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Limiting Conditions & Assumptions 1. If the Valuer has provided a sketch in the valuation report, it is to show approximate dimensions of the building and the sketch is included only to assist the reader of the report in visualising the property and understanding the Valuer’s determination of its size. ​ 2. If the Valuer has provided GPS coordinates (Global Positioning System referenced to WGS 1984 UTM), it is to show the approximate location of the property and is included only to assist the reader of the report in locating the property. While it depends in part on atmospheric conditions prevailing at the time the reading was taken, the accuracy of the coordinates is generally within 15m. ​ 3. The valuation report, which has been prepared in accordance with the terms of engagement (TOE), is not a Court document and is not to be used in any Court proceedings. On acceptance of the TOE, the client had accepted that no representative of this firm will give testimony or appear in Court by reason of having prepared a valuation of the property unless specific arrangements to do so have been made beforehand. ​ 4. The purpose and function of the report and valuation for mortgage is to enable the lending institution to assess the security offered by the property for the proposed loan. Unless otherwise stated, the client has not commissioned another specialist survey of the property, structural or otherwise. It must not be assumed that if defects are not mentioned in the report, all parts of the structure are free from defect. Where attention is drawn to some defects, it does not mean that other defects may not exist. Moreover, services have not been tested. ​ 5. If the client is proposing to purchase the property and wishes to be satisfied as to the condition of it, he or she must have a surveyor’s detailed inspection and report of their own before deciding whether to enter into a contract. If the property is of architectural or historic interest, appropriate specialist advice should be sought before carrying out any works. ​ 6. It is assumed that in the event of the destruction of the existing structure(s) if any, all approvals would be granted from the appropriate Statutory Authorities for the reconstruction of a similar building on the site. ​ 7. It is assumed that the property is connected to, and there is the right to use, the reported main services on normal terms. It is also assumed that sewers, main services and the roads giving access to the property have been adopted and that any lease provides rights of access and egress over all communal grounds, parking areas and other facilities. ​ 8. This report does not constitute a structural survey and the opinion of value is contingent upon - a) Good and marketable title; b) Vacant possession is available unless otherwise stated in the Report; c) Planning permissions and statutory requirements for the existing building and its use, including any extensions or alterations have been granted; d) Statutory approvals have been or would be granted for the existing or highest and best use of the site; e) No deleterious or hazardous materials have been used; f) There is no contamination; g) There are no unusual or onerous outgoings and restrictive covenants and there have been no breaches of the lessee’s covenants to 8. warrant a determination of the lease; h) There are no encumbrances or encroachments; i) All parts of the property which are covered, unexposed or inaccessible are in satisfactory repair and condition and an inspection of those parts which have not been inspected, or a survey inspection carried out, would not reveal material defects or cause the valuer to materially alter the valuation; j) 1There are rights to use the roads, drains and all communal areas and facilities; k) No account has been taken of an additional bid by a prospective purchaser with a special interest; l) All information, data, title documents and plans provided by the client and mortgage applicant which were relied upon by the valuer were true and correct; m) There are no outstanding taxes, rates or charges associated with the property; n) The services and any associated controls or software are in working order or free from defect; o) The building and other improvements are structurally sound; p) Where the property is part of a building/development (e.g. townhouses and apartments): i. There is a properly formed and operated management company; ii The cost of repairs and maintenance to the building and grounds are shared equitably; iii. The leases of all the properties in the building/development are materially the same and there are suitable, enforceable covenants d. between all leaseholders; iv. There are no substantial defects, or other matters requiring expenditure (in excess of the current amount or assumed amount of service charge payable on an annual basis), expected to result in charges to the leaseholder; v. Where the subject property forms part of a mixed residential/commercial building or development, there will be no significant changes in the existing pattern of use. ​ 9. This Valuation Report is provided for your benefit alone and solely for the purposes of the instruction to which it relates. Our valuation may not, without our written consent, be used or relied upon by any third party, even if that third party pays all or part of our fees or is permitted to see a copy of our valuation report. If we do provide written consent to a third party relying on our valuation, any such third party is deemed to have accepted the terms of our engagement. ​ 10. Neither the whole nor any part of this Valuation Report or any reference hereto may be included in any published document, circular or statement, or published in any way, without the Valuer’s written approval of the form and context in which it may appear. ​ 11. No investigation has been undertaken with the land registry, regional corporations, public utilities, town planning department, EMA, or any other government body in preparation of this report. ​ 12. It is expressly agreed that in the absence of authoritative information and/or formal advice from any planning authority or related State body, the valuer will make an assumption as to the highest and best use of the property considering, but not limited to, the characteristics of the property including its current use and the character of the neighbourhood. If subsequent investigation by a suitably qualified professional reveals that such use is not allowed by the relevant authorities, the opinion of value could be significantly affected, and the valuer shall not be liable for any such difference. Should any planning permission document, status-of-land letter, completion certificate and/or an approved development plan be provided prior to the completion of this valuation assignment, it will be assumed that the information contained therein is true and correct and no further investigation will be conducted. It is strongly recommended that a suitably qualified professional verify that all relevant approvals have been or would be granted, wherever applicable. ​ 13. We did not undertake a land survey therefore we cannot confirm the size or precise boundaries of the site.

