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1982 57 23 1 1991 3 1998 10 6 (1) 18 27 (2) 17 6

OECD 10 12 15 15 2 EU (1) OECD 2 (2) OECD 13 (3) OECD 1

(4) OECD 16 3 4 (1) 15 15 (2) 17 2005 (3) 16 12 17 3 (4) 6 (5) 1 2

(6) Eastside Staten Island Granada Hills South San Francisco Pearl City Kingston Nogent-sur-Marne Dreieich Rudow/ Lichterfelde Süd Waterloo Ave. Du Golf Hwayang Dong Eastside Chelsea of Manhattan Hollywood Sanset Richmond Makiki Battersea 15ème Arrond. Sachsenhausen Prenzlauer Rue Lecourbe berg/steglitz Boitsfort Bld. Du Souverain Hongeun Dong Holland Road Holland Road 3

Cheras Pinklo-Nakornchaisri Road Old Klang Road Rama 3 and Rama4 Road kurkino Mitino Oatley Mt. Roskill Avante Coyoacan Vila Madalena RydeEastwood Mt. Roskill Narvarte Vila Mariana Peninsula Midtown Manhattan Downtown Downtown Downtown Rue Neuve Mayfair St.James prime Central Core B 8ème 1ère 2ème Arrond. usiness Hauptwach Kurfürstendamm Kudamm/ Friedrichstraße Myung Dong Shenton Way Cecil Street Robinson Road Area Jalan Raja Laut Ratchaprasong Mezdunarodanaya Hotel Circular Quay Queen Street Downtown Zocalo Historic Center Vila Olimpia 4

(7) OECD OECD 100 OECD 100 OECD 11 OECD Main Economic Indicators, OECD ( )International Monetany Fund; International Financial statistics,yearbook Central Bank of China 5

(1) OECD 102 166 100 163.1 154 100 151.3 277 271.8 151 148.1 1 1 2-1 (2) OECD 1 3 2-2 (3) 1995 2005 4 (4) 1 5 6

100 3-4 8

100 9

10 100 3-4

100 3 11

100 3 12

3-4 13

(2) 集合住宅地の住宅価格東京の調査地点の集合住宅地の住宅価格は 27 百万円となっており OECD 加盟国の調査対象都市 ( 全 17 都市 ) の中では 13 番目の水準である OECD 加盟国の調査対象都市の中ではサンフランシスコニューヨークロンドンを筆頭に前回調査で東京の調査地点の集合住宅地の住宅価格を上回った都市の多くが東京の調査地点の集合住宅地の住宅価格を上回っているほかメキシコシティも東京の集合住宅地の住宅価格を上回った (1) OECD 加盟国の調査対象都市の調査地点の集合住宅地の住宅価格について見ると東京は 27 百万円となっており購買力平価換算で 13 位為替相場換算で 11 位の水準である OECD 加盟国の調査対象都市の上位はニューヨーク ( 購買力平価換算で 103 百万円東京を 100 とした指数は 381.7 為替相場換算で 81 百万円同 302.8) ロンドン (93 百万円同 347.7 為替相場換算で 87 百万円同 322.6) サンフランシスコ (105 百万円同 391.1 為替相場換算で 83 百万円同 310.3) パリ(64 百万円同 237.1 為替相場換算で 59 百万円同 216.4) フランクフルト(45 百万円同 167.9 為替相場換算で 44 百万円同 160.9) 等と比較してもかつての東京の割高感はすっかり影を潜めたといえる ( 表 2 図 6 図 7-1) またアジアの諸都市等との比較では民間の集合住宅地の稀少性の高い香港 (97 百万円同 360.5) やシンガポール (70 百万円同 259.4) の調査地点の集合住宅地の住宅価格が東京の調査地点の集合住宅地の住宅価格より高くなっている ( 表 2 図 7-2) (2) OECD 加盟国の調査対象都市の中ではニューヨークロンドンサンフランシスコパリフランクフルトなど前回調査で東京の調査地点の住宅価格を上回った都市においてさらに東京の調査地点の住宅価格との格差が拡大しているなお前回調査では東京の住宅価格を下回ったメキシコシティでも今回調査では東京の調査地点の住宅価格を上回った ( 図 6 図 8) またアジア諸都市等の中では全般的には各調査地点の住宅価格と東京の調査地点の住宅価格との格差は縮小している但し前回調査で東京の調査地点の住宅価格を上回った都市のうちシンガポールは今回の調査では東京との格差は格段に縮小したが香港ではさらに東京の調査地点の住宅価格との格差が拡大している ( 図 7-2) (3) 1995 年 ~2005 年の主な都市の調査地点の住宅価格の推移を見ると東京や大阪の調査地点の住宅価格が下落しているのに対して欧米の主要都市の調査地点の住宅価格は全体として上昇傾向にある ( 図 9) (4) 集合住宅の住宅価格と住宅床面積の関係を見ると東京の調査地点は住宅床面積が他都市に比べ比較的小さい割に住宅価格が高いことが分かる ( 表 2 図 10) 14

( 表 2) 集合住宅地の住宅価格の都市間比較 ( 基礎データ ) 集合住宅地の住宅価格 OECD 加盟国の都市通貨単位 OECD 購買力平価 ( 各国通貨 ) ( 円 ) ( 指数 ) 住宅床面積 ( m2 ) 東京円 1.00 27,000,000 27,000,000 100.0 70 大阪円 1.00 26,100,000 26,100,000 96.7 70 名古屋円 1.00 27,100,000 27,100,000 100.4 60 ロンドンポンド 213.59 439,500 93,873,684 347.7 90 バンクーバー Cドル 103.94 180,000 18,708,660 69.3 70 ソウルウォン 0.17 110,000,000 18,810,000 69.7 84 シドニー Aドル 96.35 340,000 32,759,000 121.3 60 ブリュッセルユーロ 149.49 200,000 29,898,000 110.7 100 ロサンゼルス USドル 132.00 255,000 33,660,000 124.7 144 サンフランシスコ USドル 132.00 800,000 105,600,000 391.1 148 フランクフルトユーロ 140.13 323,500 45,331,085 167.9 90 ベルリンユーロ 140.13 130,000 18,216,510 67.5 70 ホノルル USドル 132.00 275,000 36,300,000 134.4 84 メキシコシティペソ 18.44 1,620,000 29,864,700 110.6 100 ニューヨーク USドル 132.00 780,840 103,070,880 381.7 93 オークランド NZドル 88.59 375,000 33,221,250 123.0 140 パリユーロ 147.16 435,000 64,013,295 237.1 90 集合住宅地の住宅価格 OECD 加盟国の都市通貨単位為替相場 ( 各国通貨 ) ( 円 ) ( 指数 ) ( m2 ) 東京円 - 27,000,000 27,000,000 100.0 70 大阪円 - 26,100,000 26,100,000 96.7 70 名古屋円 - 27,100,000 27,100,000 100.4 60 ロンドンポンド 198.15 439,500 87,086,925 322.6 90 バンクーバー Cドル 85.26 180,000 15,346,800 55.4 70 ソウルウォン 0.10 110,000,000 11,000,000 36.7 84 シドニー Aドル 81.37 340,000 27,665,800 100.4 60 ブリュッセルユーロ 137.67 200,000 27,534,000 99.5 100 ロサンゼルス USドル 104.71 255,000 26,701,050 98.9 144 サンフランシスコ USドル 104.71 800,000 83,768,000 310.3 148 フランクフルトユーロ 137.67 323,500 44,536,245 160.9 90 ベルリンユーロ 137.67 130,000 17,897,100 64.7 70 ホノルル USドル 104.71 275,000 28,795,250 106.6 84 メキシコシティペソ 9.37 1,620,000 15,179,400 57.5 100 ニューヨーク USドル 104.71 780,840 81,761,756 302.8 93 オークランド NZドル 74.91 375,000 28,091,250 99.8 140 パリユーロ 137.67 435,000 59,886,450 216.4 90 集合住宅地の住宅価格アジア等の都市通貨単位為替相場 ( 各国通貨 ) ( 円 ) ( 指数 ) ( m2 ) シンガポール Sドル 64.02 1,094,000 70,036,786 259.4 121 香港 HKドル 13.43 7,250,000 97,345,750 360.5 100 東京円 - 27,000,000 27,000,000 100.0 70 北京 USドル 104.71 187,200 19,601,712 72.6 400 大阪円 - 26,100,000 26,100,000 96.7 70 名古屋円 - 27,100,000 27,100,000 100.4 60 サンパウロ USドル 104.71 67,500 7,067,925 26.2 90 上海 USドル 104.71 178,000 18,638,380 69.0 170 台北 NTドル 3.32 7,450,000 24,734,000 91.6 100 モスクワ USドル 104.71 104,325 10,923,871 40.5 75 クアラルンプールリンギット 27.56 225,000 6,199,875 23.0 88 バンコクバーツ 2.72 1,750,000 4,751,250 17.6 70 ( 注 1) モスクワ及び北京上海はUSドル表示である ( 注 2) 年平均為替相場は円 / 各国通貨 15

( 図 6) 対象都市の集合住宅地の調査地点の住宅価格の比較 ( 購買力平価による ) サンフランシスコ 275.0 391.1 ニューヨーク 350.0 381.7 ロンドン 299.0 347.7 パリ 237.1 211.1 フランクフルトホノルルロサンゼルスオークランドシドニーブリュッセルメキシコシティ名古屋東京大阪 67.4 167.9 156.1 134.4 112.5 124.7 125.0 123.0 125.0 121.3 116.8 110.7 97.8 110.6 100.4 100.0 100.0 100.0 96.7 102.9 ソウルバンクーバー 69.7 81.4 69.3 62.7 0 50 100 150 200 250 300 350 400 450 2005 年 2003 年注 ) 各都市のデータは全て調査地点についてのものであり都市全体ではない調査地点についてはページ 3-4 参照東京を 100 とした指数 16

( 図 7-1) 対象都市の集合住宅地の調査地点の住宅価格の比較 ( 為替レートによる ) ロンドン 258.1 322.6 サンフランシスコニューヨーク 227.7 320.6 312.9 289.8 パリフランクフルト 160.9 140.2 179.9 216.4 オークランドホノルルシドニーブリュッセル名古屋東京ロサンゼルス大阪 99.8 87.3 110.2 93.2 100.4 86.4 99.5 84.1 100.4 100.0 100.0 100.0 102.2 103.5 96.7 102.9 ベルリンバンクーバーメキシコシティソウル 64.7 55.4 45.2 57.5 35.6 36.7 42.9 0 50 100 150 200 250 300 350 400 2005 年 2003 年東京を 100 とした指数 17

