Q4 2011677,500

Q4 2008725,000

%-7%

Change-47,500

Q4 2008 vs. Q4 2011: The median sold price is down 7%Median Sold Price by Quarter

Intero Real Estate

Q4 2008 vs. Q4 2011

Ronny Budiutama

Clarus MarketMetrics® 1 of 2 02/16/2012Information not guaranteed. © 2012 - 2013 Terradatum and its suppliers and licensors (www.terradatum.com/about/licensors.td).

AllBathrooms:MLS: AllAllSq Ft:

San FranciscoResidentialPeriod: All All

Property Types:Cities:

AllConstruction Type:Price: Lot Size:Bedrooms:3 years (quarterly)SFMLS

1 of 18

Median Sold Price by QuarterQ4 2008 vs. Q4 2011: The median sold price is down 7%

Intero Real EstateRonny Budiutama

Time Period Median Price # Units Average DOMQ4 2011 677,500 656 58Q3 2011 699,500 614 63Q2 2011 720,000 680 62Q1 2011 660,000 498 71Q4 2010 728,000 615 60Q3 2010 729,000 578 58Q2 2010 774,000 672 54Q1 2010 735,000 467 61Q4 2009 769,000 649 57Q3 2009 739,000 651 58Q2 2009 750,000 557 65Q1 2009 652,000 333 62Q4 2008 725,000 481 57

Clarus MarketMetrics® 2 of 2 02/16/2012Information not guaranteed. © 2012 - 2013 Terradatum and its suppliers and licensors (www.terradatum.com/about/licensors.td).

2 of 18

Q4 08 vs. Q4 11: The median price of for sale properties is down 18% and the median price of sold properties is down 7%

Intero Real Estate

Q4 2008 vs. Q4 2011

788,000 -18%

Ronny Budiutama

650,000Q4 2011

Median For Sale vs. Median Sold

ChangeQ4 2008 %-138,000

Q4 2008 Q4 2011 %725,000 -7%

Q4 2008 vs. Q4 2011

677,500Change-47,500

Clarus MarketMetrics® 1 of 2 02/16/2012Information not guaranteed. © 2012 - 2013 Terradatum and its suppliers and licensors (www.terradatum.com/about/licensors.td).

AllBathrooms:MLS: AllAllSq Ft:

San FranciscoResidentialPeriod: All All

Property Types:Cities:

AllConstruction Type:Price: Lot Size:Bedrooms:3 years (quarterly)SFMLS

3 of 18

Median For Sale vs. Median SoldQ4 08 vs. Q4 11: The median price of for sale properties is down 18% and the median price of sold properties is down 7%

Intero Real EstateRonny Budiutama

Time Period For SaleMedian SoldMedianFor Sale # Properties # PropertiesSold Price

Difference

Q4 2011 1,244 656650,000 677,500 27,500Q3 2011 1,665 614680,000 699,500 19,500Q2 2011 1,538 680699,000 720,000 21,000Q1 2011 1,387 498678,000 660,000 -18,000Q4 2010 1,448 615699,000 728,000 29,000Q3 2010 1,770 578729,000 729,000 0Q2 2010 1,658 672749,000 774,000 25,000Q1 2010 1,340 467757,900 735,000 -22,900Q4 2009 1,233 649768,000 769,000 1,000Q3 2009 1,552 651795,000 739,000 -56,000Q2 2009 1,594 557799,000 750,000 -49,000Q1 2009 1,336 333788,000 652,000 -136,000Q4 2008 1,336 481788,000 725,000 -63,000

Clarus MarketMetrics®Information not guaranteed. © 2012 - 2013 Terradatum and its suppliers and licensors (www.terradatum.com/about/licensors.td).

2 of 2 02/16/2012

4 of 18

Q4 2011656

Q4 2008481

%+36%

Change175

Q4 2008 vs. Q4 2011: The number of Sold properties is up 36%Sold Properties by Quarter

Intero Real Estate

Q4 2008 vs. Q4 2011

Ronny Budiutama

Clarus MarketMetrics® 1 of 2 02/16/2012Information not guaranteed. © 2012 - 2013 Terradatum and its suppliers and licensors (www.terradatum.com/about/licensors.td).

