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

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

Peter E. Baccile, Managing Director & Global Head of Real Estate & Lodging Investment Banking
JP Morgan Securities, Inc.

Gerson Bakar, CEO & President
Gerson Bakar & Associates

Charles K. Barbo,
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
RBS Greenwich Capital

John Bucksbaum, Chief Executive Officer
General Growth Properties, Inc.

James C. Buie, Executive Vice President
Hines

Henry Bullock, Chairman
Menlo Equities

Preston Butcher, Chairman & CEO
Legacy Partners

David J. Butler, Vice President
J.P. Morgan Asset Management - Real Estate

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

Monroe J. Carell,
Carell Family LLC

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 T. Chee
Managing Director, Real Estate Group
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

Thomas M. Coleman, President
Coleman Communities

Victor J. Coleman, Managing Partner
Hudson Capital, LLC

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, Managing Director
CB Richard Ellis Investors

Jeff Davi, Commissioner of Real Estate
State of California

Marc L. Davidson, Principal
AEW Capital Management, LP

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

John W. Devereux, Director - West Coast Investments
Citigroup Property Investors

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, Capital Transactions Group
Shorenstein Properties, LLC

Steven M. Friedman, Partner CRE, FRICS
Ernst & Young

Carol Galante, President
BRIDGE Housing

Kristin Gannon, Managing Director
Goldman, Sachs & Co.

Jeffrey M. Gault, CEO
LandCap Partners

R. Gregory Geletka, Managing Director & Chief Investment Officer
CIT Group Inc.

Jonathan A. Genton, President
Watt/Genton Associates

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 Grupe, Chairman
The Grupe Company

Ronald Haft, Founder, Chairman & CEO
Combined Properties

John Hagestad, Managing Director
SARES-REGIS Group

William Halford, President & CEO
Bixby Land Co.

Peter Hall, Partner
Rhodes Associates

David T. Hamamoto
President & CEO
NorthStar Realty Finance

Dana Hamilton, Managing Director
Archstone BV

Deborah L. Harmon, President & Chief Investment Officer
J.E. Robert Company

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 & Co.

Allen Kirschenbaum, Executive Vice President
Bank of the West

James D. Klingbeil, Chairman & CEO
Klingbeil Capital Management

David L. Knowles, Director of Financial Strategy
The Marcus & Millichap Company

Peter Krause, Managing Director
Greenhill & Co.

Patrick Kruer, Partner
Monarch Group

Donald Kuemmeler, Partner
Pacific Coast Capital Partners, LLC

Linda Law, President
Law & Associates

Theodore Lee, President
Urban Land Company

Jay Leupp, Managing Principal
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, Chairman of the Board
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 VP Managing Director, Investment Services
PM Realty Group

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

Gary Palmer, Managing Principal
Westbrook Partners

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

Carl D. Panattoni, Chairman & CEO
Panattoni Development Company

Nicholas Pappas, President California Region
K. Hovnanian Homes

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

Christopher Peatross
President
Equity Office Properties, West Coast

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

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

Stephen Pilch, Managing Director
Stockbridge Capital Partners, LLC

Saul Pinto, Partner
IHP Capital Partners

Russell Platt, President
J.E. Robert International

Amy G. Price, Managing Director
Morgan Stanley Merchant Banking

Robert P. Quinn, Senior Vice President
U.S. Bank

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.

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.

Martin Selig, Owner
Martin Selig Real Estate

Richard M. Shapiro, Partner-Real Estate
Thelen Reid Brown Raysman & Steiner LLP

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 Development

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 and Lodging Investment Banking
Banc of America Securities, LLC

Thomas P. Sullivan, Partner
Wilson Meany Sullivan, LLC

Patrick J. Sullivan, Managing Partner
Woodbourne Capital Partners LLC

David A. Taran, CEO
Page Mill Properties

John Thomas, Partner
Panattoni Development Company

James A. Thomas, President & CEO
Thomas Properties Group

Tom Toomey, CEO & President
UDR, Inc.

Eleni F. Tsakopoulos-Kounalakis, President
AKT Development Corporation

Donald Vodra, Chief Operating Officer
Rancho Mission Viejo, LLC

Robert Wagner, Principal
SARES-REGIS Group of Northern California

David M. Wall, President
GLL Properties Inc.

Clark Wallace, Principal
Clark Wallace, Realtor & Associates

H. Lawrence Webb, CEO
John Laing Homes

Jeff Weber, Senior Managing Director
Eastdil Secured, LLC

Robert L. Webster, President & CEO
Bohannon Development Company

John L. West, Managing Director
Cottonwood Partners

David Wilbur, Managing Director
RREEF

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

William A. Witte, President
Related Companies of California

Richard G. Wollack, Co-CEO
Premier Pacific Vineyards L.P.

Francis A. Wong, Chairman & CEO
Genesis Hotel Development Ltd.

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

Kenneth Woolley, CEO
Extra Space Storage Inc.

Pamela M. Wright, Managing Director, Real Estate Private Fund Group
Credit Suisse

Jim Wunderman, President & CEO
Bay Area Council

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

Robert H. Zerbst, Chairman
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