DOCUMENT PRODUCTION(NON-PRIVILEGED)

Part 3

PRODUCED 9/30 12010

Document6

t Jefense to' or right ofoffset against'

"lu*n under rhe parrnership Aqrlement,which would constitute "

totrå:iïåiffi;ää and to our

our obligation to tund ä* ðíOnfi Comn rtm",î;;,;;;itt rgduc^e our Capital Commitmet

knowledge, .as of the ¿ã[ tr"å"r, there is r" ;':til. ;, tt ;irt'.9r."inti ugainst' our obligation to tund

Ë",effJ;î:.?îffifftJå,f '*:fniuiiu*inlf '^*+'::"::tUl'lHJJJ;*l.]iä'

de.Íivered by us ""¿

Tãrri*tes gL ¡alr-a ää'bt"ä;;'îUriäution, ãrã ir enforceable against us in

accordance \¡rith its terms, subject * ^îpplrc"ure

ianlruptcy, î'otntnty' fraud¡lent tansfer' '

reorganization, rnoru*iîä'",l¿ ã*,Ër 91, "ttJJä, ää¡*tliär1=L"""tuttv fråm time !o

time in effect

and to general or"";i;^;T;-r"-y;fi"l*mã*i!¿* that.for so rã"t t"ít" r*ititv'is in place' thè

General parrner ur,a ÞTg" ruiii Properties *ï'"ä*u. wittr vou ioito amend' modify' suppiemenÇ

cancer, terminate, '"å"å- i;;l';*lj-ly- *iä'::kiiî",î""'t'#l,t:"ïT:lilî*iffiä"üË'iãtto"itftip Agreement without your pnor

section3.J of the parrnership Agreement *r;;ïil";ã';ñ;"ái,î;" obtain' and will not be used bv

us to obtain, ur, ,*"urä'äää'iur,äns anv. gptä äå"'ú""ãå"¡r"¿liv puge-Millþoperties or vou' for

the purpose or,.puvnia''Tir'"T;iu'v' t''íÏlil""îr"iî ã""::*;*ïîî,iî"î#l-ffiJH"i'å1'3i

-}ffiî;;¡"fr ii{f ""'ffi

ry;$::muirËd::ä""d;;;d;'t'ã'r13"ãr":"e*'ir*Facility is in place, "iT"yit"to

,,'äa" Uy-*-;aà' ït'" SuU'"'iptiät-¡etã"*ent wil'l b-e made by wire

transfer to th" ro'o*;ng'uã*urr, wr¡ich the Ji*ii"i iir "rr" pr"åged as sec'rity for the Lgansi

BankAccountNumber:ABA Number:Referencei

City National Bank$2753654122016066;í; dùoperties II L'P' Subscription Line Accot¡tt

-i in effect' we shall' under the terms

We hereby agree that for so long as the Credit Agreement 1r iãny f,rnaing

and subject to the limiãilo* ""¿ conditions t", iå"it * ihe Partnership Agreement' honot

Notice with respecr trT"g" rri'r nrop"rti"säåJåäi;ï. in the nul*r ãr trt" Agent' v/ithout setoff'

countercraim o, a"r"nr.'î'y"tu;îil; ñ;'áopräîri"^pãnr"" rr 11-c"oital

commitment into the above

accoun! provided ,""firí¿ire Noiice is ¿;i*"î"Jrã' ffio'"t "röi"äã* u"ã p"vuute obligations of

il;tïÑ;' under the FacilitY'

We aclmowledge and agree that tle lakine and nerfonlall ;l'G¿"t'o

-

å"î:ffi iiåî'Jïüitf; 'rr"tä'"ffi il",T:1li:ilä**ilïffi "mitä**i,;t:"'t'm;;Ã;however, shall constitute a watver or t

ã, u*u" in anY disPute' ' - - -r^.Wealsoacknowledgethatbecluse.¿ouandeachLenderwillberelyinguponthestatementsmaoe

herein in connectio";úï;k* ir," ru"iút]i*;i;Ë; trr" e""'o;.r, io, ão io¡re p the Facilitv is in

olace; payments we ;;i;";ilr-tr,e Sr1t1"Jp1äiË*T""t-11,a-tr'" Þarmership Agleement will not

satisfy our obrigation,,;'ì*d';;, capit r c"rã*r** unress i"9i .**uutions are qaid into the above

account. .we

hereby ;"r";l.dc" ;¿ "griä'ïh.t"tlîttã' of the credit Agreemenl and of each loan

docurnent derivered rïîå*å",å" *r"rriiti îäu""rr".iv ,n".'i*i-nocimenrs.'1 can be modified

without turtïer nou""to u, or our consent; ;;":;;:;,-;"1át"'.t¡í;l''o "u"nt shall ány modification of

the credit Agreement.cir any Loan Docuír;;";rr;;;rt ¡grr.,'ïr'ottigutiotrr "n^d"t rhe Partnership

Agreement o, tt. suúr..çtioä egre.m.t, *iir'o* our rvnttel "o"'àt' de hereby further acknowledge

and agree rhat you ,;ã; ;"y oi tt',.. 1"..d#;; *'lgt' u' ot i"l't of your or their-rights unde¡ this

confirmation to any assignee :.f y*r/,h",ï 'ïil'ffii;;î; -9t^"ü;greement

and the Loan Documents'

and that this confirmatiãn will remain n ;ä"", ,rni* *. "r" n*iäJ jointry by you and the General

5820202'4

U

P\lt-2127

partner that the Facility has been terminated which notification you agree to deliver to us at lhe address

äilú;i;* prornptþ upon such termination'

. . You agree to keep confidential. all non-public information about us provided to you by us or the '

Borrower purEuant ,o ,t. pu*.*rrip egr..*iåiffi ;^ã*""ated conflidentiar provided howæer,.t''øt

nothing herein .r,^n p,""""ivå"'t"å giî'p'ü¡ü!q Îlþ:tion: (i) to anv Lender that participates

in the Facility or any Afilùi" ;i ?rry Lender; 1ìi¡ to any-assignee, partiòipant ot prospective assignee or

parricipant which i,", ãgr".a in writing to toãpfy wth thã. provisions of this paragraph; (iii) to the

employees, directors, agents, attomeys, u."ãoniãir, and other professional advisers of any l;ender'

assisnee, parricipant, piospective assignee öËiF; ;{tt".tf-respective Affrtiates; (iv)upon the :

request or demand "f ":* ;;****tuiuutto¡ty having or assertíng jurisdiction on"',y"l-9.t any Lender;

(v) in response to uty orää of any court o-r "#

,iff;;""1,""thäty or as may otherwise be required

oursuanr to any requ'ement of law;-(vi)-ifrd;#ã ;;i"qui'"¿ to do só in connection with anv litigation

Lr simitar proceeding; (vii) which has been ffiË;,il:Ñ ãtn"t t¡* in breach of this paragraph;

(wiii) in connection *rù',ír .**lr. of "n/i;j;áv ;;tI thê Credii Agreement or anv other Loan

Document; and (ix) upon ,t "

advice of "ourrrJl

ä.i tu.ft disciosr¡re is required by law' ;

GEINTENTIOn*ALLYLEFTBLANKI :'IREM AINDER oF PAG E TNIEIIY1:::"'':i lsIGNATuREPecBFol-Lowsl ' .:

Y5820202.4

Ptút-2128

Address:

Califomia Public Employees Retirement System

Lincoln Plaza400 P Street, Suite 3492

Sacrament, CA 95814

Attn: RandYPottleTel: (916) 326'3400Fax: (916) 3263965

v

5820702.4 s82o2o2'4 5820202'4

P\A-2129

PAGE MILL PROPERTIES II, L.P.

SubscriPtion Documents

For fnsfitutional Investors

General Partner:

Page Mill ProPerties II GP, LLCt900 UniversitY Avenue, Suite 201

East Palo Alto, cA 94303(6s0) 833-3800

51n722.2

PM-2130

ttPAGE MILL PROPERTIES II' L.P.

INI^VES TMENT PRO CEDI.JRES

' attached (i) Subscription Agreement

Prospective investors should complete tht

and (ii) Investor Qualification statement. Prospective investors should direct all

ilil;rr and seù ttre compteted original along with the two.copies of the

Subscription Agreement and Investor Qualification Statement Signature Paggs

(which must be notarized), and the two Signature f3ges. (which must be

notarized) of the Amended and Restated Agreement of Limited Partnership of

Ëãgã rutrí properties u, r.p. (the "Fund') to Èage Mill Properties II GP' LLC (the

.,General partner") ai the àddr"* below so that the General Partner may

determine whether the prospective investor is eligible to subscribe for limited

partnershiP interests :

Page Mill ProPerties II, L-,P'

cliPageMiilÞroPerties tr GP' LLC1900 UniversitY Avenue, Suite 201' :

East Palo Alto, CA 94303Attention: David A. Taran

Tel: (650) 833-3800Fax: (650) 688-6820

Upon acceptance of the subscription' a copy of t¡-t executed Subscription

Ã^gr""*"n,änd Investor Qualification-statement signedby the General Partner, as

accepted on behalf of tÈ Fund, will be returned to the investor as soon as is

praciicable.

The General Partner, on behalf of the Fund, will have the.right, in its sole and

absolute disçretion, to accept or reject this subscription for any feason or no

reason in whole or in part anä at unyii*" prior to acceptance thereof'

(2)

(3)

(1)

s'727722.2

Ptúl-2131

PAGE MILL PROPERTIES II' L.P.

SI]BS CRIPTION AGREEMENT

Page Mill ProPerties II, L'P..io nug" Mill ProPerties tr GP, LLC

1900 UniversitY Avenue, Suite 201

East Palo Alto, CA 94303

Ladies and Gentlemen:

The offer and sale of limited partnership interests (the "Interests") in Page Millproperties II, L.p., a Delaware limidd parm"t_rhlp !t{e "Fu1d"), to each investor (the

,,Investor") is not Ueing registered under the Uniied States Securities Act of 1933' as

¿¡a;il (t¡" ';S".u¡ties Act"), but rather is being made privately by the Fund pursuant

to the private placement exefption from registrãtion provided in Section 4(2) of the

Securities Act and Rule 506 of Regulation D 1"R"gulation.D") promulgated thereunder

ü;il" Ü;;;;J l;"r Securities and Exchange-commission on the basis of the

confidential Private Placement Memorandum oithe Fund, as the same may be updated

or modified from time to time (the "Memorandum")'

The information requested in this subscription - Agreement and Investor

eualifìcation Statement is néeded in order to ensure compliance with the appropriate

regulations and to determine (i) whether an investment in the Fund by the Investor is

suitable in light of the Investorjs financial position, (ii) whether the Investor meets certain

minimum financiar tests to be deemed an"'accredited investor" as defined in Regulation

Dandhassuchknowledgeandexperienceinfinancialandbusinessmatteßthatitis;"p"bl" of evaluating the"meritt uù risks of the investment and (iii) how to treat the

Investor for purposes'oi Section 3(cX1) of the United States Investment Company Act of

lg4},as amended (the "1940 Act")'

faith efforts to keep the information prõvided in the. answer: to. thi:. Subscription

egi""*"n, and Invåstor Qualification -Statement

strictly confidential' the Fund may

ptËæ"t this Subscription Agreement and Investor Qualification Statement and the

inion rution provideðin unr*ãr. to it to such parties as it deems advisable if called upon

to establish the availability under any applicabìe law of an exemption from registration of

the Interests or if the coitents therêof are relevant to any issue in any action' suit' or

frã*"ai"e to which the Fund is a party or by which it is or may be bound' The Investor

agrees that the nunJ *uy disclose ttte In,r"stor's status as an investor in the Fund to third

parties.

The Investo r realizesthat this Subscription Agreement and Investor Qualification

Statement does not constitute an offer by thå Fund to sell the Interests but is merely a

request for information.

57n722.2

P\A-2132

To induce PAGE MILL pRopERTIES tr Gp, LLC (the "General Partner"), on

behalf of the Fund, ,o urr"pi,f,is subscription, the Investor hereby agrees as follows:

L

(a)

'','The lnvestor agrees to become a limited paftner of the Fund (a "Limiteg Partnet'l '

and in connection therewith subscribes for and agrees to purchase an Interest in;

andtomakecapitalcontributionsto,theFundintheaggregateamountsetforthon the Subscription Ág.""*.n and Investor Qualification Statement Signature

page attached hereto oñ tfr" terms provided for herein, and in the-Amend"d TgRestated Agreement of Limited Partnership of the fr¡-1a {tn{.Fund Agree*9lt,):

The minimum initial commitment is U'S' $10 million' The minimum initial

commitment is subject to reduction or waiver by the General Partrier' in its sole

and absolute discretion. The Investor agrees to, and understands, the terms and

conditions upon which the Interests are being offered, including, without

ii*i,uiion, tf¡Ë ¡st factors referred to in the Memorandum'

The Investor understands that it is not entitled to cancel, terminate or revoke this :

,"fr"tipti"t o, uny ugreements of lry Investor hereunder' The Investor

understands and agrees ihut th" General Partner reserves the right, in its sole and l

absolute discretion, to reject this subscription for an Interest for any reason or no

reason, in whole o. i" íJ and at uny ii-" prior to acceptance thereof' In the

,n"r,, áf rejection of ifrir subscription, ih" t"ttá"ted funds, if any, will be promptly

retumed to the Invãstor wit^hout deduction along with this Subscription

;;ä;J # in,,,"rro. Quatification srarement, and this subscription

Aää;; unJrnu"r,"rQuafiàcation Statement shall have no force or effect'

PAYMENT BY THE II'MSTOR' .

I .

The Investor agrees to remit the amount set forth on the subscription Agreement

and Investor Qualification statement signature Page- attached hereto, in such

increments, at such times and in such ,rr-*n"t as iJ determined by the General

Partner pursuant to the Fund Agreement :

REPRESENTATIONS,WARRANTIESANDCOVENANTSoFTHEII.MSTOR

The Investor has (i) received, read carefutly and understands the Memorandum

outlining, among other things, the organizition and investment objectives and

policies of, and the risks *d "*p"n.es

of an investment in' the Fund and (ii)

consulted the Investor's own attorney, accountant or investment advisor with

i.èrn* ,; ifr" ir".rr*ent contemplateã hereby and i1s suitability for the Investor'

Ány .p""iul acknowledgment sãt _forth below with respect to any statement

contained in the Memoralndum shall not be deemed to limit the generality of this

representation. In addition, the Investor acknowledges that the Investor has been

giventheopportunityto(i)askquestionsandreceivesatisfactoryanswersconcerning rhe teñns and ionditioni of the offering and (ii) obtain additional

(B)

il.

Itr.

(a)

5'1n'722.22

PM-2133

@information in order to evaluate the merits and risks of an investment in the Fund

and to verify rhe accuracy of the into"nui*n contained in the Memorandum' The

Investor.rk;ú-g* iúui in -^ki;;-; áecision to subscribe for an lnterest' the

Investor has relied solely upon ,hJ rur"*orun¿u{,. the Fund Agreement and

independent investigations made by;; h;"stor_and its attorney, accountant and

investment advisor. The Investor'l i*"r,o,r* in thefnterest is consistent with

the investment purposes and oç.ìiu"r and cash flow requirements of the

Investol and will not uon.r*"ty ãti""t the Investor's overall need for

diversification and liquiditY'

(B) . The Investor has such knowledge a1d e1nef,e"* tllillcial and business matters

that the Investor is capable of evaluating the merits ¿nd risks of the Investor's

investment in the Interests a¡d is rbË;"i"- such risks, and has obtained' in the

Investor's judgment, sufficient in"formaiio' f'om ttre Fund oI itl authorized

representativeJto evaluate the merits and risks of such investment' The Investor

hasevaluated'therisksofinvestinginthelnterestendhasdeterminedthatthe, Interests are a suitable investment iãt-ift" f"u"stor' The Investor understands that

(i) substanrial restrictions will "*i* ã" transferability of the Interest' (ii) no

market for resale of any Interest "*ir,, o. is expected to develop' (iii) the Investor

;"ñ;, ,ú1" ," uqúidate its investment in ìrre Fund, and (iv) any instruments

representing an Inrerest rnay of *rvïãi ¡"ar legends to that effect restricting the

transfer ttrereãi.- ifre Invesior funfíti un¿erstanãs that an investment in the Fund

entails a high degree of risk urr¿ unã"t*tunds fully the risks associated with the

öä^oFin" ñund and rhe Investor's investment in the Fund'

r i- L:^LIr' ôñô^¡

(C) The Investor understands that an investment in the Interest is highly speculative

andmayresu]tinacompletelossofitsinvestment.Thelnvestolcanaffordacomplete loss of the iniestment in the Interest and can afford to hold the

investment in the Interest for an iniånnit" period of time' and acknowledges that

äiil;;ìl;" ;;Y be Paid in cash or in kind'

(D)Thelnvestorisacquiringth:Interestsubscribedforhereinforitsownaccount,'forinvestmentpurposesonlyla',o.withaviewtoanydistribution,tesale,subdivision or fiactionalizationthereof in violation of the Securities Act or any

other uppli"uUf"^U-.i. åi non-U.S, securities law, and the Investor has no present

plans to enter into any contract, undertaking' agJeement, of arrangement for any

such distribution,'"'ui", subdivision or fractionalization'

(E)Thelnvestorrepresentsthat.allregistrations,.declarationsorfîlingswith,orconsents, licenses, approvals or "auttro¡zations of, any legislative body'

governmental department .or . other governmental authority' necessary or

appfopriate in corinection witrr itslnvestïent in the Fu¡d have been obtained or

comPlied with.

g

ú

s'727722.2

Pl\A-2134

b cn The Investor acknowledges and agrees that, based in part upon its representations

and wa¡ranties containeã herein and in reliance upon applicable exemptions, no

Interest has been, or will be, registered under the Securities Act or the securities '

laws of any other u.s. or non-Ù.s. ;urisdiction. Accordingly, except as provided

in the Fund Ateement or any side ietter or other agreement entered into between

the Fund and any Investor, the Interest may not, directly or indirectly, be offered

for sale, sold, pládged, hypothecateà, trurrri"rred, or othLrwise disposed of by the

Investor witfiout th"e prióiwritten consent of the General Partner, which may be

withheld in its sole and absolute discretion, and unless such disposition is in

compliance with all applicable laws, including, but not limited to, the U'S' federal

tax and securiti"s laws. The Investor acknowledges that it has been advised that

the Fund has no obligation and does not intend to cause any'Interest to be

registered under the Seãurities Act or any other securities laws or to comply with

any exemption under the Securities Act or any other securities law which would

permittheInvestortoselltheInterest.'''

(G) The Investor understands that the Fund will not register as .an investmenl

company under the 1940 Act and, that for purposes of the provisions of section

3(cX1) thereof, does not presenrly propoi" to make a public offering of its '

securities within the United States' :

(H) The Investor âgrees and is awar€ that no United States federal or state agency of

non-United Sties governmental authority has passed _upon

the Interests or made

anyfindingsordeterminationastothefaimessofthisinvestment:I . .-

(I) The execution, delivery and performance by the Investor of this Subscription

Agreement, thá In,r"stor Qualification Statement, the Fund Agreement, and such

other agreem"",t, ""nin"i", oI' instruments are within the powers of-the Investor'

havebeendulyauthorized,executedanddeliveredandwillnotconstituteorresultin a breach or default under or conflict with any order, ruling or regulation of any

court or other tribunal or of any governmental commission or agency' or afY

agreement or other undertaking, toïhi"h the Investor is a party or by. which the

Investor is bound and will notliolate any provisions of the incorporation papers;

by.laws, indenture of trust or partnership agreement, aS may be applicable, of the

Investor. The Investor is in compliancè with all applicable laws, including' but

;;;-ffi;"J-io, tn" u.S. securitiès laws. The signature on this subscription

Agreement, the Fund Agreement signature page,s _ and Investor Qualification

starement is genuine and-the signatoiy has been duly authorized 1o :xTute lhe

same, and this subscription Agreement, the Fund Agreement ud ft: Investor

õ"^fin.ation Statemeni constitutes a legal, valid and binding obligation of the

Iìvestor, enforceable in accordance with its terms'

(Ð The Investor acknowledges and agrees that the -Generai

Partner and Page Mill

Advisors II, LLC, the investment advisor of the Fund (collectively with the

General Partner, ';Pug, Mill") have the exclusive power and sole and absolute

57n722.2

PM-2135

(K)

(r)

discretion to make all investment decisions on behalf of the Fund in accordance

with, and subject,o, *,"ì"r-, of the Fund Agreement. Accordingly, the Investor

understands that legai counsel ro the Fundl to Page ivtif *a to any of their

affiliates will not b" ,"pr"r"nting investors in the Fund, including the lnvestor'

and no independen, """ír"it "r ùËen retained to represent investors in the Fund'

Thelnvestorundeßtandsandagreesthatitwillnotmakeanyoralorwrittenrepresentations or communications to any third party regarding the Fund, Page

,*II or any of tfreii aititiates, includinj tut nõt ümited t-: replesentations of

communicationsinconfidentialmarketingdocumentsorpresentations,unlessthelnvestor receives nna written approval of such representations or

communications from the General Partner or such information is required to be

ãir"for"¿ under applicable law or regulation'

ThelnvestolagreestosupplytheGeneralPartnerwithsuchotherfacts,asfromtime to time are deemed necessary or desirable' in ordet 1: i*:*^il that 1:violation by lhe Fun¿ will occur of ánysecurities laws of the United States or any

otherrelevantjurisdiction,including-theSecuritiesAct,thelg40ActandtheUnited States tnu"rt*Lttt Áduit"t* Aãt of 1940' as amended'

- t^ ^-^^'¡þa documentation reasonably(I\Ð The Investor agrees to- execute and deliver any '

requesred Uy tnJGeneral Partner in-"ãnn"ttion wiih any financing by the Fund

.' and any assignment by the run¿ as secu,ity to' such.indebtedness of the right to

require,fr" niuàr*, to make capitãi contributions, including any acknowledgment

by which the Investor would "d; ;*knowledge and be .bound by such

assignment and to provide rinanîi¿ information to any applicable lender as

: reasonably requested, provided that the execution or delivery thereof would not

cause the Investor to be in violation ãf, ot t"qoire the Investor to take any action

prohibited UV, áPPfituUle law'l r sÈ'È"'v--'-

,n. ADDITIONAL RE,PRESENTATIONS, WARRANTIES AND COVENÀNTS

(A) The Investor was organized or incorporated under. the laws of the jurisdiction set

forth below its name-on the first pagå of tne lil:::":ratalification Statement and

has no present intentioú of alteriåg-ttre form or jurisdiction of its organization or

incorPoration'

(B) Except as otherwise specified on the Investor's Investor Qualification statement'

no part of tr* ion¿, tå be used to purchase and hold the Investor's Interest or to

pay any portion of its commir*"ni constitutes an asset of any employee benefit

plan ,uuj.ci-io part 4, Subtitle--g, Title I of_ the united States Employee

RedrementlncomesecurityActoflg74,asamended("ERISA")'ÌI

5't27722.2

PM-2136

tv(c) Exceptasotherwisespecifiedon.t|elnvestor'sInvestorQualifîcationStatement'.

if the Investor is, or is acting on behalfoJ, a "benefit plan investor" (as such term :'

is defined in 29 c-f.n. Sãs10'3-101(Ð(2)) or if ih9 Investor is a coilective

investmentvehicle,theplanparticipantsot¡^nrparticipatingtherein,asthecasemay be, are nor pr""iirãã to ¿eci¿à wnetheì or hãw much to inves.t in particular

investment altern atives' .i

The Investor understands that the tax rules relating to its Intere:t.*",:ubtt1ltially

morecomplexand;;;";b;åsfavorab1easinveìtinginsecuritiesdirec{y.

The Investor is aware that the Fund in-te1ds to engage in transactions that may

result in the ,".ogni,io; of 'l¡nrelatr¿ üurin"t* äiuUf" income" upon which '

certaininvestorswhoarenormallyexemptfromU.s.federalincometaxwouldbetaxable.. . :'

The Investor is aware that in any given year ll'n?y,.h,un:.tubstantial taxable

income attributable; ,þ F";ã "u'"n"tttoog|t

the Fund did not make distributions

to it. The Investor ir f"nft"t aware tnat (iia transaction undertaken by the Fund' '

or a rax accounring rule applicabl" to *,"'iu;ã;;;y gi""-dll to an allocation of

taxable income to u ii*itäd partner in an amount gteater than the am-ount of

income that the Li"rit;t Partner would consider itself to have earned as an

economicmatter,(ii)such..phantomincome''oftenmaybereversedonlywithacorresponding a"aúái;-àrìo., in a_later year and (iii) any such loss may be a

;;idbr".ni -uy not be used to offset ordinary income', , ll ,

'.'GENERAL.

"The Investor agrees to indemnify and hold harmless the Fund, Page Mill' any of

their affiliates, any r;ìlt"ñ#for the iund, their respectivc officers' directors'

employees, managers, *"*b"t', *-æing'''oÃt""'."'d agents' including'

without limitation, (i) any person o' "ntityln"¡ t-t-u".officer' director' member'

manager, managing membãr, pafner or shareholder in any such party' or any

person or entity uat, ¿irectly år indirectly through on?-:t more limited liability

companies, punn"rr'tipr- o, otrrr, "n,üi"i is ä officer, director, member,

manager, managlng mãmber, partner or shareholder in any such party (each a

..ConstituentMember,,),(ii)anypersonwhoservesasanadvisororconsultantto

theFundorPageMill,and(iii)eachotherperson,.ifany,whocontrolsorisconrrolled by any ttrereåf within the meaningìf Sgction 15 of the Securities Act

(each an,,Indemniteãil, *"i*,1ny and all lãss,liability, claim, damage, cost and

expense whatsoever qín"tiaing, bút not limited to, legal fees and disbursements

and any and all.other "*p*.Jt whatsoever reasonably incurred in investigating'

preparing for or o"f*ãirl;;;;nsr any litigation, arbitratio¡ proceeding, or other

acrion or proceedi";;"il;;"¿ o, tltr"ui"ned, or any çlaim whatsoever) arising

out of or in connJ.rion with, or based upon or resulting from' (x) any false

representation o, *áouniy or ureactr or failure by the Investor to comply with any

(D)

(E)

(F)

v.

(A)

,iI

Pl,ll-2137

(B)

(c)

,ou**t or agreement made by thg.llve¡toril,thi: ::t^îTti-on Agreement' the

Fund Agree*"n uni n;;ri". þualification statement or in any other document

furnished by the Investor pursuant to any ái,rt" rot"going in.connection with this ' '

ffansaction o, tvl uníïãriå" i* **¡ti", iaw violations instiruted by the Investor

;li;ñfinallyiesoivedbyjudgmentagainsttheInvestor.

Neither this Subscription Agreement nor Pe lnv?s1:J-3:ltlfi"udon Statement

may be amended, *itf'¿'u*ã or revoked by the Investor in whole or in part

without rhe prior *irä."rr"nt of the ð#rrr put ner, which may be withheld

in its sole an¿ aurotui" äir"i"ü"", This suuscription Agreement and the Investor

ö""i, nîãräîï;,-"-*, ä "ï,îi* ri"."ule or as s i gn able b v anv p arty hereto

ThisSubscriptionAgreement,theFundAgreement'lh:llvestorQualificationsratement and att,"iTr"äiiio"i*i""îirt*'äf shall be binding uporr and inure to

the benefit of, the n*"; nereto un¿ .urtt i"ãemnit"" and their respective heirs'

executors, administrators' successors' tru Jees and legal representatives'

ThisSubscriptionAgreementandlnvestorQualification.Statementshallbedeemed to have b"åï;ä" i;d";, ;¡;-h;ll bì gou"rn"d bv, and construed in

accordance with, thã^sù;**i;" law of ,t" i.ur" õf D"lu*-" (excluding the law

theieof which requires the applicæion oi* rrr"rence to the law of any other

jurisdiction). Tl" p*i"t "gt""

*Î:,ïî *i"" or proceeding arising; directly'

indirectly o, otn"'*i'e, in connection '*;th'- out ;f' related to or from' this

subscription eg.""*"ni und Inu".ror Qualification Statemen-t, any breach hereoÏ'

or any transacrion ;;;;;;ã1h;"uv, ,r,iii-u" resolved, whether by arbitration or

othÞrwise, exclusively with referen¡" ïo- the law of the - state of Delaware'

Accordingly, the partíes consent un¿ .,r¡iri, ìo irt" non-exclusive jurisdiction of

rhe courrs located î, ä" -li"t"

of paawale, and also agree to submit to the

jurisdiction of the "ä"*ïlo"*ed in the. ð;;ú "i¡-ri

clara within the state of

california. The parties further ugr"" ,rrãiuly ,u"tr *d:l or Droceeding brought

by eithor such party to enforcl .uny.1gilt'ätn tny claim' år obtain any relief

whaßoeveiln "oin""rion with

-this' Subscription Agreement and Investor

eualification stateÁent shall be "omm"n""d

by such party either in the state of

Delaware or in the'ö;;öiú;cl;" within the State of caiifornia'

f^-.+L,

IfanylegalactionorarbitrationorotherproceedingisbroughtfortheenforcementofthisSubscriptionAgreementandlnvestorQualifi""i*.'.:*T"1.or because of an ãiræ.i dispute,. breach, default or misrepresentatlon ln

connecrion with any of the prorrrroiï-ol this subscription Agreement and

Investor eualificatiãí Stut"*"rrt, tte sucã"s'ruiãr pre't'aiting p*y or parties shall

be entitled to recover reasonable uno*-åyr-'- r"", un¿ other costs incurred in that

ïu"Jïä;åîäã,*^t"ä;i;ã;; ;;v'ãtr,"r ."ri"f to which thev mav be entitred'

ThelnvestorbyexecutingthisSubsçriptionAgreementandlnvest""g"l'll"^^:lÏStatement uppoini, the

"General Partner and each of its managers' managlngd

(E)

e)

s1277n.2

PM-2138

@members, directors and officers, with full powef of substitution' as the Investor's

trueandru*rorr"pr"sentativeandattorney-in-fact,inthelnvestor'sname'placeand stead to make, execute, sign, complete or correct, ackrowledge, swear to and

file (i) the Fund Agreement, any amendment to the Fund Agreement or (ii) any

other agree*"ni o."inrtrument ;hirh the General Partner deems appropriate to

(A) admit rn, rinrr,å, as a Limiteip*nrt, (B) effect the addition, substitution or

removal of any Limited Partner p*t*n, to ìnã pon¿ Agreement or (C) effect an '

amendment or modification to the Fund Ageement adopted in.accordance with

ä;;;;ithe Fund Agreement. This fower of lltorneV is coupled with an

interest, is irrevocable aid shall survivá and shall not be affected by, the,

,obr"qo"n, **ri"ãriå", bankruptcy, intolvency or dissolution of the Investol.

