The UK firm Ernst & Young LLP is a limited liability partnership registered in England and Wales with registered number OC300001 and is a member firm of Ernst & Young Global Limited. A list of members' names is available for inspection at 1 More London Place, London, SE1 2AF, the firm's principal place of business and its registered office. Ernst & Young LLP is a multi-disciplinary practice and is authorised and regulated by the Institute of Chartered Accountants in England and Wales, the Solicitors Regulation Authority and other regulators. Further details can be found at http://www.ey.com/UK/en/Home/Legal.

Ernst & Young LLP 1 More London Place London SE1 2AF

Tel: 020 7951 2000 Fax: 020 7951 1345 www.ey.com/uk

To All Known Creditors 11 August 2017 Ref: MLP/5W/SJH/DM/SL/LO3553/PCF16 Telephone: +44 (0)207 951 6160 Email:cva@emeanortel.com

Dear Sirs

Nortel Networks France S.A.S. (In Administration and subject to a Company Voluntary Arrangement) (the “Company”)

High Court of Justice of England and Wales, Chancery Division, Companies Court Case number 544 of 2009 / CR-2009-000045

We write, in accordance with Rule 18.3 of The Insolvency (England and Wales) Rules 2016, to provide creditors with a seventeenth report on the progress of the Administration (the “Report”). This Report covers the period from 14 January 2017 to 13 July 2017 and should be read in conjunction with the Joint Administrators’ previous reports as well as the Joint Administrators’ Statement of Proposals dated 23 February 2009 and interim update dated 15 November 2016. Additional copies of this Report, and the previous reports referred to, can be made available on request or can be obtained at the following address www.emeanortel.com.

Statutory information about the Company, the Administration and the office holders is given at Appendix 1.

The Company is also subject to a Company Voluntary Arrangement (“CVA”) which was approved at the meetings of creditors and members held on 11 May 2017.

The Nortel group of companies (the “Group”) reports in US dollars (“US$”), and accordingly all amounts referred to in this report are in US$ unless otherwise stated.

The official version of this report is in English. In the event of a conflict between the English version and any translated version, the English version shall be the definitive version to rely upon.

Please refer to the disclaimer at the end of the principal section of this report.

2

1. Progress of the Administration

Brief Background

The Company was placed into Administration on 14 January 2009, together with a number of other European Nortel entities. On the same day, other principal companies in the Nortel Group (based in the US and Canada) also commenced insolvency proceedings.

Following the appointments, it was determined that it was in the best interests of the Nortel Group for the entities to collaborate in selling the assets of the Group in a coordinated manner in order to maximise sales proceeds.

Following the successful sale of the global businesses and associated group assets during 2009-2011, approximately US$7.3bn (net) was placed into escrow.

The different Nortel Group companies were unable to reach agreement on the allocation of the sales proceeds. A period of extensive negotiation, mediation and litigation followed.

On 12 October 2016, the Joint Administrators entered into arrangements with companies in the wider Group, including those in Canada and the US and with certain other major stakeholders, to initiate steps to end and settle the purchase price allocation (“PPA”) dispute (the “Settlement”). The Settlement became fully effective on 8 May 2017.

The Company received its share of the global sales proceeds, being US$3.96m, in May 2017.

The Joint Administrators consider this to be another major milestone, very welcome and extremely good news for creditors.

Approval of the CVA

The Joint Administrators decided that the most appropriate process by which to determine the unsecured liabilities of the Company and to distribute assets was by way of a CVA. Mr Justice Snowden ordered on 23 July 2015 that the Joint Administrators were at liberty to propose a CVA. A proposal for a CVA was issued in April 2017 and later approved at a creditors' and members' meeting

on 11 May 2017. The Implementation Date (representing the end of the challenge period) occurred on

09 June 2017 and the CVA is now fully effective being supervised by the CVA Supervisors A R Bloom,

S J Harris, A M Hudson and J Hewitt-Schembri who act as agents of the Company and without personal

liability.