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Conditions of Engagement 1. IDENTIFICATION AND STATUS OF THE VALUER: The firm, G.A. Farrell & Associates Limited is registered for regulation by RICS, #011832. Its registered valuers and authorised signatories are Derek de Gannes MRICS #0090434, Ryan Chin MRICS #1157370, Sunil Lalloo FRICS #6398772, David Bally MRICS #1235531, Leslie Sylvester MRICS #6615072 and Gerald Lue Affat MRICS #1128320.Declaration of independence and objectivity: We will act as an independent external valuer and have the skills, understanding and current local knowledge of the particular market to undertake this valuation competently and objectively and without bias. We confirm that we have had no recent prior, present or possible future material involvement with the property and client, and we are not aware of any conflict of interest.​ ​ 2. BASES OF VALUE: Market Value: The estimated amount for which an asset or liability should exchange on the valuation date between a willing buyer and a willing seller in an arm’s length transaction after proper marketing and where the parties had each acted knowledgeably, prudently and without compulsion; Market Rent (if applicable): The estimated amount for which a property would be leased on the valuation date between a willing lessor and a willing lessee on appropriate lease terms in an arm’s length transaction, after proper marketing and where the parties had each acted knowledgeably, prudently and without compulsion; Equitable Value (if applicable): The estimated price for the transfer of an asset or liability between identified knowledgeable and willing parties that reflects the respective interests of those parties. ​ 3. INFORMATION / DOCUMENTS PROVIDED: Note: We assume documents and information provided and relied upon are true and correct. ​ ​4. INSURANCE RECOMMENDATION: We will include in a report for mortgage purposes and when required, a replacement cost as new of the building only as follows: the calculation of the cost to replace the building excluding retaining and boundary walls / fences, hard-standings, swimming pools and other water features, professional fees, site clearance and VAT;​ ​ 5. ASSUMPTIONS: In the preparation of the report, it will be assumed that: A good and marketable title is available; Vacant possession is available unless otherwise stated in the report; Planning permissions and statutory requirements for the existing building and its use including any extensions or alterations have been granted; Statutory approvals have been or would be granted for the existing or highest and best use of the site; There are no deleterious or hazardous materials; There is no contamination; There are no unusual or onerous outgoings and restrictive covenants; There are no encumbrances or encroachments; All parts of the property which are covered, unexposed or inaccessible are in satisfactory repair and condition and an inspection of those parts which have not been inspected, or a survey inspection carried out, would not reveal material defects or cause the valuer to alter the valuation materially; There are rights to use the roads, drains and all communal areas and facilities; No account has been taken of any additional bid by a prospective purchaser with a special interest; All information, data, title documents and plans provided by the client and mortgage applicant which were relied upon by the valuer are true and correct; There are no outstanding taxes, rates or charges associated with the property; The services and any associated controls or software are in working order or free from defect; The building and other improvements are structurally sound; Where the property is part of a building and/or development (e.g. industrial condominium): There is a properly formed and operated management company; The cost of repairs and maintenance to the building and grounds are shared equitably; The leases of all the properties in the building/development are materially the same and there are suitable, enforceable covenants between leaseholders; There are no substantial defects, or other matters requiring expenditure (in excess of the current amount or assumed amount of service charge payable on an annual basis), expected to result in charges to the leaseholder and; Where the subject property forms part of a mixed development, there will be no significant changes in the existing pattern of use; Note: Some assumptions would not be applicable for replacement cost assessments. ​ 6. SPECIAL ASSUMPTIONS: Where applicable, the proposed building or work would be completed in accordance with the plans and specifications supplied; and