( 図 7-2) 対象都市の集合住宅地の調査地点の住宅価格の比較 ( 為替レートによる ) シンガポール 259.4 418.3 香港 273.9 360.5 大阪 96.7 102.9 東京 100.0 100.0 台北 91.6 83.7 北京 72.6 77.5 上海 69.0 61.6 サンパウロ 26.2 32.3 クアラルンプール 23.0 24.8 バンコク 17.6 13.5 モスクワ 26.1 40.5 0 50 100 150 200 250 300 350 400 2005 年 2003 年東京を 100 とした指数注 ) 各都市のデータは全て調査地点についてのものであり都市全体ではない調査地点についてはページ 3-4 参照 18

( 図 8) 東京を基準とした主な都市の集合住宅地の住宅価格の推移 ( 購買力平価による ) 450 400 387.9 416.7 411.5 367.7 391.1 381.7 350 350.0 347.7 300 299.0 275.0 258.6 250 248.3 244.6 237.1 221.4 211.1 200 198.7 197.4 190.8 181.1 177.3 172.7 171.9 163.2 167.9 162.2 162.0 171.4 161.5 156.1 150 151.5 147.7 136.3 126.9 136.8 131.3 121.2 130.4 132.5 121.4 119.8 107.1 112.1 118.0 107.3 111.0 106.4 105.9 102.9 108.2 103.1 105.0 100.7 100.4 100 100.0 100.0 100.0 100.0 100.9 100.0 100.0 100.0 100.0 100.0 100.0 100.0 91.3 92.0 95.4 89.6 87.1 82.5 83.6 82.9 99.3 100.0 101.1 91.9 96.7 87.1 78.2 85.1 85.6 83.1 80.6 78.8 79.5 76.7 50 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 東京大阪名古屋ロンドンフランクフルトニューヨークサンフランシスコパリ注 ) 各都市のデータは全て調査地点についてのものであり都市全体ではない調査地点についてはページ 3-4 参照東京を 100 とした指数 19

( 図 9)1995 年を基準とした主な都市の集合住宅地の住宅価格の推移 ( 為替レートによる ) 400 350 336.6 361.7 314.0 300 250 225.9 258.4 250.0 233.3 246.9 227.3 260.3 242.4 200 200.0 164.6 166.7 166.7 166.7 150 150.0 151.5 144.0 136.9 150.2 133.3 133.3 136.7 132.6 132.6 132.9 136.4 124.7 121.2 121.1 123.8 105.8 120.5 120.5 102.3 109.8 107.9 111.8 111.8 100.0 100 100.0 97.6 97.6 100.0 96.6 96.6 100.0 96.6 94.7 97.6 92.5 91.3 81.4 96.2 97.4 94.7 79.1 86.4 82.9 76.6 95.2 86.8 80.8 75.8 77.1 97.2 94.4 91.5 84.7 83.9 69.7 71.6 68.7 67.3 94.7 92.1 89.0 64.9 89.5 64.9 50 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 東京大阪名古屋ロンドンフランクフルトニューヨークサンフランシスコパリ注 ) 各都市のデータは全て調査地点についてのものであり都市全体ではない調査地点についてはページ 3-4 参照 1995 年を 100 とした指数 20

( 図 10) 対象都市の集合住宅の建物床面積と住宅価格の世界都市間比較 ( 為替レートによる ) ( 円 ) 110,000,000 サンフランシスコ 100,000,000 90,000,000 ロンドン香港住宅価格 80,000,000 70,000,000 60,000,000 パリニューヨークシンガポール 50,000,000 フランクフルト 40,000,000 30,000,000 20,000,000 10,000,000 0 バンクーバーシドニーホノルル名古屋ベルリンバンコク東京大阪モスクワソウルサンパウロブリュッセル台北メキシコシティークアラルンプールロサンゼルスオークランド上海 0 50 100 150 200 250 300 350 400 450 床面積北京 ( m2 ) 注 ) 各都市のデータは全て調査地点についてのものであり都市全体ではない調査地点についてはページ 3-4 参照 21

1 2,200 OECD 16 5 OECD (1) OECD 1 2,200 5,148 100 234.0 4,084 185.6 227.2 4,637 210.8 3 11 12-1 2,900 131.8 3 12-2 (2) OECD 11 13 (3) 1997 2005 2002 2003 14 (4) 3 15 22

100 3-4 24

100 25

100 3 26

100 3-4 27

1997 100 3-4 28

3-4 29

1 8,400 OECD 16 OECD (1) OECD 1 8,400 14,951 100 178.0 13,871 165.1 2 6,498 77.4 3,876 46.1 3 4,752 56.6 3,770 44.9 4 5,739 68.3 5,369 63.9 5 4 16 17-1 4 17-2 (2) OECD 4 16 18 OECD 17-2 (3) 1995 2005 2000 4 19 30

100 4 32

100 33

100 4 34

100 4 35

1995 100 4 36

Cap Rate Cap Rate Cap Rate Cap Rate 37

14.0% 12.0% 10.0% 8.0% 6.0% 4.0% 2.0% 0.0% 14.0% 12.0% 10.0% 8.0% 6.0% 4.0% 2.0% 0.0% 14.0% 12.0% 10.0% 8.0% 6.0% 4.0% 2.0% 0.0% 2.8% 3.1% 3.2% 3.5% 4.0% 4.5% 4.5% 4.5% 4.6% 4.6% 4.6% 5.0% 5.3% 5.83% 6.0% 6.0% 6.0% 38 7.0% 7.0% 8.0% 8.0% 9.0% 10.0% 8.0% 8.0% 7.0% 7.0% 7.0% 7.0% 2.6% 2.8% 3.5% 3.7% 4.5% 4.5% 5.5% 5.5% 5.6% 6.00% 6.0% 4.6% 4.6% 4.8% 4.8% 4.8% 5.0% 13.0% 10.0% 10.0% 13.0% 10.0%10.0% 11.0% 5.0% 5.5% 5.8% 6.0% 6.0% 6.5% 7.0% 7.3% 7.3% 7.5% 7.5%7.79% 8.0% 8.0% 8.0% 8.0% 8.3% 8.5% 8.5% 8.8% 9.0% 4.3% 13.0%

14.0% 12.0% 10.0% 8.0% 6.0% 4.0% 2.0% 0.0% 5.0% 3.8% 4.5% 10.0% 10.0% 8.0% 8.0% 8.0% 8.0% 6.5% 6.5% 6.8% 7.0% 7.32% 7.5% 7.5% 8.3% 8.5% 8.5% 8.5% 8.5% 5.5% 5.5% 6.0% 6.0% 5.0% 13.0% 12.0% 10.0% 8.0% 6.0% 4.0% 2.0% 0.0% 3.9% 4.4% 4.5% 4.5% 4.8% 5.0% 5.0% 5.0% 5.5% 6.5% 6.5% 6.78% 7.0% 7.5% 7.5% 7.5% 8.0% 8.0% 8.0% 9.0% 11.0% 10.0% 10.0% 39

1 5 5 7 9 11 11 13 15 17 19 21 23 25 27 127 229 331 33 35 37 39 41 43 43 45 47 49

51 53 55 57 59 61

( ) # # 1# 2 # (*) 3 # (*) # # (*) # # # # 1# Growing 2 Established # (*) 3 # Declining (*) Appreciating # (*) # Stable Declining # # Increasing # # 1# 2 # (*) 3 # (*) # # (*) # # # # 1# 2 # (*) 3 # (*) # # (*) # # 1

( ) # # 1 2 ESTABLISHED # (*) 3 # PRICE (*) APPRECIATING # (*) INCREASING # STABLE # # 1 2 ESTABLISHED # (*) 3 # PRICE (*) APPRECIATING # (*) INCREASING # STABLE # # 1 2 ESTABLISHED # (*) 3 # PRICE (*) APPRECIATING # (*) INCREASING # INCREASING # # 1 2 ESTABLISHED # (*) 3 # PRICE (*) APPRECIATING # (*) INCREASING # INCREASING 3

4 # 1 #2-5 ESTABLISHED 6-10 # PRICE # 11 STABLE ( ) (*) (*) STABLE (*) DECLINING (*) 1 AREA POTENTIAL #2-5 ESTABLISHED 6-10 # PRICE # 11 APPRECIATING ( ) (*) (*) INCREASING (*) INCREASING (*) 1 #2-5 GROWING 6-10 # PRICE # 11 APPRECIATING ( ) (*) (*) INCREASING (*) INCREASING (*)

BUILDING MARKET TREND (N) NEIGHBORHOOD DATA OF SELECTED AREAS DESCRIPTION SELECTED AREA ACCESS (TRANSPORTATION) LAND USE SINGLE FAMILY RESIDENCE MULTIPLE RESIDENCE UPPER MIDDLE UPPER MIDDLE # CENTER BUSINESS DISTRICT # PRICE # PRICE # PRICE # PRICE # CHANGE IN PRESENT LAND USE SINGLE SRY 20 MINUTES BY NOT LIKELY 2 SRY ESTABLISHED # NEIGHBORHOOD SHOPPING AREA LIKELY(*) 3 SRY 5 MINUTES BY TAKING PLACE(*) OR MORE APPRECIATING 5 MINUTES BY STABLE 5 MINUTES BY STABLE # CENTER BUSINESS DISTRICT # CHANGE IN PRESENT LAND USE SINGLE SRY 20 MINUTES BY NOT LIKELY 2 SRY ESTABLISHED # NEIGHBORHOOD SHOPPING AREA LIKELY(*) 3 SRY 5 MINUTES BY TAKING PLACE(*) OR MORE STABLE 20 MINUTES BY STABLE 10 MINUTES BY STABLE # CENTER BUSINESS DISTRICT # CHANGE IN PRESENT LAND USE SINGLE SRY 5 MINUTES BY NOT LIKELY 2 SRY ESTABLISHED # NEIGHBORHOOD SHOPPING AREA LIKELY(*) 3 SRY 5 MINUTES BY TAKING PLACE(*) OR MORE APPRECIATING 5 MINUTES BY STABLE 5 MINUTES BY STABLE # CENTER BUSINESS DISTRICT # CHANGE IN PRESENT LAND USE SINGLE SRY 45 MINUTES BY NOT LIKELY 2 SRY ESTABLISHED # NEIGHBORHOOD SHOPPING AREA LIKELY(*) 3 SRY 15 MINUTES BY TAKING PLACE(*) OR MORE STABLE 45 MINUTES BY STABLE 10 MINUTES BY STABLE 5

