice
         of termination shall be of no force and effect and this Lease and the
         Lease Term shall continue in full force and effect. The term "Force
         Majeure" shall mean any prevention, delay or stoppage due to
         governmental regulation, strikes, lockouts, acts of God, acts of war,
         terrorists acts, civil commotions, unusual scarcity of or inability to
         obtain labor or materials, labor difficulties, casualty or other causes
         reasonably beyond Landlord's control or attributable to Tenant's action
         or inaction.

14.2     UNINSURED CASUALTY. Notwithstanding anything to the contrary contained
         in this Lease, if the Building or the Premises shall be substantially
         damaged by fire or casualty as the result of a risk not covered by the
         forms of casualty insurance at the time maintained by Landlord and such
         fire or casualty damage cannot, in the ordinary course, reasonably be
         expected to be repaired within thirty (30) days from the time that
         repair work would commence, Landlord may, at its election, terminate
         the Term of this Lease by notice to Tenant given within thirty (30)
         days after such loss. If Landlord shall give such notice, then this
         Lease shall

                                      -59-
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         terminate as of the date of such notice with the same force and effect
         as if such date were the date originally established as the expiration
         date hereof.

         If the Building is damaged by fire or other casualty, and if (x) the
         holder of any mortgage which includes the Building as a part of the
         mortgaged premises or any ground lessor of any ground lease which
         includes the Building as part of the demised premises refuses to allow
         the net insurance proceeds to be applied to the restoration of the
         Building or (y) Landlord reasonably determines that the net proceeds of
         insurance shall be insufficient to pay for the cost of restoring the
         Building, then unless Landlord elects to supply the necessary funds to
         restore the Premises (which Landlord shall have no obligation to do),
         Landlord shall notify Tenant of such refusal or insufficiency in
         writing, whereupon Tenant may, at its election, terminate this Lease by
         notice given to Landlord within 30 days receiving such notification
         from Landlord, which notice shall specify the effective date of
         termination.

14.3     RIGHTS OF TERMINATION FOR TAKING. If the Building, or such portion
         thereof as to render the balance (if reconstructed to the maximum
         extent practicable in the circumstances) unsuitable for Tenant's
         purposes, shall be taken by condemnation or right of eminent domain,
         Landlord or Tenant shall have the right to terminate this Lease by
         notice to the other of its desire to do so, provided that such notice
         is given not later than thirty (30) days after Tenant has been deprived
         of possession. If either party shall give such notice, then this Lease
         shall terminate as of the date of such notice with the same force and
         effect as if such date were the date originally established as the
         expiration date hereof.

         Further, if so much of the Building or Prudential Center shall be so
         taken that continued operation of the Building would be uneconomic,
         Landlord shall have the right to terminate this Lease by giving notice
         to Tenant of Landlord's desire to do so not later than thirty (30) days
         after Tenant has been deprived of possession of the Premises (or such
         portion thereof as may be taken). If Landlord shall give such notice,
         then this Lease shall terminate as of the date of such notice with the
         same force and effect as if such date were the date originally
         established as the expiration date hereof.

         Should any part of the Premises be so taken or condemned during the
         Lease Term hereof, and should this Lease not be terminated in
         accordance with the foregoing provisions, and the holder of any
         mortgage which includes the Premises as part of the mortgaged premises
         or any ground lessor of any ground lease which includes the Premises as
         part of the demised premises allows the net condemnation proceeds to be
         applied to the restoration of the Building, Landlord agrees that after
         the determination of the net amount of condemnation proceeds available
         to Landlord, Landlord shall use due diligence to put what may remain of
         the Premises into proper condition for use and occupation as nearly
         like the condition

                                      -60-
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         of the Premises prior to such taking as shall be practicable (excluding
         Tenant's Property). Notwithstanding the foregoing, Landlord shall not
         be obligated to expend for such repair and restoration any amount in
         excess of the net condemnation proceeds made available to it.

         If the Premises shall be affected by any exercise of the power of
         eminent domain and neither Landlord nor Tenant shall terminate this
         Lease as provided above, then the Annual Fixed Rent, the Operating Cost
         Excess and the Tax Excess shall be justly and equitably abated and
         reduced according to the nature and extent of the loss of use thereof
         suffered by Tenant; and in case of a taking which permanently reduces
         the Rentable Floor Area of the Premises, a just proportion of the
         Annual Fixed Rent, the Operating Cost Excess and the Tax Excess shall
         be abated for the remainder of the Lease Term.

14.4     AWARD. Except as otherwise provided in this Section 14.4, Landlord
         shall have and hereby reserves and excepts, and Tenant hereby grants
         and assigns to Landlord, all rights to recover for damages to the
         Building, the Prudential Center, and the Garage and the leasehold
         interest hereby created, and compensation accrued or hereafter to
         accrue by reason of such taking, damage or destruction, as aforesaid,
         and by way of confirming the foregoing, Tenant hereby grants and
         assigns, and covenants with Landlord to grant and assign to Landlord,
         all rights to such damages or compensation.

         However, nothing contained herein shall be construed to prevent Tenant
         from prosecuting in any such proceedings a claim for its trade fixtures
         so taken or relocation, moving and other dislocation expenses, provided
         that such action shall not affect the amount of compensation otherwise
         recoverable by Landlord from the taking authority.

                                   ARTICLE XV
                                     DEFAULT

15.1     TENANT'S DEFAULT. This Lease and the term of this Lease are subject to
         the limitation that Tenant shall be in default if, at any time during
         the Lease Term, any one or more of the following events (herein called
         an "Event of Default" a "default of Tenant" or similar reference) shall
         occur and not be cured prior to the expiration of the grace period (if
         any) herein provided, as follows:

         (a)      Tenant shall fail to pay any installment of the Annual Fixed
                  Rent, or any Additional Rent or any other monetary amount due
                  under this Lease on or before the date on which the same
                  becomes due and payable, and such failure continues for ten
                  (10) days after notice from Landlord thereof; or

                                      -61-
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         (b)      Landlord having rightfully given the notice specified in (a)
                  above to Tenant twice in any twelve (12) month period, Tenant
                  shall fail thereafter to pay the Annual Fixed Rent, Additional
                  Rent or any other monetary amount due under this Lease on or
                  before the date on which the same becomes due and payable; or

         (c)      Tenant shall assign its interest in this Lease or sublet any
                  portion of the Premises in violation of the requirements of
                  Article XII of this Lease; or

         (d)      Tenant shall fail to perform or observe some term or condition
                  of this Lease which, because of its character, would
                  immediately jeopardize Landlord's interest (such as, but
                  without limitation, failure to maintain general liability
                  insurance, or the employment of labor and contractors within
                  the Premises which interfere with Landlord's work, in
                  violation of Sections 4.3, 9.3, 11.2 or 11.11) or a failure to
                  observe the requirements of Section 11.2), and such failure
                  continues for three (3) business days after notice from
                  Landlord to Tenant thereof; or

         (e)      Tenant shall fail to perform or observe any other requirement,
                  term, covenant or condition of this Lease (not hereinabove in
                  this Section 15.1 specifically referred to) on the part of
                  Tenant to be performed or observed and such failure shall
                  continue for thirty (30) days after notice thereof from
                  Landlord to Tenant, or if said default shall reasonably
                  require longer than thirty (30) days to cure, if Tenant shall
                  fail to commence to cure said default within thirty (30) days
                  after notice thereof and/or fail to continuously prosecute the
                  curing of the same to completion with due diligence; or

         (f)      The estate hereby created shall be taken on execution or by
                  other process of law; or

         (g)      Tenant shall make an assignment or trust mortgage arrangement,
                  so-called, for the benefit of its creditors; or

         (h)      Tenant shall judicially be declared bankrupt or insolvent
                  according to law; or

         (i)      a receiver, guardian, conservator, trustee in involuntary
                  bankruptcy or other similar officer is appointed to take
                  charge of all or any substantial part of Tenant's property by
                  a court of competent jurisdiction; or

         (j)      any petition shall be filed against Tenant in any court,
                  whether or not pursuant to any statute of the United States or
                  of any State, in any bankruptcy, reorganization, composition,
                  extension, arrangement or

                                      -62-
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                  insolvency proceeding, and such proceedings shall not be fully
                  and finally dismissed within sixty (60) days after the
                  institution of the same; or

         (k)      Tenant shall file any petition in any court, whether or not
                  pursuant to any statute of the United States or any State, in
                  any bankruptcy, reorganization, composition, extension,
                  arrangement or insolvency proceeding.

15.2     TERMINATION; RE-ENTRY. Upon the happening of any one or more of the
         aforementioned Events of Default (notwithstanding any license of a
         former breach of covenant or waiver of the benefit hereof or consent in
         a former instance), Landlord or Landlord's agents or servants may give
         to Tenant a notice (hereinafter called "notice of termination")
         terminating this Lease on a date specified in such notice of
         termination (which shall be not less than five (5) days after the date
         of the mailing of such notice of termination), and this Lease and the
         Lease Term, as well as any and all of the right, title and interest of
         the Tenant hereunder, shall wholly cease and expire on the date set
         forth in such notice of termination (Tenant hereby waiving any rights
         of redemption) in the same manner and with the same force and effect as
         if such date were the date originally specified herein for the
         expiration of the Lease Term, and Tenant shall then quit and surrender
         the Premises to Landlord.

         In addition or as an alternative to the giving of such notice of
         termination, Landlord or Landlord's agents or servants may, by any
         suitable action or proceeding at law, immediately or at any time
         thereafter re-enter the Premises and remove therefrom Tenant, its
         agents, employees, servants, licensees, and any subtenants and other
         persons, and all or any of its or their property therefrom, and
         repossess and enjoy the Premises, together with all additions,
         alterations and improvements thereto; but, in any event under this
         Section 15.2, Tenant shall remain liable as hereinafter provided.

         The words "re-enter" and "re-entry" as used throughout this Article XV
         are not restricted to their technical legal meanings.

15.3     CONTINUED LIABILITY; RE-LETTING. If this Lease is terminated or if
         Landlord shall re-enter the Premises as aforesaid, or in the event of
         the termination of this Lease, or of re- entry, by or under any
         proceeding or action or any provision of law by reason of an Event of
         Default hereunder on the part of Tenant, Tenant covenants and agrees
         forthwith to pay and be liable for, on the days originally fixed herein
         for the payment thereof, amounts equal to the several installments of
         Annual Fixed Rent, all Additional Rent and other charges reserved as
         they would, under the terms of this Lease, become due if this Lease had
         not been terminated or if Landlord had not entered or re-entered, as
         aforesaid, and whether the Premises be relet or remain vacant, in whole
         or in part, or for a period less than the remainder of the Lease Term,
         or for the whole thereof, but, in the

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         event the Premises be relet by Landlord, Tenant shall be entitled to a
         credit in the net amount of rent and other charges received by Landlord
         in reletting, after deduction of all reasonable expenses incurred in
         reletting the Premises (including, without limitation, remodeling
         costs, brokerage fees and the like), and in collecting the rent in
         connection therewith, in the following manner:

         Amounts received by Landlord after reletting shall first be applied
         against such Landlord's expenses, until the same are recovered, and
         until such recovery, Tenant shall pay, as of each day when a payment
         would fall due under this Lease, the amount which Tenant is obligated
         to pay under the terms of this Lease (Tenant's liability prior to any
         such reletting and such recovery not in any way to be diminished as a
         result of the fact that such reletting might be for a rent higher than
         the rent provided for in this Lease); when and if such expenses have
         been completely recovered, the amounts received from reletting by
         Landlord as have not previously been applied shall be credited against
         Tenant's obligations as of each day when a payment would fall due under
         this Lease, and only the net amount thereof shall be payable by Tenant.
         Further, Tenant shall not be entitled to any credit of any kind for any
         period after the date when the term of this Lease is scheduled to
         expire according to its terms.

         Landlord agrees to use reasonable efforts to relet the Premises after
         Tenant vacates the Premises in the event that the Lease is terminated
         based upon a default by Tenant hereunder. Marketing of Tenant's
         Premises in a manner similar to the manner in which Landlord markets
         other premises within Landlord's control in the Prudential Center shall
         be deemed to have satisfied Landlord's obligation to use "reasonable
         efforts." In no event shall Landlord be required to (i) solicit or
         entertain negotiations with any other prospective tenants for the
         Premises until Landlord obtains full and complete possession of the
         Premises including, without limitation, the undisputed legal right to
         re-let the Premises free of any claim of Tenant, (ii) relet the
         Premises before leasing other vacant space in the Building, or (iii)
         lease the Premises for a rental less than the current fair market
         rental then prevailing for similar office space in the Building.

15.4     LIQUIDATED DAMAGES. Landlord may elect, as an alternative, to have
         Tenant pay liquidated damages, which election may be made by notice
         given to Tenant at any time after the termination of this Lease under
         Section 15.2, above, and whether or not Landlord shall have collected
         any damages as hereinbefore provided in this Article XV, and in lieu of
         all other such damages beyond the date of such notice. Upon such
         notice, Tenant shall promptly pay to Landlord, as liquidated damages,
         in addition to any damages collected or due from Tenant from any period
         prior to such notice and all expenses which Landlord may have incurred
         with respect to the collection of such damages, such a sum as at the
         time of such notice represents the amount of the excess, if any, of (a)
         the discounted present value, at a discount rate of 6%, of the Annual
         Fixed Rent, Additional Rent

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         and other charges which would have been payable by Tenant under this
         Lease for the remainder of the Lease Term if the Lease terms had been
         fully complied with by Tenant, over and above (b) the discounted
         present value, at a discount rate of 6%, of the Annual Fixed Rent,
         Additional Rent and other charges that would be received by Landlord if
         the Premises were re- leased at the time of such notice for the
         remainder of the Lease Term at the fair market value (including
         provisions regarding periodic increases in Annual Fixed Rent if such
         are applicable) prevailing at the time of such notice as reasonably
         determined by Landlord.

         For the purposes of this Article, if Landlord elects to require Tenant
         to pay liquidated damages in accordance with this Section 15.4, the
         total rent shall be computed by assuming the Tax Excess under Section
         6.2 and the Operating Cost Excess under Section 7.5 to be the same as
         were payable for the twelve (12) calendar months (or if less than
         twelve (12) calendar months have been elapsed since the date hereof,
         the partial year) immediately preceding such termination of re-entry.

         Nothing contained in this Lease shall limit or prejudice the right of
         Landlord to prove for and obtain in proceedings for bankruptcy or
         insolvency by reason of the termination of this Lease, an amount equal
         to the maximum allowed by any statute or rule of law in effect at the
         time when, and governing the proceeds in which, the damages are to be
         proved, whether or not the amount be greater, equal to, or less than
         the amount of the loss or damages referred to above.

15.5     WAIVER OF REDEMPTION. Tenant, for itself and any and all persons
         claiming through or under Tenant, including its creditors, upon the
         termination of this Lease and of the term of this Lease in accordance
         with the terms hereof, or in the event of entry of judgment for the
         recovery of the possession of the Premises in any action or proceeding,
         or if Landlord shall enter the Premises by process of law or otherwise,
         hereby waives any right of redemption provided or permitted by any
         statute, law or decision now or hereafter in force, and does hereby
         waive, surrender and give up all rights or privileges which it or they
         may or might have under and by reason of any present or future law or
         decision, to redeem the Premises or for a continuation of this Lease
         for the term of this Lease hereby demised after having been
         dispossessed or ejected therefrom by process of law, or otherwise.

15.6     LANDLORD'S DEFAULT. Landlord shall in no event be in default in the
         performance of any of Landlord's obligations hereunder unless and until
         Landlord shall have failed to perform such obligations within thirty
         (30) days, or such additional time as is reasonably required to correct
         any such default, after notice by Tenant to Landlord properly
         specifying wherein Landlord has failed to perform any such obligation.

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         The Tenant shall not assert any right to deduct the cost of repairs or
         any monetary claim against the Landlord from rent thereafter due and
         payable, but shall look solely to the Landlord for satisfaction of such
         claim.

                                   ARTICLE XVI
                            MISCELLANEOUS PROVISIONS

16.1     WAIVER. Failure on the part of Landlord or Tenant to complain of any
         action or non-action on the part of the other, no matter how long the
         same may continue, shall never be a waiver by Tenant or Landlord,
         respectively, of any of its rights hereunder.

         Further, no waiver at any time of any of the provisions hereof by
         Landlord or Tenant shall be construed as a waiver of any of the other
         provisions hereof, and a waiver at any time of any of the provisions
         hereof shall not be construed as a waiver at any subsequent time of the
         same provisions. The consent or approval of Landlord or Tenant to or of
         any action by the other requiring such consent or approval shall not be
         construed to waive or render unnecessary Landlord's or Tenant's consent
         or approval to or of any subsequent similar act by the other.