The CVA provides a mechanism to make distributions to CVA Creditors as quickly as possible. The main objectives of the CVA are:

- to implement a date by which claims of CVA Creditors must be submitted to the Supervisors (the “Bar Date”) which will enable the assets of the Company to be distributed as quickly as possible. The Bar Date is 12 September 2017;

- to provide a mechanism to facilitate payment by the Company to its CVA Creditors in accordance with the assurances given by the Joint Administrators at the outset of the Administration;

- to provide for the payment of interest at a commercial rate of 3.60% per annum on the principal amounts on allowed claims if the Company has sufficient assets to do so; and

- to compromise certain claims of CVA Creditors against the Company, the Joint Administrators and certain related parties.

3

There is the additional benefit that the Financial Support Directive (“FSD”) proceedings commenced against the Company by the Pensions Regulator in relation to the Nortel Networks UK pension scheme (further details of which can be found in previous reports to creditors) are now permanently stayed thereby removing a potential claim against the Company which would have resulted in a significant delay in making distributions to creditors had it been necessary to resolve the FSD proceedings through the English Court. Further information on the CVA (including a copy of the CVA proposal) is available on the CVA website

https://cva.emeanortel.com.

CVA Bar Date

Creditors are reminded that in accordance with the CVA, the Bar Date for the submission of claims is

12 September 2017. A creditor must submit its Claim Form on or before this date. Claim Forms are

available at https://cva.emeanortel.com.

A creditor may not receive a payment in respect of a Claim Form received by the Supervisors after the

Bar Date.

Expense order

Owing to the duration and complex nature of the Administration, in parallel to the launch of the CVA,

the Joint Administrators made an application to the English Court to establish a process for dealing

with liabilities which may rank as administration expenses (the “Expense Application”). The Expense

Application sought an order requiring creditors who consider that they have a claim against the

Company for payment of a debt or liability arising after 14 January 2009, that ranks as an expense of

the Administration as a matter of English law (an “Expense Claim”), to submit a written demand

setting out that claim before a bar date.

On 9 June 2017 the English Court made an order in respect of the Expense Application. Full details

including a copy of the order and the judgment of the English Court are available on the Administration

website (www.emeanortel.com)

Any Expense Claims should be submitted to the Joint Administrators before 27 October 2017.

The failure to submit an Expense Claim before 27 October 2017 may result in that claim not being

paid. A copy of an expense demand form is available on www.emeanortel.com.

Securing this order was an important step to enable a timely distribution to be made to creditors

following the Bar Date under the CVA.

Estimated payments to creditors

As set out above, the Joint Administrators and Supervisors are now working on finalising the quantum of unsecured claims and asserted Expense Claims. Once this process has been finalised, the Supervisors will be in a position to pay a first distribution to unsecured creditors in accordance with the terms of the CVA.

4

The Joint Administrators anticipate that the third party (non-intragroup) creditors of the Company may expect to recover at, or close to, 100% of their admitted unsecured claims plus the potential payment of an element of post filing interest.

We have made these estimates based upon our current view of the Company’s position and its creditors. However, the formal proof of debt process has not yet been completed and insolvency outcomes are inherently uncertain. The Supervisors expect to be in a position to make an initial distribution in November 2017 once the CVA Bar Date (being 12 September 2017) and Expense Claim bar date (being 27 October 2017) have passed and the final claims have been received and adjudicated.

2. Receipts and Payments Account

Attached at Appendix 2 is the Joint Administrators’ receipts and payments (“R & P”) account for the period from 14 January 2017 to 13 July 2017 in respect of the Company.

As at 13 July 2017, the Company held cash of US$29.93m. In accordance with the terms of the CVA, the Supervisors are to distribute funds to creditors in euro (by cheque or electronic transfer). As such the majority of currency not held in euro has now been converted to sterling euro.

The R & P account is a statement of cash received and cash paid out, and does not reflect estimated future receipts or payments.

Further detailed notes are provided in Appendix 2.