DESCRIPTION SELECTED AREA LOCATION TYPICAL LAND USE BUILDING MARKET TREND 6 URBAN RETAIL SRE SINGLE SRY SUBURBAN WHOLESALE SRE # CHANGE IN PRESENT 2-5 SRIES ESTABLISHED 6-10 SRIES # PRICE # THE LAND MARK OFFICE NOT LIKELY 11 SRIES APPRECIATING PROPERTY IN THE FINANCIAL(BANK etc.) LIKELY(*) OR MORE FRINGE SHOPPING CENTER COMPLEX STABLE NEIGHBORHOOD TAKING PLACE(*) AMUSEMENT CAR DEALER STABLE CENTER CENTER BUSINESS DISTRICT MOST EXPENSIVE LOCATION HOTEL URBAN RETAIL SRE SINGLE SRY SUBURBAN WHOLESALE SRE # CHANGE IN PRESENT 2-5 SRIES ESTABLISHED 6-10 SRIES # PRICE # THE LAND MARK OFFICE NOT LIKELY 11 SRIES APPRECIATING PROPERTY IN THE FINANCIAL(BANK etc.) LIKELY(*) OR MORE NEIGHBORHOOD SHOPPING CENTER COMPLEX TAKING PLACE(*) INCREASING AMUSEMENT CAR DEALER STABLE HOTEL URBAN RETAIL SRE SINGLE SRY SUBURBAN WHOLESALE SRE # CHANGE IN PRESENT 2-5 SRIES ESTABLISHED 6-10 SRIES # PRICE # THE LAND MARK OFFICE NOT LIKELY 11 SRIES APPRECIATING PROPERTY IN THE FINANCIAL(BANK etc.) LIKELY(*) OR MORE NEIGHBORHOOD SHOPPING CENTER COMPLEX TAKING PLACE(*) INCREASING AMUSEMENT CAR DEALER STABLE HOTEL

BUILDING MARKET TREND (N) NEIGHBORHOOD DATA OF SELECTED AREAS DESCRIPTION SELECTED AREA ACCESS (TRANSPORTATION) LAND USE SINGLE FAMILY RESIDENCE MULTIPLE RESIDENCE UPPER # CENTER BUSINESS DISTRICT # CHANGE IN PRESENT LAND USE SINGLE SRY 30 MINUTES BY NOT LIKELY 2 SRY ESTABLISHED # NEIGHBORHOOD SHOPPING AREA LIKELY(*) 3 SRY # PRICE 10 MINUTES BY TAKING PLACE(*) OR MORE DECLINING 30 MINUTES BY STABLE 10 MINUTES BY STABLE # CENTER BUSINESS DISTRICT # CHANGE IN PRESENT LAND USE SINGLE SRY 40 MINUTES BY NOT LIKELY 2 SRY ESTABLISHED # NEIGHBORHOOD SHOPPING AREA LIKELY(*) 3 SRY # PRICE MIDDLE 10 MINUTES BY TAKING PLACE(*) OR MORE DECLINING UPPER MIDDLE 40 MINUTES BY STABLE 10 MINUTES BY STABLE # CENTER BUSINESS DISTRICT # CHANGE IN PRESENT LAND USE SINGLE SRY 15 MINUTES BY NOT LIKELY 2 SRY ESTABLISHED # NEIGHBORHOOD SHOPPING AREA LIKELY(*) 3 SRY # PRICE 10 MINUTES BY TAKING PLACE(*) OR MORE DECLINING 15 MINUTES BY DECLINING 10 MINUTES BY STABLE # CENTER BUSINESS DISTRICT # CHANGE IN PRESENT LAND USE SINGLE SRY 40 MINUTES BY NOT LIKELY 2 SRY ESTABLISHED # NEIGHBORHOOD SHOPPING AREA LIKELY(*) 3 SRY # PRICE 10 MINUTES BY TAKING PLACE(*) OR MORE DECLINING 40 MINUTES BY DECLINING 10 MINUTES BY STABLE 7

DESCRIPTION SELECTED AREA LOCATION TYPICAL LAND USE BUILDING MARKET TREND 8 FRINGE CENTER CENTER BUSINESS DISTRICT MOST EXPENSIVE LOCATION URBAN RETAIL SRE SINGLE SRY SUBURBAN WHOLESALE SRE # CHANGE IN PRESENT 2-5 SRIES ESTABLISHED 6-10 SRIES # PRICE # THE LAND MARK OFFICE NOT LIKELY 11 SRIES DECLINING PROPERTY IN THE FINANCIAL(BANK etc.) LIKELY(*) OR MORE NEIGHBORHOOD SHOPPING CENTER COMPLEX TAKING PLACE(*) DECLINING AMUSEMENT CAR DEALER DECLINING HOTEL URBAN RETAIL SRE SINGLE SRY SUBURBAN WHOLESALE SRE # CHANGE IN PRESENT 2-5 SRIES ESTABLISHED 6-10 SRIES # PRICE # THE LAND MARK OFFICE NOT LIKELY 11 SRIES DECLINING PROPERTY IN THE FINANCIAL(BANK etc.) LIKELY(*) OR MORE NEIGHBORHOOD SHOPPING CENTER COMPLEX TAKING PLACE(*) DECLINING AMUSEMENT CAR DEALER DECLINING HOTEL URBAN RETAIL SRE SINGLE SRY SUBURBAN WHOLESALE SRE # CHANGE IN PRESENT 2-5 SRIES GROWING 6-10 SRIES # PRICE # THE LAND MARK OFFICE NOT LIKELY 11 SRIES APPRECIATING PROPERTY IN THE FINANCIAL(BANK etc.) LIKELY(*) OR MORE NEIGHBORHOOD SHOPPING CENTER COMPLEX TAKING PLACE(*) STABLE AMUSEMENT CAR DEALER STABLE HOTEL

BUILDING MARKET TREND (N) NEIGHBORHOOD DATA OF SELECTED AREAS DESCRIPTION SELECTED AREA ACCESS (TRANSPORTATION) LAND USE SINGLE FAMILY RESIDENCE MULTIPLE RESIDENCE UPPER MIDDLE UPPER MIDDLE # CENTER BUSINESS DISTRICT # CHANGE IN PRESENT LAND USE SINGLE SRY 12 MINUTES BY NOT LIKELY 2 SRY GROWING # NEIGHBORHOOD SHOPPING AREA LIKELY(*) 3 SRY # PRICE 7 MINUTES BY TAKING PLACE(*) OR MORE APPRECIATING 12 MINUTES BY INCREASING 5 MINUTES BY INCREASING # CENTER BUSINESS DISTRICT # CHANGE IN PRESENT LAND USE SINGLE SRY 11 MINUTES BY NOT LIKELY 2 SRY GROWING # NEIGHBORHOOD SHOPPING AREA LIKELY(*) 3 SRY # PRICE 12 MINUTES BY TAKING PLACE(*) OR MORE APPRECIATING 11 MINUTES BY INCREASING 4 MINUTES BY INCREASING # CENTER BUSINESS DISTRICT # CHANGE IN PRESENT LAND USE SINGLE SRY 8 MINUTES BY NOT LIKELY 2 SRY GROWING # NEIGHBORHOOD SHOPPING AREA LIKELY(*) 3 SRY # PRICE 1 MINUTES BY TAKING PLACE(*) OR MORE APPRECIATING 8 MINUTES BY INCREASING 5 MINUTES BY INCREASING # CENTER BUSINESS DISTRICT # CHANGE IN PRESENT LAND USE SINGLE SRY 20 MINUTES BY NOT LIKELY 2 SRY GROWING # NEIGHBORHOOD SHOPPING AREA LIKELY(*) 3 SRY # PRICE MINUTES BY TAKING PLACE(*) OR MORE APPRECIATING 20 MINUTES BY INCREASING 5 MINUTES BY INCREASING 9

DESCRIPTION SELECTED AREA LOCATION TYPICAL LAND USE BUILDING MARKET TREND 10 FRINGE CENTER CENTER BUSINESS DISTRICT MOST EXPENSIVE LOCATION URBAN RETAIL SRE SINGLE SRY SUBURBAN WHOLESALE SRE # CHANGE IN PRESENT 2-5 SRIES GROWING 6-10 SRIES # PRICE # THE LAND MARK OFFICE NOT LIKELY 11 SRIES APPRECIATING PROPERTY IN THE FINANCIAL(BANK etc.) LIKELY(*) OR MORE NEIGHBORHOOD SHOPPING CENTER COMPLEX TAKING PLACE(*) INCREASING AMUSEMENT CAR DEALER INCREASING HOTEL URBAN RETAIL SRE SINGLE SRY SUBURBAN WHOLESALE SRE # CHANGE IN PRESENT 2-5 SRIES GROWING 6-10 SRIES # PRICE # THE LAND MARK OFFICE NOT LIKELY 11 SRIES APPRECIATING PROPERTY IN THE FINANCIAL(BANK etc.) LIKELY(*) OR MORE NEIGHBORHOOD SHOPPING CENTER COMPLEX TAKING PLACE(*) INCREASING AMUSEMENT CAR DEALER INCREASING HOTEL URBAN RETAIL SRE SINGLE SRY SUBURBAN WHOLESALE SRE # CHANGE IN PRESENT 2-5 SRIES GROWING 6-10 SRIES # PRICE # THE LAND MARK OFFICE NOT LIKELY 11 SRIES APPRECIATING PROPERTY IN THE FINANCIAL(BANK etc.) LIKELY(*) OR MORE NEIGHBORHOOD SHOPPING CENTER COMPLEX TAKING PLACE(*) INCREASING AMUSEMENT CAR DEALER INCREASING HOTEL

