POLICY ADVISORY BOARD MEMBERS

Douglas Abbey, Founder
AMB Property Corporation

Shane C. Albers, Founder, Chairman &                         Chief Executive Officer
IMH Real Estate Financiers

Chris G. Apostolopoulos, Division President                       of Northern California Inc.
KB Home

John C. Atwater, Co-Chairman &  Chief Executive Officer
Prime Property Capital, Inc.

Peter E. Baccile, Vice Chairman
JP Morgan Securities Inc.

Gerson Bakar, CEO & President
Gerson Bakar & Associates

George Banks, Managing Partner
Priderock Capital Partners, LLC

Charles K. Barbo, Partner
Catalyst Storage

Peter B. Bedford, Owner
Bedford Investments

Erik Bedford, Managing Member
Trico Management LLC

Phil Belling, Managing Principal
LBA Realty

Gary Benvenuti, Vice President & Partner
JB Management LP

Jack R. Berquist, Managing Partner & Co-founder
Presidio Partners, LLC

Michael J. Biggar, Managing Partner
Orchard Partners, LLC

Scott E. Bohannon, Senior Vice President
Bohannon Development Company

David D. Bohannon, President and CEO
David D. Bohannon Organization

Stephen M. Bowers, President & CEO
Terramar Retail Centers, LLC

Wayne Brandt, Managing Director
Buchanan Street Partners

Darin L. Buchalter, Managing Director
Navigant Consulting, Inc.

James C. Buie, Executive Vice President
Hines

George E. Bull, Chief Executive Officer
Redwood Trust, Inc.

Henry Bullock, Chairman
Menlo Equities

Preston Butcher, Chairman & CEO
Legacy Partners

David J. Butler, Principal
Cedar Hill Real Estate Partners, LP

Mario Camara, Managing Partner
Cox, Castle & Nicholson, LLP

Jacqueline Carlisle, Executive Director
National Association of Real Estate Brokers              Investment Division

Daniel Cashdan, Senior Managing Director
HFF Securities, LP

Stephen Chamberlin, Principal
Chamberlin Associates

Alan Chamorro, Senior Vice President & General Manager
Grosvenor

A. Larry Chapman, Executive Vice President,       Commercial Real Estate Group Head
Wells Fargo Bank

Christopher Chee, Managing Director, Real Estate
The Blackstone Group

David S. Christensen, Co-President & COO
Nearon Enterprises

Paul Churchill, Partner
Goodwin Procter LLP

Mitchell Clarfield, Director
Deutsche Bank Berkshire Mortgage

Thomas M. Coleman, Executive Vice President
Coleman Homes

Michael Covarrubias, Chairman & CEO
TMG Partners

Daniel Cressman, Executive Vice President
Grubb & Ellis

William E. Croteau, Leader U.S. Real Estate Practice
PricewaterhouseCoopers, LLP

William Cumbelich, Managing Principal
The CAC Group

Jack A. Cuneo, President and CEO
CB Richard Ellis Realty Trust

Jeff Davi, Commissioner of Real Estate
State of California

Marc L. Davidson, Principal
AEW Capital Management, LP

Daniel A. Decker, CEO & Chairman
Coastwood Senior Housing Partners, Inc.

Barry DiRaimondo, President
Legacy Partners Commercial, Inc.

Jonathan Epstein, President
Hackman Capital Partners LLC

William Falik, Managing Partner
Westpark Associates

Donald G. Fisher, Founder & Chairman Emeritus
Gap Inc.

James Foster, Partner & Managing Member
Coast Range Investments, LLC

Jack Fraker, Vice Chairman
CB Richard Ellis

Thomas J. Francis, Partner
Deloitte & Touche LLP

Robert Freed, President and CEO
SummerHill Homes

Kenneth R. Fridley, President
New City Asia Fund Management Pte Ltd

Steven M. Friedman, National Director,                       Home Building Services
Ernst & Young

Andrew Friedman, Managing Director
Shorenstein Properties, LLC

Carol Galante, Deputy Assistant Secretary Multifamily Housing Program
U.S. Department of Housing & Urban Development

Kristin Gannon, Managing Director
Goldman, Sachs & Co.

