MARKET AREA UPDATE Report as of: 1Q 2Q 3Q 4Q

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1 Year: 2014 Market Area (City, State): Honolulu MSA aka Oahu, Hawaii Provided by (Company / Companies): Kahala Associates MARKET AREA UPDATE Report as of: 1Q 2Q 3Q 4Q What are the most significant trends in your current real estate market? (Attach addenda, charts, graphs, etc. as appropriate) See Luxury Market Update, attached. Define Market Area: Urban (city limit area only) Metro Area (as defined by MSA) Other: Please explain: * Single Family (detached) Condominiums / Townhomes (attached) ** (current) Choose one: Average Median $ 675,450 $ 355,000 ** (same time prior year) Choose one: Average Median $ 638,000 $ 325,000 Average Days on Market list to contract (current) Absorption Months of Inventory (last 3 months) Number of active listings divided by the average # of sales per month (for the last 3 months) = # of months needed to sell existing inventory Absorption Months of Inventory (same time prior year) # 84 Increase Decreasing Stable # 8 # 8 # 7 # 7 Active Listings # 2,553 # 3,229 Closed ( total last 3 months) # 947 # 1,349 Expired Listings ( total last 3 months if available) # # Change in Home Values % 8 % 8 Sold LP/SP Ratio (last 3 months) REAL ESTATE MARKET DATA Increase in past 3 months Stable Decreasing in past 3 months % 99.4 % 98.9 # 82 Increase Decreasing Stable Increase in past 3 months Stable Decreasing in past 3 months **Average = the result by adding all sales prices and dividing by the number of units sold Median = denoting the middle of the range of values GENERAL ECONOMY How would you rate the overall economic conditions in area as defined above: Mixed Stable Healthy Shrinking Depressed Supply of Listings: (Single family) Shortage Oversupply Balanced ~ (Condo/Town home) Shortage Oversupply Balanced Overall Market Conditions: Active Stable Sluggish Flat Depressed Unemployment Rate: % % 4.4 Average Please check trend: Increasing Decreasing Same Please describe local economic conditions/climate: (draw upon newspaper articles concerning the coming and going of corporations, layoffs, etc.) * RENTAL INFORMATION Is There a Charge for Rental Assistance: Yes No Outsourced Is Home/Condo Rental Information Available in Your MLS: Yes No Single Family Housing Availability: (3+Bedrooms) Shortage Oversupply Balanced Average Rent Condo/Townhome Availability: (2+Bedrooms) Shortage Oversupply Balanced Average Rent Apartment Availability: (2+Bedrooms) Shortage Oversupply Balanced Average Rent