3. Joint Administrators’ Remuneration

It is the responsibility of the committee of creditors (the “Creditors’ Committee”) that was formed at the creditors’ meeting held on 24 March 2009 to approve the Joint Administrators’ remuneration.

The creditor’s committee has been provided with full details of the Joint Administrators’ remuneration for the periods to 2 September 2016.

During the period from 28 November 2016 to 26 May 2017 the Joint Administrators incurred Administration time costs of GB£157,429.31.

We continue to apportion between the EMEA Companies certain other time costs for workstreams undertaken for the benefit of those EMEA entities. During the period from 28 November 2016 to 26 May 2017, GB£65,956.51 has been allocated to the Company in respect of these apportionments.

As such, total time costs incurred in respect of the Company for the period 28 November 2016 to 26 May 2017 were GB£223,385.82.

Costs associated with CVA Planning time were previously reported as part of the Joint Administrators’ “Reallocated” costs. Creditors should note that CVA time costs from 3 September 2016 have been excluded from the Joint Administrators’ time costs analysis and will be reported separately by the Joint Supervisors of the CVAs.

An analysis of the time spent is at Appendix 3.

5

The statutory provisions relating to remuneration are set out in Part 18 of the Insolvency (England and Wales) Rules 2016. Further information is given in the Association of Business Recovery Professionals’ publication ‘A Creditors’ Guide to Administrators’ Fees’, a copy of which may be accessed from the web site of the Institute of Chartered Accountants in England and Wales at https://www.icaew.com/en/technical/insolvency/creditors-guides or is available in hard copy upon written request to the Joint Administrators. Please note that the references in the Guide to fee estimates do not apply to administrations, such as this one, which started before 1 October 2015.

In certain circumstances, creditors are entitled to request further information about our remuneration or expenses, or to apply to court if they consider the costs to be excessive (Rules 18.9 and 18.34 of the Insolvency (England and Wales) Rules 2016). Further information is provided in ’A Creditors’ Guide to Administrators’ Fees’ referred to above.

4. Payments to Other Professionals

An apportionment process has been completed between the relevant EMEA entities in respect of legal costs relating to the various business sales and the PPA process now that these workstreams have been concluded. These costs were mainly paid by Nortel Networks UK Limited (“NNUK”) and have now been apportioned between the relevant EMEA entities in proportion to each company’s benefit arising from the global sale proceeds and realisations from North American claims settlements. The Company’s share of these legal costs is GB£617,067.70.

The Joint Administrators continue to engage professional advisors to assist them in the Administration. These professionals work on a time cost basis and internal review processes are undertaken to assess their invoices. During the period from 14 January 2017 to 13 July 2017 the following has been paid:

Herbert Smith Freehills LLP – GB£4,272.20 (Legal Advisors)

Herbert Smith Freehills LLP (Paris) – EUR€89,124.80 (Legal Advisors)

Please note the above legal fees figures have been converted using monthly spot rates. As such, there may be a minimal difference between these figures and the figure reported in our R & P (which uses an average spot rate over the period 14 January 2017 to 13 July 2017).

The costs of professional advisors who assist the Company with discrete matters in the usual course of business (for instance, debt collection proceedings) are not included above.

5. Other Matters

The Committee

The Joint Administrators continue to provide detailed information to the members of the Creditors’ Committee as the Administration progresses and matters evolve (including an analysis of their time costs for approval). The Joint Administrators will continue to keep the Creditors’ Committee apprised of developments.

6

Mandataire Ad Hoc

Maître Cosme Rogeau continues to act as mandataire ad hoc of the Company. The Joint Administrators are working with the mandataire ad hoc and advisors in France in order to bring finality to certain potential liabilities of the Company and, following the distribution of assets to creditors, to position the Company that it may expeditiously return surplus funds to its shareholders, NTF and NNSA.

The Joint Administrators and Supervisors will continue to update creditors as matter progress in the next few months, particularly the CVA and progress generally towards distributing monies to creditors.