(G) The Investor understands that the General Partner will inform it of whether this

subscriptionforanlnteresthasbeenacceptedand,ifso,thedateonwhichthçil*;';ili be issued (the "closing Date")'

(H) The Investor acknowledges that the General Partner reserves the right io reject' in

its sole an¿ atsolute disãretion, this and any other subscription for ¡-lr Interest'.in

wholeorinpu+inanyorder,atanytime^priortotheClosingDate':notwirhstanOirri prior i"ceipt Uy the undersigned of notice of acceptance of all or

any parr of rhe undersign.¿,. ..,b_r.iprì;;, Ëubscriptions are subject to ãllotment

before un¿ uftéi u"."i'tun.". If the Interests are oversubscribed' the General

Partner will determin, in it. sole and absolute discretion which subscriptions' or'

portions thereof, shall be accepted'

(I)Nowaiverbyanypartyofanybreachofanyterm.ofthisSubscriptionAgreementshall be construed as a waiver of any subsequent breach of that term or any other

term of the same or of a different nature' i' , ,

(D , Th" representations, watranties, agreements,. and indemnification obligations of

the Investor contained in this Subscription Agreement and the Investor

Qualification statement shall survive the execution hereof and the purchase of the

Interest and shall be deemed to be reaffirmed by the Investor at any time the

Investor makes an additional capital contribution to the Fund' The act of making

. sucrl additionä "tpiø """r¡Uutiont shall be evidence of such reaffirmation'

(K) The propose{ investment by the Investor in the Fund will not directly or indirectly

contravene United States federal, state, intemational or other laws, rules or

regulations,includinganti-moneylaunderinglaws,,rulesandregulations(a"Prohibited Investmentr') and no cäpital contribution io lhe Fund by such Investor

will be derived from any illegal or illegitimate actrvltles'

ThelnvestorunderstandsthatfederalregulationsSldExecutiveordersadministered by rhe u.s. Treasury Departm"nir offi"" of Foreign Assets cohtrol

("OFAC") prohibit, among otherihings' the engagement in transactions with' and

e

(L)

5727722.2

PM-2139

(M)

(N)

the. nrovision of services to, certain foreign countries, tenitories; entities and

ildiírd;;ilf--n" nu"rtor furrher represents and warrants that it is not a country,

territory, person o. "niiif

numed on än OFAC list, nor is it a person or entity with

whomdea1ingsareprohibitedunderanyoFACregulations.'.'.

in anY country thatThe Investor is not a foreign bank without a physical presence

isnot a Regulated Affiliate2 (a "Foreign Shell Bank")'

The Investor acknowledges and agrees that, notwithstanding anything to tlre

contrary contained in u¡v"¿otoment-(including this Subscription Agreement' the

Fund Agreement, any side letters or similt agreements), if,- followins !h9

Investor's investmentin the Fund, the General Partner reasonably believes that

the investment is or has become a Prohibited Investment or if otherwise required

6;-ñ;r¡" Fund mayì" ouiigut"O to.'-'freeze the account" of the Investor' either

. by prohibiting additiónal capiial contributions, restricting any distributions and'/or

declining uny r"qu".is to tránsfer the Investor's Interest' In addition' in any such

event, the Investor may forfeit its Interest, may be. forced to withdraw from the

Fundormayotherwisebesubjecttotheremediesrequiredbylaw,andtheInvestor shall have no claim against any Indernnitee for any form of damages as a

result of any of the actions dãscribed in.this paragraph. The Fund may also be

required to report such action and to disclose thJlnvestor's identity or provide

other information with respect to the Investor to OFAC or other governmeJltal

entities.

on¡rìce rlicelnsed to th writing: (i) the Investor is(O) Except as otherwise disclosed to the General Partner in

not resident in, àr or ganizedor chartered under the laws of, (A) a jurisdiction that

has been desilnateaËy the Secretary of the Treasury under Section 311 or 372 of

rhe lnternatioíãiUonáy Launderini Abatement and Anti-Terrorist Financing Act

of 2001 (the "PATRIóT Act") as= warranting special measures due to money

laundering concerns or (B) any foreign country-that has been designated as non-

cooperative with intemaiional anti-mãney laundering principles or procedures by

an intergovernmental group or organizaiion, such. as the Financial Action Task

Force on løon.y luunî"riig, of 'itrictt

the Unitpd States is a member an$ w.ith

which aesignation the united states representative to the group or organization

continues to concur (a "Non-cooperativè Jurisdiction"); (ii) the funds used by the

Investor to make .upirut contribuiions to the Fund do not originate from' nor will

they be routed through, an account maintained at (A) a Foreign Shell Bank, (B) a

foreign bank (other than a Regulated Affiliate) that is barred' pursuant to its

banking licensà, from conducting banking activities with the citizens of' or with

2..Regulated Affiliate" means a foreignbank that (i) is an affiliate of a depositary institution' credit union

or foreign bank that maintains a physi-cal prer"n"" ìá the United States or a foreign countfy' as applícable

and (ii) is subject a *p"Jti"" åVi UtnLi"g authority in the counry regulating such affiliated depositary

institution, credit union, or foreign bank'

I The lisæ of OFAC prohibited countries, territories' persons and

website at <www'treas.gov/ofac>'

entities can be found on the OFAC

95727'.122.2

Plúl-2140

t,

the local curïency of, the country that issued the license' or (c) a bank organized

or chartered r"ã", ih" lu*, oi u Ñon-cooperative Jurisdiction; and (iii) the

Investor is not a senior foreign political f,tgure, or any immediate family member

or close urro.iur, of a seniãr iotng" poiitical figure, in each case within,.tn" ,

meaning of the PATRIOT Acl .

(P)Thelnvestoragleesprgmgtl^vtonotifytheFundshouldthelnvestorbecome*" , ;;;;i""y;;:ö ñì;;"t,rf;;ution Set forrh in paragraphs (K) through (o)

+^ nrnwide. nn\ ld by the General Partner(O The lnvestor agrees to provide any information requestt

which the General Partner ."uronubly believes will enable the Fund to comply

with alt appticaule anti-mon"y r^u"a"ring laws, rules and regulations. The

Investor understands and agrees--trrat ì'he Fund may releaie- confidential

information about the Investor ,o uoy f"tro¡t, if the General Partner, in its sole and

absolute discretion, determines thaísucfr disclosure is in the best interests of the '

Fundinlightofrelevanttu**,*l",andregulationsconcerningProhibitedInvestments.

(R)ThelnvestorhasreadcarefullyandunderstandstheprivacypolicyoftheFundattached hereto as Exhibit A "

vI. TRUSTEE, AGENT, REPRESENTATIVE OR NOMINEE

arêê coel1l renresentative or nominee for aIfthelnvestorisactingastlustee,^EenLlepre'set

subscriber (a "B"n"ii"ial ownei), tt " Inul'ior"understânds and acknowledges that the

representations, warranties and agreements (including;- without limitation' the

indemnification oUlieatiài, t"tionn ín Slttion Vie) hereof) made herein are made by

the Invesror (a) with respect to the Investor and (b) with respect to the Beneficial owner

of the Interest ,uur..iù"å ror hereby. The Investor further represents and warrants that it

has all requisite po*"i and authoriiy from the Beneficial owner to execute and perform

the obligation, un¿"I. tt is suur"ription egr""-ent an-d Tnvestor Qualification statqment'

In addition to the indemnificatión obliíaüons set forth in Section V(A) hereof' the

Investor also agrees to indemnify "ach"Ind"*nitee against any and all loss' liability'

claim, damage, cost and expense whatsoever (includingl but not limited to' legal fees and

disbursements and any and all orher "ipànr"s 1lr1sryver

reasonably incurred in

investigating, preparing for or defending agåinst any litigation' arbitration proceeding' or

other action o. pro"""ãi"g, ¿.**"nceà'or"threatened, or any claim whatsoever) arising

out of or in connection ïi,h, o, uur"J ufon or resulting from, the assertion of the

Invesror,s lack of proper authorization fã* the Beneficial Owner of the Interest

subscribed for hereby to enter into this. subscription Agreement and Investor

ôudification Statemeni or perform the obligations hereof'

s127722.210

P\A-2141

vII.ADDITIONALINFORMATIoNANDSUBSEQUENTCHANGESINTHEY ^^: iiõRË-CoiÑãnrpnnsENrarroNs' , ,

The General Partner may requesl. from the Investor such additional information as

it may deem necessary to evaluate the. eligibility of the Investor io acquire an Interest' and

may request from time to time such informatión as it may deem necessary to determine

the eligibility of the Investof to hold an Interest or to enable the General Partner to

determine the Fund,s compliance with applicable regulatory requirements-or tax status'

and the Investo*rruit pionide such iniormation as may reasonably be requested;

provided, that.such iniot ution may be obtained by the Investor without unreasonable

effort or expense.

Each person acquiring an Interest must satisfy the foregoing both àt the time of

subscription and at all fimesitrereafter until such pefson ceases to be a Limited Partner'

Accordingly, the Invesiãi "g'""t

to notífy the General Partner promptly if there is any

change with respect tã-any oî tn. foregoin! information or representations and warranties

and to provide the Generäl Partner with sich further infonnation as the General Partne¡

*uy t"åtonablY require.

v

57n722.211

Pl\i'-2142

b PAGE MILL PROPERTIES II' L.P.

INVESTOR QUALTFICATION STATEMENT

I.ELIGIBILITYREPRESENTATIoNSoFTHEINvESToR.,

(A) GENERAL INT'ORI\',IATION:

TYPe of Ihvestor - Please check one:

-PartnershiPÑ--u*" or ltt*stor (Please Print or Type) CorPoration

Limited LiabilitY ComPanY

TrustFoundationEndowment

-E.nployee

B enefit Plan

. Other - SPecifY:

ffixercising investment discre-

ii"" î"i ift" Investor' if any (tustee or fiduciary' etc')

Date of SubscriPtion:

PrinciPal Place

of Business Address:

Mailing address if different:

U-S. Ta"PaY"t I-D' Number

NameName

StreetStreet

City, State, ZiP CodeCity, Stut", ZiP Code

Attn.: .

Telephone number: ( )

Telecopier number: (

Payment bY Wire:ifr'. fon¿'i ¡unk should wirè transfer only U'S'

Dolla¡s via Fedwi¡e to:

Attn.:

Telephone number: (

Telecopier number: (

Bank Name

Bank Address

¿SA ot CHIPS Number

Account Name

Account Number

For Further Credit

5727'122.2

P\1t-2143

Check one and comPlete blanks:

organized under the laws of:

, has its PrinciPal Place ofbusiness in:

r its date of incorPoration or

organization is:

r and reports its income for-federal

income tax Purposes on the

basis of a:

[ ] calendar Year' or

[ ] fiscal Year ending on

(2) The Investor is nllormed for the sPecific Purpose

;ñq"ttl"g the Interests, with t"t"l "t."tt in excess of $5'000'000'

(1) If the Investor is an employee-b"T:fi,t plln'1'1n endowrnent' a foundation;

a corporation, partneiship, linrited iiuuitity company' trust or other

. legal entitY, it is:r e"v' v"-r '

(B) ACCRBDITED.INVESTORSTATUS:

Repulation D promulgated under the securíties Act excepts from regístratton certain offers and sales of

seãurities if made ," ,,**î¿iî"¿ ¡nurirorr.- pl"orl'"ïí"iiU opp*p'.øte sPaces on the following pages

indícatins the basis ,,",'iäif ,lí!"'í;;"::;", ;;;îtrt"iî'"iiî'iå¿ln¿ ¿nu"ito' under Resulanon D'

7 t----.^-t^- Lòînatcþl

The Investor certiftes thøt ít ís øn accredífed' ínvestor becøuse:

00'000' that was not(1) The Investor is a trust with total assets in excess of $5'0

formed for the specific purpose of u"ffing the Intefests and its purchase is

directed uy a sophisticated person' o";t"líX'¡cøted person" is one who has

sach Imowledge'and' "'p"'i"n"" in ¡""iåù and buiness rnatters that he or

she is capable of evaluøtíng rhe *"rtti:s ond rísks of the prosPecttve investmenL

(3)Thelnvestorisanemployee_be4efitplanwithinthemeaningofERlsA,andthe decision to invest in the nund wfffi¿" uv u plan fiduciary (as defined in

Section ¡CZf l "ienlSÀ), which i. .itt"iãUunt , t*ings and loan association'

insurance ""d;;;;î"giri*"¿ iriårr"rr", aiviser. The name of the plan

fiduciarY is:

5'r27722.2

Pf\A-2144

(4)

(s)

The Investor is an emplovee benefit plan within

has total assets in excess of $5,000,000'

the meaning of ERISA that

itsstate or itsThe Investor is an

ffi ,iåi H åit'i "ffi ':'iïïll1'lå JA. åpurrrrucr ùuu."r¡e¡v¡rv, -- -'--r I excess of $5,0001000.

politicat subdivisions that has total assets tl

(7) The lnvestor is athe Code that was not formed for the specific

(6)Thelnvestorisaself-directedemployeebenef,rtPlan!i.e.,atax-qualifieddefined contribution plan in which a participgnt may exercise control over the

invesrmena of ur*"o credited to his å her åccount) in which each participant

is an accredited investor because tultt punitip*t (Ð l-1*

an individual net

worth,3 o, "o*tr*d with his or her spiuse hur ..combined net worth, in

excess or $r,ooõ,ôoõ o' tiil had individual incomea (exclusive of any income

attributabletohisorherspouse)ofmorethan$200'000ineachofthetwomost recent years or joint incomel with his or her spouse'in: excess'of

g300,000 i" "".il

ãrìt Jr" !"*r, *d the Investor has a reasonable expectation

ofreachingthesameincomelevelinthecurrentyear.Ifthisitem6ischecked, ptease have each ,u.r, purti"ipunt complete the "Individual Portion"

on page íof this Section' ' '

the

3 .Net worth,, means the excess of total assets at fair market value, including home, home furnishings and

automobiles, over toral liabilities. For purposes -ù

á"t"r*ining "net -woith"' the principal residence

owned by an individuar shail be varued "'*I 1i¡iä::,ti*:'1f ,f""":å*,i'iiä:åîJi"îiJl:H:*:i.iHT:;i"""iiil"i"ïJrö9iä. ift 3ii.''.;a-;;r":"o-i,1:.n-o"r'v

as determined upon a

wriuen appraisal ur"a uy .n-lnriirolior,í t"na", Inut irig a loan to the individual secured by the property' -

including the cost of subsequent improvements, ne-t of current encumbrances upon the property'

..Institutionat lender,, *";;-;=b;"k, .uuing, ""d

i;";';;;pt"v, *¿utttiul loan company' credit union or

personal property broXerî u ,o*p*V *Éor" prffiui Uo'in!" is as a lender of ioans secured by real

prop"rry and which r'u' 'uJi

rount i"t"iuuule in ihe amount of $2'000'000 or more'

T1;';"ses of this Investor Qualification statement' "individual. income" means adjusted gross

income, as reported for federal income ,"* po,po'""'',î'ï ãny into'n" attributable to a spouse or to property

o.wned by a spouse, in"r"ãr"ã fy ,n" ro¡o*i;g ;;;;;t-ó'"i not includins any amounts attributable to a

sDouse or to properry "*;ä;tå spouse): (i) t1e amount of any tax-"*"mp1 interest income under Section

roa or the united stut"ï lnü*¡'R"n"nt" c"d;ï;ï86'ãamended (the "code")' received; (ii)the

amounr of losses claimi ;;'; fit t"J partner in ^

lt*¡láJ partnership as reported on Schedule E of Form

10a0; (iii) any deduction .lri*"¿ foi depletion-Ñ;; Såction 611 et-seq' of the Code; (iv) amounts

conuibuted to an Individual Retirement ¿"tooniïis'd;ft"J in the Codå) or Keogh retirement þlan;

(v)alimony paid; and (vi)any elective "onoiuuaiolï*-"'"*rr or deferred ar-rangement under section

401(k) ofthe Code'

s..¡ointincome,,meansadjustedgrossincomeasreportedf"'f'"..d-ï^l]:.":metaxpurposes,includingany

income att¡ibutabre to a spouseor to property o*.å by a spouse'.increased by the following amounts

(including any amounrs attibutable to a spouse "t

ä*pö"*i 9*Tq.9J.t spouse): (i) the amount of any

rax-exempr interesr ,rro*äuï¿", Se.tion ìog ot rh; öËl",.eived, (iijthe ã*ount of losses claimed as a

limited partner in a limíted parinership ", ,"poiãaä !tlt"ãtl"

'E- of Form 1040' (iii) any deduction

claimed for depletion under Section 611 et seq.;i1i" õ.ã"' and (iv). any amount by which income from

loris-term capital gains i,ãri""" i"¿"ced in a.,iuiîtäi "¿j"tå¿ gross'income p*sutnt to the provisions of

Seciion 1202 of theCode prior to its repeal by the T"ax Reiorm Act of 1986'

1çilirin cÞ

57n'722.2

P\A-2145

Interests and has total assets in excess of $5'000'000'

(8) The Investor is a bank as.defined in Section 3(a)Q) of the Securities Act or a

'savingsandloanassociationofotherinstitutionasdefinedinSection3(aX5)(A) of trr"-s".".itirs Act, acting in its indivia¡:a| 11ti{uciary

capacity

*d subscribing f;il;-;"tchase of thã Interests on behalf of a trust account

or accounts.

(9)Thelnvestorisabrokerdea]erregi{3redpursuanttoSection15oftheUnited' States Securiti.. ex"ttanþAct of !934' as amended'

(10) The Investor is an insurance company as defined in section 2(13) of the

Securities Act.

(11) The Investor is an investment company registered under the 1940 Ac1'

defined in Section(12) The Investor' '

2(aN48) of the 1940 Acl

(13)Thelnvestorisaprivatqþusinegsdevelopm-en-tçomp4nyasdefinedinSection'202(a)(22) of th; ct of 1940' as amended'

(14)ThelnvestorisaSmallBusinesslnvestmentCol4Ban.vlicensedbytheU.S.SmallBusinessAdministrationonããffi¡o1ic¡or(d)oftheSmall

--- L^ ^-^-,{,(15) The Investor is a revocablg trqst-which may be amended or revoked at any

time by the gr*tor:Jh"r*f*ã;1i of the grantors afe accredited investors' I/

thís item 15 ¡lïäit r¿, please (i) make photocopies of (A) for eøch Srant!:

that is o, ir¿¡rldiit, the",Indivi¿ual portion" on page 5 of this section or (B)

.for "orr, gronii-rnø ¡, an institutional investor, pages 3 to 4 of this section,

and(ii)haveeachsuchgrantorcompletesuchrelevantpage(s).

(16) The Investor is

ffi Ï*tí";;;;;;;i'""¡"d¡'¡'¿uoî'th""ryan!au1!':::::,,^::,0:!:,".:,:{íi;:;:;;';""ii"iu'i¡", each equiry owner that is an institutionat investor'

.-- --- ^^-^^-l^t^

pages 3 to 4 of this S,'tion, "iA (¡Ð have each such equiry owner complete

such relevant Page(s).

51n722.2

P\A-2146

v

Individual Poñíon

IfItem(6),(15)or(16)ofrhísSection(B)ischecked'thisporríonmøyhavetobefilledin:

The individual certifies that he or she is an accredited investor because:

(1) The Investor is a director or executive officer6 of the Fund or the General

' Partner.

(2) The Investor has an individual net wotth, or combined with his or her spouse has

a combined net worth, in excess of $1,000,000. ("Net woñh'\ is defined in

footnote 3 above.) ':(3)Thelnvestorhadindividualinc^ome(exclusiveof_alYincomeattributabletohis

or her spouse) of',,'ãr" than $200,000 in each of the two most recent years or '

joint incom" *itft hi.;r h;t spouse in excess of $300,000 in each of those yeafs'

and the Investor has a reasonable expectation of reaching the same income level

in the current v"*. -c,í"¿¡rídual.

iicome" is defined in footnote 4 above and

"ioint íncome'; i, de¡)'n"d' in footnote 5 above') ,'

(C) SECTION (3XcXl) INVESTMENT COMPANY:

section 3(c)(1) ofthe 1940 Act excepts from registralíon any issuer (í) the outstanding securítíes ofwhìch

are owned by not more than 100 Uà"¡ciat o-i"u and (ii)it ¡dt ¡t not engaged ín a public offering'

please check all appropriate spaces on tne ¡ottow¡ii lii'", io' pu'potts oi dercrmtning whether the Fund

iould qualífy und'er Section 3(c)(l)' ',

The Investor certífies that:

(1) The Investor

(a)

(b)

counts as one beneficial owner under Section 3(cX1) of the 1940

Act;or

counts as beneficial owners under Section 3(cX1) of the

1940 Act.

(2) The Interests do not represent mo¡e than 40vo ofthe lnvestor's assets (including

committed caPital).

(3) To the Investor,s knowledge, the Investor does not control, is not controlled by

ffieansthepresident,anyvicepresidentin'chargeofaprincipalbusinessunit,division or flrncrion, unyã,r,". officer who p".for*t-uioiicy--uking function or any other person who

performs similar policy *tkñ ft'nctioo' for ihe Fund'

5'127722.2

Pl\A-2147

and is not under corrmon control with any other Investor in the Fund. lf this

ítent 3 is unable to be checked, please specify why: .

(4) The Investor is not an investment iompany required to

1940 Act.

be registered under the

(s)

(7)

The.Investor does not rely on the exception fromthe definition of investrnent

.o,,,puny under Section Etäitf i or Section 3(c)CI of the 1940 Act. lf this item 5

is unable to be checke¿, *rá'Generol Partner will ask the Investor for addírtonal

info¡mation

The Investor was not specifically formed or recapitalized .for

the purpose of

acquiring the Interests

ïVith respect to its investment in the Fund, the Investor does not maintain a

separate investment account whereby each of its partners, shareholders, trustees

oiother owners has the right to elect not to participate in such investment' exlelt

where such election rightiequires the consánt of all persons or the consent of the

Investor'sgenera1partner(oiothercontrollingperson).

To the Investor,s knowledge, no shareholder, pafner or other holder of equity or

beneficial interests in the Investor (i) owns Inierests in the Fund, t*:"4 through

its interest in the Investor or (ii) owns interests in any other investor in the Fund'

(D) TAX STATUS:

(1) The Investor hereby cefifies that it:

(a)

(b)

is a."United States Person;"7 or

is not a "United States Person'"

(2) The Investor hereby certifies that, pursuant to u.s. Treasury Regulation section

301.770t-3,ir:

(a) is an entity disregarded as separate from its owner; or

ÑtedStatesperson,,shallhavethefol]owingmeanings9tfort!rinSection7701(aX30) of the Code and the regulations promulgated thereunderi- (i) a citizen or resident of the United

States, (ii) a U.S. partnertf"p, ittl a-Ú.S. corp-oratioi-' (¡n) uny estate (other ihan a non-United States estate'

within the meaning or s""iiin'zíO1(ax31) oi tr,, cooà¡,'(v)iny trust if a court within the united States is

able to exercise primary supervision over the administiation óf th" ttutt and one or more United States

persons have the auttro.ity iä control all substantiaiãecisions of the trust (vi) any trust which has elected to

be taxed as a trust described in (v).

51n:722.2

PM-2148

(b) is not an entity disregarded as separate from its owner'

the owner a "United States person"'If item @X2Xa) is checked, is

as defined above?

Yes No

(3) The Investor hereby certifies that it is:

(a) an entity exempt from U'S' federal taxation under

I LL ^ l1^Aõ.

Section 501(a) of the Code;

Section a08(e) of the Code; or

Any other Provision of law'

or

not an entity exempt from U'S' federal taxation'(b)

(4)ThelnvestorunderstandsthatifitisaUnitedStâtesperson(oradisregardedentity owned by a United States p""ãnj'

'h" I"u"stot (or its owner in the case of

a disregarded entiry) must submir " iuíry completed and executed Form w-9 to

the General Partner' '

anon-United States corporation' non-United(5) The Investor understands that if it is

states partnership or orher non-unit;J states entity (or a disregarded eniity

owned by a non-Ùnited states p"rroni, ít" Investor (òr its orvnef in the case of a

disregarded entity) should -*9=1it"fft "ompt"tàa

and executed Form W-

8BEN, *-8ECI,.w-BIMy or w-sEiii"i.ppÀptiate) to the General Partner to

' claim an' exemption from: fal US" inior-àtio" rgportin-g- ^and' 'back-up

withholding, (b) u.s. withholding t^* ón portfolio interest, (c) u's' withholding

mx on U.s. ,o'í""1n""" or dividend und"t any applicable income tax treaty'

(d) u,s. wirhholding rax becaus" ii"o*" is "-tr"õiiu"ly

connected with the

conduct of a U'S' irade or Uu'i""" or (e) U'S' withholding tax because the

recipientis,'"."-"-p'non-Unitedstatesgovernmentorinternationalorganization'

(6)Thelnvestorunderstandsthatifiti,sactinginatrustee,executororfîduciarycapacity, it sr,out¿ consult the instructions õ Forms w-8 and w-9 to determine

which form(s) to submit'

(7)Thelnvestorherebya-gleesthatifanyinformationh¡ryinchanges,thelnvestorwill notify ,t," c"ná.uiparrner *ithin'oo days thereof' -The

Investor understands

that the ,o ,Jp*'""ìátiãn' una ïopuyer I'D' 1u1ber contained herein are

provided llnorr'f-ffi of perjury án¿ *uv be disclosed to the united states

sry122.2

Pt{t-2149

Internal Revenue Service by the Fund_ and that any false statement thereof could

be punished by fine' imprisonment or both' :

''''.(E) ERISA MATTERS:

r.--t-t^\.Thte Investor certiftes thøt Qtlease check íf applícable):

(1)Thelnvestoris,orisactingonbe!r{{'oof,a..benefitplaninvestol''(assuchtermisd"nn"ãin zg c¡'n' $ 2s10'3-101(Ð(2)'"

(2) The Investor is not, T1': 1o13:t:1g:l l:l:ll of' a "benefit plan investor" (as such

term is defined in Zg C'f'n' $ 2510'3-101(Ð(2)'

sA.,benelitplaninvestôr"includes,withoutlimitation'qualifiedletirementplanssubjecttoERlsAandemployee

benefir plans and arrangements not subject to ERISA, t"ärtit g";mental plans' churcír plans' foreign plans' Keogh

pi-t *a lnaiuidual retirement accounts'

57z',1'122.2

PM-2150

@

SETlOF2'

Yrfn

PAGE MILL PROPERTIES II, L.P'

SUBSCRIPTION A GREEMENT AND INVESTOR

ouÃiincATloNsrÁfm,mNTSIGNATI.]REPAGE:

IN V/ITNESS WHEREOF, the Investor has executed this subscription

Agreementun¿rniJt"o,Q*rin*tionSiatem"ntonthedatesetforthbelow

By:

Date:

Amount of Commitment: $(lJ'S').

tpfãt"-fype or Print Name of Investor)

Signature

(PI""* Typ" "r

Print Name of Signatory)

Tirle:

Natne of Trustees or Other Fiduciaríes Exercísíng Investment';; ;;;í"; iirh n"'P'"t to B eruefit

:"" .o'

rrust

Signature Printed Nørne Title

v5127722.2

Pltl-2151

SFjT 2OF2 : .

PAGE MILL PROPERTIES II' L.P'

SUBSCRIPTIONAGREEMENTANDINVESTOR.':..''Qual,in'tcarloN sr¡'rnwNT sIGNATtiRE PAGE

INWITNESSWIIEREOF,theInvestorhasexecutedthisSubscription.agr"enänt unji;r"*t qu^ulifirution starement on the date set forth below ,',

,.:

By:

Narne of Trustees or Other Fiducíaríes Exercising Investment'nlr"rttioo

wíth Respect to Benefit Plan or Trust

Sìgnature Prínted Name

Date:

Amount of Commitmenü $(u'S')

eñt" Type or Print Name of Investor)

Signature

@ryp. or Print Name of SignatorY)

Title:

TitIe

tr572'7',|22.2

P\ll-2152

SETlOF2

)

)

ACKNOWLEDGMENT

ss.:State of .

CountY of

On this daY of 2006, before me personally appeared

who executed the foregoingwho proved to me on tft"J^it ofãtisfactory evidence to be the per

insnument in his/rrer aï,hffii;;;;;iq', ;9ï1'9 a"v-Ty:^Ï::.is:1.:o -" that execution or the

#i#'#:#:ää;;""ã ¿".¿ aná made with appropriate authoritv'

My Commission ExPires:Notary Public

lSeall

Nonry:ptrorrcompletestate,couttty'd'arcandnamet:!":':":t::ssígníngandffinotarialseal'======== = ========== ========= == ===== ==== ====-- = = = = = =

For Fund Use 0nlY

Do not write below this Point

The subscriptiou is hereby accepted in the amount set forth

;;;;d "tä Li-it"a Partner as of ;

below and the investor is herebY

Accepted Commìtment Amount $(U'S') :GENERAL PARTNER:

PAGE MILL PROPERTIES tr GP, LLC'

a Delaware limited liability company

By:Nãme: David A' Taran

Title: Authorizedsignatory

572'7722.2m

PM-2153

SETlOF2

F{IND:

PAGE MILL PROPERTIES U, L'P.

