Non-Priv Docs 09-30-10 Part 3

DOCUMENT PRODUCTION
(NON-PRIVILEGED)
Part 3
PRODUCED 9/30 12010
Document6
t "lu*n
under rhe
parrnership Aqrlement,which would constitute "
our obligation to tund

the
ä*
¿ã[
ðíOnfi
tr"å"r,
Comn rtm",î;;,;;;itt rgducê
Jefense to'
our
totrå:iïåiffi;ää
or right ofoffset against'
Capital Commitmet and to
tt ;irt'.9r."inti ugainst' our obligation
;':til. ;,
there is r"
to
our
tund
.as of
knowledge,
'*:fniuiiu*inlf '^*+'::"::tUl'lHJJJ;*l.]iä'
Ë",effJ;î:.?îffifftJå,f ãrã ir enforceable against us in
by us Tãrri*tes gL ¡alr-a ää'bt"ä;;'îUriäution, î'otntnty' fraud¡lent tansfer' '
terms, subject *
de.Íivered ""¿ ianlruptcy,
accordance \¡rith its ää¡*tliär1=L"""tuttv
^îpplrc"ure fråm time !o time in effect
in place' thè
that.for so rã"t t"ít" r*ititv'is suppiemenÇ
ã*,Ër
reorganization, rnoru*iîä'",l¿ 91, "ttJJä,
and to general or"";i;^;T;-r"-y;fi"l*mã*i!¿*
Properties *ï'"ä*u.
wittr vou ioito amend' modify'
General parrner ur,a ÞTg" ruiii
cancer, terminate, '"å"å- i;;l';*lj-ly- *iä'::kiiî",î""'t'#l,t:"ïT:lilî*iffiä"üË'
your pnor
iãtto"itftip Agreement without obtain' and will not be used bv
parrnership Agreement *r;;ïil";ã';ñ;"ái,î;" puge-Millþoperties or vou' for
section3.J of the anv. gptä äå"'ú""ãå"¡r"¿liv
us to obtain, ur, ,*"urä'äää'iur,äns
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 ry;$::muirËd::ä""d;;;d;'t'ã'r13"ãr":"e*'ir*
Uy-*-;aà' ït'" SuU'"'iptiät-¡etã"*entforwil'l
made b-e by wire
place, ,,'äa" the Lgansi
Facility is in iir pr"åged sec'rity
ro'o*;ng'uã*urr, wr¡ich the Ji*ii"i
as
"iT"yit"to
transfer to th" ""'ffi "rr"
Bank City National Bank

AccountNumber: $2753654
122016066 Line Accot¡tt
ABA Number:
Referencei ;í; dùoperties II L'P' Subscription
-i we shall' under the terms
long as the Credit Agreement
1r
in effect'
f,rnaing
We hereby agree that for so * Agreement' honotiãny
conditions t", iå"itihe Partnership
setoff'
and subject to the limiãilo* ""¿ ãr trt" Agent' v/ithout
Notice with respecr trT"g" rri'r nrop"rti"säåJåäi;ï. rrin the nul*r commitment into the above
ñ;'áopräîri"^pãnr"" 11-c"oital u"ã p"vuute obligations of
countercraim o, a"r"nr.'î'y"tu;îil; ¿;i*"î"Jrã' ffio'"t "röi"äã*
Noiice is
accoun! provided ,""firí¿ire
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
a watver or t
;;Ã;however, shall constitute
ã, u*u" in anY disPute' ' - - -r^
.Wealsoacknowledgethatbecluse.¿ouandeachLenderwillberelyinguponthestatementsmaoe
the Facilitv is in
ru"iút]i*;i;Ë; trr" e""'o;.r, io, ão io¡re p
ir," will not
herein in connectio";úï;k* Þarmership Agleement
;;i;";ilr-tr,e Sr1t1"Jp1äiË*T""t-11,a-tr'" into the above
olace; payments we .**uutions are qaid
obrigation,,;'ì*d';;, capit r c"rã*r** unress i"9i credit Agreemenl and of each loan
satisfy our.we of the
account. hereby;"r";l.dc" ;¿ "griä'ïh.t"tlîttã' ,n".'i*i-nocimenrs.'1 can be modified
docurnent derivered rïîå*å",å" *r"rriiti îäu""rr".iv shall ány modification of
without turtïer nou""to
u, or our consent; ;;":;;:;,-;"1át"'.t¡í;l''o "u"nt
¡grr.,'ïr'ottigutiotrr "n^d"t rhe Partnership
any Loan Docuír;;";rr;;;rt de hereby further acknowledge
the credit Agreement.cir *iir'o* our rvnttel
egre.m.t, "o"'àt'
Agreement o, tt. suúr..çtioä or their-rights unde¡ this
*'lgt' u' ot i"l't of your and
and agree rhat you ,;ã; ;"y oi tt',..
1"..d#;; the Loan Documents'
U confirmation to any
assignee
and that this confirmatiãn
will
y*r/,h",ï
:.f remain n 'ïil'ffii;;î; n*iäJ jointry you and the General
;ä"", ,rni* *. -9t^"ü;greement
"r"
by
5820202'4
P\lt-2127
to us at lhe address
notification you agree to deliver
partner that the Facility has been terminated which
äilú;i;* prornptþ upon such termination'
you by us or the '
information about us provided to
. . You agree to keep confidential. all non-public
purEuant ,o ,t. pu*.*rrip egr..*iåiffi ;^ã*""ated conflidentiar providedthathowæer,.t''øt participates
Borrower (i) to anv Lender
nothing herein .r,^n p,""""ivå"'t"å giî'p'ü¡ü!q Îlþ:tion: partiòipant ot prospective assignee or
in the Facility or any Afilùi" ;i ?rry Lender; 1ìi¡ to any-assignee,
of this paragraph; (iii) to the
parricipant which i,", ãgr".a in
writing to toãpfy wth thã. provisions of any l;ender'
advisers
u."ãoniãir, and other professional
employees, directors, agents, attomeys, ;{tt".tf-respective Affrtiates; (iv)upon the :
parricipant, piospective assignee öËiF; any Lender;
assisnee, having or assertíng jurisdiction
on"',y"l-9.t
request or demand
"f ":*
;;****tuiuutto¡ty or as may otherwise be required
(v) in response to uty orää of any court
o-r ,iff;;""1,""thäty litigation
of "#
law;-(vi)-ifrd;#ã ;;i"qui'"¿ to do só in connection with anvparagraph;
oursuanr to any requ'ement t¡* in breach of this
Lr simitar ffiË;,il:Ñ thêãtn"t
proceeding; (vii) which has been Agreement or anv other Loan
;;tI Credii
*rù',ír .**lr. of "n/i;j;áv disciosr¡re is required by law'
;
(wiii) in connection
advice of ä.i tu.ft
Document; and (ix) upon ,t " "ourrrJl
E TNIEIIY1:::"'':
GEINTENTIOn*ALLYLEFTBLANKI :'
IREM AINDER oF PAG
i lsIGNATuREPecBFol-Lowsl ' .:
Y
5820202.4
Ptút-2128
Address:
Retirement System
Califomia Public Employees
Lincoln Plaza
400 P Street, Suite 3492
Sacrament, CA 95814
Attn: RandYPottle
Tel: (916) 326'3400
Fax: (916) 3263965
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, LLC

t900 UniversitY Avenue, Suite 201
East Palo Alto, cA 94303
(6s0) 833-3800
51n722.2
PM-2130
PAGE MILL PROPERTIES II' L.P.
tt INI^VES TMENT PRO CEDI.JRES
attached (i) Subscription Agreement

