Fisher Center for Real Estate and Urban Economics Barbara & Gerson Bakar Faculty Building F602, MC 6105

University of at Berkeley Berkeley, CA 94720-6105

(p) 510.643.6105 POLICY ADVISORY BOARD (f) 510.643.7357 http://haas.berkeley.edu/RealEstate/

POLICY ADVISORY BOARD EXECUTIVE COMMITTEE POLICY ADVISORY BOARD MEMBERS

Peter B. Bedford, Owner Jeffrey B. Allen, Chief Executive Officer Bedford Investments Raintree Partners Phil Belling, Managing Principal Blair J. Allison, Executive Vice President LBA Realty Cahill Contractors LLC C. Preston Butcher, Chairman & CEO Chris G. Apostolopoulos, Regional President, California Legacy Partners, Inc. KB Home Northern California Michael A. Covarrubias, Chairman & CEO Alexa Arena, Executive Vice President of West Coast TMG Partners Development Bill Falik, Managing Partner Lendlease Westpark Communities John C. Atwater, Co-Chairman & Chief Executive Officer Carol J. Galante, I. Donald Terner Distinguished Professor Prime Group Affordable Housing & Urban Policy-Faculty Director Yat-Pang Au, Chief Executive Officer College of Environmental Design, Department of City and Veritas Investments, Inc. Regional Planning Nicholas J. Azrack, Principal Rick Holmstrom, Partner & Co-Founder The Baupost Group, LLC Menlo Equities George W. Banks, Managing Partner James D. Klingbeil, Chairman Priderock Capital Partners, LLC Klingbeil Capital Management Douglas F. Bauer, Chief Executive Officer Robert J. Lalanne, President TRI Pointe Homes The Lalanne Group Jeffrey S. Berkes, President - West Coast George M. Marcus, Chairman Federal Realty Investment Trust Marcus & Millichap Company Jack R. Berquist, Managing Partner Alexander R. Mehran, Sr., Chairman & CEO Accord Group Holdings LLC Sunset Development Company Andrew J. Bibby, President & CEO Constance B. Moore, Policy Advisory Board Chair Grosvenor Americas Fisher Center for Real Estate & Urban Economics Michael J. Biggar, Managing Partner Mark L. Myers, EVP-Head of Commercial Real Estate Orchard Partners, LLC Wells Fargo Bank David D. Bohannon, President & CEO Noel Nellis, Retired David D. Bohannon Organization Orrick, Herrington & Sutcliffe LLP Scott E. Bohannon, Senior Vice President Jay L. Paxton, Managing Director Bohannon Development Company Buchalter, a Professional Corporation Charles R. Brindell, CEO Roger J. Power, Partner Mill Creek Residential Trust, LLC KPMG, LLP Joshua Brown, Chief Investment Officer Jon Q. Reynolds, Chairman First Washington Realty Reynolds & Brown William E. Brown, Founder Jaclyn B. Safier, Chief Executive Officer Springhill Real Estate Partners Prometheus Real Estate Group, Inc. Darin L. Buchalter, Managing Director Stuart Z. Shiff, CEO Navigant Consulting, Inc. DivcoWest James C. Buie, Executive Vice President Ned Spieker, Managing Partner Hines Spieker Partners Henry Bullock, Chairman Ron D. Sturzenegger, Retired Menlo Equities Bank of America Marty Burger, CEO Dennis Williams, Managing Director Silverstein Properties, Inc. Northmarq Capital David J. Butler, Managing Partner Pamela M. Wright, Managing Director - Private Capital Argosy Real Estate Partners Advisory Dustin C. Calkins, Partner Evercore Orrick, Herrington & Sutcliffe LLP

As of 9/24/2018

Fisher Center for Real Estate and Urban Economics Barbara & Gerson Bakar Faculty Building F602, MC 6105

University of California at Berkeley Berkeley, CA 94720-6105

(p) 510.643.6105 POLICY ADVISORY BOARD (f) 510.643.7357 http://haas.berkeley.edu/RealEstate/