         No payment by Tenant, or acceptance by Landlord, of a lesser amount
         than shall be due from Tenant to Landlord shall be treated otherwise
         than as a payment on account. The acceptance by Landlord of a check for
         a lesser amount with an endorsement or statement thereon, or upon any
         letter accompanying such check, that such lesser amount is payment in
         full, shall be given no effect, and Landlord may accept such check
         without prejudice to any other rights or remedies which Landlord may
         have against Tenant. Further, the acceptance by Landlord of Annual
         Fixed Rent, Additional Rent or any other charges paid by Tenant under
         this Lease shall not be or be deemed to be a waiver by Landlord of any
         default by Tenant, whether or not Landlord knows of such default,
         except for such defaults as to which such payment relates.

16.2     CUMULATIVE REMEDIES. Except as expressly provided in this Lease, the
         specific remedies to which Landlord and Tenant may resort under the
         terms of this Lease are cumulative and are not intended to be exclusive
         of any other remedies or means of redress which they may be lawfully
         entitled to seek in case of any breach or threatened breach of any
         provisions of this Lease. In addition to the other remedies provided in
         this Lease, Landlord shall be entitled to the restraint by injunction
         of the violation or attempted or threatened violation of any of the
         covenants, conditions or provisions of this Lease or to seek specific
         performance of any such covenants, conditions or provisions, provided,
         however, that the foregoing shall not be construed as a confession of
         judgment by Tenant.

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16.3     QUIET ENJOYMENT. This Lease is subject and subordinate to all matters
         of record. Landlord agrees that, upon Tenant's paying the Annual Fixed
         Rent, Additional Rent and other charges herein reserved, and performing
         and observing the covenants, conditions and agreements hereof upon the
         part of Tenant to be performed and observed, Tenant shall and may
         peaceably hold and enjoy the Premises during the term of this Lease
         (exclusive of any period during which Tenant is holding over after the
         expiration or termination of this Lease without the consent of
         Landlord), without interruption or disturbance from Landlord or persons
         claiming through or under Landlord, subject, however, to the terms of
         this Lease. This covenant shall be construed as running with the land
         to and against subsequent owners and successors in interest, and is
         not, nor shall it operate or be construed as, a personal covenant of
         Landlord, except to the extent of the Landlord's interest in the
         Premises, and this covenant and any and all other covenants of Landlord
         contained in this Lease shall be binding upon Landlord and upon such
         subsequent owners or successors in interest of Landlord's interest
         under this Lease, including ground or master lessees, to the extent of
         their respective interests, as and when they shall acquire same and
         then only for so long as they shall retain such interest.

16.4     SURRENDER. (A) No act or thing done by Landlord during the Lease Term
         shall be deemed an acceptance of a surrender of the Premises, and no
         agreement to accept such surrender shall be valid, unless in writing
         signed by Landlord. No employee of Landlord or of Landlord's agents
         shall have any power to accept the keys of the Premises as an
         acceptance of a surrender of the Premises prior to the termination of
         this Lease; provided, however, that the foregoing shall not apply to
         the delivery of keys to Landlord or its agents in its (or their)
         capacity as managing agent or for purpose of emergency access. In any
         event, however, the delivery of keys to any employee of Landlord or of
         Landlord's agents shall not operate as a termination of the Lease or a
         surrender of the Premises.

         (B)      Upon the expiration or earlier termination of the Lease Term,
         Tenant shall surrender the Premises to Landlord in the condition as
         required by Sections 8.1 and 9.5, first removing all goods and effects
         of Tenant and completing such other removals as may be permitted or
         required pursuant to Section 9.5.

16.5     BROKERAGE.

         (A)      Tenant warrants and represents that Tenant has not dealt with
                  any broker in connection with the consummation of this Lease
                  other than the broker, person or firm designated in Section
                  1.2 hereof; and in the event any claim is made against the
                  Landlord relative to Tenant's dealings with brokers other than
                  the broker designated in Section 1.2 hereof, Tenant shall
                  defend the claim against Landlord with counsel of Tenant's
                  selection, subject to Landlord's reasonable approval, and save
                  harmless and indemnify

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                  Landlord on account of loss, cost or damage which may arise by
                  reason of such claim.

         (B)      Landlord warrants and represents that Landlord has not dealt
                  with any broker in connection with the consummation of this
                  Lease other than the broker, person or firm designated in
                  Section 1.2 hereof; and in the event any claim is made against
                  the Tenant relative to Landlord's dealings with brokers other
                  than the broker designated in Section 1.2 hereof, Landlord
                  shall defend the claim against Tenant with counsel of
                  Landlord's selection, subject to Tenant's reasonable approval,
                  and save harmless and indemnify Tenant on account of loss,
                  cost or damage which may arise by reason of such claim.

         (C)      Landlord agrees that it shall be solely responsible for the
                  payment of brokerage commissions to the broker, person or firm
                  designated in Section 1.2 hereof.

16.6     INVALIDITY OF PARTICULAR PROVISIONS. If any term or provision of this
         Lease, or the application thereof to any person or circumstance shall,
         to any extent, be invalid or unenforceable, the remainder of this
         Lease, or the application of such term or provision to persons or
         circumstances other than those as to which it is held invalid or
         unenforceable, shall not be affected thereby, and each term and
         provision of this Lease shall be valid and be enforced to the fullest
         extent permitted by law.

16.7     PROVISIONS BINDING, ETC. The obligations of this Lease shall run with
         the land, and except as herein otherwise provided, the terms hereof
         shall be binding upon and shall inure to the benefit of the successors
         and assigns, respectively, of Landlord and Tenant and, if Tenant shall
         be an individual, upon and to his heirs, executors, administrators,
         successors and assigns. Each term and each provision of this Lease to
         be performed by Tenant shall be construed to be both a covenant and a
         condition. The reference contained to successors and assigns of Tenant
         is not intended to constitute a consent to assignment by Tenant, but
         has reference only to those instances in which Landlord may have later
         given consent to a particular assignment as required by the provisions
         of Article XII hereof.

16.8     RECORDING. Each of Landlord and Tenant agree not to record the within
         Lease, but each party hereto agrees, on the request of the other, to
         execute a so-called Notice of Lease or short form lease in form
         recordable and complying with applicable law and reasonably
         satisfactory to Landlord's and Tenant's attorneys. In no event shall
         such document set forth the rent or other charges payable by Tenant
         under this Lease; and any such document shall expressly state that it
         is executed pursuant to the provisions contained in this Lease, and is
         not intended to vary the terms and conditions of this Lease.

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16.9     NOTICES AND TIME FOR ACTION. Whenever, by the terms of this Lease,
         notice shall or may be given either to Landlord or to Tenant, such
         notices shall be in writing and shall be sent by hand, registered or
         certified mail, or overnight or other commercial courier, postage or
         delivery charges, as the case may be, prepaid as follows:

                  If intended for Landlord, addressed to Landlord at the address
                  set forth on the first page of this Lease (or to such other
                  address or addresses as may from time to time hereafter be
                  designated by Landlord by like notice).

                  If intended for Tenant, addressed to Tenant at the address set
                  forth on the first page of this Lease except that from and
                  after the Commencement Date the address of Tenant shall be the
                  Premises (or to such other address or addresses as may from
                  time to time hereafter be designated by Tenant by like
                  notice).

         Except as otherwise provided herein, all such notices shall be
         effective when received; provided, that (i) if receipt is refused,
         notice shall be effective upon the first occasion that such receipt is
         refused or (ii) if the notice is unable to be delivered due to a change
         of address of which no notice was given, notice shall be effective upon
         the date such delivery was attempted.

         Where provision is made for the attention of an individual or
         department, the notice shall be effective only if the wrapper in which
         such notice is sent is addressed to the attention of such individual or
         department.

         Any notice given by an attorney on behalf of either party, or by
         Landlord's managing agent on behalf of Landlord, shall be considered as
         given by Landlord or Tenant, as the case may be, and shall be fully
         effective.

         Time is of the essence with respect to any and all notices and periods
         for giving of notice or taking any action thereto under this Lease.

16.10    WHEN LEASE BECOMES BINDING. Employees or agents of Landlord have no
         authority to make or agree to make a lease or any other agreement or
         undertaking in connection herewith. The submission of this document for
         examination and negotiation does not constitute an offer to lease, or a
         reservation of, or option for, the Premises, and this document shall
         become effective and binding only upon the execution and delivery
         hereof by both Landlord and Tenant. All negotiations, considerations,
         representations and understandings between Landlord and Tenant are
         incorporated herein and may be modified or altered only by written
         agreement between Landlord and Tenant, and no act or omission of any

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         employee or agent of Landlord shall alter, change or modify any of the
         provisions hereof.

16.11    PARAGRAPH HEADINGS. The paragraph headings throughout this instrument
         are for convenience and reference only, and the words contained therein
         shall in no way be held to explain, modify, amplify or aid in the
         interpretation, construction or meaning of the provisions of this
         Lease.

16.12    RIGHTS OF MORTGAGEE.

         (A)      This Lease shall be subject and subordinate to any mortgage
         now or hereafter on the Building (or any part thereof), and to all
         renewals, modifications, consolidations, replacements and extensions
         thereof and all substitutions therefor, provided that in the case of a
         future mortgage the holder of such mortgage agrees to recognize the
         right of Tenant to use and occupy the Premises and Tenant's other
         rights hereunder, subject to such holder's commercially reasonable
         limitations thereon which are commonly imposed or agreed to by
         institutional mortgagees of commercial real estate, upon the payment of
         rent and other charges payable by Tenant under this Lease and the
         performance by Tenant of Tenant's obligations hereunder. In
         confirmation of such subordination and recognition, Tenant shall
         execute and deliver promptly such instruments of subordination as such
         mortgagee may reasonably request, subject to receipt of such
         instruments of recognition from such mortgagee as Tenant may reasonably
         request. In the event that any mortgagee or its respective successor in
         title shall succeed to the interest of Landlord, then this Lease shall
         nevertheless continue in full force and effect and Tenant shall and
         does hereby agree to attorn to such mortgagee or successor and to
         recognize such mortgagee or successor as its landlord.

         (B)      If any holder of a mortgage which includes the Premises,
         executed and recorded prior to the Date of this Lease, shall so elect,
         this Lease, and the rights of Tenant hereunder, shall be superior in
         right to the rights of such holder, with the same force and effect as
         if this Lease had been executed, delivered and recorded, or a statutory
         Notice hereof recorded, prior to the execution, delivery and recording
         of any such mortgage. The election of any such holder shall become
         effective upon either notice from such holder to Tenant in the same
         fashion as notices from Landlord to Tenant are to be given hereunder or
         by the recording in the appropriate registry or recorder's office of an
         instrument in which such holder subordinates its rights under such
         mortgage to this Lease.

         (C)      Notwithstanding the foregoing, Landlord will use reasonable
         efforts to obtain a non-disturbance, subordination and attornment
         agreement from the Mortgagee(s) listed on Exhibit I, on such
         Mortgagee's current standard form of agreement, with such commercially
         reasonable changes as Tenant may request and otherwise reasonably
         satisfactory to Tenant. "Reasonable efforts" of Landlord

                                      -70-
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         shall not require Landlord to incur any cost, expense or liability to
         obtain such agreement, it being agreed that Tenant shall be responsible
         for any fee or review costs charged by the Mortgagee. Upon request of
         Landlord, Tenant will execute the Mortgagee's form of non-disturbance,
         subordination and attornment agreement with such commercially
         reasonable changes as Tenant may request and return the same to
         Landlord for execution by the Mortgagee. Landlord's failure to obtain a
         non-disturbance, subordination and attornment agreement for Tenant
         shall have no effect on the rights, obligations and liabilities of
         Landlord and Tenant or be considered to be a default by Landlord
         hereunder.

16.13    RIGHTS OF GROUND LESSOR. If Landlord's interest in property (whether
         land only or land and buildings) which includes the Premises is
         acquired by another party and simultaneously leased back to Landlord
         herein, the holder of the ground lessor's interest in such lease shall
         enter into a recognition agreement with Tenant simultaneously with the
         sale and leaseback, wherein the ground lessor will agree to recognize
         the right of Tenant to use and occupy the Premises and Tenant's other
         rights hereunder, subject to such ground lessor's commercially
         reasonable limitations thereon, upon the payment of Annual Fixed Rent,
         Additional Rent and other charges payable by Tenant under this Lease
         and the performance by Tenant of Tenant's obligations hereunder, and
         wherein Tenant shall agree to attorn to such ground lessor as its
         Landlord and to perform and observe all of the tenant obligations
         hereunder, in the event such ground lessor succeeds to the interest of
         Landlord hereunder under such ground lease.

16.14    NOTICE TO MORTGAGEE AND GROUND LESSOR. After receiving notice from any
         person, firm or other entity that it holds a mortgage which includes
         the Premises as part of the mortgaged premises, or that it is the
         ground lessor under a lease with Landlord as ground lessee, which
         includes the Premises as a part of the leased premises, no notice from
         Tenant to Landlord shall be effective as against such holder or ground
         lessor unless and until a copy of the same is given to such holder or
         ground lessor at the address as specified in said notice (as it may
         from time to time be changed), and the curing of any of Landlord's
         defaults by such holder or ground lessor within a reasonable time after
         such notice (including a reasonable time to obtain possession of the
         premises if the mortgagee or ground lessor elects to do so) shall be
         treated as performance by Landlord. For the purposes of this Section
         16.14, the term "mortgage" includes a mortgage on a leasehold interest
         of Landlord (but not one on Tenant's leasehold interest). If any
         mortgage is listed on Exhibit I then the same shall constitute notice
         from the holder of such mortgage for the purposes of this Section
         16.14.

16.15    ASSIGNMENT OF RENTS. With reference to any assignment by Landlord of
         Landlord's interest in this Lease, or the rents payable hereunder,
         conditional in nature or otherwise, which assignment is made to the
         holder of a mortgage or ground lease on property which includes the
         Premises, Tenant agrees:

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         (a)      That the execution thereof by Landlord, and the acceptance
                  thereof by the holder of such mortgage, or the ground lessor,
                  shall never be treated as an assumption by such holder or
                  ground lessor of any of the obligations of Landlord hereunder,
                  unless such holder, or ground lessor, shall, by notice sent to
                  Tenant, specifically otherwise elect or shall physically take
                  possession of the Premises; and

         (b)      That, except as aforesaid, such holder or ground lessor shall
                  be treated as having assumed Landlord's obligations hereunder
                  only upon foreclosure of such holder's mortgage or the taking
                  of possession of the Premises, or, in the case of a ground
                  lessor, the assumption of Landlord's position hereunder by
                  such ground lessor. In no event shall the acquisition of title
                  to the Building and the land on which the same is located by a
                  purchaser which, simultaneously therewith, leases the entire
                  Building or such land back to the seller thereof be treated as
                  an assumption, by operation of law or otherwise, of Landlord's
                  obligations hereunder, but Tenant shall look solely to such
                  seller-lessee, and its successors from time to time in title,
                  for performance of Landlord's obligations hereunder. In any
                  such event, this Lease shall be subject and subordinate to the
                  lease to such purchaser provided that such purchaser-lessor
                  agrees to recognize the right of Tenant to use and occupy the
                  Premises upon the payment of rent and all other charges
                  payable by Tenant under this Lease and the performance by
                  Tenant of Tenant's obligations under this Lease. For all
                  purposes, such seller-lessee, and its successors in title,
                  shall be the landlord hereunder unless and until Landlord's
                  position shall have been assumed by such purchaser-lessor.
                  Tenant acknowledges that it has been informed by Landlord that
                  Landlord has entered into certain agreements with its lenders
                  ("Lenders") which require it to include in this Lease (and
                  requires Tenant to include in any sublease which may be
                  permitted hereunder) the following provisions: (i) no rent
                  payable under this Lease or under any such sublease may be
                  based in whole or in part on the income or profits derived
                  from the Premises or any subleased premises except for
                  percentage rent based on gross (not net) receipts or sales;
                  (ii) if Lenders succeed to the Landlord's interests under this
                  Lease and are advised by Lenders' counsel that all or any
                  portion of the rent payable under this Lease is or may be
                  deemed to be unrelated business income within the meaning of
                  the Internal Revenue Code of the 1986, as amended, or the
                  regulations issued thereunder, Lenders may elect to amend
                  unilaterally the calculation of rents under this Lease so that
                  none of the rents payable to Lenders under this Lease will
                  constitute unrelated business income, provided that such
                  amendment will not increase the Tenant's payment obligations
                  or other liability under this Lease or reduce the Landlord's
                  obligations under this Lease; and (iii) if Lenders request,
                  Tenant will be obligated to execute any

                                      -72-
<Page>

                  document Lenders may deem necessary to effect the amendment of
                  this Lease in accordance with the foregoing subsection (ii).
                  Further, no Annual Fixed Rent or Additional Rent may be paid
                  by Tenant more than thirty (30) days in advance except with
                  Lenders' prior written consent, and any such payment without
                  such consent shall not be binding on Lenders.

