Document:

Exhibit
10.51

UNOFFICIAL
TRANSLATION

 

CONFIDENTIAL
TREATMENT REQUESTED

WITH RESPECT TO CERTAIN PORTIONS HEREOF

DENOTED WITH “    *    ”

 

LEASE AGREEMENT OF LIMITED DURATION

 

(entered into
under article 117 of the Urban Lease Law, approved by Decree-law no. 321-B/91,
of 15 October)

 

BETWEEN:

 

VICTORIA – SEGUROS VIDA, S.A., with
registered office in Avenida da Liberdade, n.o 200, in Lisbon, limited
liability company with the share capital of eight million and five hundred
Euros, registered in the Lisbon Commercial Registry under the number 3635,
taxpayer number 502 821 060, represented by Gerd Böhmer, in his capacity as
Delegated Director and Júlio Manuel Baptista Pereira Gonçalves, in his capacity
as attorney, both with powers to perform this act, hereinafter designated as
LAND LORD;

 

AND

 

EURONEXT LISBON – SOCIEDADE
GESTORA DE MERCADOS REGULAMENTADOS, S.A., with registered
office in Praça Duque de Saldanha, no. 1, 5th floor A, 1050-094 Lisbon, limited
liability company with the share capital of 8,750,000 (eight million and seven
hundred and fifty thousand euros), registered in the Lisbon Commercial Registry
under the number 8875, taxpayer number 504 825 330, represented by Professor
Miguel Athayde Marques, in his capacity as Chairman of the Board of Directors and
Pedro Rodrigues Pinto, in his capacity as attorney, both with powers to perform
this act, hereinafter designated as TENANT.

 

Is entered into this
lease agreement of limited duration, under article 117 of the Urban Lease Law,
approved by Decree-law no. 321-B/91, of 15 October, which is governed by the
following clauses and Annexes:

 

CLAUSE
ONE

 

1.               The Land Lord rents
to the TENANT, by the monthly value of             *           Euros, and producing effects on 01
September 2005, the seventh floor, with the area of seven hundred and ninety
five square meters, and fifteen square meters, the eighth floor north, with the
area of one hundred and fifty four square meters, and fifteen parking spaces
with the numbers nineteen, twenty, twenty two of the minus one floor and from
the number one hundred and thirteen to the number one hundred and twenty our of
the minus for floor, of the urban building located at Avenida da Liberdade
numbers 196-A, 196-B, 196-C, 196, 196-D, 196-E and 196-F , parish of Sagrado
Coração de Jesus, municipality of Lisbon, inscribed in the Finance Department
under article 851, hereinafter designated collectively as RENTED BUILDING, all
as signed in the map that constitutes Schedule I to the present Agreement and
of which is a part.

 

2.               The monthly rent
mentioned above corresponds to             
*            Euros referring to
the seventh floor, with the area of seven hundred and ninety five square
meters,          *         Euros to the eight floor north, with
the area of one hundred and fifty four square meters and     *       
Euros corresponding to each parking space.

 

3.               The monthly rent
owned to the LAND LORD shall be paid until the first business day corresponding
to the previous month to the one it regards, through a banking assignment to
the banking account number          
*            , open with Bank BPI,
with the Banking Identification Number          
*             .

 

4.               The receipt
corresponding to the payment of the rent made under the previous number will be
sent by the LAND LORD to the TENANT in the eight days that follow the payment
made by the latter.

 

 

5.               The hereby agreed
rent will be reviewed on a yearly basis according to the updating index
determined by the Portuguese Statistical Institute, for the commercial leases
until the end of the initial term of the present agreement and respective
renewals.

 

6.               The updating of the
rent will be made annually through registered mail addressed to the TENANT,
sent at least thirty (30) days previously to the production of effects, indicating
which rent shall be owed and which coefficient was used in the determination of
the new rent.

 

CLAUSE
TWO

 

1.               According to the
tax laws in force when this agreement was entered into, the amounts mentioned
in the previous clause are not subject to the payment
of VAT.

 

2.               If in the future
VAT will be owed on the amounts mentioned in the previous clause, the parties
agree that said tax will be paid by the TENANT.

 

CLAUSE
THREE

 

1.               The TENANT will
benefit from a period when it shall not pay the rent in the period of moving
and installation in the RENTED BUILDING, due to which the first rent owed by
the seventh and eight floor north, in the amount defined under number 2 of the
first Clause, regards the month of February of 2006.

 

2.               The first rent owed
by the parking spaces, in the amounts defined under number 2 of clause first,
regards the month of January 2007.

 

CLAUSE
FOUR

 

1.               The RENTED BUILDING
aims exclusively to offices and to the performance of the activities that
constitute the corporate scope of the TENANT.

 

2.               The TENANT
acknowledges expressly that the RENTED BUILDING is able to be used as described
in the scope of the present lease.

 

3.               The TENANT is
prohibited to use the RENTED BUILDING to any other scope except the one
mentioned in the number one of this clause.

 

CLAUSE
FIVE

 

1.               Any alterations to
be introduced in the RENTED BUILDING, of whichever nature, with the scope of
adapting it to the activities performed by the TENANT, shall be communicated to
the LAND LORD, and will only be executed following a written authorization of
the LAND LORD.

 

2.               All improvements
made in the RENTED BUILDING will belong to the estate. The TENANT will not be
entitled to any indemnification or retention over said improvements at the term
of the agreement.

 

3.               The LAND LORD may
however demand that the RENTED BUILDING is delivered to it as it was rented and
as described in Schedule II to the present agreement, that is part of the
agreement. In this case, the TENANT is obliged to withdraw the improvements or
labour it has made, delivering the RENTED BUILDING as it was delivered to it.

 

4.               Once the work or
improvements were made, their maintenance will be of the exclusive
responsibility of the TENANT.

 

CLAUSE
SIX

 

1.               The lease object of
this agreement is entered into for five years, counting from the date of the
producing of effects mentioned in the number one of the Clause One, being
therefore a limited duration lease under articles 117 and 98 to 101 of the
Urban Lease Law, being considered prolonged for successive five year periods if
none of the parties terminates it under the legal terms.

 

2.               The Parties agree
that the first renewal of the agreement, to take place in 1 September 2010 is
compulsory, therefore the parties agree not to terminate the agreement at the
end of the first duration period.

 

3.               For the purposes of
the previous number of this article, the parties agree that for the beginning
of the second compulsory 5 (five) year period, a new rent will be exceptionally
determined by

 

 

agreement of the parties. If the parties do not agree
on the new amount, the LAND LORD and the TENANT agree that said amount will be
determined by two independent and specialized entities that carry on and
evaluation of the market value of the RENTED BUILDING. The costs of said evaluation
shall be borne by the LAND LORD and the TENANT in equal parts.

 

4.               Without prejudice
of the previous numbers, the termination of the agreement by the LAND LORD
shall be communicated, through registered mail addressed to the TENANT, at
least one year previously to the end of the contractual period that is in
progress.

 

5.               In case of
termination, the TENANT shall pay the rents regarding the period that is
lacking until the end of the relevant contracting period.

 

CLAUSE
SEVEN

 

1.               The LAND LORD will
provide to the TENANT the following services, that will be provided by third
parties hired by the LAND LORD:

 

a)              Security of the
building and reception service 24 hours per day and 365 days per year;

 

b)             Cleaning of the
collective areas;

 

c)              Maintenance services
associated with the normal functioning of the building;

 

d)             Consumption of water,
gas and electricity;

 

e)              Provision of access
cards personalized and programmed according to the several permit levels
authorized by the TENANT;

 

f)                The LAND LORD
shall provide to the TENANT the management services regarding the use of the
meeting room located in the south wing of the eighth floor, according to the
Rules on the Management and Use of the Eighth Floor Meeting Room, which
constitute Schedule III, that is part of this agreement.

 

g)             For the services
mentioned in the previous numbers, the TENANT shall pay to the LAND LORD,
together with the owed rent, four thousand and seven hundred Euros.

 

2.               To the amount
mentioned in the previous number, shall be added VAT at the rate legally
applicable.

 

3.               The amount
mentioned in number two of this Clause shall be updated annually accordingly to
the consumer prices index, disclosed by the Portuguese Statistics Institute,
excluding housing costs.

 

CLAUSE
EIGHT

 

1.               The TENANT represents
and warrants expressly that the Delivery Act that constitutes Schedule IV to
the present agreement, being a part of this agreement, describes correctly the
characteristics and current conditions of the RENTED BULDING and that the
equipment located in said building is in perfect functioning conditions.

 

2.               The TENANT will
allow the LAND LORD to examine the RENTED BUILDING, each time it is requested.

 

CLAUSE
NINE

 

1.               The TENANT will be
allowed to install, at the top of the building, a luminous advertisement of
similar dimensions and characteristics as the VICTORIA advertisement, with the
logo of the TENANT.

 

2.               Said equipment
shall be installed in the south wing of the roof.

 

3.               The TENANT may also
install a plasma screen (or equivalent) in the reception of the building in
which several information on the financial markets will be provided in a way
that is visible from outside, after the approval of the respective proposal and
scale model to be presented by the TENANT to the LAND LORD.

 

CLAUSE
TEN

 

The TENANT covenants to
wisely use the RENTED BULDING and the collective areas of the building in which
the RENTED BUILDING is integrated, in particular respecting the Rules of the
Use of the Victoria Bulding, and the the Rules on the Management and Use of the
Eighth Floor Meeting Room, of which the TENANT acknowledges to be aware.

 

 

CLAUSE
ELEVEN

 

1.               The TENANT
covenants to:

 

a)                  Keep in good
safety, cleaning and conservation conditions the RENTED BULDING, including, in
particular the air conditioning, the security signing and the electricity;

 

b)                 Keep in good
conditions the frontage of the building, the floors, the windows, doors and
painting, being obliged to repair any damages that do not derive from a prudent
use of the RENTED BUILDING;

 

c)                  Allow that the
LAND LORD or its representatives examine the RENTED BUILDING during its
business hours, further to a written notification from the LAND LORD, sent at
least three business days previously to the examination, except in urgency
situations;

 

d)                 Do not use the
RENTED BUILDING for any purpose other than the one mentioned in Clause two
above;

 

e)                  Do not occupy,
for circulation and security reasons, temporarily or definitively, the entrance
with any kind of materials or objects;

 

f)                    Comply with
all security rules and regulations provided for by the Lisbon City Hall or by
any other competent authority, as well as immediately inform the LAND LORD of
all relevant communications or notices addressed by said entities to the
TENANT. The TENANT will be liable for the damages suffered by the LAND LORD as
a consequence of lack of communication of said information.

 

g)                 Do not allow or
authorize the accumulation of garbage, wastes or inflammable products within
the RENTED BUILDING.

 

CLAUSE
TWELVE

 

1.               The TENANT shall
maintain, at its own expenses, a civil liability insurance and a multi-risks
insurance on the furniture and the improvements existing in the RENTED
BUILDING, providing to the LAND LORD copy of the respective policy.

 

2.               If the LAND LORD
performs essential work in the building, the TENANT shall allow the respective
performance without being entitled to request any indemnification or a
diminishment of the rent, with whichever justification.

 

CLAUSE
THIRTEEN

 

1.               The TENANT hereby
renounces to the pre-emption right in the acquisition of the building, globally
and as legally configured currently, of which the RENTED BUILDING is part, if
the LAND LORD decides to dispose of said building.

 

2.               If the building of
which the RENTED BUILDING is a part of is converted in the horizontal property
status, the TENANT hereby renounces to the pre-emption right in the acquisition
of the building, globally or of the unit fraction that will correspond to the
RENTED BUILING under the present agreement, if the acquisition is made by companies
controlled directly or indirectly by the LAND LORD or by companies that control
directly or indirectly the LAND LORD.

 

CLAUSE
FOURTEEN

 

1.               Under the present
lease agreement, the TENANT shall deliver the RENTED BUILDING to the LAND LORD
free of people and goods and in good functioning, conservation, painting,
cleaning and utilization conditions, except the damages inherent to the passing
of time and to a normal and prudent use of the building.

 

2.               The delivery of the
RENTED BUILDING to the LAND LORD will be preceded by a joint examination of
said building.

 

3.               The examination
mentioned in the previous number will be carried out by a commission equally
representing both parties, who shall draw a Delivery Act containing any
anomalies to be repaired, the way to repair them, the deadline and the company
which will perform said

 

 

repairing, as well as,
which of the parties, TENANT or LAND LORD, shall be responsible for the
repairing.

 

4.               If the TENANT does
not repair the anomalies for which it is responsible, according to the previous
number, the LAND LORD may proceed with the necessary repairing work, at the
expenses of the TENANT, which will be responsible for the payment within the 30
days that follow the emission of the respective invoice.

 

CLAUSE
FIFTEEN

 

All expenses, of any
nature, inherent to the entering into of the present agreement are of the
exclusive responsibility of the TENANT.

 

CLAUSE
SIXTEEN

 

The courts of Lisbon
shall be exclusively competent for the decision of any dispute that may arise
from the present lease agreement. The parties hereby renounce the competence of
any other court of law.

 

 

 

Made in Lisbon, in 26
September 2006, in two copies of the same legal value, each party keeping one
copy.