J tr GP, LLC,BY: PAGE MILL PROPERTIE5

Its General Partner

By:: Name: David A' Taran

Title: Authorized SignatorY

5127'722.2IV

Pl{l-2154

SET2OF2

ACKNOWLEDGN{ENT

I staæ of )ss.:

.. County of )

'. ' ' ' I

On this ' day of

-,2006,before

me personally appeared

'''...''...''..*r'op,odencetobethepersonwho; instrumenr in his/her authorizei cõ;;itt, tig *P dulv acknowi:.1*-:" me that execution of the: " '""*":^îil,t;;;ir;;; and deed aná made with appropriate authority.

, ... J ,l

' :-, : MyCommissionExpires:...,, ,..,,. Notary Public

. . .-'. :1 .

...;' ',,. tse4li.. ':'.: j

nes of all persons sìgning anà ffix notarial seal-.:Notary:Pleasecompletestate'county'dateandnan

- é - = = == == = = = = = = = = = = = = = = = = = = = = = == = == == = = = = = = = = = = =':.

.

For Fund Use OnlY

Do not write below this Point

, - The subscription is hereby accepted in the amount set forth below and the investor is hereby

: admitted ""ã Limit"d Partner as of

ÇE\ERAL PARTNER:

PAGE MILL PROPERTIES tr GP, LLC,

a Delaware limited liabiiity comPany

By:Nâme: David A. Taran

Title: AuthorizedSignatory

Accepted Commitment Amount $(U'S')

v5'1271222

PM-2155

SET2OF2

FUND:

PAGE MILL PROPERTIES tr' L'P'

BV: PAGEMILLPROPERTIES II GP, LLC,

Its General Partner

By:Name: David A. Taran

Title: Authorized Signatory

c

s'\27722.2VI

PM-2156

Þ LIMITED PARTNER SIGNATIJRE PAGEm^TO

,..AMENDEDANDRESTATEDAGREEMENToFLIMITEDPARTNERSHIP^'*:::.^.:::-,- that effective as of the date of itsj By its signature below, the undersigned hereby "fl."t:: admission ro page Mill properties II, L.P. ithË;'n'un*) .i u fi*it"¿ Partner it shall (i) become a party

. to the Amended and Restated egr"r*"niîi I-j*iæi Partnership of the Fund' as the same may be

amended, restated or supplemented from d;;;tit"" in accordance with the provisions thereof (the

,Fund Agreement"j."á Ol be bound UV t..ñt"¿ every ter* und provision of the Fund Agreement'

Amount of Commitment: U'S' $

þefrurt .ffne Name of Limited Partner)

By:Signature

Gúffi; ,t Print Name of SignatorY)

Date:

======== ==== --e = == = ==== ==== ==== ==== = =

ACKNOWLEDGMENT

). ss.:

)

On this day of 2006, before me personally appeared

Title: :

======= === = =

State of

County of

whoprovedtomeon.perSonwhoexecutedtheforegoinginstrument in his/her u"if,ã,i'"¿ capacity, "ig

*lg duly acknowLlq:1.:" me that execution of the

same is his/her o*n fr"" "f and deed aná made with appropriate authority'

My Commission ExPires:Notary Public

lSeaI

Notary: Please Complete state, county, date and names of aII persons sígning and affix notarial seal'

5727722.2VII

P\A-2157

SET2OF2,.

PAGE MILL PROPERTIES II, L.P.

LIMITED PARTNER SIGNATI]RE PAGE . :

TO . -'AMENDED AND RESTATED AGREEMBNT OF LIMITED PARTNERSHIP

:

By its signature below, the undersigned hereby agree-s that effective as of the date of its

admission to page tøitifrãperties II, L.P. (thã'Fund") ai a Limited lartner it shall (i)bscorne a party

to the Amended and Restated Agreement of Limited Partnership of the Fund' as the same ryy. Þ"

amended, restated o, ,upftr*"ntãd from time to time in accordince with the provisions thereof (the

,1rund Agreement"l *ã'Ciii u"tound by "u.h

and "u"ry

,.t- and provision of the Fund Agreement

Amount of Commitment: U'S' $- Date:

(Pl"u*" Type Name of Limited Partner)

Signature

1ff"ut" fype or Print Name of Signatory)

Title:

State of

County of

On this day of 2006, before me personally appeared

B

)ss.:

)

who proved to me on tf'," ¡^itif sutirfu"tory *id"-n* to be the person who execu-ted the foregoing

instrument in his/her authorized capacity, and who duly acknowiedged to me that execution of the

t"*" it his/trer own free act and ¿eeã aná made with appropriate authority'

My Commission ExPires:Notary Public

ISeal]

Notary: Please complete state, county, date and names of all persons signing and affix notarial seal'

5'12'7722.2Vil

PM-2158

ÞEXHIBIT A

PRIVACY POLICYOF

PAGE MILL PROPERTIES II, L.P.

' we at pAGE MILL pRopERTIES tr, L.P. (the "Fund") are concerned about

the privacy of our investors. This notice ;*Ñ;; the Fund's policies and practices with

respect to the treatment of nonpublic personal information that we acquire about our

investors. The provisions of this policy uppfy io luo"nt and former investors in the Fund and

are subject to change.

1 We collect nonpublic personal information about investors from the following sources:

...-'...Informationreceivedfromyouinsubscriptibndocumentsandotherforms;':

.InformationaboutyouÎtransactionswithusandouraffiliates;and)nsumer rePorting

':.Informationaboutyouthatwemayreceivefromaclagency regarding your credit status'

:luding in-Person discussions'This information may be received in any manner' ln(

,"r"pnon"'"o"".r*ion, and älectronic or other written communications.

2. We do not disclose any nonpublic personal information about the Fund's investors to

anyone other than the Funã's affiliates *iifrou, permission'.except as required or permitted

bv law. The excepiions include third partie, ,hut assist the Fund in providing you with

;ñ;;, tu"r, u* a broker or accountant'

ss to nonpublic personal information about you to those employees and

agents who need to know thæ informuti"n in ãi¿er to provide services to you' We maintain

ohvsical, electronic -unã

p.o""aurat safeluards that cõmply with applicable regulations to

iuát¿ your nonpublic personal infor¡nation:

4. We will continue to adhere to the policies and practices described in this privacy notice

with respect to infoilãti* if,u, *" ¡uu" acquired ãbout you' even if we no longer provide

services to You.

5. we reserve the right to change these policies and pfac.tices at any time and will provide

you with a norice ae-säuing theîevised poìi"i"r. In aädition, the Fund's privacy policy will

6" ,"nt to You annuallY'

IfyouhaveanyquestionsabouttheFund'sprivacypolicies,pleasecallDavidA.Taran at (650) 833-3800'

11Aa1'r) 7

PM-2159

PAGE MILL PROPERTIES II, L'P.

Subscription Documents

For InstitutÍonal Investors

GeneralPartnen

Page Mill Properties tr GP; LLC1900 UniversitY Avenue, Suite 201

EastPalo Alto, CA 94303(6s0) 833-3800

5T7rm2

P M-21 60

PAGE MILL PROPERTIES U, L.P.c/o PAGD MILL PROPERIIES n GP, LLC1900 ITNTVERSTTY AVE¡IUE, SrIfrE 201

EAST PALO ALTO, CALTT0RNIA 9430ß

Juty_-- 2O06

Califonaia hblic Employees' Retir€melrt Syste'm

Lincoh Plaza East '

400 Q sFeet, suitep+800Sacramenø,CA 95814

Rc: PageMill Pngperties It L.P.

Ladies and Gentlenaen:

This letteragrcerrcnt (thie 'I,sttËr-Ag¡@cilf) isbeinge,nteredinto in connectionwiththepurchase by CaliforniaPublic F.mFloiees' Retireme,nt S)'ste,m (the "Eggqlpll or þ') of¿limitedpar1¡€rshþ int€rÊst ín Page Mill Propertier tr' L.P., a Delawæe linited pa¡ürcrship (the;tæ@!g'). Inrecognitionofthevalueofthelnvesto¡'sroleasaleadinvestorinüeParhership'an¿ foi other good and valuable consid€ratioq the receþt and sufficiãrcy of whích is hcreby

acknorüledged, Page Mill ho'perties tr GP, LLC, as the sole general patner of the Partnenhip (tho

:ççggdf@g'), does hereby agreewit.the Iavestor, onbebalf ofits€lf ândtbe Partnerthip, as

follows (capitåtiz€d t€nns not defined herein having the meaqíngs set forth in the Amendcd and

RestatËd Ageement pf Limited Parbership of the Parbership dat€d as of July 26,2æ6 (aÅ

amended, suppte,meoted or.otherwise modified, the'@):

1, Most Favored Nations, For so long as you are a Limited Partner, any provision ofalry side letter, tnendúe,tt, modiffcation or agree,me,lrt to whic'h the Gener¿l Parfuer, the Partnersbip

ormyother Parallel lnvesme,lrtVehicle orAlternative InræsünentVehícle, onthe one hrod, and

any Limited Þrymer or limited partn€r or oth€r equity holder ín my Parallel Invesûnent Vehicle orAúcrnativelnvesfr€ntVehicle,ontheotherhæd,is apartyr orofwhichanylimitedPætneristhebe,rreficiary (a "gdglettd), preseartly or at any time in the future tbat hæ the eff€st of Êshblishing

rigþts or õtle"wise beneñting such Limited Parher, limited paÍn€,r or other equity holder withratpeot ûo such parüt€ds or equity hotder's interest in the P+rhership or such Pr¿llel Invesünelrt

VelicleorAlternativelnveshentV6friq[e iû¿mlrmermore favorable inanyrcspeCtthaulhedgbb

and benefits established.in favor of you by tho Partnership Agreemeirt or this Iætter Agre€,ü€nt withrespect to Irour iuterest in the Partnershþ or any Aftemative Invasffieirt Vehicle, shalt become prtof your agreernelrt with the Gfler¿t Pffier and the Pattrership with rcrpoct to yoru interest in the

Partnership or any Alte'rnative Invd'heirt Vehicle, for your benefit (other thm additiøal dghts

Ptvt-2161

PAGE MILLS PROPERTIES II, L.P.

The Page Mill Properties ll Opportunity Fund was opened on July 28, 2006 and

the purþose and scope of the investment is as follows:

o To make long term investments in value enhanced core, challenged core,

and development assets within 11 targeted technology driven markets

across the Únited States. The Fund's goal is to target Core-Plus

investments to create value through focus on repositioning, re-

development or conversion along with actual development of real estate

assets.

Plll-2162

, .,a

t¡

CTFY

PAGE MILL PROPERTIES II, L.P.

Subscription Documents

For Institutional Investors

General Partner:

Page Mill ProPerties tr GP, LLC1900 UniversitY Avenue, Suite 201

East Palo Alto, CA 94303(6so) 833-3800

s1n722.2

PM-2163

(2)

(3)

(1)

PAGE MILL PROPERTIES II' L.P.

INVES TMENT PRO CEDIJRES'

Prospective investors should complete the attached (i) Subscription Agreement

an¿'(ii) Invesror Qualification Staiement, Prospective investors should direct all

qu",ìión,andsendthecompletedoriginalaiongwiththetwocopiesojtheSubscription Agreement and Investor Qualification Statement Signature Pages

(which must bL notarized), and the two Signature Pages (which must be-

notarized) of the Amended and Restated Agreãment of Limited Partnership of

Page MiliProperties II, L.P. (the "Fund") to Page Mill Properties II GP, LLC (the

"Gãneral Partner") at the address below so that the General Pmtner ma{

detérmine whether the prospective investor is etigible to subscribe for limited.

partnershiP interests :

Page Mill ProPerties II, L'P.c/o Page Mill ProPerties II GP, LLC1900 UniversitY Avenue, Suite 201

East Palo Alto, CA 94303Attention: David A. TaranTel: (650) 833-3800Fax: (650) 688-6820

upon acceptance of the subscription, a copy of t¡." executed subscription

A^greement ãnd Investor Qualification Statement signed by the General P*""-t: 1:

aciepted on behalf of the Fund, will be retumed to the investor as soon as ls

3ht, in its sole and

practicable.

The General Partner, on behalf of the Fund, will have the ri¡

absolute discretion, to accept or reject this subscription for any leason or no

reason in whole or in part unã at any time prior to acceptance thereof'

57n722.2

P\A-2164

PAGE MILL PROPERTIES II, L.P.

ST]BS CRIPTION A GREEMENT

Page Mill Properties n, L.P.c/o Page Mill ProPerties II GP, LLC1900 University Avenue, Suite 201

East Palo Alto, CA 94303

Ladies and Gentlemen:

The offer and sale of limited partnership interests (the "Interests") in Page Mill

Properties II, L.P., a Delaware limite¿ partnership (the "Fund"), to each investor (the

,,Investor") is not being registered under the United States Securities Act of 1933' as

amended (the "securitiJs Aãt"¡, but rather is being made privately by the Fund-pursuant

to the private placement exemption from registration provided in section 4(2\ of the

Securities Act ãnd RuÍe 506 of Regulation D ("Regulation D") promulgated thereunder

UV ,f," United States Securities and Exchange Commission on the basis of the

Confidential Private Placement Memorandum of the Fund, as the same may be updated

or modified from time to time (the "Memorandum").

''The information requested in this Subscription Agreement and Investor

Qualification statement is needed in order to ensule compliance with the appropriate

rÈgUlations and to determine (i) whether an investment in the Fund by the Investor is

suîtable in light of the Investor's financial position, (ii) whether the Investor meets certain

minimum financial tests to be deemed an "accredited investor" as defined in Regulation

D and has such knowledge and experience in financial and business matters that it iscapable of evaluating the merits and risks of the investment and (iii) how to tfeat the

Iniestor for puqposes-of Section 3(cX1) of the United States hvestment Company Act of

1940, as amended (the "1940 Act").

The Investor also understands and agrees that, although the Fund will use its good

faith efforts to keep the information provided in the answers to this Subscription

Agreement and Invãstor Qualification Statement strictly confidential, the Fund may

prãsent this Subscription Agreement and Investor Qualification Statement and the

information provideùin un.wèrs to it to such parties as it deems advisable if called upon

to establish the availability under any applicable law of an exemption from registration of

the Interests or if the contents thereof are relevant to any issue in any action, suit, ot

proceeding to which the Fund is a party or by which it is or may þe bound' The Investor

ägr"", thaîthe Fund may disclose ihe investor's status as an investor in the Fund to third

parties.

The Investor realizes that this Subscription Agreement and Investor Qualification

Statement does not constitute an offer by the Fund to sell the Interests but is merely a

request for information.

5'127722.2

PM-2165

To induce PAGE MILL PROPERTIES II GP, LLC (the "Geneml Partner"), on

behalf of the Fund, to accept this subscription, the Investor hereby aglees as follows:

I. ST]BSCRIPTION FOR AN INTEREST.

(A) The Investor agfees to become a limited partner of the Fund (a."Limited fartner')

and in connection therewith subscribes fbr and agrees to purchase an Interest in'

and to make capital contributions to, the Fund in the. aggregate amount set forth,on the subscription Agreement and Investor Qualification statement signature

r"g" artached hereto oã the terms provided for hereinl Td i.Lth".Amended and

Restated Agreement of Limited Partnership of the Fund (the "Fund Agreement")'

The minimum initiat commitment is U'S' $10 million' The minimum initial

comrniûnent is subject to reduction or waiver by the General Partner, in its sole

and absolute discreiion. The Investor agrees to, and understands, the terms and

conditions upon which the tnterests -*"

U.ing offered, including, :without

ii*i,u¡on, ttre ¡st< factors referred to in the Memorandum.

(B) The Investor understands that it is not entitled to cancel, terminate or revoke this

subscription of any agfeements of the Investor hereunder. The Investor

understands and agrles t-nat the General Partner reserves the righ!, irt its sole and

absolute discretion, to reject this subscription for an Interest for any reason or no

reason, in whole or in pa't and at uny ii¡1" prior to acceptance thereof' In the

event áf rejection of this subscription, the tendered funds, if any, will be promptly

returned to the Investor without deduction along with this Subscription

Agreement and Investor Qualification Statement, and this Subscription

Agreement and Investor Qualifìcation Statement shall have no force or effecr

II: PAYMENT BY THE INVESTOR

The Investor agrees to remit the amount set forth on the Subscription Agreement

"rã în"6,or õualification Statement Signature Page attached hereto, in such

;"r"r"ents, at ìuch times and in such mãnner as is determined by the General

Partner puruuant to the Fund Agreement'

UI. REPRESENTATIONS, WARRANTIES AND COVENANTS OF THE

INVESTOR

(a) The Investor has (i) received, read carefutly and understands the Memorandum

outlining, among àiner tt ings, the organization and investment objectives and

policies of, and-the risks and "*p"nr* of an investment in, the Fund and (ii)

consultgd the Investor'S own utto*"y, accountant or investment advisor with

respect to the investment contemplated hereby ana i1s

suitability for the Investor'

Any special acknowledgment set foÉh below with respect to any statement

contained in the Memorandum shall not be deemed to limit the generality of this

representation. In addition, the Investor acknowledges that the Investor has been

giìen the opportunity to (i) ask questions and . receive satisfactory answers

concerning ihã t.r-r- and conditions of the offering and (ii) obtain additional

5727722.2

PM-2166

(B)

information in order to evaluate the merits and risks of an investment in the Fund

and to verify t¡" a"cuiacy áiift" information contained in the Memorandum' The

Investor acknowledg", túu, in making a decision to subscribe for an Interest' the

Investorhasre]ied."r"lvuponthe-Memorandum,theFundAgreementandindependent investigatior,í

'oå¿. by the Investor and its attorney, accountant and

investment advisor. The Investoris investment in the Interest is consistent with

theinvestmentpurposesandobjectivesandcashflowrequirementsoftheInvestor and witl noi uan"tt"íy affect the Investor's overall need for

ãiversitication and liquiditY.

The Investor has such knowledge and experience in financial and business matters

that the Investor is capable oievaluating the merits and risks of the Investor's

investment in the fnterästs and is able to bear such risks, and has obtained' in the

Investor,s .¡uagment, sufficient information from the Fund or its authorized

representatives to "uäluur"

the merits and risks of suCh investment' The Investor

has evaluated the ¡rtr "t investing in .the Interest and has determined that the

Interests are a suitabl" investment fõr the Investor. The Investor understands that

(i) substantial restrictions will exist on transferability of the Interest' (ii) no

market for resale of uny Interest exists or is expected to develop, (iii) the Investo¡

-uy no, be able to hqúidate its investment in the Fund, and (iv) any instruments

representing an Intereï orty ot may not bear legends to that effect lestricting the

transfer thereof. T.fre Invesior further understands that an investment in the Fund

entails a high degree of risk and understands fully the risks associated with the

;;;;";"íthe Fund and the Investor's investment in the Fund

tands that an investment in the Interest is highly speculative

and rnay result in a complete loss of its investment. The Investor can afford a

;;tiJ" loss of the iniestment in the Interest and can afford to hold the

investment in the Interest for an indefinite period of time, and acknowledges that

distributions fnay be paid in cash or in kind'

The Investor is acquiring the Interest subscribed for herein for its own account'

for investment purposes only and not with a view to any distribution, resale'

subdivision o. fra.iionulizatión thereof in violation of the Securities Act or any

;;h", õ;ìt.u¡1" u.s. or non-U.S. securities law, and the Investor has no present

plans to enter into ány "onourt,

undertaki ng, agfeement, of afrangement for any

suchdistribution,resale,subdivisionorfractionalization'

The Investof represents that all registrations, declarations or filings with' or

consents, ti""nr"s, upp."uft o' '*thoti"ations of' any legislative body'

governmental departmånt or other governmental. authority, necessary or

appropriate in connection with its invest-ment in the Fund have been obtained or

complied with.

(c)

(D)

(E)

<1a11A1 1

P\A-2167

Cn) The Investor acknowledges and agrees that, based in part upon its representations

and warranties contained herein and in reliance upon applicable exemptions, no

Interest has been, or will be, registered under the Securities Act or the securities

laws of any other U.S. or non-U.S. jurisdiction. Accordingly, except as provided

in the Fund Agreement or any side letter Or other agreement entered into between

the Fund and ãny Investol, the Interest may not, directly or indirectly, be offered

for sale, sold, plédged, hypothecated, tiansferred, or otherwise disposed ofby the

Investor without thi prior written consent of the General Partner, which may be

withhejd in its sole and absolute discretion, and unless such disposition is incompliance with all applicable laws, including, but not limited to, the U.S. federal

tax ãnd securities laws. The Investor acknowledges that it has been advised that

the Fund has no obligation and does not intend to cause any Interest to be

registered under the Seiurities Act or any other securities laws or to comply with

any exemptíon under the Securities Act -o,

uny other securities law which would

pennit the Investor to sell the Interest.

(G) The Investoi understands that the Fund will not register as an investment

company under the 1940 Act and, that for purposes of the provisions of Section

¡(c)if ) thereof, does not presently propose to make a public offering of itssecurities within the United States.

(H) The Investor agrees and is aware that no United States federal or state agency of

anyfindingsordeterminationastothe.fairnessofthisinvestment'

(I) The execution, delivery and performance by the Investor of this Subscription

Agreement, the Investoi Qualification Statement, the Fund Agreement, and such

other agreements, certificates or instruments are within the powers of.the Investor,

have been duly authodzed, executed and delivered and will not constitute or result

in a breach or default under or conflict with any order, ruling or regulation of any

court or other tribunal or of any governmental commission or agency, or any

agreement or other undertaking, to which the Investor is a party or by which the

Investor is bound and will not violate any provisions of the incorporation papers'

by-laws, indenture of trust or partnership agreement, as may be applicable, of the

Investor. The Investor is in compliance with all applicable laws; including, but

not limited to, the U.S. securities laws. The signature on this Subscription

Agreement, the Fund Agreement signature pages and Investor QualificationSiatement is genuine and the signatory has been duly authorized to execute the

same, and this Subscription Agreement, the Fund Agreement and the Investor

eualification Statemeni constitutes a legal, valid and binding obligation of the

Investor, enforceable in accordance with its terms.

The Investor acknowledges and agrees that the General Partner and Page MillAdvisors II, LLC, the investment advisor of the Fund (collectively with the

General partner, "Page Mill") have the exclusive pov/er and sole and absolute

(J)

5727722.2

PM-21 68

(K)

(r)

CM)

discretion to make all investment decisions on behalf of the Fund in accordance

with, and subject to, the terms of the Fund Agreement. Accordingly, the Investor

understands that legal counsel to tbe Fund, to Page Mitl and to any of their

affiliates will not bã representing investors in the Fund, including the fnvestor,

and no independent counsel has been retained to represent investors in the Fund-

The Investor understands and agrees that it will not make any oral or written

representations or communications to any third Pafty regafding the Fund, Page

llitt or any of their affiliates, including but not limited to representations or

communications in confidential marketing documents or presentations, unless the

Investor receives prior written approval of such representationS or

communications from the General Partner or such information is required to be

disclosed under applicable law or regulation.

The Investor agrees to supply the General Partner with such other facts, as from

time to time are deemed necessary or desirable, in order to ascertain that no

violation by the Fund will occur of any securities laws of the United States or any

other relevant jurisdiction, including the Securities Act, the 1940 Act and the

United States Investment Advisers Act of 1940, as amended.

The Investor agrees to execute and deliver any documentati'on reasonably

requested by the General Partner in connection with any financing by the Fund

unå uny "rrign*"trt

by the Fund as security for such indebtedness of the right to

requirethe Investor to make capital contributions, including any acknowledgment

by which the Investor would agree to acknowledge and be bound by sUch

assignment and to provide financial information to any applicable lende¡ as

reasãnably ,"qu"rt"d, provided that the execution or delivery thereof would not

cause the-Inueitot to b" in violation of, or require the Investor to take any action

prohibited by, applicable law.

ADDITIONAL REPRESENTATIONS, \ryARRANTIES AND COVENANTS

OF THE II{VESTOR.

The Investor was organ ized or incorporated under tlle laws of the jurisdiction set

forth below its name on rhe first page of the Investor Qualification Statement and

has no present intention of altering the form or jurisdiction of its organization or

incorporation.

Except as otherwise specified on the Investor's Investor Qualification Statement,

no part of the funds to be used to purchase and hold the Investor's Interest or to

puy utty portion of its commitment constitutes an asset of any employee benefit

ptãn roUJ".t to Part 4, Subtitle B, Title I of the United States Employee

È.etirement fncome Security Act of 7974, as amended ("ERISA")'

w.

(A)

(B)

5127'122.2

P M-21 69

(c) Except aS otherwise specified on the Investor's Investor Qualification Statement'

if the Investor iS, or is acting on behalf of, a "benefit plan investor" (as such term

is defined in 29 C.F.R. $ãSfO.g-fOf(Ð(2)) or if the Investor is a collective

investment vehicle, the plan participants or plans participating therein, as the case

may be, afe not permlttea to decidè whether or how much to invest in particular

investment alternatives

The Investor understands that the tax rules relating to its Interest are substantially

more complex and may not be as favorable as investing in securities directly'

The Investor is aware that the Fund intends to engage in transactions that may

result in the recognition of "unrelated business taxable income" upon which

certain investors who are normally exempt from U.S' federal income tax would be

taxable.

The Investor is aware that in any given year it may have substantial taxable

income attributable ro the Fund evln though the Fund did not make distributions

to it. The Investor is further aware that (it a transaction undertaken by the Fund'

or a tax accounting rule applicable to the Fund, may give rise to an allocation of

taxable income to a Limited Partner in an amount greater than the amount of

income that the Limited Partner would consider itself to have eamed as an

economic matter, (ii) such "phantom íncome" often may be reversed only with a

corresponding deduction o1. loss in a later year and (iii) any such loss may be a

capitaÎ loss that may not be used to offset ordinary income'

GENERAL

The Investor agrees to indemnify and hold harmless the Fund, Page Mill, any of

their affiliates, any selling ug"nifot the Fund, their respective officers, directors'

employees, managers, *"-b"rt, managing members' -^and

agents' including'

*itî1out limitation, (i) any person or entity that is an officer, director, member,

manager, managing membãr, partner or shareholder in any such party, or any

foroã or entitftnãt, directly år indirectly through ong_or more limited liability

companies, purtn"rri,ipr oi oth"r entities, is an officer, director, member,

manager, managlng member, partner or shareholder in any such party (each a

"Constituent Member"), (ii) any person who serves as an advisor or consultant to

the Fund or Page Mili, ànd (iiii eacn other person, if any' who controls or is

conrrolled Uy rw thereof within the meaning of Section 15 of the Securities Act

(each an ,,Inãemnitee"), against any and all loss, liability, claim, damage, cost and

È*p"nr" whatsoever qinctuOing, but not limited to, legal fees and disbursements

unä uny and all otheì expensel whatsoever reasonably incurred in investigating,

pr"p.i"g for or defending against any litigation, arbitration proceeding, of ofher

ä.,¡n or-proceeding, "ooirrtãced

or t|reafened, or any claim whatsoever) ""^ttlg

out of or in conn"ótion with, or based upon of resulting from, (x) any false

representation of wafïanty or breach or failure by the Investor to comply with any

(D)

(E)

(Ð

v.

(a)

s727722,2

P\A-2170

covenant or agreement made by the Investor in this Subscription Agreement, the

Fund Agree*ãnt utrd Investor Qualification Statement or in any other document

fumisheã by the Investor pursuant to any of the foregoing in connection with this

transaction or (y) any actiõn for securities law violations instituted by the Investor

which is finally resolved by judgment against the Investor'

(B) Neither this Subscriprion Agreement nor the Investor Qualification Statement

may be amended, withdrawn or revoked by the Investor in whole or in part

witirout the prior written consent of the General Partner, which may be withheld

in its sole and absolute discretion. This Subscription Agreement and the Investor

. Qualification Statement are not transferable or assignable by any party hereto'

(C) This Subscription Agreement, the Fund Agreement, the Investor Qualification

Statement anã all terms and provisions thereof shall be binding upon and inure to

the benefit of, the pafies hereto and each Indemnitee and their respective heirs,

executors, adminisirators, successors, trustees and legal representatives.

