The Mark Company Standard Monthly Reports

May 2013 Contents Executive Summary Currently Selling Developments Resale Developments Pipeline Report TMC Disclaimer

Notes 1) Currently Selling is defined as a new construction residential project selling for the first time or a project in which units have never been lived in as owner-occupied.

2) Resale is defined as a residential unit that has been sold at least once before and has previously been lived in.

3) This report covers Currently Selling residential developments with 20+ Market Rate units and Resale residential developments with 50+ Market Rate units located in Districts 7, 8 and 9.

4) Assume that projects located in the Currently Selling section are actively selling units unless noted otherwise.

5) Date On Market refers to the date the Sales Center opened.

6) Average Absorption is calculated from Date On Market through the first of the month prior to the date of the report. It accounts for units both in contract and closed.

7) Average Price/SF is calculated using only units where both square footage and price are known. Average Price/SF is defined as the average price divided by the average square footage. Averages are weighted averages.

8) Developments are considered Sold Out once the last Market Rate unit has closed OR there have been six months without a closing, all units are in contract and the Sales Center is closed (e.g. there is no active marketing). At that point, projects will be moved to the Resale section and tracked for resale closings.

9) Market Rate Units Available in the Pipeline Report refers to the estimated number of Market Rate units available for sale at the development (e.g. not in contract or closed).

10) Marketing to Commence in the Pipeline Report refers to the date that the Sales Center is expected to open for projects that are Currently Under Construction.

11) Completion Date in the Pipeline Report refers to the expected date of completion for a project that is Approved and/or Under Review.

11) Below Market Rate units are omitted from the new construction and resale closings.

Standard Monthly Reports - San Francisco - May 2013 Executive Summary

Currently Selling Summary - March Closings

Average Size # of Average Unit Type Size Range Price Range $/SF Sales Price (SF) (SF) Studio / Junior One Bedroom 0 n/a n/a n/a n/a n/a One Bedroom 4 1,337 732 - 1,633 $385,000 $385,000 - $385,000 $526 Two Bedroom 26 1,514 1,008 - 2,170 $772,673 $428,000 - $1,250,000 $625 Three (or more) Bedroom 3 1,697 1,221 - 1,943 $485,000 $485,000 $397 Other (Unknown Type) 0 n/a n/a n/a n/a n/a All Types 33 1,510 732 - 2,170 $660,115 $385,000 - $1,250,000 $574* * Price per square foot for new construction is low due to lack of closed sale price data for Millennium Tower (22 units over $1,000/SF), as well as a high number of sales in the lower priced neighborhoods around Candlestick Point.

Resale Summary (Districts 7, 8, 9) - March Closings

Size # of Average Average Unit Type Range Price Range $/SF Sales Size (SF) Price (SF) Studio / Junior One Bedroom 5 416 266 - 520 $354,600 $292,000 - $453,000 $793 One Bedroom 26 857 660 - 1,583 $742,654 $429,000 - $1,295,000 $880 Two Bedroom 26 1,177 601 - 1,826 $1,013,981 $270,000 - $1,700,000 $851 Three (or more) Bedroom 1 1,732 1,732 $1,250,000 $1,250,000 $722 Other (Unknown Type) 0 n/a n/a n/a n/a n/a All Types 58 988 266 - 1,826 $839,578 $270,000 - $1,700,000 $856

Pipeline Summary

Currently Under Under Conceptual Product Type Approved Selling Construction Review Planning Condominium 131 709 3,488 900 883 Rental - 4,073 5,689 268 1,285 TBD - 0 24,730 1,547 4,510 Condominium - On Hold - 0 285 0 0 Rental - On Hold - 0 0 0 0 All Types 131 4,782 34,192 2,715 6,678

Standard Monthly Reports - San Francisco - May 2013 Currently Selling The following section contains sales information and updates for actively selling developments with 20+ Market Rate units.

Project List* 300 Ivy 5800 Third 829 Folsom Blu Candlestick Cove Madrone Marlow Millennium Tower One Hawthorne

* Sorted in alphabetical order

Standard Monthly Reports - San Francisco - May 2013 Developer LLC Partners, Ivy Grove Fees HOA Average TBD Absorption Average n/a Last Six Months Price/SF n/a Address 300 Ivy Street Units Total 63 Date on Market May 2013 Closings Commenced TBD stainless steel Bosch and Liebherr appliances. First stainless steel Bosch 2013. to occur in Fall move ins are expected and will 300The Ivy Sales Center opened in May 2013 in the next be added to the Currently Selling pipeline report. also have access to bicycle storage and onsite car also have access to bicycle storage and sharing feature wide-plank, sustainably spacious floor plans The sourced oak flooring, forced air conditioning, cabnetry and CaesarStone counterops, Studio Becker 300 Ivy 300 63 residences, Ivy offers in Hayes Valley, Located LEED-Platinum Seeking including five townhomes. features a certification, the new development with outdoor grill, landscaped courthard, rooftop garden Residents will seating and dining areas and a sundeck. Standard Monthly Reports - San Francisco - May 2013 Standard Monthly Reports - San Francisco CURRENTLY SELLING Date Closed 3/4/2013 3/8/2013 3/6/2013 3/13/2013 0 available $437 $397 $425 $526 $433 $/SF

Developer Holliday Development Fees HOA Average $336 - $481/month Absorption Average 4 units/month Last Six Months Price/SF $396 (23 units) Price Closing $440,750 $428,000 $485,000 $385,000 $465,000 March 2013 March March 2013 March 20 in contract SF 732 1,073 1,221 1,009 1,008 2.2 3/2 2/2 1/1 Type 100 closed 100 Averages: Unit 120 8 Address 5800 Street Third Units Total Rate) Market (120 137 Date on Market July 2010 Closings Commenced November 2010 2301 2222 2424 Sales status through Closed sales during (All Units In Contract) dog washing station. will project All units are in contract at 5800 The Third. section once all be removed from the Currently Selling passed without a units have closed or six months have closing reported. residents in the coming years. one-, two- and three- homes range between The bedroom floor plans in and townhome both flat outdoor space. configurations. Many homes include lounge and Amenities include a large courtyard, bike 5800 Third easy generously-sized homes at 5800 offer The Third highways Mission Bay, access to public transportation, & Easy grocery store and cafe. and an onsite Fresh newest Carroll Station is touted as the City’s neighborhood to welcome 1,000 new and is expected Standard Monthly Reports - San Francisco - May 2013 Standard Monthly Reports - San Francisco CURRENTLY SELLING 8 available Developer Mando FORMA, LLC/Walid Fees HOA Average $460 $583/month - Absorption Average 1 unit/month Last Six Months Price/SF n/a 1 in contract 60 closed Address Street 829 Folsom Units Total 69 Date on Market January 2009 Closings Commenced May 2010 Sales status through March 2013 Sales status March through 2013. during March no closings reported were There May 2013: dated Standard Monthly Reports - San Francisco - May 2013 Standard Monthly Reports - San Francisco One Bedroom $629,000 Starting List Price: SF Size: 502 - 921 Average Bedroom/Plus Two - mid $900,000s $771,000 Starting List Price: SF - 1,163 Size: 897 Average Available list prices Available One Bedroom low $600,000sStarting List Price: Size: 486 SFAverage - 557 parking, an entertainment lounge, landscaped courtyard parking, an entertainment lounge, landscaped Green and a rooftop terrace with modern furnishings. glazing elements include high-performance, low-e costs, low- windows to reduce heating and cooling paint and flooring, Energy Star- emitting and non-toxic lighting fixtures. rated appliances and energy-efficient Interior finishes include bay windows with dramatic Interior finishes include bay windows polished granite views, wood, carpet and marble flooring, by slab countertops and stainless steel appliances and Bosch. Thermador and secured Community amenities include private 829 Folsom the lively is situated in stories tall, 829 Folsom nine At South Market neighborhood, of close to restaurants, by renowned entertainment and retail options. Designed firm FORMA, the state-of-the-art building encompasses window wall system. and a floor-to-ceiling technology CURRENTLY SELLING ) 0 available Developer Malcolm Properties; Urban Lennar Fees HOA Average $650 - 900/month Absorption Average 2 units/month Last Six Months Price/SF $1,050 (1 unit 0 in contract closed 114 Address Street Folsom 631 Units Total 114 Date on Market May 2008 Closings Commenced May 2009 Sales status through March 2013 Sales status March through (Sold Out) Standard Monthly Reports - San Francisco - May 2013 Standard Monthly Reports - San Francisco doorman, concierge services, lobby and carousel parking doorman, concierge services, lobby and are two finish options for for all residents. There are no There penthouse and non-penthouse homes. the finishes beyond opportunities to upgrade or change that. report. the next Blu is sold out. It will be removed from to 2,700 square feet for a penthouse. Penthouses boast for a penthouse. Penthouses square feet to 2,700 and glass-walled solariums. private roof decks hardwood feature European cabinetry, Interior finishes appliances Viking kitchen and and carpet flooring, Bosch a full-time and granite countertops. Amenities include Blu located in the condominium tower Blu is a 21-story South Market neighborhood. of by Handel Designed residences and 114 features the development Architects, condominium homes high. The feet 214 is approximately for a two-bedroom range in size from 950 square feet CURRENTLY SELLING 25 available Developer Properties Signature Fees HOA Average $448 - $575/month Absorption Average <1 unit/month Last Six Months Price/SF (8 units) $377 2013 March 35 in contract 72 closed 72 Address Executive Park 101 Boulevard Units Total Market Rate) (132 140 Date on Market October 2007 Closings Commenced October 2008 Sales status through 2013. during March no closings reported were There Interior appointments include Whirlpool stainless steel Interior appointments include Whirlpool natural appliances, granite slab countertops, Shaker-style feature fixtures. Homes cabinetry and Kohler beech homes are priced Available two-car garages. attached $550,000. from approximately Candlestick Cove Candlestick to the San Francisco Cove is located next Candlestick at the south end of and Bayview Park Executive Park development consists of 140 the Bayview District. The floor plans. condominiums with five different Standard Monthly Reports - San Francisco - May 2013 Standard Monthly Reports - San Francisco CURRENTLY SELLING Date Closed 3/8/2013 3/5/2013 3/12/2013 3/15/2013 3/15/2013 3/26/2013 0 available n/a n/a n/a n/a $721 $768 $809 $/SF units/month