(1) Prospective investors should complete tht ' investors should direct all
and (ii) Investor Qualification statement. Prospective
and seù ttre compteted original along with the two.copies of the
ilil;rr Signature Paggs
Subscription Agreement and Investor Qualification Statement
(which must be
(which must be notarized), and the two Signature f3ges.
notarized) of the Amended and Restated Agreement
of Limited Partnership of
Mill Properties II GP' LLC (the
Ëãgã rutrí properties u, r.p. (the "Fund') to Èage
.,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' LLC
1900 UniversitY Avenue, Suite 201' :
East Palo Alto, CA

94303
Attention: David A. Taran
Tel: (650) 833-3800
Fax: (650) 688-6820
(2) Upon acceptance of the subscription' a copy of t¡-t

executed Subscription
the General Partner, as
Ã^gr""*"n,änd Investor Qualification-statement signedby
accepted on behalf of tÈ Fund, will be returned
to the investor as soon as is
praciicable.
have the.right, in its sole and
(3) The General Partner, on behalf of the Fund, will
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'
s'727722.2
Ptúl-2131
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 "Interests") in Page Mill
The offer and sale of limited partnership interests (the
properties II, L.p., a Delaware limidd parm"t_rhlp !t{e "Fu1d"), to each investor
,,Investor") is not Ueing registered under the Uniied States Securities Act of 1933' as
privately by the Fund pursuant
¿¡a;il (t¡" ';S".u¡ties Act"), but rather is being madeprovided in Section 4(2) of the
to the private placement exefption from registrãtion
promulgated thereunder
Securities Act and Rule 506 of Regulation D 1"R"gulation.D")
and Exchange-commission on the basis of the
ü;il" Ü;;;;J l;"r Securities as the same may be updated
confidential Private Placement Memorandum oithe Fund,
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
(ii) whether the Investor meets certain
suitable in light of the Investorjs financial position,
tests to be deemed an"'accredited investor" as defined
in Regulation
minimum financiar
Dandhassuchknowledgeandexperienceinfinancialandbusinessmatteßthatitis
(iii) how to treat the
;"p"bl" of evaluating the"meritt uù risks of the investment and Act of
Investor for purposes'oiSection 3(cX1) of the United States Investment Company
lg4},as amended (the "1940 Act")'
faith efforts to keep the information prõvided

-Statement
in the. answer: to. thi:. Subscription
egi""*"n, and Invåstor Qualification strictly confidential' the Fund may
Statement and the
ptËæ"t this Subscription Agreement and Investor Qualification
deems advisable if called upon
inion rution provideðin unr*ãr. to it to such parties as it
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
to which the Fund is a party or by which it is or may be
bound' The Investor
frã*"ai"e to third
agrees that the nunJ *uy disclose ttte In,r"stor's status as an investor in the Fund
parties.
and Investor Qualification
The Investo r realizesthat this Subscription Agreement
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
pRopERTIES tr Gp, LLC (the "General Partner"), on
To induce PAGE MILL
Investor hereby agrees as follows:
behalf of the Fund, ,o urr"pi,f,is subscription, the
L '','
(a) The lnvestor agrees to become a limited paftner
of the Fund (a "Limiteg Partnet'l '
agrees to purchase an Interest in;
and in connection therewith subscribes for and
andtomakecapitalcontributionsto,theFundintheaggregateamountsetforth
Statement Signature
on the Subscription Ág.""*.n and Investor Qualification
page attached hereto oñ tfr" terms provided for herein, and in the-Amend"d Tg
the fr¡-1a {tn{.Fund Agree*9lt,):
Restated Agreement of Limited Partnership of
The minimum initial
The minimum initial commitment is U'S' $10 million'
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
including, without
conditions upon which the Interests are being offered,
ii*i,uiion, tf¡Ë ¡st factors referred to in the Memorandum'
cancel, terminate or revoke this
The Investor understands that it is not entitled to
:
(B)
The Investor
,"fr"tipti"t o, uny ugreements of lry Investor hereunder' l
reserves the right, in its sole and
understands and agrees ihut th" General Partner
an Interest for any reason or no
absolute discretion, to reject this subscription for
reason, in whole o. i" íJ and at uny ii-"
prior to acceptance thereof' In the
if any, will be promptly
,n"r,, áf rejection of ifrir subscription, ih" t"ttá"ted funds,
retumed to the Invãstor wit^hout deduction along
with this Subscription
;;ä;J # in,,,"rro. Quatification srarement, and this subscription
shall have no force or effect'
Aää;; unJrnu"r,"rQuafiàcation Statement
il. PAYMENT BY THE II'MSTOR' I
. .
subscription Agreement
The Investor agrees to remit the amount set forth
on the
statement signature Page- attached hereto, in such
and Investor Qualification
as iJ determined by the General
increments, at such times and in such ,rr-*n"t
Partner pursuant to the Fund Agreement :
Itr. REPRESENTATIONS,WARRANTIESANDCOVENANTSoFTHE
II.MSTOR
understands the Memorandum
(a) The Investor has (i) received, read carefutly and
and investment objectives and
outlining, among other things, the organizition
policies of, and the risks *d of an investment in' the Fund and (ii)
"*p"n.es or investment advisor with
consulted the Investor's own attorney, accountant
for the Investor'
i.èrn* ,; ifr" ir".rr*ent contemplateã hereby and i1s suitabilityto any statement
Ány .p""iul acknowledgment sãt _forth below with respect
deemed to limit the generality of this
contained in the Memoralndum shall not be
that the Investor has been
representation. In addition, the Investor acknowledges
giventheopportunityto(i)askquestionsandreceivesatisfactoryanswers
and (ii) obtain additional
concerning rhe teñns and ionditioni of the offering
2
5'1n'722.2
PM-2133
and risks of an investment in the Fund
information in order to evaluate the merits
contained in the Memorandum' The
@ and to verify rhe accuracy of the into"nui*n
subscribe for an lnterest' the
Investor.rk;ú-g* iúui in -^ki;;-; áecision to the Fund Agreement and
rur"*orun¿u{,.
Investor has relied solely upon ,hJ
h;"stor_and its attorney, accountant and
independent investigations made by;;
investment advisor. The Investor'l
i*"r,o,r* in thefnterest is consistent with
cash flow requirements of the
the investment purposes and oç.ìiu"r and for
will not uon.r*"ty ãti""t the Investor's overall need
Investol and
diversification and liquiditY'
(B) . The Investor has such knowledge a1d e1nef,e"* tllillcial and business matters
the merits ¿nd risks of the Investor's
that the Investor is capable of evaluating
such risks, and has obtained' in the
investment in the Interests a¡d is rbË;"i"-
Investor's judgment, sufficient in"formaiio'
f'om ttre Fund oI itl authorized
investment' The Investor
representativeJto evaluate the merits and risks of such
hasevaluated'therisksofinvestinginthelnterestendhasdeterminedthatthe
, Interests are a suitable investment iãt-ift"
f"u"stor' The Investor understands that
of the Interest' (ii) no
(i) substanrial restrictions will "*i* ã" transferability
market for resale of any Interest "*ir,,
o. is expected to develop' (iii) the Investor
Fund, and (iv) any instruments
;"ñ;, ,ú1" ," uqúidate its investment in ìrre
representing an Inrerest rnay of *rvïãi
¡"ar legends to that effect restricting the
that an investment in the Fund
transfer ttrereãi.- ifre Invesior funfíti un¿erstanãs
fully the risks associated with the
g entails a high degree of risk urr¿ unã"t*tunds
öäôFin" ñund and rhe Investor's investment in
the Fund'
r i- L:^LIr' ôñô^¡
in the Interest is highly speculative
(C) The Investor understands that an investment
andmayresu]tinacompletelossofitsinvestment.Thelnvestolcanafforda
complete loss of the iniestment in
the Interest and can afford to hold the
period of time' and acknowledges that
investment in the Interest for an iniånnit"
äiil;;ìl;" ;;Y be Paid in cash or in kind'
(D)Thelnvestorisacquiringth:Interestsubscribedforhereinforitsownaccount,
'forinvestmentpurposesonlyla',o.withaviewtoanydistribution,tesale,
in violation of the Securities Act or any
subdivision or fiactionalizationthereof
law, and the Investor has no present
other uppli"uUf"Û-.i. åi non-U.S, securities
agJeement, of arrangement for any
plans to enter into any contract, undertaking'
such distribution,'"'ui", subdivision
or fractionalization'
(E)Thelnvestorrepresentsthat.allregistrations,.declarationsorfîlingswith,or
"auttro¡zations of, any legislative body'
consents, licenses, approvals or authority' necessary or
governmental department .or . other governmental
in the Fu¡d have been obtained or
appfopriate in corinection witrr itslnvestïent
comPlied with.
s'727722.2
Pl\A-2134
part upon its representations
cn The Investor acknowledges and agrees that, based in
b 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
except as provided
'
laws of any other u.s. or non-Ù.s. ;urisdiction. Accordingly,

