diff --git a/backend/app/services/export_excel.py b/backend/app/services/export_excel.py
index 387e719..93df8cc 100644
--- a/backend/app/services/export_excel.py
+++ b/backend/app/services/export_excel.py
@@ -64,10 +64,19 @@ async def export_ratecard_excel(db: AsyncSession, project: Project, efficiency_l
     gmals_result = await db.execute(select(GmalAsset).where(GmalAsset.id.in_(gmal_ids)))
     gmals = {g.id: g for g in gmals_result.scalars().all()}
 
+    # Load selected matches for caveat lookup
+    matches_result = await db.execute(
+        select(Match).where(
+            Match.client_asset_id.in_(asset_ids),
+            Match.is_selected == True,
+        )
+    )
+    caveat_by_asset = {m.client_asset_id: m.caveat_text or "" for m in matches_result.scalars().all()}
+
     # Sheet 1: Ratecard Summary (roles x assets matrix)
     ws1 = wb.active
     ws1.title = "Ratecard Summary"
-    _build_ratecard_sheet(ws1, lines, roles, client_assets, gmals)
+    _build_ratecard_sheet(ws1, lines, roles, client_assets, gmals, caveat_by_asset)
 
     # Sheet 2: Asset Detail
     ws2 = wb.create_sheet("Asset Detail")
@@ -86,8 +95,10 @@ async def export_ratecard_excel(db: AsyncSession, project: Project, efficiency_l
     return _workbook_to_bytes(wb)
 
 
-def _build_ratecard_sheet(ws, lines, roles, client_assets, gmals):
+def _build_ratecard_sheet(ws, lines, roles, client_assets, gmals, caveats: dict | None = None):
     """Build the main ratecard matrix: rows=roles, cols=client assets."""
+    if caveats is None:
+        caveats = {}
     # Get unique sorted client assets and roles
     asset_ids_ordered = sorted(client_assets.keys())
     role_ids_ordered = sorted(roles.keys(), key=lambda rid: (roles[rid].discipline, roles[rid].sort_order or 0))
@@ -127,9 +138,24 @@ def _build_ratecard_sheet(ws, lines, roles, client_assets, gmals):
     ws.cell(row=1, column=total_col, value="Total Hours").font = HEADER_FONT
     ws.cell(row=1, column=total_col).fill = HEADER_FILL
 
+    # Caveats row (row 2)
+    CAVEAT_FONT = Font(italic=True, size=9, color="555555")
+    CAVEAT_FILL = PatternFill(start_color="FFFBF0", end_color="FFFBF0", fill_type="solid")
+    ws.cell(row=2, column=1, value="").fill = CAVEAT_FILL
+    ws.cell(row=2, column=2, value="Assumptions / Caveats").font = Font(italic=True, bold=True, size=9, color="92400E")
+    ws.cell(row=2, column=2).fill = CAVEAT_FILL
+    for col_idx, asset_id in enumerate(asset_ids_ordered, 3):
+        caveat = caveats.get(asset_id, "")
+        cell = ws.cell(row=2, column=col_idx, value=caveat)
+        cell.font = CAVEAT_FONT
+        cell.fill = CAVEAT_FILL
+        cell.alignment = Alignment(wrap_text=True, vertical="top")
+    ws.cell(row=2, column=total_col).fill = CAVEAT_FILL
+    ws.row_dimensions[2].height = 60
+
     # Data rows
     current_discipline = None
-    row_idx = 2
+    row_idx = 3
 
     for role_id in role_ids_ordered:
         role = roles[role_id]