1. 0 Cushman & Wakefield Sacramento Brief Fourth Quarter 2015

2. 1 Cushman & Wakefield ALAMEDA / CONTRA COSTA A.1,109,700 B.+21,300 C.4.4% SAN FRANCISCO / SAN MATEO NORTH BAY A.525,800 B.+16,800 C.4.5% METRO SACRAMENTO A.927,400 B.+22,900 C.5.5% LEGEND A.Total Non-Farm Employment B.Y-O-Y Change C.Unemployment Rate SANTA CLARA / SAN BENITO A.1,083,300 B.+46,100 C.3.8% A.1,081,000 B.+38,700 C.3.2% NORCAL ECONOMY Q4 2015

3. 2 Cushman & Wakefield Source: Cushman & Wakefield, State of California Employment Development Department SACRAMENTO Total (non-farm) Employment

4. 3 Cushman & Wakefield Source: Cushman & Wakefield, State of California Employment Development Department SACRAMENTO Unemployment Rate

5. 4 Cushman & Wakefield SACRAMENTO Employment Growth/Loss (12-month percentage change) – Dec ‘14 to Dec ‘15 Total Jobs in Parentheses Source: Cushman & Wakefield, State of California Employment Development Department

6. 5 Cushman & Wakefield SACRAMENTO Employment Breakdown Source: Cushman & Wakefield, State of California Employment Development Department

7. 6 Cushman & Wakefield NORCAL VERSUS ITS (WESTERN TECH) COMPETITION MOST EXPENSIVE BUT PRICES RISING IN OTHER MARKETS AS WELL Western Office Markets Cost of Living Index* Market Size (MSF) Vacancy Rate Average Asking Rent % Rent Growth 12 Mos. U/C (MSF) Austin106.549.49.1%$33.3713.9%2.3 Denver115.1174.210.0%$24.734.9%2.9 Los Angeles (West) 163.552.110.8%$47.289.1%0.5 Oakland155.929.68.5%$30.727.6%0.0 Phoenix98.999.618.7%$23.096.8%3.1 Portland125.743.510.3%$24.047.4%1.2 Sacramento112.586.312.6%$20.642.4%0.2 Salt Lake City115.033.711.4%$22.483.8%1.6 San Diego163.773.015.6%$33.0014.1%1.4 San Francisco242.675.45.9%$68.1411.9%4.3 San Jose197.275.87.5%$46.6810.8%5.7 Seattle154.358.59.4%$32.9016.4%4.3 Source: Cushman & Wakefield Research, *Sperling’s Best Places (100 = national average) All data as of Q4 2015

8. 7 Cushman & Wakefield SF PENINSULA A.33.4 MSF B.10.5% C.$53.04 OAKLAND A.29.6 MSF B.8.5% C.$30.68 SAN FRANCISCO WALNUT CREEK A.16.5 MSF B.12.7% C.$28.77 NORTH BAY A.23.5 MSF B.12.1% C.$24.19 SACRAMENTO A.86.3 MSF B.12.6% C.$20.64 LEGEND A.Total Inventory B.Overall Vacancy Rate C.Overall Average Gross Asking Rent SILICON VALLEY A.75.8 MSF B.7.5% C.$47.88 A.75.4 MSF B.5.9% C.$68.14 TRI VALLEY A.23.4 MSF B.9.5% C.$29.01 NORCAL OFFICE SUBMARKETS Q4 2015

9. 8 Cushman & Wakefield SACRAMENTO OFFICE NET ABSORPTION / AVERAGE ASKING RENTS (FOUR QUARTER TRAILING AVERAGE)

10. 9 Cushman & Wakefield Historical Average = 15.5% SACRAMENTO OFFICE OVERALL VACANCY RATE

11. 10 Cushman & Wakefield SF PENINSULA A.39.7 MSF B.3.4% C.$11.64 OAKLAND A.163.1 MSF B.1.9% C.$7.56 WALNUT CREEK A.14.5 MSF B.9.4% C.$6.60 MARIN / SONOMA A.22.3 MSF B.6.2% C.$10.68 SACRAMENTO A.140.8 MSF B.9.9% C.$4.80 LEGEND A.Total Inventory B.Overall Vacancy Rate C.Overall Average NNN Asking Rent SILICON VALLEY A.112.2 MSF B.3.0% C.$9.84 PLEASANTON A.18.0 MSF B.6.6% C.$7.44 NORCAL INDUSTRIAL SUBMARKETS Q4 2015 NAPA / SOLANO A.42.6 MSF B.4.0% C.$5.76 SAN JOAQUIN A.95.9 MSF B.7.6% C.$3.84

12. 11 Cushman & Wakefield SACRAMENTO INDUSTRIAL NET ABSORPTION / AVERAGE ASKING RENTS (FOUR QUARTER TRAILING AVERAGE)

13. 12 Cushman & Wakefield Historical Average = 12.0% SACRAMENTO INDUSTRIAL OVERALL VACANCY RATE

14. 13 Cushman & Wakefield SACRAMENTO SHOPPING CENTER NET ABSORPTION / AVERAGE ASKING RENTS (FOUR QUARTER TRAILING AVERAGE)

15. 14 Cushman & Wakefield 10-Year Average = 11.4% SACRAMENTO SHOPPING CENTER OVERALL VACANCY RATE

16. 15 Cushman & Wakefield cushmanwakefield.com Robert Sammons Head of Research – Northwest U.S. robert.sammons@cushwake.com