entered into between
in the Fund Ateement or any side ietter or other agreement
not, directly or indirectly, be offered
the Fund and any Investor, the Interest may
disposed of by the
for sale, sold, pládged, hypothecateà, trurrri"rred, or othLrwise
be
witfiout th"e prióiwritten consent of the General Partner, which may
Investor
disposition is in
withheld in its sole and absolute discretion, and unless such
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
any'Interest to be
the Fund has no obligation and does not intend to cause
laws or to comply with
registered under the Seãurities Act or any other securities
other securities law which would
any exemption under the Securities Act or any
permittheInvestortoselltheInterest.'''
The Investor understands that the Fund will not register as .an
investmenl
(G) provisions of section
company under the 1940 Act and, that for purposes of the
to make a public offering of its
3(cX1) thereof, does not presenrly propoi" '
securities within the United States' :
(H) The Investor âgrees and is awar€ that no United States

federal or state agency of
the Interests or made
non-United Sties governmental authority has passed _upon
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, oI' instruments are within the powers of-the Investor'
""nin"i",
havebeendulyauthorized,executedanddeliveredandwillnotconstituteorresult
or regulation of any
in a breach or default under or conflict with any order, ruling
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;
may be applicable, of the
by.laws, indenture of trust or partnership agreement,
aS
laws, including' but
Investor. The Investor is in compliancè with all applicable
;;;-ffi;"J-io, tn" u.S. securitiès laws. The signatureInvestor on this subscription
Agreement, the Fund Agreement signature page,s _ and Qualification
starement is genuine and-the signatoiy has been duly authorized
:xTute lhe
same, and this subscription Agreement, the Fund Agreement
ud1oft: Investor
valid and binding obligation of the
õ"^fin.ation Statemeni constitutes a legal,
Iìvestor, enforceable in accordance with its terms'
and Page Mill

(Ð The Investor acknowledges and agrees that the -Generai Partner
(collectively with the
Advisors II, LLC, the investment advisor of the Fund
General Partner, ';Pug, Mill") have the exclusive
power and sole and absolute
57n722.2
PM-2135
on behalf of the Fund in accordance
discretion to make all investment decisions
Agreement. Accordingly, the Investor
with, and subject,o, *,"ì"r-, of the Fund
Fundl to Page ivtif *a to any of
their
understands that legai counsel ro the the lnvestor'
in the Fund, including
affiliates will not b" ,"pr"r"nting investors in the Fund'
and no independen, ùËen retained to represent investors
"""ír"it "r
(K) Thelnvestorundeßtandsandagreesthatitwillnotmakeanyoralorwritten
any third party regarding the Fund,
Page
representations or communications to t-: replesentations of
,*II or any of tfreii aititiates, includinj tut nõt ümited
communicationsinconfidentialmarketingdocumentsorpresentations,unlessthe
lnvestor receives nna written approval
of such representations or
or such information is required to be
communications from the General Partner
ãir"for"¿ under applicable law or regulation'
(r) ThelnvestolagreestosupplytheGeneralPartnerwithsuchotherfacts,asfrom
in ordet 1: i*:*îl that 1:
time to time are deemed necessary or desirable'
laws of the United States or any
violation by lhe Fun¿ will occur of ánysecurities
otherrelevantjurisdiction,including-theSecuritiesAct,thelg40Actandthe
as amended'
United States tnu"rt*Lttt Áduit"t* Aãt of 1940'
(I\Ð The Investor agrees - t^ ^-^^'¡þa

to- execute and deliver any 'documentation reasonably
wiih any financing by the Fund
requesred Uy tnJGeneral Partner in-"ãnn"ttion
.' and any assignment by the run¿ as secu,ity
to' such.indebtedness of the right to
including any acknowledgment
require,fr" niuàr*, to make capitãi contributions, and be .bound by such
by which the Investor would "d; ;*knowledge to any applicable lender as
assignment and to provide rinanîi¿ information
: 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 l r áPPfituUle
UV, sÈ'È"'v--'- law'
AND COVENÀNTS
,n. ADDITIONAL RE,PRESENTATIONS, WARRANTIES
under. the laws of the jurisdiction set

(A) The Investor was organized or incorporated
of tne lil:::":ratalification Statement and
forth below its name-on the first pagå
form or jurisdiction of its organization or
has no present intentioú of alteriåg-ttre
incorPoration'
Investor Qualification statement'