AllBathrooms:MLS: AllAllSq Ft:

San FranciscoResidentialPeriod: All All

Property Types:Cities:

AllConstruction Type:Price: Lot Size:Bedrooms:3 years (quarterly)SFMLS

5 of 18

Sold Properties by QuarterQ4 2008 vs. Q4 2011: The number of Sold properties is up 36%

Intero Real EstateRonny Budiutama

Time Period

Full Market# Properties Median Price Average DOM

Bank Properties# Properties % Bank Median Price

Non-Bank Properties# Properties % Non-Bank Median Price

Q4 2011 677,500656 58 114 17.4 450,000 542 82.6 749,500Q3 2011 699,500614 63 125 20.4 450,000 489 79.6 784,500Q2 2011 720,000680 62 131 19.3 450,000 549 80.7 782,500Q1 2011 660,000498 71 122 24.5 450,000 376 75.5 740,000Q4 2010 728,000615 60 95 15.4 480,000 520 84.5 785,000Q3 2010 729,000578 58 106 18.3 460,000 472 81.7 787,000Q2 2010 774,000672 54 124 18.4 520,000 548 81.5 837,500Q1 2010 735,000467 61 113 24.2 501,000 354 75.8 789,500Q4 2009 769,000649 57 111 17.1 485,000 538 82.9 819,250Q3 2009 739,000651 58 136 20.9 518,150 515 79.1 805,000Q2 2009 750,000557 65 104 18.7 467,500 453 81.3 805,000Q1 2009 652,000333 62 104 31.2 501,500 229 68.8 795,000Q4 2008 725,000481 57 87 18.1 508,800 394 81.9 798,250

Clarus MarketMetrics® 2 of 2 02/16/2012Information not guaranteed. © 2012 - 2013 Terradatum and its suppliers and licensors (www.terradatum.com/about/licensors.td).

6 of 18

Q4 2011635

Q4 2008400

%+59%

Change235

Q4 2008 vs. Q4 2011: The number of Under Contract properties is up 59%Under Contract Properties by Quarter

Intero Real Estate

Q4 2008 vs. Q4 2011

Ronny Budiutama

Clarus MarketMetrics® 1 of 2 02/16/2012Information not guaranteed. © 2012 - 2013 Terradatum and its suppliers and licensors (www.terradatum.com/about/licensors.td).

AllBathrooms:MLS: AllAllSq Ft:

San FranciscoResidentialPeriod: All All

Property Types:Cities:

AllConstruction Type:Price: Lot Size:Bedrooms:3 years (quarterly)SFMLS

7 of 18

Under Contract Properties by QuarterQ4 2008 vs. Q4 2011: The number of Under Contract properties is up 59%

Intero Real EstateRonny Budiutama

Time Period

Full Market# Properties Median Price Average DOM

Bank Properties# Properties % Bank Median Price

Non-Bank Properties# Properties % Non-Bank Median Price

Q4 2011 610,000635 68 699,00072.8462467,90027.2173Q3 2011 679,000664 59 750,00080.0531438,35520.0133Q2 2011 718,000678 59 795,00082.2557457,00017.9121Q1 2011 695,000573 71 790,00072.8417446,60027.2156Q4 2010 699,000557 68 749,00081.9456459,90018.1101Q3 2010 719,250590 60 779,00080.8477468,00019.1113Q2 2010 750,000679 56 799,00082.6561466,25017.4118Q1 2010 750,000543 53 799,00078.6427461,61021.4116Q4 2009 747,000548 62 799,00079.6436452,67020.4112Q3 2009 718,000633 56 799,00080.2508499,90019.8125Q2 2009 778,000665 63 839,00081.5542475,00018.5123Q1 2009 688,000413 68 785,00071.4295473,70028.6118Q4 2008 699,000400 64 799,00075.0300504,00025.0100

Clarus MarketMetrics® 2 of 2 02/16/2012Information not guaranteed. © 2012 - 2013 Terradatum and its suppliers and licensors (www.terradatum.com/about/licensors.td).

8 of 18

Q4 2011527

Q4 2008616

%-14%

Change-89

Q4 2008 vs. Q4 2011: The number of New properties is down 14%New Properties by Quarter

Intero Real Estate

Q4 2008 vs. Q4 2011

Ronny Budiutama

Clarus MarketMetrics® 1 of 2 02/16/2012Information not guaranteed. © 2012 - 2013 Terradatum and its suppliers and licensors (www.terradatum.com/about/licensors.td).