16.16    STATUS REPORT AND FINANCIAL STATEMENTS. Recognizing that Landlord may
         find it necessary to establish to third parties, such as accountants,
         banks, potential or existing mortgagees, potential purchasers or the
         like, the then current status of performance hereunder, Tenant, within
         ten (10) days after the request of Landlord made from time to time,
         will furnish to Landlord, or any existing or potential holder of any
         mortgage encumbering the Premises, the Building or the Prudential
         Center, or any potential purchaser of the Premises, the Building, or
         the Prudential Center (each an "Interested Party") a statement of the
         status of any matter pertaining to this Lease, including, without
         limitation, acknowledgments that (or the extent to which) each party is
         in compliance with its obligations under the terms of this Lease. In
         addition, Tenant shall deliver to Landlord, or any Interested Party
         designated by Landlord, financial statements of Tenant, and any
         guarantor of Tenant's obligations under this Lease, as reasonably
         requested by Landlord including, but not limited to, financial
         statements for the past three (3) years. Any such status statement or
         financial statement delivered by Tenant pursuant to this Section 16.16
         may be relied upon by any Interested Party.

16.17    SELF-HELP. If Tenant shall at any time fail to make any payment or
         perform any act which Tenant is obligated to make or perform under this
         Lease and (except in the case of emergency) if the same continues
         unpaid or unperformed beyond applicable grace periods, then Landlord
         may, but shall not be obligated so to do, after ten (10) days'
         additional notice to and demand upon Tenant, or without notice to or
         demand upon Tenant in the case of any emergency, and without waiving,
         or releasing Tenant from, any obligations of Tenant in this Lease
         contained, make such payment or perform such act which Tenant is
         obligated to perform under this Lease in such manner and to such extent
         as may be reasonably necessary, and, in exercising any such rights, pay
         any costs and expenses, employ counsel and incur and pay reasonable
         attorneys' fees. All sums so paid by Landlord and all reasonable and
         necessary costs and expenses of Landlord incidental thereto, together
         with interest thereon at the annual rate equal to the sum of (a) the
         Base Rate from time to time announced by Fleet National Bank or its
         successor as its Base Rate and (b) two percent (2%) (but in no event
         greater than the maximum rate permitted by applicable law), from the
         date of the making of such expenditures by Landlord, shall be deemed to
         be Additional Rent and, except as otherwise in this Lease expressly
         provided, shall be payable to the Landlord on demand, and if not
         promptly paid shall be added to any rent then due or thereafter
         becoming due under this Lease, and Tenant covenants to pay any such sum
         or sums with interest as aforesaid, and Landlord shall have (in
         addition

                                      -73-
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         to any other right or remedy of Landlord) the same rights and remedies
         in the event of the non-payment thereof by Tenant as in the case of
         default by Tenant in the payment of Annual Fixed Rent.

16.18    HOLDING OVER. Any holding over by Tenant after the expiration of the
         term of this Lease shall be treated as a tenancy at sufferance and
         shall be on the terms and conditions as set forth in this Lease, as far
         as applicable except that Tenant shall pay as a use and occupancy
         charge an amount equal to the greater of (x) the Holdover Percentage,
         as hereinafter defined, of the Annual Fixed Rent and Additional Rent
         calculated (on a daily basis) at the highest rate payable under the
         terms of this Lease or (y) the fair market rental value of the
         Premises, in each case for the period measured from the day on which
         Tenant's hold-over commences and terminating on the day on which Tenant
         vacates the Premises. For the first sixty (60) days of such holding
         over, the Holdover Percentage shall be one hundred fifty percent
         (150%); from and after the sixty-first (61st) day of such holding over,
         the Holdover Percentage shall be two hundred percent (200%). In
         addition, Tenant shall save Landlord, its agents and employees harmless
         and will exonerate, defend and indemnify Landlord, its agents and
         employees from and against any and all damages which Landlord may
         suffer on account of Tenant's hold-over in the Premises after the
         expiration or prior termination of the term of this Lease. Nothing in
         the foregoing nor any other term or provision of this Lease shall be
         deemed to permit Tenant to retain possession of the Premises or hold
         over in the Premises after the expiration or earlier termination of the
         Lease Term. All property which remains in the Building or the Premises
         after the expiration or termination of this Lease shall be conclusively
         deemed to be abandoned and may either be retained by Landlord as its
         property or sold or otherwise disposed of in such manner as Landlord
         may see fit. If any part thereof shall be sold, then Landlord may
         receive the proceeds of such sale and apply the same, at its option
         against the expenses of the sale, the cost of moving and storage, any
         arrears of rent or other charges payable hereunder by Tenant to
         Landlord and any damages to which Landlord may be entitled under this
         Lease and at law and in equity.

16.19    ENTRY BY LANDLORD. Landlord, and its duly authorized representatives,
         shall, upon reasonable prior notice (except in the case of emergency),
         have the right to enter the Premises at all reasonable times (except at
         any time in the case of emergency) for the purposes of inspecting the
         condition of same and making such repairs, alterations, additions or
         improvements thereto as may be necessary if Tenant fails to do so as
         required hereunder (but the Landlord shall have no duty whatsoever to
         make any such inspections, repairs, alterations, additions or
         improvements except as otherwise provided in Sections 4.1, 4.3, 7.1 and
         7.2), and to show the Premises to prospective tenants during the twelve
         (12) months preceding expiration of the term of this Lease as it may
         have been extended and at any reasonable time during the Lease Term to
         show the Premises to prospective

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         purchasers and mortgagees. Any such entry will be made subject to the
         provisions of Section 2.2 hereof.

16.20    TENANT'S PAYMENTS. Each and every payment and expenditure, other than
         Annual Fixed Rent, shall be deemed to be Additional Rent hereunder,
         whether or not the provisions requiring payment of such amounts
         specifically so state, and shall be payable, unless otherwise provided
         in this Lease, within ten (10) days after written demand by Landlord,
         and in the case of the non-payment of any such amount, Landlord shall
         have, in addition to all of its other rights and remedies, all the
         rights and remedies available to Landlord hereunder or by law in the
         case of non-payment of Annual Fixed Rent. Unless expressly otherwise
         provided in this Lease, the performance and observance by Tenant of all
         the terms, covenants and conditions of this Lease to be performed and
         observed by Tenant shall be at Tenant's sole cost and expense. If
         Tenant has not objected to any statement of Additional Rent which is
         rendered by Landlord to Tenant within one hundred eighty (180) days
         after Landlord has rendered the same to Tenant, then the same shall be
         deemed to be a final account between Landlord and Tenant not subject to
         any further dispute. In the event that Tenant shall seek Landlord's
         consent or approval under this Lease, then Tenant shall reimburse
         Landlord, upon demand, as Additional Rent, for all reasonable costs and
         expenses, including legal and architectural costs and expenses,
         incurred by Landlord in processing such request, whether or not such
         consent or approval shall be given.

16.21    LATE PAYMENT. If Landlord shall not have received any payment or
         installment of Annual Fixed Rent or Additional Rent (the "Outstanding
         Amount") on or before the date ten (10) days after the date on which
         the same first becomes payable under this Lease (the "Due Date"), the
         amount of such payment or installment shall incur a late charge equal
         to the sum of: (a) three percent (3%) of the Outstanding Amount for
         administration and bookkeeping costs associated with the late payment
         and (b) interest on the Outstanding Amount from the Due Date through
         and including the date such payment or installment is received by
         Landlord, at a rate equal to the lesser of (i) the rate announced by
         Fleet National Bank (or its successor) from time to time as its prime
         or base rate (or if such rate is no longer available, a comparable rate
         reasonably selected by Landlord), plus two percent (2%), or (ii) the
         maximum applicable legal rate, if any. Such interest shall be deemed
         Additional Rent and shall be paid by Tenant to Landlord upon demand.

16.22    COUNTERPARTS. This Lease may be executed in several counterparts, each
         of which shall be deemed an original, and such counterparts shall
         constitute but one and the same instrument.

16.23    ENTIRE AGREEMENT. This Lease constitutes the entire agreement between
         the parties hereto, Landlord's managing agent and their respective
         affiliates with

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         respect to the subject matter hereof and thereof and supersedes all
         prior dealings between them with respect to such subject matter, and
         there are no verbal or collateral understandings, agreements,
         representations or warranties not expressly set forth in this Lease. No
         subsequent alteration, amendment, change or addition to this Lease
         shall be binding upon Landlord or Tenant, unless reduced to writing and
         signed by the party or parties to be charged therewith.

16.24    LANDLORD LIABILITY. Tenant shall neither assert nor seek to enforce any
         claim for breach of this Lease against any of Landlord's assets other
         than Landlord's interest in the Building, and Tenant agrees to look
         solely to such interest for the satisfaction of any liability of
         Landlord under this Lease, it being specifically agreed that neither
         Landlord, nor any successor holder of Landlord's interest hereunder,
         nor any beneficiary of any Trust of which any person from time to time
         holding Landlord's interest is Trustee, nor any such Trustee, nor any
         member, manager, partner, director or stockholder nor Landlord's
         managing agent shall ever be personally liable for any such liability.
         This paragraph shall not limit any right that Tenant might otherwise
         have to obtain injunctive relief against Landlord or Landlord's
         successors-in-interest, or to take any other action which shall not
         involve the personal liability of Landlord, or of any successor holder
         of Landlord's interest hereunder, or of any beneficiary of any trust of
         which any person from time to time holding Landlord's interest is
         Trustee, or of any such Trustee, or of any manager, member, partner,
         director or stockholder of Landlord or of Landlord's managing agent, to
         respond in monetary damages from Landlord's assets other than
         Landlord's interest in said Building, as aforesaid, but in no event
         shall Tenant have the right to terminate or cancel this Lease or to
         withhold rent or to set-off any claim or damages against rent as a
         result of any default by Landlord or breach by Landlord of its
         covenants or any warranties or promises hereunder, except in the case
         of a wrongful eviction of Tenant from the Premises (constructive or
         actual) by Landlord continuing after notice to Landlord thereof and a
         reasonable opportunity for Landlord to cure the same. In no event shall
         Landlord ever be liable for any indirect or consequential damages or
         loss of profits or the like. In the event that Landlord shall be
         determined to have wrongfully withheld any consent or approval under
         this Lease, the sole recourse and remedy of the Tenant in respect
         thereof shall be to specifically enforce Landlord's obligation to grant
         such consent or approval, and in no event shall the Landlord be
         responsible for any damages of whatever nature in respect of its
         failure to give such consent or approval nor shall the same otherwise
         affect the obligations of the Tenant under this Lease or act as any
         termination of this Lease.

16.25    NO PARTNERSHIP. The relationship of the parties hereto is that of
         landlord and tenant and no partnership, joint venture or participation
         is hereby created.

16.26    SECURITY DEPOSIT. (A) Concurrently with the execution of this Lease,
         Tenant shall pay to Landlord a security deposit in the amount of Five
         Hundred

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         Thousand and 00/100 ($500,000.00) Dollars and Landlord shall hold the
         same, throughout the Term of this Lease (including the Extended Term,
         if applicable), unless sooner returned to Tenant as provided in this
         Section 16.26, as security for the performance by Tenant of all
         obligations on the part of Tenant to be performed under this Lease.
         Such deposit shall be in the form of an irrevocable, unconditional,
         negotiable letter of credit (the "Letter of Credit"). The Letter of
         Credit shall (i) be issued by and drawn on a bank reasonably approved
         by Landlord and at a minimum having a corporate credit rating from
         Standard and Poor's Professional Rating Service of BBB- or a comparable
         minimum rating from Moody's Professional Rating Service, (ii) be in a
         form reasonably acceptable to Landlord, (iii) permit one or more draws
         thereunder to be made accompanied only by certification by Landlord
         that pursuant to the terms of this Lease, Landlord is entitled to draw
         upon such Letter of Credit, (iv) permit transfers at any time without
         charge and (v) permit presentment in Boston, Massachusetts. Any such
         Letter of Credit shall be for a term of two (2) years (or for one (1)
         year if the issuer thereof regularly and customarily only issues
         letters of credit for a maximum term of one (1) year) and shall in
         either case provide for automatic renewals through the date which is
         thirty (30) days subsequent to the scheduled expiration of this Lease
         (as the same may be extended) or if the issuer will not grant automatic
         renewals, the Letter of Credit shall be renewed by Tenant each year and
         each such renewal shall be delivered to and received by Landlord not
         later than thirty (30) days before the expiration of the then current
         Letter of Credit (herein called a "Renewal Presentation Date"). In the
         event of a failure to so deliver any such renewal Letter of Credit on
         or before the applicable Renewal Presentation Date, Landlord shall be
         entitled to present the then existing Letter of Credit for payment and
         to receive the proceeds thereof, which proceeds shall be held as
         Tenant's security deposit, subject to the terms of this Section 16.26.
         Upon the occurrence of any Event of Default, Landlord shall have the
         right from time to time without prejudice to any other remedy Landlord
         may have on account thereof, to draw on all or any portion of such
         deposit held as a Letter of Credit and to apply the proceeds of such
         Letter of Credit or any cash held as such deposit, or any part thereof,
         to Landlord's damages arising from such Event of Default on the part of
         Tenant under the terms of this Lease. If Landlord so applies all or any
         portion of such deposit, Tenant shall within seven (7) days after
         notice from Landlord deposit cash with Landlord in an amount sufficient
         to restore such deposit to the full amount stated in this Section
         16.26. While Landlord holds any cash deposit Landlord shall have no
         obligation to pay interest on the same and shall have the right to
         commingle the same with Landlord's other funds. Neither the holder of a
         mortgage nor the Landlord in a ground lease on property which includes
         the Premises shall ever be responsible to Tenant for the return or
         application of any such deposit, whether or not it succeeds to the
         position of Landlord hereunder, unless such deposit shall have been
         received in hand by such holder or ground Landlord.

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         Tenant not then being in default and having performed all of its
         obligations under this Lease, including the payment of all Annual Fixed
         Rent, Landlord shall return the deposit, or so much thereof as shall
         not have theretofore been applied in accordance with the terms of this
         Section 16.26, to Tenant on the expiration or earlier termination of
         the term of this Lease (as the same may have been extended) and
         surrender possession of the Premises by Tenant to Landlord in the
         condition required in the Lease at such time.

         (B) Reduction in Letter of Credit Amount. Notwithstanding anything
         herein to the contrary, commencing on the first Effective Reduction
         Date (as defined below), and continuing on each Effective Reduction
         Date thereafter occurring during the initial Term, the security
         required under Section 26.6(A) shall be automatically reduced by
         $50,000.00 provided (i) there has been no monetary Event of Default by
         Tenant under this Lease and (ii) Tenant has delivered to Landlord, at
         least fifteen (15) days before the Effective Reduction Date in
         question, Tenant's most recent annual audited financial statement which
         statement shall, (x) if Tenant is then a publicly traded company, be
         for Tenant's fiscal year immediately preceding the fiscal year in which
         the Effective Reduction Date occurs, together with the most recent so
         called 10Q statements filed by Tenant, or (y) if Tenant is not then a
         publicly traded company, be for Tenant's fiscal year in which the
         Effective Reduction Date occurs, all of which statements shall be
         prepared in accordance with generally accepted accounting principles
         (collectively, "GAAP Financial Statement"), that shows, as of the date
         of said GAAP Financial Statement, that (1) Tenant's minimum net worth,
         as determined in accordance with generally accepted accounting
         principles ("GAAP"), is at least $40,000,000.00 and (2) Tenant's
         minimum cash flow from operations, as determined in accordance with
         GAAP, is at least $15,000,000.00. If any of the aforesaid conditions
         are not satisfied as of the Effective Reduction Date in question, then
         the security shall not be reduced by $50,000.00; provided, however, if
         the reduction does not occur as a result of a failure to satisfy the
         condition set forth in clause (i), then there shall be no further
         reduction in the amount of the security; and provided, further, if the
         reduction does not occur solely as a result of a failure to satisfy the
         condition set forth in clause (ii), then such failure shall not affect
         the automatic reduction for any subsequent Effective Reduction Date if
         all of the conditions are satisfied as of said subsequent Effective
         Reduction Date. For the purposes of this Section 16.26, the "Effective
         Reduction Date" shall be each anniversary of the Rent Commencement
         Date, commencing on the third (3rd) anniversary of the Rent
         Commencement Date, except that if Tenant is not then a publicly traded
         company, the Effective Reduction Date shall be the later of the
         applicable anniversary of the Rent Commencement Date or the date that
         Landlord receives the GAAP Financial Statement for the fiscal year in
         which such Effective Reduction Date occurs. Such reduction shall be
         accomplished by having Tenant provide Landlord with a substitute letter
         of credit in the reduced amount, or an amendment, in form reasonably
         satisfactory to Landlord, to the letter of credit

                                      -78-
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         then being held by Landlord reducing the amount thereof to the reduced
         amount.