The Joint Administrators will be updating the websites: www.emeanortel.com and https://cva.emeanortel.com. The Joint Administrators will also submit further progress reports in six months’ time.

Yours faithfully for Nortel Networks France S.A.S. (In Administration and subject to a Company Voluntary Arrangement)

S J Harris Joint Administrator Enc: Company information

Joint Administrators’ Receipts and Payments Account Summary of Joint Administrators’ Time Costs The Institute of Chartered Accountants in England and Wales in the UK authorises A R Bloom, S J Harris and C J W Hill to act as

Insolvency Practitioners under section 390(2)(a) of the Insolvency Act 1986 and the Association of Chartered Certified

Accountants in the UK authorises A M Hudson to act as Insolvency Practitioners under section 390(2)(a) of the Insolvency Act

1986. The Institute of Chartered Accountants in Scotland in the UK authorises J Hewitt-Schembri to act as an Insolvency

Practitioner under section 390(2)(a) of the Insolvency Act 1986.

The affairs, business and property of the Company are being managed by the Joint Administrators, A R Bloom, S J Harris, A M

Hudson and C J W Hill who act as agents of the Company only and without personal liability. The Company is also subject to a

Company Voluntary Arrangement. The Joint Supervisors are A R Bloom, S J Harris, A M Hudson and J Hewitt-Schembri who act

as agents of the Company without personal liability.

We advise that this report is provided pursuant to our appointments as Joint Administrators of the Company. It is provided

solely for the purpose of informing creditors of certain aspects of the current status of the Administration. As this report is only

an interim indication of the overall position of the Company, and not a valuation of the current or future value of any particular

item of debt, and is liable to change, it should not be relied upon as an indication of the final return to creditors and, in

particular, neither we nor the Company shall have any responsibility to any person who relies on our report for the purpose of

trading in debt of the Company.

The Joint Administrators may collect, use, transfer, store or otherwise process (collectively, “Process”) information that can be

linked to specific individuals (“Personal Data”). They may Process Personal Data in various jurisdictions in accordance with

applicable law and professional regulations including (without limitation) the Data Protection Act 1998. For further details,

please refer to the Data Privacy Policy at https://cva.emeanortel.com.

Appendix 1

Appendix 1

Nortel Networks France S.A.S. (In Administration)

Company Information

Registered number: FR625552150724 / 552150724

Company name: Nortel Networks France S.A.S.

Registered office address Centre d’Affaires Parc Lumiere, 46 Avenue des Freres

Lumiere, F-78190 Trappes, France

Previous names: Matra Communication

Matra Nortel Communication

Nortel Networks France

Details of the Administrators and of their appointment

Administrators: A R Bloom, A M Hudson, S J Harris and C J W Hill of

Ernst & Young LLP, 1 More London Place,

London, SE1 2AF

Office holder number(s): 6462, 9200, 8624 and 6726

Date of appointment: 14 January 2009

By whom appointed: The appointment was made by the High Court of Justice,

Chancery Division, Companies Court on the application of

the Company's directors.

Court reference: High Court of Justice, Chancery Division, Companies

Court - case 544 of 2009 / CR-2009-000045

Division of the

Administrators’

responsibility:

Any of the functions to be performed or powers

exercisable by the administrators may be carried

out/exercised by any one of them acting alone or by any

or all of them acting jointly.

Details of the Supervisors and of their appointment Supervisors: A R Bloom, S J Harris, A M Hudson and J Hewitt-Schembri

Date of meeting of

members and creditors at

which CVA approved:

11 May 2017

Implementation Date: 09 June 2017

Bar Date: 12 September 2017

Statement Concerning the EC Regulation on Insolvency Proceedings 2000

The EC Council Regulation on Insolvency Proceedings 2000 applies to this administration and the proceedings are main proceedings. This means that this administration is conducted according to English insolvency legislation and is not governed by the insolvency law of any other European Union Member State.