 

	
  For the LAND LORD

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Gerd Bohmer

  	
   

  	
  Júlio Manuel Romano
  Baptista Pereira Gonçalves

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  For the TENANT

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Miguel Athayde Marques

  	
   

  	
  Pedro Rodrigues Pinto

  	
   

  

 

 

(Stamp duty in the amount
of € 5.00, according to point 8 of the General Table of the Stamp Duty, which
is a Schedule to the Code of the Stamp Duty, and to articles 1 and 2 of the Law
no. 150/99, of 11 September).Exhibit 10.52

 

CONFIDENTIAL TREATMENT REQUESTED

WITH RESPECT TO CERTAIN PORTIONS HEREOF

DENOTED WITH “    *    ”

 

COMMERCIAL LEASE

 

BETWEEN THE UNDERSIGNED :SCI 39/41 rue Cambon, a
property partnership incorporated under civil law with capital of 970 euros and
registered address at PARIS (75008) – 5, boulevard Malesherbes, registered
in the PARIS companies’ register under number 345 050 959, represented by
Olivier BOSSARD, acting in the capacity of Deputy Managing Director of the
Offices Division and duly authorised for the purposes of this agreement,

 

Henceforth referred to as:

The “LESSOR”

 

ON THE ONE PART,

 

AND

 

Euronext Paris SA, a public limited company with
capital of 130,332,568.00 euros having its registered address in PARIS (75002)
– Palais de la Bourse – Place de la Bourse, registered in the PARIS companies’
register under number 343,406,732, represented by Messrs.  Serge HARRY and Georges FRANCOIS, duly
authorised for the purposes of this agreement,

 

Henceforth referred to as:

The “LESSEE”

 

ON THE SECOND PART,

 

said LESSOR and LESSEE also referred to henceforth
individually as the “PARTY” and together the “PARTIES”.

 

 

CONTENTS

 

	
  •

  	
  ARTICLE 1: DESIGNATION OF THE LEASED PREMISES

  	
  3

  
	
   

  	
   

  	
   

  
	
  •

  	
  ARTICLE 2: DURATION

  	
  3

  
	
   

  	
   

  	
   

  
	
  •

  	
  ARTICLE 3: PURPOSE

  	
  4

  
	
   

  	
   

  	
   

  
	
  •

  	
  ARTICLE 4: RENT

  	
  5

  
	
   

  	
   

  	
   

  
	
  •

  	
  ARTICLE 5: UPDATING AND INDEXING

  	
  6

  
	
   

  	
   

  	
   

  
	
  •

  	
  ARTICLE 6: GUARANTEE DEPOSIT

  	
  7

  
	
   

  	
   

  	
   

  
	
  •

  	
  ARTICLE 7: REPORT ON RENTED PREMISES ONCE THE
  LESSEE TAKES POSSESSION

  	
  7

  
	
   

  	
   

  	
   

  
	
  •

  	
  ARTICLE 8: RENTAL CHARGES AND CONDITIONS

  	
  8

  
	
   

  	
   

  	
   

  
	
  •

  	
  ARTICLE 9: USE – SUB LETTING – TRANSFER -
  PLEDGING

  	
  15

  
	
   

  	
   

  	
   

  
	
  •

  	
  ARTICLE 10: INSURANCE

  	
  16

  
	
   

  	
   

  	
   

  
	
  •

  	
  ARTICLE 11 – LIABILITY AND CLAIMS

  	
  18

  
	
   

  	
   

  	
   

  
	
  •

  	
  ARTICLE 12: DESTRUCTION OF THE RENTED PREMISES

  	
  19

  
	
   

  	
   

  	
   

  
	
  •

  	
  ARTICLE 13: VISITS TO THE RENTED PREMISES

  	
  19

  
	
   

  	
   

  	
   

  
	
  •

  	
  ARTICLE 14: RETURN OF THE RENTED PREMISES

  	
  19

  
	
   

  	
   

  	
   

  
	
  •

  	
  ARTICLE 15: TAXES AND CHARGES

  	
  20

  
	
   

  	
   

  	
   

  
	
  •

  	
  ARTICLE 16: CHARGES

  	
  20

  
	
   

  	
   

  	
   

  
	
  •

  	
  ARTICLE 17: ENVIRONMENT – SANITARY CONTROLS

  	
  22

  
	
   

  	
   

  	
   

  
	
  •

  	
  ARTICLE 18: MODIFICATIONS – TOLERANCE -
  INDIVISIBILITY

  	
  23

  
	
   

  	
   

  	
   

  
	
  •

  	
  ARTICLE 19: TERMINATION CLAUSE – JURISDICTION -
  SANCTIONS

  	
  24

  
	
   

  	
   

  	
   

  
	
  •

  	
  ARTICLE 20: DECLARATIONS BY THE LESSEE

  	
  25

  
	
   

  	
   

  	
   

  
	
  •

  	
  ARTICLE 21: MISCELLANEOUS

  	
  25

  
	
   

  	
   

  	
   

  
	
  •

  	
  ARTICLE 22: RENEWAL OF THE LEASE OR REFUSAL TO
  RENEW

  	
  26

  
	
   

  	
   

  	
   

  
	
  •

  	
  ARTICLE 23: SERVICE ADDRESS

  	
  28

  
	
   

  	
   

  	
   

  
	
  •

  	
  ARTICLE 24: COMPANY CANTEEN

  	
  28

  

 

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2

 

THE PARTIES HAVE AGREED TO THE FOLLOWING

 

The lessor is the owner of a property located at
39/41, rue Cambon in Paris (75001), used for offices, a company canteen and car
park (henceforth referred to as “THE PROPERTY”.

 

Under the terms of a commercial lease dated 8 October
1996, the LESSOR has leased the LESSEE the entirety of the PROPERTY, with the
exception of highways and car park access, for 9 years, expiring 1 March 2006.

 

By private agreement dated this day, the LESSOR and
the LESSEE have agreed (i) to extend the lease from 8 October 1996 to 31 August
2006, (ii) to reduce the scope of the lease by returning to the LESSOR the
third and fourth floors of the PROPERTY, and (iii) the realisation by the LESSEE
and the LESSOR of certain work in the PROPERTY. partly financed by the LESSOR
(henceforth referred to as the “EXTENSION AMENDMENT”).

 

Wishing henceforth to agree their contractual
relationships at the end of the extension stipulated by the EXTENSION AMENDMENT,
the PARTIES decided to agree a new commercial lease, which will take effect the
day after said extension, namely 1 September 2006.

 

Herein, the LESSOR leases to the LESSEE, who accepts,
pursuant to articles L.145 to L.145-60 of the Code of Commerce, those not
abrogated by decree of 30 September 1953, amended, and subsequent texts, the
premises below referred to as the “RENTED PREMISES”, pertaining to the PROPERTY

 

It is expressly stipulated that all clauses and
conditions in this lease shall apply both during said lease and during any
renewals or tacit renewals.

 

•              ARTICLE 1: DESIGNATION OF THE LEASED PREMISES

 

This lease refers to:

 

•         all private areas of the PROPERTY, including terraces accessible from
floors 6 and 7, excluding floors 3 and 4,

 

•         and 51 parking spaces located in the PROPERTY basement. including two
motorbike spaces,

 

for a gross letting area of around 13,517 m2, o/w
around 1,089 m2 relates to the share of communal areas attached to private
areas rented to the LESSEE. The LESSEE must keep communal areas as such, and is
prohibited from using them for another purpose.

 

It is specified that the technical areas of the
PROPERTY and storage rooms located in the basement of the PROPERTY are excluded
from the RENTED PREMISES base.

 

The Parties refer to the consistency of the RENTED
PREMISES as existing on the day the lease was signed, and plans of which are
attached, for indicative purposes, in appendix 1. Any error in the designation
of these premises may not justify any reduction or increase in rent, which has
in particular been set according to the overall assessment carried out by the
LESSEE of said premises.

 

The LESSEE declares that he knows the RENTED PREMISES
as he has occupied them since 1 March 1991 in his capacity as tenant.

 

The Parties expressly agree that the RENTED PREMISES
are a single and indivisible whole.

 

•              ARTICLE 2: DURATION

 

2.1.       This lease is agreed for a fixed
period of 9 (NINE) years, which will commence on 1 September 2006 and end on 31
August 2015.

 

3

 

2.2.       By express agreement between the
Parties, the LESSEE waives the option of giving notice at the expiry of the
first and second three yearly period of the lease, such that he will only have
the option, for the first time, to use his three yearly cancellation right at
the end of the 9th year following the date the lease takes effect,
namely 31 August 2015.

 

2.3.       In derogation to the above, the
LESSEE has the right to give notice for the second three yearly expiry date,
namely 31 August 2012, by paying the LESSOR, at the latest 30 days before his
departure, a fixed and non reducible indemnity equivalent to thirteen months of
rental excluding taxes and costs.

 

2.4.       The LESSEE, if he plans to give
notice to the LESSOR for the aforementioned three yearly periods, namely either
for the second three yearly expiry date under the conditions of article 2.3, or
for the contractual expiry of the lease, or at any time during the tacit
extension of the lease, must respect a minimum notice period of nine months, in
derogation to the provisions of article L.145-9 of the Code of Commerce; notice
must, nevertheless, nevertheless, be given by extrajudicial act.

 

2.5.       If, notwithstanding the provisions
of the lease relating to the LESSEE’s option to terminate as stipulated in
articles 2.1 to 2.4 above, the LESSEE decides to leave the RENTED PROPERTY at a
date not corresponding to either of the two agreed expiry dates, all rental,
calculated from the date of his effective departure date until the following
agreed expiry date, will become immediately due,  even if the LESSOR has re-rented the rented
premises; the costs, taxes and expenses of any type only being due until the
RENTED PREMISES are leased again.

 

This clause is a determinant
condition for the consent of the LESSOR to this lease, without which he would
not have agreed it.

 

2.6.       Also, in the hypothesis described in
2.5, the LESSEE agrees    *    which include:

 

             —    *    including    *    granted by the LESSOR pursuant to
the    *    as well as    *

 

             — the    *    defined pursuant to the    *   , 

 

             (henceforth referred to jointly as    *    )

 

             In this event, the total cost of    *    shall be immediately due and invoiced to the
LESSEE under the following conditions:

 

                        (i) for their    *    if the lease is coming to an end, due to or as
a result of the fault of the LESSEE, before    *   
,

                        (ii) for    *    if the lease is coming to an end due to or as
a result of the fault of the LESSEE, between    *    and    *

                        (iii) for    *    if the lease is coming to an end due to or as
a result of the fault of the LESSEE, between    *    and    *

                        (iv) for    *    if the lease is coming to an end due to or as
a result of the fault of the LESSEE, between    *    and    *

 

             This stipulation is accepted by the
LESSEE without prejudice to the option for the LESSEE to seek forced execution
of the lease if he deems it appropriate.

 

2.7.       If notification is not given in the
manner, timeframe and due dates agreed above, any notice from the LESSEE will
be deemed null and void, without the LESSOR being obliged to notify the LESSEE,
on reception of said notice, of irregularity.

 

•              ARTICLE 3: PURPOSE

 

3.1.       The RENTED PREMISES must be used by
the LESSEE solely for office use, with the exception (i) of the premises
located on the garden floor, for the use of the company canteen and described
as such on attached plans (appendix 1), (ii) technical areas, as well as (iii)
the premises located in the basement of the PROPERTY, for the use of parking,
and described as such on attached plans (appendix 1).

 

3.2.       The authorisation given to the
LESSEE to use RENTED PREMISES for the aforementioned use does not imply, on the
part of the LESSOR, any guarantee that the LESSEE has obtained the necessary
administrative authorisations in any respect whatsoever, or any other
authorisations, nor carried out any procedures in this respect; the LESSOR may
not incur any liability in this respect. Consequently, the LESSEE will make it,
at all times, his personal business to obtain, at his cost and risk, all
authorisations necessary to carry out his activities.

 

3.3.       The LESSEE may not request any
exclusivity on the part of the LESSOR in relation to the other tenants or
occupants of the PROPERTY.

 

The LESSOR will therefore
maintain the right to rent or sell at his preference, as he deems appropriate,
the other premises of the PROPERTY.

 

Nevertheless, In derogation to
the above, The “LESSOR” is prohibited, except with the prior agreement of the
LESSEE, from renting other areas of the PROPERTY to any entity carrying out in
these premises an activity identical to that of the LESSEE, it being specified
that “identical activity” is understood to mean (i) the activity carried out by
a company on the market pursuant to article L.441-1 of the Monetary and
Financial Code, (ii) the activity carried out by a clearing house, (iii) any
activity involving the promotion of a company having an identical activity via
a representative office.

 

4

 

•              ARTICLE 4: RENT

 

4.1.       Establishing the rent

 

This lease is granted and
accepted via an annual rent excluding tax and charges of    *    plus VAT, at the cost of the
LESSEE.

 

4.2.          *    and enforceability of the rental

 

Exceptionally, the LESSOR
grants the LESSEE    *    such that the LESSEE will only be due to    *    . 

 

The aforementioned annual rent
indexed under the conditions of article 5 below will be divided into quarters,
payable in advance on the 1st day of the quarter, in other words on
1 January, 1 April, 1 July and 1 October of each year, and
for the first time on    *   .

 

The aforementioned annual rent
indexed under the conditions of article 5 below will be divided into quarters,
payable in advance on the 1st day of the quarter, in other words on
1 January, 1 April, 1 July and 1 October of each year, and for the first time
on    *   .

 

Consequently, the first term
will be calculated on a pro rata temporis basis depending on the time remaining
until the end of the current quarter.

 

4.3.       Tax regime

 

Rent and all accessories
related to this lease are understood as excluding VAT, the LESSOR having opted
for the VAT tax regime. The LESSEE agrees, consequently, to pay the LESSOR,
with said rent and accessories,  the
amount of VAT or any other new additional or replacement tax which might be
created, at the rate legally in force on the date of each payment.

 

If for any reason this lease
must legally be subject to another tax, and, in particular, the “autonomous
contribution on revenue from properties” or any other tax which might replace
it, the LESSOR must bear the payment or reimbursement with all consequences
springing from it.