(B) Except as otherwise specified on the Investor's
and hold the Investor's Interest or to
no part of tr* ion¿, tå be used to purchase
an asset of any employee benefit
pay any portion of its commir*"ni constitutes
plan ,uuj.ci-io part
4, Subtitle--g, Title I of_ the united States Employee
RedrementlncomesecurityActoflg74,asamended("ERISA")'
I Ì
5't27722.2
PM-2136
(c) Exceptasotherwisespecifiedon.t|elnvestor'sInvestorQualifîcationStatement'.
"benefit plan investor" (as such term :'
tv if the Investor is, or is acting on behalfoJ, a
is defined in 29 c-f.n. Sãs10'3-101(Ð(2)) or if
ih9 Investor is a coilective
investmentvehicle,theplanparticipantsot¡^nrparticipatingtherein,asthecase
wnetheì or hãw much to inves.t in particular
may be, are nor pr""iirãã to ¿eci¿à
investment altern atives ' .i
relating to its Intere:t.*",:ubtt1ltially
(D) The Investor understands that the tax rules
morecomplexand;;;";b;åsfavorab1easinveìtinginsecuritiesdirec{y.
to engage in transactions that may
(E) The Investor is aware that the Fund in-te1ds
result in the ,".ogni,io; of 'l¡nrelatr¿
üurin"t* äiuUf" income" upon which '
certaininvestorswhoarenormallyexemptfromU.s.federalincometaxwouldbe
taxable.. . :'
year ll'n?y,.h,un:.tubstantial taxable
(F) The Investor is aware that in any given
the Fund did not make distributions
income attributable; ,þ F";ã "u'"n"tttoog|t
to it. The Investor ir f"nft"t aware tnat
(iia transaction undertaken by the Fund' '
gi""-dll to an allocation of
or a rax accounring rule applicabl" to *,"'iu;ã;;;y gteater than the am-ount of
partner in an amount
taxable income to u ii*itäd
consider itself to have earned as an
income that the Li"rit;t Partner would
economicmatter,(ii)such..phantomincome''oftenmaybereversedonlywitha
(iii) any such loss may be a
corresponding a"aúái;-àrìo., in a_later year and
;;idbr".ni -uy not be used to offset ordinary income',
, ll ,
'.'
v. GENERAL.
hold harmless the Fund, Page Mill' " any of
(A) The Investor agrees to indemnify and
their respectivc officers' directors'
their affiliates, any r;ìlt"ñ#for the iund, agents' including'
employees, managers, *"*b"t', *-æing'''oÃt""'."'d director' member'
t-t-u".officer'
without limitation, (i) any person o' "ntityln"¡
or shareholder in any such party' or any
manager, managing membãr, pafner
through on?-:t more limited liability
person or entity uat, ¿irectly år indirectly
is ä officer, director, member,
companies, punn"rr'tipr- o, otrrr, "n,üi"i
manager, managlng mãmber, partner
or shareholder in any such party (each a
..ConstituentMember,,),(ii)anypersonwhoservesasanadvisororconsultantto
theFundorPageMill,and(iii)eachotherperson,.ifany,whocontrolsoris
Sgction 15 of the Securities Act
conrrolled by any ttrereåf within the meaningìf
(each an,,Indemniteãil, *"i*,1nyand all lãss,liability, claim, damage, cost and
not limited to, legal fees and disbursements
expense whatsoever qín"tiaing, bút
reasonably incurred in investigating'
and any and all.other "*p*.Jt whatsoever
arbitratio¡ proceeding, or other
preparing for or o"f*ãirl;;;;nsr any litigation,
or any çlaim whatsoever) arising
acrion or proceedi";;"il;;"¿ o, tltr"ui"ned, (x) any false
connJ.rion with, or based upon or resulting
from'
out of or in to comply with any
I ,i
representation o, *áouniy or ureactr

or failure by the Investor
Pl,ll-2137
Agreement' the
,ou**t or agreement made by thg.llve¡toril,thi: ::t^îTti-on
uni n;;ri". þualification statement or in any other document
Fund Agree*"n
pursuant to any ái,rt" rot"going
in.connection with this ' '
by the Investor
furnished
ffansaction o, tvl uníïãriå" i*
**¡ti", iaw violations instiruted by the Investor
;li;ñfinallyiesoivedbyjudgmentagainsttheInvestor.
Statement
nor Pe lnv?s1:J-3:ltlfi"udon
(B) Neither this Subscription Agreement whole or in part
revoked by the Investor in
may be amended, *itf'¿'u*ã or put ner, which may be withheld
of the ð#rrr
without rhe prior *irä."rr"nt and the Investor
an¿ aurotui" äir"i"ü"", This suuscription Agreement
in its sole hereto
nîãräîï;,-"-*, ä ri"."ule or as s i gn able b v anv p arty
ö""i, "ï,îi*
(c) ThisSubscriptionAgreement,theFundAgreement'lh:llvestorQualification
shall be binding uporr and inure
to
sratement and att,"iTr"äiiio"i*i""îirt*'äf respective heirs'
un¿ .urtt i"ãemnit"" and their
the benefit of, the n*"; nereto representatives'
tru Jees and legal
executors, administrators' successors'
ThisSubscriptionAgreementandlnvestorQualification.Statementshallbe and construed in

deemed to have b"åï;ä"
i;d";, ;¡;-h;ll bì gou"rn"d bv,(excluding the law
with, thã^sù;**i;" law of ,t" i.ur" õf D"lu*-"
accordance
requires the applicæion oi* rrr"rence to the law of any other
theieof which
*i"" or proceeding arising; directly'
jurisdiction). Tl" p*i"t "gt"" *Î:,ïî '*;th'- out ;f' related to or from' this
indirectly o, otn"'*i'e, in connection any breach hereoÏ'
subscription eg.""*"ni und
Inu".ror Qualification Statemen-t, or
or any transacrion ;;;;;;ã1h;"uv,
,r,iii-u" resolved, whether by arbitration
ïo- the law of the - state of Delaware'
othÞrwise, exclusively with referen¡" of
.,r¡iri, ìo irt" non-exclusive jurisdiction the
-li"t" un¿paawale,
Accordingly, the partíes consent and also agree to submit to
rhe courrs located î, ä"
of
in the. ð;;ú clara within the state of
jurisdiction of the
"ä"*ïlo"*ed
further ugr"" ,rrãiuly "i¡-ri*d:l or Droceeding brought
,u"tr
california. The parties
tny claim' år obtain any relief
by eithor such party to enforcl .uny.1gilt'ätn
-this'
Subscription Agreement and Investor
whaßoeveiln "oin""rion with by such party either in the state of
stateÁent shall be
eualification "omm"n""d within the State of caiifornia'
Delaware or in the'ö;;öiú;cl;"
f^-.+L,
(E) Ifanylegalactionorarbitrationorotherproceedingisbroughtforthe
enforcementofthisSubscriptionAgreementandlnvestorQualifi""i*.'.:*T"1.
misrepresentatlon ln
of an ãiræ.i dispute,. breach, default or
or because
this subscription Agreement and
with any of the prorrrroiï-ol
tte sucã"s'ruiãr pre't'aiting p*y or
connecrion parties shall
Investor eualificatiãí Stut"*"rrt, incurred in that
uno*-åyr-'- r"", un¿ other costs
be entitled to recover reasonable be entitred'
ïu"Jïä;åîäã,*^t"ä;i;ã;; ;;v'ãtr,"r ."ri"f to which thev mav
d e) ThelnvestorbyexecutingthisSubsçriptionAgreementandlnvest""g"l'll"^^:lÏ
Statement uppoini, the
"General
Partner and each of its managers'
managlng
s1277n.2
PM-2138
powef of substitution' as the Investor's
members, directors and officers, with full
@ trueandru*rorr"pr"sentativeandattorney-in-fact,inthelnvestor'sname'place
or correct, ackrowledge, swear to and
and stead to make, execute, sign, complete
Fund Agreement or (ii) any
file (i) the Fund Agreement, any amendment to the
Partner deems appropriate to
other agree*"ni o."inrtrument ;hirh the General
the addition, substitution or
(A) admit rn, rinrr,å, as a Limiteip*nrt, (B) effect
pon¿ Agreement or (C) effect an '
removal of any Limited Partner p*t*n, to
ìnã
adopted in.accordance with
amendment or modification to the Fund Ageement
Fund Agreement. This fower of lltorneV
is coupled with an
ä;;;;ithe and shall not be affected by, the,
interest, is irrevocable aid shall survivá
or dissolution of the Investol.
,obr"qo"n, **ri"ãriå", bankruptcy, intolvency
Partner will inform it of whether this