Planning permissions and statutory requirements have been, or will be granted for the proposed building or work; Note: Other applicable assumptions may be required and if so, would be agreed in writing prior to completion of the Report. ​ ​7. HIGHEST AND BEST USE: It is expressly agreed that in the absence of authoritative information and/or formal advice from any planning authority or related State body, the valuer will make an assumption as to the highest and best use of the property considering, but not limited to, the characteristics of the property including its current use and the character of the neighbourhood. If subsequent investigation by a suitably qualified professional reveals that such use is not allowed by the relevant authorities, the opinion of value could be significantly affected, and the valuer shall not be liable for any such difference. Should any planning permission document, status-of-land letter, completion certificate and/or an approved development plan be provided prior to the completion of this valuation assignment, it will be assumed that the information contained therein is true and correct and no further investigation will be conducted. It is strongly recommended that a suitably qualified professional verify that all relevant approvals have been or would be granted, wherever applicable. ​8. CURRENCY: The opinion of the valuer will be expressed in Trinidad and Tobago Dollars (TT$); ​9. EXTENT OF INVESTIGATIONS: A visual inspection of the parts of the property which is visible at the various floor levels will be carried out and not a structural survey therefore, covered, unexposed or in accessible parts will not be inspected and services will not be tested; A land survey will not be undertaken therefore we cannot determine the legal boundaries and size of the site; A soil survey into the type and stability of the soil and an investigation into whether or not the soil is contaminated will not be undertaken; The basis of the size of the building(s) will be in accordance with International Property Measurement Standards: All Buildings dated 15th January 2023; Covered and enclosed areas will be separated from covered and open sided areas. Measurements and statement of areas will be reviewed when the International Property Measurement Standards for all non-residential property has been published; and No investigation will be undertaken with the land registry, regional corporations, public utilities, town planning department or any other government body in preparation of this report; 10. RESTRICTION ON USE: The valuation report will be provided for your benefit alone and solely for the purposes of the instruction to which it relates. The valuation report, which will be prepared in accordance with these terms of engagement, is not a Court document and is not to be used in any Court proceedings. On acceptance of these terms of engagement, the parties have accepted that no representative of this firm will give testimony or appear in Court by reason of having prepared a valuation of the property; 11. RESTRICTIONS ON PUBLICATION: The whole or part of the report or any reference to it shall not be included in any published document, circular or statement, nor published in any way without the prior written approval form the valuation firm of the form and context in which it may appear; 12. THIRD PARTY LIABILITY: Our valuation may not be used or relied upon by any third party, even if that third party pays all or part of our fees, or is permitted to see a copy of our valuation report. If we do provide written consent to a third party relying on our valuation, any such party is deemed to have accepted the terms of our engagement. 13. CONFIDENTIALITY: The valuation report will be confidential to the client and it or any part thereof may not be disclosed or included in any published document or statement without our previous written permission. 14. EXCLUDED LOCALITIES: Valuation assignments will not be undertaken in dangerous areas. A dangerous area is defined as a crime hotspot and/or an area with a perceived above-average risk to life and limb; 15. DATA: Data derived from the valuation assignment will be used by the valuer in his professional work and shared on a confidential basis with other valuation professionals but not given to other parties. 16. COMPLIANCE: The valuation will be undertaken in accordance with RICS Valuation – Global Standards November 2021 (Effective from 31 January 2022). Compliance with these standards may be monitored under RICS' conduct and disciplinary regulations. 