 

4.4.       Payment methods

 

In order to facilitate the
recovery of rental – principal and accessories, charges and, more generally,
all sums due by the LESSEE to the LESSOR, under this lease, the LESSEE
irrevocably authorises the LESSOR or the agent of his choice, to be deducted
from the bank account indicated below, at their due dates, any pending amounts,
namely:

 

Bank and Agency:
30004 BNP PARIBAS - AGENCE DES BANQUES

Sort Code:           *           

Account
n°           *      

 

The LESSEE will this day send
the LESSOR a copy of the printout of the request and authorisation for
withdrawal, duly completed and signed and accompanied by a document giving
details of the bank account.

 

The LESSEE will take all
measures to ensure that his account has enough funds to cover withdrawals. For
this effect, their amount will be notified to him by the LESSOR at least
fifteen days in advance.

 

In the event of non respect
for said obligation, having the consequence of leaving a sum unpaid at its
normal due date, the provisions of article 19 below will apply.

 

In the event of change to bank
details, the Lessee agrees to provide the Lessor, two months before the next
due date, a new printout of the request and authorisation for withdrawal, duly
completed and signed.

 

4.5.      Eventual maturity of full payment

 

The method of payment by bank
withdrawal is mandatory, with the consequences that might spring from this
should the LESSEE enable its application.

 

Nevertheless, when, after
failure to pay the rent and charges due under the terms of this lease and
delivery of formal notification, deadlines shall be granted to the LESSEE to
settle any debts according to the schedule provided for this purpose by the
appropriate jurisdiction, any payments springing from any due dates must, by
express derogation to the provisions of article 4.4. be carried out by cheque
or bank transfer.

 

5

 

4.6.       Possible action with a view to rent review

 

It is expressly agreed that by
strict application of article L 145-38 of the Code of Commerce, The LESSEE
agrees irrevocably only to bring an action to review the rental in the event
that he can show evidence of a material modification of the local commercial
factors in themselves leading to a variation of more than 10% of the rental
value as defined in article 22 below, and is prohibited from demanding any
review on any basis other than the modification of local commercial factors.

 

This clause is a determinant
condition for the consent of the LESSOR to this lease, who would not, in any
case have agreed this lease if the LESSEE could request a reduction in his
contractual rent merely due to a reduction in the rental value, with local
commercial factors having suffered no material modification themselves giving
rise to a variation of more than 10% of the rental value.

 

•              ARTICLE 5: UPDATING AND INDEXING

 

5.1.       The PARTIES expressly agree that the
rental stipulated above in article 4.1 (value at 1 March 2006) will be updated
on the date the lease takes effect; namely 1 September 2006, based on the
development of the national construction cost index published quarterly by the
INSEE, without nevertheless this rental being lower than the amount described
in article 4.1 of this lease.

 

The parties agree
that the reference index taken into account for the application of this update
will be the last index published on 1 March 2006 and the comparison index, the
last index published on the date this lease takes effect (namely 1 September
2006).

 

5.2.      Rental will then be indexed, each
year, every January 1st following the date the lease takes effect,
based on the national construction cost index published quarterly by the INSEE.

 

The first indexation will be
carried out by taking:

•  for
a reference index, the last index published on the date this lease takes effect
(namely 1 September 2006).

•  for
a comparison index, the last index published at 1 January 2007.

 

For subsequent years, the
annual rent will be indexed by taking as a base the rent for the past year and:

•  for
a reference index, the comparison index having been used for the previous
rental indexation,

•  for
a comparison index, the index for the same quarter of the following year.

 

5.3.       The implementation of the indexation
clause is not subject to any notification, indexation applying ex officio; the
fact of not having immediately adjusted the rent will not give rise to any
lapse in the right of the parties to claim the subsequent application of the
index with retroactive effect.

 

5.4.       In the event that the comparison
index is published late for any reason whatsoever, the last known index will be
taken into account provisionally, and a readjustment will take place in
relation to the principal and interest calculated at the legal rate, once the
index in question appears.

 

5.5.       If for any reason the quarterly
construction cost index published by the INSEE is no longer published, a new
index will be established from official public conversion scales published by
the INSEE.

 

5.6.       In the event that, for any reason
whatsoever, the index chosen cannot be applied, the parties expressly agree to
replace it with either the index published in replacement, or in the absence of
this, a similar index chosen by agreement between the parties.

 

In the absence of agreement
between the Parties, the replacement index will be determined by an expert
appointed by them, and who will have the capacity of joint agent of the
Parties. In the absence of agreement on the name of the agent, he will be
appointed by the judge in chambers, at the request of the first party to apply.

 

The task of the designated
expert will involve the choice or, as required, the establishment of an index
legally usable for leases. His opinion must be given within 15 days of his
appointment and will bind, irrevocably, the parties. Expert fees will be borne
50/50 by the LESSOR and the LESSEE.

 

5.7.       The LESSOR declares that the
aforementioned indexation clause is an essential and determinant condition of
agreeing to contract, without which this lease would not have been agreed.

 

6

 

•              ARTICLE 6: GUARANTEE DEPOSIT

 

The LESSEE will pay, to the LESSOR, at the latest by
the time this lease takes effect, by way of guarantee deposit, a sum
corresponding to three months of annual rent excluding taxes.

 

This guarantee deposit, which does not accrue
interest, is aimed at guaranteeing that the premises are returned to the LESSOR
in their original state, pursuant to article 8.6 below, payment of all repairs
which are the responsibility of the LESSEE, ruled amicably or legally at the
end of the lease, as well as all other sums which might be due by the LESSEE by
way of rent, charges, reimbursable taxes, occupation indemnity, accessories or
others, during the lease and until the keys are handed over.

 

This will be reimbursed to the LESSEE within 6 months
of the return of the keys, after deducting all sums, as described above, owed
by the LESSEE

 

In no case will the LESSEE have a right to
compensation of all or part of the rent, charges or other accessories with the
guarantee deposit.

 

The LESSOR will have the option at any time to use,
without formality, the guarantee deposit for payment by way of compensation for
owed rent,  charges, reimbursable taxes,
accessories or others, the LESSEE must reconstitute said deposit at the first
request of the LESSOR, under penalty of the termination clause if deemed appropriate
by the LESSOR.

 

Compensation being expressly provided for, The LESSOR
will exercise, thus, on the sums pledged to him, all prerogatives and related
rights pursuant to articles 2073 and seq of the Civil Code. It is understood
that, in the event of cancellation of the lease for any cause whatsoever, all
rent, charges and other accessories until the expiry of the lease being
immediately due, the guarantee deposit will be compensated automatically with
the aforementioned sums.

 

This sum will also be increased or reduced when the
rental amount is modified, so that always corresponds to three months of annual
rent excluding taxes.

 

In the event that the LESSEE brings a collective
procedure, ex officio compensation will take place between the amount of the
guarantee deposit held and the sums due which are the object of the debt
statement pursuant to articles L.612-24 and L.621-43 of the Code of Commerce.

 

In this event, the continuance of the commercial lease
by the agent or liquidator in the capacity in which they act, pursuant to the
law of 25 January 1985, codified in articles L 6210-29 and seq of the Code of
Commerce. must result in the reconstitution of the guarantee deposit due under
the terms of article 6 of this lease, regardless of the payment of rentals and
charges deriving from the option exercised.

 

In the event of transfer, the sums held by way of
guarantee deposit by the LESSOR will only be returned to the LESSEE,
transferor, after deducting any sums due by the latter. Consequently, the
transferor must pay the LESSOR, on the day of the transfer, the amount of the
guarantee deposit due in execution of the lease pursuant to the terms and
conditions provided below for the transfer.

 

By the latest on the date this lease takes effect
(namely 1 September 2006). the LESSEE will have the option of substituting the
guarantee deposit with a bank guarantee at first request according to the model
attached in Appendix 2 of this lease.

 

•              ARTICLE 7: REPORT ON RENTED PREMISES ONCE THE
LESSEE TAKES POSSESSION

 

7.1.       In the preamble, the LESSEE declares
that prior to agreeing the lease he made a careful inspection of the rented
premises, accompanied by all knowledgeable people, advisers, experts or
professionals chosen and engaged by him and who could, thus, carry out all
legal, fiscal, accounting and financial surveys and any inspection of the
technical elements and equipment included in said premises.

 

It is also specified that the
LESSEE has been the occupant of the rented premises since 1 march 1991, and is
consequently perfectly aware of said premises.

 

7

 

Consequently, The LESSEE will
take place of the RENTED PREMISES on the day the lease takes effect as stated
in article 2.1, as is on the date this lease is signed, without exception or
reserve and without any claim against the LESSOR, and without any guarantee
from this latter for any cause whatsoever, in particular due to non compliance,
for the current condition of said premises or their suitability for the LESSEE’s
activity

 

Subject to the sole exception
provided in paragraph 7.2 below, the LESSOR may not, therefore, ask the LESSOR
or his agents to carry out any repair work or make the property compliant with
standards, or add additional equipment (in particular in matters of safety).

 

7.2.       Nevertheless, if work is rendered
necessary between the date this agreement is signed and the date it takes
effect, and if this work is the result of legal requirements necessary for the
LESSOR, thus creating an immediate and unavoidable obligation on his part to carry
out said work, these will be carried out by the LESSOR under the conditions of
article 8.7 below.

 

It is well understood that if
such work is inherent in the use that the LESSEE will make of RENTED PREMISES,
they must be carried out by the latter pursuant to article 8.3.3. and under the
conditions of article 8.4 below.

 

7.3.       The parties expressly agree not to
draw up a joint report on the site on the date the lease takes effect, and to
refer to the configuration of the premises as defined in the RENTED PREMISES
plans in appendix 1.

 

The parties mutually agree, on
the date the lease takes effect that the RENTED PREMISES are:

 

•           in good condition,

•           deemed to exclude the following preparations, to which the parties agree
that the LESSOR will not carry out:

 

•   movable partitions,

•   automatic switchboards,

•   invertors,

•   installations, distribution bays and
low voltage wiring,

•   generally, all installations such as
computers,

•   1st floor management
kitchen and related facilities,

•   tea making and related facilities,

•   antennae,

 

•           but is deemed to include the work and preparation carried out before
this agreement is signed, in relation to the company canteen and connected
kitchens, the Club restaurant (7th floor) and related kitchens).

 

(henceforth “THE INITIAL
PROPERTY REPORT”).

 

The outgoing report, in
comparison with “THE INITIAL PROPERTY REPORT” makes it possible to determine
the nature and cost of the work necessary to restore the premises at the cost
of the LESSEE under the conditions of article 14 of the lease.

 

•              ARTICLE 8: RENTAL CHARGES AND CONDITIONS

 

The parties, during the lease and any agreed
extensions, tacit extensions and renewals, will be subject to obligations
result from the law, custom or any other regulations, as well as the following
obligations that the LESSEE agrees to fulfil.

 

8.1.       Use of the RENTED PREMISES by the
LESSEE

 

8.1.1       The LESSEE agrees to use the RENTED
PREMISES pursuant to articles 1728 and 1729 of the Civil Code, honourably and
peaceably, for the use defined in article 3.1 above, to the exclusion of all
other activities.

 

8.1.2       The occupation of RENTED PREMISES by
the LESSEE must not lead to any violation or complaint or claim from any party
whatsoever, in particular the other occupants of the PROPERTY. The LESSEE

 

8

 

must use the
RENTED PREMISES as a responsible person and will thus take personal
responsibility for all problems caused to the LESSOR by him, his staff or visitors,
such that he will never be concerned and will be guaranteed for any
consequences that may result.

 

Nevertheless, in the event
that the LESSOR has to pay any sums due to the LESSEE, same will be bound to
reimburse him immediately.

 

8.2.       Furnishing and use of the RENTED
PREMISES by the LESSEE

 

8.2.1       Furnishing

 

The LESSEE must keep the
RENTED PREMISES constantly equipped with furniture, furnishings and materials,
to the exclusion of all goods.

 

8.2.2       Use

 

The LESSEE must keep the
RENTED PREMISES in a continuous state of effective use.

 

8.3.       Authorisations and regulations
relating to the PROPERTIES RENTED by the LESSEE

 

8.3.1       Authorisations

 

The LESSEE must
take personal responsibility, at his exclusive costs, for obtaining all
administrative or other authorisations relating to the use of RENTED PREMISES
or carrying out his activity.

 

the LESSOR may not,
consequently, incur any liability in the event of refusal or delay to the
obtention or renewal of these authorisations, or their withdrawal.

 

8.3.2       Respect for regulations

 

The LESSEE, who assumes for
the duration of the lease responsibility as Company Head, must comply with all
laws, regulations, ordinances and authorisations applicable to the RENTED
PROPERTY, in particular, and without this list being limitative, roads, safety,
security, health, the environment, employment regulations, Establishments Open
to the Public (ERP), rules defined by the Plenary Association of Fire Insurance
Companies (APSAI), instructions in the building permit and the post-work
intervention file (DIUO) relating to the property, instructions from firemen
and safety agents, and active and passive easements that might encumber the
PROPERTY such that the LESSOR will never be concerned for non respect by the
LESSEE of the above provisions.

 

8.3.3       Compliance of RENTED PROPERTIES

 

The LESSOR must carry out all
work to ensure compliance with standards which are its responsibility as owner
of the PROPERTY, and based on:

 

(i)      the applicability of existing
regulations,

 

(ii)     the entry into force of existing
regulations, not applicable to RENTED PREMISES when this lease is signed, but
become so after this date either by the effect of said regulations or the
effect of an amending legislative and/or regulatory provision,

 

(iii)    the entry into force and/or
applicability of new regulations,

 

and, when such compliance to
standards is required by any administrative or legal authority, in particular
by way of injunctions. It is nevertheless specified that the LESSOR need only
carry out this work to the extent required by the schedule or deadlines that might
be imposed by regulations of the government. Also, in the event that the LESSEE
wishes this work to be carried out within a period shorter than those imposed
by the government, the LESSEE will bear the cost.