(G) The Investor understands that the General
subscriptionforanlnteresthasbeenacceptedand,ifso,thedateonwhichthç
il*;';ili be issued (the "closing Date")'
Partner reserves the right io reject' in

(H) The Investor acknowledges that the General
subscription for ¡-lr Interest'.in
its sole an¿ atsolute disãretion, this and any other
wholeorinpu+inanyorder,atanytime^priortotheClosingDate':
of notice of acceptance of all or
notwirhstanOirri prior i"ceipt Uy the undersigned
Ëubscriptions are subject to ãllotment
any parr of rhe undersign.¿,. ..,b_r.iprì;;,
before un¿ uftéi u"."i'tun.". If the Interests are oversubscribed' the General
e ' Partner will determin, in it. sole and absolute

portions thereof, shall be accepted'
discretion which subscriptions' or
(I)Nowaiverbyanypartyofanybreachofanyterm.ofthisSubscriptionAgreement
breach of that term or any other
shall be construed as a waiver of any subsequent
term of the same or of a different nature' i' , ,
(D ,
obligations of
Th" representations, watranties, agreements,. and indemnification
and the Investor
the Investor contained in this Subscription Agreement the purchase of the
the execution hereof and
Qualification statement shall survive
by the Investor at any time the
Interest and shall be deemed to be reaffirmed
to the Fund' The act of making
Investor makes an additional capital contribution
shall be evidence of such reaffirmation'
. sucrl additionä
"tpiø """r¡Uutiont
the Fund will not directly or indirectly
(K) The propose{ investment by the Investor in
United States federal, state, intemational or other
laws, rules or
contravene
regulations,includinganti-moneylaunderinglaws,,rulesandregulations(a
Fund by such Investor
"Prohibited Investmentr') and no cäpital contribution io lhe
will be derived from any illegal or illegitimate actrvltles'
(L) ThelnvestorunderstandsthatfederalregulationsSldExecutiveorders
administered by rhe u.s. Treasury Departm"nir
offi"" of Foreign Assets cohtrol
in transactions with' and
("OFAC") prohibit, among otherihings' the engagement
5727722.2
PM-2139
entities and
the. nrovision ofservices to, certain foreign countries, tenitories;
that it is not a country,
ildiírd;;ilf--n" nu"rtor furrher represents and warrants or entity with
territory, person o. numed on än OFAC list, nor is it a person
"niiif
whomdea1ingsareprohibitedunderanyoFACregulations.'.'.
physical presence in anY country that

(M) The Investor is not a foreign bank without a
isnot a Regulated Affiliate2 (a "Foreign Shell Bank")'
anything to tlre
(N) The Investor acknowledges and agrees that, notwithstanding
Subscription Agreement' the
contrary contained in u¡v"¿otoment-(including this
if,- followins !h9
Fund Agreement, any side letters or similt agreements), believes that
General Partner reasonably
Investor's investmentin the Fund, the
or if otherwise required
the investment is or has become a Prohibited Investment
Fund mayì" ouiigut"O to.'-'freeze the account"
of the Investor' either
.
6;-ñ;r¡" any distributions and'/or
by prohibiting additiónal capiial contributions, restricting
In addition' in any such
declining uny r"qu".is to tránsfer the Investor's Interest'
be. forced to withdraw from the
event, the Investor may forfeit its Interest, may
Fundormayotherwisebesubjecttotheremediesrequiredbylaw,andthe
of damages as a
for any form
Investor shall have no claim against any Indernnitee
The Fund may also be
result of any of the actions dãscribed in.this paragraph.
identity or provide
required to report such action and to disclose thJlnvestor's
other information with respect to the Investor to
OFAC or other governmeJltal
entities.
(O) on¡rìce rlicelnsed