Appendix 1

Share Capital

Class Authorised Issued & Fully paid

Number € Number €

Ordinary 14,473,296 55,161,000.00 14,473,296 55,161,000.00

Shareholders

Northern Telecom France S.A. - 92.61%

Nortel Networks S.A. - 7.39%

Appendix 1

Summary of Nortel Group Structure

Appendix 1

The EMEA Companies in English administration proceedings

Legal Entity Country of Incorporation

Nortel Networks UK Limited England

Nortel Networks S.A. France

Nortel Networks France S.A.S. France

Nortel Networks (Ireland) Limited Ireland

Nortel GmbH Germany

Nortel Networks Oy Finland

Nortel Networks Romania SRL Romania

Nortel Networks AB Sweden

Nortel Networks N.V. Belgium

Nortel Networks S.p.A. Italy

Nortel Networks B.V. Netherlands

Nortel Networks International Finance

& Holding B.V.

Netherlands

Nortel Networks Polska Sp. z o.o. Poland

Nortel Networks (Austria) GmbH Austria

Nortel Networks s.r.o. Czech Republic

Nortel Networks Engineering Service

Kft

Hungary

Nortel Networks Portugal, S.A. Portugal

Nortel Networks Hispania, S.A. Spain

Nortel Networks Slovensko s.r.o. Slovakia

Appendix 2

Appendix 2

Nortel Networks France S.A.S. (In Administration)

Joint Administrators’ Abstract of Receipts and Payments from 14 January 2009 to 13 July 2017

Nortel Networks France S.A.S. (in Administration)

Administrators' receipts and payments account for the period: 14 January 2009 to 13 July 2017

Currency: USDPeriod 14 January 2009

to 13 January 2017

Period 14 January 2017

to 13 July 2017 Total to 13 July 2017

Opening balance 21,441,255 21,441,255

Receipts

Trading:

- Post appointment sales 95,053,151 - 95,053,151

- Other receipts 508,937 4,348 513,285

- Overpayment refunds 266,483 - 266,483

Other:

- Pre appointment sales 24,666,388 - 24,666,388

- SPSA locked box proceeds - 3,901,111 3,901,111

- Bank interest 1,035,825 3,844 1,039,669

- Pre appointment intercompany - Nortel Networks Israel 6,801 - 6,801

- FX translation movement (2,572,429) 2,138,485 (433,944)

118,965,156 6,047,788 125,012,944

Payments

Trading:

- Intercompany (48,090,249) (1,253,474) (49,343,723)

- Payroll, employee benefits, and payroll taxes (24,910,284) - (24,910,284)

- Other taxes (11,900,097) (347) (11,900,444)

- Accounts payable - inventory related (8,409,190) - (8,409,190)

- Pension contributions (4,076,051) - (4,076,051)

- Other payments (2,478,239) (30,173) (2,508,412)

- Property costs (348,353) (316) (348,669)

- Trade payables (184,755) - (184,755)

Other:

- Joint Administrators' fees and disbursements (7,238,658) (407,716) (7,646,374)

- Legal fees (2,513,106) (103,273) (2,616,380)

- Other professional services costs (434,260) (94,006) (528,266)

- Bank charges and interest (78,791) (457) (79,248)

- FX translation movement on FX transactions within the entity (3,912,246) (59,232) (3,971,478)

(114,574,279) (1,948,995) (116,523,273)

Closing balance 25,832,132 4,098,794 29,930,926

Account reconciliations:

Local Accounts - - -

Administration Accounts 25,832,132 4,098,794 29,930,926

25,832,132 4,098,794 29,930,926

Appendix 2

Nortel Networks France S.A.S. (In Administration)

Joint Administrators’ Abstract of Receipts and Payments from 14 January 2009 to 13 July 2017

Nortel Networks France S.A.S. (in Administration)

Administrators' receipts and payments account for the period: 14 January 2009 to 13 July 2017

Currency: EURPeriod 14 January 2009

to 13 January 2017

Period 14 January 2017

to 13 July 2017 Total to 13 July 2017

Opening balance 16,648,229 16,648,229

Receipts

Trading:

- Post appointment sales 69,615,831 - 69,615,831

- Other receipts 371,076 3,961 375,037

- Overpayment refunds 198,186 - 198,186

Other:

- Pre appointment sales 17,706,960 - 17,706,960

- SPSA locked box proceeds - 3,558,732 3,558,732

- Bank interest 769,702 3,504 773,206

- Pre appointment intercompany - Nortel Networks Israel 5,163 - 5,163

- FX translation movement 622,746 (43,399) 579,346

89,289,662 3,522,798 92,812,460

Payments

Trading:

- Intercompany (35,613,779) (1,142,739) (36,756,518)

- Payroll, employee benefits, and payroll taxes (18,094,743) - (18,094,743)

- Other taxes (8,687,661) (316) (8,687,977)

- Accounts payable - inventory related (6,134,116) - (6,134,116)

- Pension contributions (2,980,041) - (2,980,041)

- Other payments (1,868,749) (27,482) (1,896,231)

- Property costs (251,190) (288) (251,478)

- Trade payables (134,009) - (134,009)

Other:

- Joint Administrators' fees and disbursements (5,348,449) (371,360) (5,719,809)

- Legal fees (1,895,639) (94,064) (1,989,703)

- Other professional services costs (343,323) (85,624) (428,946)

- Bank charges and interest (58,484) (417) (58,900)

- FX translation movement on FX transactions within the entity (37,634) (58,396) (96,030)

(81,447,815) (1,780,687) (83,228,502)

Closing balance 24,490,076 1,742,111 26,232,187

Account reconciliations:

Local Accounts - - -

Administration Accounts 24,490,076 1,742,111 26,232,187

24,490,076 1,742,111 26,232,187

Appendix 2

Nortel Networks France S.A.S. (In Administration)

Notes to R & P

Note 1

Account balances have all been reported in a local currency, EUR, in addition to a common currency across all entities, USD.

Opening balances have been converted using January 2009 month-end spot rates and closing balances converted using June 2017 month-end spot rates which have been provided by the Company. This approach is in line with the Company’s internal reporting procedures.

Transactions that have taken place through the accounts over the course of the reporting period (14 January 2017 to 13 July 2017) have been converted at average spot rates over this period, which have been sourced from Reuters.

Consequently, foreign exchange movements have occurred in the period as a result of fluctuations in currency conversion rates. These are translation movements only and do not reflect an actual receipt or payment.

Note 2

The numbers used to prepare the receipts and payments summary have been provided by the Company and are unaudited. Material items have been reviewed for accuracy and reasonableness.

Note 3

The amounts reported are inclusive of sales tax where applicable.

Note 4

Post-appointment intercompany payments for the period 14 January 2017 to 13 July 2017 reflect amounts paid under certain settlement deeds and recharges of various costs to other Nortel EMEA entities.

Note 5

Settlement Plans Support Agreement (“SPSA”) locked box proceeds reflects the amount received by the Company from the locked box, in respect of the global business and intellectual property sales, as agreed under the global settlement agreement.

Foreign exchange translation movement

The total FX translation movement to 13 July 2017 is a result of the fluctuations in exchange rates against the USD. As such the interim FX translation movement does not represent a true monetary gain or loss.

Appendix 3

Appendix 3

Nortel Networks France S.A.S. (In Administration)

The Joint Administrators’ fees comprise the following three elements:

Administration time costs

Administration time costs are those fees incurred by the Joint Administrators in respect of the overall management of the Administration of the Company. They do not include core fees in relation to the sales of the businesses nor any reallocation of centrally incurred costs.

These time costs are categorised into various workstreams and detailed in a table in accordance with the Statement of Insolvency Practice 9, an English regulatory requirement. These workstreams include, amongst others, creditors, employees, property, pensions and statutory.