 

It is, nevertheless, agreed
that if this work is inherent to the specific activity that the LESSEE carries
out in the RENTED PREMISES, or of they result from compliance with standards of
the work or

 

9

 

equipment of the LESSEE
himself, they must be carried out by the latter under the conditions of article
8.4 below.

 

Thus, in the event that the
government or any other authority which demands at any time modification of the
RENTED PREMISES, of whatever type, linked to the specific use of the RENTED
PREMISES by the LESSEE, any charges relating to this modification and,
consequently, any adaptation work necessary to make them compliant with his
activity or standards which have become applicable will be fully borne by the
LESSEE, who is bound even if this requirement is the consequence of force
majeure or if the resulting work is covered by article 606 of the Civil Code.
Consequently,  the LESSEE will comply, at
his exclusive costs, in relation to the regulations covered in article 8.3.2,
and the related consequences, with all instructions, claim or injunction that
may be issued by the competent bodies relating to the use made of RENTED
PREMISES

 

8.4.      Work by the LESSEE

 

8.4.1        The LESSEE is, by signing this
lease, authorised to carry out work necessary for usufruct of the RENTED
PREMISES and limited solely to preparations relating to furnishings, namely:

• paint,

• changing
carpets,

• replacement
or instalment of wiring in RENTED PREMISES through plinths or false ceilings
planned for this purpose,

• movement
or creation of movable partitions, movement or creation of elements following
this work.

 

Prior to carrying out work,
and when significant, the LESSEE must inform the LESSOR, by registered mail
with notification of receipt, of the list of work planned and the duration of
same.

 

A summary of the work carried
out during the previous year will be sent by the LESSEE to the LESSOR during
the first quarter of the current year, in the form of updated and/or
descriptive plans, depending on the nature of the work in question.

 

8.4.2        Other than the preparatory work
pursuant to article 8.4.1 of this lease, the LESSEE agrees not to carry out in
the RENTED PREMISES work of any type whatsoever, in particular:

• any
perforation of structures, any modification or creation of structures,

• any
change to the layout or construction,

• any
demolition, including decorative elements, air conditioning, electrical or
electronic installations,

• any
piercing or destruction of any façade elements, roofing, flooring, ceilings,
walls, fixed partitions, paving, arches or posts.

 

Nevertheless, if
the LESSEE desires, all the same, to carry out such work, he must ask the
LESSOR, who must expressly authorise it within the framework of the procedure
described below.

 

Said authorisation
must be given within the following framework:

• a request from the LESSEE will be sent to the
LESSOR and will contain the list of planned work, and in relation to which the
LESSOR may:

• either issued a reasoned rejection

• or send the request for instruction to his
agent responsible for the maintenance of the PROPERTY, who may claim a list of
additional documents directly from the LESSEE,

• in the event that the aforementioned agent has
requested documents, the LESSEE must hand them over, by registered mail with notification
of receipt,

• there will then be a deadline of one month
following reception of the last document requested by the agent, at the end of
which the LESSOR will inform the LESSEE of his decision whether or not to
authorise the planned work; silence on the part of the lessor will be deemed
refusal to authorise said planned work. The agreement in principal given by the
LESSOR will be, nevertheless, subject to respect by the LESSEE of technical
specifications which will define the obligations of the LESSEE as to the
realisation of work in the property of the LESSOR, and which will constitute,
also, one of the conditions for the authorisation of the LESSOR.

 

Any breach
on the part of the LESSEE of the above procedure will involve the obligation of
the latter to restore the RENTED PREMISES to their original condition and, if
the LESSOR deems it appropriate, application of the termination clause
contained in the lease.

 

10

 

8.4.3          If the work of the LESSEE gives rise
to restoration work not provided for originally (in particular on structures
and/or parts not rented to the LESSEE) and for any reason whatsoever, this work
will be at the sole cost of the LESSEE; their realisation must be subject to
the same formalities as those laid down in paragraph 8.4.2 above.

 

8.4.4           The LESSEE will make it his personal
business to obtain all certificates, studies and authorisations of any type
(administrative, architects, neighbours,..) that may be necessary for the
completion of work, notwithstanding the authorisation of the LESSOR.

 

Generally, said work must be
carried out under the full responsibility of the LESSEE, and by professionals
under the control of the architect/s, the design office and the inspection
office, following best practice pursuant to the law, regulations in force, the “REEF”
(Collection of elements useful for the establishment and execution of building
projects and contracts in France), internal regulations of the PROPERTY, if
any, and respect for other tenants or occupants of the PROPERTY.

 

Also, in order to
ensure the best conditions of use and maintenance of the PROPERTY, the LESSEE
must comply with the instructions of the LESSOR, internal regulations of the
PROPERTY, if any, and any modifications that the LESSOR may make.

 

8.4.5.          In all cases where the LESSEE
carries out work, whether pursuant to article 8.4.1, articles 8.4.2 to 8.4.4 or
article 8.5 of the lease, the authorisation of the LESSOR will not imply any
liability on his part.

 

Consequently, the LESSEE
agrees not to bring any action against the LESSOR, even if the work or
contractors have been approved by the LESSOR.

 

It is specified that the
authorisation given by the LESSOR will be an authorisation in principle
and,  in any case shall the LESSOR
guarantee that the work to be carried out (i) is not likely to give rise to
work not originally planned, (ii) are suitable for completion pursuant to the
plans and wishes of the LESSEE, and within the deadlines he anticipates, or
(iii) can be carried out without meeting obstacles inherent to the structure
and general equipments of the RENTED PREMISES or the PROPERTY and/or the
obtention of administrative and other authorisations necessary. 

 

The LESSEE agrees to
compensate the LESSOR for any tangible or intangible damage that his work or
their studies may have caused the LESSOR, notwithstanding the authorisation
that the latter may have given, namely: loss of rent, loss of property value,
various deteriorations, various other costs and obligations, or any costs
incurred by claims by different occupants of the PROPERTY,

 

8.5.       Upkeep and repair of RENTED PREMISES
by the LESSEE

 

Under the conditions defined
in article 8.4 above, the LESSEE agrees to the following obligations:

 

•       The
LESSEE must keep the RENTED PREMISES, for the duration of the lease, in good
conditions of rental repair and upkeep, and carry out all repairs that may be
necessary, whether major or minor, without distinction, including those due to
wear and tear, by derogation to article 1755 of the Civil Code, but with the
exception of only those repairs covered by article 606 of the Civil Code, which
will be exclusively borne by the LESSOR, except when these are the consequence
of the specific activity of the LESSEE.

 

In all cases, the LESSEE will
remain liable for the consequences that might result from the execution or the
non execution of repairs incumbent on him.

 

•       The
LESSEE must keep in a good condition of upkeep, operation, safety and
cleanliness all RENTED PREMISES, glass, plumbing, metalwork, woodwork,
electrical, computer and bathroom or other equipment. He will be responsible
for accidents caused by and to these objects.

 

•       The
LESSEE must repaint the RENTED PREMISES as often as necessary.

 

•       The
LESSEE must keep flooring in good condition, in particular fix, when they
appear, stains, burns, tears, holes or splits, and ensure safety of use and
movement, so as to restore them at the end of the lease in good rental
condition.

 

11

 

•       Generally,
he will repair as and when necessary any deterioration that may occur in
relation to the RENTED PREMISES, and replace if appropriate that which could
not be repaired.

 

•       In
derogation to the above, technical facilities and communal areas which have
been the object of additional work by the LESSOR, as defined in the EXTENSION
AMENDMENT, must be kept in perfect condition during this lease.

 

8.6.       Work, Upkeep and repair of RENTED
PROPERTIES by the LESSEE at the end of the lease

 

In the event that the LESSEE departs
during or at the end of the lease, this latter must return the RENTED PREMISES
after restoring them, fully or partly, to their initial state, as defined in
article 7.3 of this lease, and in good condition of rental upkeep, cleanliness
and repair, including repairs due to wear and tear, all at his exclusive costs,
it being expressly agree that the authorisation given by the LESSOR for the
completion of the work by the LESSEE in no way limits this initial obligation
of restoration by the LESSEE.

 

Nevertheless, the LESSOR has
the alternative option of asking the LESSEE to restore the RENTED PREMISES to
their current condition and in good upkeep, including all furnishings, whether
partitions, layout, improvement, modification or repair, all of which must become
the property of the LESSOR without compensation of any type and by way of
accession at the end of this lease or before this date if the lease is
cancelled early. The decision by the LESSOR to use this alternative option must
be notified to the LESSEE at the latest 4 months before the departure of the
LESSEE. Otherwise, the RENTED PREMISES must be returned in their initial
condition, as defined in article 7.3 of this lease.

 

In derogation to the above,

 

(i) the LESSOR will not
require the LESSEE to change the carpet or any tiles in the false ceiling, nor
repaint walls, solely due to the removal of movable partitions, (ii), technical
facilities and communal areas which have been the object of additional work by
the LESSOR, as defined in the EXTENSION AMENDMENT, must be restored to perfect
condition at the end of the lease, without the LESSOR requiring the LESSEE to
restore them to their original condition pursuant to article 7.3 of this lease.

 

(iii) The LESSOR henceforth
agrees to agree to, at the end of the lease, the work described within limits
in appendix 3 and financed by the LESSOR and carried out by the LESSEE subject
to the EXTENSION AMENDMENT:

 

(a)     as long as it has been carried out
in line with the requirements of the EXTENSION AMENDMENT,

 

(b)    and with the exception of work
relating to the section in appendix 3 headed “Safety of cooling equipment for
computer areas” and the category of work headed “work on securing floor
bearings” in the event that those airlocks set up differ from those set up by
the LESSOR on floors 3 and 4, for which the LESSOR reserves the right to
request at the end of the lease the restoration of the premises in question to
their initial condition.

 

8.7.       Work by the LESSOR

 

In the framework of work to be
carried out by the LESSOR:

 

•    The
LESSEE must enable, without compensation or reduction of rent, by derogation of
article 1724 of the Civil Code, and even when work lasts for more than 40 days,
any repairs, improvement work and any modifications, that the LESSOR carries
out in RENTED PREMISES or in the PROPERTY, and, even if this work is the result
from the implementation by the LESSOR of a completion bond, two yearly and ten
yearly. The LESSOR agrees to do all possible to minimise any disruption caused
to the activity of the LESSEE due to the realisation of the aforementioned
work.

 

•    The
LESSEE shall accept any modification to connections, replacement metres or
internal facilities that may be required by utility companies – water,
electricity, hot and cold water or telecom, and will allow any duct or conduit
necessary to pass through the RENTED PREMISES.

 

•    The
LESSEE must install immediately then, subsequently, replace any form work,
signs, fixtures or decoration, as well as any installation carried out, and
whose removal is necessary for the execution of all

 

12

 

work by the LESSOR or, more
specifically, to search for and repair leaks of any type, cracks to smoke or
ventilation ducts, in particular after fire or flooding, at the cost of the
LESSOR

 

•    The
LESSEE must allow at all times the opening of inspection hatches and access
mechanisms for work on ducting for electricity, 

•    plumbing,

•    
telephones and any technical equipment and new technologies serving other
contiguous premises,  if they exist, as
well as access of workers for any connection work

 

•    He
will give access to the RENTED PREMISES, to the LESSOR, his agents, architects,
contractors and workers, for any visit, repair or upkeep work. Except in the
event of emergency, all visits shall be subject to notice of at least 24 hours.

 

•     By
derogation of article 1723 of the Civil Code, the LESSOR or his agent reserves
the right, for the duration of this lease, and without having to obtain the
approval of the LESSEE, to make any changes or modification to communal areas
of the PROPERTY, to modify any access, any stairs or escalators in the
PROPERTY, to temporarily restrict access to part of the communal areas of the
PROPERTY, and to take any measures for this purpose, it being nevertheless
specified that normal usufruct of the RENTED PREMISES and their access in
conditions of perfect compliance with various applicable regulations must be
maintained.

 

The LESSOR waives any claim
for compensation or reduction of rent or charges due to the above facts,
whatever the consequences for him.

 

•            The LESSEE waives any claim against the LESSOR or his agent or insurance
company, for a reduction of rent or reparations for damages in relation to work
carried out on a public highway or by neighbours, by other occupants of the
PROPERTY and, generally, by other users of the PROPERTY, whatever the damaging
consequences for him.

 

8.7.1       The LESSOR envisages the
possibility, without this option constituting any obligation on his part, to
connect the PROPERTY to Climespace. In this event, connection costs, including
the R’2 section of the corresponding contract, will be borne by the LESSOR.

 

In the event that:

 

(i)            Connection to Climespace is
technically possible; in other words, in particular that the distribution
network is set up by Climespace on rue Cambon, and that Climespace has
sufficient capacity to meet the needs of the PROPERTY;

(ii)           Nevertheless, the LESSOR does not
wish to proceed with this;

(iii)          It is deemed necessary to replace
one or several sets of cooling equipment currently in existence;

(iv)          It is shown that the replacement is
rendered necessary due to normal wear and tear of facilities in the context of
use and maintenance in line with best practice;

 

in this case half of the cost
of the first replacement of this cooling equipment will be borne by the LESSOR;
in all other cases the cost will be fully borne by the LESSEE.

 

8.7.2        The LESSEE is also informed that the
LESSOR reserves the right, without this option constituting any obligation on
his part, to modify the current configuration of the PROPERTY reception, such
that occupants on the third and fourth floors of the PROPERTY have a separate
reception to that of the LESSEE.