17. DESCRIPTION OF REPORT: The valuation report will conform with the requirements of IVS 103 Reporting; Standard residential properties for mortgage purposes will be completed using the ISTT's Standard Residential Mortgage Valuation Report; Non-standard residential/commercial/industrial properties will be consistent with our current customary format; The report will not contain sales and rent comparables; capitalisation rates; and the calculation of the value; 18. TERMS OF BUSINESS: Fees are due within 30 working days from the date that the client is notified of the completion of the report. Values will not be disclosed nor reports delivered until settlement of our fees. A full refund is only applicable where no work has been undertaken. In event of termination of our engagement prior to the completion of the valuation but after the execution of this Agreement the deposit or part thereof is forfeitable at the discretion of the firm as being reasonable compensation for work done as at that date; 19. DELIVERY: Once all documents, requirements and access are provided, delivery would be within approximately 10 working days (i.e. excluding weekends and public holidays) depending on the type of property and the location. 20. AMENDMENT: This Agreement may be amended only by an instrument in writing signed by duly authorised representatives of each of the parties; 21. INVALIDITY OF ANY PROVISION: If any of the provisions of this Agreement is or becomes invalid, illegal or unenforceable, the validity, legality or enforceability of the remaining provisions shall not in any way be affected or impaired. The parties shall nevertheless negotiate in good faith in order to agree the terms of a mutually satisfactory provision, achieving as nearly as possible, the same commercial effect, to be substituted for the provision so found to be void or unenforceable. 22. LIABILITY: Any liability on the part of the Company for breach of any provisions of this Agreement, giving rise to liability or forming any cause of action whatsoever shall be limited to the Client's actual direct, provable damages in an amount not to exceed the total amount paid to the Company in respect of Fees. The Client agrees that in no event will the Company be liable for damages in respect of incidental, punitive, exemplary, indirect, special or consequential damages, including but not limited to loss of business revenue, lost profits, failure to realise expected savings, or loss of business opportunity. The Client further agrees that in no event will the Company's directors, officers, or employees be liable for any damages arising out of or related to this Agreement. The Clients have confirmed that they have sought their own legal advice as regards this provision and they are satisfied that this provision is fair and reasonable. 23. COMPLAINTS HANDLING PROCEDURE (CHP): The Complaint’s Review Period’ - In the event of a dispute arising out of or related to this Agreement the Client must complete and submit the Complaints Form, a copy of which would be provided upon request. Subsequently, a Director/Senior Valuer will respond to your complaint within 5-7 working days; If the issue is not resolved via the Complaints Review Period either of the parties to this Agreement shall submit the dispute to non-binding mediation using the services provided by the Trinidad & Tobago Dispute Resolution Centre (‘the DRC”) and shall make a good –faith effort to resolve the dispute through the mediation process in accordance with the rules of the DRC. Each party shall bear its own costs in respect of the mediation; In the event the parties are unable to resolve their dispute through mediation after 14 days from the reference to mediation or such further period as the parties may mutually agree in writing, such dispute shall be settled exclusively and finally by binding arbitrator to be jointly appointed by the parties; In the event either Party fails to agree to the appointment of an arbitrator such arbitrator shall be appointed, upon application by the interested party, by the DRC. The award of the arbitrator shall be final and shall not be subject to any appeal or challenge whatsoever. The arbitrator will not be required to file his award with anybody or authority whatsoever. In the event arbitration proceedings are initiated under this arbitrator clause, pending such proceedings and until a final award is rendered pursuant thereto, any subsequent controversy arising between the Parties shall be exclusively submitted for final decision by the arbitrator in the arbitrator proceedings already pending. The arbitration proceedings shall be conducted in accordance with the Arbitration Act Chapter 5:01 of the Laws of Trinidad and Tobago or any statutory modification thereof.

