POLICY ADVISORY BOARD MEMBERS

Douglas Abbey, Founder
AMB Property Corporation

Bill Albers, Partner
MPKA

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

Phillip Angelides, Chairman
Canyon Johnson Urban Community Fund

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 of Investment Banking
JP Morgan Securities Inc.

Gerson Bakar, CEO & President
Gerson Bakar & Associates

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 Director
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

John Bucksbaum, Chief Executive Officer
General Growth Properties, 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 Butler, Vice President
JPMorgan Asset Management - Real Estate

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

Robert F. Cavanaugh, Managing Director
Credit Suisse

Martin Caverly, Principal
O'Connor Capital Partners

Stephen Chamberlin, Principal
Chamberlin Associates

Alan Chamorro, Senior Vice President & General Manager
Grosvenor

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

Christopher Chee, Managing Director, Real Estate
The Blackstone Group

David Choo, President
California Mortgage & Realty, Inc.

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

Paul Churchill, Partner
Goodwin Procter LLP

Mitchell Clarfield, Director
Deutsche Bank Berkshire Mortgage

Victor J. Coleman, Managing Partner
Hudson Capital, LLC

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 Investors

Jeff Davi, Commissioner of Real Estate, State of California
State of California

Marc L. Davidson, Principal
AEW Capital Management, LP

Daniel A. Decker, CEO & Chairman
Coastwood Capital Group, LLC

James J. Didion, Principal
J.J.D. Properties, LTD

Barry DiRaimondo, President
Legacy Partners Commercial, Inc.

Jonathan Epstein, President
Hackman Capital Partners LLC

William Fain, Managing Partner
Johnson Fain

William Falik, Managing Partner
Westpark Associates

Terry Fancher, Executive Managing Director
Stockbridge Capital Partners, LLC

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

Andrew Friedman, Managing Director
Shorenstein Properties, LLC

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

Carol Galante, President
BRIDGE Housing

Kristin Gannon, Managing Director
Goldman, Sachs & Co.

Jeffrey M. Gault, CEO
LandCap Partners

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

William W. Gerrity, Chairman and CEO
Gerrity International, LLC GMS China, Ltd., GMS India, Ltd.

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, Partner
Rhodes Assoicates

David T. Hamamoto, President & CEO
NorthStar Realty Finance

Dana Hamilton, Managing Director
Archstone  BV

Gregory J. Hartman, Founder & Managing Member
Rockpoint Group, LLC

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.

Stephen Jones, Executive Managing Director
Cushman & Wakefield

Brian Jones, President & CEO
Forest City Commercial Development West Coast Division

Mary Ann King, President
Moran & Company

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

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

Michael Lloyd, Senior Vice President
Colliers International

Keith M. Locker, President
Inlet Capital

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

Nancy Lusk, CEO
Lusk Company

Daniel B. MacDonnell, Managing Director
Cushman & Wakefield Sonnenblick-Goldman, LLC

Victor B. MacFarlane, Managing Principal
MacFarlane Partners

Mike Madden, President
Red Bear Property Management

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

George M. Marcus, Chairman
The 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, Chief Executive Officer
Newland Communities, LLC

Scott F. McMullin, Executive Managing Director
Holliday Fenoglio Fowler

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 Commercial, Inc.

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

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.

Alan J. Nussenblatt, Managing Director
AIG Global Investment Group

Dennis O'Brien, President
The O'Brien Group

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

Diane Olmstead, President
Haring Street Ventures

Bill Palmer, President & CEO
The Palmer Team, Inc.

Gary Palmer, Managing Principal
Westbrook Partners

Carl D. Panattoni, Chairman
Panattoni Development Company

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

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

Lisle W. Payne, Chairman
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

Stephen Pilch, Managing Director
Stockbridge Capital Partners, LLC

Saul Pinto, Partner
IHP Capital Partners

Amy G. Price, Managing Director
Morgan Stanley Merchant Banking

Robert P. Quinn, Principal
The Lantana Advisory Group

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

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

Joseph E. Robert, Chairman & CEO
J.E. Robert Companies, Inc.

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, Vice President
Seeno Homes

Joseph R. Seiger, President
Vintage Properties

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

Stuart Shiff, CEO
DivcoWest

Stephen R. Silk, Senior Managing Director
Eastdil Secured

Dennis Singleton, Partner
Spieker / Singleton Interests

Susan Smartt, Senior Vice President
Forest City San Francisco

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, Executive Vice President Real Estate Industries
Union Bank of California

Julie H. Stein, Managing Partner
SKS Investments

Robert Steinberg, President
Steinberg Architects

Rick Stephens, President
ZKS Real Estate Partners, LLC

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

Robert A. Stine, President and CEO
Tejon Ranch Company

Gregory Stormberg, Executive Vice President
Central Parking System

Ron D. Sturzenegger, Managing Director and Global Head, Real Estate, Gaming and Lodging Investment Banking
Banc of America Securities, LLC

Patrick J. Sullivan, Managing Partner
Woodbourne Capital Partners LLC

Thomas P. Sullivan, Partner
Wilson Meany Sullivan, LLC

James A. Thomas, President & CEO
Thomas Properties Group

John Thomas, Partner
Panattoni Development Company

Tom Toomey, CEO & President
UDR, Inc.