(D) This Subscription Agreement and Investor Qualification Statement shall be

deemed to haìe been made under, and shall be governed by, and construed in

accordance with, the substantive law of the State of Delaware (excluding the law

thereof which requires the application of or reference to the law of any other

jurisdiction). Th; parries agree that any action or proceeding arising, directly,

indirectly or otherwise, in connection with, out of, related to or from, this

Subscripiion Agreement and Investor Qualification Statement, any breach hereof,

or any trrnru.tlon covered thereby, shall be resolved, whether by arbitration or

otherwise, exclusively with reference to the law of the State of Delaware,

Accordingly, the parties consent and submit to the non-exclusive jurisdiction of

the courts located in the State of Delaware, and also agree to submit to the

jurisdiction of rhe courts located in the County of Santa Clara within the State of

California. The parties further agree that any such action or proceeding brought

by either such pârty to enforce any right, assef any claim, or obtain any relief

whatsoever in connection with this Subscription Agreement and Investor

eualification Statement shall be commenced by such party either in the State of

Delaware or in the County of Santa Clara within the State of Califomia-

If any legal action or arbitration or other proceeding is brought for the

"nforóemeñt of this Subscription Agreement and Investor Qualification Statement

or because of an alleged dispute, breach, default or misrepresentation in

connection with any of the providions of this Subscription Agreement and

fnvestor Qualification Stut".".rt, the successful or prevailing party or parties shall

be entitled to recovel reasonable attomeys' fees and other costs incur¡ed in that

action or proceeding, in addition to any other relief to which they may be entitled-

The Investor by executing this Subscription Agreement and Investor Qualification

Statement appoints the General Partner and each of its managefs, managing

(E)

(F)

5',727722.2

P\lt-2171

members, directors and officers, with full power of substitutíon' as the Investor's

rue and ru*ror t"pt"sentative and attorney-in-fact, in the Investor's name, place

and stead to make, execute, sign, completé or col'ect, acknowledge' swear to and

file (i) the Fund Agreement, uny u*"idment to the Fund Agreement or (ii) any

other agreement or"instrument which the General Partner deems appropriate to

(A) admit the Investor as a Limited Partner, (B) effect the addition' substitution or

removal of any Limited Parlner pursuant to the Fund Agreement or (c) effect an

amendment or modification to the Fund Agreement adopted in accordance with

the terms of the Fund Agreement. This power of attorney is coupled with an

interest, is irrevocable and shall survive, and shall not be^affected by' the

subsequent tefmination, bankruptcy, insolvency or dissolution of the Investor'

(G) The Investor understands that the General Partner will inform it of whether this

subscription for an Interest has been accepted and, if so, the date on which the

Interes[will be issued (the "Closing Date")'

(H) The Investor acknowledges that the General Partnel feserves the right to reject' in

its sole and absolute discretion, this and any other subscription for ¡¡r Interest' in

whole o, in pá.t, in any order, at any time prior to the closing Date,

notwithstandini fríor r"""ipt by the undersigned of notice of acceptance of all or

. any part of the"uidersigned"s sübscription. Subscriptions are subject to allotment

before und uit.r'u"""p"tun"". If the Intefests are oversubscribed' the General

Partner will determine in its sole and absolute discretion which subscriptions, or

portions thereof, shall be accepted'

(D No waiver by any party of any breach of any term of this subscription Agreement

shall be construeäãs a waivei of any subsequent breach of that term or any other

term of the same or of a different nature'

(Ð The representations, wartanties, agfeements, and indemnification obligations of

the Investor contained in this Subscription Agreement and the Investor

Qualification Statement shall survive the execution hereof and the purchase of the

Interest and shail be deemed to be reaffirmed by the Investor at any time the

Investor makes an additional capital contribution to the Fund' The act of making

such additional capital contributions shall be evidence of such reaffirmation'

(K) The proposed investment by the Investor in the Fund will not directly or indirectly

contravene United States federal, state, international or other laws' rules or

regulations, including anti-money laundering laws, rules and regulations (a

"Prohibited Investment") and no cãpital contribution to the Fund by such Investor

will be derived from any illegal or illegitimate activities.

(L) The Investor understands that federal regulations and Executive orders

administered by the U.S. Treasury Departmentts Office of Foreign Assets Control

(,.OFAC") proúibit, among other things, the engagement in transactions with' and

51n'122.2

Pl\A-2172

(M)

(N)

the orovision of services to, certain foreign countries, territories, entities and

in¿iuiOuutt.t Th" Investor further fepresents and warrants that it is not a country'

territory, person or entity named on án OFAC list, nor is it a person or entity with

whom ä"àingt are prohibited under any OFAC regulations'

The Investor is not a foreign bank without a physical pfesence in any country that

is not a Regulated Affiliate2 (a "Foreign Shell Bank")'

The Investor acknowledges and agrees that, notwithstanding anything to the

contrary contained in anfdocumeniçincluding this Subscription Agreement, the

Fund Agreement, uny iid" letters or similar agreements), if, following the

Investof's investmentin the Fund, the General Partner reasonably believes that

the investment is or has become a Prohibited Investment or if otherwise required

Uy tu*, the Fund may be obligated lo "freeze the account" of the Investor, either

ùy prohibiting additiónal capiãt contributions, restricting any distributigns and/or

dèclining any requests to tránsfer the Investor's Interest. In addition, in any such

event, the Investor may forfeit its Interest, may be forced to withdraw from the

Fund or may otherwise be subject to the remedies required by law, and the

Investot shall have no claim against any Indemnitee for any form of damages as a

result of any of the actions dãscribed in this paragraph. The Fund may also be

required to report such action and to disclose the Investor's identity or provide

other infonnaiion with respect to the Investor to OFAC or other governmental

entities.

(O) Except as otherwise disclosed to the General Partner in writing: (i) the Investor is

not resident in, or organ ized or chartered under the laws of, (A) a jurisdiction that

has been designated 6y tlie Secretary of the Treasury under Section 31 1 or 3I2 of

the Internatioial Monåy Laundering Abatement and Anti-Terrorist Financing Act

of 2001 (the "PATRIOT gcf) as warranting special measures due to money

launderin! "on"-"*r

* (B) any'foreign country that has been designated as non-

. cooperative with international anti-móney laundering principles or procedures by

an intergovernmental group or organizaiion, such- a_s the Financial Action Task

Force on Money fruria".ing, of ,;vhich the United States is a member and with

which designati-on the United States representative to the gfouq or- organiz.ation

continues to concur (a "Non-Cooperativè Jurisdiction"); (ii) the funds used by the

Investor to make "upitut

contribuiions to the Fund do not originate from, nor will

they be routed through, an account maintained at (A) a Foreign Shell Bank, (B) a

foråign bank (other-than a Regulated Affiliate) that is barred, pursuant to its

bankiig licensà, from conducting banking activities with the citizens of, or with

t The lists of OFAC prohibited countries, territories, pelsons and entities can be found on the OFAC

website at <www.treas. gov/ofac>.

2 ,Regulated Affitiate,, means a foreign bank that (i) is an affiliate of a depositary institution, credit union

or foreign bank that maintains a physical presence ìn the United States or a foreign country, as applicable

and (ii) is subject,o rup"rnirion UyL ¡unLing authority in the country regulating such affiliated depositary

institution, credit union, or foreign bank.

95727722.2

P\lt-2173

(P)

the local culrency of, the country that jssued the license, or (C) a bank organized

or chartered under the laws of a Non-Coopelative Jurisdiction; and (iii) the

Investor is not a senior foreign political figure, or any immediate family member

or close associate of a senior ioreign political figure, in each case within the

meaning of the PATRIOT Act.

The Investor agrees promptly to notify the Fund should the Investor become

aware of any chãnge in the information set forth in paragraphs (K) through (O).

(O The Investór agrees to provide any information requested by the General Partner

which the General Partner reasonably believes will enable the Fund to comply

with all applicable anti-money laundering laws, rules and regulations' - The

Investor understands and agiees that the Fund may release confidential

information about the Investor to any person, if the General Partner, in its sole and

absolute discretion, determines that such disclosure is in the best interests of the

Fund in light of relevant laws, rules and regulations concerning Prohibited

Investments

The Investor has read carefully and understands the privacy policy of the Fund

attached hereto as Exhibit A

vI. TRUSTEE, AGENT, REPRESENTATIVE OR NOMINBE.

If the Inyestor is acting as trustee, agent, replesentative or nominee for a

subscriber (a "Beneficial Owner;'), the Investor understands and acknowledges that the

representations, warranties and agreements (including, without limitation, the

inàemnification obligations set forth in Section V(A) hereof) made herein are made by

the Investor (a) with respect to the Investor and (b) with respect to the Beneficial Owner

of the Interest subscribeã for hereby. The Investor further Íepresents and warrants that ithas all re.quisite power and authority from the Beneficial Owner to execute and perform

the obligaiions under thïs Subscription Agreement and Investor Qualification Statement.

In addiiion ro the indemnificatión obligations set forth in Section V(A) hereof, the

Investor also agrees to indemnify each Indemnitee against any and all loss, liability,

claim, damage, cost and expense whatsoever (including, but not limited to, legal fees and

disbursements and uny und all other expenses whatsoever reasonably incurred in

investigating, preparing for or defending against any litigation, arbitration proceeding, or

other action o, pro"""ãing, commenced or threatened, or any claim whatsoever) arising

out of or in connection with, or based upon or resulting from, the assertion of the

fnvestor's lack of proper authorization from the Beneficial Owner of the Interest

subscribed for treràUy to enter into this Subscription Agreement and Investor

Qualification Statement or perform the obligations hereof'

(R)

1057n122.2

Pl/l-2174

VII. ADDITIONAL INT'ORMATION AND SIJBSBQI.JENT CHANGES IN TIIEFOREGOING REPRESENTATIONS.

The General Partner may request from the Investor such additional information as

it may deem necessary to evaluãte the eligibility of the Investor to acquire an Interest, and

*uy i"qu"rt from time to time such information as it may deem necessary to detemrine

the eligibility of the Investor to hold an Interest or to enable the General Partner to

determine the Fund's compliance with applicable regulatory requirements or tax status'

and the Investor shall piovide such information as may reasonably be requested;

provided, that such information may be obtained by the Investor without unreasonable

tff"tt or expense.

Each person acquiring an Interest must satisfy the foregoing both at the time of

subscription ân¿ at all iimes ìhereafter until such person ceases to be a Limited Partner.

Accordingly, the Investor aglees to notify the General Partner promptly if there is any

change with respect to any oî the foregoing information or representations and warranties

and tã provide ih" C"nerh Partner with such further information as the General Partner

*uy r"åronably require

s72'1722.2 11

Pl{l-2175

PAGE I\{ILL PROPERTIES II' L.P.

INVESTOR QUA LIFICATION STATEMENT

I. ELIGIBILITY REPRESENTATIONS OF TIIE INIVESTOR.

(A) GENERAL INFORMATION:

' Name of Investor (Please Print or Tlpe)

Type of Investor - Please check one:PartnershiP

_CorporationLimited Liability ComPaúYTrustFoundationEndowmentEmployee Benefit PlanOther - Specify:

Mailing address if different:

U.S. Taxpayer I.D. Number

Name and Title of Person exercising investment discre-

tion for the Investor, if any (trustee or fiduciary, etc.)

Date of Subscription:

Principal Placeof Business Address:

Name Name

Steet Street

City, State, Zip Code

Attn.:

Telephonenumber: ( )

Telecopier number: ( )

Paymentby Wire:The Fund's bank should wi¡e transfer only U.S.Dollars via Fedwire to:

Bank Name

Bank Address

ABA or CHIPS Number

Account Name

Account Number

For Further Credit

Telephone number: ( )

Telecopier number: ( )

City, State, Zip Code

Attn.:

5727722.2

P\Ã-2176

Check one and complete blanks:

(1) If the Investor is an employee benefÏt plan, an endowment, a foundation, '

a corporation, partnership, limited liability company' trust or other

Iegal éntity, it is:

organized under the laws of:

has its principal place ofbusiness in:

its date of incorporation ororganization is:

and repofs its income for federalincome tax purposes on thebasis of a:

calendar year, orfiscal year ending on

(B) ACCREDITED INVESTOR STATUS:

Regulation D promulgated under the Securities Act excepts lrom regístration certain offers and sales ofseiurities if made to ;accredíted ùwestors." Please chick alt appropriate spaces on the following po?"t , . ..

indicating the basis upon wlzich the Investor qualifies as an accredited investor under Regulatíon D. '

The Investor certifics that it is an øccredited ínvestor because:

(1) The Investor is a trust with total assets in excess of $5,000,000, that was not

formed for the specific purpose of acquiring the Interests and its purchase is

directed by a sophisticated person. A "sophísticøted person" is one who has

such knowledge and experience in financial and busíness rnatters that he orshe is capable of evaluatirug the merits and risks of the prospective investment.

The Investor is a

tlI]

partnership or a limited Iiabilitv company, not formed for the specific purPose

of acquiring the Interests, with total assets in excess of $5,000,000'

(3) The Investor is an employee benefit plan within the meaning of ERISA, and

the decision to invest in the Fund was made by a plan fiduciary (as defined in

Section 3(21) of ERISA), which is either a bank, savings and loan association,

insurance company or registered jnvestment adviser. The name of the plan

fiduciary is:

5727',t22.2

P\A-2177

(4) The Investor is an employee benef,rt plan within the meaning of ERISA that

has total assets in excess of $5,000,000.

(5) The Investor is an employee_plan established and maintained bv a state, itspolitical subdivisions, or any agency or instrumentality of a state or itspotitical subdivisions that has total assets in excess of $5,000,000.

(6) The Investor is a self-directed employee benefit plan (i.e., a tax-qualifieddefined contriburion plan in which a participant may exercise control over the

investment of assets credited to his or her account) in which each participant. is an accredited ínvestor because such participant (i) has an individual net

worth,3 or combined with his or her spouse has a combined net worth, inexcess of $1,000,000 or (ii) had individual income4 (exclusive of any income

attributable to his or her spouse) of more than $200,000 in each of the twomost fecent years or joint income5 with his or her spouse in excess of$300,000 in each ofthose years, and the Investor has a reasonable expectation

of reaching the same income level in the current year. If this item 6 ischecked, please have each such participant complete the "Individual Portion"on page 5 of this Section.

(7) The Investor is a tax-exempt organization described in Section 501(cX3) ofthe Code that was not formed for the specific purpose of acquiring the

3 "Net worth" means the excess of total assets at fair market value, including home, home furnishings and

automobiles, over total liabitities, For purposes of determining "net worth," the principal residence

owned by an individual shall be valued either at (A) cost, including the cost of improvements, nêt ofcurrent encumbrances upon the property or @) the appraised value of the property as determined uPon a

written appraisal used by an institutional lender making a loan to the individual secured by the property,

including the cost of subsequent improvements, net of current encumbrances upon the property.

"Institutional lender" means a bank, savings and loan company, industrial loan company, credit union or

personal property broker or a company whose principal business is as a lender of loans secured by real

property and which has such loans receivable in the amount of $2,000,000 or more.

o For purposes of this Investor Qualification Statement, "individual income" means adjusted gross

income, as reported for federal income tax purposes, less any income athibutabìe to a spouse or to Propertyowned by a spouse, increased by the foìlowing amounts (but not including any amounts attributable to a

spouse or to property owned by â spouse): (i) the amount of any tax-exempt interest income under Sectiòn

103 of the United States Internal Revenue Code of 1986, as amended (the "Code"), received; (ii)theamount of losses claimed as a limited partner in a limited partnership as reported on Schedule E of Form

10a0; (iii) any deduction claimed for depletion under Section 6LL et seq. of the Code; (iv) amounts

conrribured to an Individual Retirement Account (as defined in the Code) or Keogh retirement plan;

(v) alimony paid; and (vi) any elective contributions to a cash or defer¡ed arrangement under Section

401(k) ofthe Code.

t 'Toint income" means adjusted gross income as reported for federal income tax purPoses, including any

income attributable to a spouse or to property owned by a spouse, increased by the following amounts

(including any amounts attributable to a spouse or to property owned by a spouse): (i) the amount of any

tax-exempt interest income under Section 103 of the Code, received, (ii) the amount of losses claimed as a

limited paftneJ in a limited partnership as reported on Schedule E of Form 1040, (iii) any deduction

ciaimed for depletion unde¡ Section 6LL et seq. of the Code, and (iv) any amount by which income from

long-term capital gains has been reduced in arriving at adjusted gross income Pursuant to the provisions ofSection 1202 of the Code prior to its repeal by the Tax Reform Act of 1986'

s727'.122.2

Pl{t-2178

Interests and has total assets in excess of$5,000,000.

(8) The Investor is a bank as defined in Section 3(aX2) of the Securities Act or asavings and loan association or other institution as defined in Section

3(aX5XA) of the Securities Act, acting in its individual or fiduciary capacity

and subscribing for the purchase of the Interests on behalf of a trust account

or accounts.

(9) The Investor is a broker dealer registered pursuant to Section 15 of the United

States Securities Exchange Act of 1934, as amended'

(10) The Investor is an insurance company as defined in Section 2(13) of the

Securities Act.

(11) The Investor is an irJvestment companv registered under the 1940 Act. .

(12) The Investor is a business development companv as defined in Section

2@)Ø8) of the 1940 Acl

(13) The Investor is a private business development companv as defined in Section

202(a)(22) of the United States Investment Advisers Act of 1940, as amended,

(14) The Investor is a Small Business Investment Companv licensed by the U.S.

Small Business Administration under Section 301(c) or (d) of the SmallBusiness Investment Act of 1958.

(15) The Investor is a revocable trust which may be amended or revoked at any

time by the grantors thereof and all of the grantors are accredited investors. ffthis itent 15 is clrccked, please (i) make photocopies of (A) for each Srantorthat is an indivídual, the "Individual Portion" on page 5 of this Sectíon or (B)

for each grantor that is an institutíonal investor, pages 3 to 4 of this Sectíon,

and (ä) lzave each such gratttor cotnplete such relevant page(s)-

(16) The Invesror is an enrity in which all of the equitv owners are accredited

investors. If this itent 16 is checked, please (i) make photocopies of Ø) þreach equity owner that is an indivìdua| the "Individual Porlíon" on page 5 ofthis SecÍion or (B) for each equity owner that is an institutional investor,

pages 3 to 4 of this Section, and (ii) have each such equity owner complete

such relevant page(s).

<1)aaaa ')

Pl\/'-2179

Individaal Portion-

Ifltem(6),(15)or(16)ofthisSecîion(B)ïschecked,thisportionmayhavetobefiIledîn:

The individual certifies that he or she is an accredited investor because:

(1) The Investor is a director or executive officer6 of the Fund or the General

Partner.

(2) The Investor has an individual net worth, or combined with his or her spouse has

a combined net worth, in excess of $1,000,000. ("Net worth" ís defined in

footnote 3 above.)

(3) The Investor had individual income (exclusive of any income attributable to his

or her spouse) of more than $200,000 in each of the two most recent years or

joint incime with his or her spouse in excess of $300,000 in each of those yeals'

and the Investor has a reasonäbl" "*p".tation

of reaching the same income level

ir ifr" curent year. ("Indívidual íicome" is defined in footuote 4 above and

"joint income" is defined infootnote 5 above')

(C) SECTION (3XcXI) INVESTMENT COMPANY:

Sectíon 3(c)(l) ofthe 1940 Act excepts from registration any íssuer (i) the outstandíng securities ofwhich

or" o.n"'íb;ni, *orc than 100 b"'n"¡:rciat o*irrt and (ü) which ìs not engaged in a public otr""!g'-Please check all appropriate ,po"", ån the following pages for purposes of deterntining wlzether the Fund

would qualify under Section 3(c)(I).

The Investor cefüfies thøt:

(1) The Investor

(a) counts as one beneficial owner under Section 3(cXl) of the 1940

Act;or

(b) counts as _ beneficial owners under section 3(cx1) of the

1940 Act.

committed capital)

(3) To the Investor's knowledge, the Investor does not control, is not controlled by

6 ,,Execufive oflicer" means the president, any vice president in charge of a principal business unit,

division or function, any other odc"r *ho p".for*t a policy-making function or any other person who

performs simila¡ policy making functjons for the Fund'

5727722.2

PM-2180

and is not under co1¡¡mon control with any other Investor in the Fund. lf this

ítem 3 is unøble to be checked, please specify why:

(4) The Investor is not an investment company required to be registered under the

1940 Act.

(5) 'The Investor does not rely on the exception from the definition of investment

company under Section 3(cX1) or Section 3(cX7) of the 1940 Act. Il this item 5

is unable to be checked, tlæ Getzeral Partner wiII ask the Investor for additional

information

(6) The Investor was not specificatly formed or recapitalized for the purpose of

acquiring the Interests

(7) With respect to its investment in the Fund, the Irivestor does not maintain a

separate ínvestment account whereby each of its partners, shareholders, Fustees

oiother owners has the right to elect not to paficipate in such investment, except

where such election.right reguires the consent of all persons or the consent of the

Investor'sgeneralpartner(orothercontrol1ingperson).

(8) To the Investor's knowledge, no shareholder, partner or other holder of equity or

beneficial interests in the Investor (i) owns Interests in the Fund, except through

its interest in the Investor or (ii) owns interests in any other investor in the Fund,

TAX STATUS:

(1) The Investor hereby certifies that it:

(a) is a "United States Person;"? or

(b) is not a "IJnited States person."

(2) The Investor hereby certifies that, pursuant to U.S. Treasury Regulation Section

(a) is an entity disregarded as separate from its owner; or

TFor purposes of this question, "United States peison" shall have the following rneaning set forth in Section

ZZOf (axãg) of the Coåe and the regulations promulgated thereunder: (i) a citizen or resident of the United

Srar;, (ii) a U.S. partnership, (iii) a U.S. corporation, (iv) any estate (other than a non-United States estate,

within the meaning of Secti,on'7701(aX3 1) of tt "

Coa"¡, (v) any trust if a court within the United States is

able to exercise pii-ury supervision over the administration of the trust and one or more United States

f".ron, have the authority to .ontrol all substantial decisions of the trust (vi) any trust which has elected to

Èe taxed as a trust described in (v).

(D)

5127722.2

PM-2181

(b) is not an entity disregarded as separate from its owner.

If item (DXZXa) is checked, is the owner a "IJnited States person",as defined above?

Yes

(3) The Investor hereby certifies that it is:

(a) an entity exempt from U.S. federal taxation under

Section 501(a) of the Code;

Section a08(e) of the Code; or

Any other provision of law.

(b) not an entity exempt from U,S. federal taxation.

(4) The Investor understands that if it is a United States person (or a disregardedentity owned by a United States person), the Investor (or its owner in the case ofa disregarded entity) must submit a fully completed and executed Form W-9 tothe General Partner.

(5) The Investor understands that if it is a non-United States corporation, non-UnitedStates partnership or other non-United States entity (or a disregarded entityowned by a non-United States person), the Investor (or its owner in the case of adisregarded entity) should submit a fully completed and executed Form W-8BEN, W-8ECI, W-8IMY or TV-8EXP (as appropriate) to the General Partner toclaim an exemption from: (a) U.S. information reporting and back-upwithholding, (b) U,S. withholding tax on portfolio interest, (c) U.S. withholdingtax on U.S. source interest or dividend under any applicable income tax treaty,(d) U.S. withholding tax because income is effectively connected with the

conduct of a U.S. trade or business or (e) U.S. withholding tax because therecipient is an exempt non-United States govemment or internationalorganization.

---- (6) The Investor understands that if it is acting in a trustee, executor or fiduciarycapacity, it should consult the instructions to Forms W-8 and W-9 to determinewhich form(s) to submit.

(7) The Investor hereby agrees that if any information herein changes, the Investorwill notify the General Pafner.within 60 days thereof. The Investor understandsthat the tax representations and taxpayer I.D. number contained herein are

provided under penalty of perjury and may be disclosed to the United States

No

5127722.2

Plll-2182

lntemal Revenue Service by the Fund and that any false statement thereof could

be punished by fine, imprisonment or both.

'

(E) ERISA MATTERS:

The Investor ceñî'fies that (please check if applicable):

(1) The Investor is, or is acting on behalf of, a "benefit plan investor" (as such term is

defined in 29 C'F.R. $ 2510.3-101(Ð(2)).'

(Z) The Investor is not, and is not acting on behalf of, a "benefit plan investor" (as such

term is defined in 29 C.F.R. $ 2510.3-101(Ð(2).

I A .,benefit plan investor" includes, ìrithout limitation, quaJifred retirement plans subject to ERISA and employee

benefit plans åod ,rrung"-.nts not subject to ERISA, such as govemmentaì plans, church plans, foreign plans, Keogh

plans and individual ¡etirement accounts.

5727722.2

PM-2183

SETlOF2

PAGE MILL PROPERTIES II' L.P.

SI]BSCRIPTION AGREEMENT AND I}IVESTOR

AUALIFICATION STATEMENT SIGNATURE PAGE

IN WITNESS WIIEREOF, the Investor has executed this Subscription

Agreement and Investor Qualification Statement on the date set forth below.

Date:

Amount of Commitment: $(U.S.

@lease Type or Print Name of Investor)

By:Signature

@lease Type or Print Name of Signatory)

Title:

Name of Trustees or other Fiducíørìes Exercísing InvestmentDiscretíoy wíth Respect to Benefit PInn or Tlust

Signature Printed Name

'I

TitIe

5'127722.2

PNÃ-2184

SET zOF2

PAGE MILL PROPERTmS II, L.P.

SIIBSCRIPTION AGREEMENT AND INVESTORQUALIFICATION STATEMENT SIGNATURE PAGE

IN W¡¡NESS WIIEREOF, the Investor has executed thi¡ Subscription ' I ' .

Agreement and Investor Qualification Statement on the date set forth below.

Date:

Amount of Commitment: $(U.S.)

(Ptease Type or Print Name of Investor)

By:Signature

(Please Type or Print Name of Signatory)

Title:

Name of Trustees or Other Fíducíarìes Exercising InvestmenlDíscretíon with Respect to Benefit Pløn or Trust

Sígnature TitIe

tr' 572'7't22.2

PM-2185

SETlOF2

' State of

; . County of

)

)

ACKNOWLEDGMENT

ùò..

On this day of ,2006, before me personally appeared

who proved to me on the basis of satisfactory evidence to be the person who executed the foregoing

. : .uT" is his/her own free act and deeà anã made with appropriate authority.

My Commission Expires:

. .: ..

ISeal]

Notary: Please complete state, county, date and names of all persons signing and affix noturtal seal.===================================-

For Fund Use Only

Do not write below this point

The subscription Ís hereby accepted in the amount set forth below and the investor is herebyadmitted as a Limited Partner as of

GENERAL PARTNER Accepted commitment Amount $(U.s.)-PAGE MILL PROPERTIES II GP, LLC,a Delaware limited liability company

Name; David A, TaranTitle: AuthorizedSignatory

Notary Public

By:

5727722.2 m

PM-2186

SETlOF2

FUND:

PAGE MILL PROPERTIES II, L.P.'

By: PAGE MILL PROPERTIES II GP, LLC,Its General Partner

By:Name: David A. TaranTitle: Authorized Signatory

IV5'12'7'722.2

P\4.2187

SET2OF2

ACKNOWLEDGMENT

State of )

County of

On this day of 2006, before me personally appeared

ing

instrument in his/trer authorized capacity, and who duly acknowledged to me that execution of the

same is his/her own free act and decd and made with appropriate authority.

My Commission Expires:

ISeal]

Notary Public

''.'Notary: Please complete state, county, date and names of all persons signíng and affix notarial seal.

=:=-

For Fund Use Onlv

Do not write below this Point

The subscription is hereby accepted in the amount set forth below and the investor is hereby

admitted as a Limited Partner as of

GENERÄL PABTNER: Accepted Commitment Amount $(U.S.)-

PAGE MILL PROPERTIES II GP, LLC,a Delaware limited liability company

By:Name: David A. TaranTitle: AuthorizedSignatory

V5727722.2

PM-2188

SET2OF2

FUND:

PAGE MILL PROPERTIES II, L.P.

By: PAGE MILL PROPERTIES tr GP, LLC,Its General Partner

Name: David A. TaranTitle: Authorized SignatorY

By:

5727722.2 \rI

PM-2189

SET 1OF2

PAGE MILL PROPERTIES II, L.P.

LIMITED PARTNER SIGNATURE PAGETO

AMENDED AND RBSTATED AGREEMENT OF LIMITED PARTNBRSHIP

By its signature below, the undersigned hereby agrees that effective as of the date of its

admission to eagãVi[eroperties II, L.P. (thã "Fund") as a Limited lartner it shall (i) become a party

to the Amended and Restul¿ Agreement of Limited Partnership of the Fund' as the same may be

arnended, restated o. ,uppi"t".niãá f.o* time to time in accordance with the provisions thereof (the

;Ë"J Àá.."ment") un¿-fìil be bound by each and every term and provision of the Fund Agreement'

Amount of Commitment: U.S. $ Date:

1Pleur" Type Name of Limited Partner)

By:Signature

ill"ut" Type or Print Name of Signatory)

Title:

= = ===--= = = = = = === == =-- === == ==== = = = = = = = = = ====== = = = -:A.CKNOWLEDGMENT

State of

County of

On rhis day of 2006, before me personally appeared

)ss.:

)

isfu.tory-".,id"n.etobetheperSonwhoexecutedtheforegoinginstfument in his/her authorized capacity, and *ho duly acknowledged to me that execution of ihe

,u*" i, hislher own free act and deeã and made with appropriate autholity'

My Commission ExPires:Notary Public

lSeall

Notary: Please complete stute, county, d,ate and names of all persons signíng and affix notarial seal'

5727'722.2VII

PM-2190

By:

SET2OE2

PAGE MILL PROPERTIBS II' L.P.

ururiiBu PARTNER sIGNATIIRE PAGETO

AMENDBD AND RESTATED AGREEMENT OF LIMITED PARTNERSIIIP

By its signature below, the undersigned hereby aer.ee¡ tlrl effective as of the date of its

admission to fug" Vfiff Þ.opertiås II, L.P. (the "Fund") as a Limited Palner it shall (i) become a party

to the Amended and Resaìed Agreement-of Limited Partnership of the Fund' as the same may be

amended, restated "t r"ppi"r"ntãd fro* time to time in accordance rvith the provisions thereof (the

..Fund Agteement") an¿'(ìi) be bound by each and every term and provision of the Fund Agreement'

Amount of Commiment: U.S. $ Date:

fPl"ur" Type Name of Limited Partner)

Signature

(pt"ut" Type or Print Name of Signatory)

Title:

State of

County of

On this daY of 2006, before me personally appeared

same is his/her own free act and deeã aná made with appropriate authority'

My Commission ExPires:Notary Public

lSeatI

Notary: please complete stdte, county, date and nan'tes of aII p¿¡ssrs sígníng and affix notarial seal'

)ss.:

)

who proved to me on tf," U*lt of tutitfu.toty ""iOott" to be the person who executed the foregoing

instrument in his/her authorized capacity, and who duly acknowledged to me that execution of the

s7n722.2VIII

PM-2191

EXHIBITA

PRIVACY POLICY

PAGE MILL PROPERTIES II' L.P.

.we.at PAGE MILL pRopERTIES II, L,P. (the "Fund") are concemed about

the privacy of our investors. This nodce summarizes the Fund's policies and practices with

respect to the treatment of nonpublic personal information that we acquire about our

investors. The provisions of this policy apply to cuilent and former investors in the Fund and

are subject to change.