 

8.8.       Stores, boards, signs and antennae.

 

No additional store or
antenna, board, sign or installation of any type affecting the external aspect
of the property may be put in place without first receiving the written
agreement of the LESSOR. The same applies to the interior of the PROPERTY in
communal areas and private areas visible from the communal parts of the
PROPERTY for any board or sign, as well as any installation incompatible with
the status of the PROPERTY and its occupants.

 

The LESSEE must also request,
at his exclusive costs, all necessary authorisations from the government, under
law or from third parties or others, and bear an inconvenience caused by said
installations.

 

Installations must be carried
out in respect for the provisions and conditions stipulated above for work by
the LESSEE.

 

13

 

The LESSEE must, also, remove
at his costs said installations when he leaves and restore the premises or
elements in which these installations were placed to their original condition.

 

8.9.       Special requirements

 

8.9.1       Respect for neighbours

 

As defined in article 8.1 of
this lease, it should be remembered that the LESSEE must not cause any problems
for the neighbours of the PROPERTY.

 

For this effect, the LESSEE
may not use, event temporarily or occasionally:

•  any
communal part of the PROPERTY for packing or unpacking, storage or placement of
counters, vending machines or other installations, it being agree that he must
also permanently leave emergency exits unblocked by any furniture or object
whatsoever,

• any
slow burning device,

• any
loudspeaker or broadcast system which can be heard outside the RENTED PREMISES,
any electrical device or disturbance to radio, telephone or television
broadcasts.

 

Generally, The LESSEE must
refrain from any activity disturbing or likely to disturb the peaceable
usufruct of other occupants of the PROPERTY or neighbouring properties.
Consequently, he must immediately remove any machinery installed if their
operation, despite the precautions taken, cause any justified complaints from other
occupants of the PROPERTY or neighbouring properties.

 

The LESSEE must refrain from
any dangerous, disruptive or unhealthy activity. He must take all useful
measures to prevent any unpleasant odours. He must refrain from disposing of
any corrosive products or those at risk of blocking any conduits or pipes, and
he must not store in the RENTED PREMISES any toxic or damaging objects,
compressed gas, radioactive or corrosive material, and generally all dangerous,
flammable products, or those which could endanger the health or safety of
occupants of the PROPERTY.

 

The LESSEE must take all
measures to avoid the presence and spreading of rodents, insects, etc. and, as
applicable, to destroy them.

 

The LESSEE may not carry out,
in the RENTED PREMISES, any public sale of furniture or other objects.

 

8.9.2       Fluids – Utility connections

 

The LESSEE must sign all
subscriptions for electricity, water, telecommunications and, generally, all
fluids necessary.

 

He will take personal
responsibility, when returning the keys to the LESSOR, to cancel all lease
contracts that he may have signed for these specific installations.

 

He will directly pay the
services in question the corresponding amount for subscriptions, fees and
consumption.

 

8.9.3       Flooring

 

The LESSEE must not
subject to the floors to loads greater than they can bear, under pain of being
liable for any disruption or accidents, which he will repair without prejudice
to any damages.

 

8.10.     Parking spaces

 

8.10.1     The LESSEE may only use parking
spaces to park private vehicles of his employees or visitors, to the exclusion
of all other activities of repair, emptying, washing.

 

He must not store any
material, object, furniture or goods of any type, in particular: tyres, barrels
of oil or petrol.

 

14

 

He must respect operating and
safety rules for car parks resulting from the guidelines given to him by the
LESSOR or internal regulations, if any.

 

8.10.2     The LESSEE must collect and return
at the first request of the LESSOR any magnetic cards or, generally, ant means
of access that he has been issued, so they can be regularly replaced or
validated, or at the end of the lease.

 

•              ARTICLE 9: USE – SUB LETTING – TRANSFER - PLEDGING

 

9.1.       Use

 

The LESSEE must personally use
the RENTED PREMISES and may not grant usufruct to any person whatsoever, in any
way, event temporarily, free of charge or at cost. Neither may he grant
domiciliation. in any way whatsoever, event temporarily, free of charge or
temporarily. He may not, furthermore, grant domiciliation.

 

9.2.       Sub letting

 

All total or partial sub lets
are prohibited.

 

By derogation to this
prohibition in principle, the LESSEE is authorised to sub let and domicile,
under the following conditions, to any company controlled by the LESSEE or
controlled by the same body as that controlling the LESSEE (as defined below),
including this body, part of the RENTED PREMISES after having informed the
LESSOR of this by registered mail with notification of receipt, inviting the
LESSOR to agree to participate in the sub letting act. 

 

For the requirements of this
lease, a company is deemed to be controlling another when it holds, directly or
indirectly, the majority of voting rights in this company.

 

The subsidiary links thus
defined must be maintained for the duration of the sub tenancy, and the LESSEE
must provide evidence of this to the LESSOR at his first request, and for the
first time when signing the sub tenancy.

 

It is understood that the
RENTED PREMISES, as jointly intended by the parties, are deemed to be
indivisible, it being recalled that the LESSEE must, in particular, continue to
operate his business in the RENTED PREMISES.

 

Also, the LESSEE may be
authorised to sub let to any third party companies a maximum total surface area
of 3,500m2.

 

This authorisation will only
take effect as of the second year of the lease, namely 1 September 2007.

 

Also, The LESSEE is prohibited
from carrying out, before 1 July 2007, any marketing measures for sub letting
purposes, unless the LESSOR has fully rented the third and fourth floors of the
PROPERTY before this date. In this event, the LESSOR agrees to notify the
LESSEE that the third and fourth floors of the PROPERTY have been fully rented
and, consequently, the LESSEE is authorised to carry out any measures for the
purposes of sub letting.

 

By express derogation to the
above, the LESSOR authorises the LESSEE to maintain in place all sub tenants
external to the EURONEXT group currently present in the PROPERTY to a maximum
surface area of 500m2 (five hundred metres square).

 

Finally, the LESSOR henceforth
authorises the LESSEE to carry out marketing of the RENTED PREMISES with the “Court
of Accounts”, to which the LESSOR gives his agreement in principle as to sub
tenancy, as of 1 July 2007, in the context of a temporary sub tenancy contract
linked to the project of restructuring the Court of Accounts, and for which, in
this context, the duration must not exceed 36 months. As of 1 July 2007, the
LESSEE will be free to offer space to the Court of Accounts under the
aforementioned conditions for sub letting to third party companies.

 

All these derogations and
special provisions are covered by the aforementioned limit of authorisation to
sub let to any third party company a maximum surface area of 3,500 m2.

 

15

 

It is specified that this
lease is an indivisible whole, both materially and as mutually agreed by the
parties, the LESSEE remaining in any event solely liable for the correct
execution of all clauses in the lease in respect of the LESSOR. Any sub
tenancies that may have been agreed may not, furthermore, grant the sub tenant
more rights than are held by the LESSEE.

 

9.3.       Transfer
of goodwill

 

The LESSEE may not, in any
case transfer his right to this lease. He may only do so on the event of
transfer of his goodwill, nevertheless having first requested the written
authorisation of the LESSOR.

 

The transferor, assignee and
successors of same in the event of successive transfers shall remain guarantors
of any jointly and severally liable for payment of rental, their accessories,
occupation indemnities due, as applicable, as well as the execution of all
clauses of this lease, whatever the period during which the goodwill is
operated by either party. This joint and several guarantee will be due by any
assignee on behalf of any transferors, and reciprocally by any transferor on
behalf of any assignee, for the entire residual period of this lease and any
tacit extension, without the LESSOR being bound to carry out any formalities or
claim in the event that payment deadlines are granted amicable or legally to
the main debtor. The guarantee shall remain due in the event of cancellation of
the lease for any cause whatsoever, during the effective occupation period of
premises until they are effectively and fully released and the keys are handed
over.

 

The LESSOR shall be called to
participate in the transfer act,  fifteen
days before the effective signing date of same, by registered letter with
notification of receipt, to which shall be attached the draft definitive
transfer document, which must be authenticated. This document shall be
dispatched without charge in the month it is signed, so it can be enforceable.

 

Also, any transfer document
must expressly refer to the obligation on the part of the assignee to fully pay
the guarantee deposit to the LESSOR, on the day the document is signed, the
deposit guarantee previously paid by the transferor being reimbursed by the
LESSOR to same under the conditions pursuant to article 6 of this lease.

 

Finally, It
is specified that the LESSEE must. prior to the transfer, be up to date with
all rental payments, charges and accessories, and will take personal
responsibility for salaries, tax and social costs.

 

9.4.       Pledges

 

Any pledge granted by the
LESSEE relating to the goodwill operated in the RENTED PREMISES must be fully
notified to the LESSOR within one month of its inscription.

 

•              ARTICLE 10: INSURANCE

 

10.1.    Insurance taken
out by the LESSOR

 

The LESSOR
has taken out an insurance policy guaranteeing both property, and the pecuniary
consequences of enforcing the civil liability of the property owner.

 

10.1.1.       Insurance of goods

 

The
insurance contract taken out by the LESSOR guarantees all buildings, general
and technical facilities deemed as fixed property by nature or purpose,
communal furniture, against the following main risks:

fire,
explosions,

electrical
damage,

flooding,

storms,
hurricanes, hail, weight of snow,

strikes,
riots, coups and acts of vandalism,

natural
disasters;

 

goods are
insured to their as new value, it being specified that this will evolve in line
with the index provided for in the insurance policy/ies.

 

16

 

The
insurance includes guarantee for loss of rental following guaranteed material
damage.

 

Also, the
insurance contract includes the “Claims by neighbours and third parties”
guarantee following a fire, explosion or flooding affecting the insured goods.

 

The LESSOR
and his insurers declare that they waive any claim against the LESSEE and his
insurers for risks guaranteed in the contracted described below which mentions
this provision.

 

10.1.2.       Liability Insurance

 

The
insurance policy taken out by the LESSOR guarantees the pecuniary consequences
of liability that might be incumbent on him, due to the work owned by him, due
to physical, tangible and intangible damage consequently caused to third
parties.

 

10.1.3        Reimbursement of
insurance premiums

 

The
LESSEE must reimburse the LESSOR, on top of rent and charges, and at the first
request of the latter, his share of the premiums resulting from the policies
described above in chapters 10.1.1 and 10.1.2. This reimbursement will be
subject to VAT.

 

10.2.    Insurance taken out by the LESSEE

 

10.2.1.       Insurance of goods

 

The LESSEE
must also request, against the following main risks:

fire,
explosions

electrical
damage,

flooding,

storms,
hurricanes, hail, weight of snow,

strikes,
riots, coups and acts of vandalism,

natural
disasters;

theft,

broken
glass,

 

(a) all fixtures,

 

(b) furniture,
equipment, merchandise and, in general, all goods.

 

The
contract/s must grant a guarantee for claims of neighbours and/or third
parties, as well as problems of usufruct.

 

The LESSEE
and his insurers declare that they waive any claim against:

• The “LESSOR” any
company in his Group, his agents and their insurers,

• all tenants and,
more generally, against all other occupants, as well as their insurers.

 

This
provision shall be mention in the insurance policy taken out by the LESSEE.

 

10.2.2.       Insurance for additional costs or operating losses.

 

The LESSEE shall take out a
policy guaranteeing additional operating costs or operating losses following
damage affecting his goods or that of the LESSOR.

 

10.2.3.       Liability Insurance

 

The LESSEE
shall take out an insurance policy guaranteeing the pecuniary consequences of
liabilities that may be incumbent on him, due to his activities and the use of
premises, due to physical, tangible and intangible damage consequently caused
to third parties and involving the following minimum capital per event:

• physical damage
..................................................      6 000 000 €
(six million euros),

 

17

 

• consecutive
tangible and intangible damage..        800,000 € (eight
hundred thousand euros),

 

the above
minimums may be reviewed at the request of the LESSEE

 

10.2.4.       Insurance taken out by the LESSEE in the event of work

 

The LESSEE,
in the event that he carries out work, shall take out:

• a “Civil liability”
policy, with a view to covering damage caused to third parties, due to the
execution of his work;

• a “works damage”
policy, allowing him to meet the legal obligations laid down by articles 1792
to 1792-6 of the Civil Code, and, pursuant to the provisions of law 78-12 of 4
January 1978;

• if he deems
necessary, an “all site risks” policy, to cover damage that might occur during
work until definitive reception of same.

 

10.3.    Obligations of the LESSEE

 

With a view
to ensuring compliance with the above stipulations, the LESSEE must pay the
LESSOR, each year at the beginning of the financial year, an insurance
declaration from his insurers.

 

The
insurance declaration must mention at least the guarantees required above in
articles 10.2.1, 10.2.2 and 10.2.3, and the corresponding amounts.

 

The LESSEE
must maintain and continue said insurance for the whole duration of the lease,
regularly pay premiums and provide evidence of this to the LESSOR when
requested.

 

the Lessee
agrees to notify the Lessor, on subscription and during the lease, all elements
likely to aggravate the risk and modify the premium applicable to the rented
premises.

 

The LESSEE
must provide free access to premises for the insurer of the LESSOR so he can
properly assess the risks to cover.

 

The LESSEE
also agrees to respect usual obligations in site protection matters, and to
comply with any decision taken by the LESSOR to meet any technical
modifications requested by the insurers, or their recommendations.

 

The LESSEE
shall declare to his insurer on the one part, and simultaneously to the LESSOR
on the other, any significant event, as soon as he becomes aware of it, and
within fifteen days of its occurrence at the latest.