Mario Camara, Managing Partner Melinda Ellis Evers, Managing Principal Cox, Castle & Nicholson, LLP Ellis Partners LLC Lino Campanile, Chief Financial Officer Jim Farris, Co-Founder & President Westlake Realty Group, Inc. Mosser Capital Gino Canori, Executive Vice President & Chief Development Jeffrey Felder, Senior Vice President Officer ICONIQ Capital Related California Matthew Felsot, California Market Manager-Real Estate James N. Carbone, President and CEO Banking The Swig Company, LLC JPMorgan Jacqueline Carlisle, Special Executive Advisor-Program William J. Ferguson, Chairman & Chief Executive Officer Development Ferguson Partners NID-Housing Counseling Agency Matthew Field, CIO Paul E. Chandler, President & CEO TMG Partners Property Sciences Mark Fischer, President & CFO William Chatham, Managing Director, Head of RE Industries The Grupe Company Union Bank Michael Frankel, Co-Chief Executive Officer David S. Christensen, Co-Founder & Managing Principal Rexford Industrial Realty Milestone Holdings Robert Freed, President & CEO Paul Churchill, Managing Member Summerhill Housing Group Mintz Levin John French, Partner Mitchell Clarfield, Executive Managing Director Ernst & Young, LLP Berkeley Point Capital, LLC Andrew Friedman, Managing Director Andrew P. Cohen, Co-Chief Executive Officer Shorenstein Properties, LLC Gensler Adam Gallistel, Managing Director & Regional Head, Americas R. Ken Coit, Principal - Real Estate Coit Financial Group GIC Real Estate, Inc. Victor J. Coleman, Chairman & Chief Executive Officer Kristin Gannon, Managing Director Hudson Pacific Properties Inc. Eastdil Secured, LLC Nicholas V. Colonna, President, Commercial Investments & Zack Georgeson, Co-Founder & Managing Partner Fund Management Mile Rock Capital Kennedy Wilson Kevin Gerrity, Managing Director Lane Critchfield, Managing Director Gerrity Group, LLC Dakota Pacific Real Estate Partners William W. Gerrity, Managing Partner & CEO Jeffrey Cushman, Executive Managing Director Gerrity Group, LLC Cushman & Wakefield, Inc. Jim Ghielmetti, CEO Robyn Dahlin, Partner, Tax Services Signature Homes, Inc. Ernst & Young LLP Michael Ghielmetti, President Mark Deason, Managing Director and Head of U.S. Asset Signature Development Group Management Russell Gimelstob, Head of Acquisitions Starwood Capital Group Dune Real Estate Partners LP Barry DiRaimondo, Chief Executive Officer Katherine F. Gnapp, Managing Director SteelWave Bank of America Merrill Lynch Erik Doyle, Managing Director Capital Markets Jason Eliot Goldman, Principal Jones Lang LaSalle G2 Services, LLC Steven L. Eggert, Founder Matthew Walter Goldman, Principal Anton Development Company G2 Insurance Services, LLC Jonathan Ellenzweig, Managing Director Steven E. Golubchik, Vice Chairman/Co-Head Northern Tricon Capital Group Inc. California Capital Markets James F. Ellis, Managing Principal Newmark Knight Frank Ellis Partners LLC Chris Graham, Managing Director Blackstone

As of 9/24/2018

Fisher Center for Real Estate and Urban Economics Barbara & Gerson Bakar Faculty Building F602, MC 6105

University of California at Berkeley Berkeley, CA 94720-6105

(p) 510.643.6105 POLICY ADVISORY BOARD (f) 510.643.7357 http://haas.berkeley.edu/RealEstate/