1. we collect nonpublic personal information about investors from the following souÍces:

. Information received from you in subscription documents and other forms;

ions with us and our affiliatei; and.Information about Your transact:

. Information about you that we may receive from a consumef repofting

^gency regarding your credit status

This information may be received in any mannef including in-person discussions;

telephone conversations and ãlectronic or other written coinmunications'

2. We do not disclose any nonpublic personal information about the Fund's investors to

anyone other than the Funá's affiliut", without permission, except as requited or permitted

by law. The exceptions include third parties that assist the Fund in providing you with

services, such as a broker or accountant'

3. we restrict access to nonpublic personal information about you to those employees and

ãg"nr, *lro n""d to know thæ information in order to provide services to you' We maintain

pñyri.ut, elecrronic ãnJ p.or"Ou.al safeguards that comply with applicable regulations to

guärd your nonpublic personal information

4, We will continue ro adhefe to the policies and practices described in thís privacy notice

ilrn tãrp"¿t1ä-i"for"rution that we have acquired ãbout you' even if we no longer provide

services to You-

5. We resefve the right to change these policies and practices at any time and will provide

Vou *itfr a notice OesîriUing the-revised poti"i.t. In aãdition, the Fund's privacy policy will

be sent to You annuallY.

If you have any questions about the Fund's privacy policies, please call David A'

Taran at (650) 833-3800.

s72'1722.2

P\l-2192

t*rv

General Partner:

Page }{ill Properties II GP, LLC1900 University Avenue, Suite 201

East Palo Alto, CA 94303(650) 833-3800

5721122.2

PM-2193

(1) Prospective investofs should complete the attached (i) Subscription-Ag'reeñtli' '

an¿ tii) Investor Qualification Statement. Prospective investors should direct all

qu"riiónt and send the completed original along with the two copies of the :

Subscription Agreement and Investor Qualification Statement Signature Pages .

(which must b! notarized), and the two Signature Pages (which m9s.t be-

notarized) of the Amended and Restated Agreement of Limited Partnership ofPage Mili Properries II, L,P. (the "Fund") to Page Mi)l Properties II GP' LLC (the ''

"Gãneral Partner") at the address below so that the General Partner may '

determine whether the prospective investor is eligible to subscribe for limited

PAGE l\flLl PROPERTTES II, L.P.

iN\æSTI\{ENT PRO CBNUNNS

partnership interests:

c/o Page Mill Þroperties II GP, LLC ' .i ' :

1900 University Avenue, Suite 201 ; .t . ' "iEast Palo Alto, CA 94303

Attention: David A. Taran :

Tel: (650) 833-3800 :.: '

Fax: (650) 688-6820 , ,, . , ,' . .. i

Upon acceptance of the subscription, a copy of the executed Subscription

Alreement ãnd Investor Qualification Statement signed by the Generai Partner, as-

aciepted on behalf of the Fund, will be returned to the investor as soon as is .

practicable.

The General Partner, on behalf of the Fund, will have thê right, in its sole

absolute discretion, to accept or reject this subscrjption for any reason oI

reason in rvhole or in part unã ut unyii-. prior to acceptance thereof,

andno

(2)

(3)

5127722.2,

Pl\/'-2194

r. j

t -. r i '

¡ ^n I /rr Y nn ^T)YtDrnTErc

IT T I-'ì PAGE I\flLL PROPERTIES II' L.P.

... T¡^r.r ^r'DÚ'Elì/fEal\T'frS T-IS S CRIPTI ON A GREEI\{ENT

;.'.Page N4ill ProPerties II, L.P'clõPageMill ProPerties II CP, LLC : .

1900 Úniversity Avenue, Suite 201 i

East Palo Alto, CA 94303 :

:

' Ladies and Gentlemen:

.: .:

The offer and sale of ljmited partnership interests (the "Interests") in Page Millproperties II, L.P., a Delau,are limited partnership (the "Fund"), to each invêstor (the

.,,Investor") is not being registered undei the United States Securities Act of 1933' as

amended (the "securitiãs Aðt"), but rather is being made privately by the Fund pursuant

to the private placement exemption from registration provided in Section 4(2) of the

Securitiès Act ãnd RuÍe 506 of Regulation D ("Regulation D") promulgated thereunder

by the united states secudties and Exchange . conrmission on the basis of the

Confidential Private Placement Memorandum of the Fund, as the same may be updated

or modified from time to time (the "Memorandum").' . ;.

The information requested in thjs Subscription Agreement and Investor

eualification Statement js náeded in order to ensure compliance with the appropriate

, ràgulations and to determine (i) whether an investment in the Fund by the Investor is

suîable in light of rhe Investor's financial position, (ii) whether the Investor meets certain

minimum fínancial tests to be deemed anljaccredited investor" as defined in Regulation

. D and has such knowledge and experìence in financial and business matteß that it iscapable of evaluating thJmerit. und ri.kt of the inrlestment and (jii) how to treat the

Investor for purposes of Section 3(cX1) of the United States Investment Company Act of

tgqÌ,ur u**¿Ë¿ (the "1940 Act").

The Invcstor also understands and agrees that, although the Fund will use its good

faith efforts to keep the information provided jn the answers to this Subscription

Agreement and Invåstor Qualification Statement strictly confidentíal, the Fund may

prãsent this Subscription Agreement and Investor Qualification Statement and the

înformation provided in ,ns",ãr. to it to such parties as it deems advisable if called upon

to estabhsh the availability under any applicable law of an exemption from registration of

the Interests or if the contents thereof are relevant to any issue in any actjon, suit, or

proceecling to rvhich the Find is a party or by which it is or may be bound' Thefnvestor

ägr"., thai the Fund may djsclose ih" inn.rtor's status as an investor in the Fund to third

purri"r,

: The Investor realizes that this Subscription Agreement and Investor Qualification

Statement does not constitute an offer by the Fund to sell the Interests but is mere)y a

request for information.

5727722.2

PM-2195

To induce PACE N{ILL PROPERTIES II GP, LLC (the "Gene¡al Partner"), on ':

behalf of the Fund, to accept this subscription, the Investor hereby aglees as follows: , ' '':I. SIIESCR.IPTIONFORANINTEREST. -.: .

:

(A) The Invesror agrees to become a ljmited partner of the Fund (a."Limite$ Partner")

and in connection rherewith subscribes for and agrees to purchase an Interest in,

and to make capital contributions to, the Fund in the aggregate amount set forth '

on the Subscrìption Agreement and Inveslor Qualification Statement Signature.page attached hereto on the terms provided for herein, and jn the-Amended and

Reitated Agreement of Limited Partnership of the Fund (the "Fund Agreement").

' The minimum initial conrmitment is U.S. $10 million. The minimum initial

commjtment is subject to reduction or waiver by the General Partner, in its sole 1

' and absolute discretion. The Investor agrees to, and understands, the terms and

condjtjons upon which the Interests are being offered, including, :without '

liniitation'thËrisklactorsreferredtointheMemorandum.'..'.....''...'

(B) The Investor understands that it is not entitled to cancel, terminate or revoke this

subscription or eny agleements of the Investor hereunder. The Investor

undersånds and agrLes ihat the General PaÍner reserves the righi, in its sole andì .

absolute discretion, to reject this subscription for an fnterest for any reason or no

reason, in rvhole or in part and at any tjme prior to acceptance thereof. In the

event of rejection of this subscription, the tendered funds, if any, will be pronrptly

returned to the Investor without deduction along with this Subscription

Agreement and Investor Qualification Statement, and this Subscription

Agreement and Investor Qualification Statement shall have no force or effect'

PAYJ\ffiNT BY THE INVF',STOR.

The Investol agrees to lemjt the amount set foÍh on the Subscription Agreement

and Investor Qualification Statement Signature Page attached hereto, in such

increments, at such times and in such menner as is determined by the General

Partner pursuant to the Fund Agreement.

II.

ilI. REPRESET.,-TATIONS, IVARRANTIES AND CO\/ENANTS GF TIIEIN\IESTOR.

(A) The Investor has (i) received, read carefully and understancls the Memorandum

outlining, amorg orher things, the oi-ganization and jnvestment objectives and

policies of, and the dsks and expenses of an jnvestnlent in, the Fund and (ii)

ãonrulted the Int,estor's own attomey, accountant or investment advisor with

respect to the jnyestment contemplated hereby and its suitability for the Investor.

Any spc.cial acknowledgment set forth below with respect to any statement

contained in the Jr4emoranCum shall not be deemed to limit the generality of this

re.presentation. In addition, the Investor acknou')edges that the Investor has been

glven the opportunity to (i) Tk questions a¡d - receive satisfactory answers

.on."¡¡ing thà rcrms and condjtjons of the offering and (ii) obtain additional

572'7',|22.2

PM-2196

' information in order to evaluate the merits and risks of an investment in the Fund

'andtoverifytheaccuracyoftheinfonnatjonconlainedintheMemorandum.TheInvestor acknowledges that in making a decision to subscribe for an Interest' the

Investor has relied solely upon thJ ¡r{emorandum, the Fund Agreement and

inö;;¿"r,t in,r".t;gationi *åa" uy the Investor.and its attomey, accountant and

investmentadvisor.'TIreInvesto,,.jnu",'*.ntinthelnterestisconsistentwiththe jn'estm"nf-purp"r.s and objectives and cash flow requirements of the

In'estor and will ^ not ad'erseiy affect the Investor's overall need for

äiu.irin.t,ion and liquiditY':,

(B) The Invcstor has such knowledge and experience in financial and business matters

that the Investor is capable oievaluating the merits and risks of the Investor's

investment in the Interãsls and is able tolear such risks, and has obtained' in the

fn'estor's ¡ualrn.nt, sufficient information frcm the Fund or its authorized

. representatives=to evaluate the merits and risks of such investment' The Investor

has evaluated the risks of investing in the Interest and has delermined that the

Interests are a suitable invesÌment fõr the Investor- The Investor understands that

iii-rulrr-rial restdctjons will exisr on transferability of the Interest, (ii) no

market for resale of any Interest exists or is expected to devclop' (iii) the Investor

maynotbeabletoliquiaateitsinvestmentintheFr.rnd,and(iv)anyinstrumentsrepresenting an Interest may or_may not bear legends to that effcct restricting the

transfer thereof. The Invesior funhLr unde¡stanãs that an investment in the Fund

entails a high áegree of risk and understands fully the risks associated with the

(C) The Investor understands that an investment in the Interest is highly speculative

and may result jn a complete loss of its in_vesiment. The Investor can afford a

;;;tþ" loss of the inì,estment jn the Interest and can afford to hold the

investment in the Interest for an indefinite period of time, and acknowledges that

distributions may be paid in cash or in kind'

(D) The Investor is acquiring the Interest subscribed for herein for its own account'

forinvestmentpu,po,",-onlyandnotwithat,iewtoanydjstribution,resale,subdivision or fractionalization thereof in violation of rhe Securities Act or any

other applicabie u.s. or non-u.S. securities law, and 1þs [¡vestor has no present

plans to enter jnto any contlact, undertaking, aglecment, of aI'iangement for any

suchdistdbution,a"rul",subdivisionorfractionalization':'

(B) The Investor reprcsents that all registrations,. declarations or filings wjth' or

consents, ]jcenses, approvals or -authorizations of, aîy legislatir'e body;

gour-menlal depertment or other governmental authority, necessary ol

appropriate in coniectjon u,ith its investment jn the Fund have been obtained or

comPlied with.

5121722.2

Pl\A-2197

(F) The Investor acknowledges and agrees that, based in part upon its representations

and war¡antíes contained herein and jn reliance upon applicable exemptions, no

Interest has been, or will be, registered under the Securitjes Act o¡ the securities

lâu,s of any othe; U.S. or non-U-.S. jurisdiction. Accordingly' except as provided

in the Fund Agreement or any side ietter or otlrer agreement entered into between

the Fund and any Investor, the Interest may not, dñect)y or indirqctly, be olfered '

for sale, sold, pládged, hypothecated, tr-ansierred, or otherwise disposed,of by tfe

fnvcstor rvithoit ttre prióiwiitten consent of the General Paftner' which may be

wjthheld in jts sole and absolute discretion, and unless such disposition is in

compliance with all applicable laws, incJuding, but not limited to, the U'S' federal

tax and secudties laws. The Investor acknowledges that it has been advised that

;; F";ã has no obligation and does not jntend to cause any Interest to be

registered under the Securities Act or any other securities lau's or to comply wi]! .

;y exemption under the Securities Act or any othel securjties law which wguld

permit the Investor to sell the Interest. . :t . "

(G) The Investor understands that the Fund will not register as an inve-stment

company unde.r the 1940 Act and, that for purpcses of the provisions of section

3(cX1) rhereof, does nor presenrly propoi" to make a public offering of its .-

,".u¡l.t within the Unjted States..:

!, ! ô^-¡-^

(H) The Investor aglees and is a\r'ale that no United States federal o-r state agency or l

ä"V t"ãi"gs or detJr:lination as to the faimess of this investment' ' :

(I) The execution, delivery and petformance by rhe Investor of this subscription

Agreement, the Investoi Qualification Statement, the Fund Agreement, and such

other agreements, ceflificates or instruments ere rvithin the powers of the Investor'l

have been duly authorized, executed and delivered and will not constitute or result

in a breach or default under or conflict u,ith any order, ruling or regulation of any '

, court of oiher tdbunal or of any govelÏmental comnrjSsion or agency' oI any

, agreemenr or other undertaking, ioilt;.¡, the Inyeslor is a party or by- which the

Investor is bound and wiil not violate any provisions of the incorporation papels' '

by-laws,indentureoftrustorpartnerslripagreement,asmaybeappiicab]e,ofthe"Investcr. The InYestor js jn compliancã wjth all applicable laws, including' but

nor limited to, rhe U.S. securjtjàs laws. The signature on this Subscription

, Agreement, the Fund Agreement signature pages and Investor Qualification

Srarement is genuine and-the sìgnaror"y nas ¡ån ¿uìy authorized to execute the

same, and this Subscription Agieement, rhe Fund Agre.ement and the Investor, eualificarion Statemeni constitutes a )egal, r'ahd and binding obligation of the

Iivestor,enforceab]einaccordancewithítsterms.

(Ð The Inveslor ack¡ou,ledges and aglees that the -General

Partner and Page Mill

Adr.isors II, LLC, the jnveslmeni advisOr of the Fund (coJlectively- wjth the

. ceneral Partner, .?age },4i11,') have the exclusir,e power and so]e and abso]ute

5'¡27722.2

PM-2198

(L)

(M)

with, and subject to, the terms of the Fund Agreement. Accordingly, the Investor

ünderstands that legal counsel to the Fund, to Page Mill and to any of their

affiliates rvill not be representjng jnvestors in the Fund, including the Inveslor,

and no independent counsel has been retained to represent investors in the Fund.

.j

(K) The Investor understands and agrees that jt rvill not make any oral or written

representations or communications to âny third party regarding the Fund, Page

lr¡ill or any of their affili¿tes, including but not limited to representations or

cornmunjcations in confidential marketing documents or presentations, unless the

Investor receives prior written approval of such representations or

communjcations from the General Partner or such jnformation is required to be

disclosed under applicable law or regulation.

The Investor agrees to sqpply the General Partner rvith such other facts, as fromtime to time are deemed necessai-y or desirable, in order to ascertain that no

violation by the Fund will occur of any securities lau,s of the United States or any

other relevant jurisdiction, including the Securities Act, the 1940 Act and the

United States Investment Advisers Act of 1940, as amended.'.

The Investor agrees to execute and deliver any documentati'on reasonably

requested by the General Partner jn connection with any financillg by the Fund

uná any assignment by the Fund as security for such indebtedness of the right to

require the Investor to make capital contributjons, including any acknowlecìgment

by which the Investor u,ould agree to acknowledge and be bound by such

aisignment and ro provide financial information to any applicable lender as

reasònably reguested, provided that the execution or delivery thereof would not

cause the Investor to be jn violation of, or require the Investor to take any action

prohibited by, applicable law.

ADDITIONAL R,.ÐPRES ENTA TI ONS,'WAR.RANTIES AND CG\¡ENANTSOF THE INVESTOR

The Investor \r,as organ ized orincorporated under the larvs of the jurisdiction set

forth below its name on the first page of the Investor Qualification Statement and

has no present jntention of altering the form or jurìsdiction of its organization or

incorporation. :

Except as otherwise specified on the Investor's Investor Qualification Slatement,

no part of the funds to be used to purchase and hold the Investor's Interest or top"y

^ny ponion of its commit¡nent constitutes an asset of any employee benefit

plan subject to Part 4, Sul¡tjtle B, Title I of the Unjted States Employee

Retirement Income Securiiy Act of L974, as amended ("ERISA")'

Iv.

(A)

(B)

5727i22.2

PM-2199

(C) Except as otheru,ise specified on the Int'estol's Inveslor Qualific'ation Statement'

: if tlie Investor js, or is acljng on be.half of, a "benefit plan investor" (as such term

is defined in 29 c.F.R. SãSlO.¡-101(fx2)) or if the Investor is a collective

investment vehjcle, the plan paflicipants or plans_ palticjpating therein, as the case

may be, âre not permittäA todecidã wheiher or how much to jnvest in particular

invãstment altemãtives.

@) The Investor understancls that the tax rules relating to jts Interest are substantially

more complex and may not be as favorable as investing in securities directly.

(E) The Investor is aware that the Fund jntends to engage in transactions that may

result in the re.cognition of "unrelated business taxable jncome" .upon

which

certain investors *,io ,r. normally exempt from U-S. federal income tax would be

taxable.:..

Cf') The Investor js au,are that in any given year il may have substantial taxable

income artdbutable to the Fund even thcugh the Fund did not make distributions

to it. The Investor is further aware that (i) a transaction undertaken by the Fund,

or a tax accounting nrle applícable to the Fund, may give rise to an allocation of

taxable income to a Limited Paltner in an amount greater than the amount of '

income that the Limited Partner rvould consider itself to have eamed as an

economic matter, (ii) such "phantom inc6me" often nlay be reversed only rvith a

corresponding deduction o, lott in a later year and (iii) any such loss may be a

capitai loss th-at may not be used to offset ordinary income'

V G-ENEML.

(A) The Inveslor agrees to indemnify and hold harmless the Fund, Page \{i11, any of

. their affiljates,-any selling âgent fof the Fund, their respective officers,.directors,

. employees, -unug"rr, aa*b"tt, managing membels, and agents' including'

rvithout limitation, (ì) any pelson oI enliry that is an officer, director, member,

manager, managing member, pertner oI shareholder in any such pafty, or any

person or enrity-thãt, directly õr indirectly through one or more limited liability

ão-panies, painerships oi other entities, js an officer, director, member,

manager, managing mãmber, parlnef of shafeholder in any such party (each a,.Constituent N4ãmber"), (ií) any person who seï\res as an advisor or consultant to

the Fund or Page lr4jli, and (ii;) eacn other person, if any, rvho controls or is

controlled by u,:Iy thereof u,ithjn the meaning of Section l5 of the Securitjes Act

(each an "Inã"nrnit.."), against any and all loss, liability, clajm, damage, cost and

Èrp.nr. whatsoever lincluding, but not ljmired to, Iegal fees and disbursements

"nã uny and all othei expensel whatsoever reasonably incurred ín investigating,

preparing for or defending against any litigation, arbitration proceeding, or other

action or proceeding, "o--*.ed or threatened, or any claim rvhatsoever) arising

out of oi in .onnection wirh, or based upon or resultjng from, (x) any false

feplesentation or \\'an'anty or breach or fajlure by the Investor to comply with any

s727'722.2

PM-2200

(B)

covenant or egreement nrade by the Inveslor in this subscriprion Agreement, the

Fund Agreenrent and In'r,estor þualification Statement or in any other document

furoirrr.ã by the In1,esior pursuant to any of the fo'egoing in connection with this

transactjon ãr (y) any acdôn for securities law violations instituted by the fnt'estof

u,lich is finallyresoii'ed by judgment against the In'estor'

Neither this -subscripticn Agreement nor the Investor Qualification Statement

may be arnencled, r lithdrurun or re'oked by the In'estor_ in whole or in part

*i,'trout the prior u,ritten consent of the Gcneral Partnef, u'hich may be withheld

in its sole and absolute discretion. This Subscription Agreement and the Investor

Quatificarlon starement ere not transferable or assignable by any pafy hereto

This Subscription Agieemert, the Fund Agreement, the Investor Qualification

Statementanda]lteråsandprovisionsthereãfsha]]bebindinguponandinuretothe benefit of, the parties heteto and each Indemnitee and their respective heirs' '

executors, administiators, SucceSSors, trustees and legal representatives.

This Subscription Agreement and Inyestor Quaiification Statement shall be

deemed to have been made under, and shall bÈ go'er'ed by, and construed in

accordance with, the substantive law of the State of Delaware (excluding the law '

if,.r"of u,hich requires the appJication of or reference to the law of any other

jurisdiction). , Th; parties agiãe that any action or proceeding arising, directly,

indirectly or other;ise, in lonnectjon g,jth, out of, related to or from, this

Subscripiion Agreement and Investor Qualificatjon Statement, any breach hereof,

;;;t irunrr.ttn covered thereby, shall be resolved, whether by arbitration or '

otherrvjse, exclusi'ely with refeience to the law of the State of Delaware.

Accordingly, the partíes consent and subnijt to the non-exclusive jurisdiction ofthe courti lo.ut"ã in the State of Delartare, and also agree to submit to $e-jurisdiction of the courts located in the County of Santa Clãra within the Statç of"Califomja.

The paities further agree that any such action or proceeding brouglt

by either such pårty to enforce any right, assefi any claim, or obtain.any relief

whatsoever in connectjon ivith this Subscription Agreement and Investor

Qualification Statement shall be comnenced by such party either in the State of ,

D-;lr;;r" or in the County of Santa Clara tvitliin the State of Califomi

If any legal action or ai'bitratjon or olher pfoce.eding is brought -f:t 11:enforóem*nt of this Subscription Agreement and Investor Qualification Statement

or because of an alleged dispuie, breach, default or misrepresentation in

connecrion rvith any oI the pioviiions of this Subscription Agreement and

In'estor eualification Strt"-.n1, the successful or prevaì1ing party or parties shall

be entitle.d to recover reasonable attolllel's' fees and other cOstS incur¡ed in that

;;t¡6;;r proceeding, in addition to any other reljef to which they may be entitled'

The Investor by executing this Subscrìption Agreement and Investor Qualificatioà

Statement appoints fhe -General

Paltner and- each of its managers' managing

(c)

@)

(E)

(F)

5127'122.2

Pl{t-2201

(Ð

(G)

(EI)

(K)

(L)

members, diiectors and officers, rvith full po\\'er of substitutjon, as the Investor's

true and lawful represe.ntative and attorney-in-fact, in the Investor's name, place

and Stead to rnake, execu1g, sign, cOn:plete Cr CCITSC1, aCknOwJedge, sWear tO and

fi]e (i) the Fund Agreement, any amendment to the Fund Agteement o¡ (ii) any

other agreement or instrument lvhich the General Partnef deems appropriate to

(A) admit rlle Invesror as a Ljmited Partner, (B) effect tbe addition, substitution or

iemoval of any Limjred Pafner pufsuant to the Fund Agreement or (C) effect an

amendment oi rnodjficarion to the Fund Agreement adopted in accordance with

the ternis of the Fund Agreement. This power of attorncy is coupled with an

interest, is irrevocable and shall survive, and shail not be affected by, the

subsequent terminatjon, bankruptcy, insolvency or dissolution of the fnvestor.

The Investor understands that the General Partner u,ill inform it of whether this

subscrjption for an Interest has been accepted and, if so, the date on which the

Interest wilt be issued (the "Closing Date").

The Investor ack¡orvledges that the General Partnerreserves the right to reject, in

its sole and absolute disãretjon, thjs and any other subscription for an Interest, in

whole or in pafi, in any order, at any time p¡ior to the Closing Date,

notwirhstanding prior receipt by the undersigned of notice of acceptance of all or

any paÍ of the undersigned's subscription. Subscriptions are subject to alìotment

beiore and after u...ptun.". If the Intefests ate oversubscribed, the General

Paltner wjll detemrinJin its sole and absolute discretion u'hich subscriptions, or

po¡lions thereof, shall be accepted.

No u,aiver by any paay of any breach of any term of this Subscription Agreement

shall be construed as a u,aiver of any subsequent breach of that term or any other

term of the same or of a different nature.

The representatjgns, \À/alrantieS, agreements, and indemnification obìigationS ofthe Investor contained in this Subscription Agreement and the Investor

eualification Staremenr shall survive the execution hereof and the purchase of the

Interest and shall be deemed to be reaffirmed by the Investor at any time the

Investor makes an additional capital contribution to the Fund. The act of making

such additional capital contnbutions shall be evidence of such reaffirmation. '

The proposed inveslment by the Investor in the Fund will not directly or indirectly

contiar,ãne United States federal, state, international of other laws, rules or

regulations, including anti-money laundering larvs, rules and regulations (a

"pìohibited Investn:enr") and no cepital contribution to the Fund by such Investor

wjll be derived from any illegal or illegitimate activjties.

The Investor understands that federal regulations and Executive Orders

administered by the U.S. Treasury Department's Office of Foreign Assets Control

C'OFAC") prohibit, among other things, the engagement jn transactions with, and

(J)

<111111 )

P\A-2202

the provisjon of se.rvjces to, certain foleign countries, territorieS' entities and

ì"li,i¿"átr.t Tf,, Int,estor funher iepreserrts and v'arranls that it is not a country' ' '

tefîirory, person or entity name.d on ån OFAC list, nor is it a person or entity ìilith

u,hont á.åting, are prohibited under any OFAC regulalions')u e¡v r¡v"'v

(l\{) The Investor is not a foreign bank withcut a physical presence in any country that

is not a Regulated AffiliatJ (a "Foreign Shell Bank")' :

(N) The Investor ack¡o$,ledges and agrees thât, notvrithstanding anything to the

conrrary contained in any document"(including this subscription Agreement' the

, Fund Agreement, ,ny ila" letlers or simjlar agrcements)' if, following the

Investor's investment jn the Fund, the Ceneral Pallncr reasonably believes that

rhe investmenr is or has become a Prchibited Investment or if otherwise required

by law, the Fund may be obligated to "fi-eeze the account" of the Investor' either

by pr-ohibiting additional capital contdbuljcns, restricting any distributjons and/or '

declining uny'r.qu"rr, to tränsfer lhe Investor's Inteiest- In addition, in any such

event; the Investor may forfeit its Inter-est, r::ay be forced to withdraw from the

Fund or may othefwiie be subject to tl¡e remedies required by^1.*l and the

Inveslor shall have no claim against any Indenrnitee for any f9ry of-damages as a

result of any of the actions dãscribed ln this paragraph. The Fund may also.be

requirea to report such action and to disclose the Investor's identity or provide

other information with respect to the InYestot to OFAC or other governmental

entifies.

Except as othery,ise disclosed to the General Partner in rvriting: (i) the Investor is

not residenr in, or organ ized or chartered under the larvs of, (A) a jurisdictjo¡ that

has been designated úy tf,e Secretary of the Treasury under Section 311 or 3l2ofrhe International Monáy Laundering Abtt.t"nt and Anti-Terrorist Financing Act

of 2001 (rhe "PATRIöT Act"l as u,artanting special measures due to money

laundering concerns or (B) any foreign countfy that has. been designated as no¡:

cooperatiie u,ith international anti-money laundering principles or prgce.aure.:, by

an intergovernme.nral group or organizaiion, such as the Financial Action Task

Force on Money t-auriO.;ng, of ,i,hich the United States is a member and with

which designation tne united slates lepresentative to the group or organization

conrjnues to concur (a "Non-cooperâtiv; Jurisdjction"); (ji) the funds used by the

Investor to make capital contríbutions to the Fund do not originate from, nor¡v-ill

they be routed rhrough, en account majntained at (A) a Foreign Shell Bank, (B) a

torá;gn bank (orher-than a Regulated Affiliare) that js barred, pursuant to jts

uanrd"ng license, from conductin-g banking activilies with the citizens of, or with

(o)

I The lists of OFAC prohibited countries, territories' persons

website at <www'úeas gov/ofac>'

and entities can be found on the OFAC

2 ,.Rcgutated Affiliatç" means a foreign bank that (i) is an affiliate of a depositary institution' credit union

or foreign bank that maintains a ph¡,sicel presence ìn rhe unired srates or a foreign countfy, as applicable

and (ii) is subject to supervision Ëy u Uuniing aurhority in the country regulating such affiliated depositary

institution, credit union, or foreign bank'

5'.i2'1'122-2

PM-2203

the local cunency of, thecountry that issued the license, or (c) a bank orgalized

or charrered uná"r ih" lr*', of a Non-Cooperative Jurisdiction; and (iii) the

Investor is not a senior foreign political figure, of eny immediate family nrember

or close associate of u ,.nù, foreign poìitical figure, in each case rvjthin the

meaning of the PATRIOT Act'

(P)1'¡g]¡rlestoragreespromptl-ytonotjfytheFundshou]dthelnr'estorbecome: aware of any .¡ãnge in t¡e lntãnnation set fonh in paragraplis (K) through (O)'

l

(o The Investôr agrees to provide any information requested by the General Partner

which rhe General Partner reasonably beJieves lvill e¡able the Fund 1o cor:lply

witha]lapplicableanti-money]aunderinglaws,rulesandregulations.TlreInvestor undersrânds and agrees that lte Fund may release confidential

. absolute discretion, determines that such disclosure is in the best interests of the

Fund in light of relevant lau,s, rules and regulatio¡s concerning Prohibited

'.I¡vestments.