 

•              ARTICLE 11 – LIABILITY AND CLAIMS

 

Without prejudice to the waiver of
claims pursuant to article 10, the LESSEE waives any claim for liability
against the LESSOR, any company in his Group, the agent of the LESSOR and their
respective insurers, and agrees to obtain the same waivers from his own insurer
for the following cases:

 

• In the event of
theft, attempted theft, or other criminal acts committed in rented premises or
communal areas, the LESSOR himself not bearing any obligation of supervision,

• in the event of
malfunction or interruption to lifts, water, electricity, telephone, air
conditioning, generators, all IT systems and new technologies, if they exist.
Also, any cancellation of a service may not give rise to any compensation or
reduction in rent for the LESSEE. The LESSOR agrees on his part to take all
measures necessary to restore said fluids to the extent that he is responsible
for the management of said equipment or signatory to contracts for the
provision of said fluids,

• in the event of
damage to the RENTED PREMISES and/or furniture therein, following leaks,
flooding, damp or other circumstances,

• in the event of
actions causing damage on the part of other occupants of the PROPERTY, their
personnel, providers and customers, any third party in general,

in the event
of expropriation for public utility, all rights of the LESSEE being reserved
against the expropriating party.

• In
the event of contamination of heating, water and air conditioning networks.

 

18

 

The LESSEE and his insurers declare
that they waive any claim against the LESSOR, any company in his Group, his
agent and their respective insurers, compensation for loss of usufruct or
operating losses due to the interruption, total or partial, of operation for
any reason whatsoever.

 

•              ARTICLE 12: DESTRUCTION OF THE RENTED PREMISES

 

In the event that, following a fire, an explosion for
any cause whatsoever, or any other incident, the RENTED PREMISES are destroyed
or rendered completely unfit for use, this lease will be cancelled ex officio
without compensation.

 

By derogation of article 1722 of the Civil Code, and
notwithstanding the fact that the RENTED PREMISES are only partially destroyed
or rendered unusable for no longer than six months, the LESSEE may obtain a
reduction of rental only in line with the surface area destroyed or rendered
unusable, to the exclusion of the cancellation of the lease.

 

In the event that due to causes beyond the LESSOR’s
control, the reconstruction or use of the RENTED PREMISES is deemed impossible
beyond the aforementioned 6 month period, and even in the event that it is only
partially so, this lease will be cancelled ex officio, without any compensation
for the LESSEE, full benefit of property insurance compensation being taken by
the LESSOR.

 

•              ARTICLE 13: VISITS TO THE RENTED PREMISES

 

The LESSOR reserves, for him and any person
representing him or duly authorised, a right to visit the RENTED PREMISES:

• 
24/24 in the event of emergency, in order to take any measures to conserve his
rights and/pr to carry out any repairs necessary to the PROPERTY,

•  and,
subject to notice of 72 hours for any other reason, it being understood that
the LESSOR may not abuse this right and will do all possible to avoid
disturbing the activity of the LESSEE, and shall be accompanied,  if this latter so wishes, by one of his
representatives.

 

Also, once notice has been given, or during the last
nine months of usufruct or in the event of sale of the PROPERTY or RENTED
PREMISES, the LESSEE must allow visit to the RENTED PREMISES by potential
tenants or purchasers accompanied by the LESSOR or his agent, all working days,
from 9h to 18h, it being nevertheless understood that, as much as possible,
notice of 24 hours will be given.

 

Within the notice period prior to the expiry of the
lease or in the event that the premises not leased by the LESSEE are
marketed,  the LESSOR may place on the
facade a sign or banner, respecting the status of the site and in relation to
the areas to be rented.

 

A set of keys and/or entrance badges will be kept
permanently with the PROPERTY caretaker or the body responsible for its
technical management.

 

•              ARTICLE 14: RETURN OF THE RENTED PREMISES

 

14.1.     One month before leaving, the LESSEE
must provide evidence, by presenting receipts for payment of contributions owed
by him, both for the past and current year, and all owed rental and charges,
and inform the LESSOR of his future address.

 

14.2.     The LESSEE must also keep the RENTED
PREMISES in good condition of upkeep, cleanliness and rental repair (with the
exception of technical facilities and communal areas which have been the object
of additional work by the LESSOR, as defined in the EXTENSION AMENDMENT, must
be restored at the end of the lease to a perfect condition of upkeep,
cleanliness and repair), and return them free of any furniture, fixtures,
wiring not accepted by the LESSOR using his option pursuant to article 8.6 of
this lease.

 

For this effect, four months
at the latest before the expiry of the lease, or on his effective departure, if
this is first, a joint report on the condition of the RENTED PREMISES will be
carried out, a report which will show the repairs incumbent on the LESSEE and
the work to restore the premises to their initial condition by the LESSEE.

 

19

 

The LESSEE must carry out at
his costs all repairs by the expiry date of the lease or on his effective
departure date if this is first, under the control of the LESSOR’s project
manager, whose fees he will bear, except in relation to the opening up and
removal of wiring.

 

14.3.     In the event that the LESSEE does
not carry out the repairs within the above deadlines, as well as in those cases
where he does not respond to notification from the LESSOR, the LESSOR will have
the amount of said repairs legally valued. As required, jurisdiction is
assigned to the judge in chambers of the Tribunal de Grande Instance for the
place in which the PROPERTY is located to designate any expert for this effect.

 

The parties may agree that
restoration work is carried out by the LESSOR, at the cost of the LESSEE, under
the condition that, prior to his departure, an agreement is reached as to the
description, estimate and deadline for the completion of said work.

 

14.4.     In the cases described in paragraph
14.3, the LESSEE shall be liable to the LESSOR for compensation pursuant to
article 19.6, plus charges, calculated on a pro rate temporis basis during the
time the RENTED PREMISES must be unavailable to allow the repairs incumbent on
the LESSEE to be carried out beyond the expiry of the lease.

 

•              ARTICLE 15: TAXES AND CHARGES

 

15.1.     The LESSEE must pay municipal,
police and highway charges, personal and property contributions, rental fees,
professional fess and all other taxes, royalties, fees and other expenses,
present or future, relating to the RENTED PREMISES and their use, and to which
tenants are ordinarily bound, such that the LESSOR will not be concerned in
this matter.

 

He must provide evidence of
their payment when required by the LESSOR, eight days at least before the
return of keys.

 

15.2.     The LESSEE must reimburse the
LESSOR, as well as rent, charges, land tax, fees for cleaning and removal of
household waste, the “annual tax on office premises, commercial premises and
storage premises” affecting the PROPERTY and the RENTED PREMISES, as well as
all costs and fees relating to the PROPERTY and the RENTED PREMISES that may
subsequently replace said taxes and charges and/or created, such that the
rental is net of any tax and charges for the LESSOR.

 

15.3.     Generally, he must reimburse the
LESSOR with charges the share of any new tax, charge or royalty, municipal,
regional national or European corresponding to the RENTED PREMISES, which might
be created.

 

15.4.     Reimbursements carried out pursuant
to articles 15.2 and 15.3 will be carried out on receipt of the invoice from
the LESSOR or his agent, or if this latter prefers, under the following
conditions:

•  quarterly
payment, on top of rent and charges, of a provision corresponding to a quarter
of the forecast annual amount of the tax or charge,

•  after
settling the annual account, payment by the LESSEE, in the eight days following
the call made by the LESSOR, of any supplement, or deduction of the remainder
from the following quarterly instalment.

 

15.5.     The aforementioned taxes and fees
shall be, as applicable, like the main rent, subject to current VAT.

 

•              ARTICLE 16: CHARGES

 

16.1.     The parties mutually agree that the
lease is deemed net of all charges for the LESSOR. Consequently, the LESSEE
must, as well as rent,  reimburse the
LESSOR for share of all charges, contributions and expenses of any type, taxes
included, relating to the RENTED PREMISES and the PROPERTY, under the following
conditions.

 

The aforementioned charges
include, without this list being limitative:

 

•    Costs
for consumption of lighting, water, heating, air conditioning, ventilation
pertaining to the PROPERTY, and generally all consumption of fluids of any
type,

 

20

 

•    costs
for maintenance, cleaning and upkeep of all communal areas or those used by the
PROPERTY as a whole, including devices and equipment and affecting,  in particular, flooring, floor or wall
covers, walls or partitions, external facades, internal paths and courtyards,
if any.

 

•    decor
and any flowers and plants, as well as the cost of landscaping green areas,

 

•    the
purchase cost of material, tools, fixtures, furniture, horizontal or vertical
signs, whatever systems installed, informative material for customers located
in the PROPERTY or outside, all systems of control, surveillance and other
elements necessary for the security and general interest of the PROPERTY, etc.,
the cost of their upkeep, repair, modification or replacement, and generally
the renewal of all equipment and technical installations necessary for the management
and operation of the PROPERTY,

 

•    all work involving
communal areas used by the PROPERTY as a whole, and all work affecting
equipment relating to the operation and security of the PROPERTY, such as
lifting equipment, heating and air conditioning facilities, ventilation and
smoke removal facilities, high and low voltage electrical facilities,
generators, back up pumps for water, waste networks etc. and resulting: 

 

1°  either from
secondary work

 

2°  or from upkeep,
restoration, major or minor repairs, without distinction, with the exception
only of these repairs pursuant to article 606 of the civil code, which shall be
borne exclusively by the LESSOR,

 

3°  or replacement,
repair or creation,

 

4°  or improvement or
renovation when necessary to maintain the status of the PROPERTY,

 

and, even if
the work pursuant to 1, 2, 3 and 4 above is caused by wear and tear, by
derogation to article 1755 of the civil code. the development of techniques,
the obsolescence of material and equipment, maintenance of the status of the
PROPERTY, it being understood that the LESSEE is notified of the fact that the
maintenance of the status of the PROPERTY, its development, obsolescence and/or wear and
tear of work and equipment comprising it may generate renovation or decorative
work necessary to maintain the status of the PROPERTY for its occupants,  tenants or their customers, all resulting
costs being re-invoiced to the LESSEE.

 

•    costs and
royalties deriving from surveys and the completion of the above work, including
research costs and royalties and those for the project manager, including costs
for studies prior to work being carried out,

 

•    costs
for removal and sorting of common waste,

 

•    costs
for the PROPERTY’s security service, inasmuch as thus is carried out by the LESSOR
or his agents,

 

•    remuneration, including social charges and
related costs, of personnel assigned to management, supervision, security,
maintenance or cleaning of the PROPERTY and all facilities, or costs deriving
from the use of external companies in this respect.

 

•    insurance
brokerage fees and all insurance premiums taken out by the LESSOR for the
entire PROPERTY, communal areas, as well as the layout and furnishing of
communal areas, in particular, without this being limitative, insurance against
fire and explosion, vandalism and broken glass, civil liability, water damage –
accident release and leaks of automatic extinguishers,

 

•    management fees for the PROPERTY, which will have a ceiling
of 3% excluding tax of the annual rent excluding charges.

 

It is specified
herein that charges for the RENTED PREMISES will be distributed either
according to the surface area, or on a pro rata basis of the share of general
charges assigned to RENTED PREMISES, and on a pro rata basis of the number of
parking spaces for specific car park charges.

 

It is also
specified that these charges have been calculated in line with an hourly
schedule for the operation of the PROPERTY.

 

21

 

In the event that,
on a regular basis, the LESSEE is to use the RENTED PREMISES for a
significantly longer or different timescale, the LESSOR will have a right to
consequently increase the share of charges borne by the LESSEE, to take account
of the surcharges caused and not penalise the other tenants of the PROPERTY.
From this viewpoint, both increased operational charges and surcharges caused
by greater wear and tear of certain equipment will be taken into account.

 

Also, subject to
any internal regulations of the PROPERTY, conditioned air, if this service
exists, will be provided to the office at least during the normal opening hours
of same, namely 9h to 10h, from Monday to Friday inclusive.

 

The LESSEE is
prohibited from bringing any claim if the days or times for the provision of
air conditioning exceed is own requirements. In particular, he may not make
objections in relation to his participation in charges.

 

Generally, the
LESSEE may not make any objections in relation to his participation in charges,
in particular as to the interest and use he makes of the PROPERTY’s equipment
and services.

 

16.2.     The aforementioned charges are
subject to VAT and are payable as follows: 

 

The LESSEE will pay at the
beginning of each quarter, by bank deposits provided for above, as well as
rent, a provision to cover the aforementioned charges and corresponding to a
quarter of the annual amount planned, it being specified that charges are due:

• as of
the date the lease takes effect; the provision due being, then, calculated on a
pro rate temporis basis, based on the remaining period of the current quarter,

• until
the departure of the LESSEE; charges being calculated pro rata temporis until
the return of keys.

 

The LESSOR may, at all times,
adjust the aforementioned provisions depending on changes to budgets or charges
defined after each year.

 

If possible during the first
half of each calendar year, The “LESSOR” or his agent will draw up the accounts
for the previous year, send them to the LESSEE, claiming from him the
supplement due in the event that there are insufficient provisions, or
crediting him with the excess paid, as applicable. In the first case, the
LESSEE agrees to pay the supplement due within 10 days of reception of the
invoice from the LESSOR.

 

16.3.     The
LESSEE must also directly pay for any personal consumption, in particular
water, electricity, heating, coolant (costs for production of cool air),
telephone, according to the results of meters and statements, as well as any
insurance premiums.

 

He will pay, also, regularly,
his salary and social charges (URSSAF, ASSEDIC contributions, etc.), as well as
payment of VAT relating to the operation of his business.

 

In this respect, it is
indicated that if, due to impossibility, the LESSOR has to pay certain expenses
on behalf of the LESSEE, the latter agrees to reimburse him at first request.
This may be, in particular, the case for water charges, if RENTED PREMISES do
not have specific metres and, as a result, consumption cannot be metered
separately.

 

•              ARTICLE 17: ENVIRONMENT – SANITARY CONTROLS

 

17.1.     The LESSOR will maintain the
PROPERTY in a standard of comfort, safety, health and hygiene usually observed
for comparable properties, to the limit of his incumbent responsibilities.
Nevertheless, the LESSOR will not be bound by any obligation of results
relating to the condition of construction and work on infrastructures and
superstructures, the condition of the soil or sub soil, the total absence of
asbestos, lead, legionnaires or any other polluting substance, the absence of
defects of any type, apparent or hidden, wear and tear and regulations in
force.