Developer Bosa Development Corporation Fees HOA Average - $899/month $678 Absorption Average 23 Last Six Months Price/SF units) (167 $748 n/a n/a n/a n/a Price Closing $947,690 March 2013 March $1,250,000 $1,098,845

8 in contract SF 1,315 1,497 1,361 1,928 1,342 1,492 1,546 2/2 2/2 2/3 3/2 2/2 2/2 Type 321 closed Averages: 207 626 326 Unit 1602 1005 1008 Address Basin Way 345 China Units Total 329 Date on Market September 2011 Closings Commenced August 2012 Sales status through 2013 Closed sales during March (All Units In Contract) Standard Monthly Reports - San Francisco - May 2013 Standard Monthly Reports - San Francisco closing reported. slab countertops, Bosch dishwashers, European-inspired slab countertops, Bosch Whirlpool and oak or maple hardwood flooring cabinetry, washer and dryers. will It of 2013. Madrone sold out during the first quarter section once all be removed from the Currently Selling passed without a units have closed or six months have The one-, two- and two-bedroom plus floor plans are one-, two- and two-bedroom The and modern. designed to be spacious, comfortable spa, sundeck, Amenities include an outdoor pool and screening room and fitness center, entertaining kitchen, Interior finishes include CaesarStone attended lobby. Madrone Madrone homes on San executed Madrone delivers beautifully in the heart of Located south waterfront. Francisco’s easy access to some of the Madrone offers Mission Bay, and attractions, as well as public finest restaurants city’s transportation and freeways. CURRENTLY SELLING 98 available Developer Oyster Development Fees HOA Average TBD Absorption Average n/a Last Six Months Price/SF n/a March 2013 March

0 in contract 0 closed Address Avenue, Ness Van 1800 Clay Street 1754 Units Total 98 Date on Market 2013 March Closings Commenced TBD Sales status through Standard Monthly Reports - San Francisco - May 2013 Standard Monthly Reports - San Francisco Residence features natural walnut finished cabinetry, walnut finished cabinetry, natural Residence features and quartz countertops, porcelain backsplashes will have tiling, air conditioning and balconies. Residents lobby and access to secured parking, an attended landscaped courtyard. Marlow Heights, Nob Hill where the Pacific Marlow is situated one-, The and Russian Hill neighborhoods come together. in flat and two- and three-bedroom homes are available townhome configurations. CURRENTLY SELLING Date Closed 3/6/2013 3/5/2013 3/11/2013 3/11/2013 3/14/2013 3/12/2013 3/15/2013 3/15/2013 3/15/2013 3/15/2013 3/13/2013 3/22/2013 3/29/2013 3/29/2013 3/29/2013 3/29/2013 3/29/2013 3/29/2013 3/26/2013 3/25/2013 3/22/2013 3/22/2013 0 available n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a $/SF units/month

Developer Partners Millennium Fees HOA Average - $1,750/month $774 Absorption Average 7 Last Six Months Price/SF units) $1,095 (57 n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Price Closing 12 in contract SF 1,714 1,517 1,517 1,517 1,517 1,517 1,517 2,170 1,731 1,731 1,479 1,478 1,136 1,136 1,601 1,601 1,861 1,584 1,633 1,845 1,350 1,652 1,633 2/3 2/2 2/2 2/2 2/2 2/2 2/2 2/2 1/2 2/2 2/2 2/2 2/2 2/3 2/2 2/2 1/2 2/2 2/2 2/2 1/2 2/2 Type 407 closed 407 Averages: 4F 6E 4E 6A 8A 41F 706 39F 505 29E 405 906 29A 32A 27A 34A 35A 27C 30A 35B 36C PH3 Unit Address Mission Street 301 Units Total 419 Date on Market November 2007 Closings Commenced April 2009 Closed sales during March 2013 Closed sales during March Sales status through March 2013 Sales status March through (All Units In Contract)

All units are in contract at Millennium Tower. It will be Tower. All units are in contract at Millennium once all units removed from the Currently Selling section passed without a have closed escrow or six months have closing reported. fitness center run by Sports Club/LA, private lounge with Interior dining area and ground-level retail space. or Berber carpet flooring, feature hardwood finishes marble or brown quartzite cabinetry, Studio Becker appliances by Sub-Zero, Wolfe, countertops and kitchen Miele, GE, and U-Line. Bosch consists of three collections of residences: The City The consists of three collections of residences: Grand Residences. Residences and The Residences, The homeowners lobby, own elevator, collection has its Each association and selection of finishes. pool and spa, Amenities include an outdoor garden, Millennium Tower Millennium Tower of San is located in the heart Millennium Tower South Market District. Residents are only of Francisco’s Building, Embarcadero, Ferry steps away from The and Buena Gardens Chinatown, the SFMoMA, Yerba and homes 419 project features Union Square. The Standard Monthly Reports - San Francisco - May 2013 Standard Monthly Reports - San Francisco CURRENTLY SELLING Developer Pacific Jackson LLC Hawthorne, Fees HOA Average $720/month ~$500 - Absorption Average Information Unavailable Last Six Months Price/SF Information Unavailable Address Place One Hawthorne Units Total 165 Date on Market January 2010 Closings Commenced July 2010 (Sold Out) lobby, fitness center and furnished rooftop deck with deck fitness center and furnished rooftop lobby, barbeque, dining and lounge facilities. removed from the One Hawthorne is sold out and will be report. next and transportation options. represents smart new 25-story building The rare residential sophisticated living at its best and is a neighborhood.opportunity in a dynamic and desirable amenities includes an attended generous array of The One Hawthorne to the vibrant SouthA beautiful addition of Market neighborhood, One Hawthorne is a boutique central The collection of luxury condominium residences. access to a location provides homeowners with easy shopping, parks range of cultural activities, restaurants, Standard Monthly Reports - San Francisco - May 2013 Standard Monthly Reports - San Francisco CURRENTLY SELLING 0 available Developer Associates Urban West Fees HOA Average - $1,000/month $675 Absorption Average 5 units/month Last Six Months Price/SF units) $1,043 (10 0 in contract 390 closed Address Street 425 First Units Total 390 Date on Market June 2006 Closings Commenced 2008 February Sales status through March 2013 Sales status March through (Sold Out) Standard Monthly Reports - San Francisco - May 2013 Standard Monthly Reports - San Francisco One Rincon Hill is sold out and will be removed from the One Rincon Hill is sold out and will be report. next with catering kitchen, valet parking, full-size swimming with catering kitchen, a fireplace. pool and outdoor barbeque area with Phase IIThe tower consists of 299and began units It is anticipated that the units construction in July 2012. to be will be for rent. Construction is expected completed in summer 2014. The homes feature hardwood flooring, Italian cabinetry homes feature The stainless refrigerators, Bosch Sub-Zero from Del Tongo, facilities. steel appliances and in-home laundry concierge, high- Amenities include a 24-hour doorman, hospitality room speed Internet access, fitness center, One Rincon Hill one of the 50-stories tall, One Rincon Hill is over At west of the Mississippi tallest residential developments project include one-, two- and three- The River. expansive bedroom homes. Many of the homes have views of downtown and the water. CURRENTLY SELLING Resales The following section contains closed resale information for sold out projects in Districts 7, 8 and 9 with 50+ units.