BUILDING MARKET TREND (N) NEIGHBORHOOD DATA OF SELECTED AREAS DESCRIPTION SELECTED AREA ACCESS (TRANSPORTATION) LAND USE SINGLE FAMILY RESIDENCE UPPER MIDDLE Town of Greenwich, CT Borough of Staten Island, New York City # CENTER BUSINESS DISTRICT # CHANGE IN PRESENT LAND USE SINGLE SRY 40 MINUTES BY Train NOT LIKELY 2 SRY GROWING # NEIGHBORHOOD SHOPPING AREA LIKELY(*) 3 SRY # PRICE 15 MINUTES BY Car TAKING PLACE(*) OR MORE APPRECIATING 15 MINUTES BY Car No rental property INCREASING 15 MINUTES BY School Bus No rental property INCREASING # CENTER BUSINESS DISTRICT # CHANGE IN PRESENT LAND USE SINGLE SRY 90 MINUTES BY Bus/ Subway/ Ferry NOT LIKELY 2 SRY GROWING # NEIGHBORHOOD SHOPPING AREA LIKELY(*) 3 SRY # PRICE 5 MINUTES BY Car TAKING PLACE(*) OR MORE APPRECIATING 90 MINUTES BY Bus/ Subway/ Ferry INCREASING 10 MINUTES BY School Bus INCREASING MULTIPLE RESIDENCE UPPER MIDDLE Upper East Side of Manhattan, New York City (from 59th to 96th Street, between 5th Ave. and East River) Chelsea of Manhattan, New York City (On the west side of 5th Ave. between 14th and 23rd St.) # CENTER BUSINESS DISTRICT # CHANGE IN PRESENT LAND USE SINGLE SRY 20 MINUTES BY Subway NOT LIKELY 2 SRY GROWING # NEIGHBORHOOD SHOPPING AREA LIKELY(*) 3 SRY # PRICE 5 MINUTES BY Foot TAKING PLACE(*) OR MORE APPRECIATING 20 MINUTES BY Subway INCREASING 10 MINUTES BY Foot INCREASING # CENTER BUSINESS DISTRICT # CHANGE IN PRESENT LAND USE SINGLE SRY 20 MINUTES BY Subway NOT LIKELY 2 SRY GROWING # NEIGHBORHOOD SHOPPING AREA LIKELY(*) 3 SRY # PRICE 5 MINUTES BY Foot TAKING PLACE(*) OR MORE APPRECIATING 20 MINUTES BY Subway INCREASING 10 MINUTES BY Foot INCREASING 11

DESCRIPTION SELECTED AREA LOCATION TYPICAL LAND USE BUILDING MARKET TREND 12 FRINGE CENTER CENTER BUSINESS DISTRICT MOST EXPENSIVE LOCATION West Side of Manhattan, New York City (From 23rd St. to 42nd St. between 8th and 10th Ave.) Times Square (Midtown) of Manhattan, New York, City (From 42nd to 52nd St. between 7th and Broadway) Plaza Area(Midtown) of Manhattan, New York City(From 54th to 61st st.along 5th, Park and Madison Avenues) URBAN RETAIL SRE SINGLE SRY SUBURBAN WHOLESALE SRE # CHANGE IN PRESENT 2-5 SRIES GROWING 6-10 SRIES # PRICE # THE LAND MARK OFFICE NOT LIKELY 11 SRIES APPRECIATING PROPERTY IN THE FINANCIAL(BANK etc.) LIKELY(*) OR MORE NEIGHBORHOOD SHOPPING CENTER COMPLEX TAKING PLACE(*) INCREASING AMUSEMENT Manufacturing/w CAR DEALER holesale INCREASING HOTEL Manufacturing URBAN RETAIL SRE SINGLE SRY SUBURBAN WHOLESALE SRE # CHANGE IN PRESENT 2-5 SRIES GROWING 6-10 SRIES # PRICE # THE LAND MARK OFFICE NOT LIKELY 11 SRIES APPRECIATING PROPERTY IN THE FINANCIAL(BANK etc.) LIKELY(*) OR MORE NEIGHBORHOOD SHOPPING CENTER COMPLEX TAKING PLACE(*) INCREASING AMUSEMENT 1 Times Square & 2 CAR DEALER Loft INCREASING Times Square HOTEL URBAN RETAIL SRE SINGLE SRY SUBURBAN WHOLESALE SRE # CHANGE IN PRESENT 2-5 SRIES GROWING 6-10 SRIES # PRICE # THE LAND MARK OFFICE NOT LIKELY 11 SRIES APPRECIATING PROPERTY IN THE FINANCIAL(BANK etc.) LIKELY(*) OR MORE NEIGHBORHOOD SHOPPING CENTER COMPLEX TAKING PLACE(*) INCREASING AMUSEMENT GM Building CAR DEALER Hotel INCREASING HOTEL Residential Condominiums Residential Office Residential Condominiums

BUILDING MARKET TREND (N) NEIGHBORHOOD DATA OF SELECTED AREAS DESCRIPTION SELECTED AREA ACCESS (TRANSPORTATION) LAND USE SINGLE FAMILY RESIDENCE MULTIPLE RESIDENCE UPPER # CENTER BUSINESS DISTRICT # CHANGE IN PRESENT LAND USE SINGLE SRY 35 MINUTES BY car NOT LIKELY 2 SRY ESTABLISHED # NEIGHBORHOOD SHOPPING AREA LIKELY(*) 3 SRY # PRICE 5 MINUTES BY car TAKING PLACE(*) OR MORE APPRECIATING 35 MINUTES BY car DECLINING 10 MINUTES BY car DECLINING # CENTER BUSINESS DISTRICT # CHANGE IN PRESENT LAND USE SINGLE SRY 20 MINUTES BY car NOT LIKELY 2 SRY ESTABLISHED # NEIGHBORHOOD SHOPPING AREA LIKELY(*) 3 SRY # PRICE MIDDLE 10 MINUTES BY car TAKING PLACE(*) OR MORE APPRECIATING South San Francisco UPPER MIDDLE Sausalito Pacific Heights/ Marina Sunset/ Richmond 30 MINUTES BY car DECLINING 10 MINUTES BY car DECLINING # CENTER BUSINESS DISTRICT # CHANGE IN PRESENT LAND USE SINGLE SRY 15 MINUTES BY bus NOT LIKELY 2 SRY ESTABLISHED # NEIGHBORHOOD SHOPPING AREA LIKELY(*) 3 SRY # PRICE 10 MINUTES BY foot TAKING PLACE(*) OR MORE APPRECIATING 15 MINUTES BY bus DECLINING 10 MINUTES BY bus DECLINING # CENTER BUSINESS DISTRICT # CHANGE IN PRESENT LAND USE SINGLE SRY 30 MINUTES BY bus NOT LIKELY 2 SRY ESTABLISHED # NEIGHBORHOOD SHOPPING AREA LIKELY(*) 3 SRY # PRICE 10 MINUTES BY bus TAKING PLACE(*) OR MORE APPRECIATING 20 MINUTES BY bus DECLINING 10 MINUTES BY bus DECLINING 13

DESCRIPTION SELECTED AREA LOCATION TYPICAL LAND USE BUILDING MARKET TREND 14 FRINGE CENTER CENTER BUSINESS DISTRICT MOST EXPENSIVE LOCATION Fisherman's Wharf Area Downtown Same as Center Commercial URBAN RETAIL SRE SINGLE SRY SUBURBAN WHOLESALE SRE # CHANGE IN PRESENT 2-5 SRIES ESTABLISHED 6-10 SRIES # PRICE # THE LAND MARK OFFICE NOT LIKELY 11 SRIES STABLE PROPERTY IN THE FINANCIAL(BANK etc.) LIKELY(*) OR MORE NEIGHBORHOOD SHOPPING CENTER COMPLEX TAKING PLACE(*) DECLINING AMUSEMENT Pier 39 CAR DEALER DECLINING HOTEL URBAN RETAIL SRE SINGLE SRY SUBURBAN WHOLESALE SRE # CHANGE IN PRESENT 2-5 SRIES ESTABLISHED 6-10 SRIES # PRICE # THE LAND MARK OFFICE NOT LIKELY 11 SRIES APPRECIATING PROPERTY IN THE FINANCIAL(BANK etc.) LIKELY(*) OR MORE NEIGHBORHOOD SHOPPING CENTER COMPLEX TAKING PLACE(*) INCREASING AMUSEMENT Transamerica CAR DEALER INCREASING Building HOTEL URBAN RETAIL SRE SINGLE SRY SUBURBAN WHOLESALE SRE # CHANGE IN PRESENT 2-5 SRIES GROWING 6-10 SRIES # PRICE # THE LAND MARK OFFICE NOT LIKELY 11 SRIES APPRECIATING PROPERTY IN THE FINANCIAL(BANK etc.) LIKELY(*) OR MORE NEIGHBORHOOD SHOPPING CENTER COMPLEX TAKING PLACE(*) INCREASING AMUSEMENT CAR DEALER INCREASING HOTEL

BUILDING MARKET TREND (N) NEIGHBORHOOD DATA OF SELECTED AREAS DESCRIPTION SELECTED AREA ACCESS (TRANSPORTATION) LAND USE SINGLE FAMILY RESIDENCE MULTIPLE RESIDENCE UPPER # CENTER BUSINESS DISTRICT # CHANGE IN PRESENT LAND USE SINGLE SRY 30 MINUTES BY car NOT LIKELY 2 SRY GROWING # NEIGHBORHOOD SHOPPING AREA LIKELY(*) 3 SRY # PRICE 10 MINUTES BY car TAKING PLACE(*) OR MORE APPRECIATING 30 MINUTES BY car INCREASING 10 MINUTES BY car INCREASING # CENTER BUSINESS DISTRICT # CHANGE IN PRESENT LAND USE SINGLE SRY 60 MINUTES BY car NOT LIKELY 2 SRY GROWING # NEIGHBORHOOD SHOPPING AREA LIKELY(*) 3 SRY # PRICE MIDDLE 10 MINUTES BY car/foot TAKING PLACE(*) OR MORE APPRECIATING Granada Hills UPPER MIDDLE Beverly Hills Westwood Hollywood 60 MINUTES BY car INCREASING 10 MINUTES BY car/foot INCREASING # CENTER BUSINESS DISTRICT # CHANGE IN PRESENT LAND USE SINGLE SRY 50 MINUTES BY car NOT LIKELY 2 SRY GROWING # NEIGHBORHOOD SHOPPING AREA LIKELY(*) 3 SRY # PRICE 5 MINUTES BY car/foot TAKING PLACE(*) OR MORE STABLE 15 MINUTES BY car STABLE 5 MINUTES BY car/foot STABLE # CENTER BUSINESS DISTRICT # CHANGE IN PRESENT LAND USE SINGLE SRY 25 MINUTES BY car NOT LIKELY 2 SRY GROWING # NEIGHBORHOOD SHOPPING AREA LIKELY(*) 3 SRY # PRICE 5 MINUTES BY car/foot TAKING PLACE(*) OR MORE APPRECIATING 25 MINUTES BY car INCREASING 5 MINUTES BY car/foot INCREASING 15