2 LUXURY MARKET REPORT SECOND QUARTER 2014 Aloha and welcome to The Quarterly Luxury Market Report from Kahala Associates, where we take a close look at the most recent real estate activity here on Oahu. Our report breaks the Oahu luxury home market into four single-family home and two condominium price segments. Single-family home sales for Q priced from $1 to $2 million increased 33.0% compared to Q2 2013, with 133 homes sold. At 7.7 months supply of inventory once again the lowest of all luxury segments supply and demand remain well-balanced and in line with historical norms. For single-family homes in the $2 to $3 million range, sales increased 27.8% to 23 homes. Months of inventory always increases as our price points rise, and this segment currently has 11.5 months supply of homes. That s higher than last year s figure, which suggests sellers are more confident but also that buyers have excellent opportunities from which to choose. The segment of single-family homes priced from $3 to $5 million had been underperforming, with fewer homes sold in 2013 than in But that trend seems to have reversed in Q Sales were up 33.0% over the same quarter in 2013 and still higher than Q Months of inventory was down notably in this segment, decreasing from 26.8 to 18.4 months. Four homes sold in the $5 million and above range in the second quarter of this year, including a Kahala Associates listing which sold at $5.1 million after 89 days on the market. The remaining three include another Lankai sale at just under $12 million which is also the highest sale on Oahu so far this year. The other two sales are a Kahala Avenue home, which sold at $5.2 million, and a Noela Drive residence which closed at $7.65 million. Before we move to luxury condos, here s a quick look at Oahu s overall market: Through June 30th, the number of single-family homes and condominiums sold is nearly on par with 2013, showing a slight decrease of 0.2 percent and 0.1 percent respectively. Over the same period, the median price paid for both homes and condos has increased by 7.1 percent over 2013: $669,500 for homes and $350,000 for condominiums. Luxury condos showed strength during the second quarter of this year. Sales in the $800 thousand to $1 million range CONTINUED ON PAGE 3 FOREIGN INVESTMENT $1 - $2 MILLION 2014 # $ 2013 # $ 2012 # $ 2011 # $ JAPAN 9 $11,822,000 SINGAPORE 2 $3,095,000 CHINA 2 $2,223,666 HONG KONG 2 $2,130,600 KOREA 1 $1,700,000 JAPAN 28 $39,859,700 HONG KONG 4 $5,320,000 CHINA 3 $5,120,000 CANADA 2 $2,601,708 SINGAPORE 2 $2,460,000 JAPAN 27 $37,331,600 CANADA 6 $7,320,000 CHINA 3 $4,101,125 KOREA 3 $3,785,000 JAPAN 48 $69,523,950 CANADA 5 $5,774,400 AUSTRALIA 3 $4,062,500 SINGAPORE 3 $4,062,400 $2 MILLION # $ 2013 # $ 2012 # $ 2011 # $ JAPAN 8 $23,780,000 AUSTRALIA 2 $7,798,800 CHINA 1 $5,280,000 MALAYSIA 1 $3,950,000 CANADA 1 $2,400,000 JAPAN 21 $56,616,300 HONG KONG 4 $9,575,000 AUSTRALIA 2 $8,450,000 SINGAPORE 1 $3,300,000 BRAZIL 1 $3,000,000 JAPAN 16 $52,713,800 CANADA 3 $9,134,200 TAIWAN 2 $8,038,005 AUSTRALIA 2 $4,850,000 JAPAN 36 $115,240,600 AUSTRALIA 3 $9,785,000 SINGAPORE 3 $8,325,000 KOREA 2 $7,480,000 All Data from the HiCentral MLS, Ltd. Powered by 10K Research and Marketing. Visit KahalaAssociates.com 1

3 SALES ACTIVITY SINGLE-FAMILY CONDO Metric Year $1-2 $2-3 $3-5 $5 + $800,000 - $1 $ CLOSED SALES YTD $1.60 $2.48 $3.50 $5.43 $0.85 $ $1.30 $2.31 $3.20 $0.00 $0.88 $1.63 MEDIAN SALES PRICE (in millions) 2011 $1.45 $2.63 $3.50 $19.75 $0.90 $ $1.43 $2.55 $3.75 $0.00 $0.90 $ $1.61 $2.40 $3.33 $0.00 $0.88 $ YTD $1.25 $2.40 $3.80 $6.47 $0.88 $ MONTHS SUPPLY OF INVENTORY YTD SINGLE FAMILY & CONDO Historical Graph $1 + Q Q Q Q Closed Sales Median Months Supply of Inventory CONDOMINIUM Historical Graph $1 + Q Q Q Q Closed Sales Median Months Supply of Inventory All Data from the HiCentral MLS, Ltd. Powered by 10K Research and Marketing. Visit KahalaAssociates.com 2