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Buying A Home Buying A Home is one of the biggest investments/purchases most of us will ever make in our life. It normally involves borrowing a large sum of money which is to be paid back over 20-30 years – a significant part of our lifetime. Despite that, many buyers go into this exercise without knowing what to expect or what to look for. One of the most important aspects in buying a home is the cost/value. While no one will mind if they pay less than the home is worth, it is a different story to find that you have paid too much. Also, mortgage-lending institutions normally lend up to 90% of the value or cost of the home, whichever is the lower. For example, assume you are buying a home for $600,000 and hope to borrow $540,000. (You have made a $60,000 deposit from your own funds). If the valuer then determines the home that you are buying is worth only $540,000, the mortgage lending institution will only lend you $495,000 and you will have to find an extra $55,000 on your own or possibly lose the deposit you made on the house. There are two simple ways to avoid this happening to you. The easiest way is when you have finally decided what house you are going to buy, find out from your mortgage lending institution who are the valuers on their panel, then select one of them to value the house before you make a deposit. Another way is when making a deposit, specify that if the independent valuation report done by the Bank is less than the agreed purchase price, you have the option of canceling the contract and getting a full refund of your deposit. If you adopt this option, ensure that the deposit will be held in escrow with an attorney or other such professional to avoid problems if a refund becomes necessary. Another important factor to consider in purchasing a home is how much extra money you will need for closing costs. There are several costs involved in addition to the actual price of the house. Some of these include: Attorneys’ fees for the Deed of Conveyance which transfers the house to your name. It is based on the cost of the house and generally, it is 1.5% on the first $100,000; 0.75% on the next $400,000 and 0.5% on the balance. . (Shortcut if cost > $500,000 – Divide cost by 200 and add $2,000.)Don’t forget – add VAT @ 12.5% The Stamp Duty on the Deed of Conveyance. The first $850,000 of the purchase price is exempt. After that, it is 3% on the next $400,000; 5% on the succeeding $500,000 and 7.5% on the balance. The stamp duty is payable to the government and the rates stated here are for residential homes. (Shortcut if price > $1.750,000 – Calculate 7.5% of cost and subtract $94,250.) Attorneys’ fees for preparing the Deed of Mortgage. This is based on the amount of money you borrow and the rate is the same as in (1) above. This can be reduced by 50% if the same solicitor prepares both deeds and property not under RPA. Stamp Duty on the Deed of Mortgage. Again, this is based on the amount of money you borrow and is payable to the government. The amount varies depending on the type of property (residential, land, etc.), purchase or refinance, and if the amount borrowed is larger than the purchase price. In the case of a purchase of a residence, it is often $2.00 per $1,000 (0.2%) assuming mortgage is for more than $850,000. (If less, then there is no stamp duty). In other cases, it is $4.00 per $1,000 (0.4%). Valuation fees which are usually between 1/3 to 1/5 of 1% of the value of the property, plus VAT @ 12.5%. Mortgage Lending Institution Fee (Varies between 1/3 – 2% of the amount borrowed). Mortgage Indemnity Fee. The calculation of this depends on several circumstances. It can be either 1.5% of the loan amount or 18.5% (of which 6% is a government charge) of the amount on which the mortgage indemnity is taken. Let the loan officer advise you on this. Do not forget the house itself. There are many questions you have to ask yourself. What is the traffic like at rush hours (a.m. and p.m.)? Remember you will be in it for the next 20-25 years. Do all the plumbing fixtures work? If not, why not? Is the electrical wiring adequate for all you equipment? (e.g. fridge, stove, a/c, kettle, washer, dryer, etc.) Do you see any leak stains on the ceilings? If yes, it could mean that the roof needs repairs/replacing. Is there any evidence of termites? You may want to call an expert to determine this. As you can see, there is a lot to be aware of in buying a home. Do not “Buy in haste and Regret in leisure”. Given below are 2 examples of the approximate closing costs involved in buying a home which we hope will be helpful. The above costs/fees are estimates only and are likely to vary from case to case. The above information is believed to be correct as of the date of writing. Before you make any decisions however, you are advised to consult with a suitable professional such as an accountant, an attorney, a financial advisor, etc.

Make A Payment Make a payment for your valuation request. Type of Payment Choose an option Valuation in Name of Reference Number Amount to be paid Address of property to be valued Additional Comments Make Payment

Closing Cost Estimates Rough Estimate on your Closing Costs for the following: Notes: Figures for Stamp Duty on Conveyance do NOT apply to First-Time Buyers Assumes purchase price is the same as the value of the property. No provision has been made for Mortgage Indemnity. Assumes different attorney used for conveyance and mortgage & NOT RPA The figures provided above should be used solely as a guide and is Private and Confidential and intended for your use only. G. A. Farrell & Associates Limited accepts No liability whatsoever if it is subsequently determined that the sum stated above is inaccurate Neither the whole nor any part of this estimate or any reference hereto may be included in any published document, circular or statement, or published in any way, without the express permission in writing from G. A. Farrell & Associates Limited.