Donald S. Grant, Co-Founding Partner John Z. Kukral, CEO IHP Capital Partners Northwood Investors Robert L. Gray, Partner Greig Lagomarsino, Executive Vice President Rockwood Capital, LLC Colliers International Greenlaw "Fritz" Grupe, Chairman & CEO Kenneth Lee, Senior Managing Director, Chief Investment The Grupe Company Officer Emile Haddad, Chairman & CEO McDowell Properties Five Point Communities Jay Paul Leupp, Managing Director John Hagestad, Senior Managing Director Lazard Asset Management LLC SARES-REGIS Group David Lichtman, Senior Executive Vice President and Chief Alison Hawkins, CAIA, Managing Principal Credit Officer Artemis Real Estate Partners First Republic Bank W. Dean Henry, CEO Morgan M. Lingle, Managing Director/Head of West Coast Legacy Partners, Inc. Acquisitions John C. Hettinger, Vice President JP Morgan Investment Management, Inc. Kirchhoff Companies Stephen J. LoPresti, Senior Vice President Tyler W. Higgins, Managing Partner Gerson Bakar & Associates Orchard Partners, LLC Robert J. Lowe, Chairman and CEO Aaron Hill, President Lowe Enterprises, Inc. Bixby Land Company Susan E. Lowenberg, President Jeffrey Horowitz, Global Head of Real Estate, Gaming & Lowenberg Corporation Lodging Nancy Lusk, CEO Bank of America Merrill Lynch Lusk Company Derek K. Hunter, Managing Member & President Ian MacNaughton, Chief Executive Officer, Managing Partner Hunter Properties, Inc. & Hunter/Storm, LLC The MacNaughton Group Russell Ingrum, Vice Chairman, Managing Director Mike Madden, President CBRE Capital Markets Investment Properties, Institutional Red Bear Property Management Group Kevin Marchetti, Co-Founder & Managing Partner Wayne D. Jordan, President & Chief Executive Officer Bay Grove Capital, LLC Jordan Real Estate Investments, LLC Murray McCabe, Partner Richard Kalvoda, Senior Executive Vice President Montgomery Street Partners, L.P. Altus Group Thomas E. McCarthy, Co-President Ron Kaufman, Founder McCarthy Cook & Co. The Ron Kaufman Companies Andrew McDonald, President Kevin Kaz, Chief Financial Officer Cushman & Wakefield of CA, Inc. Klingbeil Capital Management W. Patrick McDowell, President & CEO Matthew S. Khourie, Chief Executive Officer McDowell Properties Trammell Crow Company Charlie McGann, Senior Vice President, Regional Manager John Kilroy, Chairman of the Board, President & CEO City National Bank Kilroy Realty Corporation Mark McGranahan, Vice Chairman Sotiris Kolokotronis, President Cushman & Wakefield SKK Developments Robert B. McLeod, Chairman, President & CEO Kyle A. Kovac, Executive Vice President Newland Real Estate Group, LLC CBRE Carole McNeil, Chairman Danna M. Kozerski, Managing Partner McNeil Capital Corporation Coblentz Patch Duffy & Bass LLP John McNellis, Principal Mark Kroll, Managing Director/Founder McNellis Partners, LLC SARES-REGIS Group of Northern California Mark Mengelberg, Partner, Office Donald Kuemmeler, Partner Allen Matkins Leck Gamble Mallory & Natsis, LLP PCCP, LLC Paul J. Meyer, President & Chief Financial Officer SteelWave

As of 9/24/2018

Fisher Center for Real Estate and Urban Economics Barbara & Gerson Bakar Faculty Building F602, MC 6105

University of California at Berkeley Berkeley, CA 94720-6105

(p) 510.643.6105 POLICY ADVISORY BOARD (f) 510.643.7357 http://haas.berkeley.edu/RealEstate/

Jeffrey Mezger, President, CEO & Director T. Anthony Premer, Senior Vice President KB Home Pacific Life Insurance Company David G. Mgrublian, CEO John Protopappas, President & Chief Executive Officer IDS Real Estate Group Madison Park Financial Corp. John D. Millham, President Jeffrey S. Quicksilver, Co-Founder & Managing Principal Prometheus Real Estate Group, Inc. Walton Street Capital, LLC Amanda Monchamp, Partner Marc D. Renard, Executive Vice Chairman Capital Markets Monchamp Meldrum LLP Group R. Tyler Morse, CEO and Managing Partner Cushman & Wakefield of California, Inc. MCR Development LLC Chris Roeder, International Director Stephannie Mower, Principal Jones Lang LaSalle Beacon Realty Advisors Clifford L. Rooke, Managing Director Vicki Mullins, EVP & CFO Bank of the West Newland Real Estate Group, LLC Tyler Rose, Executive Vice President & CFO Ronald C. Nahas, Partner Kilroy Realty Corporation Rafanelli & Nahas Kirby Sack, CEO Kenneth M. Novack, Chief Executive Officer Sack Properties MMGL Corp. Daniel J. Safier, President & CEO Dennis O'Brien, President Prado Group, Inc. O'Brien Homes Daniel J. Sandri, Acting Real Estate Commissioner Steven A. O'Connell, Managing Director, Investment Department of Real Estate Grosvenor Americas Timothy Schoen, President and CEO Douglas D. O'Donnell, CEO BioMed Realty Trust, Inc. The O'Donnell Group, Inc. Lynn M. Sedway, Principal & President Phillip Owens, Managing Director, Advisory & Consulting Sedway Consulting Green Street Advisor Richard W. Selby, Chairman Alfred V. Pace, President & CEO R.W. Selby & Co., Inc. Pacific Urban Residential Martin Selig, Owner Adon A. Panattoni, Chief Executive Officer Martin Selig Real Estate Panattoni Development Company Carl Shannon, Senior Managing Director Carl D. Panattoni, Chairman Tishman Speyer Properties Panattoni Development Company Kevin Shannon, Co-Head U.S. Capital Markets Peter Pappas, Founder & CEO NKF Capital Markets Terwilliger Pappas Kevin A. Shields, Chairman and Chief Executive Officer Cynthia A. Parker, President & CEO Griffin Capital Company, LLC BRIDGE Housing Corporation Barry A. Sholem, Partner Dana Parry, President & CEO MSD Capital, L.P. Reynolds & Brown Bradley M. Shuster, Chairman & CEO Justin Pattner, Managing Director, Head of Real Estate Equity, NMI Holdings, Inc. Americas Stephen R. Silk, Senior Managing Director Eastdil Secured Lisle W. Payne, Chairman Dennis Singleton, Partner Jackson Street Partners, Ltd. Spieker Partners Roslyn B. Payne, President Matthew Slepin, Managing Partner Jackson Street Partners, Ltd. Terra Search Partners, LLC Kennard Perry, Board Director Michael Smith, Northwest Regional Managing Principal The Swig Company, LLC Cushman & Wakefield William K. Perry, Senior Vice President John M. Sobrato, Chief Executive Officer First American Title Insurance Company The Sobrato Organization Todd L. Platt, CEO Geoffrey L. Stack, Managing Director Hillwood Investments SARES-REGIS Group