4 CONTINUED FROM PAGE 1 are up 35.5% compared to Q and have risen 133% since Q The 8.1 months of inventory is also a sign of balance in this healthy segment. Q sales for condos priced at $1 million and higher were up 29.5% over Q and are up by nearly 120.0% compared to Q The 14.2 months of inventory is still quite good for this segment. It s important to note that the condo activity reported here does not include any of the newer developments in the emerging Kakaako condominium market, indicating even more strength in these segments. Remember that every home and situation is unique. For specific guidance with your current or future home, visit the new KahalaAssociates.com, featuring Oahu s most advanced home search and downloadable apps for Android, iphone and ipad. That s the Oahu Quarterly Luxury Market Report for this quarter, check back soon for the latest. Sign up for our monthly market newsletter and more at OAHU LUXURY NEIGHBORHOOD DETAIL THROUGH SECOND QUARTER 2014 Neighborhoods 2014 Median (YTD) 2013 Median 2012 Median 2011 Median 2010 Median 2009 Median Aina Haina Beach $1,158,000 $900,000 $2,000,000 $3,350,000 $3,105,000 Beachside $2,498,000 $1,807,500 $1,615,000 $1,687,500 $1,712,500 $1,787,500 Black Point $2,579,068 $6,200,000 $2,400,000 $2,210,000 $3,375,000 $3,625,000 Diamond Head $2,284,444 $2,200,000 $2,150,000 $2,062,500 $2,075,000 $1,812,500 Dowsett $1,341,000 $1,015,000 $977,500 $1,155,000 $950,000 $976,025 Hawaii Loa Ridge $2,861,500 $1,946,500 $1,781,000 $1,590,000 $1,633,750 $1,450,000 Hillcrest $1,160,000 $1,200,000 $917,875 $980,000 $904,000 $970,000 Kahala Area $2,600,000 $1,940,000 $1,925,000 $1,790,000 $1,600,000 $1,495,000 Kamehame Ridge $830,000 $1,268,888 $1,250,000 $1,000,300 $1,115,000 $795,000 Koko Kai $2,656,500 $1,990,000 $2,200,000 $1,701,250 $2,700,000 $2,100,000 Lanikai $2,447,875 $1,665,000 $1,525,000 $1,295,000 $1,682,500 $1,900,000 Makiki Heights $1,602,500 $1,125,000 $1,078,578 $1,875,000 $927,500 $1,098,000 Manoa Area $975,000 $1,150,000 $999,999 $975,000 $950,000 $855,000 Manoa-Woodlawn $1,187,500 $1,049,500 $949,000 $815,000 $899,500 $897,500 Maunalani Heights $977,100 $1,150,000 $950,000 $1,425,000 $1,088,000 $1,059,500 Napali Haweo $2,275,000 $1,670,000 $1,900,000 $1,407,500 $1,321,500 $1,075,000 Niu Beach $965,420 $4,050,000 $1,850,000 $2,400,000 $1,840,000 $2,650,000 Pacific Heights $1,162,500 $752,500 $950,000 $720,000 $1,146,100 $721,250 Paiko Lagoon $2,400,000 $1,050,000 $2,270,000 $3,150,000 $2,500,000 $2,170,000 Portlock $2,875,000 $3,100,000 $3,175,000 $2,183,500 $1,955,000 Puupanini $4,338,000 $872,000 $970,000 $1,162,500 $1,100,000 $2,337,500 Tantalus $1,050,000 $1,108,000 $770,000 $1,200,000 $1,918,750 Triangle $1,402,000 $1,215,000 $1,059,500 $919,500 $925,000 $1,100,000 Waialae Golf Course $2,200,000 $3,350,000 $1,530,000 $4,650,000 $2,300,000 $1,900,000 Waialae Iki $1,550,000 $1,487,500 $1,294,375 $1,250,000 $1,300,000 $1,250,000 Waialae Nui Ridge $1,365,000 $1,220,000 $1,040,000 $940,000 $925,000 $908,444 Wailupe Area $4,525,000 $1,775,000 $1,900,000 $1,350,000 $1,530,000 $3,100,000 dash = no sales in the time period All Data from the HiCentral MLS, Ltd. Powered by 10K Research and Marketing. Visit KahalaAssociates.com 3

5 Kahala Associates Hawaii Real Estate Licensee(s) 4211 Waialae Ave, Suite 8090 Honolulu, Hawaii (808) BEYOND EXPECTATIONS, BEYOND HOMES CLOSED SALES SINGLE FAMILY CONDOMINIUM $1 - $2 MILLION $2 - $3 MILLION $800,000 - $1 MILLION % +4.6% +8.7% +35.3% -50.3% +53.8% -2.5% +64.1% 0.0% -34.4% +29.6% +7.1% +13.3% +41.2% -28.3% $3 - $5 MILLION $5 MILLION + $1 MILLION % +21.7% +21.4% -5.9% -21.9% +11.1% -10.0% +11.1% +40.0% -57.1% +80.3% +2.7% +3.5% +28.2% -38.0% All Data from the HiCentral MLS, Ltd. Powered by 10K Research and Marketing. Visit KahalaAssociates.com 4