The bases and assumptions that the valuer uses for the valuation typically include references to values realized in comparable precedent transactions in the market for properties of similar size, character and location.

The fair value of our investment properties may have been higher or lower if the valuer used a different set of bases or assumptions or if the valuation was conducted by other qualified independent professional valuers.

In addition, upward revaluation adjustments reflect unrealized capital gains of our investment properties at the relevant balance sheet dates and are not profit generated from the sales or rentals of our investment properties, and do not generate any cash inflow to us for potential dividend distribution to our shareholders until such investment properties are disposed of at similarly revalued amounts.

The amounts of revaluation adjustments have been, and may continue to be, significantly affected by the prevailing property markets and may go down as well as up.]