I hope you find this report informative. As always, I would be delighted to assist you with any of your real estate needs.

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2 The 2012 Schindler Report Dear Homeowners, Happy New Year and thank you for your business in Because of you, the San Francisco MLS has ranked me as the #1 agent in luxury home sales 1 in San Francisco for It is a privilege to have earned your trust and confidence. San Francisco luxury home sales have seen an increase in both volume and prices when compared to last year. This reflects the steady improvement that has been noted in our luxury home market over the past several years. We are now seeing some prices that are nearing the peak that they achieved before the 2008 financial collapse and recession. The 2012 Schindler Report focuses on luxury homes priced over $3MM in Pacific Heights, Presidio Heights and Cow Hollow. For my complete annual sales report with recent and prior sales prices of each luxury home sold over $2MM and each condo/cooperative sold over $1.5MM in these and other San Francisco Northside neighborhoods, please call me or visit my website: I hope you find this report informative. As always, I would be delighted to assist you with any of your real estate needs. Sincerely, Janet Feinberg Schindler The Trusted Name in San Francisco Real Estate Real Estate Market Highlights First Republic Bank s Prestige Home Index reported: San Francisco Bay Area values rose 8.1% from the third quarter of 2011 and gained 2.4% from the second quarter of The average luxury home in San Francisco is now $2.73 million. Katherine August-deWilde, President and Chief Operating Officer of First Republic Bank, said that luxury home prices were particularly strong in the San Francisco Bay Area during the third quarter of The Bay Area economy is healthy, inventory is limited, and multiple offers are increasingly the norm. Kenneth T. Rosen, Chairman of the Fisher School for Urban Economics at UC Berkeley, spoke at the 35th Annual Real Estate & Economics Symposium on 11/19/12 and stated: The national outlook for home sales next year looks very good, though tight credit means housing will not see rapid growth anytime soon. It s not a boom, but it s recovering. He also noted that two of the top five markets for 2012 housing sales are in the Bay Area: San Jose and San Francisco. The July 2012 S&P/Case-Shiller Home Price Index, the leading measure of U.S. home prices, reported: Single-family home prices in the San Francisco MSA increased 1.9% from 6/12 to 7/12, up 4.8% year-over-year but 35.1% below their 5/06 peak. Many of the markets we follow have seen some decent recovery from their respective lows, led by San Francisco up 20.4%. Data collected through 9/12 showed home prices rose for six straight months. The Index Committee Chairman said: We are now in the midst of a recovery in the housing market. 1 Ranked #1 agent by MLS for all homes sold over $2MM in San Francisco for the period covered by this report: 11/30/11-11/30/12. Janet Feinberg Schindler (415)

3 How are these reports relevant to San Francisco luxury homeowners and buyers? Both the S&P/Case-Shiller Home Price Index and the First Republic Prestige Home Index are comprised of sales in the multiple counties labeled as the San Francisco Bay Area or San Francisco which inevitably skews the picture for our local luxury market. In addition, the indices use a repeat sales method to find matched sale pairs for their index calculations. In order to give a snapshot of a regional or national market, assumptions and adjustments are made which are of necessity faulty. It is common knowledge that the collapse of Lehman Brothers in 2008 and the ensuing recession caused universal financial uncertainties that are still with us today. In San Francisco, the fallout is reflected in the data when we look at luxury homes that were purchased just before the collapse and re-sold in the last few years. However, in many cases, the negative effects have been mitigated by the recent recovery in prices. In my analysis, I have selected my own matched sale pairs of local luxury homes to provide a more relevant picture of our luxury market. Significantly, the homes selected have had little or no renovation from the previous sale to their most recent re-sale and therefore, are truly matched sale pairs. The following table shows the compound annual growth rate, CAGR (the year-over-year growth rate applied to an investment over a multiple-year period) for matched sale pairs. How has our local market performed? The following matched sale pairs closed prior to the Lehman collapse in the fall of 2008, and then re-sold post-lehman collapse: ADDRESS LAST SOLD SALES PRICE RE-SOLD SALES PRICE YRS CAGR 2385 Broadway 10/1/2007 $ 3,100,000 4/3/2012 $ 3,007, % 2705 Buchanan 10/26/2005 $ 3,350,000 4/3/2012 $ 3,125, % 2204 