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%MW Sad ProLogis Pond,Robinson&Associates,LP 2020 N.MacArthur Drive,Tracy,CA Project No.041751 July 2004 Page 24 SECTION 5.0-LIMITATIONS Property Condition Assessments are observational in nature. Information contained in this report was obtained by means of site observations,in, review of available construction documents,and Client-provided information. Evaluation by visual observation is specifically limited to those items or components that are readily accessible and visible to the naked eye. No testing, either destructive or non-destructive,was performed and no calculations were performed to calculate the capacities of the existing building systems. The observation of concealed or inaccessible areas of the facility, which would have required the use of destructive investigation, was beyond the contracted Scope of Services. Aside from our observations during our interior walk through, observation of tenant improvements or tenant activities was also beyond the contracted Scope of Services. The information presented in this report represents the condition of the property at the time of our site visit; other problems may develop with time that were not evident at the time of this assessment. Trained professionals,who used that degree of care and skill ordinarily exercised under similar conditions by reputable members of our profession in this or similar localities, performed this assessment. This assessment was directed at noting deferred maintenance items, distressed items, items or systems that have been poorly maintained, construction defects, and items or systems that are nearing the end of their useful economic service lives. It does not address routine maintenance items or items expected to be performed by the building engineer or maintenance personnel. Items identified as requiring action are identified as either"Current Work Items"(Year 1) or "Anticipated Work Items"(Years 2 through 10). For identified work items, Opinions of Cost are provided. Opinions of Cost are presented in uninflated current dollars; anticipated costs are not indexed for inflation. These Opinions of Cost should be considered general order-of-magnitude costs; detailed proposals should be obtained for actual construction budgets. Opinions of Cost are generally provided in $500 increments with a lower limit of$5000. Code related or other work items may be listed, with no associated Opinion of Cost, if the cost is less than $5000. Our conclusions and recommendations should not be construed in any way to constitute a warranty or guarantee regarding the current or future performance of the facility. Opinions of Cost are approximations only and should not be interpreted as being a bid or an offer to perform the work. The information contained in this report may be used and relied upon by the Parties and their successors and assigns upon written agreement between Pond,Robinson&Associates and ProLogis. The reliance is subject to the terms, conditions, limitations and qualifications contained herein and in the agreement between ProLogis and Pond, Robinson&Associates, LP.