16.27    GOVERNING LAW. This Lease shall be governed exclusively by the
         provisions hereof and by the law of The Commonwealth of Massachusetts,
         as the same may from time to time exist.

16.28    WAIVER OF TRIAL BY JURY. To induce Landlord to enter into this Lease,
         the Tenant hereby waives any right to trial by jury in any action,
         proceeding or counterclaim brought by either Landlord or Tenant on any
         matters whatsoever arising out of or any way connected with this Lease,
         the relationship of the Landlord and the Tenant, the Tenant's use or
         occupancy of the Premises and/or any claim of injury or damage,
         including but not limited to, any summary process eviction action.

16.29    ROOFTOP ANTENNA.
         Provided that Tenant notifies Landlord in writing of its desire to do
         so on or before the first anniversary of the Commencement Date, Tenant
         shall have the right to use the Antenna Area, as hereinafter defined,
         to install one (1) satellite dish antenna ("Antenna") for a period
         commencing as of the date that Tenant installs the Antenna, as
         hereinafter defined, in the Antenna Area ("Commencement Date in respect
         of the Antenna Area") and terminating as of the last day of the Term,
         as such Term may be extended. The "Antenna Area" shall be an area on
         the roof of the Building designated by Landlord. Tenant, at Tenant's
         cost, shall have the right to use, to the extent available, and
         install, if necessary, conduit between the Premises and the Antenna
         Area, provided that Tenant obtains Landlord's prior written consent.
         Landlord agrees that it will not unreasonably withhold such consent.
         Tenant shall be permitted to use the Antenna Area solely for one (1)
         Antenna installed in accordance with specifications approved by
         Landlord in advance utilizing a frequency or frequencies and
         transmission power identified in such approved specifications which
         Tenant will be installing in the Antenna Area and no other frequencies
         or transmission power shall be used by Tenant without Landlord's prior
         written consent. Such installation shall be designed in such manner as
         to be easily removable and so as not to damage the roof of the
         Building. The Antenna and any replacement shall be subject to
         Landlord's approval. Tenant's use of the Antenna Area shall be upon all
         of the conditions of the Lease, except as follows:

         (A)      The Annual Fixed Rent in respect of the Antenna Area shall be
         the Fair Market Rental Value of the Antenna Area, as determined by
         Landlord in its reasonable discretion taking into consideration the
         rent charged by Landlord to other tenants in the Prudential Center for
         similar rooftop facilities, as of the Commencement Date in respect of
         the Antenna Area.

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         (B)      Tenant shall have no obligation to pay Tax Excess or Operating
         Expense Excess in respect of the Antenna Area.

         (C)      Landlord shall have no obligation to provide any services to
         the Antenna Area.

         (D)      Tenant shall have no right to make any changes, alterations,
         signs, decoration, or other improvements (which changes, alterations,
         signs, decoration or other improvements, together with the Antenna, are
         hereby collectively referred to as "Rooftop Installations") to the
         Antenna Area or to the Antenna without Landlord's prior written
         consent, which consent Landlord may hold it its sole discretion.

         (E)      Tenant shall have no right of access to the roof of the
         Building unless Tenant has given Landlord reasonable advance notice and
         unless Tenant's representatives are accompanied by a representative of
         Landlord. Landlord shall provide Tenant with 24-hour access to the
         Antenna Area, subject to Landlord's reasonable security procedures and
         restrictions based on emergency conditions and to other causes beyond
         Landlord's reasonable control. Tenant shall give Landlord reasonable
         advance written notice of the need for access to the Antenna Area
         (except that such notice may be oral in an emergency), and Landlord
         must be present during any entry by Tenant onto the Antenna Area. Each
         notice for access shall be in the form of a work order referencing the
         lease and describing, as applicable, the date access is needed, the
         name of the contractor or other personnel requiring access, the name of
         the supervisor authorizing the access/work, the areas to which access
         is required, the Building common elements to be impacted (risers,
         electrical rooms, etc.) and the description of new equipment or other
         Rooftop Installations to be installed and evidence of Landlord's
         approval thereof. In the event of an emergency, such notice shall
         follow within five (5) days after access to the Antenna Area.

         (F)      At the expiration or prior termination of Tenant's right to
         use the Antenna Area, Tenant shall remove all Installations (including,
         without limitation, the Antenna) from the Antenna Area.

         (G)      Tenant shall be responsible for the cost of repairing any
         damage to the roof of the Building caused by the installation or
         removal of any Rooftop Installations.

         (H)      Tenant shall have no right to sublet the Antenna Area.

         (I)      No other person, firm or entity (including, without
         limitation, other tenants, licensees or occupants of the Building)
         shall have the right to benefit from the services provided by the
         Antenna other than Tenant.

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         (J)      In the event that Landlord performs repairs to or replacement
         of the roof, Tenant shall, at Tenant's cost, remove the Antenna until
         such time as Landlord has completed such repairs or replacements.
         Tenant recognizes that there may be an interference with Tenant's use
         of the Antenna in connection with such work. Landlord shall use
         reasonable efforts to complete such work as promptly as possible and to
         perform such work in a manner which will minimize or, if reasonably
         possible, eliminate any interruption in Tenant's use of the Antenna.

         (K)      Any services required by Tenant in connection with Tenant's
         use of the Antenna Area or the Antenna shall be installed by Tenant, at
         Tenant's expense, subject to Landlord's prior approval.

         (L)      To the maximum extent permitted by law, all Rooftop
         Installations in the Antenna Area shall be at the sole risk of Tenant,
         and Landlord shall have no liability to Tenant in the event that any
         Rooftop Installations are damaged for any reason.

         (M)      Tenant shall take the Antenna Area "as-is" in the condition in
         which the Antenna Area is in as of the Commencement Date in respect of
         the Antenna Area.

         (N)      Tenant shall comply with all applicable laws, ordinances and
         regulations in Tenant's use of the Antenna Area and the Antenna.

         (O)      Landlord shall have the right, upon thirty (30) days notice to
         Tenant, to require Tenant to relocate the Antenna Area to another area
         ("Relocated Rooftop Area") on the roof of the Building suitable for the
         use of Rooftop Installations. In such event, Tenant shall, at
         Landlord's cost and expense, on or before the thirtieth (30th) day
         after Landlord gives such notice, relocate all of its Rooftop
         Installations from the Antenna Area to the Relocation Rooftop Area.

         (P)      In addition to complying with the applicable construction
         provisions of the Lease, Tenant shall not install or operate Rooftop
         Installations in any portion of the Antenna Area until (x) Tenant shall
         have obtained Landlord's prior written approval, which approval will
         not be unreasonably withheld or delayed, of Tenant's plans and
         specifications for the placement and installation of the Rooftop
         Installations in the Premises, and (y) Tenant shall have obtained and
         delivered to Landlord copies of all required governmental and
         quasi-governmental permits, approvals, licenses and authorizations
         necessary for the lawful installation, operation and maintenance of the
         Rooftop Installations. The parties hereby acknowledge and agree, by way
         of illustration and not limitation, that Landlord shall have the right
         to withhold its approval of Tenant's plans and specifications
         hereunder, and shall not be deemed to be unreasonable in doing so, if
         Tenant's intended placement or method of installation or operation of
         the Rooftop Installations (i) may subject other licensees, tenants or
         occupants of the Building,

                                      -81-
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         or other surrounding or neighboring landowners or their occupants, to
         signal interference, Tenant hereby acknowledging that a shield may be
         required in order to prevent such interference, (ii) does not minimize
         to the fullest extent practicable the obstruction of the views from the
         windows of the Building that are adjacent to the Rooftop Installations,
         if any, (iii) does not complement (in Landlord's bona fide business
         judgment, which shall not, however, require Tenant to incur
         unreasonable expense) the design and finish of the Building, (iv) may
         damage the structural integrity of the Building or the roof thereof, or
         (v) may constitute a violation of any consent, approval, permit or
         authorization necessary for the lawful installation of the Rooftop
         Installations.

         (Q)      In addition to the indemnification provisions set forth in the
         Lease which shall be applicable to the Antenna Area, Tenant shall, to
         the maximum extent permitted by law, indemnify, defend, and hold
         Landlord, its agents, contractors and employees harmless from any and
         all claims, losses, demands, actions or causes of actions suffered by
         any person, firm, corporation, or other entity arising from Tenant's
         use of the Antenna Area.

         (R)      Landlord shall have the right to designate or identify the
         Rooftop Installations with or by a lease or license number (or other
         marking) and to place such number (or marking) on or near such Rooftop
         Installations.

         (S)      (i)      Tenant recognizes that Landlord may wish to (and
         Landlord hereby reserves the right to) install a central Building
         system (the "Central Building System") capable of, among other things,
         providing Tenant with the type of service (to be) provided by Tenant's
         Rooftop Installations. If Landlord elects to install the Central
         Building System, and provided that the Central Building System provides
         Tenant with service equivalent to the service which had been provided
         by Tenant's Rooftop Installations, then (i) Tenant shall, upon
         Landlord's request and at Tenant's expense, remove its Rooftop
         Installations and other Alterations (including any existing cabling)
         from the Building and repair any damage caused their installation or
         removal, (ii) Tenant may, at Tenant's expense and subject to the
         provisions of this Agreement (including, without limitation,
         subparagraph P hereof), have access to and use (and tie into) the
         Central Building System for the uses permitted hereunder, and (ii)
         commencing upon Tenant's use of the Central Building System and
         continuing thereafter throughout the term, the Yearly Rent payable
         hereunder shall be adjusted to include that which is reasonably
         designated by Landlord from time to time based upon Landlord's
         determination of the fair market value of the access rights to the
         Central Building System granted herein, such amount to be (x)
         competitive with amounts then being charged by other landlords in the
         Boston area for similar services and (y) in no event greater than the
         rent that Tenant would have been paying pursuant to this Section 16.29
         if Landlord had not exercised its rights under this Section 16.29(S).

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                  (ii)     Landlord shall maintain, repair or replace the
         Central Building System, in accordance with the standards for the
         repair and maintenance of such systems generally prevailing in the
         industry from time to time, so as to eliminate any material
         interruption or other adverse effects caused by malfunction, damage or
         destruction of the Central Building System, the cost of which shall be
         borne by Tenant if the problem was caused by the act or omission of
         Tenant or its agents, contractors or employees. Notwithstanding the
         foregoing, Landlord's obligation to maintain, repair or replace the
         Central Building System shall apply only to the extent necessary to
         reach premises in the Building that are then used by tenants after the
         malfunction, damage or destruction or that, if damaged or destroyed,
         will be again used by tenants upon the completion of restoration or
         repair thereof. In no event shall Tenant have any claim or right to
         make any claim against Landlord whatsoever for any damages, including,
         without limitation, consequential or incidental damages, or lost
         profits, in any such circumstance.

16.30    SIGNAGE.

         (A)      Landlord shall provide building standard signage in the
         standard graphics for the Building listing Tenant and any permitted
         subtenant or assignee of Tenant (i) on the primary non-electronic
         directory(ies) for the Building, and (ii) at the entrance to the
         Premises. The initial listing of Tenant's name shall be at Landlord's
         expense. Any changes or additions to such directory(ies) or signage
         shall be at Tenant's cost and expense.

         (B)      Landlord shall permit Tenant, any permitted subtenant or
         assignee of Tenant, and their key employees to be listed on any
         electronic directory installed by Landlord in the Building (Tenant
         acknowledging that Landlord has no obligation to install an electronic
         directory) at no charge to Tenant.

16.31    STORAGE SPACE; GENERATOR SPACE.

         (A)      Tenant shall have the right, by written election given to
         Landlord not more than one hundred twenty (120) days after the
         Commencement Date, to license up to 1500 rentable square feet in the
         aggregate of dry storage space ("Storage Space") at a location or
         locations designated by Landlord within the Prudential Center. The
         Storage Space need not be contiguous, but each portion of the Storage
         Space must be useable for storage purposes for items typically stored
         in connection with office uses. Tenant shall pay a fee for such Storage
         Space at the rate of $15.00 per rentable square foot per annum,
         increased by the increase in the Consumer Price Index every three (3)
         years. Tenant shall not be obligated to pay Operating Expense Excess or
         Tax Excess with respect to such Storage Space. Landlord shall not be
         obligated to provide any services to such Storage Space. Upon Tenant's
         election to license such Storage Space, the parties shall enter into
         Landlord's standard form of license agreement therefor.

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         (B)      Tenant shall have the right, by written election given to
         Landlord not more than one hundred twenty (120) days after the
         Commencement Date, to license up to 36 rentable square feet of space
         for an emergency generator ("Generator Space") at a location designated
         by Landlord within the Prudential Center. Tenant shall pay a fee for
         such Generator Space at the rate of $20.00 per rentable square foot per
         annum, increased by the increase in the Consumer Price Index every
         three (3) years. Tenant shall not be obligated to pay Operating Expense
         Excess or Tax Excess with respect to such Generator Space. Landlord
         shall not be obligated to provide any services to such Generator Space.
         Any generator to be installed by Tenant in the Generator Space shall be
         subject to Landlord's reasonable approval, and Tenant shall be
         responsible for the installation and maintenance thereof in accordance
         with all applicable laws, including without limitation obtaining and
         maintaining any required permits. Upon Tenant's election to license
         such Generator Space, the parties shall enter into Landlord's standard
         form of license agreement therefor.

16.32    ARBITRATION Any disputes relating to (i) provisions or obligations in
         this Lease as to which a specific provision for a reference to
         arbitration is made herein (i.e., disputes under Articles IV ), or (ii)
         the withholding of consent or approval where a "reasonableness"
         standard is specifically required by this Lease, shall be submitted to
         arbitration in accordance with the provisions of applicable state law,
         as from time to time amended. Arbitration proceedings, including the
         selection of an arbitrator, shall be conducted pursuant to the rules,
         regulations and procedures from time to time in effect as promulgated
         by the American Arbitration Association. Prior written notice of
         application by either party for arbitration shall be given to the other
         at least ten (10) days before submission of the application to the said
         Association's office in Boston, Massachusetts. The arbitrator shall
         hear the parties and their evidence. The decision of the arbitrator
         shall be binding and conclusive, and judgment upon the award or
         decision of the arbitrator may be entered in the Supreme Court of
         Suffolk County, Massachusetts; and the parties consent to the
         jurisdiction of such court and further agree that any process or notice
         of motion or other application to the court or a judge thereof may be
         served outside the Commonwealth of Massachusetts by certified mail or
         by personal service provided in accordance with the provisions of
         Section 16.9, provided a reasonable time for appearance is allowed. The
         costs and expenses of each arbitration hereunder and their
         apportionment between the parties shall be determined by the arbitrator
         in his award or decision. No arbitrable dispute shall be deemed to have
         arisen under this Lease prior to the expiration of the period of twenty
         (20) days after the date of the giving of written notice by the party
         asserting the existence of the dispute together with a description
         thereof sufficient for an understanding thereof.

                                      -84-
<Page>

         EXECUTED as a sealed instrument in two or more counterparts by persons
or officers hereunto duly authorized on the Date set forth in Section 1.2 above.