Steiner 5/30/2005 $ 2,825,000 10/31/2012 $ 2,710, % 930 Chestnut 4/5/2007 $ 3,750,000 5/1/2012 $ 3,100, % 2502 Leavenworth 6/30/2008 $ 5,500,000 6/19/2012 $ 4,945, % 2957 Divisadero 10/5/2006 $ 3,900,000 8/10/2012 $ 3,600, % 3737 Broderick 3/20/2006 $ 2,500,000 6/7/2012 $ 2,160, % 3700 Broderick 11/4/2006 $ 2,400,000 3/16/2012 $ 2,400, % 611 Marina 5/9/2007 $ 3,995,000 10/5/2012 $ 3,750, % 40 Sea Cliff 9/17/2008 $ 4,280,000 3/1/2012 $ 3,650, % 131 3rd Avenue 11/2/2007 $ 2,670,000 9/20/2012 $ 2,475, % 3919 Washington 10/9/2004 $ 3,295,000 10/11/2012 $ 3,535, % 2012 Luxury Home Sales Summary In 2012 (for the period 11/30/11 to 11/30/12, homes sold over $3MM), there were 35% more homes sold in Pacific Heights than in 2011: 46 vs. 34. In Presidio Heights, there were 29% more homes sold in 2012 (22 homes) than in 2011 (17 homes). Cow Hollow also surpassed last year, with 22% more homes sold: 11 homes sold in 2012 vs. 9 homes sold in Another useful measure of the luxury market is what I call the Negotiability Factor (NF). The NF is the percentage variance between the initial list price and the final sales price of a home. The NF is often negative in a buyers market and positive in a sellers market when the final sales price can exceed the initial list price. The average home price NF percentage differential (for sales over $2MM) from the original list price (not the last list price as reported by the Multiple Listing Service, MLS) to the price at which it finally sold, was greatest in Pacific Heights with the 2012 NF at -5.1%, which was down from -8.4% in In Presidio Heights, the 2012 NF was only -4.0%, down from the 2011 NF of -6.2%. The 2012 NF was -4.4% in Cow Hollow, down from - 9.8% in Inventory in Cow Hollow remains low which may account in part for the improved NF. Nonetheless, the 2012 NF demonstrates that luxury homes sold much closer to their original asking price than they have in recent years. Another important factor in any analysis of luxury home sales is the private sale market. These are homes that are privately marketed outside of the Multiple Listing Service. There were 26 private sales in Pacific Heights, Presidio Heights and Cow Hollow out of 99 total sales over $2MM. At 26% of that luxury market, these private sales are a significant element in the luxury market and need to be considered. The Schindler Report includes these private sales, withholding only confidential data until it appears publicly. In my luxury home sales summary, I have noted original list or pre-mls/private offering prices which are not often made public. Further, in those instances where homes have been taken on and off the market and then eventually sold, I have provided the initial list price rather than the most recent, public list price, to more accurately reflect the market. Today s financial uncertainties make it imperative that home buyers and sellers heed the advice of prior Schindler Reports: If you are a buyer, your agent needs to understand local prices and market trends so that you are confident of buying your home at the right price. If you are a seller, your agent s knowledge and experience will enable you to accurately price and market your home to obtain the highest possible sales price. Smart buyers make money when they buy and profit when they sell. Now, more than ever, you need an agent who is knowledgeable about all sales in your area, including private sales. Buying a home at the right price is still your best protection against market volatility. Average CAGR: -1.50% The range is +.88% to -3.90%. The average is -1.50% which is up from last year s average of -3.52% and the prior year s -5.47%. While the CAGR is not yet positive, the data shows an improvement over prior years (415) Janet Feinberg Schindler

4 2012 Luxury Home Sales Summary: $3MM and Greater Pacific Heights ADDRESS LAST SOLD SALES PRICE BD/BA LIST PRICE DATE SOLD SALES PRICE 2385 Broadway 10/10/07 $ 3,100,000 3/3.5 $ 2,995,000 04/03/12 $ 3,007, Buchanan 10/31/97 $ 1,850,000 4/4.5 $ 3,295,000 07/24/12 $ 3,095, California N/A N/A 7/5.5 $ 1,980,000 11/05/12 $ 3,100, Vallejo N/A N/A 4/3.0 $ 3,400,000 10/01/12 $ 3,100, Buchanan 10/26/05 $ 3,350,000 4/3.5 $ 3,495,000 04/03/12 $ 3,125, Broadway 05/28/92 $ 900,000 5/3.5 $ 3,495,000 12/21/11 $ 3,200, Vallejo 10/24/06 $ 2,995,000 4/3.0 $ 3,300,000 02/23/12 $ 3,252, Jackson 10/16/85 $ 700,000 5/4.0 $ 3,750,000 (*) 05/04/12 $ 3,350,000 (**) 2940 Jackson 01/19/07 $ 2,647,500 4/3.5 $ 3,395,000 04/06/12 $ 3,400, Vallejo 10/28/03 $ 2,600,000 4/4.0 $ 4,500,000 12/16/11 $ 3,450, Pacific 06/04/91 $ 1,350,000 3/2.5 $ 4,800,000 10/26/12 $ 3,550, Presidio 12/14/93 $ 787,500 5/4.5 $ 3,995,000 03/30/12 $ 3,600, Vallejo 08/15/96 $ 1,200,000 4/3.5 $ 5,000,000 02/03/12 $ 3,600, Green 01/30/08 $ 3,995,000 4/4.5 $ 4,195,000 04/02/12 $ 3,800, Jackson 12/24/92 $ 1,280,000 (**) 4/3.5 $ 4,400,000 (*) 04/30/12 $ 3,800,000 (**) 2375 Broadway 09/16/98 $ 3,000,000 4/3.75 $ 5,495,000 08/07/12 $ 4,000, Jackson 09/18/07 $ 3,325,000 4/4.5 $ 4,200,000 06/14/12 $ 4,075, Buchanan 06/12/00 $ 4,500,000 (#) 5/4.5 $ 3,500,000 04/19/12 $ 4,250, Green 09/10/10 $ 3,800,000 4/3.5 $ 4,395,000 10/31/12 $ 4,325, Green 05/03/06 $ 4,100,000 (**) 5/3.5 $ 3,900,000 04/02/12 $ 4,400, Lyon 04/25/96 $ 1,395,000 5/4.5 $ 5,200,000 (*) 08/21/12 $ 4,621, Green 04/27/89 $ 1,800,000 5/3.5 $ 4,600,000 (*) 01/12/12 $ 4,690,000 (**) 2427 Green 06/25/98 $ 2,100,000 5/4.5 $ 5,000,000 (*) 10/26/12 $ 4,790,000 (**) 2332 Washington 06/18/09 $ 4,400,000 4/4.5 $ 4,895,000 (*) 03/21/12 $ 4,935,000 (**) 2250 Washington 11/10/11 $ 4,995,000 5/4.5 $ 5,500,000 (*) 05/31/12 $ 4,950,000 (**) 1823 Jackson 05/01/07 $ 2,860,000 6/6.5 $ 5,850,000 11/28/12 $ 4,985, Pacific 08/14/99 $ 3,062,500 6/4.5 $ 5,900,000 02/28/12 $ 4,995, Scott 04/09/03 $ 3,695,000 5/4.5 $ 5,775,000 06/12/12 $ 5,100, Pacific N/A N/A 6/4.5 $ 5,500,000 (*) 08/22/12 $ 5,500,000 (**)(#) 2841 Vallejo N/A N/A 5/5.0 $ 5,500,000 10/26/12 $ 5,900, Washington 02/12/97 $ 665,000 (**) 5/5.0 $ 6,250,000 (*) 01/12/12 $ 6,300,000 (**) 2980 Vallejo 06/26/73 $ 160,000 5/4.5 $ 7,150,000 06/20/12 $ 6,550, Pacific 02/21/06 $ 3,450,000 5/5.0 $ 6,995,000 05/04/12 $ 7,007,000 Presidio Heights ADDRESS LAST SOLD SALES PRICE BD/BA LIST PRICE DATE SOLD SALES PRICE 166 Arguello 06/02/06 $ 2,360,000 6/4.5 $ 3,325,000 10/16/12 $ 3,100, Jackson N/A N/A 5/4.5 $ 3,300,000 06/08/12 $ 3,300, Jackson N/A N/A 5/3.5 $ 3,195,000 10/2/12 $ 3,500, Washington 10/19/04 $ 3,295,000 5/4.5 $ 4,250,000 10/11/12 $ 3,535, Washington 07/21/80 $ 480,100 5/4.5 $ 3,700,000 06/12/12 $ 3,550, Jackson 04/27/10 $ 3,841,000 5/3.5 $ 4,200,000 06/12/12 $ 3,660, Washington 03/04/93 $ 950,000 3/3.5 $ 3,995,000 02/28/12 $ 3,800,000 (**) 3235 Pacific 10/13/04 $ 3,675,000 2/3.5 $ 4,200,000 05/11/12 $ 4,100, Jackson N/A N/A 4/3.5 $ 3,495,000 07/06/12 $ 4,250, Washington 06/01/88 $ 1,200,000 5/5.5 $ 4,150,000 08/29/12 $ 4,700, Walnut 12/07/99 $ 3,634,000 4/5.5 $ 4,950,000 12/16/11 $ 4,725, Presidio Ter. 05/07/98 $ 2,700,000 7/7.5 $ 6,750,000 06/29/12 $ 5,300,000 (**) 23 Presidio Ter. 03/18/92 $ 1,400,000 9/4.0 $ 8,900,000 05/18/12 $ 5,850,000 (**) 3364 Washington 08/29/03 $ 2,550,000 5/4.5 $ 6,000,000 (*) 05/18/12 $ 6,200,000 (**) 3865 Clay 08/06/97 $ 2,275,000 7/6.5 $ 8,500,000 (*) 10/26/12 $ 6,250, Washington 09/20/97 $ 2,100,000 5/4.5 $ 7,000,000 (*) 10/24/12 $ 7,000,000 (**) 233 Maple N/A N/A 8/5.0 $ 5,400,000 06/08/12 $ 7,000, Washington 11/25/09 $ 8,100,000 6/6.5 $ 8,900,000 03/08/12 $ 8,200, Pacific 01/29/04 $ 5,200,000 6/6.0 $ 11,500,000 11/21/12 $ 9,600,000 Cow Hollow ADDRESS LAST SOLD SALES PRICE BD/BA LIST PRICE DATE SOLD SALES PRICE 2820 Union 08/11/00 $ 2,750,000 3/4.5 $ 3,795,000 12/30/11 $ 3,375, Divisadero 10/05/06 $ 3,900,000 4/3.5 $ 3,895,000 08/10/12 $ 3,600, Filbert 05/27/87 $ 750,000 3/3.5 $ 3,500,000 10/10/12 $ 3,820, Lyon 10/18/11 $ 2,150,000 4/3.5 $ 3,895,000 10/19/12 $ 3,850, Union 05/16/08 $ 3,595,000 5/4.0 $ 4,695,000 (*) 04/17/12 $ 4,795, Greenwich 01/21/11 $ 1,500,000 4/4.5 $ 5,495,000 07/27/12 $ 4,999, Divisadero 08/29/03 $ 2,325,000 7/4.5 $ 5,500,000 10/12/12 $ 6,050, Green 06/15/04 $ 6,350,000 4/4.5 $ 8,500,000 12/09/11 $ 7,100,000 (**) 2615 Union 05/25/10 $ 2,555,000 6/5.5 $ 7,995,000 02/21/12 $ 7,350, Union 11/24/93 $ 1,650,000 4/3.5 $ 9,250,000 11/20/12 $ 7,950, Lyon 03/02/07 $ 6,200,000 5/5.5 $ 9,500,000 (*) 05/30/12 $ 8,800, Vallejo N/A N/A 6/7.5 $ 5,400,000 09/24/12 $ 7,350, Pacific 11/18/05 $ 5,150,000 5/6.5 $10,000,000 11/29/12 $ 7,400, Broadway 06/15/05 $ 7,200,000 6/5.0 $ 9,500,000 02/28/12 $ 8,215, Pacific 03/08/10 $ 2,500,000 (**) 5/5.5 $ 9,250,000 (*) 12/09/11 $ 9,250,000 (**) The 2012 Schindler Report covers the period 11/30/11 11/30/12. Prices reported in the Schindler Report are from reliable public sources, but their accuracy cannot be guaranteed. Due to the large number of sales this year, sales above $10MM can be found on-line. Please visit for a complete list of all sales including December closings. (#) Non-Disclosed (Price reported is last list price. ) (**) Private Sale, not on MLS or entered into MLS after the sale. N/A Data Not Available (1) Sale included adjacent lot (*) Non- or Pre-MLS List Price Janet Feinberg Schindler The Trusted Name in San Francisco Real Estate The 2012 Schindler Report (415) Janet.Schindler@SothebysHomes.com DRE # /15/12