District 7 District 9 1817 Street 101 Valencia Street The Mullen Buildings 2200 Pacific Avenue 140 South Van Ness The Palms Broadway Towers 170 Off Third The Potrero Jackson Towers 175 Bluxome Union Pacific Place 18th & Arkansas Watermark Pacific Heights Towers 199 New Montgomery Victoria Mews The Marina Chateau 200 Brannan Yerba Buena Lofts 200 Townsend District 8 235 Berry 1 Daniel Burnham Court 255 Berry 1101 Lombard Street 411 Valencia 1080 Chestnut Street 88 Townsend 1101 Green Street Arterra 1170 Sacramento Street Baycrest 1177 California Street Bluxome Place 1200 Gough Street BridgeView 1200 California Street Clocktower Lofts 1201 California Street Cubix Yerba Buena 1650 Jackson Street Four Seasons Residences 1776 Sacramento Street Franklin Square 733 Front Hawthorne Place 900 Bush Street Hills Plaza 999 Green Street Madrone Book Concern Building Millennium Tower En Ville Mint Collection Fontana Towers Museum Parc Golden Gateway Commons One Hawthorne Landmark Condominiums One Rincon Hill Mandarin Towers Oriental Warehouse North Beach Malt House Park Terrace at Mission Bay Opera Plaza Potrero Court Parc Telegraph Potrero Square Lofts Pine Terrace Portside Post International Second Street Towers Telegraph Landing Shipley Square The Artani Sierra Heights The Clay Soma Grand The Comstock St. Regis Residences The Crown Tower Towers at Embarcadero South The Hamilton The Beacon The Marquee The Brannan The Royal Towers The Heublein Building The Sutterfield Villa North Beach The Lansing The Metropolitan

Standard Monthly Reports - San Francisco - May 2013 n/a n/a $/SF $613 $870 $825 $846 Average Average 1/9/2013 11/7/2012 12/7/2012 11/8/2012 2/14/2012 2/15/2013 1/18/2013 3/21/2013 3/29/2013 3/20/2013 2/22/2013 2/28/2013 1/29/2013 11/27/2012 11/29/2012 12/18/2012 10/15/2012 10/19/2012 10/10/2012 10/26/2012 Closing Date n/a n/a Price Range $460,000$510,000 - $710,000 - $1,300,000 $710,000 $485,000 $1,050,000 - $460,000 - $1,300,000 n/a n/a n/a n/a n/a n/a $/SF $916 $731 $841 $875 $794 $708 $891 $887 $582 $645 $852 $850 $895 $1,100 n/a n/a Average Average $773,925 $730,875 $956,333 $485,000 Closing Price $510,000 $607,000 $710,000 $810,000 $970,000 $778,000 $725,000 $708,000 $620,000 $822,500 $635,000 $625,000 $848,000 $485,000 $885,000 $830,000 $460,000 $1,100,000 $1,050,000 $1,300,000 Closing Price n/a n/a 791 542 - 1,172 542 - 1,172 1,000 - 1,109 n/a n/a n/a n/a n/a n/a 817 745 743 791 791 681 542 Size Range (SF)Size Range 898 1,172 1,041 1,109 1,108 1,000 1,068 Size (SF) n/a n/a 791 1/4 893 1/2 2/2 2/2 2/2 2/2 1/1 1/1 1/1 1/1 2/2 1/1 0/1 0/1 1/1 830 (SF) Type 1,071 1/1.5 1/1.5 1/1.5 1/1.5 2/1.5 Average Size Average (October 2012 - March 2013) March - 2012 (October 6A 5B 9B 2 11 415 11 E 712 210 702 106 Unit 607 202 803 302 304 906 1203 1204 14 04 1006 6 0 0 2 12 20 # of Sales Pacific Plae Pacific Place Pacific Place Pacific Place Pacific Place Pacific Jackson Towers Jackson Towers Jackson Towers Heights Pacific Towers Heights Pacific Place Pacific 2200 Pacific 2200 Pacific 2200 Pacific Broadway Towers Towers Jackson Towers Jackson Development California 1817 California 1817 California 1817 2200 Pacific Three (or more) Bedroom Three Other (Unknown) All Types Closing Details District 7 - Unit Type Bedroom One Studio / Jr. One Bedroom Bedroom Two Resale Summary - District 7 District - Summary Resale Standard Monthly Reports - San Francisco - May 2013 Standard Monthly Reports - San Francisco RESALES n/a $/SF $772 $728 $739 $805 $804 Average Average 1/7/2013 2/5/2013 11/7/2012 11/5/2012 11/9/2012 12/4/2012 2/27/2013 12/6/2012 12/6/2012 1/15/2013 3/15/2013 2/15/2013 2/13/2013 2/19/2013 1/31/2013 1/31/2013 2/20/2013 1/25/2013 3/20/2013 1/24/2013 11/27/2012 12/11/2012 11/21/2012 12/14/2012 12/12/2012 11/20/2012 12/18/2012 10/12/2012 10/16/2012 12/31/2012 12/21/2012 12/20/2012 10/24/2012 10/24/2012 Closing Date n/a Price Range n/a n/a n/a n/a $ 519 $714 $715 $/SF $773 $572 $676 $679 $670 $763 $726 $729 $801 $706 $768 $557 $628 $853 $542 $853 $634 $683 $865 $900 $949 $693 $669 $1,192 $1,038 $1,046 $1,066 $300,000 $525,000 - $515,000 - $2,835,000 $515,000 $425,000 - $1,545,000 $425,000 - $450,000 - $2,300,000 $300,000 - $2,835,000 n/a Average Average $637,637 $388,133 $804,688 $1,374,857 $1,082,346 $667,000 Closing Price $575,000 $575,000 $575,000 $725,000 $378,000 $750,000 $780,000 $950,000 $550,000 $350,000 $595,000 $643,000 $520,000 $555,000 $640,000 $534,900 $590,000 $649,000 $560,000 $464,000 $530,000 $630,000 $460,000 $390,000 $1,410,000 $1,780,000 $1,100,000 $1,601,000 $1,545,000 $1,505,000 $1,935,000 $1,650,000 $1,090,000 Closing Price n/a (SF) 511 411 8 11 n/a n/a n/a n/a 919 74 9 947 750 789 842 950 437 645 437 843 832 829 836 836 909 1,131 1,195 1,091 411 - 623 411 1,653 1,450 1,450 1,850 1,030 1,493 1,089 1,399 Size Range Size Range 411 - 2,263 411 575 - 1,450 575 991 - 2,263 - 991 842 - 1,850 Size (SF) 1/2 2/2 1/1 2/2 1/1 1/1 1/1 2/2 2/2 2/2 0/1 0/1 2/2 1/1 0/1 0/1 1/1 1/1 1/1 1/1 1/1 2/2 1/1 1/1 2/2 2/2 1/1 1/1 1/1 1/1 Type 1/1.5 2/2.5 1/1.5 1/1.5 n/a 8 51 493 (SF) 1,709 1,003 1,248 (October 2012 - March 2013) March - 2012 (October Average Size Average P7 8A 7B 2D 511 319 213 11 C 810 16E 201 1111 301 301 Unit 521 12D 505 924 524 502 405 206 21A 309 22A PH6 1514 112 2 11 0 6 1201 1704 317E 1004 1002 7 0 15 99 43 34 # of Sales 900 Bush Street 900 Bush Street 1776 Sacramento Street 1776 Front 733 Front 733 Ness Van 77 900 Bush Street 1200 California Street (co-op) 1200 California Street (co-op) 1200 California Street (co-op) 1200 California Street 1201 Street Jackson 1650 1177 California Street 1177 California Street 1177 California Street 1177 California Street 1177 California Street 1177 California Street 1177 1080 Chestnut Street (co-op) 1080 Chestnut Street (co-op) 1080 Green Street 1101 California Street 1177 California Street 1177 1 Daniel Burnham Court Street Lombard 101 Street Lombard 101 Chestnut Street (co-op) 1080 Chestnut Street (co-op) 1080 1 Daniel Burnham Court 1 Daniel Burnham Court 1 Daniel Burnham Court 1 Daniel Burnham Court 1 Daniel Burnham Court 1 Daniel Burnham Court Other (Unknown) All Types Closing Details District 8 - Development Unit Type Bedroom One Studio / Jr. One Bedroom Bedroom Two (or more) Bedroom Three Resale Summary - District 8 District - Summary Resale Standard Monthly Reports - San Francisco - May 2013 Standard Monthly Reports - San Francisco RESALES 2/1/2013 3/6/2013 11/9/2012 11/5/2012 11/9/2012 11/6/2012 11/1/2012 11/5/2012 11/8/2012 11/6/2012 11/9/2012 11/1/2012 3/14/2013 2/12/2013 1/18/2013 10/3/2012 3/28/2013 2/28/2013 1/25/2013 2/28/2013 1/22/2013 3/22/2013 12/17/2012 11/16/2012 11/16/2012 11/16/2012 10/17/2012 11/21/2012 11/21/2012 12/27/2012 12/27/2012 12/14/2012 12/13/2012 12/10/2012 10/15/2012 10/19/2012 12/31/2012 10/10/2012 10/31/2012 12/28/2012 10/23/2012 10/26/2012 10/25/2012 Closing Date Closing n/a n/a n/a n/a n/a n/a n/a n/a $ 6 11 $716 $713 $713 $713 $/SF $910 $618 $578 $579 $572 $737 $795 $931 $766 $730 $739 $581 $583 $563 $658 $584 $525 $842 $955 $454 $599 $599 $892 $604 $464 $899 $1,016 $1,150 $1,198 $1,083 $707,000 $515,000 $515,000 $477,000 $315,000 $485000 $427,000 $818,000 $852,750 $479,000 $670,000 $788,000 $321,000 $954,000 $650,000 $445,000 $425,000 $585,000 $428,000 $850,000 $532,000 $450,000 $450,000 $695,000 $530,000 $430,000 $566,000 $530,000 $490,000 $460,000 $668,000 $466,000 $460,000 $1095000 $1,415,000 $1,700,000 $2,150,000 $1,375,000 $1,850,000 $1,200,000 $1,495,000 $1,895,000 $2,300,000 Closing Price Closing n/a n/a n/a n/a n/a n/a n/a n/a 914 914 616 743 743 74 0 876 733 755 991 991 623 442 622 450 853 882 586 648 1,574 2,251 2,251 1,144 1,541 1,709 1,192 1,160 1,642 1,022 1,826 2,263 1,296 1,290 1,400 1,300 Size (SF) 2/2 2/2 2/2 1/1 2/2 2/2 0/1 2/2 1/1 1/1 1/1 2/2 1/1 1/1 1/1 2/2 1/1 1/1 0/1 3/3 3/3 3/2 3/2 3/2 2/2 0/1 1/1 2/2 1/1 2/2 2/2 2/2 1/1 1/1 2/2 0/1 1/1 2/3 3/3 1/1 2/2 Type 3/2.5 1/1.5 (continued)