WITNESS:                             LANDLORD:

                                     BP PRUCENTER ACQUISITION LLC

                                     By:  Boston Properties Limited Partnership,
                                          a Delaware limited partnership
                                          Its: Member

                                               By:  Boston Properties, Inc.,
                                                    a Delaware corporation
                                               Its: General Partner

                                                    ----------------------------
                                          Name:
                                                    ----------------------------
                                          Its:
                                                    ----------------------------
                                                    Hereunto duly authorized

                                     TENANT: THE FIRST MARBLEHEAD
                                             CORPORATION
ATTEST:

By                                   By
      ----------------------              --------------------------------------
Name                                 Name
      ----------------------                ------------------------------------
Title SECRETARY (OR                  Title  PRESIDENT (OR VICE
      -----------------------             --------------------
     ASSISTANT SECRETARY)                  PRESIDENT)
-----------------------------        ----------------
                                           HEREUNTO DULY AUTHORIZED

                                     By
                                          --------------------------------------
                                     Name
                                             -----------------------------------
                                     Title   TREASURER (OR ASSISTANT
                                          -------------------------
                                            TREASURER)
                                     -----------------
                                            HEREUNTO DULY AUTHORIZED

                                            (CORPORATE SEAL)

                                      -85-
<Page>

                                    EXHIBIT A

                                LEGAL DESCRIPTION

                                PRUDENTIAL CENTER

PARCEL 1

         That certain parcel of registered land located in the City of Boston,
Suffolk County, Massachusetts, shown as Lot 12 on a Plan entitled "Subdivision
Plan of Land in Boston, Massachusetts, Suffolk County, being a subdivision of
L.C.C. 28611D Lot 8" (Nine (9) Sheets), dated March 6, 1998 on file with the
Suffolk County Registry District of the Land Court as Land Court Plan No.
28611E.

PARCEL 2 AND PARCEL 3

         Those two certain parcels of unregistered land located in the City of
Boston, Suffolk County, Massachusetts, shown on a Plan entitled "Plan of Land in
Boston, Massachusetts, Suffolk County," dated June 25, 1998, prepared by
Cullinan Engineering Co., Inc. and recorded with the Suffolk County Registry of
Deeds in Book 22643, Page 112.

                            EXHIBIT A -- Page -1 of 1
<Page>

                                   EXHIBIT A-1

                      PLAN DEPICTING THE PRUDENTIAL CENTER

                           EXHIBIT A-1 -- Page -1 of 1
<Page>

                                    EXHIBIT B

                                PRUDENTIAL CENTER

                  TENANT PLAN AND WORKING DRAWING REQUIREMENTS

1.       Floor plan indicating location of partitions and doors (details
         required of partition and door types).

2.       Location of standard electrical convenience outlets and telephone
         outlets.

3.       Location and details of special electrical outlets; (e.g. Xerox),
         including voltage, amperage, phase and NEMA configuration of outlets.

4.       Reflected ceiling plan showing layout of standard ceiling and lighting
         fixtures. Partitions to be shown lightly with switches located
         indicating fixtures to be controlled.

5.       Locations and details of special ceiling conditions, lighting fixtures,
         speakers, etc.

6.       Location and heat load in BTU/Hr. of all special air conditioning and
         ventilating requirements and all necessary HVAC mechanical drawings.

7.       Location and details of special structural requirements, e.g., slab
         penetrations and areas with floor loadings exceeding a live load of 70
         lbs./s.f.

8.       Locations and details of all plumbing fixtures; sinks, drinking
         fountains, etc.

9.       Location and specifications of floor coverings, e.g., vinyl tile,
         carpet, ceramic tile, etc.

10.      Finish schedule plan indicating wall covering, paint or paneling with
         paint colors referenced to standard color system.

11.      Details and specifications of special millwork, glass partitions,
         rolling doors and grilles, blackboards, shelves, etc.

12.      Hardware schedule indicating door number keyed to plan, size, hardware
         required including butts, latchsets or locksets, closures, stops, and
         any special items such as thresholds, soundproofing, etc. Keying
         schedule is required.

                            EXHIBIT B -- Page 1 of 3
<Page>

13.      Verified dimensions of all built-in equipment (file cabinets, lockers,
         plan files, etc.).

14.      Location of any special soundproofing requirements.

15.      All drawings to be uniform size (30" X 42") and shall incorporate the
         standard project electrical and plumbing symbols and be at a scale of
         1/8" = 1' or larger.

16.      Drawing submittal shall include one sepia and one blue line print of
         each drawing.

17.      Provide all other information necessary to obtain all permits and
         approvals for Landlord's Work.

                            EXHIBIT B -- Page 2 of 3
<Page>

                                   EXHIBIT B-1

                                PRUDENTIAL CENTER

                         PLANS AND CONSTRUCTION SCHEDULE

<Table>
<S>                                                         <C>
Permit/GMP Plans (i.e., a set of plans sufficiently         Already submitted and approved, subject to the
     detailed to permit Landlord to apply for all           terms and conditions set forth in a letter from
     permits and approvals necessary for the                Landlord to Tenant dated August 22, 2003
     performance of Landlord's Work and to permit
     Landlord to obtain guaranteed maximum price bid(s)
     for the cost of Landlord's Work). These plans will
     also be used to generate the list of, and
     associated costs for, long lead time items.

Construction Drawings (i.e., full construction drawings     September 15, 2003
     for the performance of Landlord's Work, based on
     the approved GMP Plans)

Long Lead Items Release Date                                September 8, 2003

Authorization to Proceed Date                               September 15, 2003
</Table>

                            EXHIBIT B -- Page 3 of 3
<Page>

                                    EXHIBIT C

                          PRUDENTIAL TOWER, BOSTON, MA

                                LANDLORD SERVICES

I.       CLEANING:

         Cleaning and janitor services as provided below:

A.       OFFICE AREAS:

                  DAILY:   (Monday through Friday, inclusive, holidays
                           excepted).

                  1.       Empty all waste receptacles and ashtrays and remove
                           waste material from the Premises; wash receptacles as
                           necessary.

                  2.       Sweep and dust mop all uncarpeted areas using a
                           dust-treated mop.

                  3.       Vacuum all rugs and carpeted areas.

                  4.       Hand dust and wipe clean with treated cloths all
                           horizontal surfaces, including furniture, office
                           equipment, window sills, door ledges, chair rails,
                           and convector tops, within normal reach.

                  5.       Wash clean all water fountains and sanitize.

                  6.       Move and dust under all desk equipment and telephones
                           and replace same (but not computer terminals,
                           specialized equipment or other materials).

                  7.       Wipe clean all chrome and other bright work.

                  8.       Hand dust grill work within normal reach.

                  9.       Main doors to Premises shall be locked and lights
                           shut off upon completion of cleaning.

                  WEEKLY:

                  1.       Dust coat racks and the like.

                  2.       Spot clean entrance doors, light switches and
                           doorways.

                            EXHIBIT C -- Page 1 of 5
<Page>

                  QUARTERLY:

                  1.       Render high dusting not reached in daily cleaning to
                           include:

                           a)    dusting all pictures, frames, charts, graphs
                                 and similar wall hangings.

                           b)    dusting of all vertical surfaces, such as
                                 walls, partitions, doors and door frames,
                                 etc.

                           c)    dusting all pipes, ducts and moldings.

                           d)    dusting of all vertical blinds.

                           e)    dust all ventilating, air conditioning,
                                 louvers and grills.

                  2.       Spray buff all resilient floors.

         B.       LAVATORIES:

                  DAILY:   (Monday through Friday, inclusive, holidays
                           excepted).

                  1.       Sweep and damp mop.

                  2.       Clean all mirrors, powder shelves, dispensers and
                           receptacles, bright work, flushometers, piping and
                           toilet seat hinges.

                  3.       Wash both sides of all toilet seats.

                  4.       Wash all basins, bowls and urinals.

                  5.       Dust and clean all powder room fixtures.

                  6.       Empty and clean paper towel and sanitary disposal
                           receptacles.

                  7.       Remove waste paper and refuse.

                  8.       Refill tissue holders, soap dispensers, towel
                           dispensers, sanitary dispensers; materials to be
                           furnished by Landlord.

                  MONTHLY:

                  1.       Machine scrub lavatory floors.

                  2.       Wash all partitions and tile walls in lavatories.

                            EXHIBIT C -- Page 2 of 5
<Page>

                  3.       Dust all lighting fixtures and grills in lavatories.

         C.       MAIN LOBBIES, ELEVATORS, STAIRWELLS AND COMMON CORRIDORS:

                  DAILY:   (Monday through Friday, inclusive, holidays
                           excepted).

                  1.       Sweep and damp mop all floors, empty and clean waste
                           receptacles, dispose of waste.

                  2.       Clean elevators, wash or vacuum floors, wipe down
                           walls and doors.

                  3.       Spot clean any metal work inside lobbies.

                  4.       Spot clean any metal work surrounding building
                           entrance doors.

                  5.       Sweep all stairwells and dust handrails.

                  MONTHLY:

                  1.       All resilient tile floors in public areas to be spray
                           buffed.

         D.       WINDOW CLEANING:

                  All exterior windows shall be washed on the inside no less
                  than two (2) times per year and on the outside no less than
                  three (3) times per year.

II.      HVAC:

         A.       Heating, ventilating and air conditioning equipment will be
                  provided with sufficient capacity to accommodate a maximum
                  population density of one (1) person per one hundred fifty
                  (150) square feet of useable floor area served, and a combined
                  lightning and standard electrical load of 3.0 watts per square
                  foot of useable floor area. In the event Tenant introduces
                  into the Premises personnel or equipment which overloads the
                  system's ability to adequately perform its proper functions,
                  Landlord shall so notify Tenant in writing and supplementary
                  system(s) may be required and installed by Landlord at
                  Tenant's expense, if within fifteen (15) days Tenant has not
                  modified its use so as not to cause such overload.

                  Operating criteria of the basic system are in accordance with
                  the Massachusetts Energy Code and shall not be less than the
                  following:

                            EXHIBIT C -- Page 3 of 5
<Page>

                  i)       Cooling season indoor conditions of not in excess of
                           78 degrees Fahrenheit when outdoor conditions are 91
                           degrees Fahrenheit drybulb and 73 degrees Fahrenheit
                           wetbulb.

                  ii)      Heating season minimum room temperature of 72 degrees
                           Fahrenheit when outdoor conditions are 6 degrees
                           Fahrenheit drybulb.

         B.       Landlord shall provide heating, ventilating and air
                  conditioning as normal seasonal charges may require during
                  Normal Building Operating Hours (8:00 a.m. to 6:00 p.m.,
                  Monday through Friday, and 8:00 a.m. to 1:00 p.m. on
                  Saturdays, legal holidays in all cases excepted).

                  If Tenant shall require air conditioning (during the air
                  conditioning season) or heating or ventilating during any
                  season outside Normal Building Operating Hours, Landlord shall
                  use landlord's best efforts to furnish such services for the
                  area or areas specified by written request of Tenant delivered
                  to the Building Superintendent or the Landlord before 3:00
                  p.m. of the business day preceding the extra usage. For such
                  services, Tenant shall pay Landlord, as additional rent, upon
                  receipt of billing, a sum equal to the cost incurred by
                  Landlord.

III.     ELECTRICAL SERVICES:

         A.       Landlord shall provide electric power for a combined load of
                  6.0 watts per square foot of useable area for lighting and for
                  office machines through standard receptacles for the typical
                  office space.

         B.       Landlord, at its option, may require separate metering and
                  direct billing to Tenant for the electric power required for
                  any special equipment (such as computers and reproduction
                  equipment) that requires either 3-phase electric power or any
                  voltage other than 120, or for any other usage in excess of
                  6.0 watts per square foot.

         C.       Landlord will furnish and install, at Tenant's expense, all
                  replacement lighting tubes, lamps and ballasts required by
                  Tenant. Landlord will clean lighting fixtures on a regularly
                  scheduled basis at Tenant's expense.

IV.      ELEVATORS:

         Provide  passenger elevator service.

V.       WATER:

         Provide hot water for lavatory purposes and cold water for drinking,
         lavatory and

                            EXHIBIT C -- Page 4 of 5
<Page>

         toilet purposes.

VI.      CARD ACCESS SYSTEM:

         Landlord will provide a card access system at one entry door of the
         building.

                            EXHIBIT C -- Page 5 of 5
<Page>

                                    EXHIBIT D

                                   FLOOR PLAN

                            EXHIBIT D -- Page 1 of 1
<Page>

                                    EXHIBIT E

                       FORM OF COMMENCEMENT DATE AGREEMENT

         Reference is made to that certain Lease by and between
_________________________________________, a(n) ____________________, Landlord
and ______________________________, a(n) ______________________, Tenant, and
dated __________________________.

         Landlord and Tenant hereby confirm and agree that the Commencement Date
under the Lease is ________________________ and that the Lease Term is
______________.

         This Commencement Date Agreement is executed as a sealed instrument as
of ______________, 20___.

                           LANDLORD:
                                    -------------------------------------------,
                           a(n)
                               ----------------------------------------

                               By:
                                  -------------------------------------

                                  -------------------------------------

                                  By:
                                     ----------------------------------

                                     ----------------------------------

                                     By:
                                        -------------------------------

                                     Name:
                                          -----------------------------

                                     Title:
                                           ----------------------------

                           TENANT:
                                  -------------------------------------,
                           a(n)
                               ----------------------------------------

                           By:
                               ----------------------------------------

                           Name:
                                ---------------------------------------

                           Title:
                                 --------------------------------------
                           Name (print):
                                        ---------------------

                            EXHIBIT E -- Page 1 of 1
<Page>

                                    EXHIBIT F

                       LOCATION OF RESERVED PARKING STALLS

                            EXHIBIT F -- Page 1 of 1
<Page>

                                    EXHIBIT G

                              INTENTIONALLY OMITTED

                            EXHIBIT G -- Page 1 of 1
<Page>

                                    EXHIBIT H

                 BROKER DETERMINATION OF PREVAILING MARKET RENT

         Where in the Lease to which this Exhibit is attached provision is made
for a Broker Determination of Prevailing Market Rent, the following procedures
and requirements shall apply:

1.       TENANT'S REQUEST. Tenant shall send a notice to Landlord in accordance
         with Section 3.2 of the Lease, requesting a Broker Determination of the
         Prevailing Market Rent, which notice to be effective must (i) make
         explicit reference to the Lease and to the specific section of the
         Lease pursuant to which said request is being made, (ii) include the
         name of a broker selected by Tenant to act for Tenant, which broker
         shall be affiliated with a major Boston commercial real estate
         brokerage firm selected by Tenant and which broker shall have at least
         ten (10) years experience dealing in properties of a nature and type
         generally similar to the Building located in the Downtown Boston and
         Back Bay Markets, and (iii) explicitly state that Landlord is required
         to notify Tenant within thirty (30) days of an additional broker
         selected by Landlord.

2.       LANDLORD'S RESPONSE. Within thirty (30) days after Landlord's receipt
         of Tenant's notice requesting the Broker Determination and stating the
         name of the broker selected by Tenant, Landlord shall give written
         notice to Tenant of Landlord's selection of a broker having at least
         the affiliation and experience referred to above.

3.       SELECTION OF THIRD BROKER. Within ten (10) days thereafter the two (2)
         brokers so selected shall select a third such broker also having at
         least the affiliation and experience referred to above.

4.       RENTAL VALUE DETERMINATION. Within thirty (30) days after the selection
         of the third broker, the three (3) brokers so selected, by majority
         opinion, shall make a determination of the annual fair market rental
         value of the Premises for the Extended Term. Such annual fair market
         rental value determination (x) may include provision for annual
         increases in rent during said Extended Term if so determined, (y) shall
         take into account the as-is condition of the Premises and (z) shall
         take account of, and be expressed in relation to, the payment in
         respect of taxes and operating costs and provisions for paying for
         so-called tenant electricity as contained in the Lease. The brokers
         shall advise Landlord and Tenant in writing by the expiration of said
         thirty (30) day period of the annual fair market rental value which as
         so determined shall be referred to as the "Prevailing Market Rent".

                            EXHIBIT H -- Page 1 of 2
<Page>

5.       RESOLUTION OF BROKER DEADLOCK. If the Brokers are unable to agree at
         least by majority on a determination of annual fair market rental
         value, then the brokers shall send a notice to Landlord and Tenant by
         the end of the thirty (30) day period for making said determination
         setting forth their individual determinations of annual fair market
         rental value, and the highest such determination and the lowest such
         determination shall be disregarded and the remaining determination
         shall be deemed to be the determination of annual fair market rental
         value and shall be referred to as the Prevailing Market Rent.

6.       COSTS. Each party shall pay the costs and expenses of the broker
         selected by it and each shall pay one half (1/2) of the costs and
         expenses of the third broker.

