1. Color Scheme 175 174 155 0 52 17 71 117 179 179 135 8 20 63 38 153 102 51 129 118 86 243 208 137 0 Color Scheme 175 174 155 0 52 17 71 117 179 179 135 8 20 63 38 153 102 51 129 118 86 243 208 137 Katherine August-deWilde President & Chief Operating Officer

2. Color Scheme 175 174 155 0 52 17 71 117 179 179 135 8 20 63 38 153 102 51 129 118 86 243 208 137 1 Bay Area Real Estate Review Home prices appear to have stabilized, sales activity is increasing in the Bay Area Competition for qualified home loan borrowers is intense Current market conditions may make it an ideal time to buy in the Bay Area

3. Color Scheme 175 174 155 0 52 17 71 117 179 179 135 8 20 63 38 153 102 51 129 118 86 243 208 137 2 Prices Stabilize, Sales Activity Rises Bay Area sales volume rose 6.6% in September compared to a year ago Tech money is having a very positive impact on Bay Area real estate Multiple offers and rising prices are common in highly desirable neighborhoods, especially Silicon Valley and San Francisco Housing markets are stronger closer to employment centers Different housing preferences have emerged among younger wealth creators

4. Color Scheme 175 174 155 0 52 17 71 117 179 179 135 8 20 63 38 153 102 51 129 118 86 243 208 137 3 Luxury Home Prices Stabilizing

5. Color Scheme 175 174 155 0 52 17 71 117 179 179 135 8 20 63 38 153 102 51 129 118 86 243 208 137 4 Intense Competition for Quality Borrowers Banks are competing aggressively for high-quality borrowers Well-capitalized banks are lending

6. Color Scheme 175 174 155 0 52 17 71 117 179 179 135 8 20 63 38 153 102 51 129 118 86 243 208 137 5 Intense Competition for Quality Borrowers

7. Color Scheme 175 174 155 0 52 17 71 117 179 179 135 8 20 63 38 153 102 51 129 118 86 243 208 137 6 A Compelling Time To Buy Housing affordability is at or near all-time highs Interest rates are at historic lows Bay Area housing prices have declined about 20% from their peak Rents are rising, making home ownership a good value

8. Color Scheme 175 174 155 0 52 17 71 117 179 179 135 8 20 63 38 153 102 51 129 118 86 243 208 137 7 Interest Rates Are At Historic Lows

9. Color Scheme 175 174 155 0 52 17 71 117 179 179 135 8 20 63 38 153 102 51 129 118 86 243 208 137 8 Bottom Line The Bay Area market is holding up well relative to other markets Despite what others may be doing, First Republic’s lending activity is robust Now may be a good time to buy a home or investment property

10. Color Scheme 175 174 155 0 52 17 71 117 179 179 135 8 20 63 38 153 102 51 129 118 86 243 208 137 9 Color Scheme 175 174 155 0 52 17 71 117 179 179 135 8 20 63 38 153 102 51 129 118 86 243 208 137