5 2012 Luxury Homes Sales Summary: $2MM and Greater Pacific Heights 2338 California St. 03/11/98 $ 435,000 3/3.5 $ 2,175,000 12/19/12 $ 2,050, Webster St. N/A N/A 3/2.5 $ 1,875,000 04/19/12 $ 2,100, Broderick St. 12/10/03 $ 1,685,000 3/3.5 $ 2,195,000 11/08/12 $ 2,100, Webster St. 05/26/98 $ 1,395,000 3/2.5 $ 2,299,000 11/09/12 $ 2,175, Laguna St. N/A N/A 5/3.0 $ 2,249,000 05/22/12 $ 2,400, Green St. N/A N/A 4/3.0 $ 2,500,000 03/02/12 $ 2,500, Clay St. N/A N/A 3/2.5 $ 2,495,000 07/03/12 $ 2,526, Webster St. 05/01/02 $ 1,354,000 4/3.5 $ 2,897,000 02/17/12 $ 2,670, Clay St $ 187,500 3/3.0 $ 2,099,000 12/20/12 $ 2,700, Steiner St. 05/03/05 $ 2,825,000 (**) 4/2.5 $ 2,495,000 10/31/12 $ 2,710, Jackson St. 04/24/07 $ 2,845,000 (**) 5/4.0 $ 2,800,000 (*) 05/04/12 $ 2,800,000 (**) 2232 Jackson St. 09/03/04 $ 2,350,000 3/2.5 $ 2,800,000 05/10/12 $ 2,875, Pierce St. 05/20/86 $ 529,000 3/2.0 $ 2,995,000 10/30/12 $ 2,995, Broadway St. 10/10/07 $ 3,100,000 3/3.5 $ 2,995,000 04/03/12 $ 3,007, Buchanan St. 10/31/97 $ 1,850,000 4/4.5 $ 3,295,000 07/24/12 $ 3,095, California St. N/A N/A 7/5.5 $ 1,980,000 11/05/12 $ 3,100, Vallejo St. N/A N/A 4/3.0 $ 3,400,000 10/01/12 $ 3,100, Buchanan St. 10/26/05 $ 3,350,000 4/3.5 $ 3,495,000 04/03/12 $ 3,125, Franklin St. 06/03/05 $ 3,000,000 6/4.5 N/A 11/13/12 $ 3,235,600 (**) 2337 Vallejo St. 10/24/06 $ 2,995,000 4/3.0 $ 3,300,000 02/23/12 $ 3,252, Jackson St. 10/16/85 $ 700,000 5/4.0 $ 3,750,000 (*) 05/04/12 $ 3,350,000 (**) 2612 California St. 02/28/08 $ 2,600,000 4/4.0 N/A 03/27/12 $ 3,268,000 (**) 2940 Jackson St. 01/19/07 $ 2,647,500 4/3.5 $ 3,395,000 04/06/12 $ 3,400, Pacific Ave. 06/04/91 $ 1,350,000 3/2.5 $ 4,800,000 10/26/12 $ 3,550, Presidio Ave. 12/14/93 $ 787,500 5/4.5 $ 3,995,000 03/30/12 $ 3,600, Vallejo St. 08/15/96 $ 1,200,000 4/3.5 $ 5,000,000 02/03/12 $ 3,600, Green St. 01/30/08 $ 3,995,000 4/4.5 $ 4,195,000 04/02/12 $ 3,800, Jackson St. 12/24/92 $ 1,280,000 (**) 4/3.5 $ 4,400,000 (*) 04/30/12 $ 3,800,000 (**) 2025 Jackson St. 05/20/88 $ 862,500 4/4.0 $ 3,900,000 (*) 12/27/12 $ 3,900,000 (#)(**) 3120 Jackson St. N/A N/A 5/5.0 $ 3,849,000 12/07/12 $ 3,950, Broadway St. 09/16/98 $ 3,000,000 4/3.75 $ 5,495,000 08/07/12 $ 4,000, Jackson St. 09/18/07 $ 3,325,000 4/4.5 $ 4,200,000 06/14/12 $ 4,075, Buchanan St. 06/12/00 $ 4,500,000 (#) 5/4.5 $ 3,500,000 04/19/12 $ 4,250, Green St. 09/10/10 $ 3,800,000 4/3.5 $ 4,395,000 10/31/12 $ 4,325, Green St. 05/03/06 $ 4,100,000 (**) 5/3.5 $ 3,900,000 04/02/12 $ 4,400, Lyon St. 04/25/96 $ 1,395,000 5/4.5 $ 5,200,000 (*) 08/21/12 $ 4,621, Green St. 04/27/89 $ 1,800,000 5/3.5 $ 4,600,000 (*) 01/12/12 $ 4,690,000 (**) 2427 Green St. 06/25/98 $ 2,100,000 5/4.5 $ 5,000,000 (*) 10/26/12 $ 4,790,000 (**) 2332 Washington St. 06/18/09 $ 4,400,000 4/4.5 $ 4,895,000 (*) 03/21/12 $ 4,935,000 (**) 2250 Washington St. 11/10/11 $ 4,995,000 5/4.5 $ 5,500,000 (*) 05/31/12 $ 4,950,000 (**)

6 2012 Luxury Homes Sales Summary: $2MM and Greater Pacific Heights 1823 Jackson St. 05/01/07 $ 2,860,000 6/6.5 $ 5,850,000 11/28/12 $ 4,985,000 (**) 2320 Lyon St. 12/04/02 $ 4,350,000 5/4.5 $ 6,500,000 12/18/12 $ 4,990, Pacific Ave. 08/14/99 $ 3,062,500 6/4.5 $ 5,900,000 02/28/12 $ 4,995, Scott St. 04/09/03 $ 3,695,000 5/4.5 $ 5,775,000 06/12/12 $ 5,100, Pacific Ave. N/A N/A 6/4.5 $ 5,500,000 (*) 08/22/12 5,500,000 (**)(#) 3040 Pacific Ave. 05/30/07 $ 6,600,000 5/3.5 $ 5,500,000 12/27/12 $ 5,500, Vallejo St. N/A N/A 5/5.0 $ 5,500,000 10/26/12 $ 5,900, Washington St. 02/12/97 $ 665,000 (**) 5/5.0 $ 6,250,000 (*) 01/12/12 $ 6,300,000 (**) 2908 Pacific Ave. 08/04/04 $ 4,995,000 5/5.5 $ 6,995,000 12/26/12 $ 6,500, Vallejo St. 06/26/73 $ 160,000 5/4.5 $ 7,150,000 06/20/12 $ 6,550, Vallejo St. 03/19/97 $ 575,000 5/4.5 $ 6,995,000 12/20/12 $ 6,250, Pacific Ave. 02/21/06 $ 3,450,000 5/5.0 $ 6,995,000 05/04/12 $ 7,007, Vallejo St. N/A N/A 6/7.5 $ 5,400,000 09/24/12 $ 7,350, Pacific Ave. 11/18/05 $ 5,150,000 5/6.5 $10,000,000 11/29/12 $ 7,400, Broadway St. 06/15/05 $ 7,200,000 6/5.0 $ 9,500,000 02/28/12 $ 8,215, Pacific Ave. 05/28/76 $ 290,000 9/7.5 $14,000,000 12/17/12 $ 8,500, Pacific Ave. 09/22/09 $ 3,650,000 4/4.0 N/A 12/06/12 $ 8,750,000 (**) 2845 Fillmore St. 09/15/95 $ 3,250,000 (**) 4/4.0 $11,000,000 (*) 04/17/12 $11,000,000 (**) 2100 Vallejo St. 03/31/95 $ 2,475,000 6/5.5 $25,000,000 (1) 05/03/12 $11,000,000 (**) 2601 Broadway St. 11/12/99 $ 6,250,000 7/6.0 $15,500,000 02/10/12 $11,000, Pacific Ave. 06/10/09 $10,000,000 (**) 11/11.5 $12,500,000 06/15/12 $11,500, Broadway St. 06/19/07 $ 9,500,000 (**) 3/3.0 $10,400,000 (*) 02/03/12 $12,000,000 (**) 2636 Vallejo St. N/A N/A 5/2.0 $11,500,000 (*) 11/02/12 $13,750,000 (**) 2950 Pacific Ave. N/A N/A 7/6.5 $16,500,000 07/12/12 $16,000, Broadway St. N/A N/A 4/7.5 $25,000,000 07/18/12 $17,001, Broadway St. 11/22/02 $32,412,500 0/0 $65,000,000 10/05/12 $20,000,000 (**) 2701 Broadway St. 08/25/98 $ 5,500,000 (#) 15/10 $32,000,000 02/29/12 $27,000,000 (**) 2901 Broadway St. N/A N/A 8/7.5 $55,000,000 12/07/12 $28,250,000