 

17.2.     The LESSOR has carried out a
diagnostic in the RENTED PREMISES pursuant to decrees on the protection of the
population against health risks linked to exposure to asbestos, and numbers
96097 of 7 February 1996, 970855 of 12 September 1997, 2001-840 of 13 September
2001 (modifying decree n. 96-97) and 2002-839 of 3 May 2002.

 

22

 

The LESSEE declares that he is
aware of the asbestos diagnostic report carried out by VERITAS under the
reference “Asbestos Technical File 2005 - 003622 1483345/002/001B/SP”, a copy
of which has handed over on 6 January 2006; the LESSOR, who is not an expert in
the matter, in no way guarantees the contents and accuracy of this report,
which the LESSEE expressly recognises.

 

17.3.     For the execution of work he will
carry out, both at the beginning and during the lease, the LESSEE agrees not to
use any material likely to present a danger to health and safety of the
occupants of the RENTED PREMISES and the PROPERTY.

 

If the material he has used
become prohibited by new provisions, he will make any resulting consequences
his personal business: investigation, diagnostic, removal or others, whether
this work is pursuant to article 606 of the civil code or may have in the
meantime been accepted by the LESSOR or the LESSEE has been freed from any
commitments under the lease as a result of it expiring in the event of notice
or cancellation, all without any claim possible against the LESSOR.

 

17.4      In the context of the work covered
by paragraph 1 of article 17.3, all controls, verification and work to which
the RENTED PREMISES, fixtures, installations and equipment that they contain,
may be subject, due to existing or future regulations relating to the safety of
persons or objects, will be fully borne by the LESSEE, who waives any claim
against the LESSOR for deterioration and problems with usufruct that may
result.

 

17.5.     When any other regulation applies:

• the
LESSOR must analyse at least once a year the quality of air, hot and cold water
used in the RENTED PREMISES.

• He
must, also, audit, if they exist in his RENTED PREMISES, kitchens, cold rooms
and storage areas, using a specialist laboratory, at least twice a year.

 

These different inspections
must be notified to the LESSOR, who must also be immediately informed of any
anomaly observed.

 

17.6.     Finally, the LESSOR must inform the
LESSOR in writing of any epidemic or serious accident occurring in the
immediate surroundings of the RENTED PREMISES, within 48 hours of the
occurrence of the accident, as soon as he becomes aware of it.

 

•              ARTICLE 18: MODIFICATIONS – TOLERANCE - INDIVISIBILITY

 

18.1.     Any modification to this agreement
may only result from a bilateral agreement. This modification may in no case be
deduced, either from the passivity of the LESSOR or his agents, or mere
tolerance, whatever the frequency and duration, the LESSOR always remaining
free to request at any time the strict application of clauses and stipulations
which have not been modified in writing.

 

If, for the duration of this
lease, it tacit extension or any renewals, the LESSOR transfers ownership of
the PROPERTY, by any legal means, to a third party of his choice, whether this
is a physical person or a legal entity, this lease shall be, automatically,
transferred to the new lessor and this latter will ex officio be subrogated on
this transfer to the LESSOR in all rights and obligations resulting from this
lease, both actively and passively, without this substitution henceforth
accepted by the LESSEE giving rise to a novation of this lease.

 

18.2.    The lease is declared, particularly
in the event that a partial sub let is authorised, indivisible to the sole
benefit of the LESSOR. In the event of co-tenants under this lease, transfer or
death, the obligation of co-tenants will be deemed joint and several.

 

18.3.     If the LESSEE is, following
transfer, a physical person, then, in the event of the death of the LESSEE, his
heirs or representatives will be joint and several, both in relation to payment
of rent, charges and accessories, and the execution of all clauses of this
lease, and without invoking the benefit of negotiation.

 

They will also bear, and under
the same conditions, notification costs pursuant to article 877 of the Civil
Code,

 

23

 

•              ARTICLE 19: TERMINATION CLAUSE – JURISDICTION - SANCTIONS

 

19.1.     It is expressly stipulated that, in
the event of failure to pay a single rental payment, fraction of payment or
rental reminder, occupation indemnity due in the event of continuance in the
location pursuant to article L.145-28 of the Code of Commerce, charges,
accessories or penalties when due, reconstitution of the guarantee deposit
and/or its supplement, or in the event of breach of any of the conditions of
this lease and its appendices, and one month after an order or notification by
writ has gone unheeded, this lease shall be, if the LESSOR deems it
appropriate, cancelled ex officio, even in the event of payment or execution
subsequent to the expiry of the above deadline.

 

19.2.     Jurisdiction is assigned, as
required to the Magistrate in chambers for
the location of the PROPERTY to rule breach and implementation of
this clause and rule the eviction of the LESSEE.

 

19.3.     In the event of failure to pay any
sum due pursuant to this lease or subsequent documents, the amount of each
amount due fully or partly will be, at the end of fifteen days from this due
date, increased by 10% by way of fixed penalty, without prejudice to the
application of any termination clause.

 

By express agreement, this
penalty will apply ex officio at the expiry of the aforementioned deadline,
without any notification required.

 

19.4.     Also, any sum due under this lease,
including the fixed penalty pursuant to article 19.3 above, which is not paid
exactly when due, will bear interest as of this date, without any prior notice
being necessary - the LESSEE being notified by the mere expiry of the due date
-, at the rate determined below:

• : T =
average monthly rate of the EONIA (EUROPEAN OVERNIGHT INDEX AVERAGE, as
calculated on a day to day basis under the supervision of the European Network
of Central Banks) plus 400 base points (namely 4$) a year (for example, if the
average monthly rate is 5%, the rate applied shall be 5% + 4%, namely 9%).

 

In the event that, for any
reason whatsoever, the EONIA rate disappears, the parties agree to replace it
with:

• either
the replacement rate,

• or,
in the absence of this, the average bank rate for banks who are members of the “French
Association of Banks” or any body replacing this latter, as applicable,

• or
any other rate set by an expert; expert fees deriving from this being borne
50/50 by the LESSEE and the LESSOR, who are bound by them.

 

Interest will be due as of the
due date of each sum in question, pursuant to article 1155 of the civil code
and, if they are due at least for a full year, they will bear interest pursuant
to article 1154 of the Civil Code.

 

19.5.     In the event of cancellation or
eviction, the guarantee deposit and rental paid in advance, if any, will be
kept by the LESSOR by way of compensation, without prejudice to more
significant damages and the provisions of article 1760 of the civil code. By
express agreement of the parties, it is understood that these sanctions do not
contradict those provided for in the aforementioned article 2.4, which only
concern the effects of non respect by the LESSEE of the fixed lease period.

 

19.6.     The occupation indemnity borne by
the LESSEE on the event that he does not leave the RENTED PREMISES after ex
officio or legal termination, or the end of the lease following notice, will be
drawn up on a one off basis based on the overall rent for the last rental year,
plus 50%, plus any rental accessories.

 

19.7.      By express derogation of articles
1253, 1254 and 1256 of the Civil Code, the deduction of payments made by the
LESSEE will be carried out by the LESSOR in the following order:

•  recovery
and procedural costs,

•  damages,
penalties,

•  interest,

•  guarantee
deposit, readjustment of the guarantee deposit,

•  owed
rental or occupation indemnities: it is specified that in relation to this last
item, the deduction will be carried out as a priority by the LESSOR on sums
which have not been subject to any dispute,

•  provisions
on charges.

 

Within each of these posts,
priority will be given to annexed or accessory premises over the main premises.

 

24

 

19.8.     Costs and royalties of any type
incurred by the LESSOR to respect rights pursuant to this agreement and, in
particular, and without this list being limitative, those relating to
summonses, legal proceedings, interim or executory measures laid down by
bailiffs as well as all expert costs and royalties, and for the lifting of inscriptions
and notifications that may be necessary pursuant to articles L.145-5 to
L.145023 of the code of commerce, will be borne by the LESSOR, who is bound by
them, and invoiced with the following payment; this provision covers, also
legal costs and fees, when these do not exceed normal market levels.

 

•              ARTICLE 20: DECLARATIONS BY THE LESSEE

 

20.1.     The LESSEE declares that he has all
powers necessary to sign this contract.

 

20.2.     He declares that, on the day this
lease is signed, he is solvent and able to pay the contractual rental amount
defined above.

 

20.3.     The LESSEE declares that he will
take personal responsibility, for the duration of this lease, to carry out all
legal, fiscal and administrative formalities relating to operation in the
RENTED PREMISES, and that he will carry out, consequently, all declarations and
will pay all taxes and charges pursuant to legislation in force, such that the
LESSOR need never be concerned in this respect. More specifically, the LESSEE
agrees, once this lease is signed, to respect all provisions of article L
324-10 of the Employment Code relating to the prohibition on undeclared work,
and those of article R 324-4 of the Employment Code in application of
article L 324-14 of the Employment Code.

 

Otherwise, the LESSEE agrees
in respect of the LESSOR, irrevocably, to guarantee the latter against all
consequences of any breach of the above obligations.

 

•              ARTICLE 21: MISCELLANEOUS

 

21.1.     This lease will be registered at the
request of the LESSOR and at his costs.

 

21.2.     This contract and its appendices are
the sole agreement between the parties; it cancels and replaces any agreement
or letter or act which may have been signed prior to this date by the parties
in relation to the lease of the RENTED PREMISES.

 

Consequently, the LESSEE
agrees not to rely, against the LESSOR, any documents, pamphlets, information
or other documents relating to the RENTED PREMISES and the PROPERTY, provided
by this latter or any other person, or which he may be aware of.

 

21.3.     The contents and accuracy of all
documents, including those reproduce in the appendices of this lease - issued
by any body, knowledgeable person, expert, third party, which have been or will
be handed over to the LESSEE by the LESSOR or his agents will not be guaranteed
by the LESSOR or his agents, said documents only binding their authors, this
being expressly accepted by the LESSEE.

 

Consequently, the LESSOR may
not use them to bring a claim against the LESSOR and/or his agents.

 

21.4.     The fact that either party does
enforce a breach by the other party of any of the obligations herein, whether
temporary or permanent, will not be interpreted as a waiver of the obligation
in question.

 

Consequently, the party who
does not enforce this breach may at any time require the other party to respect
the obligation in question.

 

21.5.     The deadlines stipulated herein will
be broken down pursuant to the provisions of articles 640 to 642 of the New
Civil Procedure Code.

 

21.6.     Except when otherwise stipulated
herein, or in legal or regulatory provisions, all notifications pursuant to
this agreement will be validly made by registered letter with notification of
receipt.

 

They will be deemed made on
first presentation.

 

25

 

•              ARTICLE 22: RENEWAL OF THE LEASE OR REFUSAL TO RENEW

 

22.1.     Renewal of the lease

 

22.1.1.   Duration of the
renewed lease

 

Any renewals of this lease
will each last for 9 (NINE) years, with a three yearly cancellation option for
the LESSEE.

 

The same applies to successive
renewals.

 

22.1.2.   Rent for the
renewed lease

 

As an essential and
determinant condition of this lease, it is stipulated that, in the event of
renewal, the rental for the renewed lease will be set at the market rental
value as defined in article 22.1.3 below.

 

All other clauses and
conditions in the lease will be maintained and applied in the context of the
renewed lease.

 

22.1.3.   Market rental
value

 

The rental value on the date
the renewal takes effect will in all cases be calculated in comparison with
market rental, namely:

• rental
agreed between an owner and his tenant for premises free of any occupation, and
excluding any concept of renewal, and in no case set legally, for the 12 months
prior to the date the renewal takes effect,

•  for
real estate comparable to the PROPERTY, in other words property of the same
type as the PROPERTY located in Paris, within the scope described below in
appendix 4, and having the same characteristics as the PROPERTY, same prestige,
standard of quality, construction, integrated services, technological
equipment, functionality, use of space, modernity and same collective services,
except when these elements are lacking and there are other benchmark criteria,
under the condition nevertheless that they are comparable.

 

If comparison rental appears
over or under valued, then, as applicable, it is necessary to look into and
take into account the amount of work carried out by tenants – excluding useful
work carried out for fixtures and fittings – or by the lessors in question,
entrance indemnities and franchises agreed by the owner, rentals, charges or
taxes as well as the affect of the agreed progressive nature or variation of
the rent, for the duration of the lease.

 

This article is determinant on
the will of the parties, without which they would not have agreed this lease,
and is binding on any expert giving his opinion on the rental amount.

 

22.1.4.   Determination of
the market rental value

 

The rental value on
the renewal date will be established, in all cases where applicable pursuant to
this lease, according to the following provisions, from which the parties may
in no case derogate.

 

•    The rental value shall be, in the absence of
agreement between the parties, irrevocably set by an expert chosen from the
list of members of the “AFREXIM”, it being specified that the expert should not
have worked for either party within the 12 months prior to his appointment.
Expert fees will be borne 50/50 by each party.

 

•    In the event that (i) the parties have not been
able to agree on the name of the expert or (ii) all experts have worked for one
of the parties within the 12 months prior to their appointment, or (iii) the
aforementioned list no longer exists, the first party to do so shall refer to
the President of the Paris Commercial Court ruling in chambers, who will
appoint an expert.

 

The expert will act, in the
interest of all, at the urging of the third party responsible for setting the
sales price pursuant to article 1592 of the civil code. He must respect the
adversarial principle.

 

26

 

The expert must
render his decision within 60 days of being appointed, unless an extension is
requested jointly by the parties, or by the expert with the agreement of the
parties, and his decision shall be irrevocably binding on the parties and not
subject to appeal.