DESCRIPTION SELECTED AREA LOCATION TYPICAL LAND USE BUILDING MARKET TREND 16 FRINGE CENTER CENTER BUSINESS DISTRICT MOST EXPENSIVE LOCATION Ventura Boulevard Downtown West Los Angeles URBAN RETAIL SRE SINGLE SRY SUBURBAN WHOLESALE SRE # CHANGE IN PRESENT 2-5 SRIES GROWING 6-10 SRIES # PRICE # THE LAND MARK OFFICE NOT LIKELY 11 SRIES APPRECIATING PROPERTY IN THE FINANCIAL(BANK etc.) LIKELY(*) OR MORE NEIGHBORHOOD SHOPPING CENTER COMPLEX TAKING PLACE(*) INCREASING AMUSEMENT Studio City Wax CAR DEALER INCREASING Museum Building HOTEL URBAN RETAIL SRE SINGLE SRY SUBURBAN WHOLESALE SRE # CHANGE IN PRESENT 2-5 SRIES GROWING 6-10 SRIES # PRICE # THE LAND MARK OFFICE NOT LIKELY 11 SRIES APPRECIATING PROPERTY IN THE FINANCIAL(BANK etc.) LIKELY(*) OR MORE NEIGHBORHOOD SHOPPING CENTER COMPLEX TAKING PLACE(*) INCREASING AMUSEMENT US Bank Tower, CAR DEALER INCREASING Aon Center, Gas HOTEL Company Tower URBAN RETAIL SRE SINGLE SRY SUBURBAN WHOLESALE SRE # CHANGE IN PRESENT 2-5 SRIES GROWING 6-10 SRIES # PRICE # THE LAND MARK OFFICE NOT LIKELY 11 SRIES APPRECIATING PROPERTY IN THE FINANCIAL(BANK etc.) LIKELY(*) OR MORE NEIGHBORHOOD SHOPPING CENTER COMPLEX TAKING PLACE(*) INCREASING AMUSEMENT Century City CAR DEALER INCREASING Towers HOTEL

BUILDING MARKET TREND (N) NEIGHBORHOOD DATA OF SELECTED AREAS DESCRIPTION SELECTED AREA ACCESS (TRANSPORTATION) LAND USE SINGLE FAMILY RESIDENCE UPPER MIDDLE Overlook Parkway Orange Terrace # CENTER BUSINESS DISTRICT # CHANGE IN PRESENT LAND USE SINGLE SRY 15 MINUTES BY car NOT LIKELY 2 SRY GROWING # NEIGHBORHOOD SHOPPING AREA LIKELY(*) 3 SRY # PRICE 5 MINUTES BY car TAKING PLACE(*) OR MORE APPRECIATING 15 MINUTES BY car INCREASING 5 MINUTES BY car INCREASING # CENTER BUSINESS DISTRICT # CHANGE IN PRESENT LAND USE SINGLE SRY 30 MINUTES BY car/bus NOT LIKELY 2 SRY GROWING # NEIGHBORHOOD SHOPPING AREA LIKELY(*) 3 SRY # PRICE 5 MINUTES BY car/bus TAKING PLACE(*) OR MORE APPRECIATING 30 MINUTES BY car/bus INCREASING 5 MINUTES BY car/bus INCREASING MULTIPLE RESIDENCE UPPER MIDDLE Canyon Crest Jurupa ave & Plam ave # CENTER BUSINESS DISTRICT # CHANGE IN PRESENT LAND USE SINGLE SRY 15 MINUTES BY car/bus NOT LIKELY 2 SRY GROWING # NEIGHBORHOOD SHOPPING AREA LIKELY(*) 3 SRY # PRICE 5 MINUTES BY car/bus TAKING PLACE(*) OR MORE APPRECIATING 15 MINUTES BY car/bus INCREASING 5 MINUTES BY car/bus INCREASING # CENTER BUSINESS DISTRICT # CHANGE IN PRESENT LAND USE SINGLE SRY 15 MINUTES BY car/bus NOT LIKELY 2 SRY GROWING # NEIGHBORHOOD SHOPPING AREA LIKELY(*) 3 SRY # PRICE 5 MINUTES BY car/bus TAKING PLACE(*) OR MORE APPRECIATING 15 MINUTES BY car/bus INCREASING 5 MINUTES BY car/bus INCREASING 17

DESCRIPTION SELECTED AREA LOCATION TYPICAL LAND USE BUILDING MARKET TREND 18 FRINGE CENTER CENTER BUSINESS DISTRICT MOST EXPENSIVE LOCATION Magnolia ave. between Tyler st. and La Sierra Ave. Downtown Same as Fringe Commercial Area URBAN RETAIL SRE SINGLE SRY SUBURBAN WHOLESALE SRE # CHANGE IN PRESENT 2-5 SRIES GROWING 6-10 SRIES # PRICE # THE LAND MARK OFFICE NOT LIKELY 11 SRIES APPRECIATING PROPERTY IN THE FINANCIAL(BANK etc.) LIKELY(*) OR MORE NEIGHBORHOOD SHOPPING CENTER COMPLEX TAKING PLACE(*) INCREASING AMUSEMENT Galleria at Tyler CAR DEALER INCREASING and Kaiser Hospital HOTEL hospital URBAN RETAIL SRE SINGLE SRY SUBURBAN WHOLESALE SRE # CHANGE IN PRESENT 2-5 SRIES GROWING 6-10 SRIES # PRICE # THE LAND MARK OFFICE NOT LIKELY 11 SRIES APPRECIATING PROPERTY IN THE FINANCIAL(BANK etc.) LIKELY(*) OR MORE NEIGHBORHOOD SHOPPING CENTER COMPLEX TAKING PLACE(*) INCREASING AMUSEMENT Mission Inn CAR DEALER INCREASING HOTEL Industrial;government;hospi tal URBAN RETAIL SRE SINGLE SRY SUBURBAN WHOLESALE SRE # CHANGE IN PRESENT 2-5 SRIES GROWING 6-10 SRIES # PRICE # THE LAND MARK OFFICE NOT LIKELY 11 SRIES APPRECIATING PROPERTY IN THE FINANCIAL(BANK etc.) LIKELY(*) OR MORE NEIGHBORHOOD SHOPPING CENTER COMPLEX TAKING PLACE(*) INCREASING AMUSEMENT CAR DEALER INCREASING HOTEL

BUILDING MARKET TREND (N) NEIGHBORHOOD DATA OF SELECTED AREAS DESCRIPTION SELECTED AREA ACCESS (TRANSPORTATION) LAND USE SINGLE FAMILY RESIDENCE MULTIPLE RESIDENCE UPPER # CENTER BUSINESS DISTRICT # CHANGE IN PRESENT LAND USE SINGLE SRY 15 MINUTES BY car NOT LIKELY 2 SRY ESTABLISHED # NEIGHBORHOOD SHOPPING AREA LIKELY(*) 3 SRY # PRICE 15 MINUTES BY car TAKING PLACE(*) OR MORE APPRECIATING 10 MINUTES BY car INCREASING 5 MINUTES BY car STABLE # CENTER BUSINESS DISTRICT # CHANGE IN PRESENT LAND USE SINGLE SRY 30 MINUTES BY car NOT LIKELY 2 SRY ESTABLISHED # NEIGHBORHOOD SHOPPING AREA LIKELY(*) 3 SRY # PRICE MIDDLE 10 MINUTES BY car TAKING PLACE(*) OR MORE APPRECIATING PearlCity,Oahu UPPER MIDDLE Waialae-Kohala,Oahu Kapiolani- Kakaako,Oahu Makiki,Oahu 35 MINUTES BY car INCREASING 5 MINUTES BY car STABLE # CENTER BUSINESS DISTRICT # CHANGE IN PRESENT LAND USE SINGLE SRY 5 MINUTES BY car NOT LIKELY 2 SRY GROWING # NEIGHBORHOOD SHOPPING AREA LIKELY(*) 3 SRY # PRICE 5 MINUTES BY car TAKING PLACE(*) OR MORE APPRECIATING 5 MINUTES BY car INCREASING 5 MINUTES BY car STABLE # CENTER BUSINESS DISTRICT # CHANGE IN PRESENT LAND USE SINGLE SRY 10 MINUTES BY car NOT LIKELY 2 SRY ESTABLISHED # NEIGHBORHOOD SHOPPING AREA LIKELY(*) 3 SRY # PRICE 10 MINUTES BY car TAKING PLACE(*) OR MORE APPRECIATING 10 MINUTES BY car INCREASING 5 MINUTES BY car STABLE 19

DESCRIPTION SELECTED AREA LOCATION TYPICAL LAND USE BUILDING MARKET TREND 20 FRINGE CENTER CENTER BUSINESS DISTRICT MOST EXPENSIVE LOCATION Kapiolani,Oahu Downtown,Honolulu,Oahu Same as Center Comercial URBAN RETAIL SRE SINGLE SRY SUBURBAN WHOLESALE SRE # CHANGE IN PRESENT 2-5 SRIES GROWING 6-10 SRIES # PRICE # THE LAND MARK OFFICE NOT LIKELY 11 SRIES APPRECIATING PROPERTY IN THE FINANCIAL(BANK etc.) LIKELY(*) OR MORE NEIGHBORHOOD SHOPPING CENTER COMPLEX TAKING PLACE(*) STABLE AMUSEMENT Ala Moana CAR DEALER Industrial INCREASING Shopping Center HOTEL URBAN RETAIL SRE SINGLE SRY SUBURBAN WHOLESALE SRE # CHANGE IN PRESENT 2-5 SRIES ESTABLISHED 6-10 SRIES # PRICE # THE LAND MARK OFFICE NOT LIKELY 11 SRIES APPRECIATING PROPERTY IN THE FINANCIAL(BANK etc.) LIKELY(*) OR MORE NEIGHBORHOOD SHOPPING CENTER COMPLEX TAKING PLACE(*) INCREASING AMUSEMENT First Hawaiian CAR DEALER INCREASING Center HOTEL Residential URBAN RETAIL SRE SINGLE SRY SUBURBAN WHOLESALE SRE # CHANGE IN PRESENT 2-5 SRIES ESTABLISHED 6-10 SRIES # PRICE # THE LAND MARK OFFICE NOT LIKELY 11 SRIES APPRECIATING PROPERTY IN THE FINANCIAL(BANK etc.) LIKELY(*) OR MORE NEIGHBORHOOD SHOPPING CENTER COMPLEX TAKING PLACE(*) INCREASING AMUSEMENT First Hawaiian CAR DEALER INCREASING Center HOTEL Residential Commercial