7 2012 Luxury Homes Sales Summary: $2MM and Greater Presidio Heights 3980 Clay St. 09/02/11 $ 2,250,000 4/1.5 $ 2,395,000 (*) 03/30/12 $ 2,350,000 (**) 126 Arguello Blvd. N/A N/A 3/2.5 $ 2,500,000 (*) 05/23/12 $ 2,500,000 (**) 166 Arguello Blvd. 06/02/06 $ 2,360,000 6/4.5 $ 3,325,000 10/16/12 $ 3,100, Jackson St. N/A N/A 5/4.5 $ 3,300,000 06/08/12 $ 3,300, Laurel St. N/A N/A 3/3.0 N/A 06/08/12 $ 3,300,000 (**) 3409 Jackson St. N/A N/A 5/3.5 $ 3,195,000 10/02/12 $ 3,500, Washington St. 10/19/04 $ 3,295,000 5/4.5 $ 4,250,000 10/11/12 $ 3,535, Washington St. 07/21/80 $ 480,100 5/4.5 $ 3,700,000 06/12/12 $ 3,550, Jackson St. 04/27/10 $ 3,841,000 5/3.5 $ 4,200,000 06/12/12 $ 3,660, Washington St. 03/04/93 $ 950,000 3/3.5 $ 3,995,000 02/28/12 $ 3,800,000 (**) 3235 Pacific Ave. 10/13/04 $ 3,675,000 2/3.5 $ 4,200,000 05/11/12 $ 4,100, Jackson St. N/A N/A 4/3.5 $ 3,495,000 07/06/12 $ 4,250, Washington St. 06/01/88 $ 1,200,000 5/5.5 $ 4,150,000 08/29/12 $ 4,700, Presidio Ter. 05/07/98 $ 2,700,000 7/7.5 $ 6,750,000 (*) 06/29/12 $ 5,300,000 (**) 23 Presidio Ter. 03/18/92 $ 1,400,000 9/4.0 $ 8,900,000 05/18/12 $ 5,850,000 (**) 3364 Washington St. 08/29/03 $ 2,550,000 5/4.5 $ 6,000,000 (*) 05/18/12 $ 6,200,000 (**) 3865 Clay St. 08/06/97 $ 2,275,000 7/6.5 $ 8,500,000 (*) 10/26/12 $ 6,250, Washington St. 09/20/97 $ 2,100,000 5/4.5 $ 7,000,000 (*) 10/24/12 $ 7,000,000 (**) 233 Maple St. N/A N/A 8/5.0 $ 5,400,000 06/08/12 $ 7,000, Washington St. 11/25/09 $ 8,100,000 6/6.5 $ 8,900,000 03/08/12 $ 8,200, Pacific Ave. 01/29/04 $ 5,200,000 6/6.0 $11,500,000 11/21/12 $ 9,600, Washington St. 12/23/85 $ 1,450,000 8/6.5 $15,000,000 02/29/12 $10,000, Jackson St. 08/09/10 $ 3,500,000 6/6.5 $15,500,000 10/25/12 $11,700, Jackson St. 05/06/97 $ 2,875,000 6/5.0 $13,500,000 12/06/12 $12,475, Washington St. N/A N/A 6/4.0 $12,000,000 (*) 10/04/12 $17,500,000 (**)

8 2012 Luxury Homes Sales Summary: $2MM and Greater Cow Hollow 2816 Broderick St. 10/15/87 $ 689,000 3/3.0 $ 2,100,000 06/26/12 $ 2,050, Filbert St. 10/28/97 $ 1,950,000 4/4.0 N/A 10/31/12 $ 2,230,000 (**) 1627 Greenwich St. 05/14/04 $ 1,925,000 3/3.5 $ 2,295,000 06/01/12 $ 2,295, Filbert St. 12/07/11 $ 2,560,000 (*) 3/3.5 $ 2,560,000 (*) 02/28/12 $ 2,650,000 (**) 2269 Greenwich St. 07/06/01 $ 2,300,000 4/4.0 $ 3,195,000 02/07/12 $ 2,680, Filbert St. 05/27/09 $ 1,020,000 4/3.0 $ 2,950,000 01/06/12 $ 2,925, Divisadero St. 10/05/06 $ 3,900,000 4/3.5 $ 3,895,000 08/10/12 $ 3,600, Scott St. 02/01/01 $ 3,100,000 4/3.5 $ 3,800,000 (*) 12/27/12 $ 3,800,000 (**) 2719 Filbert St. 05/27/87 $ 750,000 3/3.5 $ 3,500,000 10/10/12 $ 3,820, Lyon St. 10/18/11 $ 2,150,000 4/3.5 $ 3,895,000 10/19/12 $ 3,850, Union St. 05/16/08 $ 3,595,000 5/4.0 $ 4,695,000 (*) 04/17/12 $ 4,795, Greenwich St. 01/21/11 $ 1,500,000 4/4.5 $ 5,495,000 07/27/12 $ 4,999, Divisadero St. 08/29/03 $ 2,325,000 7/4.5 $ 5,500,000 10/12/12 $ 6,050, Union St. 05/25/10 $ 2,555,000 6/5.5 $ 7,995,000 02/21/12 $ 7,350, Lyon St. 12/26/90 $ 2,200,000 7/4.0 $ 6,900,000 12/21/12 $ 7,500, Union St. 11/24/93 $ 1,650,000 4/3.5 $ 9,250,000 11/20/12 $ 7,950, Lyon St. 03/02/07 $ 6,200,000 5/5.5 $ 9,500,000 (*) 05/30/12 $ 8,800,000 Marina 154 Alhambra St. 06/10/03 $ 1,300,000 2/2.0 N/A 08/30/12 $ 2,050,000 (**) 3737 Broderick St. 03/21/06 $ 2,500,000 4/2.5 $ 2,649,500 06/07/12 $ 2,160, Broderick St. 11/14/06 $ 2,400,000 3/3.5 $ 2,400,000 03/16/12 $ 2,400, Gough St. 11/10/11 $ 1,500,000 3/3.0 $ 2,195,000 11/02/12 $ 2,400, Alhambra St. 11/19/09 $ 1,860,000 3/2.0 N/A 08/31/12 $ 2,400,000 (**) 1751 North Point St. 03/06/03 $ 1,800,000 3/4.0 $ 2,500,000 02/03/12 $ 2,500, Beach St. 10/03/06 $ 2,600,000 4/4.0 $ 2,595,000 03/30/12 $ 2,500,000 (**) 363 Marina Blvd. N/A N/A 3/2.5 $ 2,495,000 09/20/12 $ 2,550, Lyon St. 03/28/06 $ 2,050,000 4/3.5 $ 2,675,000 06/29/12 $ 2,623, Magnolia St. 06/09/00 $ 2,800,000 (**) 5/4.5 $ 3,250,000 03/01/12 $ 2,850, North Point 06/20/07 $ 2,850,000 4/3.5 $ 2,925,000 11/30/12 $ 2,862, Marina Blvd. N/A N/A 4/4.5 $ 3,825,000 10/31/12 $ 3,250, Marina Blvd. 05/01/85 $ 750,000 3/2.0 $ 3,260,000 (*) 05/04/12 $ 3,260,000 (**) 3426 Broderick St. 08/27/10 $ 2,575,000 4/4.0 $ 3,298,000 06/12/12 $ 3,350, Baker St. N/A N/A 5/4.5 $ 4,000,000 (*) 06/13/12 $ 3,350, Mallorca Way 03/26/02 $ 2,555,000 (**) 4/4.5 $ 3,495,000 05/01/12 $ 3,425, Avila St. 06/07/10 $ 1,950,000 5/4.5 $ 3,500,000 (*) 07/11/12 $ 3,500,000 (**) 611 Marina Blvd. 05/09/07 $ 3,995,000 4/3.5 $ 4,800,000 10/05/12 $ 3,750, Bay St. 01/15/04 $ 4,050,000 5/4.0 $ 4,750,000 11/16/12 $ 4,590,000 (**)