7 4 12 13 19 20 35 39 6D 512 512 712 714 716 818 3 51 104 102 752 Unit 607 307 503 526 428 502 525 303 846 506 509 348 904 404 10D 906 309 11 0 6 14 01 120 8 14 04 1003 T202 2502 Telegraph Landing Telegraph Symphony Towers Landing Telegraph Landing Telegraph Landing Telegraph Landing Telegraph Parc Telegraph Parc Pine Terrace Pine Terrace International Post International Post International Post Opera Plaza Telegraph Parc Telegraph Parc Telegraph Parc Telegraph Parc Opera Plaza Opera Plaza Opera Plaza Opera Plaza Opera Plaza Mandarin Tower Mandarin Tower Malt House North Beach Malt House North Beach Opera Plaza Opera Plaza Golden Gateway Commons Golden Gateway Commons Golden Gateway Commons Golden Gateway Commons Golden Gateway Commons 999 Green 999 Green En Ville Towers Fontana Towers Fontana Towers Fontana Development 900 Bush Street 900 Bush Street 900 Bush Street 900 Bush Street Closing DetailsClosing 8 - District Standard Monthly Reports - San Francisco - May 2013 Standard Monthly Reports - San Francisco RESALES 2/7/2013 3/5/2013 2/8/2013 2/3/2013 385/2013 11/7/2012 11/1/2012 2/27/2013 11/16/2012 11/20/2012 12/13/2012 10/18/2012 12/28/2012 10/26/2012 Closing Date Closing n/a n/a $ 751 $/SF $577 $675 $708 $750 $991 $681 $644 $454 $654 $628 $1,128 $487,500 $815,000 $351,000 $570,000 $725,000 $361,000 $335,000 $429,000 $850,000 $659,000 $340,000 $300,000 $1,550,000 $2,835,000 Closing Price Closing n/a n/a 575 520 945 520 520 520 650 530 1,374 1,024 1,050 1,098 Size (SF) 2/2 1/1 1/1 0/1 0/1 1/1 2/2 2/2 1/1 1/1 0/1 1/1 0/1 Type 2/2.5 (continued)

817 613 201 104 708 Unit 504 802 305 1010 1702 1001 1007 2103 2202 The Sutterfield The Sutterfield The Sutterfield The North Beach Villa The Hamilton The Hamilton The Marquee The Ritz-CarltonThe Residences (co-op) Royal Towers The Sutterfield The Development Clay Hill The Hamilton The Hamilton The Hamilton The Closing DetailsClosing 8 - District Standard Monthly Reports - San Francisco - May 2013 Standard Monthly Reports - San Francisco RESALES n/a $/SF $814 $907 $863 $889 $1,368 Average Average 2/4/2013 2/6/2013 3/6/2013 3/1/2013 2/2/2013 12/7/2012 1/17/2013 11/1/2012 11/2/2012 11/1/2012 11/2/2012 11/2/2012 11/2/2012 11/9/2012 2/27/2013 3/12/2013 1/15/2013 3/18/2013 10/5/2012 10/2/2012 1/31/2013 2/20/2013 1/25/2013 1/28/2013 3/28/2013 2/22/2013 1/23/2013 11/15/2012 10/17/2012 12/12/2012 11/29/2012 11/20/2012 12/13/2012 10/19/2012 12/28/2012 Closing Date n/a Price Range n/a n/a $292,000 - $475,000 $292,000 - $ 9 11 $741 $717 $/SF $813 $651 $745 $771 $872 $772 $785 $765 $750 $887 $956 $920 $852 $850 $653 $583 $563 $556 $823 $854 $848 $893 $830 $906 $808 $460 $606 $906 $899 $270,000 - $7,850,000 $270,000 $569,000 - $7,850,000 $270,000 - $3,850,000 $270,000 $290,000 $2,300,000 - $1,098 n/a Price $411,364 $703,276 $983,450 $2,526,385 $1,092,984 Average Closing Average $519,000 $710,000 $745,000 $810,000 $579,000 $579,000 $875,000 $541,680 $401,000 $755,000 $585,000 $629,000 $635,000 $625,000 $945,000 $850,000 $620,000 $800,000 $630,000 $599,000 $485,000 $600,000 $449,000 $590,633 $540,000 $400,000 $846,400 $490,000 $880,000 $680,000 $688,000 $1,740,000 $2,000,000 $1,200,000 $1,495,000 Closing Price n/a (SF) 266 - 616 n/a n/a 710 815 971 787 873 796 755 581 659 837 653 644 883 800 830 830 905 690 496 690 409 Size Range Size Range 601 - 2,180 601 1,115 544 - 1,789 266 - 3,315 1,019 1,754 1,610 1,166 2,293 1,050 1,020 1,235 1,000 1,025 1,066 1,003 - 3,315 Size (SF) 0/1 3/3 2/2 2/2 1/1 3/3 2/2 2/2 1/1 1/1 1/1 1/1 0/1 2/2 1/1 2/2 1/1 2/2 1/1 2/2 1/1 2/2 1/1 2/2 2/2 1/1 2/2 1/1 1/1 Type 2/2.5 1/1.5 1/1.5 2/1.5 1/1.5 1/1.5 n/a 875 477 (SF) 1,094 1,236 1,895 (October 2012 - March 2013) March - 2012 (October Average Size Average 41 11 0 513 141 416 215 616 107 125 133 704 705 401 709 Unit 307 204 426 435 325 422 926 825 335 426 405 404 440 436 608 306 11 0 2 1501 1021 120 8 1303 0 11 13 98 125 247 # of Sales 829 Folsom 88 Townsend 888 7th Street 235 Berry 235 Berry 255 Berry 255 Berry 255 Berry 829 Folsom 200 Brannan 200 Brannan 200 Brannan 235 Berry 235 Berry 199 New Montgomery 199 New Montgomery 199 New Montgomery 199 New Montgomery 199 New Montgomery 199 170 Off Third 170 Off Third 170 Bluxome 175 Bluxome 175 Bluxome 175 New Montgomery 199 170 Off Third 170 Off Third 170 Off Third 170 Off Third 170 Off Third 170 Development Ness South Van 140 Ness South Van 140 Ness South Van 140 Ness South Van 140 Ness South Van 140 Other (Unknown) Closing Details District 9 - Unit Type Bedroom One Studio / Jr. One Bedroom Bedroom Two (or more) Bedroom Three Resale Summary - District 9 District - Summary Resale All Types Standard Monthly Reports - San Francisco - May 2013 Standard Monthly Reports - San Francisco RESALES 2/7/2013 3/5/2013 2/8/2013 1/3/2013 3/5/2013 2/6/2013 3/6/2013 2/8/2013 11/7/2012 12/7/2012 11/9/2012 11/9/2012 10/4/2012 12/6/2012 2/14/2013 3/12/2013 1/16/2013 1/15/2013 1/18/2013 3/13/2013 2/13/2013 3/19/2013 1/31/2013 2/21/2013 3/21/2013 2/21/2013 3/29/2013 3/26/2013 3/26/2013 1/23/2013 3/22/2013 3/20/2013 12/11/2012 11/15/2012 10/17/2012 12/27/2012 11/28/2012 12/18/2012 10/18/2012 10/19/2012 10/31/2012 12/28/2012 12/28/2012 10/30/2012 Closing Date Closing n/a n/a n/a $ 9 11 $741 $715 $715 $715 $/SF $915 $812 $818 $813 $813 $745 $876 $579 $879 $726 $726 $782 $677 $531 $796 $754 $739 $790 $897 $623 $654 $849 $630 $863 $846 $862 $990 $806 $1,327 $1,233 $1,323 $1,023 $1,393 $1,446 $1,098 $1,096 $711,000 $515,000 $746,000 $740,000 $770,000 $470,000 $676,000 $875,000 $775,000 $501,000 $720,000 $675,000 $601,000 $755,000 $650,000 $635,000 $950,000 $565,000 $292,000 $320,000 $625,000 $850,000 $634,500 $522,500 $805,000 $599,000 $902,500 $485,000 $849,000 $680,000 $890,000 $469,000 $999,000 $1,195,000 $1,160,000 $2,130,000 $1,050,000 $1,295,000 $2,025,000 $1,925,000 $1,200,000 $1,035,000 $2,300,000 $1,030,000 Closing Price Closing n/a n/a n/a 719 8 51 778 725 725 739 857 661 833 828 854 292 844 544 266 804 990 990 889 909 660 888 123 0 1,772 1,733 1,728 1,789 1,077 1,136 1,207 1,237 1,583 1,223 1,635 1,455 1,244 1,027 1,205 1,054 1,400 1,046 Size (SF) 1/2 1/1 1/1 1/1 1/2 2/2 1/1 2/2 1/2 1/1 1/1 2/2 1/1 1/2 2/2 1/1 0/1 0/1 1/1 1/1 2/2 2/2 2/2 2/2 1/2 1/1 1/1 2/2 2/2 1/1 1/1 1/1 2/2 2/2 1/1 2/2 1/1 1/1 1/1 1/1 Type 2/2.5 2/2.5 1/1.5 1/1.75 (continued)