7.       FAILURE TO SELECT BROKER OR FAILURE OF BROKER TO SERVE. If Tenant shall
         have requested a Broker Determination and Landlord shall not have
         designated a broker within the time period provided therefor above and
         such failure shall continue for more than ten (10) days after notice
         thereof, then Tenant's broker shall alone make the determination of the
         Prevailing Market Rent in writing to Landlord and Tenant within thirty
         (30) days after the expiration of Landlord's right to designate a
         broker hereunder. If Tenant and Landlord have both designated brokers
         but the two brokers so designated do not, within a period of fifteen
         (15) days after the appointment of the second broker, agree upon and
         designate the third broker willing so to act, the Tenant, the Landlord
         or either broker previously designated may request the Greater Boston
         Real Estate Board (or such organization as may succeed to the Greater
         Boston Real Estate Board) to designate the third broker willing so to
         act and a broker so appointed shall, for all purposes, have the same
         standing and powers as though he had been seasonably appointed by the
         brokers first appointed. In case of the inability or refusal to serve
         of any person designated as a broker, or in case any broker for any
         reason ceases to be such, a broker to fill such vacancy shall be
         appointed by the Tenant, the Landlord, the brokers first appointed or
         the Greater Boston Real Estate Board, as the case may be, whichever
         made the original appointment, or if the person who made the original
         appointment fails to fill such vacancy, upon application of any broker
         who continues to act or by the Landlord or Tenant such vacancy may be
         filled by the said Greater Boston Real Estate Board, and any broker so
         appointed to fill such vacancy shall have the same standing and powers
         as though originally appointed.

                            EXHIBIT H -- Page 2 of 2
<Page>

                                    EXHIBIT I

                                LIST OF MORTGAGES

         Mortgage, dated 6/30/98, recorded in the Suffolk County Registry of
Deeds at Book 22643, Page 183, made by Landlord to The Northwestern Mutual Life
Insurance Company, having an address at 720 East Wisconsin Avenue, Milwaukee,
Wisconsin 53202, Attn: Real Estate Investment Department, with a copy to The
Northwestern Mutual Life Insurance Company, Suite 700, 1133 20th Street, N.W.,
Washington, DC 20036, Attn: Mr. John Kraus; and Teachers Insurance and Annuity
Association of America, having an address at 730 Third Avenue, New York,
New York 10017, Attn: Ms. Joan Herman; and New York Life Insurance Company,
having an address at 51 Madison Avenue, New York New York 10010, Attn: Real
Estate Department: Mortgage Loan Administration Unit.

                            EXHIBIT I -- Page 1 of 1<Page>

                                                                   EXHIBIT 10.39

                             SHAREHOLDERS AGREEMENT

                          dated as of December 21, 1995

                                      among

                        THE FIRST MARBLEHEAD CORPORATION

                                       and

                          THE SHAREHOLDERS NAMED HEREIN

<Page>

                                TABLE OF CONTENTS

<Table>
<Caption>
                                                                                    Page
                                                                                    ----
<S>                                                                                   <C>
1.   Certain Definitions...............................................................1

2.   Representations of Shareholders...................................................2

3.   Riqhts with Respect to Transfers of Shares........................................3

4.   Rights of First Offer.............................................................3

5.   Co-Sale Provisions................................................................5

6.   Rights to Require Sale............................................................6

7.   Agreements with Respect to voting.................................................7

8.   Regarding Business Opportunities; Shareholder Obligations.........................8

9.   Rights to Acquire Additional Securities...........................................8

10.  Registration Rights...............................................................9

11.  Covenants of the Company.........................................................12

12.  Confidentiality..................................................................13

13.  Termination......................................................................13

14.  Notices..........................................................................14

15.  Legends..........................................................................14

16.  Equitable Relief.................................................................14

17.  Third Party Rights...............................................................14

18.  Counterparts.....................................................................15

19.  Governing Law....................................................................15

20.  Benefit and Binding Effect.......................................................15

21.  Amendment and Waiver.............................................................15
</Table>

<Page>

                             SHAREHOLDERS AGREEMENT

     This SHAREHOLDERS AGREEMENT, made as of the 21st day of December, 1995, by
and among each of the persons named on Schedule A hereto and The First
Marblehead Corporation;

                              W I T N E S S E T H:

     WHEREAS, the parties hereto, other than The First Marblehead Corporation,
are the owners of all of the issued and outstanding shares of the common stock,
par value $.10 per share, of The First Marblehead Corporation, a Delaware
corporation, owning the respective numbers of such shares set forth opposite
their names on Schedule A hereto; and

     WHEREAS, the parties hereto wish to make certain agreements with respect to
the ownership and transfer of such shares and certain related matters;

     NOW, THEREFORE, the parties hereto agree as follows:

     1.   CERTAIN DEFINITIONS.

     As used in this Agreement, the following terms shall have the meanings
indicated:

     "AFFILIATE" means, with respect to any Person, (i) any director or officer
of such Person or any Person (a "5% Holder") that owns, of record or
beneficially, at least 5% of the outstanding voting securities, or partnership
or other equity interests, of such Person, (ii) any director, officer, partner
or 5% Holder of any Person referred to in clause (i), (iii) any spouse or
relative of any Person referred to in clause (ii) or (iii) and (iv) any Person
that has the power to direct the management or policies of such Person, directly
or indirectly, whether through the ownership of voting securities, by contract
or otherwise.

     "AGREEMENT" means this Shareholders Agreement, as amended from time to time
in accordance with its terms.

     "BOARD" means the Board of Directors of the Company.

     "COMPANY" means The First Marblehead Corporation, a Delaware corporation.

     "CONTROL SALE" means a sale by any Shareholder or Shareholders to any
Person or group of related Persons, in any transaction or series of related
transactions, of (i) Shares aggregating at least 30% of all Shares then
outstanding or (ii) Shares which, together with all other Shares theretofore
sold to any such Person or group of Persons by Shareholders, would aggregate at
least 30% of all Shares then outstanding. For purposes of this definition,
Shares sold by any Person to whom any Shareholder has transferred Shares
pursuant to Section 3(c) hereof shall be deemed to be Shares sold by such
Shareholder.

     "EXCLUDED OFFERING" means (i) the Company's initial public offering of
equity securities, (ii) the Initial Public Offering (if different from the
offering referred to in clause (i)) and (iii) any offering of securities on Form
S-4 or Form S8, or any successor form, under the Securities Act.

<Page>

     "INITIAL PUBLIC OFFERING" means an underwritten public offering and sale of
common stock of the Company pursuant to a registration statement which has
become effective under the Securities Act and pursuant to which the Company
sells shares of common stock representing not less than 20% of the issued and
outstanding shares of common stock after giving effect to such offering and
sale.

     "INTERLAKEN SHAREHOLDER" means Interlaken Investment Partners, L.P., a
Delaware limited partnership, and any Person acquiring Shares from such
Interlaken Shareholder pursuant to Section 3(c) hereof.

     "MAJORITY SHAREHOLDERS" means, with respect to any matter, any Shareholder
or Shareholders whose aggregate ownership of Shares exceeds 50% of all Shares
issued and outstanding and held by all Shareholders or, as the context may
require, any Person in the group that constitutes such Majority Shareholders.

     "NON-SHAREHOLDER," when used with reference to any purchase of Shares,
means a Person, not affiliated with any of the Shareholders, that, immediately
prior to such purchase, did not own any equity securities of the Company.

     "PERSON" means any natural person, limited liability company, corporation,
partnership, firm, trust, joint venture, government or governmental body or
agency.

     "SECURITIES ACT" means the Securities Act of 1933, as amended.

     "SHAREHOLDER" means a Person who has a beneficial interest in Shares and
who is a party to this Agreement.

     "SHAREHOLDER INTEREST," when used with reference to any Shareholder, means
all of the rights and interests of such Shareholder pursuant to this Agreement.

     "SHAREHOLDER PERCENTAGE," when used with reference to any Shareholder,
means the Shares held by such Shareholder as a percentage of all Shares issued
and outstanding and held by all Shareholders.

     "SHARES" means shares of the common stock, par value $.10 per share, of the
Company.

     "SIGNIFICANT HOLDER" means a Shareholder whose Shares represent at least
10% of the number of Shares then issued and outstanding.

     2.   REPRESENTATIONS OF SHAREHOLDERS.

          (a)  Each Shareholder by execution of this Agreement represents and
warrants to each other Shareholder and to the Company that such Shareholder has
such knowledge and experience in financial and business matters as to be capable
of evaluating the merits and risks of its investment in the Shares acquired by
such Shareholder, that it is capable of bearing the economic risks of such
investment and that it is acquiring such Shares for its own account for
investment with no present intention of distributing or selling any of the
Shares or any interest therein. Each Shareholder agrees that if in the future it
should decide to offer or dispose of any

                                       -2-
<Page>

Shares or interest therein, it will do so only in compliance with the Securities
Act and any other applicable securities laws. Each Shareholder acknowledges that
prior to its acquisition of Shares, it was provided with access to such
information relating to the Company as such Shareholder requested and that such
Shareholder is not relying on the Company with regard to tax or other financial
considerations relating to its investment in the Shares but has, to the extent
that such Shareholder deemed it necessary or appropriate, relied upon advice of
its own advisors.

     3.   RIGHTS WITH RESPECT TO TRANSFERS OF SHARES.

          (a)  Each Shareholder agrees that such Shareholder will not sell,
donate, assign, pledge or otherwise dispose of or transfer any of the Shares of
such Shareholder or any of its Shareholder Interest except pursuant to
applicable provisions of this Section 3 or Section 4, 5 or 6 hereof. Any sale,
gift, assignment, pledge, transfer or other disposition of any Shares by any
Shareholder, whether voluntary or involuntary, made in violation of the
foregoing provisions of this Section 3(a) shall be void and ineffective.

          (b)  Any Shareholder may sell or donate Shares to any other
Shareholder upon such terms as may be agreed to between or among such
Shareholders.

          (c)  Shares of any Shareholder may be transferred to a trust
established for the benefit of such Shareholder or a family member, to the
estate of any individual Shareholder upon his death, to a corporation or other
entity of which such Shareholder is the principal controlling Person or, in the
case of the Interlaken Shareholder, to its partners, provided that such trust,
estate, corporation or other entity or partners, as the case may be, shall take
such Shares subject to all of the terms and provisions of this Agreement and
that such trust, the representative of such estate or such corporation or other
entity or partners shall execute an agreement or agreements and such other
instruments as may be necessary, in the opinion of the Board, to evidence that
such trust, estate, corporation or entity or partners are bound by such terms
and provisions.

          (d)  Upon any transfer of Shares pursuant to subsection (b) or (c) of
the Section 3, Schedule A hereto shall be revised to reflect the changes in the
Shareholder Percentages resulting from such transfer. All Shares acquired by any
Shareholder, pursuant to the provisions of this Agreement or otherwise, shall be
subject to this Agreement.

     4.   RIGHTS OF FIRST OFFER.

          (a)  If at any time any Shareholder desires to sell, for cash (other
than pursuant to Section 3, 5 or 6 hereof), any Shares of such Shareholder (for
purposes of this Section 4, the "Selling Shareholder"), the Selling Shareholder
shall give notice of such proposal to the Company, which shall in turn, within
three days of its receipt of such notice, give copies of such notice to each
other Shareholder (a "Notice of First Offer"), which notice shall state that the
Selling Shareholder desires to sell Shares pursuant to this Section 4, the
number of Shares (the "Offered Shares") that may be sold and the cash purchase
price (the "First Offer Price") which the Selling Shareholder proposes be paid
for the Offered Shares. The date on which the Notice of First Offer is so given
by the Company to such other Shareholders is referred to hereinafter as the
"Notice Date." Each Notice of First Offer shall be deemed an irrevocable offer
to sell, on the terms set forth in such Notice of First Offer and herein, the
Offered Shares, and the Company

                                       -3-
<Page>

will have the irrevocable and exclusive option, as hereinafter provided, to buy
such Shares on the terms set forth herein and at the First Offer Price. If the
Company does not wish to purchase all of the Offered Shares on such terms, the
other Shareholders will have irrevocable and exclusive options, as hereinafter
provided, to buy all of such Shares on such terms and at the First Offer Price.

          (b)  (i) Within twenty (20) days following the Notice Date, the
Company shall notify the Selling Shareholder and the other Shareholders as to
whether or not the Company elects to purchase all of the Offered Shares (such
notice of election to purchase such Shares being referred to herein as a
"Company Acceptance"). If the Selling Shareholder does not receive the Company
Acceptance within such 20-day period, the Company shall be deemed to have
declined to purchase the offered Shares. A Company Acceptance shall be deemed to
be an irrevocable commitment to purchase the Offered Shares from the Selling
Shareholder on the terms set forth herein and at the First Offer Price.

               (ii)    If the Selling Shareholder does not receive a Company
Acceptance pursuant to paragraph (ii) of this subsection (b), each Shareholder
(other than the Selling Shareholder) shall have the right, within ten (10) days
following the first to occur of (x) the date of any notice from the Company to
all Shareholders stating that the Company will not deliver a Company Acceptance
and (y) the twentieth day after the Notice Date, to notify the Company and the
Selling Shareholder as to the number of Offered Shares which such Shareholder
elects to purchase (a "Shareholder Acceptance"). If the Selling Shareholder does
not receive within such 10-day period Shareholder Acceptances with respect to
all of the Offered Shares, then none of such Shareholders shall have any right
to purchase any of such Shares. Subject to the foregoing, each Shareholder
Acceptance shall be deemed to be an irrevocable commitment to purchase from the
Selling Shareholder the Shares referred to in such Shareholder Acceptance.

               (iii)   For purposes of paragraph (ii) of this subsection (b),
each Shareholder (other than the Selling Shareholder) shall have the right to
purchase Offered Shares PRO RATA in accordance with the number of Shares owned
by such Shareholder on the Notice Date and the number of Shares owned by all
Shareholders (other than the Selling Shareholder) on such date. If any such
Shareholder declines to purchase Offered Shares in the full amount permitted
pursuant to the preceding sentence, the other such Shareholders shall have the
right to purchase such Shares on a PRO RATA basis in accordance with the total
number of Shares owned on the Notice Date by each such Shareholder and the total
number of Shares owned by all Shareholders who are purchasing Offered Shares,
provided that not less than all of the Offered Shares must be purchased in
accordance with this subsection (b).

          (c)  The purchase price for the Offered Shares sold to the Company or
any Shareholder pursuant to this Section 4 shall be the First Offer Price.

          (d)  Upon exercise of their respective options hereunder, the Company,
the accepting Shareholders and the Selling Shareholder shall be respectively
legally obligated (subject to applicable law) to consummate the purchase and
sale contemplated hereby. If the Company and the accepting Shareholders do not
exercise their respective options hereunder with respect to all (but not less
than all) of the Offered Shares within the time specified for such exercise, the
Selling Shareholder shall be free, during a period of three months following the

                                       -4-
<Page>

expiration of the last time for such exercise, to sell the Offered Shares, but
only to one or more Non-Shareholders (who shall have been identified in a notice
given by the Selling Shareholder to each Significant Holder not later than seven
(7) days prior to the date upon which such sale is to be made) at a price, in
cash, equal to or greater than the First Offer Price and provided that each such
Non-Shareholder enters into an agreement pursuant to which such Non-Shareholder
agrees to be bound by the provisions hereof. If the Selling Shareholder does not
complete such sale within such three-month period, the provisions of this
Section 4 shall again apply, and no sale of Shares by such Shareholder shall be
made otherwise than in accordance with the terms of this Agreement.

          (e)  Notwithstanding any of the foregoing provisions of this Section 4
to the contrary, no sale of Shares to any Non-Shareholder shall be made pursuant
to this Section 4 without the prior written consent of each Significant Holder,
such consent not to be unreasonably withheld or delayed and any determination so
to withhold consent to be based upon reasonable views as to possible detriment
to the business or reputation of the Company or to the value of the Shares held
by such Holder, including, in any such case, as a result of adverse tax
consequences.

          (f)  The closing of purchases of Offered Shares by the Company and/or
the accepting Shareholders pursuant to this Section 4 shall take place within 30
days after the expiration of the applicable option period provided for in
subsection (b) above at 11:00 a.m. at the principal office of the Company or at
such other time or place as the parties may agree. At such closing, the Selling
Shareholder shall sell to each purchaser full right, title and interest in and
to the Shares so purchased, free and clear of all liens, security interests or
adverse claims of any kind and nature, provided that any subsequent transfer of
such Shares shall be subject to compliance with the requirements of this
Agreement, and shall deliver to each purchaser a certificate or certificates
evidencing the Shares sold, in each case duly endorsed for transfer or
accompanied by appropriate stock transfer powers or appropriate instruments of
assignment duly endorsed, together with all necessary transfer tax stamps
affixed thereto at the expense of the Selling Shareholder; and each purchaser
shall deliver to the Selling Shareholder, in full payment of the purchase price
of the Shares purchased, a certified or bank check payable to the order of the
Selling Shareholder in the amount of the purchase price.