AllBathrooms:MLS: AllAllSq Ft:

San FranciscoResidentialPeriod: All All

Property Types:Cities:

AllConstruction Type:Price: Lot Size:Bedrooms:3 years (quarterly)SFMLS

9 of 18

New Properties by QuarterQ4 2008 vs. Q4 2011: The number of New properties is down 14%

Intero Real EstateRonny Budiutama

Time Period # Properties

Full MarketMedian Price

Bank Properties# Properties % Bank Median Price

Non-Bank Properties# Properties % Non-Bank Median Price

Q4 2011 649,000527 136 25.8 456,400 391 74.2 699,000Q3 2011 699,0001,015 194 19.1 472,500 821 80.9 759,000Q2 2011 699,880921 186 20.2 436,678 735 79.8 799,000Q1 2011 695,000906 216 23.8 449,975 690 76.2 790,500Q4 2010 679,000621 154 24.8 456,950 467 75.2 768,000Q3 2010 720,0001,051 180 17.1 459,450 871 82.9 775,000Q2 2010 749,0001,050 190 18.1 461,700 860 81.9 799,000Q1 2010 769,000946 185 19.6 515,000 761 80.4 819,000Q4 2009 729,000592 149 25.2 450,000 443 74.8 799,000Q3 2009 777,000882 153 17.4 497,000 729 82.7 839,000Q2 2009 785,000927 186 20.1 498,950 741 79.9 879,000Q1 2009 799,000841 181 21.5 489,900 660 78.5 895,000Q4 2008 759,500616 153 24.8 499,900 463 75.2 890,000

Clarus MarketMetrics® 2 of 2 02/16/2012Information not guaranteed. © 2012 - 2013 Terradatum and its suppliers and licensors (www.terradatum.com/about/licensors.td).

10 of 18

Q4 20111,244

Q4 20081,336

%-7%

Change-92

Q4 2008 vs. Q4 2011: The number of For Sale properties is down 7%For Sale Properties by Quarter

Intero Real Estate

Q4 2008 vs. Q4 2011

Ronny Budiutama

Clarus MarketMetrics® 1 of 2 02/16/2012Information not guaranteed. © 2012 - 2013 Terradatum and its suppliers and licensors (www.terradatum.com/about/licensors.td).

AllBathrooms:MLS: AllAllSq Ft:

San FranciscoResidentialPeriod: All All

Property Types:Cities:

AllConstruction Type:Price: Lot Size:Bedrooms:3 years (quarterly)SFMLS

11 of 18

For Sale Properties by QuarterQ4 2008 vs. Q4 2011: The number of For Sale properties is down 7%

Intero Real EstateRonny Budiutama

# PropertiesTime Period

Full Market# Properties Median Price Average DOM

Bank Properties Non-Bank Properties% Bank Median Price # Properties % Non-Bank Median Price

Q4 2011 650,0001,244 82 320 25.7 469,884 924 74.3 748,550Q3 2011 680,0001,665 67 384 23.1 450,000 1,281 76.9 759,000Q2 2011 699,0001,538 68 356 23.1 448,944 1,182 76.8 796,444Q1 2011 678,0001,387 74 377 27.2 449,000 1,010 72.8 788,000Q4 2010 699,0001,448 87 322 22.2 450,000 1,126 77.8 775,000Q3 2010 729,0001,770 68 348 19.7 459,950 1,422 80.3 799,000Q2 2010 749,0001,658 63 345 20.8 469,000 1,313 79.2 830,000Q1 2010 757,9001,340 64 311 23.2 475,000 1,029 76.8 849,000Q4 2009 768,0001,233 80 286 23.2 468,950 947 76.8 868,888Q3 2009 795,0001,552 67 315 20.3 499,000 1,237 79.7 879,000Q2 2009 799,0001,594 68 345 21.6 499,000 1,249 78.4 899,000Q1 2009 788,0001,336 75 331 24.8 490,000 1,005 75.2 895,000Q4 2008 788,0001,336 84 305 22.8 499,900 1,031 77.2 897,000

Clarus MarketMetrics® 2 of 2 02/16/2012Information not guaranteed. © 2012 - 2013 Terradatum and its suppliers and licensors (www.terradatum.com/about/licensors.td).

12 of 18

Q4 2011289

Q4 2008441

%-34%

Change-152

Q4 2008 vs. Q4 2011: The number of Expired properties is down 34%Expired Properties by Quarter

Intero Real Estate

Q4 2008 vs. Q4 2011

Ronny Budiutama

Clarus MarketMetrics® 1 of 2 02/16/2012Information not guaranteed. © 2012 - 2013 Terradatum and its suppliers and licensors (www.terradatum.com/about/licensors.td).