Refinance for Profit Refinancing your mortgage means obtaining a new mortgage loan on your property and repaying the old one. There are many reasons why a property owner should consider refinancing and a few of these reasons are detailed below. The most obvious reason is when a property owner (let’s call him Mr. O. Ner) has an existing mortgage loan at say 12% p.a. and discovers that banks and insurance companies are now offering mortgage loans at 9% p.a. Mr. O. Ner should first approach his current lender and request that the interest rate be reduced. If his request is refused, Mr. O. Ner should then approach another mortgage institution to refinance his loan. If he has a mortgage loan of $600,000 over 25 years @ 12% p.a. and decides to refinance it at the new rate, his monthly mortgage payment would drop from $6,319.34 to $5,035.18. He would, therefore, save over $15,400 per annum!.Another reason why Mr. O. Ner may be considering refinancing is to consolidate his existing loans. He may have the following loans: $100,000 – monthly payment of $3,300 – taken for his child’s university education; $60,000 – monthly payment of $2,000 – taken for personal reasons such as to purchase a second car, furniture, etc. $525,000 – monthly payment of $6,310. – mortgage taken 10 years ago to purchase his home. When Mr. O. Ner now obtains a new mortgage loan of $725,000 (assuming that he has enough equity), he will be able to repay all of the above loans plus have $40,000 to help towards the closing costs for the new loan. If the new mortgage loan is at 9% p.a. over a 15 year period (the same time remaining on his prior mortgage loan), his new monthly payment will be $7,354 vs. the total monthly loan payments before of $11,620. This represents a monthly saving of $4,266! A third reason to consider is that Mr. O. Ner may wish to raise some capital in order to make some investments. This can be done by refinancing his existing mortgage loan assuming that he has enough equity. Once the expected rate of return on his proposed investments is greater than the interest rate on his new mortgage loan, (sometimes referred to as “leverage”), it is in Mr. O. Ner’s best interest to refinance. Before rushing out to refinance his property, there are many other factors that Mr. O. Ner should consider. One of the most important ones is the closing costs involved in repaying an existing mortgage loan and obtaining a new one. While this will vary from case to case, Mr. O. Ner should cater between 4% to 5% (of the new mortgage loan amount) as closing costs. In instances where Mr. O. Ner is refinancing due to lower mortgage interest rates, while his monthly savings is immediate, it will take about two years before his savings offset his closing costs on the new mortgage loan. (For more details on the closing costs involved in a mortgage loan, readers should refer to our page entitled “Buying a Home”. Mr. O. Ner should also check to see if there are any prepayment penalties on his old loan as that could have an effect on his decision. In the second refinancing scenario above, it must be remembered that while Mr. O. Ner will enjoy an immediate monthly saving, he is extending the time period for repaying his personal loans (loans 1 & 2). We strongly recommended that professional advice be obtained before making any type of major financial decision. The time to get professional advice is now. Property owners are urged to check with their accountant, lawyer, financial consultant or contact G.A. Farrell & Associates Limited.

Our Services In an effort to better serve our clients, the firm has contracted the services of Mr. Clifford Murray (MRICS). Now, when clients are constructing a building, the firm is able to provide both the Quantity Surveyor’s Report as well as the Valuation Report that mortgage lending institutions customarily request. The firm’s valuation, quantity surveying and property consultancy services can be utilized for many important reasons including: Purchase: Buying A Home Mortgage/Refinance: Refinance For Profit Insurance: How Much House Insurance Do I Need? Construction Sale Stamp Duty Balance Sheet Statutory requirements Site identification and negotiation for purchaser acquisition Please contact us to find out how we may be of assistance to you. Contact Us

Anti-Bribery & Corruption Policy G.A. Farrell & Associates Limited (”GAF&A”) is committed to maintaining industry standards, best practice and ethics. In this regard, this policy exists so that GAF&A and those who work for the company observe and uphold a zero-tolerance position on bribery and corruption. ​ POLICY STATEMENT GAF&A is committed to conducting business in an ethical and honest manner and is committed to implementing and enforcing systems that ensure bribery is prevented. GAF&A’s zero- tolerance for bribery and corrupt activities means it is committed to acting professionally, fairly, and with integrity in all business dealings and relationships, wherever in the country we operate. ​ GAF&A will constantly uphold all laws relating to anti-bribery and corruption, in particular, Prevention of Corruption Act 11:11 as amended. ​ GAF&A recognises that bribery and corruption are punishable on conviction on indictment to a fine of twenty thousand dollars and to imprisonment for two years or on summary conviction to a fine of two thousand dollars and to imprisonment for four months. ​ DEFINITION OF BRIBERY Bribery refers to the act of