DISCLAIMER BY THE HONG KONG ARTS DEVELOPMENT COUNCIL

An Academic Financial Study ("the Study") for the West Kowloon Cultural District Hong Kong conducted by the Centre for Cultural Policy Research of the University of Hong Kong ("HKU Cultural Centre").

This Study Report ("Study Report") has been commissioned by the Hong Kong Arts Development Council ("the Council") from the Centre for Cultural Policy Research of the University of Hong Kong as an independent, academic financial study for the purpose only of reference by the public in relation to the West Kowloon Cultural District Project ("the Project") and is intended by the Council as an introduction to the Project and for the assistance and furtherance of general information only. The Council is a statutory body set up for the development of the arts in Hong Kong and, inter alia, advises the Hong Kong Special Administrative Region Government ("the HKSAR Government") on issues related to the planning and development of the arts.

Any member of the public and any Proponent (as defined in the Hong Kong SAR Government Invitation For Proposals in respect of the Project published in September 2003 ("the Government Invitation") may and shall make use of the data and materials in the Study Report but shall draw inferences in their entire discretion and shall take on and assume their own exclusive responsibility for all risk and consequence from such use. The Council expressly disclaims any responsibility or liability as to firstly the accuracy or otherwise of data, information and materials contained in the Study Report, secondly as to any analysis, assumptions, conclusions or statements made in the Study Report and thirdly in respect of or arising either now or at any time in the future from the use or interpretation of the Study Report or omission from it. Nothing in the Study Report nor in any other written or oral information which is or has been or will be provided or made available to any person may be relied on as a representation, statement or warranty, express or implied, as to the Project nor as to the intentions, policy or future action of the HKSAR Government or of the Council, its officers, staff or agents. The Study Report is entirely separate and independent from and does not form part of nor is it associated in any way with the Government Invitation.