Jeffrey M. Gault, Chairman & CEO
Solus Property Company

Jonathan A. Genton, President
Genton Barth Real Estate Group, LLC

William W. Gerrity, Chairman and CEO
The Gerrity Group

Jim Ghielmetti, CEO
Signature Properties

Timothy Gonzalez, CEO
RREEF

Donald S. Grant, Co-Founding Partner
IHP Capital Partners

Robert L. Gray, Senior Managing Director
Rockwood Capital, LLC

Greenlaw "Fritz" Grupe, Chairman
The Grupe Company

Ronald Haft, Founder, Chairman & CEO
Combined Properties, Inc.

John Hagestad, Managing Director
SARES-REGIS Group

William Halford, President & CEO
Bixby Land Company

Peter Hall, Managing Director
Equinox Partners

David T. Hamamoto, President & CEO
NorthStar Realty Finance

Dana Hamilton, Managing Director
Archstone  BV

David A. Hennefer, President and CEO
Pacific Eagle Holdings Corp.

W. Dean Henry, President
Legacy Partners Residential, Inc.

Anne Hoffman, President
Chamberlin Associates

Rick Holmstrom, Co-Founder & Vice Chairman
Menlo Equities

Seek Ngee Huat, President
GIC Real Estate

Derek K. Hunter, Managing Member & President
Hunter Properties, Inc. & Hunter/Storm, LLC

Dan Ivanoff, Managing Investment Partner
Schnitzer West

Matthew Jacobs, Group Manager, Acquisitions & Development
Turnberry, Ltd.

Allen Kirschenbaum, Executive Vice President
Bank of the West

James D. Klingbeil, Chairman & CEO
Klingbeil Capital Management

Patrick Kruer, Partner
Monarch Group

Donald Kuemmeler, Partner
Pacific Coast Capital Partners, LLC

Edward F. Lange, COO
BRE Properties, Inc.

Scott C. Langley, President & CEO
Ashforth Pacific

Theodore Lee, President
Urban Land Company

Jay Paul Leupp, President
Grubb & Ellis Alesco Global Advisors

Joe Lewis, President
Orchard Commercial, Inc.

David Lichtman, Executive Vice President,                    Chief Credit Officer
First Republic Bank

Keith M. Locker, President
Inlet Capital

Robert J. Lowe, Chairman and CEO
Lowe Enterprises, Inc.

Nancy Lusk, CEO
Lusk Company

Mike Madden, President
Red Bear Property Management

Richard C. Mallory, Partner, San Francisco Office
Allen Matkins Leck Gamble Mallory & Natsis  LLP

George M. Marcus, Chairman
Marcus & Millichap Company

Thomas E. McCarthy, Co-President
McCarthy Cook & Co.

W. Patrick McDowell, President
McDowell Properties

Mark McGranahan, Senior Director
Cushman & Wakefield

Robert B. McLeod, Chairman, President & CEO
Newland Communities, LLC

Sunne Wright McPeak, President & CEO
California Emerging Technology Fund

Masud Mehran, Chairman of the Board
Sunset Development Company

Deborah Messemer, Partner
KPMG, LLP

Gilbert M. Meyer, President and CEO
Greenbriar Homes Communities, Inc.

Paul J. Meyer, Chief Financial Officer
Legacy Partners

Constance B. Moore, President and Chief Executive Officer
BRE Properties, Inc.

Richard E. Moran, Executive Vice President & CFO
Kilroy Realty Corporation

Stephannie Mower, Executive Director, Head of Dallas Capital Markets
Cushman & Wakefield

William G. Murray, Partner-Real Estate
Orrick, Herrington & Sutcliffe LLP

Jeanne Myerson, President & CEO
The Swig Company

Ronald Nahas, Partner
Rafanelli & Nahas

Douglas C. Neff, Founder & Managing Partner
IHP Capital Partners

Noel W. Nellis, Partner
Orrick, Herrington & Sutcliffe LLP

H. Turner Newton, President
Capital & Counties U.S.A., Inc.

Dennis O'Brien, President
The O'Brien Group

Thomas E. O'Hern, Executive Vice President & Chief Financial Officer
The Macerich Company

Diane Olmstead, Managing Partner
W3 Partners

Gary Palmer, Managing Principal
Westbrook Partners

Carl D. Panattoni, Chairman
Panattoni Development Company

Dana Parry, President & CEO
Reynolds & Brown

Jay L. Paxton, Managing Director
Ellman, Burke, Hoffman & Johnson

Lisle W. Payne, Chairman
Jackson Street Partners, Ltd.