9A 8C 4D 112 114 112 113 9 11 12J 214 216 615 127 125 610 705 Unit 332 420 805 302 33E 208 403 509 446 609 908 608 1113 25C 32H 112 1 12 11 C 111 14 01 1001 1007 1204 14 05 1005 1004 461T C102 C227 Millennium Tower Millennium Tower Hills Plaza Homes on Esprit Park Madrone Millennium Tower Millennium Tower Cubix Yerba Buena Cubix Yerba Seasons Residences Four Seasons Residences Four Square Franklin Hills Plaza Hills Plaza Clocktower Lofts Clocktower Lofts Clocktower Lofts Clocktower Lofts Clocktower Buena Cubix Yerba Bridgeview Bridgeview Bridgeview Bridgeview Bridgeview Blu Blu Blu Bluxome Place Bridgeview Bridgeview Baycrest Baycrest Baycrest Baycrest Baycrest Arterra Arterra Arterra Arterra Baycrest Baycrest Development Arterra Arterra Arterra Arterra Closing DetailsClosing 9 - District Standard Monthly Reports - San Francisco - May 2013 Standard Monthly Reports - San Francisco RESALES 2/7/2013 3/5/2013 3/9/2013 2/5/2013 2/5/2013 1/8/2013 1/2/2013 3/5/2013 2/2/2013 2/1/2013 12/7/2012 11/1/2012 11/9/2012 11/2/2012 11/2/2012 11/2/2012 3/12/2013 1/15/2013 1/18/2013 3/13/2013 10/3/2012 10/1/2012 10/5/2012 1/31/2013 3/21/2013 2/26/2013 1/29/2013 1/26/2013 11/27/2012 11/15/2012 11/19/2012 11/29/2012 11/20/2012 12/18/2012 11/30/2012 10/18/2012 10/19/2012 12/31/2012 12/21/2012 12/20/2012 12/28/2012 12/28/2012 12/28/2012 12/28/2012 10/23/2012 Closing Date Closing $ 7 11 $714 $/SF $914 $813 $612 $744 $810 $941 $873 $870 $787 $610 $733 $720 $831 $798 $756 $981 $628 $926 $827 $667 $900 $939 $849 $586 $685 $906 $880 $698 $1,141 $1,766 $1,073 $1,146 $1,371 $1,139 $1,104 $1,108 $1,061 $1,024 $1,020 $1,040 $1,589 $1,389 $2,368 $770,000 $610,000 $975,000 $475,000 $775,000 $702,000 $735,000 $675,000 $760,000 $755,000 $625,000 $850,000 $528,000 $820,000 $850,000 $950,000 $450,000 $635,000 $569,000 $805,000 $839,000 $865,000 $940,000 $640,000 $690,000 $860,000 $998,000 $1,731,000 $7,850,000 $1,215,000 $1,120,000 $1,275,000 $1,350,000 $1,265,000 $1,329,000 $1,200,000 $3,850,000 $2,200,000 $1,405,000 $1,300,000 $1,249,000 $4,300,000 $1,530,000 $1,069,000 $2,380,000 Closing Price Closing 912 915 915 819 773 478 755 755 755 807 807 853 524 852 837 605 666 896 1,117 1,714 1,517 1,410 3,315 1,107 2,706 1,572 2,180 1,196 1,278 1,278 1,287 1,387 1,381 1,259 1,565 1,633 1,450 1,083 1,395 1,289 1,430 1,605 1,048 1,660 1,309 Size (SF) 1/2 2/2 1/2 2/2 2/2 1/1 2/2 1/1 2/2 1/1 2/2 1/1 1/1 1/1 2/2 2/2 1/1 1/1 2/2 2/2 2/2 1/1 0/1 1/1 1/1 2/2 2/2 0/1 1/1 1/1 1/1 2/2 1/1 2/2 1/2 3/3 1/1 2/2 3/2 2/1 2/2 1/1 2/2 Type 3/2.5 2/3.5 (continued)

4B 6G 411 514 11 F 416 714 11 A 619 51 B Unit 20F 205 328 204 48F 208 602 209 506 304 603 15H 308 36E 10G 54A 42A 48C 21H 11 0 5 7 11 N 3103 1203 3707 1304 2501 2702 2203 4508 4403 2403 3808 3908 820N 606N Portside Portside Portside Oriental Warehouse Oriental Warehouse Terrace Park Terrace Park Terrace Park One Rincon Hill One Rincon Hill One Rincon Hill Oriental Warehouse Oriental Warehouse Oriental Warehouse One Rincon Hill One Rincon Hill One Rincon Hill One Rincon Hill One Rincon Hill One Hawthorne One Hawthorne One Rincon Hill One Rincon Hill One Rincon Hill One Ecker One Ecker One Hawthorne One Hawthorne One Hawthorne One Hawthorne Mint Collection Museum Parc Museum Parc Museum Parc Museum Parc Millennium Tower Millennium Tower Millennium Tower Millennium Tower Millennium Tower Millwheel South Development Tower Millennium Tower Millennium Tower Millennium Tower Millennium Closing DetailsClosing 9 - District Standard Monthly Reports - San Francisco - May 2013 Standard Monthly Reports - San Francisco RESALES 2/7/2013 1/8/2013 2/5/2013 3/8/2013 3/1/2013 11/7/2012 11/7/2012 11/9/2012 11/8/2012 11/1/2012 1/11/2013 1/11/2013 1/11/2013 1/11/2013 1/11/2013 3/27/2013 3/12/2013 3/15/2013 1/18/2013 3/19/2013 10/5/2012 10/1/2012 1/10/2013 1/10/2013 3/21/2013 3/22/2013 1/28/2013 2/28/2013 3/29/2013 3/22/2013 2/22/2013 11/16/2012 10/11/2012 11/21/2012 11/28/2012 11/20/2012 10/16/2012 10/18/2012 12/31/2012 12/21/2012 10/31/2012 10/29/2012 Closing Date Closing n/a $/SF $817 $919 $819 $701 $651 $744 $745 $910 $619 $74 6 $779 $970 $722 $720 $795 $782 $901 $796 $780 $657 $799 $769 $567 $633 $623 $626 $550 $592 $885 $848 $662 $449 $482 $989 $808 $1,727 $1,287 $1,264 $1,842 $1,046 $1,386 $547,000 $715,000 $815,000 $749,000 $501,000 $705,000 $270,000 $725,000 $675,000 $750,000 $855,000 $628,500 $920,000 $650,000 $820,000 $850,000 $589,000 $485,000 $438,000 $405,000 $290,000 $569,000 $930,000 $839,000 $840,000 $990,000 $380,000 $880,000 $886,000 $1,175,000 $2,810,000 $2,150,000 $1,160,000 $1,198,000 $1,199,000 $1,100,000 $1,250,000 $3,500,000 $1,000,000 $1,930,000 $3,300,000 $1,405,000 Closing Price Closing n/a 918 616 74 0 767 672 670 601 587 832 600 995 602 809 1,412 1,412 1,412 1,074 1,101 1,101 1,792 1,476 1,570 1,146 1,670 1,196 1,105 1,279 1,231 1,047 1,007 1,097 1,220 1,527 2,027 2,027 1,344 1,420 1,003 1,055 1,083 1,488 Size (SF) 2/2 0/1 2/2 0/1 2/2 1/1 2/2 2/2 2/2 3/3 2/2 2/2 1/1 1/1 1/1 0/1 2/2 2/2 2/2 2/2 2/2 2/2 2/2 1/1 2/2 2/2 3/3 2/1 1/1 2/1 3/2 2/1 2/2 1/1 1/1 1/1 2/2 2/2 2/2 Type 2/2.5 2/2.5 2/2.5 (continued)

