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Caveats & limitations
1. The Market Research Report (hereafter referred to as the “Report”) will cover specifc markets and
situations, which will be highlighted in the Report. C&WI will not be carrying out comprehensive feld
research based analysis of the market and the industry given the limited nature of the scope of the
assignment.
2. In conducting this assignment, C&WI will carry out analysis and assessments of the level of interest
envisaged for the property(ies) under consideration and the demand-supply for the hospitality/retail/
land/commercial sector in general. C&WI will also obtain other available information and documents
that are additionally considered relevant for carrying out the exercise. The opinions expressed in the
Report will be subject to the limitations expressed below.
a) C&WI has adopted valuation method based on its own expertise and knowledge and
endeavors to develop forecasts on demand, supply and pricing on assumptions that would
be considered relevant and reasonable at that point of time. All of these forecasts will be
in the nature of likely or possible events/occurrences and the Report will not constitute a
recommendation to Ascendas Property Fund Trustee Pte. Limited (hereafter referred to as
the “Client”) or its affliates and subsidiaries or its customers or any other party to adopt a
particular course of action. The use of the Report at a later date may invalidate the assumptions
and bases on which forecasts have been generated and is not recommended as an input to a
fnancial decision.
b) It should be noted that C&WI's value assessments will be based upon the facts and evidence
available at the date of assessment. It is therefore recommended that the value assessments
be periodically reviewed.
c) Changes in socio-economic and political conditions could result in a substantially different
situation than those presented at the stated effective date. C&WI assumes no responsibility
for changes in such external conditions.
d) In the absence of a detailed feld survey of the market and industry (as and where applicable),
C&WI will rely upon secondary sources of information for a macro-level analysis. Hence, no
direct link is sought to be established between the macro-level understandings on the market
with the assumptions estimated for the analysis.
e) The services provided will be limited to valuation and will not constitute an audit, a due
diligence, tax related services or an independent validation of the projections. Accordingly,
C&WI will not express any opinion on the fnancial information of the business of any party,
including the Client and its affliates and subsidiaries. The Report will be prepared solely for the
purpose stated, and should not be used for any other purpose.
f) While the information included in the Report will be accurate and reliable, no representations
or warranties, expressed or implied, as to the completeness of such information is being
made. C&WI will not undertake any obligation to update or supplement any information
contained in the Report save as provided for in the Agreement.
g) In the preparation of the Report, C&WI will rely on the following information:
i) Information provided to us by the Client and its affliates and subsidiaries and
third parties;
ii) Recent data on the industry segments and market projections;
iii) Other relevant information provided to us by the Client and its affliates and subsidiaries at
C&WI's request;