(R)ThelnvestorhasreadcarefullyandunderstandstheprivacypolicyoftheFundattached hereto as BbiþIé'

vI. TRUSTEE, AGENT, N'EPNBSBNTATIVE OR NO]\{INEE'

ifthelnvestorisactingastrustee,agent,repreßentativeornomineeforasubsciiber 1a "Benefrcial Owner-"), the In'esior-understãnds and acknowledges that the

representations, warranties and agreements (including, without limitation' the

indemnjfication oblláaiion, ,", forrh In Section vie¡ nereof) made herein are made by

rhe Investor (a) withiespect to the In'estor and (b) with respect to the Beneficial Owner

of the Interest ,uUr.¡U"å for hereby' The Investor further represents and war¡ants that it

;;r';;i;õ;lri* po*,., and authorjiy from the Beneficial owner to execute and perform

rhe obligations under ihis Subs.riptlon Agreement and Investor Qualification Statement'

In addition to the indemnificatión obligations set fonh in section v(A) hereof' the

Investor also agrees to indemnify each indemnitee against any and all loss'- liability'

claim, damage, cost and expense whatsoever (including, but not limjted to' legal fees and

disbursements and any and all other "^pàn'"' whatsoever reascnably incur¡ed in

invesrigatine, pr.parinifor or defending ,gåintt any litigation, arbitration proceeding' or

Other action or proceeding, commenced or-threatened, or any claim whatSoever) ariSing

out of or jn connection ïith, or based upon or rezulting from, the assertion of the

Investor's lack of proper auihorization fiom the Beneficial Orvner of the Interest

subscribed ror n"räuy to enter into this Subscription Agreemcnt and Investor

¿jjj''n;;,i"n Statemeni or perform the obligations hereof'

s-l2't722.210

P\A-2204

\/II. AÐÐITIONAL INFORN{ATTGI{ AND SLItsSEQLìIENT CHANGES IN THE

The General Paltner may leguest from ihe Investor such additional information as

it may deern necessary to ..,aluáte tËe eligibility of tlie Investor to acquire an Interest' and

may request from time to tinre such infomatión as it may deem necessary to determine

the'eligiUitity of the Investor to hold an Interest or to enable the General Partner to

detennjne thL Fund's conrpliance rvith applicab)e regu)atory requirements or tax status'

and the Investor shall piovide such inionnatjon âs may reasonably be requested;

piovi¿e¿, that such information may be obtained by the Investor withouJ unreasonab-le

Ffott ot expense.

must satisfy tì:e for-egoing both at the time ofEach person acquiring an Interest

j to be a Limited partner.subscriprion and at. all times thereafter until such person ceases ,o o" 1,tt1u:t:fIAccordingly, the Invcstor agrees to notify the General Paflner promptly if there is any

change with respect to any oi the foregoing infoimatíon oI reprcsentations and warranties

and tä proviCe i¡" C"n"*l Partner with such fuflher infon¡ation as the Glneral Partler

may reasonablY require. '

<aa1a1a a 11

PM-2205

a

PÄGE l'{iLL PROPERTIES II, L.P'

Tr'\'\æS TC R QUALIFI CA TION STATEI\{E}{T.II

I

I.ELIGIBiLITYREPRESENTATIONSGFTImINVESTOR.

(A) GEI\ERALINFORj\{ATION:

Name of Int estor (Piease Print or T1'pe)

Tlpe of Investor j Please check one: '

' PartnershiP

.--CorporationLimited LiabilìtY ComPanY

___Trust

--!oundationEndowmentEmPloYee Benefit PlanOther - SpecifY:

Mailing add¡ess if different:

U.S. Taxpa¡'er I.D' Number

N^nr" t"¿ f;tle of Person exercising investment dìscre-

tion for the Investor, if any (trustee or fiduciary' etc')

Daté of SubscriPtion:

PrinciPal Place' of Business Address:

. NameName

. Steet

City, State, ZiP Code City, State, Zip Code

Attn.:Attn.:

r TelePhone number: ( )

TelecoPier number: ( )

Telephone number: ( )

Telecopier number: ( )

Pa¡'¡n.nt bY Wire:

f¡e nun¿'i bank should wire transfer only U'S'

Dollars via Fedwire to:

Bank Name

Bank Address

. -ABA

or CHIPS Nuniber

Account Name

Account Number

Fo¡ Further Credit

s72'?'122.2

Pl\/'-2206

Check one and comPlete blanks:

(1) If the Investcr ís an enrplo¡'ee benefil

a corporatÍon, partnership, IimifedIegal entitY, it is:

p!an, an endolt'ment, a foundationtiiutrit;ty con'Ìpâny' trust or other

. organized under tlle laws of:

o has its principal place ofbusiness in:

tltl

its date of íncorPoration ororganization isl

and repofs its income for federal

income tax purposes on the

basis of a:

calendar year, orfiscal 1,ear ending on

@) ACCREDITED INVESTCR STATUS:

Regulatiott D prOnulgatecl under tlte secut:ír'ìes Act excepts ft'ont rcgisfi'.ation cerlaht offers and sales of " ' ,

secto.itíes if nzade to " accredilcd ínvesÍors. " Please chick att appropr-iale spaces otl tlte followittg Pa,es "itzdicatirtgtltebasisuponu,hicltrlzeltzt,estorqualifieso,ouo"-'àdÌredint'eslorunderRegulatiottD' ''r'

Tlze Investor certifi.es that it ís ant accredíted in!'estor because: : ,l ' , . ': '

(1) The Investor is a lrust with total assets in exccss of $5,000,000'that was not

formed for the ,p".lnt purpose of acquiring the Intelests and its purchase is

directed Uy a soihisticated p.rron. A "sophístícated person" is one who has

such ktzoy;Iedge'and ,rprrir,'rru in finaniial and busitzess nLatlers tltat he or

she is capabli of et,aluatfug the tneríîs and rìsks of tlie prospectíve ùxvestlTxenl'

(2) The Investor is a

ourtn.,'.hip o, u ljrnFl.bjljty to'p , not formed for the specific purpose

@jthtotalaSSetsinexcessof$5,000'000.']''

(3)Thelnvestorisanemp]oveebe4efitp]anu,ithint!e,m;aningofERISA,andthe decision to inu.rt in the Fund u,as made by a pla/n fiduciary (as defined in

Section 3(21) of ERISA), rvhich js ejtlrer a bank, Savings and loan association,

insurance compeny o, i.gist"r"d in'estment adviser. The name of the plan

fiduciary is:

s72'7722.2

P\Ã-2207

has lotal assets in excess of $5,000'000'.':

, ' political subdivjsicnsl or any agency o¡ instrumentality of a state or

, political subdivisions rhat hasìo1ul assets in excess of $5,000,000'

(6) The Investor is a self-directed employee benefit plan (i'e', a tax-qualified

defined contfibution plan in u'hjch lparticipant may exercise control over the

investment of assets credited to hjs ór her Àccount) in u'hich each parlicipant

. is an accredjted investor because such parlicipant (i) has an individual net

worth,3orcombinedr¡,ithliisorherspousehasacomb,inednetwoflh,inexcess of $1,000,000 or (ii) had individual income4 (excÌusive of any income

attributable to his or her spouse) of more than $200,000 in each of the two

. most recent )'ears or joint income5 with his or her spouse in excess.of

$300,000 in eactr of those years, and the Inr¡estor has a reasonable expectation

of reaching fhe Same income level in the cur¡ent )'ear' If this item 6 is

checked, please have each such panicipant conrplete the "Individual Portion"

on page 5 of this Section.j_

Ø The Investor js â tax-exempt orsanizátjon descrjbed jn Section 501(cX3) ofthe code rhat u,as not fomed for the specific pulpose of acquiring the

itsits

ffitotalassetsatfairmarketr,alue,includinghome,hornef¡rnjshìngsandautornobiles, over total liabiliries. For purposes of determining "net u'orth," the principal residence

owned by an individual shall be 'alued

either u, 1e¡ .ort, incliding the cost of improvements' nÞt of '

current encumbrances upoo ttr" property or (B) rhe àppraised value,of-rhe proPerty as determined upon a

u,rirren appraisal used by an inriituiionut lender making a Ioan to the individuat secured by the property'

i*1"¿i"g the cost of subsequent improvements, net of current encumbranies upon the ploperty'

,.Institutional lender" means a bank, savings and loan company, jndusrrial loan company, credit union or

personal property broker or a company u'hose principal business is as ¿ lender of loans sçcured by real

pråp*,y án¿'*,¡lch has such loans åceivable in rhe amount of $2,000,000 or more'

n Fo. purposes of this Jnvestor Qualification Statement, "inrllr'idual income" means adjusted gross

in.o*",ãr."port"d for federal income tax purPoses, less any income attributable to a sPouse or to ploperty

ou,ned by a spouse, jncreased by the follou,ing arnounts (but not including any amounts attl'ibutable to a

spouse or to property o*,ned by á spous"¡, (i) t-he amount of any lax-exempt interest income under Section

103 of the unired srares Internal Revenue code of 19E6, as amended (the "code")' received; (ii) the

amount of losses claimed as a Umjted partner in a hnrited partnership as rcported on Schedule.E of Form

10a0; (iii) any de.ducrion claimed for Cepletion under Sàction 6Il et seq' of the Code;.(iv) amounts

.conn'ibuted to an Indivjdual Retirenrent Account (as dcfined in the Code) or Keogh letilement plan;

(v) alimony paìd; and (vi) any elective conuibutions to a cash or deferred arrangement under Section

àólß) ot,i. co¿".

s "¡oint income" means adjusted gross income as reported for federal income tax Purposes' including any

income âtûibutable to a spouse or to proPerty oo'n.d by a spouse, jncrcased by.th.e. fo)lou'ing amounts

(including any amounts atiribulable to a spouse or to Propeilyeu'¡ed by-a spotrse): (i) the amount of any

rax-exempt interest in.o,n. uni".Section lO¡ of the iodå, recei'ed, (ii) the amount of losses claimed as a

limited parrngr in a ]inited partnership as reported on scbeduJe E of Form 1040, (iji) any deduction

claimed for depletion under section 6ll et seq. of rhe code, and (ir') any amount by ra'hich income from

long-term capital gzins has been reduced in arriving at adjustcd gros-sìncome pulsuant to the plovisions of

S"Jtion )20í ofthi Code prior to its repeal by the Tax Reform Act of 1986'

5't27122.2

PM-2208

InterestsandhastotalassetsinexceSSof$5,000,000.

(E) The I¡veslor is a bank as defined in Secticn 3(aX2) of the securities Act or a

sa'ings and loan association or other instjtution as defined in section

¡(axSi(e) of the Securities Act, acting in jts inCi'idual or fiduciary capacity

un¿ suUs.¡Uing for the purchase of the Interests on behalf of a trust accoun!

or accounts.

(9) The Investor is a broker clealer regislered pursuant to section 15 of the unitedY/ StatesSecudti"rnx.nung"auof l934,asamended.

. , . : . -

(10) The Investor is an jns,urance company as defined in section 2(13) of the

Securitjes Act. ,:

(11) The Jnvestor is an investmÊnt co.mpan)¡ registered under th9 19a0 A"! ' .

(i2) The Investor is a business development company as defined in section

2@)$8) of the 1940 Act. ,:

(13) The Investor is a private busjness development comÐany as

202(a)(22) oftt,e Unir"à States Investment Advisers Act ofdefined in Section1940, as amended.

licensed by the U.S.or (d) of the Small

(1a) The Investor is a Small Business Investment CompqnJ

Small ilusiness Administration under Section 301(c)

Business Investment Act of 1958.

(15) The Investor is a re'ocable trr-tst which may be amendeá or revoked at any

timebyth.g,unto,,rr-"ofandaI]ofthegrantofsareuggl"'d'j'din.v;stors.,|{tlüs item l5 í.s checked., please (i) ntake pltotocopies of (A)for each Srantor.

tlnt is an índiyí.dual, rl'le"'Indh,idual Poriio,t" o:'t page 5 of tttís Section or (B)

for each lraïúor illat ís an í'nsir'utí'onal ínvesl'or, paSes 3 to 4 .of

tllis Secîion,"and (íi) lia.t,e each suclz granîor conzplete such relevatzt page(s). .

:

(16) The Investor js an entitv in ,¡,hjch all of the ecujly owners are accredited

jn'estors . t¡ ttrit ;t"nt lO is checked, please (i) nz.a.ke photocopies of (A) foreach equity owt-rct' th.a.t is an indit4¿uoi, tlr" "Indívidual Portiott" otz page 5 of

ilús sectiott or (B) for eaclz ecluíry ov1ler that ís att íttstituÍiotzal investor,

pages 3 to 4 of tltís section, ond (ii) have each such equity oluner contplete-suilz

relerant page(s). :

5727722.2

PMt-2209

Ifltenz(6),(15)or(16)oftlúsSectiott(B)iscl'tecked'ùísportionnøylnt'etobefilledín::

Theindividualcenifiesthatheorsheisanaccreditedinvestorbecause:

(1) The Investor is a director or executive officer6 of the Fund

Partner.

or the General

his or her sPouse has

wortlt" is deJitzed ín

owner under Section 3(cX1) of the 1940

owners under Section 3(c)(1) of the

(2) The Investor has an individual net worth' or combined u'ith

a combined net wor.h, in excess of $1'000'000' ("Net

. footttote 3 above.) :

(3)Tlrelnvestorhadindjr,jdua]income(exclusiveofanyincomeattributabletohis'orherspouse)ot*o'.than$200,000ineachofthetwomosttecentyearsor

joint jncome u,ith his or her Spouse in excess of $300,000 in each of thcse years'

. and the Investor has a reasonable exfectatjon of'reaching the same income level

in the curent ¡'ear' ("Itñbiduat i'i"oo'e" is àefitted ín footnote 4 above and

"ioìnt ùrconrc'; ís de¡ned infootnote 5 above')

(C) SECTION (sXcXl) IN\/EST}{ENT COMPANY:.

sectíon 3(cXl) of tlte 1940 Act excepts fi'ottt registration any issuer (í) the our*artdíng securíties of which

are ot+,ned by tlot nxoïe tlntn 100 b"ir"¡ciat or',,,', and (ii)îl'i'h it t'Lot engaged fu a public offeríttg'

please clteck all appropriare spaces o, tlte followi,;;;;;';t i"; otul'poses cti deternú'tit'g wheùter tlze Fund

v,ould qualily uttder Sectiott 3(c)(I)'''

The ltzvestor cettìfies tlmt:

(1) The Investor

(a)

(b)

counts as one beneficialAct; or

beneficial

(2)

(3)

counts as

1940 Act.

the Investor's assets (includingThe Interests do not rePresent more than 407o of'

committed caPital).

To the Investor's knowledge, the Investor does not control, is not controlled by

6 "Executive officer" means the president' any vice

division o¡ function, any orher officer u'ho performs a

o"tfã"nt .i*llar policy making functions for rhe Fund' '

president in charge of a principal business unìt'

policy-making function or any other Person who

siz'7722.2

Ptút-2210

ând is not under common control \\,jlh any other Investor in the Fund' lf thís

iîent 3 is unable to be clrccked, please specify v'hy:

(4) The Investc¡ is not an

1940 Act.

jnvestment company re.quired to be registered under the

(5) The Investor does not rely cn the exception flgln ]h." definition of investment

)"' "o*p-y

under Section s(cxr) or Section 3(cX7) of the 1940 Act. If this ítem 5

is uÃal:Le to be checked, tli General Parfircr tt,ill ask tlze Investor for additional

information. , ' i.

(6) The Invesror \l¡as not specificaìly formed or recapitalized for the purpose of

acquiring the Interests

(7) With ¡espect to jts jnvestment in the Fund, the Irivestor does not maintain a

separate inyestment account whereby each of its-partners, shareholders, trustees '

or other owners has the right to elect not to participate in such investment' except

;;;t; such election.rightìequires tlie "ont"nt

of all persons or the consent of the

Investor's general partner (oi other controlling person)' .' ' .

.ti..,.

(8) To the Investor's knorvledge, no shareholder, partner or other holder of equity or '

beneficjal interests in the l-nvestor (i) ou,nó Interests in the Fund, except through

tr, ;"*; in the Investor or (ii) ou'ns interes'ts in any other investor in the fund.,.

(D) TAX STATUS¡

(1) The Investor hereby ceñifies that itr

(a) is a "United States person;"7 or

(b) is not a "lJnited States person."

- - (2) ii #åî:i:t l.*Ot

certifies that, pursuant to U'S' Treasurv Regulation Section

(a) is an entity disregarCed as separatc from its owner; or

,For purpos"s of rhis guestion, "Unired Srares peiscn" shaÌl have the follor*ing meaning set forth in Section

7?01(aX30) olthe code and the regu)aticns pfomulSated thereunder:- (i) a cìtizen or resident of the united

States, (ii) a U.S- partnership, (jii) a"U.S. corþorarion, 1;v1 any estate (other than a non-United States estate'

within the meaning of Section 7?01 (a)(31) of t¡e Codà),'(v)iny t'uti :f a court rvithin the United States is

able to exercise prinrary supervision oì.i rl.t" admjnistraiion of the t¡-ust and one of more United States

;;;;.; hu..,,. r¡" authoríty rå .ontrol all substantial decisions of the trust (r'i) any trust which has elected to

te taxed as a trust described in (v)'

512'l'122-2

PM-2211

(b) is not an entity disregarded as separate from its owner'

If item (DX2Xa) is checked, is the or¡'ner a "United States person"'

as defined above?

Yes

ii . (3) I me Investor hereby ceÍifies that it is:

. j'' . itv exemnt frcm U.S. federal taxation under(a) an entity exemPt frcm U'S'

; , t Secrion 501(a) of the Code;:.ì. .," "

Sectjon +08(e) of the Code; or

.''' .l i : i Any other Provision of law'

:: i:.-,

or

(b) not an entity exempt from U'S' federal taxation'

(4)

(s)

.

The Investor understands that if it is a unjred states peIson (or a disregarded

entity owned by a u";i;J srares person), the Invesror (or its owner in the case of

a disregardea "nttyy *u.i.u¡#t a fuliy completed and executed lorm W-9 to

the General Partner.

The Investor understan:ds that if it is a non-U:lited States corporation' non-United

states partnership or other non-united States entjty (or a disregarded entity

owned by a non_urrr"JËiu,". ferson),_the Inveslor (or its owner in the case of a

disregarded entity) tlt""fã 'uü*it a-fully completed. and. executed Form W-

SBEN,.W,gECI, W_gn [t or w-gEXp (as appropriate) ro the.General Partner to

claim an .x.mptioi from: (a) U'S' infotmãtion rcporting and bac-k-up

withholding, (b) U.S. withholding tax on portfclio inte:est,{c) U.S' withholding

taxonU.S.sourceinterestordivídendunderanyapplicab]eincometaxtreaty'(d) U.S. withhoJdinf iut Uttuuse inconre t: ff*t:i."."1{ .:onn""ted

with the

conduci of a U.S. trad" or busjness or (e)U.S. u,ithholding tax because the

recipientisan'^"-ptnon-UnitedStatesgo\¡ernmentorinternatjonalorganization

(6) Tlie Investor understands

capacity, it should consuh

which form(s) to submit'

that if it is actìng in a trustee'

the instructions to Forms W-8executor or fiduciarY

and W-9 to determine

(?) The Inr,estor hereby aglees that if' any information herein changes, the In\,estor

rvill notify ,n. ó."åtoip¡1¡e.¡.$'ithin 60 du¡'t tlrereof' -The

In'estor understands

that the tax ,.pr.rånt'tions and taxpayer I D' number contained herein are

provided una"r"f"nriry of perjury and may be disclosed to the united states

5727'722.2

Ptút-2212

Internal Rer.enue Servic'e by the Fund and that

be punished by fine, imprìsonment or both'

..:...'

any false statement thereof could

(E) ERISA I\ÍATTERS:

The Investor certÛtes that (pl'ease check if applicablc):

',r, The In'esror is, or is acting on beharf of, a ..benefit plan investor" (as such term is

d.ri"Ji; ;; õþ n. s ãsid:-ror<Ðtz)l'' : ' .'

termjsdefinedin29C.F,R.lzsro.:"-r01(Ð(2)..:...'']''

ffiwithour1jmjtetion,qua1ifiedretiIementpìanssubject1oER]SAandemployeebenerrt pìans and arrangenrenrs nor subjecl to ERlsA, JÀt;;;;;'*"tut ptans' church plans' foreign plans' Keogh

plans and indivjdual retirement accounts'

512'1722.2

Pl{t-2213

PAGE T"{ILL PROPERTIES II' L.P.

SUBS CPJPTION A GiR'EEJ\IENT ANÐ IN\/ESTO R

QUALTFICATION STATE}{ENT SIGNATURE PA GE

WITNESS WIIEREOF, the Investor has executed thís

and Investor Qualìfication statement on the date set fonh below,

SETlOF2

SubscriptionINAgreement

Date:

Amount of Commitment: $(U.S:)

l{ante of Ttasf.ees or other Fí¡luciaries Exet'císíng Investntent

Díscretioll.withRespecttoBenefitPIantorTrust

(Please Type o¡ Print Name of Investor)'.'

:t,_. .

. '

By:

Sígnature

Sígnature

(Please Type or Print Name of Signatory)

Title:

PrítzÍed Nanze I rtle

5727722.2

P\A-2214

sF'r 2CF 2 ..'ññ^ñFñMYI]O TT Y Y)

PAGE I'fiLL PROPERTIES II, L'P'

STIBS CRiPTTON AGREEI\4ENT ANÐ INVESTGR

QUALIFICATIONSTA1'Eh{EI\iTSIGNA'I'UREPAGE,, .'.

IN WITNESS WIIEREOF, the Invcsror has executed this Subscription '

Agreement and Investor Qualification Statement on the date set forth below' ' .' ,

':Date:

:

Amount of Commitment: $(U.S.)

(Please Type or Print Name of Investor)

By:Signature

(Please T1,pe or Pdnt Name of Signatory)

Title:

Nante of Trustecs or olher Fi.duciaries Exercisíng Invesl.ntent

Discretion v'ílh Resp.ecl to Beneftf PI'øn or Trust

Signntu,re Printed Na'me Title

il572't'122.2

Pl{l-2215

SETlOF2

State of

County of

On this daY of 2006, before me personally appeared

''.àtobethepersonrr4loexecutedtheforegoing: . inrt.i*.nt in his/Ì:er aurhorized capacity, and t'ho duly acknou'ledged to me that execution of the

sam.isIiis/herownfrceactanddee-dandnladewithappropria1eauthority.

My Commission ExPires:Notary Public

Notaty:Pleaseconlpletestate,cou.nl),,dale.andnantesofallpersonssignìllgandffixlzotaríalseal.= == --.= == == = = = = = = = = = = = = = == = = - = = = = = = = = = = -- =.= =: = = = = =: = =

For Fund Use OnlY'.'

: Do not n'rite below this point''

The subscription is hereby acccpled in the amount set forth bclorv and the inYestor is hereby

adnritted as a Limited Fartner as of '

GENIERAL-PARTNÐR:

PAGE N4ILL PROPERTIES I] GP, LLC,a Delau'are limited liability company

Acce.pted Commitment Amount $(U.S.)

Þ'r.

Name: David A. Taran

Title: AuthorizedSignatorY

)

)

ACK}iO\4/LEDGh{ENT

c< .

5i27i22.2 ilI

P\A-2216

SETl OF2

.:

PAGE }fl-L PROPERTIES II, L'P.

''.BY: PAGE MiLL PROPERTIES II CP, LLC,

Its General Partner

. D,DDV.

Name: David A. TaranTitle: Autho¡izedSignatorY

IVa!

Pl/]l-2217

SET2OF2

ACKI\{O1\/LÐÐGh{ENT

State of

County of

). SS.:

)

On thji daY of 2006, before me personally appeared :

rvho proved ro rre on ,¡" Ur*i, of ,uUrfu.toryÃidt*" to be the persort u'ho executed the foregoing

jnstrument in 'is/her

uuiho,i""¿ capacitv' ;9 it: dulv acknowi:ti:1,1" nre that execution of the

,r*. i, rt;tnter ou'n fr"e act and cieei aná made with appropriate authority'

My Conunission ExPires:Notaly Public

lSeall

NotatT: Please contplete s¡aÍe, counly, dale and 2'Lan¡es of aII pcrsotts sigrlirrg and affix nolaríal seal'

= = = = = = = = -- = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = : = = = -- = :

For F-und Use OnlY

Ðo nol .n'rite below this Point

the amount set forth belorv and the inlestor is herebyThe subscription is hcreby accepled in

admitted as a Linrited Pa¡-tner as of

GE¡*ERAL PARTNER:

PACE N4iLL PROPERTES II CP, LLC,

a Delau'ar-e limited liability company

Accepted Commitment Amount $(U'S')

By:Name:Tirle:

David A. Taran

Authorized SignatorY

V5'727722.2

P\/l-2218

SET2 OF2

FUlrÐ:

PAGE },IILL PRCPERTTFS II, L.P.

By: PACE i\4ILL PROPERTIES II GP, LLC,:Its Çeneral Partner

. By:Name: David A. Taran

' Title: Authorized SignatorY

VI

P\ll-2219

SETlOF2

P'¿'GE h{ILL PROPERTIES itr' L'P'L í},{ITEÐ PARTN.ER SI GNATTIR'E PA GE

Ah{E}îÐNÐ ANÐ RESTATEÐ AGREEh{EI{T CF LII\'ÍITEÐ PAR.TNERSHIP

By its signa.ture below, the undersigne.d hereby agrces that effective as of the date of its

admission to t'age ttlitt propeiries lI, L.P. (rhe "Fund") as a Linrited Parlner it shall (i) become a party

to the Amendej and Restated Agreement of Li¡:ited Partnership of the Fund, as the same nray be

amende.d, reslated or supp)enrel:tãd fionl t;tne to ti:¡re in accordance wjth the ptovisions thereof (the

ËilË;;ent') an¿'(ii) be bound by cach and every term and provision of the Fund Agreerlent.

Amount of Con:¡lrilment: U-S. $ Date:

Title:

(Please Type Name of Ljmited Partner)

By:Signature

(PIease Type or Piint Name of Signatory)

========

State of

County of

On this day of 2006, before rne personally appeared

@ofsatisfactol-yer.idencetobetheperSonu,hoexecutedtheforegoingjnstrument in his/her authorized capacity, und *'ho duly acknou'ledged to me that execution of the

,unr. i, his/her orvn t'ee act and deed and made tvith appropriate authority.

My Commission ExPires:

ISeal]

Noraty: Please conp|ete sla\e, coltli'D,, d'ale and ].,an?ies of aII persotts sigt.Lillg an"d ffix notaríal seal.

572'17?2.2 vtr

Pl\/'-2220

SETzOF2

PAGE T'{ILL PROPERTIES ltr, L.P.

LTI\{ITEÐ PARTNER SICN¡.TUNB PAGETO

AtraENÐtrÐ ANÐ RESTATEÐ ¿cnret rpNT CF LIn{iTEÐ PAR'TNIIERSIIIP '

ByitsSignaturebelotr,,rheundersignedhe:.ebyagreestlrateffectir,easofthedateofitsadmission to page tr4iil properries rI, L.p. (the ..Fund") as a Limir.¿ parrner it shair (i) become a parry

to tlre Amended and Restated Agreenent of Liniirei Partnership of the Fund' as the sarne may be

amended, restated or supplemented from time to tinre in accol-dance u'ith the provisions thereof (the

..Fund Agreeme¡r") #"ôit|";"und by each and every te¡rl'r and provision 9f the Fund-Agreemenl

Date:Amcunt of Comn:itment: U'S' $ _.

(Pt"rt" T)"" Name of Limited Partner)

By:Signature

flr." t¡pe or Print Name of Signatory)

Title:

State of

County of:

:

2006, before rne personally appearedOn this day of

)ss.:

)

u,lro proved to me on th of 'uti'futto'y

*ia"-ntt to ue the person r¡'ho executed the foregoing

insrru¡nenr in his/her uuil,tir"¿ capacity, tid "'ho

duly acknou'i:9-i:9-lt me that execution of ,the

::ä. ffirÄ;;;ir;.;.i un¿ ¿."¿ aná made *,ith appropriate authoritv'

My Commission ExPires:Notary Public

ISeal]

td i¡antes of ctll persotts signtttg ond affix nolarial seal'Notaty:PleasecotnpleÍeslale,coLt)xly'daleanditatttesoJclttpersoll

5'12'1122.2VilI

P\11-2221

i..:. l

:

..

,iOF: PAGE Ì\{ILL PROPERTIES II, L.P.

..', FpTIFS TI- L.p. (the "Fund") are concemed about

. \\¡e'at PAGE IUILL PROPERTIES II' L'P' (the

the privacy of our invesfors. T]lis notice 'un*¡^t the Fund's policies and plactices with

respect to the trearnient of nonpublic f"rronut information drat we acquire about our

invesrors. The provrsions of this policy "ppf;t;;ent and fci-mer investors in the Fund and

are subject to change.

1. we collect nonpublic peisonal infomation about investors from the following sources:

tions u'ith us and our affiliates; and'Infonnation about you' transec

cnsumer reporting].Informationaboutyouthat-wemayreceivefromaconsrìmerreporullts

asencv,."g;Ëíour li"¿it status' '

This information may be received in any.man1]l.ti::t"1if.i-nerson discussions'

t"t "pt,

on" "onu.rrutio,ir'unã

ål".ooni c or other wri tten coinmuni c ati ons.

r :. '

2.Wedonotdisc]oseanynonpublicpersonalinformationabouttheFund's.investorstoanyone other than the Funå's affiliates u'jihout permission'.exc.ept as required or permitted

bv law. rne "xcepììons

include tlrira purti*- ihat assist the Fund in providing you with

sãrvices, such as a broker or accountant' f

'

3. we restrict access to nonpublic personal information about you to those employees and

agenrs who need ro ino* if,ui info,mrtønJ" "t¿"i to provide ser-vices to you' We maintain

o¡vsical, electronic and procedur"l .uttgoár¿s tnat cãmply u'ith applicable regulations to

!;#ö";iã"p,ui;"p",son'linformation...'

4. We will continue to adliere to the policies and practices described in this privacy notlce

with respect to information that we have- acquìred ã¡out )'oll' e'en if rve no longer províde

services to )/ou'

5. We reserve the iìght to change these

.,ou .vith a notice clescribi:ig the levised

úe sent to )'ou annuallY'

.1.

policies and practices at any tinle and will provide

J"l;;;"t. In aãdition, the Fund's pd'acy poiicy u'ili

'ff},ouhaveanyquestionsabouttJreFund'sprir,acypolicies,pleasecallDavidA.Taran at (OSO) S¡¡-¡SOO' :

s'72'¡i22.2

Pl{l-2222

I nvestment Opportu n itiesFocus on threeopportunity for

primary areas that wethe pañnership:

TYPE

Rationale

-U

IN)N)N)(-.)