9 2012 Luxury Homes Sales Summary: $2MM and Greater Downtown, Financial District, Nob Hill, North Beach, North Waterfront, Russian Hill, Telegraph Hill 42 August Alley 07/30/08 $ 2,250,000 3/2.5 $ 2,495,000 05/30/12 $ 2,225, Chestnut St. 12/13/01 $ 2,100,000 2/2.5 $ 2,775,000 03/21/12 $ 2,675, Montclair Terrace 01/15/93 $ 815,000 3/3.5 $ 2,700,000 11/02/12 $ 2,900, Joice 10/14/11 $ 1,425,000 (**) 3/4.5 $ 2,800,000 10/10/12 $ 3,100, Chestnut St. 04/05/07 $ 3,750,000 4/3.5 $ 3,500,000 (*) 05/01/12 $ 3,100,000 (**) 1023 Vallejo St. 09/30/03 $ 3,000,000 3/5.0 $ 4,200,000 05/31/12 $ 4,200, Lombard St. 09/19/95 $ 2,600,000 6/4.75 $ 6,900,000 09/12/12 $ 4,500, Montgomery St. N/A N/A 5/7.5 $ 7,000,000 02/24/12 $ 4,650, Leavenworth St. 06/30/08 $ 5,500,000 5/4.5 $ 4,995,000 06/19/12 $ 4,945, Calhoun Terrace 08/31/09 $ 4,500,000 3/3.0 $ 5,295,000 06/29/12 $ 5,100,000 Sea Cliff 333 El Camino Del Mar N/A N/A 3/3.5 $ 2,395,000 11/21/12 $ 2,185, Lake St. N/A N/A 3/2.5 $ 1,595,000 05/07/12 $ 2,226, El Camino Del Mar 06/13/02 $ 2,100,000 3/2.5 $ 2,750,000 04/30/12 $ 2,350, th Ave. 03/19/87 $ 668,000 3/2.5 $ 2,395,000 10/12/12 $ 2,600, El Camino Del Mar 10/23/09 $ 2,192,000 4/3.5 $ 2,995,000 12/14/12 $ 2,671, th Ave. N/A N/A 5/3.5 $ 3,295,000 04/18/12 $ 3,000, Sea Cliff Ave. N/A N/A 4/3.5 $ 2,850,000 03/21/12 $ 3,150, th Ave. 04/26/95 $ 945,000 4/3.0 $ 3,349,000 07/27/12 $ 3,150, Lake St. 05/20/97 $ 1,530,000 4/5.0 $ 3,275,000 11/30/12 $ 3,213, Lake St. 08/28/12 $ 3,290,000 (*) 4/3.5 $ 3,290,000 (*) 11/08/12 $ 3,230,000 (**) 2911 Lake St. 06/16/88 $ 1,000,000 4/3.5 $ 2,880,000 08/28/12 $ 3,290, Sea Cliff Ave. 09/17/08 $ 4,280,000 6/4.5 $ 3,890,000 03/01/12 $ 3,650, El Camino Del Mar 05/30/02 $ 5,000,000 4/4.5 $ 4,900,000 12/10/12 $ 4,998, Lake St. 11/04/97 $ 2,680,436 6/3.5 $ 5,250,000 10/10/12 $ 5,650, El Camino Del Mar 01/11/05 $ 4,600,000 6/5.5 $ 7,000,000 10/05/12 $ 7,000, Sea Cliff Ave. 09/11/96 $ 2,000,000 (**) 5/5.0 $ 5,850,000 05/08/12 $ 7,200, Sea Cliff Ave. 04/07/03 $ 5,500,000 5/7.5 $13,000,000 06/08/12 $13,000,000

10 2012 Luxury Homes Sales Summary: $2MM and Greater Lake nd Ave. 05/30/97 $ 425,000 3/3.5 $ 1,995,000 08/15/12 $ 2,000, th Ave. 09/13/02 $ 1,426,000 4/3.5 $ 2,100,000 07/11/12 $ 2,077, th Ave. N/A N/A 5/2.5 $ 2,499,000 01/09/12 $ 2,100, th Ave. 09/27/11 $ 1,035,000 4/3.5 $ 1,985,000 12/20/12 $ 2,150, Lake St. 11/10/05 $ 2,395,000 4/3.0 $ 2,395,000 08/22/12 $ 2,200, Lake St. N/A N/A 3/2.5 $ 1,595,000 05/07/12 $ 2,226, Lake St. 09/03/99 $ 1,837,500 4/3.5 $ 1,995,000 07/20/12 $ 2,229, Lake St. 05/20/97 $ 1,530,000 4/5.0 $ 3,275,000 11/30/12 $ 3,213, th Ave. 02/09/07 $ 1,600,000 4/3.5 $ 2,195,000 11/06/12 $ 2,365, rd Ave. 11/02/07 $ 2,670,000 3/3.5 $ 2,475,000 09/20/12 $ 2,475, Lake St. 06/16/10 $ 2,150,000 (**) 4/4.5 $ 2,350,000 08/10/12 $ 2,510, th Ave. 12/08/10 $ 1,000,000 4/3.5 $ 2,785,000 01/25/12 $ 2,725, th Ave. 01/05/05 $ 3,035,000 5/3.5 $ 3,295,000 04/18/12 $ 3,000,000 (**) th Ave. 02/17/12 $ 1,550,000 4/3.0 $ 3,056,000 10/04/12 $ 3,056, El Camino Del Mar 06/03/97 $ 3,000,000 3/3.5 $ 9,900,000 (*) 02/10/12 $ 9,900,000 (**) Jordan Park/ Laurel Heights 56 Jordan Ave. 04/14/00 $ 2,015,000 5/5.0 $ 2,400,000 06/08/12 $ 2,400, Jordan Ave. N/A N/A 4/3.0 $ 2,595,000 09/20/12 $ 2,650, Jordan Ave. N/A N/A 3/2.5 $ 2,550,000 10/11/12 $ 2,715, Jordan Ave. N/A N/A 6/4.0 $ 3,495,000 07/31/12 $ 3,800,000 (#) Non-Disclosed N/A Data not available (*) Non- or Pre-MLS List Price (**) Private Sale, not on MLS or (Price reported is last list price. ) entered into MLS after the sale. The 2012 Schindler Report covers the period from 01/01/ /31/2012. Prices reported in the Schindler Report are from reliable public sources, but their accuracy cannot be guaranteed.

11 2012 Luxury Condos and Co-ops Sales Summary: $1.5MM and Greater Pacific Heights 2200 Pacific Ave., #5C 07/21/06 $ 615,000 2/2.0 $ 1,395,000 09/28/12 $ 1,500,000 (**) 2170 Vallejo St., #201 09/09/88 $ 465,000 3/2.0 $ 1,595,000 05/15/12 $ 1,550,000 (**) 2865 Jackson St., #5 08/13/10 $ 1,555,000 3/2.0 $ 1,659,000 05/07/12 $ 1,565, Jackson St., #4 08/14/07 $ 1,700,000 3/2.0 $ 1,575,000 03/27/12 $ 1,575, Green St. 12/17/97 $ 1,025,000 2/2.5 $ 1,349,000 12/20/12 $ 1,575, Buchanan St. 07/29/03 $ 875,000 3/2.0 $ 1,595,000 11/28/12 $ 1,589, Franklin St. N/A N/A 4/3.5 $ 1,599,000 04/06/12 $ 1,595, Clay St. N/A N/A 3/2.0 $ 1,395,000 07/17/12 $ 1,600, Pacific Ave., #10C 05/22/02 $ 880,000 2/2.0 $ 1,598,000 08/07/12 $ 1,600, Green St. 03/31/05 $ 1,660,000 3/3.0 $ 1,500,000 09/18/12 $ 1,600, Baker St. 09/03/03 $ 1,280,000 3/2.5 $ 1,595,000 10/31/12 $ 1,625, Vallejo St., #101 11/21/95 $ 672,500 3/2.0 $ 1,850,000 11/14/12 $ 1,650, Broadway St. 06/05/08 $ 2,300,000 3/3.0 $ 1,800,000 06/05/12 $ 1,685, Jackson St., #504 11/04/10 $ 1,537,500 3/3.0 N/A 06/21/12 $ 1,695,000 (**) 2251 Broderick St. 02/19/10 $ 1,525,000 3/2.5 $ 1,650,000 06/05/12 $ 1,700, Pacific Ave., #4 03/31/99 $ 1,211,000 4/2.5 $ 1,900,000 01/10/12 $ 1,715, Clay St., #1 06/09/11 $ 1,328,000 3/2.5 $ 1,695,000 10/12/12 $ 1,725, Broadway St., #103 06/02/98 $ 900,000 3/2.5 $ 1,595,000 10/11/12 $ 1,725, Pacific Ave., #201 10/18/00 $ 1,850,000 3/3.0 $ 1,950,000 02/29/12 $ 1,738, Jackson St., H 08/29/86 $ 565,000 3/2.0 $ 1,625,000 12/17/12 $ 1,750, Buchanan St. 10/12/07 $ 1,780,000 3/3.0 $ 1,849,000 04/27/12 $ 1,780, Pacific Ave., #1 12/20/06 $ 1,755,000 3/2.5 $ 1,895,000 03/30/12 $ 1,795, Clay St. 06/07/02 $ 1,350,000 4/2.5 $ 1,695,000 11/30/12 $ 1,800, Clay St. N/A N/A 3/3.0 $ 1,575,000 05/24/12 $ 1,849, Sacramento St. 10/27/10 $ 1,600,000 3/3.0 N/A 10/29/12 $ 1,862,000 (**) 2003 Lyon St. 08/06/04 $ 1,840,000 4/2.0 $ 