Except as otherwise the General Partner in writing: (i) the Investor is
disclosed to th
of, (A) a jurisdiction that
not resident in, àr or ganizedor chartered under the laws
under Section 311 or 372 of
has been desilnateaËy the Secretary of the Treasury
and Anti-Terrorist Financing Act
rhe lnternatioíãiUonáy Launderini Abatement
due to money
of 2001 (the "PATRIóT Act") as= warranting special measures
has been designated as non-
laundering concerns or (B) any foreign country-that
principles or procedures by
cooperative with intemaiional anti-mãney laundering
as the Financial Action Task
an intergovernmental group or organizaiion, such.
States is a member an$ w.ith
Force on løon.y luunî"riig, of 'itrictt the Unitpd
the group or organization
which aesignation the united states representative to
(ii) the funds used by the
continues to concur (a "Non-cooperativè Jurisdiction");
do not originate from' nor will
Investor to make .upirut contribuiions to the Fund
at (A) a Foreign Shell Bank, (B) a
they be routed through, an account maintained
foreign bank (other than a Regulated Affiliate) that
is barred' pursuant to its
with the citizens of' or with
banking licensà, from conducting banking activities
I The lisæ of OFAC prohibited countries, territories' persons and entities can be found on the OFAC
website at <www'treas.gov/ofac>'
credit union
2..Regulated Affiliate" means a foreignbank that (i) is an affiliate of a depositary institution'
ìá the United States or a foreign countfy' as applícable
or foreign bank that maintains a physi-cal prer"n"" regulating such affiliated depositary
counry
and (ii) is subject a *p"Jti"" åVi UtnLi"g
authority in the
institution, credit union, or foreign bank'
9
5727'.122.2
Plúl-2140
the license' or (c) a bank organized
the local curïency of, the country that issued
Jurisdiction; and (iii) the
or chartered r"ã", ih" lu*, oi u Ñon-cooperative
f,tgure, or any immediate family member
Investor is not a senior foreign political
figure, in each case within,.tn" ,
or close urro.iur, of a seniãr iotng" poiitical
meaning of the PATRIOT Acl .
*"
(P)Thelnvestoragleesprgmgtl^vtonotifytheFundshouldthelnvestorbecome
Set forrh in paragraphs
ñì;;"t,rf;;ution (K) through (o)
, ;;;;i""y;;:ö
+^ nrnwide. nn\ requestt ld by the General Partner
(O The lnvestor agrees to provide any information
which the General Partner ."uronubly believes
will enable the Fund to comply
and regulations. The
with alt appticaule anti-mon"y rû"a"ring laws, rules
ì'he Fund may releaie- confidential
Investor understands and agrees--trrat
information about the Investor ,o uoy f"tro¡t,
if the General Partner, in its sole and
disclosure is in the best interests of the '
absolute discretion, determines thaísucfr
Fundinlightofrelevanttu**,*l",andregulationsconcerningProhibited
Investments.
(R)ThelnvestorhasreadcarefullyandunderstandstheprivacypolicyoftheFund
attached hereto as Exhibit A
"
OR NOMINEE
t, vI. TRUSTEE, AGENT, REPRESENTATIVE
arêê coel1l renresentative or nominee for a
Ifthelnvestorisactingastlustee,ÊenLlepre'set and acknowledges that the
subscriber (a "B"n"ii"ial ownei), tt "
Inul'ior"understânds
(including;- without limitation' the
representations, warranties and agreements
indemnification oUlieatiài, t"tionn ín Slttion
Vie) hereof) made herein are made by
and (b) with respect to the Beneficial
owner
the Invesror (a) with respect to the Investor that it
Investor further represents and warrants
of the Interest ,uur..iù"å ror hereby. The and perform
has all requisite po*"i and authoriiy
from the Beneficial owner to execute
the obligation, un¿"I. tt is suur"ription
egr""-ent an-d Tnvestor Qualification statqment'
forth in Section V(A) hereof' the
In addition to the indemnificatión obliíaüons set against any and all loss' liability'
Investor also agrees to indemnify "ach"Ind"*nitee
(includingl but not limited to' legal fees and
claim, damage, cost and expense whatsoever reasonably incurred in
disbursements and any and all orher "ipànr"s 1lr1sryverarbitration proceeding' or
agåinst any litigation'
investigating, preparing for or defending
or any claim whatsoever) arising
other action o. pro"""ãi"g, ¿.**"nceà'or"threatened,
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 Investor Interest
this. subscription Agreement and
subscribed for hereby to enter into
perform the obligations hereof'
ôudification Statemeni or
10
s127722.2
P\A-2141
vII.ADDITIONALINFORMATIoNANDSUBSEQUENTCHANGESINTHE
^^: iiõRË-CoiÑãnrpnnsENrarroNs' ,
Y
such additional information as

The General Partner may requesl. from the Investor
the Investor io acquire an Interest' and
it may deem necessary to evaluate the. eligibility of
as it may deem necessary to determine
may request from time to time such informatión
or to enable the General Partner to
the eligibility of the Investof to hold an Interest
regulatory requirements-or tax status'
determine the Fund,s compliance with applicable be requested;
as may reasonably
and the Investo*rruit pionide such iniormation without unreasonable
provided, that.such iniot ution may be obtained by the Investor
effort or expense.
the foregoing both àt the time of
Each person acquiring an Interest must satisfy
pefson ceases to be a Limited Partner'
subscription and at all fimesitrereafter until such
to notífy the General Partner promptly if there is
any
Accordingly, the Invesiãi
"g'""t or representations and warranties
change with respect tã-any oî tn. foregoin! information
and to provide the Generäl Partner with sich
further infonnation as the General Partne¡
*uy t"åtonablY require.
11
57n722.2
Pl\i'-2142
b INVESTOR QUALTFICATION STATEMENT
I.ELIGIBILITYREPRESENTATIoNSoFTHEINvESToR. ,
(A) GENERAL INT'ORI\',IATION:

TYPe of Ihvestor - Please check one:
-PartnershiP
CorPoration
Ñ--u*"
or ltt*stor (Please Print or Type)
Limited LiabilitY ComPanY
Trust
Foundation
U-S. Ta"PaY"t I-D' Number Endowment
B enefit Plan
. -
Other
-E.nployee
SPecifY:
investment discre-
ffixercising
ii"" î"i ift" Investor' if any (tustee or fiduciary' etc')
Date of SubscriPtion:
Mailing address if different:
PrinciPal Place
of Business Address:
Name
Name
Street
Street
City, State, ZiP Code

City, Stut", ZiP Code
Attn.:
Attn.: .
( Telephone number: (
Telephone number: )
Telecopier number: (
Telecopier number: (
Payment bY Wire:
ifr'. fon¿'i ¡unk should wirè transfer only U'S'
Dolla¡s via Fedwi¡e to:
Bank Name
Bank Address
¿SA ot CHIPS Number

Account Name
Account Number
For Further Credit
5727'122.2
P\1t-2143
blanks:
Check one and comPlete
plln'1'1n endowrnent' a foundation;
If the Investor is an employee-b"T:fi,t iiuuitity company' trust or other
(1)
e"v' v"-r ' linrited
a corporation, partneiship,
. legal entitY, it is:r
organized under the laws

of:
, has its PrinciPal Place of

business 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
(B) ACCRBDITED.INVESTORSTATUS:
certain offers and sales of
under the securíties Act excepts from regístratton pages
Repulation D promulgated
,,**î¿iî"¿ pl"orl'"ïí"iiU opp*p'.øte sPaces on the following D'
," ¡nurirorr.- Resulanon
seãurities if made ¿nu"ito' under
indícatins the basis ,,",'iäif
,lí!"'í;;"::;", ;;;îtrt"iî'"iiî'iå¿ln¿
7 t----.^-t^- becøuse:
Lòînatcþl
Investor certiftes thøt ít ís øn accredífed' ínvestor
The
assets in excess of $5'0
00'000' that was not
(1) The Investor is a trust with total purchase is
of u"ffing the Intefests and its
formed for the specific purpose is who has
person' o";t"líX'¡cøted person"
one
directed uy a sophisticated rnatters that he or
in ¡""iåù and buiness
sach Imowledge'and'
"'p"'i"n"" rísks of the prosPecttve investmenL
she is capable of evaluøtíng rhe *"rtti:s ond
(2) The Investor is nllormed for the sPecific Purpose

t"t"l in excess of $5'000'000'
;ñq"ttl"g the Interests, with "t."tt
wfffi¿" uv u plan fiduciary (as defined in