. Faced withcorporate liquidityissues and non-corereal estate assets

. Sell decisionpredicated oncorporate finance.matters notmaximizing realestate values

believe present the most

DISTRESSEDFINANCIAL.OWNERS

. Realestate privateequity funds seekingto dispose ofaggressive, poorly-timed investments

. Lenders facingforeclosures,squeeze downs andloan take out issues

Renovation, re-leasing, re-financingof portfolios andsingle assets

Many lack localoperationalcapabilities

wwPTG fu hffI LLPROrÆffirES

Page M¡ll Properties Annual lnvestor Meeting

!I

N)N)N)Þ

PTC E.MI LL

November 13r 2OO7

P R O P.:.E.IR T I E S.j;::.: l.

.r':.,:..:r..r -i.:...,,.il ì

'1

Acc¡ s s F u ru o

Pa c n M t r r

I.II.III.IV.

V.

VI.

Ag.tda

Page Mitl Properties Funds Overview

Investment Activity Update

Management Activity Update

Redevelopment Activity Update

Capital Calls

Other Developments. Page Mill Properties Team

Current Investment Opportunities. New Fundraising Activity

!I

N)N)N)(¡

pnclffitt trro¡frffiirsPnCEMILLP R o p. E ìn r I E s

r. Page Mill Properties Funds ovenriew

!I

N)¡\)N)O)

"ffi TrPncftXfirrrr n o e[4! 1fu r e s

PecnMILLP R O P, E R f I É S

W:' Since its rrception, Page Mill Properties II, L.P., and Page Mill Properties Access Fund, LLC,

have completed 80 investrnents and tied up 15 additional invesffnents for a total of 95

investrnents at an ^ggregate

purchase price of approximately $271M. These individual

Page Mill Properties Funds Ovetview

slî^

nts in aggregate represent over 1,800 units, serve over,6.000 residents and cover over

./'46 acrç'in the centraliy located sub-market of California's Bay Area known as East Palo Alto.lPalo Alto borders Palo Alto to the \üest and South, Menlo Park to the North and the San

Francisco Bay to the East.

. Crurently we are targeting up to 18 additional.investrnents in this area v¡ith an estimated

aggregate purchase price of approximately $27M reptesentjng oye r 115 additional units and 5

4srg9

. In a privatefpublic partnership, Page Mill is working to facilitate and accelerate East Palo

Alto's economic redevelopment and development initiatives by Wiryinfrastructurç, improving the reqt4l¡,..gffering preferred

and discounted rentals for state and municipal employees, promotingaffordable and attractive

home ownership or rentals, including work force housing, via potential condo ot apartment

redevelopment utilizing green energy and environmental desþ and operations standards and

certifications, and expanding community oriented retail and service businesses including those

owned andf or managed by minorities and u/omen.

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4

P¡ GEMILLo P..E.'R I I E S

Page Mill Propetties Funds Overview - Cont'dAqrtk' 7

,,/To date, approximately 650/o or $ZéIAof committed capital has been allg/ated to the EPÁ.

investments and operations. Âdditional acquisition and operations fu{ancnghas been

secured via approximately @ bo¡ggy/i11gg uriá RBS at LIBOR +70bps and approximately $179M in mortgage borowings (at approximately 80% LTC)u¡ith l7achovia at LIBOR + 145bps.

During the remainder of 2007 and the first half of 2008, Page Mill v¡ill focus on

completing the assemblage of EPA invesürrents, enharìcing the operations of each of itsmultifamily rental invesunents, fi.uther advancing each existing investment's

redevelopment and development potential and exploring additional investment

opportunities.

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II. Investment Activity Update

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Representative Investments - Conttd

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PECNMILL? R o P,.:ìÊ.P I r f: 5

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III. Managemerrt Activity tlpdate

WoodlandPark

pncäffi"trrc¡ft1for;s!

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Doing Well By Doing Good

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. Quadruple Bottom Line: Achieving and Exceeding Targeted Financial and Social Returns.

. Aligning with Key Gonstituents for Shared Success.

Pn c n M r r rPNOPERIIES

Fan get }ÐQfu +Heturns

13

PnCEMILLP R O ' ..8 -'R T I E 5

Representative Portfolio Management Activities

RGat Collêcaionr il

EsEbllsbÉd râaa¡srtizeat ler EôtlectiG, 3 d4' mÉcê sd eli(tlor ip'g¡e L

trnit l\¡nors Pro=amTËctirg l.oln¡æry 30 day mricer, iarul¡¡¡t!ry er,'icriû!s, Hmity l::::i

v¡cuior,ffirutnedywocias- l:l.Ìl:.:ritl[g,Over !:. rì j

o t¡cæies- i;lilRew¡m Enhs¡<mot Promru

LaudryProgræSmds¡diziEg au¡loß Erd @mcts-Sr$dârdi'ing Erùrrûtre proEßnStealsrdi¡jry @UestioB prc-Ee

ùlü¡ti FsÐitlrApt¡ÞEt l¡r5iEF P¡oÊnrAildiD€: sr¡¡rp¡súÉmrll rhüd psry ¡$81srp6otHG.

Singlc Fsib. l¡mÊ lrasbg Pmgru.Aaldtug r4rlrfÐeÃrst üErl psrtj,' åEatsr'lroEr.E-

P¡rliEg PloEn¡r.St!¡rlsrdizêrl p5rl$,g proErânt for !¡lpruporde5.ReE¡strr€ÜasriBDéd p!¡kiag ed<¡e¡¡/rpsÊed.

liii P¡sns sr¡bEi¡lÈd¡Eds¡rDrþüèilApprond v.adon ì't!ìijl¡rsdgrhr en'¡wE¡rtry ÉiêDdl!. ugù'rÌËffiê ëfËicie¡rE¡tabtirhéd 3lsail¡¡diæd lpplcëd lendo¡i iúturtbg gsrts, 86.¡."rì:il"pgt";t,

SrrÃd$dtrad reüe:El of ünllfùdriæll'IúoD€rqttë sèùicl€3"

sodprlcs- i:l.,i rrp€rsdes,lorrûo$sùcr¡'Etûttet5, ê1c.

l:itili.':.ì

Tel¡nt SrñiacsEErsblicEÉd (*D¡E¡) EBtEê ¡€qurt ¡mÊFru wirl 1+ bou epæse i¡i

Sn¡dios - $?1û880ftlBR-S8r(L990¡ E,R'- S90È1,1O02 BR - Sl,lli-1,4853 ER -$t.3OJ-1,îO5

dnË sal no E¡¡trÊ rtr!. I !rÊ€¡ sê3oh¡¡fr lidê.

Builôbg R.pajr. \r¡iari¡rqsc BRa Jeitor¡âl PremÐ iliT.-tiã-o*o1Ëi"**-* "ìñl*,oo"se æsEy requiredÈrs-

pßgru i t' :i n¡tr¡.,]'g ¡vie¡ rcÊ: dteætiß'É fôr lâ¡dscsÞing ÍrilrùÀoÊ

w rErrr S50 to S1ûO ¡rs rú ebG'e b plâre rÐts.

if tiat"dincu"ffi.-_i:t I SÈÀal¡rdþj¡E ù.€q¡loas æd, (orllraßs.

pFEE@ ¡fi'i! IaffirjÊstiÀg oibÉ ''ttem" o'pÈrårbEi¡dulitres.EíBbtisb€d coru æa (!eâEE! q¡rg¡rd{ qtrd, trsrüÊd<s progrsn i:,r iifntuigrdÃE rp@#bip ôf sæ F¡ffiisqui¡o crerEsrlbtisb€d coru æa (teâEE! q¡rg¡rd{ qtrd trsrüÊd<s progrr^ i:t ijlo.*icrtiìg s;**bii of sæ F¡ffiisqut¡o creê} Ë¡É¡dp-Es¡Ebüsbed ¿rruispaùtiry ud rcs;tåed<Ê IæEn4 li: ,i

ì' :rj Sü¡ldrdizbg nrt¡r¡'qñ(e prc_æ.f . I StsadãdiziEÉco¡lRiG!@gr@li. j stsadãdiziEBco¡lRiGF@gr¡e

i:-- 1i_

C¡p¡¡âl IEproyEaeûaJc:o6truct¡oE FfosrtrBConpkreÈ iniríal i¡Êqd ui¡ræ<e a¡d (g¡rit8¡ iü¡v¡or€ært

PFgrsE.Upib¡ail ud c¡{cDÊd Ep lry ¡rsiEßÊDsEEÊ h¡dsc¡D¡np.EËnil ÞcEÈ ¡¡ft sàfrry ¡!d codê lsræ5.RÊh¡b¡liEleal (our¡lø æs - slr)s, b¡lls, elcvaros udBools.

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Íi i,lED6s. R.drrtio!.Pr@¡..*pa*Ea*p-ë q¡ r@è GE.

il',1ìCoadr¡ct"g cou¡rop¡s¡sir,e E¡¡tiE (g:as, elcctric. wrter) r€riem.

i,!r,{ Radr¡ci¡¡gu¡¡lirÍco5ts,íì.,ii IüÞlÉEEtiEg rès¡al¿üÎü¡¡itytfÈi¡g syíeE(RUAS).

pncïffirrt'no'-.,Ë¡É.'"

;È:i lstat¡hgseluffiE ænssber¡<steftcrisai::i:ìi.;.'l

:,:.: :iCâÞitel IEDror'æêlttCorslEstËeE_lItqg!4lq.t¡r',;t-otp***'o,"ç-ütõßEm@¡mgm.utt *Þ¡4r ¡tuuri:.:i P¡sns sr¡bEi¡lÈd¡EdspDrÞüèil

al,; ;fiatrU tU it *qdri."^ t *b*e qlstiÀg tþdrß,Ê¡Ê!úrB

I :ì ly¡lauljl;ãPr¡riæ.1'tj:1i

í,iP¡trn¡¡¡t rep¡b BD¿ råírrfGutg:

;.:.r'i ql4¡oßEi1jrzffi.

i : .JJ:^:---r ñ--.-----

, 'Tërlutj ComE¡i¡!¡Day Cæ lrogroi, r.1 çmEeiÈttb Y¡vlc/t (bitis¡rT .É cùitd¡u trpâci{" ô4 qw);::.'rr CorME¡t) G¡r{¡¿¡ P¡ogrui, ìLsel€#Sro¡qge PloErÊE.

f:'ij¡sptrau¡¡g e¡eÐ ope¡s¡ing i¡iti¡tivG-

I j' i3u¡ldiuE:.c@uily ÅdEerdsiEg P¡DEråDi: '..ìT@tXFÈñ.ed. Sæice Þ¡¡s¡a

¡, : jongoilg sûepleuilg. lald use oEcFrD¡.auiqg, roEr(sl rcr¡iûg,i,t.ri rarircwta¡ r@ric¡I Eprc¡ ¿lt.llrsir, lãld H Mursda,; ::, r LEEDS c€rÎifátio!, Ð8¡ysir, et€.i,, l'ì gs¡scog ¿etetoE ÐEt sir€ cors1fsiars sad arsuEd üis¡!si5.i:-Ìi.. .i

i:; .:1Àfñictprl.r comEu[tlT ontr.â(xi:,1i-.lddit¡oæ¡ i¡r'estigatloa ofI{lID ard oihu fedee! staæ sd coûlr1". ¡] gmæ roÀ ftzfiry soütes for c@Eity s¡l coma ¡trai,,r'ilmpmæaa-i:,,ì RDår'årdc¡É 3 EiJ+'clÊJÐßrtesûis!. Crrff-i. : : S¡f¿ SGêts Grs¡rs-i;.';j rtrbuFæsül'GffiE-ì"'. ì cret <oltsÈGtia sfiä. campy.

i¡ì:'iDrspo¡¿¿ mmtfi'glriB-q [pÊrtdG Flâ¡r ¡lcoordiüdoa q'itb Cilï.¡ tt::iiíi;ir¡*¡ rl"¡" virãsêEgt Prosrâma.:',+¡..r'ÌCoaducdng rddiriond rwse!'s ud fling cÊ!ti6cÊtê5 ¡o rsit

S4ics P¡!ÊΡË

æs ia¡Êgnüd æ sitÊ sêE¡E¡ç' ¿irtÂrÊh cæ.lidee suræill,¡¡re bta€rsted si¡h *ruiry d¡rpfitll

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Roof aqd b¡l*oaie5 r¿Flere{ rÐdred ¡o¡l nqimi¡e&Isstsûe{ ¡Êpbßed" æprired ftoces.PâÍDr{al.

Rec¡<ìi¡g Prognam-

Diçe¡sim of l0t9ü of gir€€!¡ r5sm.InopleüêüinE ÞroEråar fr r orher reiwlahle üåE¡iå15.SqñalîÍti¡i¡g trssb e¡ül ßs.\¡cli!g pi(}up Ëril¡tiès.Coûo¡diDAtirg siù Ciry progr&r]s.

furplÉmÂÞÉñE gpea o¡¡€!-sthg inidâfüe.Replacbg aìl üEËqipE n'fth energy eÊE.i"nt liglting .

Replacbg appliucer rritL eoer5i effiEieüt n¡¡dêf5.

[I¡¡.lañoD¡iEt EEe pl¡¡Eg g¡ltrslr b coordinE¡joBwj¡h CEÞ¡py.

ProDÊrtt' ¡f2n¡EËmÉat Soft$srËpþPËnIDra¡ågÉ¡uÊ¡tr s]to¡alê proÊrâo.

hrds(sni¡E Prp¡rerptu¡Sler¡Ê¡rÉat rrreÊ r¡rd ls¡dscspe råi!¡sasÀce r!d, cleErbg p*g*- [jit!

Sccuritr,Saftty Proerso i'i !

I{cs mmrp¡nrd ;':: :Keyucanageoeo,s)-eBsËw, ti./ ì

CirtÊ råiúesslEe !¡d, seruÉty. i-; ,.i

Cont'd.

SE€el ¡Drt ¡l¡ildùg lígbrÍnbg irrpcor,eueril ltro:rslr. iiii:Àiu hours ucrgesE)' rEsFD¡se prçEr¡¡u'. 1;,:,:i

P¡ir'¡fe secuity serr.ices- il..,i!4 hnu dis¡rrch. ì, ..,:i

R:gulorvehicle&fompatols, i Ï

D¿i¡ysß¡iTityr¡rrr i¡ß¡alÉltlelors. ii,jDheÊr tur€rfr<e nriú lotice de¡renoert. ii ,ÏSecurity gres erd llrares srsEdardizêd oà cårdkéy È]s:rE )l-

liriljI ..,¡

ùtutrir¡pÐlRÊlrüols ii''iReÊNlr¡coo{dbateilcode êort¡cenu¡rt iôspeEdo¡s. i i.i

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15

PAG EM ILL

Before And After

1-8 Newell Ct. "Before" L-8 Newell Ct. 66After"

Pool fence was too low Landscaping worn and outdated. Fence replaced. New grass/landscaping. Buildings repainted.

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and repairs required in robbv402F-. O'Keefe St. "Before"

16

402n. OtKeefe St. "After"Lobby cleaned, tiled and painted.-^ Pnc E

P ,.. E

MIrrRfIIS

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Before And After

1920 & 1928 Cooley Ave. 'rBefore"Wom, chipped, dull paint.

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PA Gï tffitr trrcrrfoLfurrs

L7 20 W. Bayshore Road'óBeforet'Dark lobby. Worn, dull paint.

1920 &,1928 Cooley Ave. 6rAfter,

Power washed and repainted w/ ligtrt, invitingcolor/trim.

17

1720 \ry. Bayshore Road ttl¡fter"

Lightened lobby by removing interior wall. Repainted

w/ light, inviting color/trim. PAGEMILLP R O P.,..8'. P T I T S

Before And After

25 Newell Road "Before"No security fences around property.

!!

N)N)èJ

1837 Clarke Avenue "Beforettveway and parking open to street, not secure.

25 Newell Road rsAfter"

New fences installed with secured key access.

18

1837 Clarke Avenue'sBefore'New secure vehicular / pedestrian gates / fence installed.

PnCEMILLJRÓPEPIITS

Before And After

200L Manhattan Ave. "Before"Worn / dirty floors / walls in

laundry room.

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PAGïtffi' r t,*o';fu1furrs

2001 Manhattan Ave. rrAfter"

Cleaned and tiled.430 E, O'Keefe St "Beforet'

Nondescript / worn lobbylinoleum / hall carpet.

430 E. O'Keefe St.'rAfter"Tiled and relighted.

IV: Redevelopment Activity Update

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"¡!ù- ./6-

WoodlandPark

20

PAGE.MILLP R O P-,'E',R r I t S

Opportunity to redevelop or develop urban infill mid rise residennal and mixed use retail /offìce for rent andf or sa\e.

21Incorporating US Green Building Council (IJSGBC) leadership in energy and environmentaldesþ (LEED) standatds and certification.

Increasing density and units by rrp to 50-1000/o versus current density.

Providing affordable value to dramatically supply constrained market.

Preliminary redevelopment / development underwritirg ,rggests doubling potential returns to30o/o-l over 3-5+ years.

Includes affordable housing component and 3570 density bonus.

,tffordable housing offered on priority basis to municþal employees and CaIPERS pensionmembers and existing tenants and teachers.

Enable/support local businesse s f conttactors rncluding those owned / managed,by

minorities and women.

Redevelopment Opporrunities

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PAGlffi"ttt,nor_H¡1furrsPECEMILLP R C P E'P f I T 5

Repre s entative Re development Activitie s

CoodmùirøCcoræ¡sicoM¡¡c¡a¡nù¡luRsrftflrd-fæsfro¡;i:,i ii.ig.IorV"t&.tR"a"thittfÃGlilru¡¿¡¡rhiErt-Ihblbcroq¡ .,.,i1MãtrldrEsnrstß ilJlliúû*"DÉßËtr¡.f.ro,S"tt Ho iogSaamgies

Rrotsùbiri¡¡rb¡ iliffiffiT:pmjeÍÁna iu;i*ffiHflff**Æffi:trtrtr*nøSabit¡¿¡tiøûdi¡¡¡rclf¡os¡¡¡ùu¡-¡f¡o¡&tr'¡¡.4¡r¡ i,:¡CAyU¡¡l¡iUoMitdog-

', .ì tug¡¡n¡æ,

Nsrlylå¡rtmnedRøull¡'¡itiHotS¡bjEfirD8dC@o¡Uofu ülä¡¡r¡f tcnoer!ùdcilltÐw ':.i.beûù*'ce!ftmr¡¡¡tm-Ir,,."í,*.l*-- q;;;;;;;.*"*' irffi:l'

Ggq¡r¡lFlu - to¡i¡ecoEsrСlï ilifl""dlr'*c*.ptF " ii;.jf"u¡ur"n*¿i¡"t*eb¡"euttg\llrúrlÐdLieçd¡dr¡tytvf¡¡¡¡e¡¡d¡o¡ÈCb¡r-D¡.|Fiper f.llSr¡oo¡Urrri.,:Å**Op¡io¡lslysis l,iip.¿=C.r"¿r,'*i.ttl"tCt*rir,ioosro¡ioN*CodøbgLBerkrsr-Stsíp¡LrD¡tl¡¡soer,';q¡rhin¡r- i[tjsm OeretnpmPlå¡s - PbsseD€ui¡5 i;¡IlahHn r'*¿r i;:'r{Ârtiþffi1c4ril Dltr i..¡ìtl¡rpinslciril E!!irr.f}Ilra Dllignorelfmanrfu. G¡¡¡q¡ rqnd f,lse CÕ'úftrarifl.- DIJI !i;if¡*.n*.f.n¡f.*IÞlrlo¡oer i:iiOoÃcqlt9¡åls ofEsc&bfiêI!Ê'¡strüEî¡¡å jEttdÆü¡E

pÞü liijCcErr¡l Ehïuioos ¡1 il Couff¡url Eduaer of Bsc!¡bue ld¿srurn¡¡E EI€!!É!¡B

f¡c¡¡r¡l F¡6 od Zñihg l¡EolsisÈlcics !l¡0¡ - ùfs5!s t5!d iri;Íp*¡og Sttot!' plt* - Smrtured ¡od S¡r&re Þaúi¡g i:¡j p¡o¡c¡ Oe*p Cr¡eria

ÞkEsr,,:[r(ù¡le t-Drblirc¡mqp iiii - i;i:ifx¡¡iarf fvf¡¡¡cs¡¿r

PÞÜf¡c¡¡r¡l F¡6 od Zñihg l¡JcolsisÈlcics !l¡0¡ - ùfs5!s t5!d iri;Íp*¡qg Sfist!' plá¡s - Smrtured ¡od S¡r&re Þaúi¡g i,¡.J ¡¡oje c¡ Oe*p Cr¡eria

Þkøsr,,:[rcù¡re r-Drblirc¡m{p iiii ilifx¡¡irrrf fvf¡¡¡cs¡¿r¡:.i.!.i,_ - !:'.,::

C¡c¡rr¡1lttgDdzñiñgl¡coosislÊttciÊilf¡lomdnn-I{¡¡¡r{Þ ì.i'Tlil¡ûllEEfclçl¡!¡lEllË€fl ;:i:'

l'¡r'å¡u ìiilupat¡"r¡¡et'ts"*to"t s"tu*t i'.CIEüL@dL:séCdûør¡ty-DIåpjp{r r+iT,vpiedf¡úd!¡Âylâ}!ús

I i.

NeCdwbg(}selssræsMe¡or¿oduo-Il¿¡¡a &tr'¡¡At¡ ¡;inro¡ectOøitÊftilerirs¡nT€clttâINtÉ¡Dmn¡b iiti:t

CìEutl@dL:séCdûør¡ty-Dlåpjp{r r+il,vpie¡IΡ¡dt¡¿yl¡fiOs

NeCdwÈnsLEslssræsMe¡or¿oduo- Il¿¡¡a &tr'¡¡At¡ ir;::;ÈBjcctltÈsigêftilerj¡ s¡nT€clttâINtÉ¡DmE¡b

íj¡ l:ri:'iîi¡¡ltuj¡w¡eøl¡¡0aÊtAssesúeø¡Rxm¡tr¡ctio¡fR¿¡t¡rydm¡n¡nt) oolilu iiijr--crrnr¡"-" iirìD¡EftF¿¡c¡s.|qr$epcoù,feouodnra-Dl{Pi$er,iD(]Îrd¡€ ¡;;larfogDeR}oFr¡Dt¡¡¡¡d¡\f¡til-QuoÈ6rerionofÊistos i1,ii!.EFOjggftiFçðd,o¿.{lrksitEP¡¡fsB\jtRProau 'i'ìi Dú¡tDdt ij.,jl¡dhiiù¡¡lBuil¡¡e.RcrwucdoaOgtimÈlEdÉûEÀdüße$iÉfi€dbyltyúsrerI¿!¡l ';rìh'rauÈ:r s<eringlrfudEl Qtrá¡dfcâdcüúf Êotsr[i¡l l¡ryùmt eDd i"iN¡¡gl¡øoo¿- cËetopoutzoolePlr¡¡sr,'AlrhitÉÊt-D0hli!&ury Ìl,f Dem¡¡¡Is i,,rii

Drs¡olitioFeods Menrcsd¡¡¡- tl¡¡¡¡,&t'¿s,o¡ts i.iicEQ¡{E¡¡nru¡o¡alcËlf}tir- F¡ljèct l¡{}¡üÎs!'i€st¡ ii.lip.re¡¡ct Coo'r¿¡na¡uüpdâtë\,Ìsi@Et€¡ú¡êrü auno¡crueec¡rioa i.rì¡-*¡ghbo.hood,D*o=topõEntz6êtrfaÈir -lbssi¡E I¡çâEt5 ì:'i;ute€¡re-{R€.üÍEhF@tTe@.0/feerio5r-ifrs*erlord

iiì ,,.,.i Flm¡a"A¡ttri¡ecr.I-s¡duEe,tta{!ry.s!¡¡q¡or.eFrEÊÀf¡l¡g¿bç}frd.*nrtêltnib(Bùm i:iJBCôrttuLÌrrB¡tÞunib{BùlRl iiii p¡ç¡¿er

tomåE¡,IR.PrüÊErFd-s¡t€CoD firsÀfeæm¡ailsr-IIæ ;'iiuuttygø¡ssnstqiÉ i ji_ _trr¡¡¡âra :'i',i ;:,.,j!+i!ctÊ+-r@4g_

IÞÈãtevirimDæürlrsodFrûjEÊrDerÉ¡iFriotr :;riLEElS C{ftiÍ.lliouÁEtrsis ijtjyêEd!€:qiÉc5ri'strEf,mldúk Xo*iog-le*i'0ûCÀg.,{tuÀtil") i¡Ì¡'ø*t*too¿-Deælopcarzæas i.,;'jFrq€ct!ütr prÊ'_ApPlifftioaSlttflirtrl

t¡rl:si[oã]. tldG' - Itædl¡dh,idnat Þrojerrs,ßuil;ling¡ ii¡i C*-crd* D*tiÊp Cli¡*i" iril.lfrbti( O¡EÊ¡ú ?r'oer¡¿¡ - .qpex Sd¡egi€5

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i, r,.:"¿Iuo¡ ct åmtvsis

; :. :lg'uer SrE¡¡¡'.ts:erøeu-À!àlysie|:iiÞeftrred Ctr€Fû Þ¡ED Sy:!Êr!.Iuptrct l.h¡rixlrli¡¡¡u m¡¡w¡eøt ¡¡OaÊt Assesú€ø¡

22

PAG EMp...È.,'p r

I L!

Representative Redevelopment Activities - Cont'd

Od¡oFha.ro.A¡d¡l l¡bñt¡s$tl'fopog¡4:ù¡c Sl[ælt ûf Ss Fred5qìr¡¡o CffüRigh-of-l[b'n¡Étrd1lvf¡lfiry - P¡øÉ<tår€s

InnrrtålllvsisEüsd¡g Der¡elûDú$üD€MdMs¡!Ìtr -Q!¡¡¡i!(fi@lfErÍstiEg

fhæds¡¡irrd(al S.rìíñg lvfodEl Qrmifiir*ioa oflsE¡uid ¡IÚacB .sl

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itij

Pl¡ûuíHrrìiÈcç Iá¡dUsê ArøÊy, Sillrêlr, &Fr€s ¡.fr¡J

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niùGtySEfiO¡m¡rì ProEr¡ro - AF€4( Sr¡#geg

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:itl i,i:ì 'iìG¡üt.ltEd¡rãthE;;ieni"il'¡"..E¡¡"gE¡lûplñliÞgñrsds i r¡r'Liil¡mcrEûÊ G@ Ârdir¡rimIh Èlewg iM p¡efemdÀlnen¿rÍre j:::,ì

il.i CorcPruall*ndü:ellu i.Ìlü,ii:::lìErrrsvrfficiÈorsot¡ries i: i

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iillìImens¡ütrgøßj¡ooeantryfinodlye¡¡rgyrres$¡¡ecfrciÉr¡ i'.,',1

i;i,;'lso!uriøs iorr"¡ag sotrr eleüki5r a¡rdpoollstiug fiauerpgrâdeå:.ii;ilecaS''+ç't¡o¡a¡rpticucellrrf,onrsbôs*¡''bil€ß.Èic. l,"l

iiii i';ìi .:'i l. ::,i i

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;,i;;i i:'jìii',i i:'Ì:ì: Iii. l i' .';

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tii::lSeÊue Op{rfisri,J -+pty or sd:a4 se!¡d¡r,.ì

1.,,.ir ''.1i',.1i ,'rìa iì.j..: '']

I LIIE5

23

PnCEMILLP f, O P.! P r r C S

Illusttative Redevelopment - Zotlre 15

Redevelopment Repre s entation

!I

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pocï ffi'" t'no'rfuÈ.,,,s

24

IL,L

Summary - Preliminary IJnrealtzed Returns

SI]MMARY OF' IhIVESTMENTSAs oJSeptember 30,2007

-

tqkEquity P.Ed¡lgIûv6tcd/ Rrdiz.d REdÌz.d U[räli¡¡d

Conoitt.d P.ocæd! Pmcccds V¡luc

A Apartment Group l0

PAGE MILL PROPERTIEStr, LP/PAGE MILLACCESS FTJND,LLC

-U

tl\)N)A@

A Apafment Group 12

A Apafment Group 14

$r.02.0

9.5

2.6

l9.lt3.8

9.8

3.1

0.8

11.7

8.7

0.5

4t.l.13"8

Tot¡l RqliædProceed!& Mdtipleor Groro

Ilorc¡lizcd I¡vsacd Atrlu¡lV¡luc Fduity IRR

.-U,e(

¿/il/4 lrflqrúø

s2.7

2.5

9.5

6.1

27.9

33.6

12;l

5.7

2.3

18.3

16.9

0.6

64.9

hWWrUdl,fr,,.v,)ru-( ¿o n¿d u|/vt¿(nt

h (nttru'nu

52.7

2.5

9.5

6.1

27.9

33.6

12.',|

5;l2.3

I8.3

16.9

0.6

64.9

28.5

,Mu¿rà fuMøtt'k- Vr*t rnulÁ,o Aün/, ftrf T rføø' fTft%fqm øþJûnu¿rw

2.4x 35.0%

l.3x ß.zYo

25

AllrpunlJ,ul ,

úrr-4 m K b7 ó!, l,/o/¿.ila

V: Capi tal Requiremenrs

!Il\)l\)s(o

pnclnïtrt, * o '-ff[: r[ r r s

26

PnCnMILLi P O P.J!: P I I T S

.-'-------\I.[o-!4L.¡- 2piqlcalls QTjNIL Uite expected this year. T_g!.rt capltalcall is estimated for 1H 2ì-0-8F- )-= luNúl ¿¿ûrt^ø /,//Ì:'d/Ld, t//,/l&lø( " ."'