AllBathrooms:MLS: AllAllSq Ft:

San FranciscoResidentialPeriod: All All

Property Types:Cities:

AllConstruction Type:Price: Lot Size:Bedrooms:3 years (quarterly)SFMLS

13 of 18

Expired Properties by QuarterQ4 2008 vs. Q4 2011: The number of Expired properties is down 34%

Intero Real EstateRonny Budiutama

Time Period Median Price# Properties Average DOM

Full Market# Properties % Bank Median Price Median Price# Properties

Bank Properties% Non-Bank

Non-Bank Properties

Q4 2011 699,000289 107 58 20.1 459,450 231 79.9 759,000Q3 2011 699,000284 95 67 23.6 435,000 217 76.4 799,000Q2 2011 749,000210 109 45 21.4 425,000 165 78.6 819,000Q1 2011 670,000197 114 51 25.9 448,000 146 74.1 793,500Q4 2010 748,500410 108 60 14.6 462,500 350 85.4 799,000Q3 2010 799,000353 98 67 19.0 499,000 286 81.0 849,000Q2 2010 749,000260 88 59 22.7 478,000 201 77.3 875,000Q1 2010 799,000189 106 40 21.2 525,000 149 78.8 879,000Q4 2009 959,000291 102 48 16.5 512,750 243 83.5 1,095,000Q3 2009 877,000278 101 53 19.1 499,000 225 80.9 979,950Q2 2009 974,500259 102 60 23.2 567,450 199 76.8 1,098,000Q1 2009 799,000256 106 54 21.1 507,450 202 78.9 889,000Q4 2008 949,000441 97 55 12.5 524,000 386 87.5 999,000

Clarus MarketMetrics® 2 of 2 02/16/2012Information not guaranteed. © 2012 - 2013 Terradatum and its suppliers and licensors (www.terradatum.com/about/licensors.td).

14 of 18

Q4 2008 vs. Q4 2011: The number of for sale properties is down 7% and the number of sold properties is up 36%

Intero Real Estate

Q4 2008 vs. Q4 2011

1,336 -7%

Ronny Budiutama

1,244Q4 2011

Supply & Demand by Quarter

ChangeQ4 2008 %-92

Q4 2008 Q4 2011 %481 +36%

Q4 2008 vs. Q4 2011

656Change

175

Clarus MarketMetrics® 1 of 2 02/16/2012Information not guaranteed. © 2012 - 2013 Terradatum and its suppliers and licensors (www.terradatum.com/about/licensors.td).

AllBathrooms:MLS: AllAllSq Ft:

San FranciscoResidentialPeriod: All All

Property Types:Cities:

AllConstruction Type:Price: Lot Size:Bedrooms:3 years (quarterly)SFMLS

15 of 18

Supply & Demand by QuarterQ4 2008 vs. Q4 2011: The number of for sale properties is down 7% and the number of sold properties is up 36%

Ronny Budiutama Intero Real Estate

Time Period For SaleFor Sale SoldSold# Properties Average DOM Average DOM# Properties

Q4 2011 82 581,244 656Q3 2011 67 631,665 614Q2 2011 68 621,538 680Q1 2011 74 711,387 498Q4 2010 87 601,448 615Q3 2010 68 581,770 578Q2 2010 63 541,658 672Q1 2010 64 611,340 467Q4 2009 80 571,233 649Q3 2009 67 581,552 651Q2 2009 68 651,594 557Q1 2009 75 621,336 333Q4 2008 84 571,336 481

Clarus MarketMetrics® 2 of 2 02/16/2012Information not guaranteed. © 2012 - 2013 Terradatum and its suppliers and licensors (www.terradatum.com/about/licensors.td).

16 of 18

Q4 201168

Q4 200864

%+7%

Change4

Q4 2008 vs. Q4 2011: The average days on market is up 7%The Average Days on Market by Quarter

Intero Real Estate

Q4 2008 vs. Q4 2011

Ronny Budiutama

Clarus MarketMetrics® 1 of 2 02/16/2012Information not guaranteed. © 2012 - 2013 Terradatum and its suppliers and licensors (www.terradatum.com/about/licensors.td).

AllBathrooms:MLS: AllAllSq Ft:

San FranciscoResidentialPeriod: All All

Property Types:Cities:

AllConstruction Type:Price: Lot Size:Bedrooms:3 years (quarterly)SFMLS

17 of 18

The Average Days on Market by QuarterQ4 2008 vs. Q4 2011: The average days on market is up 7%

Intero Real EstateRonny Budiutama

Time Period # UC UnitsAverage DOMQ4 2011 63568Q3 2011 66459Q2 2011 67859Q1 2011 57371Q4 2010 55768Q3 2010 59060Q2 2010 67956Q1 2010 54353Q4 2009 54862Q3 2009 63356Q2 2009 66563Q1 2009 41368Q4 2008 40064

Clarus MarketMetrics® 2 of 2 02/16/2012Information not guaranteed. © 2012 - 2013 Terradatum and its suppliers and licensors (www.terradatum.com/about/licensors.td).

18 of 18