BUILDING MARKET TREND (N) NEIGHBORHOOD DATA OF SELECTED AREAS DESCRIPTION SELECTED AREA ACCESS (TRANSPORTATION) LAND USE SINGLE FAMILY RESIDENCE MULTIPLE RESIDENCE UPPER # CENTER BUSINESS DISTRICT # CHANGE IN PRESENT LAND USE SINGLE SRY 15 MINUTES BY car NOT LIKELY 2 SRY ESTABLISHED # NEIGHBORHOOD SHOPPING AREA LIKELY(*) 3 SRY # PRICE 5 MINUTES BY walk TAKING PLACE(*) OR MORE APPRECIATING 10 MINUTES BY car INCREASING 5 MINUTES BY walk STABLE # CENTER BUSINESS DISTRICT # CHANGE IN PRESENT LAND USE SINGLE SRY 25 MINUTES BY car NOT LIKELY 2 SRY ESTABLISHED # NEIGHBORHOOD SHOPPING AREA LIKELY(*) 3 SRY # PRICE MIDDLE 10 MINUTES BY car TAKING PLACE(*) OR MORE APPRECIATING East side UPPER MIDDLE Kerrisdale Kerrisdale East side 15 MINUTES BY car INCREASING 10 MINUTES BY car STABLE # CENTER BUSINESS DISTRICT # CHANGE IN PRESENT LAND USE SINGLE SRY 15 MINUTES BY car NOT LIKELY 2 SRY ESTABLISHED # NEIGHBORHOOD SHOPPING AREA LIKELY(*) 3 SRY # PRICE 5 MINUTES BY walk TAKING PLACE(*) OR MORE APPRECIATING 10 MINUTES BY car INCREASING 5 MINUTES BY walk STABLE # CENTER BUSINESS DISTRICT # CHANGE IN PRESENT LAND USE SINGLE SRY 25 MINUTES BY car NOT LIKELY 2 SRY ESTABLISHED # NEIGHBORHOOD SHOPPING AREA LIKELY(*) 3 SRY # PRICE 10 MINUTES BY car TAKING PLACE(*) OR MORE APPRECIATING 15 MINUTES BY car INCREASING 10 MINUTES BY car STABLE 21

DESCRIPTION SELECTED AREA LOCATION TYPICAL LAND USE BUILDING MARKET TREND 22 FRINGE CENTER CENTER BUSINESS DISTRICT MOST EXPENSIVE LOCATION West Broadway Downtown Peninsula Georgia st. at Burrard st. URBAN RETAIL SRE SINGLE SRY SUBURBAN WHOLESALE SRE # CHANGE IN PRESENT 2-5 SRIES GROWING 6-10 SRIES # PRICE # THE LAND MARK OFFICE NOT LIKELY 11 SRIES APPRECIATING PROPERTY IN THE FINANCIAL(BANK etc.) LIKELY(*) OR MORE NEIGHBORHOOD SHOPPING CENTER COMPLEX TAKING PLACE(*) INCREASING AMUSEMENT Many medical CAR DEALER commercial INCREASING offices buildings. HOTEL commercial/resid medical ential URBAN RETAIL SRE SINGLE SRY SUBURBAN WHOLESALE SRE # CHANGE IN PRESENT 2-5 SRIES ESTABLISHED 6-10 SRIES # PRICE # THE LAND MARK OFFICE NOT LIKELY 11 SRIES APPRECIATING PROPERTY IN THE FINANCIAL(BANK etc.) LIKELY(*) OR MORE NEIGHBORHOOD SHOPPING CENTER COMPLEX TAKING PLACE(*) INCREASING AMUSEMENT High density offices CAR DEALER INCREASING towers HOTEL URBAN RETAIL SRE SINGLE SRY SUBURBAN WHOLESALE SRE # CHANGE IN PRESENT 2-5 SRIES ESTABLISHED 6-10 SRIES # PRICE # THE LAND MARK OFFICE NOT LIKELY 11 SRIES APPRECIATING PROPERTY IN THE FINANCIAL(BANK etc.) LIKELY(*) OR MORE NEIGHBORHOOD SHOPPING CENTER COMPLEX TAKING PLACE(*) INCREASING AMUSEMENT 401 Burrard CAR DEALER INCREASING St./Bentall /Wall HOTEL Centre

BUILDING MARKET TREND (N) NEIGHBORHOOD DATA OF SELECTED AREAS DESCRIPTION SELECTED AREA ACCESS (TRANSPORTATION) LAND USE SINGLE FAMILY RESIDENCE MULTIPLE RESIDENCE UPPER # CENTER BUSINESS DISTRICT # CHANGE IN PRESENT LAND USE SINGLE SRY 40 MINUTES BY car NOT LIKELY 2 SRY GROWING # NEIGHBORHOOD SHOPPING AREA LIKELY(*) 3 SRY # PRICE 15 MINUTES BY car TAKING PLACE(*) OR MORE APPRECIATING 30 MINUTES BY car INCREASING 30 MINUTES BY car INCREASING # CENTER BUSINESS DISTRICT # CHANGE IN PRESENT LAND USE SINGLE SRY 40 MINUTES BY car NOT LIKELY 2 SRY GROWING # NEIGHBORHOOD SHOPPING AREA LIKELY(*) 3 SRY # PRICE MIDDLE 15 MINUTES BY car TAKING PLACE(*) OR MORE APPRECIATING Avante Coyoacan UPPER MIDDLE Pedregal San Francisco Coyoacan Polanco Narvarte 30 MINUTES BY car INCREASING 25 MINUTES BY car INCREASING # CENTER BUSINESS DISTRICT # CHANGE IN PRESENT LAND USE SINGLE SRY 25 MINUTES BY car NOT LIKELY 2 SRY GROWING # NEIGHBORHOOD SHOPPING AREA LIKELY(*) 3 SRY # PRICE 15 MINUTES BY car TAKING PLACE(*) OR MORE APPRECIATING 15 MINUTES BY car INCREASING 20 MINUTES BY car INCREASING # CENTER BUSINESS DISTRICT # CHANGE IN PRESENT LAND USE SINGLE SRY 30 MINUTES BY car NOT LIKELY 2 SRY GROWING # NEIGHBORHOOD SHOPPING AREA LIKELY(*) 3 SRY # PRICE 20 MINUTES BY car TAKING PLACE(*) OR MORE APPRECIATING 20 MINUTES BY car INCREASING 20 MINUTES BY car INCREASING 23

DESCRIPTION SELECTED AREA LOCATION TYPICAL LAND USE BUILDING MARKET TREND 24 FRINGE CENTER CENTER BUSINESS DISTRICT MOST EXPENSIVE LOCATION Villa Coapa Down Town Zocalo, Histric Center Zona Rosa URBAN RETAIL SRE SINGLE SRY SUBURBAN WHOLESALE SRE # CHANGE IN PRESENT 2-5 SRIES GROWING 6-10 SRIES # PRICE # THE LAND MARK OFFICE NOT LIKELY 11 SRIES APPRECIATING PROPERTY IN THE FINANCIAL(BANK etc.) LIKELY(*) OR MORE NEIGHBORHOOD SHOPPING CENTER COMPLEX TAKING PLACE(*) INCREASING AMUSEMENT CAR DEALER INCREASING HOTEL URBAN RETAIL SRE SINGLE SRY SUBURBAN WHOLESALE SRE # CHANGE IN PRESENT 2-5 SRIES GROWING 6-10 SRIES # PRICE # THE LAND MARK OFFICE NOT LIKELY 11 SRIES APPRECIATING PROPERTY IN THE FINANCIAL(BANK etc.) LIKELY(*) OR MORE NEIGHBORHOOD SHOPPING CENTER COMPLEX TAKING PLACE(*) INCREASING AMUSEMENT CAR DEALER INCREASING HOTEL ARCHEOLOGIQUE ZONE URBAN RETAIL SRE SINGLE SRY SUBURBAN WHOLESALE SRE # CHANGE IN PRESENT 2-5 SRIES GROWING 6-10 SRIES # PRICE # THE LAND MARK OFFICE NOT LIKELY 11 SRIES APPRECIATING PROPERTY IN THE FINANCIAL(BANK etc.) LIKELY(*) OR MORE NEIGHBORHOOD SHOPPING CENTER COMPLEX TAKING PLACE(*) INCREASING AMUSEMENT CAR DEALER INCREASING HOTEL

BUILDING MARKET TREND (N) NEIGHBORHOOD DATA OF SELECTED AREAS DESCRIPTION SELECTED AREA ACCESS (TRANSPORTATION) LAND USE SINGLE FAMILY RESIDENCE MULTIPLE RESIDENCE UPPER # CENTER BUSINESS DISTRICT # CHANGE IN PRESENT LAND USE SINGLE SRY 5 MINUTES BY car NOT LIKELY 2 SRY ESTABLISHED # NEIGHBORHOOD SHOPPING AREA LIKELY(*) 3 SRY # PRICE 5 MINUTES BY car TAKING PLACE(*) OR MORE STABLE 5 MINUTES BY car DECLINING 5 MINUTES BY car DECLINING # CENTER BUSINESS DISTRICT # CHANGE IN PRESENT LAND USE SINGLE SRY 30 MINUTES BY subway NOT LIKELY 2 SRY ESTABLISHED # NEIGHBORHOOD SHOPPING AREA LIKELY(*) 3 SRY # PRICE MIDDLE 15 MINUTES BY foot TAKING PLACE(*) OR MORE APPRECIATING Vila Mariana UPPER MIDDLE Jardins Jardim Paulista Vila Mariana 30 MINUTES BY subway INCREASING 15 MINUTES BY foot STABLE # CENTER BUSINESS DISTRICT # CHANGE IN PRESENT LAND USE SINGLE SRY 5 MINUTES BY foot NOT LIKELY 2 SRY ESTABLISHED # NEIGHBORHOOD SHOPPING AREA LIKELY(*) 3 SRY # PRICE 1 MINUTES BY foot TAKING PLACE(*) OR MORE STABLE 5 MINUTES BY foot STABLE 5 MINUTES BY foot STABLE # CENTER BUSINESS DISTRICT # CHANGE IN PRESENT LAND USE SINGLE SRY 30 MINUTES BY subway NOT LIKELY 2 SRY GROWING # NEIGHBORHOOD SHOPPING AREA LIKELY(*) 3 SRY # PRICE 15 MINUTES BY foot TAKING PLACE(*) OR MORE STABLE small houses and 30 MINUTES BY subway aprtmenthouses mixed STABLE 15 MINUTES BY foot more apartmenthouses STABLE 25