PM Access Fund capita| contributions to PMP II have been funded to darethrough r\ccess Fund's own separate subscription líne, @

Capital Calls

Access Fund qygglgp3llexpected at this tÌme.

-U

=IN)l\)('ro

pncälffirrtrrorÄr1fuirs

27

PAGE,.MILLP R o P. E'fi r r t s

VI: Other Developments

Page Mill Properties TeamCurrent Investment OpporfLlnities

b{e\á Fundraising Activity

!I

N)N)(JlJ

PAGE lffi.t r t'ro'_fu1åL,,'

28

PAGEMILLP R o p.e'.,n ¡ r E s

Page Mill Properties Leadership Te aÍrl'

a

a

¡

a

David Tatan - CEO - 26Years, Page Mill, Divco Ïüest, Graham & James

Randy Williams - Princþal,2lYears, I(eiretsu Fonrm, Diablo Valley Buttk, I{ennedy-rü(/ilson

Tetry Lee - CFO - 18 Years, Morgan Stanley, Deloitte & Touche

Jim Thompson - Director Acquisitiorus/Deuelopment - 23 Years, Page Mill/Divco l7est

Consultant, HMH Engineers, City of Bdsbane

Jennifer Moore - Deueloþment Officer,1L Years, HMH Engineers, TS/CiviI Engineering

Terry Wang -Acquisitions Ofiær,14 Years, I(B Home, Pulte Homes, Amwest

Steve Lucanic - Corutroller,36Years, Bddge Housing, utban Pacific Properties, HodgeDevelopment, MBTS, FDC

Sean Taube - Inuestment Associate,5Year.s, Divco SØest, RNIM Ptoperties

Brad Ehikian - Inue¡tment Associate,4 Years, Premier Properties Management, General Services

Administration

a

a

a

a

a

!I

N)N)(¡l\)

Suategic Relationships of ,tccess Funds / Investors

PAGHtffittt'ro'rfr¡1fu;ts

29

PeCE.MILLP II O P,.E,R T I T S

Representative Current Investment Opportunities

Three infill assemblage and redevelopment deals in Los Angeles of estimated average size of$300M each (does not include the redevelopment portion).

Four infill assemblag e and.red.evelopment deals in the San Francisco Bay Arcaof estjmated 30

sizes rangng from $20M to $100M each (does not include the redevelopment portion).

One redevelopment deal in San Diego with estimated acquisition cost of $20M.

Various land and redevelopment deals in the Bay Area of estimated sizes r^nglngfrom $10Mto $100M (does not include the redevelopment portion).

One Orange County redevelopment deal of estimated size of $100M.

Multiple new, existing and distressed resort developments in Cahforrua, Colorado, Idahq

aJ.

4.

5.

6.

Hawaü. Passed on two in Florida.

7. Multiple distressed condominium projects, land developments, and loans in California,

Colorado,Hawai, and Florida. Passed on a number of these akeady.

L Multiple performing B Notes.

9. Excess home builder inventory. In discussions vrith a few home builders and one bank.

10. Single family REO and NPL. On hold for time being.

TI

N)N)(¡o)

PAGHtfftttrro1fu1fu,tsPECEMILLP R

"^:.':.,: :

E S

New Page Mill Properties Fundraising Activity

Page Mill Properties Fund II Fully Invested / Committed; Page Mill Properties ,{.ccess trund I

Expected To Be F"lly Invested / Commttted In Next 12 Months.

Page Mill Properties Has Multi Billion Dollar Pipeline of Proprietary Off Market Small to

Medium Size Deals

Page Mill Properties Has Commenced Additional Fundraising:

. Third Institutional Fund: Page Mill Properties Fund III

. Second Strategic Hlgh Net Worth Investor Fund: Page Mill Properties Access Fund IIr Focused on Opportunistic, Value Add and Development Deals

. Distressed Debt and Equity and Domestic Emerging Markets (Itfìll Redevelopment)

. Multiple Asset Classes: Multi Family, Residential ,Land,Office, Hospitality, Etc.

. Multiple Structures: Debt, Eqoity, Options, JV, etc.

r Target 20o/o+ IRRs

!I

N)N)ûts

PAcï ffi't t trnorrfulfurts

31

PncE.MILLPftoP'Eltttt:;

New Page Mill PropertiesFund III and Page Mill

Funds: Page MillProperties Access

T¡l\)l\)(Jt(Jl

PAGëffitrtrroeåtLil:ts

PropertiesFund II

32

PnCnMILLP R

"^:.,:,,',-" I E s

TIIAN|I( YOUForYoar Trast, Inaestment and

Suþport of Page Mill Properties, Page Mill Properties

Fønd II ønd Page Mìll Properties Access Fand I

!I

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pncËfft rtrno,Fotnfu,rs

JJ

Fss EMILLP,,'.E]P 1 I E 5

ru ru ËH re x:rïåriiirui'

age Mill Properties recently purchased the propertywhere you are living. Based in Palo Alto, California,

Page Mill Properties is a leading private real estateinvestmen! development and management firm. Page

Mill Property Services is the part of our firm that managesproperties like yours.

We are local and we Care about the servicewe provide. We have started this newsletter to keep youinformed about our programs and services.

ln order to respond to residents' needs, Page Mill PropertyServices has developed a Properlry lmprovement Program. The

Program covers all types of improvements from re-paintingbuildings, to security fencing, to repairing dry rot, to addingnew plants and landscaping.

We have a great maintenance tealrì, whichyou may have seen, on and around your building. Ourteam is busy at work at each of the properties cleaning,trim.ming, fixing and repairing the interiors and exteriorsof the buildings.

Page Mill Froperties looks forward to serving your lrousingneeds and providing you with quality service.

PnCEMItLPROPERÏIE5

Page M¡ll Propert¡es BeginsProperty lmprovement Program

You Are lnvitedNext Police Beat MeetingBeat FourDate: Thursday, August 16th,2007Time: 6:30 - 8:00 p.m.Location: West Park Apartments,9 Newell Ct East Palo Alto(behind the building on the lawnbeside the pool)

For more information, pleasecall the Crime Prevention Unitat (6s0) 853-5939.

lmportant Numberslf you have any inquiries or servicerequests, please contact your propertybon-site manager.

lf you are in need of emergencymaintenance assistance duringnon-business hourt please contactyour pfoperty manager or ouron-call maintenance personnel at(650) 92+0319. ln the event of a lifethreatening emergency, please call 911.

For rental information, contect theLeasing Office at (650) 4449752.

Who We ArePage Mill Propefty Services9 Newell Ct., East Palo Alto, CA 94303Phone (650) 32+1907Faxí(650) 32+1202Office Hour*Monday-Friday 8:30 a.rn. to 5:00.p.m.-Saturday 10:00 a.m. to 4:00 p.in.Closed Sundayg

P\A-2257

Safety and Security Programs part of the Property lmprovement Program,Page Mill is implementing a safeÇ and security

program at the properties to improve safety and

the quality of life for our residents by eliminatíngdangerous property conditions and issues.

You may have noticed fences and security gates

being repaired or constructed at your property.

We've included "Before" and "After" photos of acouple of the properties where this work is beingdone. Part of this program includes replacing andincreasing the security lighting at the properties,

Page Mill has also increased security patrols at theproperties and is working closely with the City and

the Police Department in an effort to make ourproperties a safer place to live for everyone.

The Police Department divides the city up into four"beats" and individual officers are assigned to watch

over their beats in a special way. You are invitedto the next Beat Meeting in your neighborhoodon Thursday, August 16th where they will discuss

recent crime stat¡stics, community concerns, and

security tips and answer your questions.

a5 NEWttt RD. (BEFORE) Walkways were open

to the sldewalh there sere no security fónces,and the pool fence w¡¡ too low.

r837 CTARKE AVE,

(¡¡Fôns) rhe drlveway

and parking area was.

open to the stréet.

. r83z CIARKE ÀVq. GFÍER)New me{al pedeslian gate âlJd

sliding vehlci¡lar gati p¡ov¡de

acce$- 10 the Prop€rty.

25 NEwEtt RD. (AFTER) New wood fenccswere built and a metål entr!, gatc prc-

vides key access for residents. Pool

fences were replaced to íncrease saþty.'4

Pf\A-2258

J'IfrYou Are lnvitedNext Pol¡ce Beat Meet¡ngBeat FourDate: Thursday, September 20th, 2007Time: 6:30 - 8:00 p.m.Location: West Park Apartments, on thelawn in front of 5 Newell Ct., East Palo Alto

For more information, please call theCrime Prevention Un¡t at (650) 853-5939.

lmportant Numberslf you have any inquiries or servicerequests, please contact your property'son-síte manager. lf you are in need ofemergency maintenance assistanceduring non-business hours, pleasecontact your property manager or ouron-call maintenance personnel at(650) 924-0319. ln the event of a life-threatening emergency, please call 911.

For rental information, contact theLeasing Office at (650) 444-9752. TheCommun¡ty Legal Services offers freeassistance if you have questîons or concerns

' regardíng your rental agreement. Theirtelephone number is (650) 853-1600.

We've Moved!Our management office has moved andre-cipened at the West Park Apartments.Our location may have changed,bút ouroffice hours and commitmentto qualityservice has not. lf we can be,of further . .

ássistance, please feel free to.call oi¡top by our new location: ,

P.¿ge Mill Property Services5 Newell Ct, Egst palo Alto, GA.9.4.303 -

Phonq (650),32+6180 tarc (6fi) 32&1202':.otliCEHoiirs:, :t .,. .i , ,. r '

Monday;Friday S:30 a-m..to 5:00 p.m. :rjSaturday 10:00 a.m. to4:00 p.m. 'Closq{ Su4d¡yi

-,.. ' ,

P]RCEM.I:ILP R,O P E R T'l'É S

Thank Youto everyone who came to the monthlyPolice Beat Meeting behind 5 Newell

Court on August 16th. We had

roughly 50 people in attendance.

Those who attended the meeting heard Beat Four Leader

Sergeant Barberini give an overview of crime statistics forJune 2007 in the "Beat Four area" of East Palo Alto.

The Police Department divides the city up into four "beats"

and an individual officer is assigned to work a beat. A beat is a

regular route an officer or team of officers follows. The term is

somêtimes also used to describe an area covered by an officerwhile he is on duty. The city is going to "area command"

and they have reorganized the Police

Department so that one Captain ¡s

responsible for two beats. Our Beat is

covered by Acting Captain Thomas Alipio.Residents can ema¡l the Acting Captain.

His email address is talipio@cityofepa.org.

The meëting concluded with the police 'answering,questions from the'audience..: l:

Bêat meetings will be held on'the third: '

of er4ery'month.':You are invited to:att-end the,nextBëat Fgur Meeting on Thir'l'5{gy,,SeBtember,20th at:the West fark,Apar:t.r:nenJs.Refresh,méntswjllbesqrved.:

PM-2259

PAGE MILL IMPROVEMENT PROGRAM S

Comprehensive Security and Property lmprovementft! rg" Mill Properties' goal is to improve safery and theII property conditions for the residents in our properties bycorrecting life safety items and dangerous property conditionissues.

To best accomplish this goal we have developed a

Comprehensive Security and Property lmprovement Programthat includes many elements including many constructionprojects and security upgrades.

We have conducted safety inspections of properties withcode enforcement, the building division and other agenciesin order to identify items and potential project improvements.This is an on'going process, and we will continue to inspectthe properties with help from the City, in an effort to makeour properties a safer place to live for everyone.

We are busy tiling, repairing dry rot and painting at certainproperties. We have also been power-washing the buildings,enhancing the landscaping and adding fencing and betterlighting to each apartment building.

We are incorporating more energy efficient elements into ourplanning as well. We are replacing the lighting at each property

w¡th energy éfficient lighting in the hallways, stairwells and carporß.

We are also currently researching alternative energy sources such

as solar energy and solar power for heating and electricity.SecuriÇ has been a big priority in our planning as well. ln

addition to the Police Beat meetings (see story, page 1), wehave been working with the police department, the City andour securiÇ companies, CSI and Peninsula Patrol, to identifypotential trap zones and areas in need of improved safety

Jgzo E t9z8

buildinE andcolor and the

wear¡nE ¡n

building wasrepalnted d light,contrast¡nE tfin

cunentli the

prepped for

r-8 Newell Ct.: Bdote The pool fence was too low andthe landscaping looked wom and oütdated. AfietThe pool þncc was replaced to increase safety andthe courTyard arca got all new grass. The buildings

were repainted and the hallways got new tile.

We will cont¡nue to inspect

the properties w¡th help

from the City, in an effort tomake our properties a safer

place to live for everyone.

PM-2260

ccEsS sToRtES

Programlighting. This includes interior and exterior lighting at theproperties. We are also making it a priority to fix all existingsecurity gates and equip them to utilize key cards.

CSI and Peninsula Patrol are local security companies thatprovide residential/housing security services in East palo Alto andneighboring cities. They get directly involved with the communitywith everything from block part¡es, neighborhood watch programs,

child car seat installations to apprehending criminals. Theywork closely with the police department and talk to citizensabout their concerns. CSI has a website for residents to emailor report serious problem items or suspicious activities. you

may contact CSI using the "Email us" link on their websiteat u ¡/w.cantysecurity.com or by calling (650) 966-8600.

iTzo W' Bayshori Rd.: Before'The bulldlngwas,nondescrlpt and lobby area tiras. : .

dark after.lhe building.yvas rcpginied tohighlight tlie buildings features anS thà.

lobby was improved b¡y renróvinþ aninlerior wall to allow more light.

Ave: BeJore The

'. were a dull grray

t was dr¡pped orrreas. after The

rer washèd andriting color with a

lor for the pàlios.

'perty is beingpe improvenentr.

PAGE Myl/LL EMPLOYEE

sP #tLrcHrTeresita AlanizProperty Portfolio Manager

Teresita Alaniz joined Page

Mill in 2006 as Property

Portfolio Manager after

working with Ehikian &

Company since 1995. At Page

Mill, Mrs. Alaniz manages

over 1500 residential units.

Mrs. Alaniz is a native Spanish

speaker who has over 12 years ofresidential property mana gement

experiencq including leasing and

tenant relations. Prior to joining

Page Mill, Mrs.,Alaniz managed

300 units for Ehikian & Company.

Throughout the years, Mrs. Alaniz

has expanded her relationship withthe City of East Palo Alto to ensure the

"quiet enjoyment" of her residents,

Quiet enjoyment is a real estate term

that means tenants have certain

rights. Teresita's job is to make sure

that those rights are being upheld

not only by the City and its various

departments, but by other tenants

and neighbors as well.

Prvt-2261

Page Mill Property Services Leasing Referral Program

Any Page Mill Property Services resident will receive a rent credit

in the amount of $100.00 when referring a potential applicant.

To receive the referral credit, the applicant must meet all

qualifications and criteria and execute a lease with Page Mill

Property Services. Residents of Page Mill Property Services willreceive credit against rents in the amount of the fee with approved

referral fee statement. There is no limít to the number of referral

credits a resident can receive.

To apply for your referral credit, please contact our Leasing

Coordinator Norma Jaimez at the Leasing Office at (650) 444-9752

or visit our property management office to pick up a.rental

application and referral form.

' ;' to. rtöwru nder,'the;

Pl\A-2262

Está tJsted invitadoPróxima reunión del distrito policialD¡str¡to número cuatroFecha: Juevet 16 de agosto del 2007Horariol 6:30 - 8:00 p.m.Ubicación: Apartamentos de West Park,9 Newell Ct, East Palo Alto(detrás del edificÍo que está rodeadode césped, al lado de la alberca)

Para obtener más información, porfavor llame a la Unidad de Prevencióndel Crimen (crime Prevention Un¡t)al (6s0) 8s3-5939.

Núrneros importantes5¡ tiene alguna pregunta o desea solicítarservicio, por favor comuníquese con eladministrador localizado en su propiedad.

Si usted necesita asistencia demantenim¡ento de emergencia fueradel horario normal de oficina, por favorcomuníquese con el administrador desu propiedad o con nuestro personal demantenimiento de turno llamando al(650) 92+0319. En caso de una emergenc¡aque amenaza la vida, por favor llame al 911 .

Para obtener ínformación de alquiler,comuníquese con la oficina dealquiler llamando al (6SO) 4449752.

Quiénes somosPage Mill Property Services9 Newell Ct.. East Palo Alto, CA 94303Teléfono: (650) 32+ 1 9O7

Faxr (650) 32+1202Horario de oflcina:Lunes a viernes de 8:30 a.m. a 5:00 p.m.Sábados de '10:00 a.m. a 4:00 p.m.Cérrado los domingos

rurukÆ ii-.I;ä:ï'#''

Page M¡ll lroperties inicia unprograma pafa el mejoramientode la propiedadffi ecientemente, Page Mill Properties compró la propiedadäÀË donde usted res¡de. Con sede central en Palo Alto,California, Page Mill Properties es una empresa pr¡vada líderde inversión, desarrollo y administrac¡ón de bienes raíces.

Page Mill Property Services es la rama de nuestra empresaque administra propiedades como la suya.

Sornos una empresa local y nos importael servicio que proveemos. Hemos iniciado este boletínde noticias para mantenerlo informado sobre nuestrosprogramas y serv¡c¡os.

Con el fin de reiponder a las necesidades de los residentes,Page Mill Property Services ha desarrollado un programade mejoramiento de la propiedad, El programa cubre todotipo de mejoras desde volver a p¡ntar los edificios a constru¡rcercos de seguridad, reparar el deterioro, plantar plantasnuevas y rediseñar el paisaje.

Tênemos un excelente equ¡po de mantenimiento,que pgsiblemente usted ya haya visto en o alrededor deledificio. Nuestro equipo está trabajando arduamente en

cada una de las prop¡edades para limpiar, podar plantas,

arreglar y reparar el interior y el exterior de los edificios.

Page Mill Properties espera sat¡sfacer sus neces¡dades devivienda y proveerle un Servicio de calidad.PnCEMILt

PROPERTIES

Plvl-2263

Programa de seguridadomo parte del programa de mejoramientode la propiedad, Page Mill está implementando

un programa de seguridad para aumentar la seguridady mejorar la calidad de vida de nuestros residentesmediante la eliminación de circunstancias y situacionesproblemáticas en la propiedad.

Es posible que haya notado la reparación o construcciónde cercos y portones de seguridad en su propiedad.Hemos incluido fotos del estado de un par de propiedadesoantes" y "después" del trabajo que se está realizando.Una parte del programa es reemplazar y aumentar la

iluminación de seguridad en las propiedades. Page

Mill también ha aumentado la cantidad de patrullas

de seguridad en la propiedad y está trabajando encoordinación con la ciudad y el departamento depolicía con el propósito de lograr que nuesraspropiedades sean un lugar más seguro para vivir.

El departamento de policía divide la ciudad en cuatro

"distritos" y se nombran a oficiales individuales paraque vigilen sus distritos de manera especial. Está ustedinvitado a la próxima reunión del distrito policial en

su vecindario a realizarse el jueves, 16 de agosto.Durante la reunión se hablará de las estadísticas de

crimen recientes y las inquÍetudes de la comunidad.Además, se darán consejos de seguridad y se

contestarán sus preguntas.

25 NEwEtL RD. (ANTES) tos senderos

estaban abiertos a la acera, No había

cerco de segurldad. y el cerco de la

albe¡ca era demasiado baJo.

rE37 C¡.AnKE AVE. (ANTES) I

La eritrade de auto'móviles y

el årea d9 estaçionamíentoe¡la.hin ablehas ¡ la'crlle.

un úuevô portón da metal para

pe¡tonèr y.uri po{n co¡qdr'zo

.parr veþlculol proveen acccso' a la propiedad.

25 NEwEr.L RD. (DEsPuÉs) Se Gonstruyeron

nuwos cercos de rnadera y ün pottón de

entrada de mctål provce u¡ acceso con llave

para los resldentes. se reemplazåron los cercos

de la alberca para aumentar la seguridad.

4

P\A-2264

Está usted invitadoPróxima reunión del distrito policialD¡strito número cuatrcFecha: Jueves, 20 de septiembre del 2007Horario: 6:30 - 8:00 p.m.Ubicaciónl Apartamentos de West Park,5 Newell Ct, East Palo Alto

Para obtener más información, por favorllame a la Unidad de Prevención del Crîmen(Crime Prevention Unit) al (650) 853-5939.

Números importantesSi tiene alguna pregunta o desea solic¡tarservicio. por favor comuníquese con el .

administrador localîzado en su propiedad. 5iusted necesita asistenciâ de mantenimientode emergencia fuera del horario normalde oficina, por favor comuníquese conel administrador de su propiedad o connuestro personal de mantenimiento deturno llamando al (650) 9244319. Encaso de una emergencia que amenazala vida, por favor Ilame al 911.

Para obtener información de alquileçcomuníquese con la oficina de alquilerllamando al (650) 44tl-9752. The CommunityLegal Services (Servicios Legales de laComunidad) ofrece asistencia gratuitasi usted tíene preguntas o inquietudessobre su contrato de alquiler. Sunúmero de teléfono es (650) 853-1600.

iNos hemos mudado!Nuesträ oficina de.administración se ha :..mudado y ha vuelto a abrir sú3 puertas en ,

los Apartamentos de West Parkl Nüestra. ubicacíón ha cambiado, pero sigúen igualesnuestro horario de oficina y nuestro'compromiso.de ofrecer servicio de calidad.5í podemos ayudarlo, porfàúor: no dude en .

I lamamos o þsar. por nuestr€ nuêva ofi ci¡a:

Page Mill Propêrty Serv¡¿:es(Seiliq¡os .

d.ç Admig¡ist¡ación derPagq,Mift) :. :'5 ñewell €ti, Èast Palo,A.ttb;iÀ9-4303. i.:TeléTor¡o:'(650) 32¿t-618O Fax (650)324-1202 , 'rHorafio de oficina: ,.r.:. ,' . .. ''Lunes atúieriiés de8:30 a.Ín.'a 5-;00 p.m.Sábâdo dè 10:00 a.ní. a 4:0Q p-¡n:'Cêrrado-losdom¡ngosì . -.

GraciasGracias a todos los que asistieron a lareunión mensual del distrito policial que

se real¡zó detrás de 5 Newell Court el 16

de agosto. Asistieron aproximadamente50 personas.

Quienes as¡stieron a la reunión oyeron aljefe del distrito policialnúmero cuatro, el sargento Barberini, ofrecer una sinopsis de las

estadísticas de crimen para junio del 2007 en el "área del distritocuatro" de la zona de Palo Alto Este.

El departamento de policía divide a la ciudad en cuatro "distritos" yse nombra a un oficial individual para trabajar en un distrito. Dentrodel distrito, el oficial o un equipo de oficiaies siguen una trayectoria

habitual. A veces, el término distrito tambiénes utilizado para describir el área que cubre

un oficial mientras está de guardia, La ciudadva a "comandar el ârea" y ha reorganizadoel departamento de pol¡cía de modo que un

capitán sea responsable por dos distritos.Nuestro distrito está cubierto por el capitán

a cargo, Thomas Alipio. Losìresidentes pueden

enviar correos electrónicos al capjtán a , I :.cargo. 5u dirección de correo electrónico es;,

tåiipioocityofepa.org, . .

.,.....: l _

Antes dö'cöncluir: la iëunión, la.policía contestó las:preguntas del público.:,,;: : . ' . j

, '.',,: ..

Se realizãrán reu'nio'nes de distrito:el terce¡ jueves delcada mes- 'Queda

usted-invitado a la próxima reunión del distrito cuatro a realizarse el ,

juevès, 20 de septiembre q¡ [os'Apartamentos de West Park. Se

servirán refrescos.

' . ,1 t " -." :

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Plvl-2265

HISTORIAS DE EXITO DEL PROGRAMA

Iogtama de seguridad completa y Meiora de la pra meta de Page Mill Properties es aumentar la seguridad ymejorar el estado de la propiedad para los residentes de nuestras

propiedades mediante la corrección de asuntos que amenazan la viday solucionando problemas de seguridad en la propiedad. para alcanzaresta meta, hemos desarrollado un programa de Seguridad Completay Mejoras de Ia Propiedad (Comprehensive Security and property

lrnprovement Program) que incluye elementos tales como muchosproyectos de construcción y mejoras de seguridad.

Hemos realizado inspecclones de seguridad en las propiedades conpersonal enørçdo de hacer cumplir los códigos, la división de construccióny otras agencias con el fin de identificar asuntos problemáticos ypotenciales proyectos de mejora. Éste es un proceso continuo, yseguiremos inspeccionando.las propiedades con la ayuda de la ciudadpara hacer que las propiedades sean un lugar más seguro para vivir.

Estamos muy ocupados colocando azulejos, reparando madera

r-8 Newell Ct.: Antes el cerco de la alberca/piscina erademasiado bajo y et diseño de paisaje se veía viejoy antioado. Luego se reemplazó el cerco dc la

alberca/piscina y la zona del pat¡o fue cublerta concésped nuevo, Los edificios fueron vueltos a pintar

y se colocaron nuanos azulejos en los pasillos.

deteriorada y pintando ciertas propiedades. También hemos lavado los

edificios con agua a presión, mejorado el diseño del paisaje y agregadocercos y mejor iluminación en cada edificio de apartamentos.

Adicionalmente, estamos incorporando más elementos de consumode energla eficiente a nuestra planificación. Estamos reemplazando la

iluminación de cada propiedad con iluminación de consumo efìcienteen los pasillos, escaleras y estacionamiéntos. En la actualidad, tambiénestamos investigando fuentes de energfa alternativa, tales como la

energfa y la potencia solar para.los sistemas de calefacción y electric¡dad.

La seguridad ha sido una prioridad importante en nuestro plan.

Además de las reuniones del d¡str¡to policial (vea la historia en Ia página l),hemos estado trabajando con el departamento de policía, la ciudad ynuestras compañfas de seguridad, CSI y Peninsula Patrol, para identificarpotenciales zonas peligrosas y áreas que requieren mejor iluminaciónde seguridad. Esto incluye iluminación interior y exterior en las

Continuaremos inspeccionando

las propiedades con la ayudade la ciudad con el fin de

, hacer que ellas sean un

lugar seguro para vivir.

l92o 6 1928 Cooley.

y los patios ean dey en algunas

desgastada y se

Luego el edificiopresión y vuello ay agadable conpara resaltar los

sc está

reallzar neloras

PM-2266

rpiedadMEIORAS DE PAGE MItL

propiedades. También estamos dándole prioridad al aneglo de losportones de seguridad existentes y los estamos equipando para quefuncionen con tarjetas llave.

CSl y Peninsula Patrol son compañías de seguridad locales queproveen servicios de seguridad residencial/de vivienda en la zona dePalo Alto Este y las ciudades vecinas. Ellos participan directamente conla comunidad en todo tipo de eventos tales como fiestas de manzana,programas de vigilancia vecinal, instalaciones ile asientos infantilespara el automóvil y deteniendo a criminales. Trabajan solidariamentecon el departamento de policía y hablan con los ciudadanos sobre susinquietudes. CSI tiene un sitio Web para residentes al cual se puedenenv¡ar coneos electrónicos sobre problemas serios o actividadessospechosas. Usted puede comunicarse con CSI utilizando el eslabón"Email us" (envíenos un correo electrónico) que aparece en su sitioWeb: www.cantysecurity.com o llamándolos al (650) 96G8600.

r72o w. Bayshore Rd.: Antcs.ei edit¡cio no decíanada y la zona de la recepclón.erà oscura:

tuego se volvió a pintar el edificio para reialtarsus características.y se mejoró la recepción

nredianie la eliminación de una pired interior. par¡ permitir i¡ entrada de ¡nåj luz.

re: AÍtes el edficion color Eris apagadola pintura estaba5a descascarando.lavado con agua a

t¡r de un cdor chrocolor contfastanteos. En la acluölidâdla piopiedad para

diseño de paisaie.

EMPLEADA E MILL

UETeresita AlanizAdrninistradora de la Carterade Propiedades (Property

Portfolio lvianager)

Teresìta Alaniz se unió al

equipo de Page Mill en el

2006 como Administradora

de la Cartera de Propiedades

(Property Portfolio Manager)

después de trabajar con

Ehikian & Company desde

1995. En Page Mill, la Sra.

Alaniz administra más de 1500

unidades residenciales.

El primer idioma de la Sra. Alaniz es el

español y ella posee más de 12 años

de experiencia en la administración de

propiedades residenciales, incl uyendo

alquileres y relaciones con los inquilinos.

Antes de unirse a Page Mill, la Sra.

Alaniz administraba 300 unidades para

Ehikian & Company. Con el paso de los

años, la Sra. Alaniz ha expandido su

relación con la ciudad de Pâlo AltoEste para garantizar el "tranquilodisfrutar" de sus residentes. El término

"tranquilo disfrutar" se utiliza en la

industria de los bienes raíces para

indicar que los inquilinos tienen ciertos

dereçhos. El deber de Teresita es

asegurar que esos derechos sean

respetados no sólo por la ciudad y sus

varios departamentos, sino tambiénpor otros inquilinos y vecinos.

o//¡þac

&t qENF

P\I-2267

Programa de Recomendación deServicios de Alquiler de Page Mill

Todo residente de Page Mill Property Services recibirá un crédito de

$100,00 para cubrir su renta cada vez que recomiende a un potencial

solicitante de alquiler. Para recibir este crédito, el solicitante debe cumplir

con todos los requisitos y.criterios y firmar un côntrato de alquiler con

Page Mill Property Services. Los residentes de Page Mill Property Services

recibirán un crédito equivalente al monto de la tarifa que se descontará

de sus rentas con una declaración de tarifa de recomendación autorizada.

No hay llmite para la cantidad de créditos por recomendación que puede

recibir un residente

Para solicitar su crédito por recomendación, por favor comuníquese con

nuestra Coordinadora de Alquileres (Leasing Coordinator), Norma

Jaimez, en la Oficina de Alquileres llamando al (650) 444-9752 ó visite

nuestra oficina de administración de propiedades para conseguir un

formulario de solicitud y recomendación de alquiler.

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Ptvt-2268