Reallocated time costs

Throughout the Administration process, certain fees of the Joint Administrators have been charged centrally, for activities relating to all EMEA filed entities. Appropriate apportionment rates have been applied to these fees and the costs are apportioned accordingly between the various EMEA entities, including the Company. Please note, not all workstreams are apportioned to all EMEA entities.

Total reallocated time costs across all EMEA entities for the period were GB£2,035,161.57.

Transaction time costs

The Joint Administrators have incurred time costs in respect of the global business and asset sales. No transaction time costs were incurred across all EMEA entities for the period.

Apportionment rates have been applied to these time costs, based on the PPA receipts and the benefits that each company received from the North American settlements claims.

The amount of transaction and PPA related time costs apportioned to the Company to 26 May 2017,

as a result of the final true up following the Settlement, was £176,143.48.

Total time costs for the Administration in respect of the period from 28 November 2016

to 26 May 2017

£

Administration time costs 157,429.31

Reallocation of time costs (including PPA costs) 65,956.51

Transaction time costs -

Pension litigation / FSD costs -

Total time costs 223,385.82

Time costs for the Administration for the period 28/11/2016 to 26/05/2017

Nortel Networks France S.A.S. (In Administration)

Summary of Joint Administrators’ time costs in respect of the period from 28 November 2016 to 26 May 2017 (GBP) Excluding core M&A transaction time

Time costs for the Administration to date may show minor variances from one progress report to the next, owing to timing differences and adjustments being made to prior period time reports. This information should not be considered definitive and is provided to creditors only for guidance.

Activity Partner / Executive Director Director

Assistant

Director Manager Executive Analyst

Total sum of

hours Average hourly rate

Time costs for

period (£)

Time costs for the

Adminstration to

date (£)

Finance, accounting and administration - 18.3 - 33.2 - 161.9 213.4 227.83 48,619.62 1,631,268.33

Tax 12.9 25.5 0.7 15.6 - 25.9 80.6 423.67 34,147.78 405,279.43

Statutory 2.0 - - 82.8 4.1 4.0 92.9 301.38 27,997.81 259,485.81

Fees - 13.2 - 15.2 44.4 72.7 145.5 150.90 21,956.42 195,697.43

Strategy 27.0 - - - - - 27.0 670.00 18,090.00 375,212.15

Creditors 4.1 0.6 - 0.4 - 10.3 15.4 288.66 4,445.43 208,010.66

Legal 2.0 - - - - - 2.0 670.00 1,340.00 77,291.28

Cash forecasting - - - 2.0 - 1.5 3.5 237.78 832.24 68,726.67

Non COMI countries - - - - - - - - - -

Pensions - - - - - - - - - 60.00

Employees - - - - - - - - - 152,065.13

Business purcharser enquiries - - - - - - - - - 114.00

Suppliers - - - - - - - - - 197,889.66

Property - - - - - - - - - 6,791.42

Estimated outcome - - - - - - - - - 11,901.00

Pre administration - - - - - - - - - 21,480.00

Communications - - - - - - - - - 5,427.00

M&A - - - - - - - - - 13,215.45

Customers - - - - - - - - - 99,658.98

Day 1 - - - - - - - - - 17,468.11

Debtors - - - - - - - - - 62,184.48

Trading - - - - - - - - - -

Directors - - - - - - - - - 14,419.01

Other assets - - - - - - - - - 13,530.20

Grand Total 48.0 57.6 0.7 149.2 48.5 276.3 580.3 271.3 157,429.31 3,837,176.19

Average hourly rate 694.42 568.61 685.00 314.36 52.61 149.88

Time costs for the period (£) 33,332.00 32,752.00 479.50 46,902.39 2,551.60 41,411.83

Time costs for the Administration to date (£) 1,033,222.30 37,428.07 230,989.99 272,153.63 517,822.19 1,745,560.02

Hours

Administration fee analysis (GBP)

Summary of total reallocated time costs for all EMEA filed entities in respect of the period from 28 November 2016 to 26 May 2017