1,895,000 05/04/12 $ 1,875, Jackson St. 06/27/00 $ 1,613,000 3/3.0 $ 1,795,000 08/06/12 $ 1,900, Steiner St. 11/06/92 $ 580,000 2/2.0 $ 1,695,000 09/26/12 $ 1,903, Sacramento St. 08/30/05 $ 1,500,000 2/2.0 $ 1,695,000 10/05/12 $ 1,906, Washington St., #802 N/A N/A 3/2.5 $ 2,095,000 06/19/12 $ 1,995, Divisadero St. 07/16/03 $ 1,450,000 4/3.0 $ 1,995,000 04/23/12 $ 2,055, Pacific Ave. N/A N/A 3/3.5 $ 2,498,000 07/24/12 $ 2,150, Sacramento St., #4 N/A N/A 3/4.0 $ 2,495,000 08/24/12 $ 2,150, Vallejo St., #2 08/15/95 $ 780,000 4/3.0 $ 2,295,000 05/25/12 $ 2,295, Pierce St. N/A N/A 3/3.0 N/A 02/09/12 $ 2,323,500 (**) 2955 Pacific Ave. 04/23/08 $ 2,995,000 3/2.0 $ 3,350,000 09/11/12 $ 2,525, Broadway St. 11/06/02 $ 1,825,000 4/2.5 $ 3,095,000 11/09/12 $ 2,600, Vallejo St., #1 03/26/04 $ 1,800,000 3/4.0 $ 2,800,000 09/19/12 $ 2,650, Broderick St. 12/22/99 $ 1,655,000 4/3.5 $ 2,795,000 03/30/12 $ 2,745, Green St. 02/09/01 $ 2,100,000 3/3.5 $ 2,750,000 11/16/12 $ 2,750, Pacific Ave., #11C 02/23/00 $ 3,300,000 3/4.0 $ 4,300,000 05/07/12 $ 3,200, Gough St., #22 10/23/03 $ 1,816,000 4/3.5 $ 3,525,000 06/12/12 $ 3,200, Broadway St., #6 09/26/08 $ 4,450,000 3/3.5 $ 3,995,000 01/09/12 $ 3,500,000

12 2012 Luxury Condos and Co-ops Sales Summary: $1.5MM and Greater Pacific Heights 2330 Vallejo St. 07/11/05 $ 3,147,500 3/2.5 $ 3,475,000 (*) 03/30/12 $ 3,500,000 (**) 2207 Pacific Ave. N/A N/A 3/3.0 $ 3,100,000 11/20/12 $ 3,500, Pacific Ave., #1P 04/07/10 $ 3,600,000 2/3.0 $ 3,800,000 04/27/12 $ 3,800, Broadway St., #6 03/09/11 $ 4,200,000 3/3.0 $ 4,350,000 05/01/12 $ 4,000, Jackson St., #5 N/A N/A 3/3.5 $ 6,500,000 11/21/12 $ 4,800, Vallejo St., #11 03/17/03 $3,000,000 3/3.0 $ 4,995,000 10/29/12 $ 5,500, Broadway St., #5 06/29/01 $5,950,000 3/3.5 $ 7,995,000 (*) 10/2012 $ 7,995,000 (**) 2500 Steiner St., #10 N/A N/A 4/4.0 $10,000,000 (*) ,000,000 (**) 2000 Washington St., #6 04/29/08 $10,000,000 5/4.5 $10,750,000 (*) 03/30/12 10,750,000 (**)(#) Presidio Heights 3-3 rd Ave. 06/16/11 $ 1,100,000 3/2.5 $ 1,495,000 06/29/12 $ 1,500, Locust St. 02/17/06 $ 1,600,000 3/2.0 $ 1,595,000 02/08/12 $ 1,595, Spruce St. N/A N/A 4/2.5 $ 1,795,000 09/14/12 $ 1,750, California St., #4 11/21/03 $ 1,325,000 4/3.0 $ 1,595,000 03/20/12 $ 1,825, Arguello Blvd. 06/10/04 $ 1,620,000 4/2.5 $ 1,895,000 06/14/12 $ 2,100, Clay St. 08/08/06 $ 1,850,000 3/3.5 $ 2,149,000 03/27/12 $ 2,149, Washington St. 09/10/08 $ 2,090,000 4/2.0 N/A 09/20/12 $ 2,400,000 (**) 3953 Washington St. 05/22/07 $ 2,525,000 4/3.0 $ 2,695,000 06/08/12 $ 2,687, Clay St. N/A N/A 4/2.0 $ 2,850,000 (*) 06/18/12 $ 2,850,000 (**) 3439 Sacramento St., #403 10/31/03 $ 2,065,000 4/3.0 $ 3,000,000 (*) 01/13/12 $ 3,000,000 (**) 3267 Jackson St. N/A N/A 5/4.0 $ 3,200,000 06/07/12 $ 3,150,000 Cow Hollow 2828 Octavia St. 07/23/04 $ 1,550,000 4/3.0 $ 1,575,000 (*) 11/07/12 $ 1,550,000 (**) 1882 Green St. 03/31/05 $ 1,660,000 3/3.0 $ 1,500,000 (*) 09/18/12 $ 1,600,000 (**) 1846 Greenwich St. 04/02/02 $ 900,000 3/2.0 $ 1,575,000 06/29/12 $ 1,650, Laguna St. 09/22/08 $ 1,458,000 3/2.0 $ 1,695,000 11/30/12 $ 1,850, Baker St. 05/08/07 $ 1,817,000 3/2.0 $ 2,095,000 11/14/12 $ 2,050, Green St. 06/30/95 $ 670,000 2/2.5 $ 2,300,000 (*) 12/04/12 $ 2,275,000 (**) 2686 Union St. 08/20/10 $ 1,975,000 3/2.5 $ 2,200,000 05/03/12 $ 2,535,000

13 2012 Luxury Condos and Co-ops Sales Summary: $1.5MM and Greater Marina 129 Retiro Way N/A N/A 4/3.5 $ 1,600,000 05/15/12 $ 1,500,000 (**) 1758 North Point St. 04/16/07 $ 1,500,000 2/2.0 $ 1,525,000 (*) 05/31/12 $ 1,525,000 (**) 1654 Beach St. 03/26/04 $ 1,600,000 3/2.5 $ 1,550,000 (*) 07/27/12 $ 1,550,000 (**) A Gough St. 08/08/01 $ 1,150,000 3/2.5 $ 1,750,000 06/19/12 $ 1,600, Retiro Way N/A N/A 3/2.0 $ 1,595,000 06/08/12 $ 1,620, Jefferson St. 01/26/10 $ 1,240,000 2/2.0 $ 1,499,000 10/26/12 $ 1,628, Scott St. 11/12/10 $ 1,505,000 3/2.0 $ 1,495,000 06/19/12 $ 1,700, Jefferson St. 06/02/08 $ 1,650,000 3/2.0 $ 1,699,000 08/10/12 $ 1,701, Beach St. N/A N/A 3/2.5 $ 2,000,000 12/24/12 $ 2,000,000 Nob Hill 1340 Clay St., #501 N/A N/A 2/2.0 $ 1,600,000 06/01/12 $ 1,500, California St., #22A N/A N/A 1/1.0 $ 1,295,000 12/18/12 $ 1,505, California St., #21A N/A N/A 1/1.0 $ 1,500,000 12/21/12 $ 1,545, Sacramento St., #9B N/A N/A 2/2.5 $ 1,695,000 03/06/12 $ 1,550, Leavenworth St., #3 N/A N/A 2/2.0 $ 1,649,000 04/20/12 $ 1,649, Sacramento St., #11B 09/30/98 $ 1,450,000 2/2.5 $ 1,945,000 03/02/12 $ 1,800, Leroy Pl. 03/24/00 $ 1,600,000 3/2.5 $ 1,795,000 09/28/12 $ 1,800, Sacramento St., #7C 10/20/10 $ 1,500,000 2/2.0 $ 1,995,000 08/21/12 $ 1,900, California St., #12D 12/04/08 $ 2,144,500 2/2.0 $ 2,195,000 12/11/12 $ 1,935, Powell St., #703 N/A N/A 4/4.0 $ 2,495,000 10/24/12 $ 2,000, Sacramento St., #14B N/A N/A 2/2.5 $ 2,150,000 08/21/12 $ 2,100, Jones St., #705 N/A N/A 2/2.0 $ 2,349,000 01/31/12 $ 2,269, Jones St., #5 10/23/07 $ 3,495,000 3/3.0 $ 3,250,000 10/10/12 $ 3,050, Powell St., #702 07/02/09 $ 3,158,000 3/3.5 $ 3,750,000 12/07/12 $ 3,500, Powell St., #602 06/07/07 $ 4,000,000 4/3.5 $ 3,750,000 11/30/12 $ 3,750, Sacramento St., #19B N/A N/A 3/3.0 $ 6,600,000 (*) 03/30/12 $ 5,565,500 (**) Telegraph Hill 101 Telegraph Hill Blvd., A 06/06/94 $ 645,000 (*) 2/2.0 $ 1,495,000 04/12/12 $ 1,500, Montgomery St., #2 06/12/08 $ 1,305,000 2/2.0 $ 1,450,000 10/26/12 $ 1,505, Greenwich St. N/A N/A 2/2.0 $ 2,000,000 (*) 11/19/12 $ 2,000,000 (**) 1442 Kearny St. 08/11/05 $ 2,450,000 3/3.0 $ 2,400,000 (*) 10/19/12 $ 2,400,000 (**) 165 Francisco St., #12 03/12/03 $ 2,500,000 3/2.5 $ 2,640,000 (*) 05/01/12 $ 2,640,000 (**) 268 Lombard St., #1 11/07/08 $ 2,207,000 3/4.0 $ 4,650,000 09/05/12 $ 4,600,000