Roslyn B. Payne, President
Jackson Street Partners, Ltd.

Christopher Peatross, President & CEO
Equity Office Properties

J. Marc Perrin, Managing Director
Starwood Capital Group Global, LLC

William Perry, Senior Vice President & Managing Director
First American Title Insurance Company

Amy G. Price, Managing Director
Morgan Stanley Merchant Banking

Kevin L. Ratner, President
Forest City Residential West, Inc.

Jon Q. Reynolds, Chairman, Director, Founder
Reynolds & Brown

Michael S. Robb, Executive Vice President, Real Estate Division
Pacific Life Insurance Company

Gregory Rush, Managing Director
Dune Capital Management, LP

Kirby Sack, CEO
Kirby Sack Properties

Jaclyn B. Safier, Principal
Prometheus Real Estate Group, Inc.

Lynn M. Sedway, Executive Managing Director
CBRE Consulting, Inc.

Kenneth T. Seeger, President Community Development and Land Management Group
MeadWestvaco Corporation

Thomas A. Seeno, President
Nortom Corp.

Richard W. Selby, Chairman
R.W. Selby & Co., Inc.

Martin Selig, Owner
Martin Selig Real Estate

Stuart Shiff, CEO
DivcoWest

Stephen R. Silk, Senior Managing Director
Eastdil Secured

Dennis Singleton, Partner
Spieker / Singleton Interests

Michael Smith, Sr. Managing Director, Bay Area Operations
CB Richard Ellis

Scott Sollers, Managing Director
Stone & Youngberg, LLC

Warren E. Spieker, Partner
Spieker Partners

Geoffrey L. Stack, Managing Director
SARES-REGIS Group

J. Michael Stedman, Senior Executive Vice President Real Estate Industries
Union Bank of California

Julie H. Stein, Managing Partner
SKS Investments

Robert Steinberg, President
Steinberg Architects

Donald R. Stephens, Managing Partner
D.R. Stephens & Company, LLC

Robert A. Stine, President and CEO
Tejon Ranch Company

Ron D. Sturzenegger, Managing Director and Global Head, Real Estate, Gaming and Lodging Investment Banking
Bank of America Merrill Lynch

Thomas P. Sullivan, Managing Partner
Wilson Meany Sullivan, L.P.

Patrick J. Sullivan, Managing Partner
Woodbourne Capital Partners LLC

Lydia Tan, Interim President & CEO
BRIDGE Housing

James A. Thomas, President & CEO
Thomas Properties Group

Tom Toomey, CEO & President
UDR, Inc.

Jonathan Varni, Managing Partner
Foundry Capital Partners

Donald Vodra, Chief Operating Officer
Rancho Mission Viejo, LLC

Robert Wagner, Principal
SARES-REGIS Group of Northern California

Clark Wallace, Principal
Clark Wallace, Realtor & Associates

Jeff Weber, Senior Managing Director
Eastdil Secured, LLC

Robert L. Webster, President & CEO
Bohannon Development Company

John L. West, CEO
Cottonwood Partners

David Wilbur, Partner
Harvest Properties

Todd A. Williams, Managing Director
Goldman, Sachs & Co.

William  A. Witte, President
Related Companies of California

Richard G. Wollack, President
Premier Pacific Vineyards L.P.

M. Gary Wong, President
Westlake Realty Group, Inc.

Kenneth Woolley, CEO
Extra Space Storage Inc.

Pamela M. Wright, Managing Director & Co-Head, Real Estate Private Fund Group
Credit Suisse

Jim Wunderman, President & CEO
Bay Area Council

Janet Yellen, President & CEO
Federal Reserve Bank of San Francisco

Ron Zeff, CEO
Carmel Partners

Robert H. Zerbst, Chairman - Emeritus
CB Richard Ellis Investors, LLC

Richard S. Ziman, Chairman
AVP Advisors, LLC

Claude J. Zinngrabe, Managing Partner
Fremont Realty Capital

Ronald E. Zuzack, Managing Director
Black Rock Realty