(3)Thelnvestorisanemployee_be4efitplanwithinthemeaningofERlsA,and
the decision to invest in the
nund
which i. .itt"iãUunt , t*ings and loan association'
Section ¡CZf l
iriårr"rr", aiviser. The name of the
plan
"ienlSÀ),
insurance
fiduciarY is:
""d;;;;î"giri*"¿
5'r27722.2
Pf\A-2144
plan within the meaning of ERISA that
(4) The Investor is an emplovee benefit
has total assets in excess of $5,000,000'
its
(s) The Investor is an state or its
ffi ,iåi H
purrrrucr
politicat
åit'i
"ffi
ùuu."r¡e¡v¡rv,
subdivisions
-- -'--r
that
':'iïïll1'lå
JA. å
has total assets tlI excess of $5,0001000.
(6)Thelnvestorisaself-directedemployeebenef,rtPlan!i.e.,atax-qualified
may exercise control over the
participgnt
defined contribution plan in which a
to his å her åccount) in which each participant
invesrmena of ur*"o credited
is an accredited investor because tultt
punitip*t (Ð l-1* an individual net
net worth, in
worth,3 o, with his or her spiuse hur ..combined
"o*tr*d
excess or $r,ooõ,ôoõ o' tiil had individual
incomea (exclusive of any income
attributabletohisorherspouse)ofmorethan$200'000ineachofthetwo
his or her spouse'in: excess'of
most recent years or joint incomel with expectation
g300,000 i" ãrìt Jr" !"*r, *d the Investor has a reasonable
"".il
ofreachingthesameincomelevelinthecurrentyear.Ifthisitem6is
complete the "Individual Portion"
,u.r, purti"ipunt
checked, ptease have each
on page íof this Section' ' '
1çil
(7) The lnvestor is a irin Þc the
the Code that was not formed for the
specific
including home, home furnishings and

-ù market value, "net
3 .Net worth,, means the excess of total assets at fair the principal residence
over toral liabilities. For purposes á"t"r*ining -woith"'
automobiles,
"'*I 1i¡iä::,ti*:'1f ,f""":å*,i'iiä:åîJi"îiJl
owned by an individuar shail be
varued
as determined upon a
:H:*:i.iHT:;i"""iiil"i"ïJrö9iä. ift
uy .n-lnriirolior,í
3ii.''.;a-;;r":"o-i,1:.n-o"r'v
t"na", Inut irig a loan to the individual secured by the property' -
wriuen appraisal ur"a upon the property'

including the cost of subsequent improvements, ne-t of current encumbrances loan company' credit union or
..Institutionat lender,, *";;-;=b;"k, .uuing, i;";';;;pt"v, *¿utttiul by real
*Éor"""d prffiui Uo'in!" is as a lender of ioans secured
personal property broXerî u ,o*p*V more'
in ihe amount of $2'000'000 or
prop"rry and which r'u' 'uJi rount i"t"iuuule
income" means adjusted gross
T1;';"ses of this Investor Qualification statement' "individual. attributable to a spouse or to property
income ,"* po,po'""'',î'ï ãny into'n"
income, as reported for federal not includins any amounts attributable
to a
by a spouse, in"r"ãr"ã fy ,n" ro¡o*i;g ;;;;;t-ó'"i under Section
o.wned interest income
spouse): (i) t1e amount of any tax-"*"mp1
sDouse or to properry
"*;ä;tå (the "code")' received; (ii)the
roa or the united stut"ï lnü*¡'R"n"nt"
c"d;ï;ï86'ãamended
as reported on Schedule E of Form
claimi ;;'; fit t"J partner in lt*¡láJ partnership
amounr of losses ^
foi depletion-Ñ;; Såction 611 et-seq' of the Code; (iv) amounts
10a0; (iii) any deduction .lri*"¿ or Keogh retirement þlan;
conuibuted to an Individual Retirement
¿"tooniïis'd;ft"J in the Codå) ar-rangement under section
or deferred
(v)alimony paid; and (vi)any elective "onoiuuaiolï*-"'"*rr
401(k) ofthe Code'
s..¡ointincome,,meansadjustedgrossincomeasreportedf"'f'"..d-ï^l]:.":metaxpurposes,includingany
by the following amounts
to property o*.å by a spouse'.increased
income att¡ibutabre to a spouseor ä*pö"*i 9*Tq.9J.tspouse): (i) the amount of any
(including any amounrs attibutable to a
spouse
"t losses claimed as a
Se.tion ìog ot rh; öËl",.eived, 'E-(iijthe ã*ount of (iii)
rax-exempr interesr ,rro*äuï¿", !tlt"ãtl" of Form 1040' any deduction
partner in a limíted parinership ,"poiãaä income from
limited ",
Section 611 et seq.;i1i" õ.ã"' and
(iv). any amount by which
claimed for depletion under p*sutnt to the provisions of
loris-term capital gains i,ãri""" i"¿"ced in a.,iuiîtäi "¿j"tå¿ gross'income
by the T"ax Reiorm Act of 1986'
prior to its repeal
Seciion 1202 of theCode
57n'722.2
P\A-2145
Interests and has total assets in excess
of $5'000'000'
Section 3(a)Q) of the Securities Act or a

(8) The Investor is a bank as.defined in
'savingsandloanassociationofotherinstitutionasdefinedinSection
in its indivia¡:a| capacity
3(aX5)(A) of trr"-s".".itirs Act, acting 11ti{uciary
of a trust account
*d subscribing f;il;-;"tchase of thã Interests on behalf
or accounts.
(9)Thelnvestorisabrokerdea]erregi{3redpursuanttoSection15oftheUnited
' States Securiti.. ex"ttanþAct of !934' as amended'
in section 2(13) of the
(10) The Investor is an insurance company as defined
Securities Act.
registered under the 1940 Ac1'

(11) The Investor is an investment company
defined in Section
(12)
' ' The Investor
2(aN48) of the 1940 Acl
(13)Thelnvestorisaprivatqþusinegsdevelopm-en-tçomp4nyasdefinedinSection'
ct of 1940' as amended'
202(a)(22) of th;
(14)ThelnvestorisaSmallBusinesslnvestmentCol4Ban.vlicensedbytheU.S.
SmallBusinessAdministrationonããffi¡o1ic¡or(d)oftheSmall
--- L^ or revoked at any

(15) The Investor is a revocablg trqst-which may be
amended
^-^-,{,
accredited investors' I/
of the grantors afe
time by the gr*tor:Jh"r*f*ã;1i
item 15 ¡lïäit r¿, please (i) make photocopies of (A)
for eøch Srant!:
thís
portion" on page 5 of this section or (B)
that is o, ir¿¡rldiit, the",Indivi¿ual 4 of this section,
.for gronii-rnø ¡, an institutional investor, pages 3 to
"orr,
and(ii)haveeachsuchgrantorcompletesuchrelevantpage(s).
(16) The Investor is
ffi Ï*tí";;;;;;;i'""¡"d¡'¡'¿uoî'th""ryan!au1!':::::,,^::,0:!:,".:,:{
investor'
each equiry owner that is an institutionat
íi;:;:;;';""ii"iu'i¡", .-- --- ^^-^^-l^t^
(¡Ð have each such equiry owner complete
pages 3 to 4 of this S,'tion, "iA
such relevant Page(s).
51n722.2
P\A-2146
Individual Poñíon
IfItem(6),(15)or(16)ofrhísSection(B)ischecked'thisporríonmøyhavetobefilledin:
investor because:
The individual certifies that he or she is an accredited
(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)Thelnvestorhadindividualincôme(exclusiveof_alYincomeattributabletohis
or her spouse) of',,'ãr" than $200,000 in each
of the two most recent years or '
of those yeafs'
joint incom" *itft hi.;r h;t spouse in excess of $300,000 in each
same income level
reasonable expectation of reaching the
and the Investor has a-c,í"¿¡rídual.
in the current v"*. iicome" is defined footnote 4 above and
in
"ioint íncome'; i, de¡)'n"d' in footnote 5 above') ,'
v (C) SECTION (3XcXl) INVESTMENT COMPANY:

securítíes ofwhìch
registralíon any issuer (í) the outstanding
section 3(c)(1) ofthe 1940 Act excepts from
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) counts as one beneficial owner under Section