 

This article 22.1.4. does not
affect, however, the option for the LESSOR to refuse renewal of the lease nor
that of the LESSOR to terminate the lease pursuant to article 22.1.5 below.

 

22.1.5.   Option right

 

By express
agreement of the parties they must, at the latest within the month following
the notification of decision of the expert pursuant to article 22.1.4 of the
lease, draw up a new lease under the rental conditions set by the expert,
unless the LESSEE waives renewal or the LESSOR refuses renewal:

 

a)  If, within one
month, the LESSEE waives the renewal of the lease, he must notify the LESSOR of
his decision by extra-judicial act. In this case, the lease will end at the
expiry of a minimum period of nine (9) months and a maximum of 18 months, at
the choice of the LESSEE, following the date of notification by the LESSEE of
his decision to benefit from this clause, by express derogation of custom
deriving from article L.145-57 paragraph 2 of the Code of Commerce. 

 

Consequently
the LESSEE may only release the premises at the end of the aforementioned 9
month period and shall remain bound, during this period, by all obligations
resulting from this lease, with the exception of rent, which shall be set under
the conditions of article 22.1.3 of the lease, and which shall apply on the
date the renewal takes effect until the LESSEE leaves the premises.

 

The LESSEE
shall notify the LESSOR of his departure date by extra-judicial act notified at
least 9 (nine) months in advance. In the absence of any notification 9 (nine)
months before the expiry of the maximum deadline of 18 months stipulated above,
the departure date of the LESSEE shall be deemed at the expiry of said 18 month
deadline.

 

b)  If, within one month,
the LESSOR refuses the renewal of the lease, he must notify the LESSEE of his
decision by extra-judicial act. In this case, eviction and occupation
indemnities and the conditions for the departure of the LESSEE will be
determined under the conditions of article 22.2 of the lease.

 

22.2.     Refusal to renew the lease

 

The parties intend to submit
to an expert, following the procedure provided for this effect in article
22.1.4 above:

• the
establishment of the eviction indemnity due under the terms of article
L. 145-14 of the Code of Commerce after refusal of renewal has been
notified with an offer to pay the eviction indemnity or exercise the option
right describe above,

• and/or
the establishment of the occupation indemnity due until the return of the RENTED
PREMISES in application of article L. 145-28 of the Code of Commerce, which
shall be determined pursuant to article 22.1.3 above.

 

Expert fees and
royalties shall be borne 50/50 by each party.

 

The return of RENTED PREMISES
must take place at the end of a minimum period of 6 months and a maximum of 15
months, at the choice of the LESSEE, following either (i) in the event of
notification by the LESSOR to the LESSEE of notice without an offer to renew
and with an offer of an eviction indemnity, the expiry of the deadline for the
LESSOR to exercise his option of a right to change his mind, as described
below, or the notification by the LESSOR to the LESSEE that he will not
exercise this right, or (ii) notification by the LESSOR that he will exercise
his option right pursuant to article 22.1.5(b).

 

The LESSEE must notify the
LESSOR of his departure date by extra-judicial act notified at least 6 months
in advance. In the absence of any notification 6 months at the latest before
the expiry of the maximum

 

27

 

deadline of 15 months given
above, the departure date of the LESSEE shall be deemed set at the expiry of
said 15 month deadline.

 

The payment of the eviction
indemnity to the LESSEE shall take place within 15 working days following
notification by the LESSOR of his departure date pursuant to the preceding
paragraph or, as applicable, in the absence of notification within said
deadline, 15 working days as of the first request from the LESSEE to the
LESSOR, and against presentation by the LESSEE to the LESSOR of an independent
bank guarantee at first request for an amount equivalent to the eviction
indemnity, and substantially complying with the model attached in appendix 2.
This guarantee shall be returned to the LESSEE on the date he effectively
leaves the RENTED PREMISES.

 

In any
event, the LESSEE is prohibited from leaving the RENTED PREMISES and returning
the keys to the LESSOR before the expiry of the deadline provided to exercise
his right to change his mind, as stated above.

 

This article
22.2 in no way affects the option of the LESSOR, after giving notice of refusal
to renew, to exercise his right to change his mind until the expiry of one
month as of notification of the expert’s decision, it being his responsibility
to agree to the renewal of the lease whose conditions, in the event of
disagreement between the parties, will be set under the conditions defined in
article 22.1 above.

 

•              ARTICLE 23: SERVICE ADDRESS

 

The LESSOR chooses the service address as his
registered address, as mentioned in the introduction.

 

As for the lessee, he chooses his registered address
or domicile until the date the lease takes effect, from which date it will be
at the rented premises, for any notification, procedure, interim or executory
measure.

 

•              ARTICLE 24: COMPANY CANTEEN

 

24.1.    It is specified
that inside the RENTED PREMISES, a company canteen (including a kitchen, a catering area and patios) is operated by the LESSEE and covered by regulation
governing company canteens.

 

The LESSEE agrees to carry out
or have carried out by any third party professional, for the duration of this
lease, and any extensions or renewals, the operation and management of the
company canteen, its equipment and any related equipment, all at his exclusive
costs, the LESSEE therefore obliged to bear, in particular:

 

•        charges relating
to cleaning, upkeep, operation or repairs to the company canteen and its facilities or equipment, as well as their replacement,

 

•        charges relating
to the renewal of facilities or equipment of said company canteen,

 

and,
whatever the method of operation and management of said company canteen..

 

The LESSEE agrees to meet all
requests for access to the company canteen for tenants of floors 3 and 4
(personnel, trainees, temporary workers, company providers and all other
personnel related to tenants) in return, at the option of the LESSOR, plus the
cost of the meal: trainees, temporary workers, company providers and all other
personnel related to the tenants) in return, at the choice of the LESSOR, on
top of the cost of the meal:

 

•         for either a fixed cost of €17 (seventeen euros) excluding tax per m2
(value at Q2 2005) applied to the rental surface area of future tenants of
floors 3 and floor,

 

•         or a fixed sum of €3 (three euros) excluding taxes (value at Q2 2005)
per meal.

 

In the event
that a sub let or an agreement with a liquidator to manage a company in
liquidation, or a transfer of the lease right is authorised by the LESSOR, the
LESSEE will remain bound in respect of the LESSOR by this operation to operate
and manage the company canteen jointly with his sub tenant or lessee-manager
such that the company canteen continues to run under the same conditions as
those contained in this lease.

 

28

 

24.2.    Any violation of
this article is subject to the provisions of article 19 above.

 

DRAWN UP IN PARIS, 31 JANUARY
2006

IN 2 ORIGINAL COPIES, AN
ORIGINAL OF WHICH WAS ISSUED, AFTER BEING READ, TO EACH PARTY.

 

The “LESSOR”                                                                                                   The LESSEE,

 

29

 

LIST OF APPENDICES

 

	
  Appendix 1:

  	
   

  	
  Plans of RENTED PREMISES

  
	
   

  	
   

  	
   

  
	
  Appendix 2:

  	
   

  	
  Model of a first request bank guarantee.

  
	
   

  	
   

  	
   

  
	
  Appendix 3:

  	
   

  	
  Work carried out by the LESSEE in the context of the
  financial participation of the LESSOR.

  
	
   

  	
   

  	
   

  
	
  Appendix 4:

  	
   

  	
  Location map of similar properties.

  

 

30

 

Appendix 1:

 

Plan of RENTED PREMISES

 

 

 

Appendix 2:

 

MODEL OF FIRST REQUEST

BANK GUARANTEE

 

The undersigned                    A
public limited company with capital of                 euros,
registered in the list of French banks under number                  and
having its registered address in PARIS                  identified
by number              ,
                    companies
register.

 

Represented                  acting
in the capacity as                  duly
authorised for this purpose,

 

(henceforth referred to as the “GUARANTOR” or the “BANK”),

 

After recalling that it has been brought to his
attention:

 

That the company                   ,
a                 
company with capital of                       euros
having its registered address in             
(        ) –                           ,
registered in the PARIS companies’ register under number                       ,

 

(Henceforth referred to as the “BENEFICIARY”),

 

31

 

has granted the company        ,
a          company with capital of
                 euros
having its registered address in                   
(         ) –                        ,
registered in the PARIS companies’ register under number                 ,

 

(Henceforth referred to as the “DEBTOR”),

 

a lease contract dated                       ;
(taking effect                      ),
(henceforth referred to as the “LEASE”), affecting various premises for office
use [plot/s:                ]
and      parking places, located in                 
(                )
-                   ;,

 

1.   The BANK declares that it
unconditionally and irrevocably agrees to pay the BENEFICIARY and all
successive owners (the expression “THE BENEFICIARY” also covering said
successors pursuant to the provisions of § 9 above), at the first request of
the BENEFICIARY, all sums pertaining to this request, respecting the forms
provided for § 4 below, shall indicate as being due to the BENEFICIARY to a
maximum amount of                      
€ (                 euros),
(Henceforth referred to as the “Amount Guaranteed”),

 

This amount should be indexed
in line with the INSEE construction cost index, the benchmark index being                 or                

 

2.   This first request guarantee may be
enforced by the BENEFICIARY, in one or several batches, each payment by the
BANK pursuant to this agreement ex officio reducing the amount guaranteed by
the appropriate amount.

 

3.   This guarantee, contracted directly
with the BENEFICIARY, is a direct, unconditional and irrevocable obligation on
the part of our BANK, independent and autonomous in relation to the
aforementioned LEASE, and being bound to execute it notwithstanding any
exceptions or claims, in particular those bearing on the fundamental
relationship or the relationship which joins it to its principal.

 

4.   Thus the BANK agrees that the
payment to the BENEFICIARY will take place within 8 days of reception by the
BANK, at the registered address mentioned above, of a registered letter with
notification of receipt from the BENEFICIARY, containing the reference number
and date of this guarantee, the amount of payment requested and stating that
the sum requested is owed by the DEBTOR to the BENEFICIARY.

 

Any sum not paid by the BANK
pursuant to this guarantee within this deadline will bear interest at the legal
rate plus 300 base banking points.

 

5.   The BANK is prohibited from opposing
any exception or dispute against the BENEFICIARY or any type, in particular in
the event that the guaranteed DEBTOR contests the debt fully or partially, by
any method whatsoever, or if any of the obligations contracted by the latter is
cancelled, terminated, rescinded or cannot be executed for any reason whatsoever,
or if execution of his commitment is differed for any reason whatsoever, even
in the event that a deadline extension is granted (which the BENEFICIARY may
freely grant, or to which he may agree without any restriction) in favour of
the DEBTOR.

 

6.      All provisions in this first request
guarantee will retain full effect in the event of cessation of payments,
bankruptcy, amicable settlement, liquidation, bankruptcy or similar situation
on the part of the DEBTOR.

 

In particular: all provisions
of this obligation will retain full effect, whatever the development of the
financial or legal situation or legal form of the DEBTOR or, in the event of
modification or disappearance of de facto or legal links or relationships
between the BENEFICIARY and the DEBTOR.

 

7.      All sums paid by the Bank will be
net and free of all charges, expenses, taxes and costs of any type whatsoever,
present or future.

 

8.      This first request guarantee will
remain in force and will take fill effect until the expiry of a one month
deadline following:

• either
the departure of the DEBTOR following notice given under the conditions of the
LEASE,

• or
the renewal of the LEASE and the correlative issuance by the DEBTOR of a new
guarantee.

 

32

 

9.      By express agreement, the Bank, in
the event of transfer of ownership of the premises affected by the LEASE, in
particular in the case of sale or contribution to another company, this first
request guarantee will ex officio benefit the new owner of the premises.

 

10.    All costs of this agreement, as well
as follow up documents or their consequences, will be borne by the GUARANTOR.

 

11.    For the application of this
agreement, reference shall be made to legislative and regulatory texts
applicable in France as well as current custom in France.

 

12.    The BANK chooses address of service
at its registered address. Any dispute relating to this guarantee will be
subject to the jurisdiction of the PARIS courts, French law being applicable,
all legal, including lawyers’, fees borne by the BENEFICIARY at the sole cost
of the GUARANTOR.

 

Drawn up in

On the

 

Written comment “Approved for guarantee of the

sum of €               (              ).

 

33

 

Appendix 3:

 

Work carried out by the LESSEE in the context of the
financial participation of the 

 

1.          Air conditioning work

 

1.1. Production and
supervision

 

•           Replacement of central air conditioning controls and regulation of hot
and cold water production

 

•           Upgrading of blowing and extraction networks: balancing and replacement
of pressure regulation valves

 

•           Upgrading the existing CTM: addition of supervision points, upgrade of
software and supervision material

 

•           Securing generator coolants

 

1.2 Distribution (other than
the 3rd and 4th floors)

 

•           Replacement of convector fan controls and cassettes

 

•           Replacement of faulty convector fans

 

•           Ducting of fresh air

 

•           Securing IT room coolants

 

•           Installation of a CTM covering all convector fans and heating/air
conditioning cassettes

 

2.          Work securing floor bearings

 

•           Securing access to floor bearings, excluding those of the 3rd
and 4th floors, with the placement of airtight chambers, access
control and security equipment

 

•           installation of cassette cooling system in closed airtight chambers

 

3.          Various work,

 

•           Verification and adjustment of windows opening onto the central patio of
the property

 

•           Replacement of faulty nosing on emergency staircases

 

•           Renewal of lighting on emergency stairs (replacement of brackets)

 

•           Placement of new vegetation in internal patios, replacing a palm tree at
the end of its life.

 

•           Placement in the basement of an independent back up pump to avoid the
risk of hundred year flooding

 

•           Changing elements of the company canteen: washing machine, hot water
cylinder, oven, windows, hob and coffee machine

 

34

 

Appendix 4:

 

Location map of similar properties.

 

35

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