18 8J 3A 3A 2C 515 719 314 742 126 Unit 25F 687 645 320 202 202 665 902 449 362 904 305 208 509 906 308 27A 33A 29C 25D 111 N 1616 1703 1601 14 03 120 8 1605 1606 1806 1306 1006 305E The Brannan The The Beacon The Beacon The Beacon The Brannan The Brannan The Brannan The The Beacon The Beacon The Beacon The Beacon The Beacon The St. Regis Residences Beacon The Beacon The Beacon The Beacon The Soma Grand St. Regis Residences St. Regis Residences St. Regis Residences St. Regis Residences Shipley Square Sierra Heights Soma Grand Soma Grand Soma Grand Radiance at Mission Bay Second Street Towers Second Street Towers Second Street Towers Second Street Towers Shipley Square Potrero Court Potrero Court Potrero Square Lofts Potrero Square Lofts Potrero Radiance at Mission Bay Development Portside Court Potrero Court Potrero Court Potrero Closing DetailsClosing 9 - District Standard Monthly Reports - San Francisco - May 2013 Standard Monthly Reports - San Francisco

RESALES 3/7/2013 2/4/2013 3/8/2013 2/6/2013 1/17/2013 11/9/2012 11/2/2012 3/11/2013 10/4/2012 12/3/2012 12/5/2012 2/12/2013 3/14/2013 3/12/2013 3/15/2013 10/5/2012 1/25/2013 12/17/2012 12/11/2012 11/14/2012 11/19/2012 10/11/2012 11/21/2012 11/23/2012 12/13/2012 11/30/2012 11/30/2012 10/12/2012 12/31/2012 12/31/2012 10/10/2012 10/10/2012 12/20/2012 12/20/2012 12/28/2012 12/28/2012 10/25/2012 10/25/2012 10/26/2012 10/24/2012 Closing Date Closing $ 7 11 $ 9 11 $/SF $774 $913 $701 $641 $74 6 $74 8 $872 $878 $875 $801 $766 $825 $856 $934 $867 $865 $863 $802 $539 $948 $862 $688 $969 $686 $988 $886 $908 $609 $1,110 $1,012 $1,176 $1,182 $1,221 $1,032 $1,025 $1,667 $1,064 $1,038 $917,000 $519,000 $677,000 $615,000 $729,000 $720,000 $708,000 $789,000 $750,000 $581,500 $825,000 $825,000 $829,000 $850,000 $830,000 $599,000 $800,000 $840,000 $800,000 $1,410,000 $1,451,000 $1,310,000 $1,210,000 $2,135,000 $1,140,000 $1,020,000 $1,050,000 $1,350,000 $1,200,000 $1,350,000 $1,002,000 $3,000,000 $1,220,000 $1,239,000 $1,085,000 $1,238,625 $1,208,025 $1,800,000 $1,060,000 $1,390,000 Closing Price Closing 691 629 843 955 832 803 806 899 899 1,317 1,74 8 1,167 1,071 1,142 1,163 1,163 1,163 1,752 1,182 1,193 1,166 1,139 1,279 1,307 1,307 1,307 1,202 1,034 1,224 1,224 1,056 1,323 1,063 1,485 1,800 1,394 1,530 1,090 1,066 1,486 Size (SF) 2/2 2/2 1/1 2/2 2/2 1/1 2/1 1/1 1/1 3/3 2/2 3/2 1/1 2/2 2/2 2/2 2/2 2/2 3/3 2/2 2/2 2/2 2/2 2/2 2/2 2/2 2/2 2/2 2/2 1/1 1/1 1/1 2/2 2/2 1/1 2/2 2/2 2/2 Type 1/1.5 1/1.5 (continued)

5L 4F 4E 6E 2A 3A 5A 7C 4K 9K 8D 6D 314 101 15F 19F 301 Unit 14K 15C 26F 407 503 22E 17H 406 40E 306 308 20A 27A 34C 21G 39C 20D 22H 11 0 6 14 04 2007 S607 S509 The Metropolitan The Metropolitan The Metropolitan The The Lansing The Lansing The Lansing The Metropolitan The Metropolitan The Metropolitan The The Infinity The Infinity The Infinity The Infinity The Lansing The The Infinity The Infinity The Infinity The Infinity The Infinity The The Infinity The Infinity The Infinity The Infinity The Infinity The Infinity The The Infinity The Infinity The Infinity The Infinity The Infinity The The Brannan The Brannan The Embarcadero Lofts The Heublein Building The Heublein Building The Infinity The Development Brannan The Brannan The Brannan The Brannan The Closing DetailsClosing 9 - District Standard Monthly Reports - San Francisco - May 2013 Standard Monthly Reports - San Francisco RESALES 3/7/2013 3/1/2013 1/3/2013 3/1/2013 11/7/2012 11/7/2012 11/2/2012 11/1/2012 11/5/2012 3/27/2013 12/5/2012 2/27/2013 3/12/2013 2/14/2013 3/15/2013 3/15/2013 1/18/2013 2/19/2013 10/2/2012 2/28/2013 1/24/2013 1/23/2013 3/26/2013 2/28/2013 3/22/2013 1/25/2013 2/28/2013 11/19/2012 11/29/2012 11/28/2012 11/28/2012 12/19/2012 11/30/2012 10/12/2012 10/18/2012 10/19/2012 12/28/2012 12/28/2012 10/25/2012 10/25/2012 10/25/2012 Closing Date Closing n/a n/a n/a $ 8 11 $ 8 11 $ 751 $/SF $912 $817 $919 $851 $851 $771 $941 $770 $770 $761 $705 $722 $722 $735 $729 $831 $801 $768 $597 $857 $854 $853 $853 $854 $636 $962 $905 $936 $694 $808 $909 $1,175 $1,137 $1,037 $1,098 $747,000 $518,000 $457,500 $457,500 $957,500 $615,000 $551,800 $776,000 $879,000 $875,000 $765,000 $750,000 $755,000 $756,000 $375,349 $850,000 $920,000 $626,626 $925,000 $845,000 $595,000 $535,000 $595,000 $500,000 $995,000 $838,000 $630,000 $800,000 $838,000 $880,000 $880,000 $980,000 $699,000 $1,170,000 $1,325,000 $1,059,000 $1,250,000 $1,050,000 $1,025,000 $1,448,000 $1,600,000 Closing Price Closing n/a n/a n/a 721 673 757 782 720 691 981 981 832 932 694 486 489 699 699 1,012 1,019 1,175 1,319 1,732 1,128 1,128 1,165 1,165 1,150 1,146 1,160 1,180 1,059 1,242 1,037 1,259 1,034 1,026 1,305 1,039 1,362 1,340 Size (SF) 2/2 3/2 2/2 1/1 2/2 2/2 2/2 3/3 1/1 1/1 2/2 2/2 2/2 2/2 2/2 2/2 1/1 1/1 1/1 2/2 2/2 2/2 2/2 2/2 1/1 1/1 0/1 0/1 1/1 2/2 2/2 1/1 2/2 1/1 2/2 1/1 2/2 Type 1/1.5 1/1.5 2/2.5 2/2.5 (continued)