offering, giving, promising, asking, agreeing, receiving, accepting, or soliciting something of value or of an advantage so to induce or influence an action or decision. A bribe refers to any inducement, reward, or object/item or value offered to another individual in order to gain commercial, contractual, regulatory, or personal advantage. Bribery is not limited to the act of offering a bribe. If an individual is on the receiving end of a bribe and they accept it, they are also breaking the law. Bribery is illegal. Employees must not engage in any form of bribery, whether it be directly, passively (as described above), or through a third party (such as an agent or distributor). They must not bribe a foreign public official anywhere in the world. They must not accept bribes in any degree and if they are uncertain about whether something is a bribe or a gift or act of hospitality, they must seek further advice from the company’s compliance manager. ​ WHAT IS AND WHAT IS NOT ACCEPTABLE This section of the policy is sub-divided into four (4) areas: ​ Gifts and hospitality GAF&A accepts normal and appropriate gestures of hospitality and goodwill (whether given to/received from third parties) so long as the giving or receiving of gifts meets the following requirements: It is not made with the intention of influencing the party to whom it is being given, to obtain or reward the retention of a business or a business advantage, or as an explicit or implicit exchange for favours or benefits. It is not made with the suggestion that a return favour is expected. It is in compliance with local law. It is given in the name of the company, not in an individual’s name. It does not include cash or a cash equivalent (e.g. a voucher or gift certificate). It is appropriate for the circumstances \e.g. giving small gifts around Christmas or as a small thank you to a company for helping with a large project upon completion). It is of an appropriate type and value and given at an appropriate time, taking into account the reason for the gift. It is given/received openly, not secretly. It is not selectively given to a key, influential person, clearly with the intention of directly influencing them. It is not above a certain excessive value, as pre-determined by the company‘s compliance manager. It is not offered to, or accepted from, a government official or representative or politician or political party, without the prior approval of the company’s compliance manager. Where it is inappropriate to decline the offer of a gift (i.e. when meeting with an individual of a certain religion/culture who may take offence), the gift may be accepted so long as it is declared to the compliance manager, who will assess the circumstances. GAF&A recognises that the practice of giving and receiving business gifts varies between countries, regions, cultures, and religions, so definitions of what is acceptable and not acceptable will inevitably differ for each. As good practice, gifts given and received should always be disclosed to the compliance manager. Gifts from suppliers should always be disclosed. The intention behind a gift being given/received should always be considered. If there is any uncertainty, the advice of the compliance manager should be sought. Facilitation payments and kickbacks GAF&A does not accept and will not make any form of facilitation payments of any nature. We recognise that facilitation payments are a form of bribery that involves expediting or facilitating the performance of a public official for a routine governmental action. We recognise that they tend to be made by low level officials with the intention of securing or speeding up the performance of a certain duty or action. GAF&A does not allow kickbacks to be made or accepted. We recognise that kickbacks are typically made in exchange for a business favour or advantage. GAF&A recognises that, despite our strict policy on facilitation payments and kickbacks, employees may face a situation where avoiding a facilitation payment or kickback may put their/their family’s personal security at risk. Under these circumstances, the following steps must be taken: Keep any amount to the minimum. Ask for a receipt, detailing the amount and reason for the payment. Create a record concerning the payment. Report this incident to your line manager. Political contributions GAF&A will not make donations, whether in cash, kind, or by any other means, to support any political parties or candidates. We recognise this may be perceived as an attempt to gain an improper business advantage. Charitable contributions GAF&A accepts the act of donating to charities — whether through services, knowledge, time, or direct financial contributions (cash or otherwise) — and agrees to disclose all charitable contributions it makes. Employees must be careful to ensure that charitable contributions are not used to facilitate and conceal acts of bribery. We will ensure that all charitable donations made are legal and ethical under local laws and practices, and that donations are not offered/made without the approval of the compliance manager.

Past Projects The Company is geared towards its continued development and looks towards the expansion of its services. This will ultimately benefit you, the Client. In this regard, and among other endeavours, the firm has committed to forming strategic alliances with leading international valuation firms.

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