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to: bauer@bauercompany.net · cc: xl@thenamkhan.com, admin@thenetrevenue.com

Dear Paul, Thank you for your detailed message and for sharing the performance data. First of all, I want to acknowledge the results you are achieving — the growth you describe is strong and clearly reflects a solid execution on your side. That said, I believe it is important to properly contextualize the evolution of the property’s performance. A key milestone during our collaboration was the successful onboarding of The Namkhan into SLH. This is not a minor achievement — it significantly increased the property’s visibility, positioning, and long-term commercial potential. These types of strategic moves typically do not translate into immediate results but are fundamental in enabling the kind of growth you are now seeing. Additionally, our involvement took place during a particularly challenging period for the property, including the impact of the flooding and operational disruption. These circumstances naturally limited the short-term performance and also constrained the ability to fully deploy and capitalize on the revenue strategy. From our perspective, what we are seeing now is not a disconnected outcome, but rather a continuation — where the groundwork laid earlier, combined with your current execution, SLH positioning is driving the exponential growth you mention. I also want to recognize that your team is now doing a very good job in managing and developing the strategy further. Regarding the outstanding invoices, these correspond to services delivered during the agreed period, including strategic positioning, distribution work, and continuous support. For that reason, we consider them valid. Please be so kind to arrange the payments in order to settle the account. Best regards, Francesc Francesc González CEO & Co-Founder | The Net Revenue Via Laietana 45, 1er 2a, 08003, Barcelona, Spain T +34930181627- M +34 696 693 633<tel:+34696693633> - Teams: Book time here<https://outlook.office.com/book/TheNetRevenue1@thenetrevenue.com/> frank@thenetrevenue.com<mailto:frank@thenetrevenue.com> www.thenetrevenue.com<http://www.thenetrevenue.com/> [Image] Este mensaje y, en su caso sus archivos adjuntos van dirigidos exclusivamente a su destinatario, pudiendo contener información confidencial sometida a secreto profesional. No está permitida su reproducción o distribución sin la autorización expresa de THE NET REVENUE, SL. Si usted no es el destinatario final, por favor, elimínelo e infórmenos contestando a este e mail. PROTECCIÓN DE DATOS: Si quiere conocer nuestra política de privacidad o ejercer sus derechos puede consultar el Aviso Legal de nuestra web www.thenetrevenue.com<http://www.thenetrevenue.com/> o contactar con nosotros en el correo gdpr@thenetrevenue.com<mailto:gdpr@thenetrevenue.com> Aquest missatge i, si escau, els seus arxius adjunts van dirigits exclusivament al seu destinatari, podent contenir informació confidencial sotmesa a secret professional. No està permesa la seva reproducció o distribució sense l'autorització expressa de THE NET REVENUE, SL. Si vostè no és el destinatari final, si us plau, elimini'l i informi'ns contestant a aquest e mail. PROTECCIÓ DE DADES: Si vol conèixer la nostra política de privacitat o exercir els seus drets pot consultar l'Avís Legal de la nostra web www.thenetrevenue.com<http://www.thenetrevenue.com/> o contactar amb nosaltres en el correu gdpr@thenetrevenue.com<mailto:gdpr@thenetrevenue.com> This e-mail is CONFIDENTIAL. If you have received it by mistake and you are not the recipient, please delete it and inform us through this channel. Its reproduction or distribution is not allowed without the express authorization from THE NET REVENUE, SL. DATA PROTECTION: You can exercise your rights and consulting our privacy policy, visiting the Legal Notice of our websites www.thenetrevenue.com<http://www.thenetrevenue.com/> or contacting us through the e mail gdpr@thenetrevenue.com<mailto:gdpr@thenetrevenue.com> El 27 abr 2026, a las 14:21, paul bauer <bauer@bauercompany.net> escribió: Dear Francesc, I am writing in response to your request regarding the outstanding invoices for The Namkhan. While I understand you wish to settle the account, there are specific reasons why these payments remain pending. When we initially contracted your services, the value delivered did not align with what was promised. Although your team held weekly calls, we found that the actual revenue management and optimization work was insufficient. To illustrate this, I have attached screenshots comparing our performance under your management versus our results since we began managing the setup ourselves. Specifically, since taking over the management: - Booking.com Statistics: Our rankings improved from 140 to 50, and our position within our competitive set rose from 10 to 5. - Performance Volume: From October to the present, ADR increased by 15%, revenue by 90%, and room nights by 70% compared to the same period last year. This was achieved with 20% fewer rooms available due to a flood. - Yea