5A 8B 7D 5G 511 7 11 317 612 614 17F 701 742 613 841 441 102 501 735 703 21F 401 109 301 736 Unit 491 407 205 340 305 440 536 509 603 19G 608 112 0 1207 1604 1406 665 Carolina 566 Wisconsin Yerba Buena Lofts Yerba Buena Lofts Yerba Buena Lofts Yerba Buena Lofts Yerba Watermark Watermark Watermark Watermark Watermark Watermark Union Union Mews Victoria Mews Victoria Watermark Towers at Embarcadero South Towers at Embarcadero South Towers at Embarcadero South Towers at Embarcadero South Towers Union The Palms The Palms The Potrero The at Embarcadero South Towers at Embarcadero South Towers at Embarcadero South Towers The Palms The Palms The Palms The Palms The Palms The The Montgomery The Montgomery The Montgomery The Mullen Buildings The Palms The Palms The Development Metropolitan The Metropolitan The Metropolitan The Montgomery The Closing DetailsClosing 9 - District Standard Monthly Reports - San Francisco - May 2013 Standard Monthly Reports - San Francisco RESALES San Francisco Pipeline Currently Selling Under Construction Future Approved Under Review Conceptual Planning

Standard Monthly Reports - San Francisco - May 2013 41 63 35 22 26 50 43 82 39 49 88 88 115 113 418 315 147 107 182 273 709 106 257 754 281 267 320 202 299 Total Total 4,073 4,782 Units Total Total 8 / 69 9898 / 25 / 132 131 / 299 131 Total Market Rate Market Total Market Rate Available/ Condominiums Rental Rental Rental Rental Rental Rental Rental Rental Rental Rental Rental Rental Rental Rental Rental Rental Rental Rental Product Type Condominiums Condominiums Condominiums Condominiums Condominiums Condominiums Condominiums Condominiums Condominiums 2014 2013 2013+ 2013+ Summer 2013 2014 Summer 2013 2013+ 2013 Sept 2013 Spring 2013 2013+ 2014 2014 Late 2013 2014+ Summer 2014 Summer 2013 2014 Marketing to Commence Summer 2013 May 2013 October 2013 Spring 2014 TBD 2014 2014 2014+ 2014+ Grand Total Units Under Construction: Grand Total Total Rental Units Under Construction: Total Product Type Condominiums Condominiums Condominiums Total Condominium Units Under Construction: Total Date on Market 2013 March Jan 2009 Oct 2007 Potrero Hill Potrero Nob Hill Mission Dolores South Beach Tenderloin South of Market Hayes Valley Central Waterfront Ness/Civic Center Van Mission Bay Mission Mission Bay South of Market South of Market Mission Bay South Beach South Beach South of Market South of Market Neighborhood Eureka Valley/Dolores Heights Hayes Valley Downtown Central Waterfront Duboce Triangle Hayes Valley South of Market Nob Hill Mission Bay Total Market Rate Condominium & Townhome Units: Rate Condominium & Townhome Market Total Nob Hill Neighborhood South of Market District 10 Trinity Properties Trinity Crescent Heights MacFarlane Partners MacFarlane Mission Piers Development, LLC Gerding Edlen Summerhill Homes Housing Avant Equity Residential AvalonBay Trust Property Essex United Dominion Realty Trust Crescent Heights Global Investors Principal The R Group The Luna Leticia DM Development;DDG Partners JS Sullivan Development Company Podell Nick Bosa Development Corporation & Elizabeth Meier LNF Peter Partners; Meany Sullivan Wilson Group Prado The City-Core Development Group Dolmen Property Trust Property Essex Developer/Owner Brier Spiers LLC Ivy Grove Partners, JS Sullivan Development Developer/Owner Oyster Development FORMA Signature Properties Marlow - 1800 Van Ness Avenue, 1754 1754 Ness Avenue, Marlow - 1800 Van Clay Street Development 829 Folsom Cove Candlestick Currently Selling Developments Selling Currently 185 Channel Street (Mission Bay Parcel 2) 45 Lansing Street One Rincon Hill Phase II Place Apartments Phase II - 1188-1190Trinity Mission Street Market Street NeMa - 1401-1411 Venue (Mission Bay South Parcel 3) - 1155 4th Venue Street Mission Gardens - 1880 Mission Street, 71 Julian Avenue - Mission Bay Parcel 13 West 55 9th Street 900 Street Folsom 333 Fremont Street Golden Gate Avenue Lofts at Seven - 277 The 260 5th Street 1844 Market Street Ilinois Street 2121 3rd Street, 740 Ness Avenue 1285 Sutter Street, 1251290 Van 870 Harrison Street 870 1645-1661Avenue Pacific Parcel 12 - Mission Bay Street 17th Onyx - 1717 Terrace - 1591 Pacific (aka1946 Polk Pacific Street) Market Street; 38 Dolores Street 2001 Linea - 1960-1998 Market Street 300 2013) Ivy (Opened May Sutter Street Blanc - 1080 Indiana Street Millwheel North - 1275 Market Street 2200,2210 8Octavia Under Construction Developments Under Construction Development Standard Monthly Reports - San Francisco - May 2013 Standard Monthly Reports - San Francisco

