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SFGTV February 28, 2013

Thank you. Thank you jonathan. To sum up a unique opportunity at this wonderful location and we believe that we have the right project before you today. It is going to improve over the next several months and years, as we go through the entitlement process it has improved since it was proposed in the rfp er a and we have a great partner and a good team and we are very excited to move forward. Again the location, we could not ask for a better location, we think that is going to take advantage of the market and the market is going to reflect the value that the site has given the location and given truly it is the first piece of Large Development land now as you head out from the citys financial center. And the Public Benefits it is going to bring as mentioned the Land Use Program is diverse and it is robust and a lot of great thinking has gone into how to make this site work, what is the right mix of uses of retail, open space, how all of this interrelates and the work that we have done

SFGTV March 1, 2013

Agency and so that is one of the main reasons that we are trying to do this. Before i move on to port rent, i want to talk about the numbers behind what we think that the infrastructure and costs will be and the source of the funds, if you will. To get this month ject done right now when we look at the project per form a analysis, it looks like there will be 100 million of the developer that will be needed to get the project done, this is a lot of at risk money, 15 million of that will be happened in the predevelopment phase and that is very risky money and we have as phil as pointed out and negotiated what we believe to be a market rate of return on that development capitol. They will provide the up front money and there will be other sources to funding that will partially pay directly some of the infrastructure into that Development Costs and reimburse their equity. And return on the equity. We are talking about 125 to 154 million. With this announcement of anchor, before we peged th

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