Activity Partner

Director /

Executive Director Assistant Director Manager

Executive /

Assistant

Executive Analyst

Total sum of

hours

Average hourly

rate (£)

Total reallocated time costs

for the Period (£)

Total reallocated time costs to

26 May 2017 (£)

Estimated Outcome Statement - 90.8 638.5 55.0 388.8 176.3 1,349.4 384.11 518,324.00 1,095,407.00

EMEA tax & VAT advisory 49.9 225.2 150.1 99.5 19.3 62.6 606.6 611.64 371,021.00 6,122,330.85

Finance, Accounting & Administration 2.3 116.3 24.0 208.2 449.0 356.5 1,156.3 289.22 334,423.00 11,347,804.00

PPA, Claims & Strategy 235.4 212.8 28.5 - 7.5 - 484.2 654.43 316,873.00 23,175,840.30

Exit Strategy 45.1 35.1 124.4 63.0 13.4 3.0 284.0 655.67 186,211.50 1,998,607.90

EMEA billing - - 6.9 - 177.2 419.4 603.5 196.26 118,445.07 504,759.68

Progress Reports - 11.0 30.3 27.4 229.8 89.7 388.2 278.28 108,027.00 830,336.06

Creditors - 28.6 4.0 58.0 6.6 225.6 322.8 247.35 79,843.00 3,332,930.33

IT - 3.0 - - - - 3.0 570.00 1,710.00 11,411,989.80

Branches & equity interests - - 0.4 - - - 0.4 710.00 284.00 410,078.53

CVA Planning - - - - - - - - - 223,936.00

Trading - - - - - - - - - 2,794,148.50

Transfer Pricing - - - - - - - - - 1,745,006.00

Customers - - - - - - - - - 1,446,875.50

Debtors - - - - - - - - - 1,077,322.00

Canada / USA - - - - - - - - - 1,005,375.00

Intellectual Property Portfolio - - - - - - - - - 494,581.00

France settlement - - - - - - - - - 128,944.50

Grand Total 332.7 722.8 1,007.1 511.1 1,291.6 1,333.1 5,198.4 391.50 2,035,161.57 69,146,272.95

Average hourly rate (£) 789.18 620.20 533.84 429.95 262.63 170.83

Total reallocated time costs for the

Period (£) 262,559.50 448,283.50 537,633.00 219,746.00 339,212.60 227,726.97

Total reallocated time costs to 26 May

2017 (£) 6,966,411.13 9,682,140.30 17,089,569.94 13,670,409.07 14,223,641.65 7,514,100.86

Hours

Administration fee analysis (GBP) Summary of total core M&A transactions time costs for all EMEA filed entities in respect of the period from 28 November 2016 to 26 May 2017

Activity Partner

Director /

Executive Director Assistant Director Manager Executive Analyst

Total sum of

hours

Average hourly rate

(£)

Total transaction

time costs for the

Period (£)

Total transaction

time costs to 26

May 2017 (£)

M&A / Transitional Services - - - - - - - - - 8,054,151.50

Purchase Price Allocation - - - - - - - - - 5,328,074.50

M&A / Equinox - - - - - - - - - 4,526,323.50

M&A / Netas - - - - - - - - - 2,197,907.50

M&A Snow - - - - - - - - - 1,799,887.00

M&A / GSM - - - - - - - - - 1,584,505.50

M&A / Carrier - - - - - - - - - 1,326,537.50

M&A / Passport - - - - - - - - - 1,120,485.00

Other Assets - - - - - - - - - 638,704.39

M&A - - - - - - - - - 563,375.00

M&A Iceberg - - - - - - - - - 541,699.50

M&A / Velocity - - - - - - - - - 97,436.50

Grand Total - - - - - - - - 27,779,087.39

Average hourly rate (£) - - - - - -

Total transaction time costs

for the Period (£) - - - - - -

Total transaction time costs

to 26 May 2017 (£) 2,559,860.00 7,178,728.50 7,962,916.00 5,874,389.89 3,639,797.50 563,395.50

Hours