SAN FRANCISCO PIPELINE 74 74 70 87 47 47 81 61 67 32 34 28 35 50 65 85 20 27 28 34 35 45 55 82 83 69 30 36 38 40 69 114 119 127 273 675 200 226 325 230 580 830 393 406 TBD 8,619 5,677 9,000 Proposed Total Units Total TBD TBD TBD TBD Rental Rental Condominiums Condominiums Condominiums Condominiums Condominiums Condominiums Condominiums Condominiums Condominiums Condominiums SFD TBD TBD TBD TBD TBD TBD TBD TBD TBD TBD TBD TBD TBD Product Product Type Condominiums Condominiums Condominiums Condominiums Condominiums Condominiums Condominiums Condominiums Condominiums Condominiums Condominiums Condominiums Condominiums Condominiums Condominiums Condominiums Condominiums Condominiums District 3-Southwest District 10 Island Treasure Hayes Valley Tenderloin Heights Pacific District 3 District 10 District 10 Tenderloin Mission Bay South of Market South Beach South Beach South Beach District 10 District 10 Mission Ness/Civic Center Van South of Market Mission Downtown District 10 Tenderloin South of Market Mission Tenderloin South of Market South of Market South of Market Neighborhood Russian Hill Cow Hollow Hill Potrero Mount Sutro Nob Hill Mission Financial District South of Market Mission Dolores Outer Parkside Heights Pacific Lower South of Market Ness Civic Center/Van Mission South Beach District 10 Heights Pacific Lower Financial District JCN Realty) Development (Shamrock TBD TBD TBD Golub & Company Group Stellar Management; Rockpoint Lennar Communit Development LLC T.I. Strada Development Gabriel Ng & Associates TBD TBD TBD Speyer Tishman BVHPLennar; TBD TBD TBD LJ-SF Investment TBD TBD TBD AF Evans TBD Oyster Development J. Reilly; J. Street Prop; 325 Fremont Robinson Lennar/BVHP 2655 Bush, LLC LLC Partners, Waterfront Pacific Mission Development Group Holliday Development Signature Properties TBD Development Partners; Presidio Bosa Development Realty Fritzi 1501 Filbert, LLC Filbert, 1501 Investors Mississippi Street 1000 TBD JS Sullivan JS Sullivan Madison Marquette LLC Jessie Avenue, 570 Bill Lightner Kieran O’Carroll Partners Franklin Heights Pacific TBD sale) (For TBD Developer/Owner LLC Divisadero Hayes, 181 Turk Street; 180 Jones Street 181 Turk 1622-1650 Broadway 1006 16th Street 1006 between 6/7 (Market Rate portion) - Folsom Block Transbay Beale & Fremont 19th Avenue Park Merced - 3711 Phase I Hunters Point/Naval Point Shipyard/Candlestick Island Treasure 344 Fulton Street 5050 Mission Street 245 Hyde Street Stevenson Street 527 Ness Avenue 490 South Van Hyde Street 101 363 6th Street One Capitol Avenue 2652 Harrison Street One Franklin Street 345 6th Street Mission Street 1863-1875 Street Post 875 Fox Plaza - 1390Fox Market Street (On Hold) Parcel 12 - Mission Bay Street 41 Tehama (NEC) 8 - 1st & Folsom Block (NWC) 9 - 1st & Folsom Block Street Folsom 201 (Parcel A) - Remaining Phases Hunters Point Hunters Point Phase I (Parcel A) - Section 1 Hunters Point 2655 Bush Street Street 8 Washington 800 Brotherhood Way 5800 Street - Phase II Third Cove (remaining phases) Candlestick 1581 Bush Street; 1450 Franklin Street Street 1545 Pine Street 1527, 2558 Mission Street 325 Fremont Street 1868 Van Ness Avenue 1868 Van 15th Street 1501 300 Grant Avenue Avenue Jessie 570 35 Dolores Street 2800 Sloat Boulevard (Roberts Motel Site) (On Hold) Development Columbus Street 1255-1275 Ness Avenue Filbert Street, 2559 Van 1501-1527 Street Mississippi 1000-1004 Mt. Sutro Townhomes Future Approved Projects Projects Approved Future Standard Monthly Reports - San Francisco - May 2013 Standard Monthly Reports - San Francisco SAN FRANCISCO PIPELINE 74 113 416 170 121 470 182 136 198 285 452 239 384 580 600 399 3,488 5,689 1,020 24,730 34,192 Proposed Total Units Total Product Type Rental Rental Rental Rental Rental Rental Rental Rental Rental Rental Rental Rental Rental Rental Rental Rental Total Approved TBD Approved Units: Total Total Approved Rental Approved Units: Total Grand Total of Units Approved: of Units Grand Total Neighborhood South Beach South of Market South Beach Hayes Valley Mission Bay Hayes Valley Mission Bay South of Market South Beach Ness Civic Center/Van South of Market Hill Potrero South Beach South Beach District 10 South of Market Total Condominium and Townhome Units Approved: Condominium and Townhome Total Total Condominium and Townhome Units Approved - On Hold: Units Approved Condominium and Townhome Total Lennar; BVHPLennar; Properties Trinity Portland-Pacific, LLC Portland-Pacific, for Children of Henry Wong Trust BRE Properties BUILD, Inc.; AvalonBay BRE Properties Garden Court, LLC Bay West TBD LLC; Ventures, Pacific Jackson Emerald Fund TBD Communities) AvalonBay (likely TBD Equity Residential) (likely Realty OliverMacMillan; United Dominion Trust Property Housing; Essex Avant Developer/Owner Simeon Properties Martin Building Company The - continued Daggett Place - 1000 16th Street Daggett Place - 1000 - 375-399 Street Fremont Echelon 9 - 1st & Folsom Block - Phase I Hunters Point Plaza Apartments Phase III:Trinity Market Street 1169-1177 Hayes Valley Parcel P Hayes Valley South Parcel 5 - Mission Bay One Henry Adams 340 Street Fremont (AAA Building) Ness Avenue Van 100 8th & Harrison - 350 8th Street Development Street Townsend 72 1415 Mission Street 430 Street; 429 Beale Street Main 555 Fulton Street Laguna Street; 746 Parcel 11 - Mission Bay Future Approved Projects Projects Approved Future Standard Monthly Reports - San Francisco - May 2013 Standard Monthly Reports - San Francisco SAN FRANCISCO PIPELINE 75 21 50 24 26 27 29 32 50 88 69 39 40 88 116 119 11 0 191 163 185 160 180 186 180 900 268 250 200 2,715 1,547 Proposed Total Units Units Total TBD TBD TBD TBD TBD TBD TBD TBD TBD Rental Rental Product Product Type Condominiums Condominiums Condominiums Condominiums Condominiums Condominiums TBD TBD TBD TBD TBD TBD TBD TBD TBD Total TBD Units Under Review: Total Grand Total Units Under Review: Grand Total Total Rental Units Under Review: Total Potrero Hill Potrero Hill Potrero Tenderloin Hayes Valley South of Market Tenderloin Ness/Civic Center Van Hayes Valley Hill Potrero South of Market Eureka Valley/Dolores Heights Neighborhood Hayes Valley South of Market Nob Hill South Beach South of Market Center Ness/Civic Van Marina Hayes Valley Center Ness/Civic Van Downtown District 10 Addition Western Central Richmond Tenderloin South of Market Total Condominium and Townhome Units Under Review: Condominium and Townhome Total TBD TBD TBD TBD TBD TBD California Mortgage & Realty TBD TBD Kennedy/Panoramic Interests Patrick City Residential Forest Developer/Owner DM DDG Development; Partners Spring Capital Group TBD Group Paramount Millennium Partners LLC; JMA Ventures, Oyster Development TBD TBD TBD TBD TBD TBD TBD TBD TBD 218 Buchanan Street 218 Buchanan 16th Street 901 1321 Mission Street Market Street 2175 19-25 Mason Street; 2-16 Turk Street 19-25 Mason Street; 2-16 Turk Street Buchanan 100 114 7th Street Street Polk 101 Ness) 1540 Market Street (Market & Van 651 Geary Boulevard 200-214 6th Street 346 Avenue Potrero 480 Avenue Potrero 1433 Bush Street 832 Sutter Street Mission Street 2100 Divisadero Street 1301 5400 Geary Boulevard; 369Avenue 18th 75 Howard Street Mission Street 706 Pine & Franklin: 1634-1690 Pine Street 2353 Lombard Street Fulton Street 471 Development 450 Street Hayes Street 935 Folsom - 950 Mason Street Fairmont Tower The Projects Under Review Under Projects Standard Monthly Reports - San Francisco - May 2013 Standard Monthly Reports - San Francisco SAN FRANCISCO PIPELINE 35 80 36 11 0 413 101 181 123 125 100 109 883 200 255 200 200 350 435 800 300 TBD TBD TBD TBD 4,510 6,678 1,285 1,000 1,200 Proposed Total Units Units Total TBD (500-700) TBD (406,000 SF) TBD TBD TBD TBD Rental (Student) Rental Rental Rental Rental Product Product Type Condominiums Condominiums Condominiums Condominiums Condominiums Condominiums Condominiums Condominiums Condominiums TBD TBD TBD TBD TBD TBD TBD TBD TBD Total TBD Units in Conceptual Planning: Total Grand Total Units in Conceptual Planning: Grand Total Total Rental Units in Conceptual Planning: Total Central Waterfront District 10 South of Market District 3 South of Market Mid-Market Central Waterfront Central Waterfront South of Market Neighborhood Hayes Valley Hill Potrero Hill Potrero Russian Hill Ness Civic Center/Van Ness Civic Center/Van South Beach District 4 South Beach Tenderloin Haight Ashbury Glen Park Mission Heights Pacific Lower South of Market Inner Sunset Jordan Park/Laurel Heights South of Market Total Condominium and Townhome Units in Conceptual Planning: Condominium and Townhome Total Forest City Residential Forest Corporation Universal Paragon Crescent Heights TBD Interests Panoramic Partners MacFarlane TBD Housing Avant Equity Residential Developer/Owner DM DDG Development; Partners Companies Trumark Companies Trumark Markets Group Property Companies Trumark Companies Trumark Golden State Warriors Republic Urban Properties TBD TBD TBD TBD TBD TBD Cresleigh Development TBD TBD TBD 801 Brannan Street 801 700 Font Street Font 700 9th Street 104 1125 Market Street 800 Illinois Street Street Tennessee 1201 7th Avenue & Lawton Street 7th Avenue UCSF Laurel Heights Campus - 3333 California Street Ness Avenue Goodwill Site - Mission & Van Redevelopment Pier 70 & Bayshore Site - Leland Avenue Boulevard Lock Schlage 524 Howard Street 966-974 Market Street 966-974 1155 Page Street Glen Park Bart Station TOD 1950 Mission Street Japan Center Mixed-Use Harrison Street Towers 1554 Market Street Pine Street at Nob Hill - 1533 Tower The Adjacent Site Arena) & Piers 30-32 (Warriors Street & Wawona - 19th Avenue Arden Woods 160 Street Folsom Development 400 Street Grove 364 Potero 645 Texas Ness Avenue 2550 Van Conceptual Planning Conceptual Standard Monthly Reports - San Francisco - May 2013 Standard Monthly Reports - San Francisco SAN FRANCISCO PIPELINE The Mark Company (TMC) Disclaimer

1. Professional Opinion. With regard to the consulting services, reports, projections, and recommendations to be provided by TMC under the Agreement, whether delivered orally or in writing, the parties acknowledge that the matters on which TMC is consulted [e.g., assessing potential competition, market trends, demographic trends, financing availability, and the like] are not the subject of a predictive science, and are instead subject to unforeseen market variables and conditions. Client therefore understands and acknowledges that TMC’s projections and recommendations as contemplated by the agreement are solely the result of TMC’s considered opinion based on TMC’s assumptions and judgments predicated on past experience in light of the relevant data studied with respect to the market conditions and the proposed project. Consequently, Client specifically agrees (a) that TMC’s projections and recommendations constitute opinions only and do not constitute any representation or assurance of any future market conditions; (b) that any action taken by Client based on any such TMC projections or recommendations is made without any reliance thereon as a representation or assurance as to any future market conditions; and (c) that Client will not hold TMC liable or otherwise responsible for any losses occurring in the event that future market conditions deviate from TMC’s projections and/or recommendations.

2. Use of Product. All information, data, projections, and recommendations received by Client from TMC in connection with the Agreement, whether presented orally or in writing, shall be solely for use by Client, and is/are not to be used or relied upon by any third party[ies] without the prior written approval of TMC having been first had and obtained. TMC specifically disclaims any and all liability to any third party[ies] deriving from the use of, or reliance upon, any such material, and Client agrees to hold harmless, indemnify and defend TMC from any claims arising from any such use or reliance.