14 2012 Luxury Condos and Co-ops Sales Summary: $1.5MM and Greater North Beach, Russian Hill 1040 Filbert St. 03/02/07 $ 1,052,000 3/2.0 $ 1,449,000 07/06/12 $ 1,500, Larkin St., #400 N/A N/A 3/2.5 $ 1,595,000 (*) 02/28/12 $ 1,510,000 (**) 900 Green St., #200 03/31/94 $ 610,000 3/2.0 $ 1,595,000 07/16/12 $ 1,520, Greenwich St. 10/29/03 $ 1,125,000 2/2.0 $ 1,450,000 06/15/12 $ 1,530, Lombard St., #42 06/10/05 $ 1,650,000 2/2.0 $ 1,695,000 05/04/12 $ 1,575, Union St., #24 05/24/07 $ 1,712,000 3/2.0 $ 1,875,000 10/16/12 $ 1,575, Chestnut St., #11C N/A N/A 2/2.0 $ 1,600,000 (*) 11/30/12 $ 1,601,000 (**) 2701 Larkin St., #301 N/A N/A 2/2.5 $ 1,695,000 01/27/12 $ 1,625, Green St., # /06/02 $ 1,300,000 2/2.0 $ 1,995,000 02/17/12 $ 1,700, Chestnut St. 03/31/87 $ 672,000 2/2.0 $ 1,695,000 05/09/12 $ 1,700, Chestnut St., #10A 07/10/01 $ 1,440,000 2/2.0 $ 1,695,000 05/25/12 $ 1,725, Union St. N/A N/A 2/2.0 $ 1,995,000 07/19/12 $ 1,775, Chestnut St., #8A N/A N/A 2/2.0 $ 1,798,000 11/21/12 $ 1,780, Green St., # /17/12 $ 1,700,000 2/2.0 $ 1,875,000 11/05/12 $ 1,850, Taylor St., #803 N/A N/A 2/2.0 $ 1,950,000 01/20/12 $ 1,900, Green St., #701 N/A N/A 2/2.0 $ 2,250,000 06/14/12 $ 1,900, Green St., # /31/04 $ 1,635,000 2/2.0 $ 1,950,000 (*) 03/05/12 $ 1,920,000 (**) 1160 Greenwich St., #300 09/08/03 $ 1,400,000 3/3.5 $ 1,995,000 02/09/12 $ 2,000, Francisco St. 07/23/10 $ 2,325,000 3/3.0 $ 2,395,000 08/09/12 $ 2,000, Taylor St. 10/08/03 $ 1,800,000 4/3.5 $ 1,999,000 12/12/12 $ 2,000, Taylor St., #1703 N/A N/A 1/1.5 $ 2,100,000 (*) 09/21/12 $ 2,100,000 (**) 2701 Larkin St., #201 N/A N/A 2/2.5 $ 1,695,000 12/04/12 $ 2,320, Lombard St., #7 02/28/01 $3,500,000 4/3.5 $ 2,995,000 09/21/12 $ 2,375, Green St., #2201 N/A N/A 3/3.0 $ 2,100,000 07/17/12 $ 2,500, Larkin St. 05/31/11 $ 2,725,000 3/2.75 $ 2,895,000 03/27/12 $ 2,600, Taylor St., # /19/02 $ 2,675,000 3/3.0 $ 2,850,000 08/30/12 $ 2,600, Union St., #2 N/A N/A 3/2.0 $ 2,550,000 10/16/12 $ 2,600, Leavenworth St. 11/18/09 $ 2,445,000 3/2.0 $ 2,649,000 (*) 10/18/12 $ 2,600,000 (**) 1080 Chestnut St., #11D 08/30/07 $ 3,000,000 2/3.5 $ 2,998,000 09/07/12 $ 2,750, Taylor St., #2103 N/A N/A 2/2.5 $ 2,995,000 11/01/12 $ 2,835, Chestnut St., # 16B 05/19/04 $ 2,950,000 2/2.5 $ 3,799,950 02/23/12 $ 3,500, Hyde St., #1 N/A N/A 3/3.5 $ 3,695,000 07/03/12 $ 3,500, Green St., #3 N/A N/A 3/4.5 $ 5,750,000 04/17/12 $ 4,980, Taylor St., #1003 N/A N/A 2/3.0 $ 5,250,000 09/14/12 $ 4,999, Green St., #5 N/A N/A 3/4.5 $ 5,500,000 10/31/12 $ 5,400, Francisco St. 06/29/01 $ 4,500,000 4/4.0 $ 5,850,000 06/16/12 $ 6,100, Chestnut St., #11 N/A N/A 4/3.0 $ 7,750,000 10/02/12 $ 6,700,000

15 2012 Luxury Condos and Co-ops Sales Summary: $1.5MM and Greater Downtown, Financial District and North Waterfront 333 Bush St., # /25/08 $ 1,825,000 2/2.0 $ 1,600,000 05/18/12 $ 1,575, Jackson St., #401 08/24/06 $ 1,800,000 3/2.5 $ 2,150,000 02/24/12 $ 1,649, Washington St., # /05/98 $ 825,000 2/2.5 $ 1,695,000 05/03/12 $ 1,650, Pacific Ave., #4 11/30/99 $ 1,125,000 3/3.0 $ 1,895,000 12/27/12 $ 1,895, Washington St., # /26/07 $ 2,668,000 2/2.0 $ 2,200,000 03/14/12 $ 2,090, Davis St., #13 02/10/10 $ 1,700,000 3/3.0 $ 2,275,000 11/08/12 $ 2,150, Front St., #601 10/19/07 $ 2,150,000 2/2.5 $ 2,195,000 07/30/12 $ 2,195, Pacific Ave., #7 02/28/11 $ 2,100,000 3/3.0 $ 2,449,000 11/06/12 $ 2,300, Montgomery St., PH1 04/08/08 $ 2,633,000 2/2.5 $ 3,150,000 03/15/12 $ 2,656, Washington St., # /13/94 $ 790,000 2/2.5 $ 3,295,000 (*) 05/08/12 $ 3,000,000 (**) 42 Hotaling Pl. 11/06/09 $ 3,800,000 (#) 3/2.5 $ 3,500,000 08/08/12 $ 3,500,000 Jordan Park/ Laurel Heights 52 Palm Ave. 04/04/07 $ 1,382,000 3/2.0 $ 1,549,000 06/19/12 $ 1,600, Parker Ave. N/A N/A 4/3.0 $ 1,895,000 11/02/12 $ 1,750, Euclid Ave. 02/27/07 $ 1,800,000 4/4.0 $ 1,995,000 05/22/12 $ 1,800,000 (#) Non-Disclosed N/A Data not available (*) Non- or Pre-MLS List Price (**) Private Sale, not on MLS or (Price reported is last list price. ) entered into MLS after the sale. The 2012 Schindler Report covers the period from 01/01/ /31/2012. Prices reported in the Schindler Report are from reliable public sources, but their accuracy cannot be guaranteed.