DESCRIPTION SELECTED AREA LOCATION TYPICAL LAND USE BUILDING MARKET TREND 26 FRINGE CENTER CENTER BUSINESS DISTRICT MOST EXPENSIVE LOCATION Chácara Santo Antô nio Vila Olímpia Faria Lima URBAN RETAIL SRE SINGLE SRY SUBURBAN WHOLESALE SRE # CHANGE IN PRESENT 2-5 SRIES GROWING 6-10 SRIES # PRICE # THE LAND MARK OFFICE NOT LIKELY 11 SRIES APPRECIATING PROPERTY IN THE FINANCIAL(BANK etc.) LIKELY(*) OR MORE NEIGHBORHOOD SHOPPING CENTER COMPLEX TAKING PLACE(*) INCREASING AMUSEMENT Fringe Carefour CAR DEALER commercial area STABLE supermarket HOTEL URBAN RETAIL SRE SINGLE SRY SUBURBAN WHOLESALE SRE # CHANGE IN PRESENT 2-5 SRIES GROWING 6-10 SRIES # PRICE # THE LAND MARK OFFICE NOT LIKELY 11 SRIES APPRECIATING PROPERTY IN THE FINANCIAL(BANK etc.) LIKELY(*) OR MORE NEIGHBORHOOD SHOPPING CENTER COMPLEX TAKING PLACE(*) INCREASING AMUSEMENT office and Cesar Park Hotel CAR DEALER warehouse mixed STABLE HOTEL URBAN RETAIL SRE SINGLE SRY SUBURBAN WHOLESALE SRE # CHANGE IN PRESENT 2-5 SRIES GROWING 6-10 SRIES # PRICE # THE LAND MARK OFFICE NOT LIKELY 11 SRIES APPRECIATING PROPERTY IN THE FINANCIAL(BANK etc.) LIKELY(*) OR MORE NEIGHBORHOOD SHOPPING CENTER COMPLEX TAKING PLACE(*) INCREASING AMUSEMENT office and retail Iguatemi Shopping CAR DEALER store mixed STABLE Center HOTEL more office buildings office area more office buildings

BUILDING MARKET TREND (N) NEIGHBORHOOD DATA OF SELECTED AREAS DESCRIPTION SELECTED AREA ACCESS (TRANSPORTATION) LAND USE SINGLE FAMILY RESIDENCE UPPER MIDDLE Mayfair Knightsbridge Belgravia Kensington Chelsea Kingston # CENTER BUSINESS DISTRICT # CHANGE IN PRESENT LAND USE SINGLE SRY 10 MINUTES BY Car NOT LIKELY 2 SRY ESTABLISHED # NEIGHBORHOOD SHOPPING AREA LIKELY(*) 3 SRY # PRICE 5 MINUTES BY Walk TAKING PLACE(*) OR MORE APPRECIATING 10 MINUTES BY Car INCREASING 5 MINUTES BY Car STABLE # CENTER BUSINESS DISTRICT # CHANGE IN PRESENT LAND USE SINGLE SRY 30 MINUTES BY Train NOT LIKELY 2 SRY GROWING # NEIGHBORHOOD SHOPPING AREA LIKELY(*) 3 SRY # PRICE 15 MINUTES BY Bus TAKING PLACE(*) OR MORE STABLE 25 MINUTES BY Car STABLE 15 MINUTES BY Car STABLE MULTIPLE RESIDENCE UPPER MIDDLE Mayfair Knightsbridge Belgravia Kensington Chelsea Battersea # CENTER BUSINESS DISTRICT # CHANGE IN PRESENT LAND USE SINGLE SRY 10 MINUTES BY Car NOT LIKELY 2 SRY ESTABLISHED # NEIGHBORHOOD SHOPPING AREA LIKELY(*) 3 SRY # PRICE 5 MINUTES BY Walk TAKING PLACE(*) OR MORE APPRECIATING 15 MINUTES BY Car INCREASING 10 MINUTES BY Car STABLE # CENTER BUSINESS DISTRICT # CHANGE IN PRESENT LAND USE SINGLE SRY 40 MINUTES BY Car NOT LIKELY 2 SRY ESTABLISHED # NEIGHBORHOOD SHOPPING AREA LIKELY(*) 3 SRY # PRICE 10 MINUTES BY Walk TAKING PLACE(*) OR MORE STABLE 40 MINUTES BY Car INCREASING 10 MINUTES BY Car STABLE 27

DESCRIPTION SELECTED AREA LOCATION TYPICAL LAND USE BUILDING MARKET TREND 28 FRINGE CENTER CENTER BUSINESS DISTRICT MOST EXPENSIVE LOCATION Hammersmith Mayfair St.James's prime Central Core Business Area Bakeley square St.Jamers's square URBAN RETAIL SRE SINGLE SRY SUBURBAN WHOLESALE SRE # CHANGE IN PRESENT 2-5 SRIES ESTABLISHED 6-10 SRIES # PRICE # THE LAND MARK OFFICE NOT LIKELY 11 SRIES STABLE PROPERTY IN THE FINANCIAL(BANK etc.) LIKELY(*) OR MORE NEIGHBORHOOD SHOPPING CENTER COMPLEX TAKING PLACE(*) INCREASING AMUSEMENT CAR DEALER INCREASING HOTEL URBAN RETAIL SRE SINGLE SRY SUBURBAN WHOLESALE SRE # CHANGE IN PRESENT 2-5 SRIES ESTABLISHED 6-10 SRIES # PRICE # THE LAND MARK OFFICE NOT LIKELY 11 SRIES APPRECIATING PROPERTY IN THE FINANCIAL(BANK etc.) LIKELY(*) OR MORE NEIGHBORHOOD SHOPPING CENTER COMPLEX TAKING PLACE(*) INCREASING AMUSEMENT CAR DEALER INCREASING HOTEL URBAN RETAIL SRE SINGLE SRY SUBURBAN WHOLESALE SRE # CHANGE IN PRESENT 2-5 SRIES ESTABLISHED 6-10 SRIES # PRICE # THE LAND MARK OFFICE NOT LIKELY 11 SRIES APPRECIATING PROPERTY IN THE FINANCIAL(BANK etc.) LIKELY(*) OR MORE NEIGHBORHOOD SHOPPING CENTER COMPLEX TAKING PLACE(*) INCREASING AMUSEMENT CAR DEALER INCREASING HOTEL

BUILDING MARKET TREND (N) NEIGHBORHOOD DATA OF SELECTED AREAS DESCRIPTION SELECTED AREA ACCESS (TRANSPORTATION) LAND USE SINGLE FAMILY RESIDENCE MULTIPLE RESIDENCE UPPER # CENTER BUSINESS DISTRICT # CHANGE IN PRESENT LAND USE SINGLE SRY 25 MINUTES BY Train NOT LIKELY 2 SRY ESTABLISHED # NEIGHBORHOOD SHOPPING AREA LIKELY(*) 3 SRY # PRICE 5 MINUTES BY Walk TAKING PLACE(*) OR MORE APPRECIATING 25 MINUTES BY Train INCREASING 5 MINUTES BY Car STABLE # CENTER BUSINESS DISTRICT # CHANGE IN PRESENT LAND USE SINGLE SRY 25 MINUTES BY Train NOT LIKELY 2 SRY ESTABLISHED # NEIGHBORHOOD SHOPPING AREA LIKELY(*) 3 SRY # PRICE MIDDLE 5 MINUTES BY Walk TAKING PLACE(*) OR MORE STABLE Finchley Central UPPER MIDDLE Hampstead Hampstead Putney 25 MINUTES BY Train INCREASING 5 MINUTES BY Car STABLE # CENTER BUSINESS DISTRICT # CHANGE IN PRESENT LAND USE SINGLE SRY 25 MINUTES BY Train NOT LIKELY 2 SRY ESTABLISHED # NEIGHBORHOOD SHOPPING AREA LIKELY(*) 3 SRY # PRICE 5 MINUTES BY Walk TAKING PLACE(*) OR MORE APPRECIATING 25 MINUTES BY Train INCREASING 10 MINUTES BY Walk STABLE # CENTER BUSINESS DISTRICT # CHANGE IN PRESENT LAND USE SINGLE SRY 40 MINUTES BY Train NOT LIKELY 2 SRY ESTABLISHED # NEIGHBORHOOD SHOPPING AREA LIKELY(*) 3 SRY # PRICE 5 MINUTES BY Walk TAKING PLACE(*) OR MORE APPRECIATING 40 MINUTES BY Train INCREASING 10 MINUTES BY Car STABLE 29

DESCRIPTION SELECTED AREA LOCATION TYPICAL LAND USE BUILDING MARKET TREND 30 FRINGE CENTER CENTER BUSINESS DISTRICT MOST EXPENSIVE LOCATION Minories Cheapside Prime Central Core Business Area Cornhill Bishopsgate Area URBAN RETAIL SRE SINGLE SRY SUBURBAN WHOLESALE SRE # CHANGE IN PRESENT 2-5 SRIES ESTABLISHED 6-10 SRIES # PRICE # THE LAND MARK OFFICE NOT LIKELY 11 SRIES STABLE PROPERTY IN THE FINANCIAL(BANK etc.) LIKELY(*) OR MORE NEIGHBORHOOD SHOPPING CENTER COMPLEX TAKING PLACE(*) STABLE AMUSEMENT CAR DEALER INCREASING HOTEL URBAN RETAIL SRE SINGLE SRY SUBURBAN WHOLESALE SRE # CHANGE IN PRESENT 2-5 SRIES ESTABLISHED 6-10 SRIES # PRICE # THE LAND MARK OFFICE NOT LIKELY 11 SRIES STABLE PROPERTY IN THE FINANCIAL(BANK etc.) LIKELY(*) OR MORE NEIGHBORHOOD SHOPPING CENTER COMPLEX TAKING PLACE(*) STABLE AMUSEMENT CAR DEALER INCREASING HOTEL URBAN RETAIL SRE SINGLE SRY SUBURBAN WHOLESALE SRE # CHANGE IN PRESENT 2-5 SRIES ESTABLISHED 6-10 SRIES # PRICE # THE LAND MARK OFFICE NOT LIKELY 11 SRIES STABLE PROPERTY IN THE FINANCIAL(BANK etc.) LIKELY(*) OR MORE NEIGHBORHOOD SHOPPING CENTER COMPLEX TAKING PLACE(*) STABLE AMUSEMENT CAR DEALER INCREASING HOTEL