As of 9/24/2018

Fisher Center for Real Estate and Urban Economics Barbara & Gerson Bakar Faculty Building F602, MC 6105

University of California at Berkeley Berkeley, CA 94720-6105

(p) 510.643.6105 POLICY ADVISORY BOARD (f) 510.643.7357 http://haas.berkeley.edu/RealEstate/

Scott Stafford, Co-Founder and Principal William A. Witte, Chairman & Chief Executive Officer Strada Investment Group Related California A. William Stein, Chief Executive Officer Richard G. Wollack, Principal Digital Realty Trust Fulton Capital Advisors Robert Steinberg, Chairman Dennis Wong, Managing Member Steinberg Hart Verbena Road Holdings, Ltd. Donald R. Stephens, Managing Partner Kenneth Woolley, Chairman D.R. Stephens & Company, LLC Extra Space Storage Inc. Barry S. Sternlicht, Chairman & CEO Jim Wunderman, President & CEO Starwood Capital Group Bay Area Council Thomas P. Sullivan, Managing Partner Ron Zeff, CEO Westwood Interests Carmel Partners Philip R. Taylor, Chief Executive Officer Brian A. Zeiger, Managing Director SpringHill Ventures LLC Hall Capital Partners, LLC Kelvin Tetz, National Practice Leader, Real Estate Robert H. Zerbst, Chairman Emeritus Moss Adams LLP CBRE Global Investors Henry Thomas, Real Estate - Portfolio Manager Richard S. Ziman, Chairman California State Teachers' Retirement System Rexford Industrial Realty, Inc. Thomas W. Thompson, Chief Financial Officer Claude J. Zinngrabe, Managing Partner Braddock & Logan Services Inc. Fremont Realty Capital Thomas W. Toomey, CEO & President Kevork Zoryan, Managing Director UDR, Inc. Real Estate Kenneth Valach, Chief Executive Officer Mark Zytko, Co-Founder, Principal Trammell Crow Residential Mesa West Capital Nicholas Vanderboom, Senior Vice President, COO Related California Ani Vartanian Boladian, President Rubicon Point Partners, LLC Donald Vodra, President & Chief Operating Officer Rancho Mission Viejo, LLC Robert Wagner, Managing Director SARES-REGIS Group of Northern California W. Alan Walker, SVP-Portfolio Director EQ Office H. Lawrence Webb, CEO The New Home Company Jeff Weber, Managing Director Eastdil Secured, LLC Robert Webster, President & CEO Bohannon Development Company Jeffrey M. Weller, Managing Principal Lion Real Estate Group, LLC John L. West, Managing Director Dakota Pacific Real Estate Partners David Wilbur, Principal Four Corners Properties Michael A. Williamson, Chair, Real Estate Buchalter, a Professional Corporation Stephen W. Wilson, EVP, Development & Construction AvalonBay Communities, Inc.

As of 9/24/2018