     5.   CO-SALE PROVISIONS.

          (a)  If at any time or from time to time a Shareholder or Shareholders
(for purposes of this Section 5, the "Selling Shareholders") propose to effect a
Control Sale, the Selling Shareholders shall by notice in writing to the other
Shareholders designate a representative (the "Representative") for purposes of
this Section 5, and the Representative shall give notice of such proposal (the
"Notice of Sale") to each of the other Shareholders (for purposes of this
Section 5, the "Other Shareholders"), which notice shall identify the proposed
transferee or transferees and the proposed purchase price, terms of payment and
other material terms and conditions of the proposed sale. Upon receipt of the
Notice of Sale, each Other Shareholder shall have until the tenth day after such
receipt to deliver to the Representative a written notice (the "Co-Sale
Acceptance") of its intention to sell in such proposed sale, in replacement of
some of the Shares of the Selling Shareholders, such number of Shares specified
in the Co-Sale Acceptance which shall not exceed the number of Shares proposed
to be sold by the Selling Shareholders times a fraction, the numerator of which
shall be the number of Shares

                                       -5-
<Page>

then held by such Other Shareholder and the denominator of which shall be the
aggregate number of Shares then held by the Selling Shareholders and all Other
Shareholders (provided that if such sale is a Control Sale of a kind referred to
in clause (ii) of the definition of such term contained in Section 1 hereof,
such calculation shall be based upon the number of Shares then to be sold by the
Selling Shareholders plus the number of Shares theretofore sold to the Person or
group of related Persons referred to in such clause as contemplated thereby, to
the extent not theretofore included in any calculation made pursuant to this
sentence). The Co-Sale Acceptance shall be deemed to be an irrevocable
commitment by each of the selling Other Shareholders to sell the number of
Shares determined as provided above at the price and on the terms and conditions
contained in the Notice of Sale and herein. The transfer of Shares to the
prospective transferee or transferees by the Selling Shareholders and the
selling Other Shareholders shall be consummated simultaneously and on the same
terms. If the prospective transferee or transferees decline to purchase some of
the Shares offered by the Selling Shareholders and the selling Other
Shareholders, then the number of Shares to be sold by the Selling Shareholders
and the selling Other Shareholders shall be proportionately reduced, based upon
the respective numbers of Shares originally proposed to be sold by the Selling
Shareholders and the selling Other Shareholders.

          (b)  If the Representative does not receive a Co-Sale Acceptance from
an Other Shareholder within the time period specified in subsection (a) above,
such Other Shareholder shall be deemed to have declined to exercise its right to
sell any of its Shares in such transaction pursuant to this Section 5. In such
event, the Selling Shareholders and one or more of the other Shareholders may
sell their Shares pursuant to this Section 5 at the price and on substantially
the terms and conditions set forth in the Notice of Sale. If the Selling
Shareholders and such Other Shareholders do not effect the sale at such price
and substantially upon such terms and conditions, the provisions of this
Agreement shall again apply to successive transactions.

          (c)  The foregoing provisions of this Section 5 shall not, apply to
any transfer of Shares pursuant to Section 3(b) or 3(c) hereof.

          (d)  Notwithstanding any provision of this Section 5 to the contrary,
Selling Shareholders may at any time prior to their sale of Shares pursuant to
this Section 5 elect not to proceed with such sale, and in such event no Other
Shareholder shall be required to sell its Shares in such sale and neither the
Selling Shareholders nor any of the Other Shareholders shall have any liability
to any other Shareholder in respect of any such election.

     6.   RIGHTS TO REQUIRE SALE.

     If at any time one or more Shareholders owning at least 51% of all of the
Shares issued and outstanding propose to sell, in any transaction or series of
related. transactions, all of the Shares owned by such Shareholder or
Shareholders (for purposes of this Section 6, the "Selling Shareholders"), the
Selling Shareholders may require all other Shareholders other than any
Significant Holder (all such other Shareholders other than Significant Holders
being referred to in this Section 6 as the "Other Shareholders") to, and by
their execution of this Agreement each Other Shareholder hereby agrees that it
shall, sell all of its Shares to the same Person or Persons (the "Transferee"),
for the same price and upon the same other terms, as are applicable to such

                                       -6-
<Page>

sale by the Selling Shareholders. The Selling Shareholders (or a representative
thereof) shall give each Significant Holder and each of the Other Shareholders
notice of the proposal of the Selling Shareholders to effect such sale, stating
the identity of the Transferee, the proposed sale price and other principal
terms of the sale and the approximate date or dates on which such sale is to be
made. Within twenty (20) days after receipt of such notice (the "Drag-along
Notice"), each Significant Holder shall advise the Selling Shareholders (or a
representative thereof) in writing as to whether such Significant Holder will
sell its Shares in such transaction pursuant to this Section 6. Within five (5)
days after the expiration of such 20day period, the Selling Shareholders will
give notice to each Shareholder (other than the Selling Shareholders)
identifying the Significant Holders who have elected to sell their Shares in
such transaction. Thereupon, unless the proposed sale is abandoned by the
Selling Shareholders, each Shareholder, other than any Significant Holder or
Holders who have elected not to sell their Shares in such transaction, will sell
all of its Shares to the Transferee on the date specified in such notice (which
shall be not earlier than fifteen (15) days from the date of such notice) on the
terms and for the price set forth in the Drag-along Notice. To effect each such
sale, each such Shareholder shall sell to the Transferee full right, title and
interest in and to the Shares so sold, free and clear of all liens, security
interests or adverse claims of any kind and nature, and shall deliver to the
Transferee the certificate or certificates evidencing the Shares sold, in
each-case duly endorsed for transfer or accompanied by appropriate stock
transfer powers or appropriate instruments of assignment duly endorsed, together
with all necessary transfer tax stamps affixed thereto at the expense of such
Shareholder.

     7.   AGREEMENTS WITH RESPECT TO VOTING.

     From and after the date of this Agreement, each Shareholder shall vote all
of its Shares and shall take all other necessary or desirable actions within its
control (including, without limitation, attendance at meetings in person or by
proxy for purposes of obtaining a quorum and execution of written consents in
lieu of meetings), and the Company shall take all necessary and desirable
actions within its control (including, without limitation, calling special board
and shareholder meetings), so that:

               (i)     the authorized number of directors shall be established
at seven directors;

               (ii)    the following persons shall be elected to the Board:

                       (A)  three representatives designated by Stephen
               Anbinder, Daniel M. Meyers and Catamaran Holdings, Ltd.;

                       (B)  two representatives designated by the Interlaken
               Shareholder;

                       (C)  one representative designated by Leslie Alexander;
               and

                       (D)  Dort A. Cameron, III, unless he shall advise the
               Company that he does not wish to serve as a director; from and
               after delivery of such notice, the Shareholders shall be entitled
               to vote their Shares for such directorship without restriction
               under this Section 7;

                                       -7-
<Page>

               (iii)   the composition of the board of directors of each of the
Company's subsidiaries (if any) (a "Sub Board") shall be the same as that of the
Board;

               (iv)    any committees of the Board or a Sub Board shall be
created only upon the approval of five members of the Board and the composition
of each such committee shall be proportionately equivalent to that of the Board;

               (v)     the removal from the Board or a Sub Board of any
representative designated hereunder by a Person pursuant to clause (ii) above
shall be only at the written request of such Person and under no other
circumstances, except that any director may be removed for Cause by a unanimous
vote of all of the directors who were not designated by the same Person who
designated the director whose removal is being considered or, in the case of a
director provided for in clause (ii)(D) above, by a vote of not less than five
directors; and

               (vi)    in the event that any representative designated hereunder
for any reason (including a removal for Cause) ceases to serve as a member of
the Board or a Sub Board during his term of office, the resulting vacancy on the
Board or the Sub Board shall be filled by a representative designated by the
Person entitled to designate such representative pursuant to clause (ii) above.

     As used in this Section 8, the term "Cause" means misconduct involving
moral turpitude or conduct materially detrimental to the business or reputation
of the Company.

     8.   REGARDING BUSINESS OPPORTUNITIES; SHAREHOLDER OBLIGATIONS.

          (a)  Each Shareholder acknowledges that the other Shareholders and
their Affiliates engage and will engage in and have interests in other business
activities, independently or with others, and agrees that such activities shall
not be limited in any way whatsoever by reason of the Shareholder Interest of
any Shareholder or by reason of its ownership of Shares or this Agreement.
Without limiting the generality of the foregoing, such activities may include
investments in and the acquisition, disposition and financing of securities or
other assets of any kind. No Shareholder or any of its Affiliates shall have any
obligation to make any investment for the account of the Company or the
Shareholders generally, or any of them, rather than for its own account or for
the account of any other Person or Persons. The provisions of this Section 8
are, however, in the case of any Shareholder, subject to the provisions of any
other agreement to which the Company and such Shareholder are parties, and the
provisions of this Section 8 shall not be deemed to affect the obligations of
any Shareholder, or any director or officer of the Company, under applicable
law.

          (b)  No Shareholder shall have any liability in respect of the
obligations of any other Shareholder.

     9.   RIGHTS TO ACQUIRE ADDITIONAL SECURITIES.

          (a)  In the event that the Company proposes to issue, at any time
after the date hereof, additional Shares or equity securities, or warrants,
options, convertible securities or other securities exercisable for or
convertible into Shares or other equity securities (Shares and other equity
securities and such warrants, options, convertible securities or other such
securities being

                                       -8-
<Page>

referred to herein as "Equity Securities"), the Company shall give each
Shareholder notice of such proposal, describing the Equity Securities in
question and the proposed terms of their issuance. In such event, each
Shareholder shall have the right, exercisable by notice given to the Company
within 15 days after its receipt of the said notice from the Company, to
purchase such Equity Securities in an amount which, after giving effect to such
Shareholder's purchase and the issuance of such Equity Securities to others in
such transaction, will result in such Shareholder's maintaining its percentage
equity interest in the Company (on a fully diluted basis) (referred to herein as
"Shareholder's Percentage Interest") at the same level as obtained immediately
prior to such transaction. Each Shareholder's purchase of such Equity Securities
shall be for the same price, and upon the same terms, as nearly as may be
practicable, upon which such Equity Securities are being issued to others in
such transaction. Any Shareholder may assign, in whole or in part, to any
Affiliate of such Shareholder such Shareholder's right to acquire Equity
Securities pursuant to this Section 9, provided that upon any such purchase by
any such Affiliate, such Affiliate shall become a party to this Agreement.

          (b)  The provisions of subsection (a) above shall not apply, however,
to the following: (i) the issuance by the Company to its directors, officers,
employees or consultants (other than any who are Shareholders), pursuant to a
plan or arrangement adopted or otherwise approved by the Board, of Shares or
stock options, stock appreciation rights or other kinds of Equity Securities
customarily offered to employees, (ii) the issuance by the Company of Equity
Securities upon exercise or conversion of other Equity Securities in respect of
which notice was given to the Shareholders, at the time of their issuance,
pursuant to subsection (a) above or (iii) the issuance by the Company of Equity
Securities in order to acquire the assets or equity of one or more businesses
not owned or controlled by Shareholders or their Affiliates, provided that any
issuance of Shares, stock options, stock appreciation rights or other Equity
Securities as provided in clause (i), or any issuance of Equity Securities as
provided in clause (iii), that would result in dilution of any Shareholder's
Percentage Interest shall have been approved by not less than five members of
the Board. The Company shall have the right to make appropriate adjustments,
pursuant to and consistent with the intent of this Section 9, to reflect
repurchases or other acquisitions by the Company of Equity Securities, or the
termination or expiration of any warrant, option or convertible security, to
which the provisions of this Section 9 were applicable upon the issuance
thereof.

          (c)  Except as expressly provided in this Agreement, no Shareholder
shall have, by virtue of this Agreement, any right to acquire shares of capital
stock or other securities of the Company from the Company or from any other
Shareholder, whether upon issuance of stock or securities by the Company, upon
any transfer of stock or securities by any Shareholder or otherwise.

     10.  REGISTRATION RIGHTS.

          (a)  In the event that the Company proposes to file a registration
statement under the Securities Act for an offering of its common stock (other
than an Excluded Offering), the Company shall give each Shareholder not less
than 10 days prior notice of such filing, and, if requested by Shareholders
owning Shares representing not less than 10% of all outstanding Shares, by
notice given to the Company within five days of the date of such notice from the
Company (the "Registration Notice"), will use its reasonable best efforts to
include all or a

                                       -9-
<Page>

portion, as requested by such Shareholders, of the Shares held by such
Shareholders) (but in no event less than 5% of the total number of Shares then
held by all Shareholders) in the common stock to be registered pursuant to such
registration statement; provided that the Company shall have no obligation to
register any Shares transferable by any Shareholder pursuant to Rule 144 or any
successor rule promulgated under the Securities Act (provided that the Company
is then in compliance with the current public information and any other
provisions of such Rule applicable to the Company so as to allow such
Shareholder to transfer Shares in reliance upon such Rule) and provided further
that Shareholders shall be entitled to have Shares included in such a
registration statement pursuant to this Section 10 only twice, unless (x) the
total number of Shares requested by Shareholders is not included in any such
registration statement (including any non-inclusion resulting from an
underwriter's limitation), (y) such registration statement is not declared
effective by the Securities and Exchange Commission or is withdrawn by the
Company or (z) a stop order suspending the effectiveness of the registration
statement shall prevent the sale of such Shares. If an event specified in clause
(x), (y) or (z) should occur, the provisions of this Section 10 shall continue
in effect until such time as Shares of Shareholders shall have been included,
pursuant to this Section 10, in registration statements filed by the Company in
respect of which no event so specified shall have occurred.

          (b)  Notwithstanding any other provision of this Section 10, if an
underwriter's limitation is imposed with respect to a registration statement
filed by the Company for an offering of its common stock that may include Shares
held by Shareholders, the amount of such Shares that the Company shall be
obligated to include in such registration statement shall be reduced in
accordance with the underwriter's limitation. In such event, the number of
Shares of each Shareholder so to be included (each Shareholder having Shares so
to be included being referred to in this subsection (b) as a "Registering
Shareholder") shall be that number that bears the same ratio to all Shares owned
by such Shareholder and designated in the Registration Notice as the total
number of Shares of all Registering Shareholders to be included in such
registration statement bears to the total number of Shares of all Registering
Shareholders designated in the Registration Notice. Notwithstanding the
foregoing provisions, (i) if the Company files a registration statement as a
result of the exercise of "demand" registration rights hereafter granted to any
Person or Persons, the Shares held by such Person or Persons which are to be
included in such registration statement shall have priority over any Shares held
by any Registering Shareholder that would otherwise be entitled to be included
therein and (ii) if the Company files a registration statement as to which any
Person or Persons ("Other Holders") have so-called "piggyback" registration
rights, the number of Shares held by Registering Shareholders that shall be
entitled to be included therein shall not exceed that number which bears the
same proportion to the number of Shares to be included therein on behalf of
Other Holders as the total number of Shares held by Registering Shareholders
bears to the total number of Shares held by the Other Holders whose Shares are
being included therein. The parties hereto acknowledge that it is their
intention that, for any registration to which the provisions of this Section 10
are applicable, the Company will provide pro rata treatment to all Shareholders,
to the extent of the numbers of Shares requested by each Shareholder for
inclusion in such registration.

          (c)  In the event that the Company files a registration statement for
an offering of its common stock that includes Shares held by Shareholders (for
purposes of this Section 10, "Selling Shareholders"), the Company will use its
best efforts to register or qualify such Shares covered by the registration
statement under the state securities or blue sky laws (to the extent

                                      -10-
<Page>

applicable) of such jurisdictions within the United States as the holders of not
less than 51% of the Shares of the Selling Shareholders being included therein
shall reasonably request; provided that the Company shall not be required to
register or qualify as a foreign corporation or to take any action that would
subject it to service of process in suits, other than as to matters and
transactions relating to the offer and sale of such Shares.