BUILDING MARKET TREND (N) NEIGHBORHOOD DATA OF SELECTED AREAS DESCRIPTION SELECTED AREA ACCESS (TRANSPORTATION) LAND USE SINGLE FAMILY RESIDENCE MULTIPLE RESIDENCE UPPER # CENTER BUSINESS DISTRICT # CHANGE IN PRESENT LAND USE SINGLE SRY MINUTES BY NOT LIKELY 2 SRY GROWING # NEIGHBORHOOD SHOPPING AREA LIKELY(*) 3 SRY # PRICE MINUTES BY TAKING PLACE(*) OR MORE APPRECIATING MINUTES BY INCREASING MINUTES BY INCREASING # CENTER BUSINESS DISTRICT # CHANGE IN PRESENT LAND USE SINGLE SRY MINUTES BY NOT LIKELY 2 SRY GROWING # NEIGHBORHOOD SHOPPING AREA LIKELY(*) 3 SRY # PRICE MIDDLE MINUTES BY TAKING PLACE(*) OR MORE APPRECIATING UPPER MIDDLE Dockland MINUTES BY INCREASING MINUTES BY INCREASING # CENTER BUSINESS DISTRICT # CHANGE IN PRESENT LAND USE SINGLE SRY MINUTES BY NOT LIKELY 2 SRY GROWING # NEIGHBORHOOD SHOPPING AREA LIKELY(*) 3 SRY # PRICE MINUTES BY TAKING PLACE(*) OR MORE APPRECIATING MINUTES BY INCREASING MINUTES BY INCREASING # CENTER BUSINESS DISTRICT # CHANGE IN PRESENT LAND USE SINGLE SRY 30 MINUTES BY Tube NOT LIKELY 2 SRY GROWING # NEIGHBORHOOD SHOPPING AREA LIKELY(*) 3 SRY # PRICE 10 MINUTES BY Car TAKING PLACE(*) OR MORE STABLE 30 MINUTES BY Tube STABLE 10 MINUTES BY Car STABLE 31

DESCRIPTION SELECTED AREA LOCATION TYPICAL LAND USE BUILDING MARKET TREND 32 FRINGE CENTER CENTER BUSINESS DISTRICT MOST EXPENSIVE LOCATION canary wharf URBAN RETAIL SRE SINGLE SRY SUBURBAN WHOLESALE SRE # CHANGE IN PRESENT 2-5 SRIES 6-10 SRIES # PRICE # THE LAND MARK OFFICE NOT LIKELY 11 SRIES PROPERTY IN THE FINANCIAL(BANK etc.) LIKELY(*) OR MORE NEIGHBORHOOD SHOPPING CENTER COMPLEX TAKING PLACE(*) AMUSEMENT CAR DEALER HOTEL URBAN RETAIL SRE SINGLE SRY SUBURBAN WHOLESALE SRE # CHANGE IN PRESENT 2-5 SRIES 6-10 SRIES # PRICE # THE LAND MARK OFFICE NOT LIKELY 11 SRIES PROPERTY IN THE FINANCIAL(BANK etc.) LIKELY(*) OR MORE NEIGHBORHOOD SHOPPING CENTER COMPLEX TAKING PLACE(*) AMUSEMENT CAR DEALER HOTEL URBAN RETAIL SRE SINGLE SRY SUBURBAN WHOLESALE SRE # CHANGE IN PRESENT 2-5 SRIES ESTABLISHED 6-10 SRIES # PRICE # THE LAND MARK OFFICE NOT LIKELY 11 SRIES STABLE PROPERTY IN THE FINANCIAL(BANK etc.) LIKELY(*) OR MORE NEIGHBORHOOD SHOPPING CENTER COMPLEX TAKING PLACE(*) STABLE AMUSEMENT CAR DEALER STABLE HOTEL

BUILDING MARKET TREND (N) NEIGHBORHOOD DATA OF SELECTED AREAS DESCRIPTION SELECTED AREA ACCESS (TRANSPORTATION) LAND USE SINGLE FAMILY RESIDENCE MULTIPLE RESIDENCE UPPER # CENTER BUSINESS DISTRICT # CHANGE IN PRESENT LAND USE SINGLE SRY 20 MINUTES BY Public transport NOT LIKELY 2 SRY ESTABLISHED # NEIGHBORHOOD SHOPPING AREA LIKELY(*) 3 SRY # PRICE 10 MINUTES BY Walk/Car TAKING PLACE(*) OR MORE APPRECIATING 20 MINUTES BY Public transport STABLE 5 MINUTES BY Walk/Car STABLE # CENTER BUSINESS DISTRICT # CHANGE IN PRESENT LAND USE SINGLE SRY 15 MINUTES BY Public transport NOT LIKELY 2 SRY ESTABLISHED # NEIGHBORHOOD SHOPPING AREA LIKELY(*) 3 SRY # PRICE MIDDLE 10 MINUTES BY Walk/Car TAKING PLACE(*) OR MORE APPRECIATING Nogent-sur-Marne Improving the access to A4 20 MINUTES BY Public transport Motorway INCREASING UPPER MIDDLE Versailles Saint- Germain-en-Laye 16th district Rue De La Pompe 15th district Rue Lecourbe 5 MINUTES BY Walk/Car STABLE # CENTER BUSINESS DISTRICT # CHANGE IN PRESENT LAND USE SINGLE SRY 15 MINUTES BY Public transport NOT LIKELY 2 SRY ESTABLISHED # NEIGHBORHOOD SHOPPING AREA LIKELY(*) 3 SRY # PRICE 10 MINUTES BY Walk/Car TAKING PLACE(*) OR MORE APPRECIATING PARIS ZONING IS 10 MINUTES BY Walk BEING DISCUSSED STABLE HOUSINGS ARE 5 MINUTES BY Walk FORECASTED STABLE # CENTER BUSINESS DISTRICT # CHANGE IN PRESENT LAND USE SINGLE SRY 15 MINUTES BY Public Transport NOT LIKELY 2 SRY GROWING # NEIGHBORHOOD SHOPPING AREA LIKELY(*) 3 SRY # PRICE 10 MINUTES BY Walk TAKING PLACE(*) OR MORE APPRECIATING PARIS ZONING IS 10 MINUTES BY Walk BEING DISCUSSED STABLE HOUSINGS ARE 5 MINUTES BY Walk FORECASTED INCREASING 33

DESCRIPTION SELECTED AREA LOCATION TYPICAL LAND USE BUILDING MARKET TREND 34 FRINGE CENTER CENTER BUSINESS DISTRICT MOST EXPENSIVE LOCATION Bercy Gare de Lyon 8th,1st 2nd district Avenue des Champs Elysees in 8th district URBAN RETAIL SRE SINGLE SRY SUBURBAN WHOLESALE SRE # CHANGE IN PRESENT 2-5 SRIES GROWING 6-10 SRIES # PRICE # THE LAND MARK OFFICE NOT LIKELY 11 SRIES APPRECIATING PROPERTY IN THE FINANCIAL(BANK etc.) LIKELY(*) OR MORE NEIGHBORHOOD SHOPPING CENTER COMPLEX TAKING PLACE(*) INCREASING AMUSEMENT Le Lumière, Crédit CAR DEALER Linking this area INCREASING Agricole IDF, HOTEL Sanofi Synthélabo with Charenton URBAN RETAIL SRE SINGLE SRY SUBURBAN WHOLESALE SRE # CHANGE IN PRESENT 2-5 SRIES GROWING 6-10 SRIES # PRICE # THE LAND MARK OFFICE NOT LIKELY 11 SRIES APPRECIATING PROPERTY IN THE FINANCIAL(BANK etc.) LIKELY(*) OR MORE NEIGHBORHOOD SHOPPING CENTER COMPLEX TAKING PLACE(*) INCREASING AMUSEMENT the Halles Recent deals : Neo, CAR DEALER commercial INCREASING 29 Chateaudun HOTEL URBAN RETAIL SRE SINGLE SRY SUBURBAN WHOLESALE SRE # CHANGE IN PRESENT 2-5 SRIES GROWING 6-10 SRIES # PRICE # THE LAND MARK OFFICE NOT LIKELY 11 SRIES APPRECIATING PROPERTY IN THE FINANCIAL(BANK etc.) LIKELY(*) OR MORE NEIGHBORHOOD SHOPPING CENTER COMPLEX TAKING PLACE(*) INCREASING AMUSEMENT Future Paris Washington Plaza, CAR DEALER P.L.U. INCREASING Accenture HOTEL center area

BUILDING MARKET TREND (N) NEIGHBORHOOD DATA OF SELECTED AREAS DESCRIPTION SELECTED AREA ACCESS (TRANSPORTATION) LAND USE SINGLE FAMILY RESIDENCE MULTIPLE RESIDENCE UPPER # CENTER BUSINESS DISTRICT # CHANGE IN PRESENT LAND USE SINGLE SRY 20 MINUTES BY Car & Train NOT LIKELY 2 SRY ESTABLISHED # NEIGHBORHOOD SHOPPING AREA LIKELY(*) 3 SRY # PRICE 5-15 MINUTES BY Car TAKING PLACE(*) OR MORE STABLE 15-30 MINUTES BY Car & Train STABLE 10 MINUTES BY Walk STABLE # CENTER BUSINESS DISTRICT # CHANGE IN PRESENT LAND USE SINGLE SRY 25 MINUTES BY Car NOT LIKELY 2 SRY ESTABLISHED # NEIGHBORHOOD SHOPPING AREA LIKELY(*) 3 SRY # PRICE MIDDLE 5 MINUTES BY Car TAKING PLACE(*) OR MORE STABLE Dreieich UPPER MIDDLE Kronberg Bad Homburg Sachsenhausen 25 MINUTES BY Car STABLE 10 MINUTES BY Walk STABLE # CENTER BUSINESS DISTRICT # CHANGE IN PRESENT LAND USE SINGLE SRY 25 MINUTES BY Car & Train NOT LIKELY 2 SRY ESTABLISHED # NEIGHBORHOOD SHOPPING AREA LIKELY(*) 3 SRY # PRICE 10 MINUTES BY Car & Train TAKING PLACE(*) OR MORE STABLE 25 MINUTES BY Car & Train STABLE 10 MINUTES BY Walk STABLE # CENTER BUSINESS DISTRICT # CHANGE IN PRESENT LAND USE SINGLE SRY 10 MINUTES BY Car & Train NOT LIKELY 2 SRY ESTABLISHED # NEIGHBORHOOD SHOPPING AREA LIKELY(*) 3 SRY # PRICE 10 MINUTES BY Car & Train TAKING PLACE(*) OR MORE STABLE 10 MINUTES BY Car & Train STABLE 10 MINUTES BY Walk STABLE 35