          (d)  In connection with any registration pursuant to this Section 10,
the Company shall pay the fees and expenses of counsel and accountants for the
Company and all other costs and expenses of the Company incident to the
preparation, printing and filing under the Securities Act of the registration
statement (and all amendments and supplements thereto), and the costs and
expenses incurred by the Company in connection with the qualification of the
Shares under state securities or blue sky laws. The Company shall not be
obligated to pay, or reimburse any Selling Shareholder for, selling commissions
or similar payments attributable to Shares of any Selling Shareholder or other
expenses of any Selling Shareholder (including the fees and expenses of any
counsel retained by any Selling Shareholder) in connection with such
registration or qualification.

          (e)  Each Selling Shareholder shall furnish to the Company such
information concerning such Shareholder or any proposed sale or other
disposition by such Shareholder of any Shares as may be required by law or
reasonably requested by the Company, shall execute such documents as are
customarily executed by Selling Shareholders in like transactions and shall
cooperate with the Company and any underwriter in connection with any action
taken pursuant to this Section 10.

          (f)  In the event the Company files a registration statement under the
Securities Act for an offering of its common stock that includes Shares held by
any Selling Shareholder, (i) the Company shall, to the extent permitted by law,
indemnify each such Selling Shareholder against any liability, loss or expense
arising out of any untrue statement or alleged untrue statement of a material
fact contained in such registration statement or any prospectus included
therein, or any amendment or supplement thereto, or out of any omission or
alleged omission to state therein a material fact required to be stated therein
or necessary to make the statements therein not misleading (except insofar as
arising out of information furnished to the Company in writing by any Selling
Shareholder expressly for use therein), and (ii) each such Selling Shareholder
shall, to the extent permitted by law, indemnify the Company, the other Selling
Shareholders and any underwriter of such common stock against any such
liability, loss or expense but only to the extent that it arises out of any
information so furnished to the Company by such indemnifying Selling
Shareholder.

          (g)  If the Company or any underwriter of securities to be issued by
the Company or sold by any selling shareholder so requests, each Shareholder
shall sign an agreement not to sell or otherwise transfer or dispose of any
equity securities of the Company held by such Shareholder during such period
following the effective date of the registration statement registering such
securities as the Company or such underwriter shall specify. Such agreement
shall be in writing in a form satisfactory to the Company and such underwriter.
The Company may impose stop transfer instructions with respect to the securities
subject to the foregoing restrictions until the end of the period of
restriction. The provisions of this subsection

                                      -11-
<Page>

(g) shall be applicable in the case of any registration statement filed by the
Company, whether or not Shares of any Shareholders may be eligible for inclusion
therein pursuant to this Section 10.

          (h)  The Company agrees that it will not grant to any Person any right
to require the Company to register securities under the Securities Act, or to
participate as a selling security holder in any such registration (other than
the rights set forth in this Section 10), without the prior written consent of
Majority Shareholders and each Significant Holder.

     11.  COVENANTS OF THE COMPANY.

     The Company hereby covenants and agrees as follows:

          (a)  MAINTENANCE OF CORPORATE RIGHTS. The Company will maintain and
preserve its corporate existence and all rights, franchises and other authority
adequate for the conduct of its business.

          (b)  BOOKS AND RECORDS; AUDITORS. The Company will keep books and
records in which full, true and correct entries are made of all of its dealings,
business and affairs, in accordance with generally accepted accounting
principles consistently applied; the Company will employ certified public
accountants who are "independent" within the meaning of the rules of the
American Institute of Certified Public Accountants and are selected by the
Board; and the Company will have an annual audit made by certified public
accountants who are "independent" as aforesaid, are selected by the Board and
are one of the so-called "Big Six" national accounting firms.

          (c)  TRANSACTIONS WITH AFFILIATES. The Company will not, directly or
indirectly, purchase or sell any properties, assets or rights (or any interest
therein) from or to, contract for services to be provided by or to, or enter
into any other transaction with, any Affiliate of the Company, except (i) on
terms and conditions no less favorable to the Company than could be obtained
from a third party in a comparable arm's-length transaction and (ii) with the
specific approval of at least five members of the Board if such transaction
would involve an amount or benefit (to the Company or such Affiliate) in excess
of $50,000 in any fiscal year.

          (d)  INFORMATION. The Company shall deliver to each Shareholder:

               (i)     as soon as available and in any event within 120 days
          after the end of each fiscal year, a balance sheet of the Company as
          of the end of such year and the related statements of income,
          stockholders' equity and cash flow for the year then ended, setting
          forth in each case, in comparative form the figures for the preceding
          year, prepared in accordance with generally accepted accounting
          principles and reported on by the Company's independent accountants;

               (ii)    as soon as available and in any event within 60 days
          after the end of each of the first three fiscal quarters of each
          fiscal year, a balance sheet of the Company as of the end of such
          quarter and the related statements of income, stockholders' equity and
          cash flow for such quarter and for the portion of the fiscal year then
          ended, setting forth in each case in comparative form the figures for
          the corresponding quarter and portion of the previous fiscal year, all
          prepared

                                      -12-
<Page>

          in accordance with generally accepted accounting principles and
          certified (subject to normal year-end adjustments) as to fairness of
          presentation, generally accepted accounting principles and consistency
          by the chief financial officer of the Company; and

               (iii)   as soon as practicable, such other information relating
          to the business, assets, financial condition, results of operations or
          prospects of the Company as any Shareholder may from time to time
          reasonably request.

          (e)  INSPECTION. The Company will give each Shareholder and its
representatives access to the premises, properties and other assets of the
Company and the rights to examine (and make copies of) its books and records,
including financial and operating data and other information, and to discuss its
businesses, assets, financial condition, results of operations or prospects with
its officers, all at such reasonable times and as often as such Shareholder may
reasonably request.

          (f)  NATURE OF BUSINESS. The Company will not engage in any business
other than the business engaged in as of the date hereof and business reasonably
related thereto (it being acknowledged that such business permitted hereunder
includes the performance for fees of administrative and other services
reasonably related to the basic business of the Company and dealing in residual
interests as described in the Company's business plan).

          (g)  COMPENSATION. The Company shall not pay compensation (including
benefits) to any of its three most highly compensated employees at levels
greater (including benefits more favorable) than those set forth in the Company'
business plan unless such compensation has been approved by not less than five
members of the Board.

     12.  CONFIDENTIALITY.

     Each Shareholder, for itself and its officers, partners, agents and
employees, agrees to maintain in confidence all financial statements and other
documents and business and operating information (including technical concepts
and financial models developed by the Company) (collectively, the "Proprietary
Information") provided to such Shareholder with respect to the Company and its
business (except to the extent that any thereof has been made publicly available
by the Company) and to use such Proprietary Information only for the business of
the Company and in connection with such Shareholder's rights as a shareholder of
the Company and not in any separate enterprise or undertaking which may be
engaged in by the Shareholder or its officers, partners, agents or employees.

     13.  TERMINATION.

     This Agreement shall terminate upon the earliest to occur of the following:

          (a)  the Majority Shareholders and each Significant Holder vote in
favor of termination;

          (b)  December 31, 2025; and

                                      -13-
<Page>

          (c)  except for the provisions of Section 10 hereof, immediately prior
to the effectiveness of the Initial Public Offering.

     The provisions of Sections 4, 5, 6 and 9 hereof shall not be applicable to
Shares to be issued or sold as part of the Initial Public Offering.

     14.  NOTICES.

     All notices, requests, demands and other communications hereunder to any
Shareholder or to the Company shall be in writing and shall be deemed to have
been duly given (i) on the date of service if served personally on the party to
whom notice is to be given, (ii) on the day of transmission if sent via
facsimile transmission to the applicable facsimile number given on Schedule A
hereto, provided that telephonic confirmation of receipt is obtained promptly
after completion of transmission, (iii) on the day after delivery to any
recognized overnight courier service or the Express Mail service maintained by
the United States Postal Service or (iv) on the fifth day after mailing, if
mailed to the party to whom notice is to be given, by first class mail,
registered, with return receipt requested, addressed, in the case of any
Shareholder, to such Shareholder at its address set forth on Schedule A hereto
and, in the case of the Company, to the Company at 7 Tuckers Wharf, Marblehead,
Massachusetts 01945, Attention: Daniel M. Meyers, Telecopy No: 617-639-4583 or
to such other address as such Shareholder or the Company shall have previously
provided in writing to the other Shareholders or to the Company, as the case may
be.

     15.  LEGENDS.

          (a)  Each certificate representing Shares shall contain a legend in
substantially the following form:

          "The securities represented by this certificate are subject to a
     Shareholders Agreement dated as of December 20, 1995, a copy of which is on
     file at the principal office of the Company. Such Shareholders Agreement
     provides, among other things, for certain restrictions on the sale,
     transfer, pledge or other disposition, and the voting, of the securities
     represented by this certificate."

          (b)  Each certificate representing Shares shall also contain a legend
in substantially the following form:

          "The securities represented by this certificate have not been
     registered under the Securities Act of 1933, as amended, and may be
     transferred, sold or offered for sale only if registered under said Act or
     if an exemption from such registration is available."

     16.  EQUITABLE RELIEF.

     The parties hereto agree and declare that legal remedies may be inadequate
to enforce the provisions of this Agreement and that equitable relief, including
specific performance and injunctive relief, may be sought to enforce the
provisions of this Agreement.

     17.  THIRD PARTY RIGHTS.

                                      -14-
<Page>

     Except as otherwise provided herein, nothing herein expressed or implied is
intended or shall be construed to confer upon or give to any Person (other than
the parties hereto) any rights or remedies under or by reason of this Agreement.

     18.  COUNTERPARTS.

     This Agreement may be executed in two or more counterparts, each of which
shall be deemed to be an original, but all of which together shall constitute
one and the same instrument.

     19.  GOVERNING LAW.

     This Agreement shall be governed by and construed in accordance with the
laws of the State of Delaware, without giving effect to any principles of
conflicts of laws.

     20.  BENEFIT AND BINDING EFFECT.

     This Agreement shall be binding-upon and shall inure to the benefit of the
Company and its successors and assigns and, subject to the provisions hereof,
each of the other parties hereto and their respective executors, administrators,
personal representatives, heirs and successors. In the event that any part of
this Agreement shall be held to be invalid or unenforceable, the remaining parts
thereof shall nevertheless continue to be valid and enforceable as though the
invalid portions were not a part hereof.

     21.  AMENDMENT AND WAIVER.

          (a)  No failure on the part of any of the parties hereto to exercise,
and no delay in exercising, any right hereunder shall operate as a waiver
thereof, nor shall any single or partial exercise of any such right preclude any
other or further exercise thereof or the exercise of any other right.

          (b)  This Agreement may be amended, and any obligation of a party
hereto may be waived, with the written consent of the Company, Majority
Shareholders and each Significant Holder, provided that this Agreement may not
be amended so as to reduce the Shareholder Interest of any Shareholder without
the written consent of such Shareholder. This Agreement shall be amended to add
signatories hereto and to amend Schedule A hereto as provided in this Agreement.
Except as expressly provided herein, the Company shall not be required to
provide the benefits of this Agreement to, or to allow to become a party hereto,
any Person other than those listed on Schedule A hereto.

                                      -15-
<Page>

     IN WITNESS WHEREOF, this Agreement has been signed on behalf of each of the
parties hereto as of the date first above written.

                                 INTERLAKEN INVESTMENT PARTNERS, L.P.

                                 INTERLAKEN MANAGEMENT
                                 PARTNERS, L.P.
                                 General Partner

                                 LAKE MANAGEMENT, INC.
                                 General Partner

                                 By: /s/ William R. Berkley
                                     -------------------------------------------
                                 Name:  William R. Berkley, Jr.
                                 Title: Chairman

                                 /s/ William R. Berkley, Jr.
                                 -----------------------------------------------
                                 William R. Berkley, J
                                 Doopy L.P.

                                 By: /s/ Andrew M. Bursky
                                     -------------------------------------------
                                 Andrew M. Bursky, General Partner

                                 /s/ Catherin B. James
                                 -----------------------------------------------
                                 Catherine B. James

                                 /s/ William L. Mahone
                                 -----------------------------------------------
                                 William L. Mahone

                                 /s/ Charles J. Martin
                                 -----------------------------------------------
                                 Charles J. Martin

                                 /s/ Martin B. O'Connell
                                 -----------------------------------------------
                                 Martin B. O'Connell

                                 /s/ Joshua A. Polan
                                 -----------------------------------------------
                                 Joshua A. Polan

                                 THE FIRST MARBLEHEAD CORPORATION

                                 By:/s/ Stephen Anbinder
                                    -------------------------------------------

                                      -16-
<Page>

                                 /s/ Leslie Alexander
                                 -----------------------------------------------
                                 Leslie Alexander

                                 /s/ Stephen Anbinder
                                 -----------------------------------------------
                                 Stephen Anbinder

                                 /s/ Dort A. Camberon, III
                                 -----------------------------------------------
                                 Dort A. Cameron, III

                                 /s/ Joseph L. Fraites
                                 -----------------------------------------------
                                 Joseph L. Fraites

                                 Estate of Michael Malloy

                                 By: /s/ Lucille Ross Molloy
                                     -------------------------------------------
                                     Lucille Molloy, Executrix

                                 /s/ Daniel M. Meyers
                                 -----------------------------------------------
                                 Daniel M. Meyers

                                 /s/ Victor M. Samra, Jr.
                                 -----------------------------------------------
                                 Victor M. Samra, Jr.

                                 /s/ James W. Walker, II
                                 -----------------------------------------------
                                 James W. Walker, II

                                      -17-
<Page>

                                 CATAMARAN HOLDINGS, LTD.

                                 By:/s/ Stephen Anbinder
                                    --------------------------------------------
                                 Stephen Anbinder,
                                 Vice President

                                      -18-
<Page>

                                   SCHEDULE A

<Table>
<Caption>
                                                                    Number of
Name and Address of Shareholder                                      Shares
-------------------------------                                     ---------
<S>                                                                   <C>
Leslie Alexander                                                      333,000
1220 North Federal Highway
Suite 307
Boca Raton, Florida 33432
Telecopy No.: 407-368-4143

Stephen Anbinder                                                      129,836*
c/o The First Marblehead Corporation
Park Avenue Atrium
237 Park Avenue
New York, New York 10017
Telecopy No.: 212-551-1781

Dort A. Cameron, II                                                    17,951
c/o Philip F. Strassler, C.P.A.
Marcum & Kliegman, LLP
485 Underhill Blvd.
Syosset, New York  11791
Telecopy No.: 516-921-6006

Joseph Fraites                                                         52,192
41 Hemlock Ridge
Weston, Connecticut 06883
Telecopy No.: 203-454-2280

Daniel M. Meyers                                                      197,916*
c/o The First Marblehead Corporation
7 Tuckers Wharf
Marblehead, Massachusetts 01945
Telecopy No.: 617-639-4563

Estate of Michael Molloy                                                5,000
Lucille Molloy, Executrix of the Estate of Michael Molloy
c/o Joseph M. Cassin, Esq.
Cassin Cassin & Joseph
300 East 42nd Street
New York, New York 10017
Telecopy No.: 212-557-2952
</Table>

                                      -19-
<Page>

<Table>
<S>                                                                    <C>
Victor M. Samra, Jr.                                                   27,696
c/o The First Marblehead Corporation
Park Avenue Atrium
237 Park Avenue
New York, New York 10017
Telecopy No.: 212-551-1781 27,696

James W. Walker, Jr.                                                    7,957
10 Sunny Brae Place
Bronxville, New York

Catamaran Holdings, Ltd.                                               20,000*
7 Tuckers Wharf
Marblehead, Massachusetts 01945
Telecopy No.: 617-639-4563
</Table>

----------
*    Upon the merger of Catamaran Holdings, Ltd. ("Catamaran") with the Company,
     the Shares held by Catamaran will be cancelled, and this Schedule will be
     deemed revised to add to the Shares held by Messrs. Anbinder and Meyers'
     and specified above 10,000 Shares to be issued to each of them in such
     merger.

                                      -20-
<Page>

<Table>
<S>                                                                   <C>
Interlaken Investment Partners, L.P.                                  196,987
165 Mason Street
Greenwich, Connecticut 06830
Attention:  William L. Mahone, Esq.
Telecopy No.: 203-629-8554

William R. Berkley, Jr.                                                 3,891
Doopy L.P.                                                              1,946
Catherine B. James                                                      2,919
William L. Mahone                                                         305
Charles J. Martin                                                         153
Martin B. O'Connell                                                       305
Joshua A. Polan                                                         1,946
</Table>

Address and telecopy number for the seven
Shareholders listed immediately above:

165 Mason Street
Greenwich, Connecticut  06830
Attention: William L. Mahone, Esq.
Telecopy No.: 203-629-8554

                                      -21-

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