3(cX1) of the 1940
Act;or
(b) 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).
not control, is not controlled by
(3) To the Investor,s knowledge, the Investor does
ffieansthepresident,anyvicepresidentin'chargeofaprincipalbusinessunit,
p".for*t-uioiicy--uking function or any other person
who
division or flrncrion, unyã,r,". officer 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: .
to be registered under the

(4) The Investor is not an investment iompany required
1940 Act.
definition of investrnent
(s) The.Investor does not rely on the exception fromthe
the 1940 Act. lf this item 5
.o,,,puny under Section Etäitf i or Section 3(c)CI of
ask the Investor for addírtonal
is unable to be checke¿, *rá'Generol Partner will
info¡mation
the purpose of
The Investor was not specifically formed or recapitalized .for
acquiring the Interests
does not maintain a
(7) ïVith respect to its investment in the Fund, the Investor
partners, shareholders, trustees
separate investment account whereby each of its
investment' exlelt
oiother owners has the right to elect not to participate in such
persons or the consent of the
where such election rightiequires the consánt of all
Investor'sgenera1partner(oiothercontrollingperson).
or other holder of equity or
To the Investor,s knowledge, no shareholder, pafner
in the Fund, t*:"4 through
beneficial interests in the Investor (i) owns Inierests
other investor in the Fund'
its interest in the Investor or (ii) owns interests in any
(D) TAX STATUS:
(1) The Investor hereby cefifies that it:
(a) is a."United States Person;"7 or
(b) 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!rinSection
and the regulations promulgated thereunderi- (i) a citizen
or resident of the United
7701(aX30) of the Code
(¡n) uny estate (other ihan a non-United States estate'
States, (ii) a U.S. partnertf"p, ittl a-Ú.S. corp-oratioi-'
trust if a court within the united States is
within the meaning or s""iiin'zíO1(ax31) oi tr,, cooà¡,'(v)iny
óf th" ttutt and one or more United States
able to exercise primary supervision over the administiation
of the trust (vi) any trust which has elected to
persons have the auttro.ity iä control all substantiaiãecisions
be taxed as a trust described in (v).
51n:722.2
PM-2148
from its owner'
(b) is not an entity disregarded as separate
person"'
If item @X2Xa) is checked, is the owner a "United States
as defined above?
Yes No
The Investor hereby certifies that it

is:
(3)
taxation under
(a) an entity exempt from U'S' federal
I LL ^ l1Âõ.
Section 501(a) of the Code;
Section a08(e) of the Code;

or
Any other Provision of law'
or
taxation'
(b) not an entity exempt from U'S' federal
(4)ThelnvestorunderstandsthatifitisaUnitedStâtesperson(oradisregarded
I"u"stot (or its owner in the case of
entity owned by a United States p""ãnj' 'h" w-9 to
a disregarded entiry) must submir
iuíry completed and executed Form
"
the General Partner' '
non-United
(5) The Investor understands thatif it is anon-United States corporation'
states entity (or a disregarded eniity
states partnership or orher non-unit;J the case of a
owned by a non-Ùnited states
p"rroni, ít" Investor (òr its orvnef in
W-
disregarded entity) should
-*9=1it"fft "ompt"tàa and executed Form
to the General Partner to
8BEN, *-8ECI,.w-BIMy or w-sEiii"i.ppÀptiate) rgportin-g-
' claim an' exemption from: fal US" inior-àtio" ând' 'back-up
(b) u.s. withholding t^* ón portfolio interest, (c) u's' withholding
withholding,
und"t any applicable income tax treaty'
mx on U.s. ,o'í""1n""" or dividend connected with the
(d) u,s. wirhholding rax becaus" ii"o*"
is
"-tr"õiiu"ly
conduct of a U'S' irade or Uu'i"""
or (e) U'S' withholding tax because the
recipientis,'"."-"-p'non-Unitedstatesgovernmentorinternational
organization'
(6)Thelnvestorunderstandsthatifiti,sactinginatrustee,executororfîduciary
õ Forms w-8 and w-9 to determine
capacity, it sr,out¿ consult the instructions
which form(s) to submit'
(7)Thelnvestorherebya-gleesthatifanyinformationh¡ryinchanges,thelnvestor
days thereof' Investor understands
will notify ,t," c"ná.uiparrner *ithin'oo -The
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
could
and that any false statement thereof
Internal Revenue Service by the Fund_
be punished by fine' imprisonment
or both' :
''''.
(E) ERISA MATTERS:
r.--t-t^\.
íf applícable):
Thte Investor certiftes thøt Qtlease check
(1)Thelnvestoris,orisactingonbe!r{{'oof,a..benefitplaninvestol''(assuchtermis
d"nn"ãin zg c¡'n' $ 2s10'3-101(Ð(2)'"
of' a "benefit plan investor" (as such
(2) The Investor is not, T1': 1o13:t:1g:l l:l:ll
term is defined in Zg C'f'n' 2510'3-101(Ð(2)'
$
sA.,benelitplaninvestôr"includes,withoutlimitation'qualifiedletirementplanssubjecttoERlsAandemployee
plans' churcír plans' foreign plans' Keogh
not subject to ERISA, t"ärtit g";mental
benefir plans and arrangements
accounts'
pi-t *a lnaiuidual retirement
57z',1'122.2
PM-2150
SETlOF2
'
Yrfn
PAGE MILL PROPERTIES II, L.P'
@ SUBSCRIPTION A GREEMENT AND INVESTOR

ouÃiincATloNsrÁfm,mNTSIGNATI.]REPAGE :
this subscription
V/ITNESS WHEREOF, the Investor has
executed
IN
Agreementun¿rniJt"o,Q*rin*tionSiatem"ntonthedatesetforthbelow
Date:
Amount of Commitment: $(lJ'S').
tpfãt"-fype or Print Name of Investor)
By:
Signature
(PI""* Typ" Print Name of Signatory)

"r
Tirle:
Investment
Natne of Trustees or Other Fiduciaríes Exercísíng
';; rrust
;;;í"; iirh n"'P'"t to B eruefit
:"" .o'
Printed Nørne
Title
Signature
v
5127722.2
Pltl-2151
SFjT 2OF2 : .
PAGE MILL PROPERTIES II' L.P'
SUBSCRIPTIONAGREEMENTANDINVESTOR.':..''
PAGE
Qual,in'tcarloN sr¡'rnwNT sIGNATtiRE
INWITNESSWIIEREOF,theInvestorhasexecutedthisSubscription.
date set forth below
unji;r"*t quûlifirution starement on the ,',
agr"enänt
.: ,
Date:
Amount of Commitmenü $(u'S')
eñt" Type or Print Name of Investor)
By:
Signature
@ryp. or Print Name of SignatorY)
Title:
Narne of Trustees or Other Fiducíaríes Exercising Investment

'nlr"rttioo
wíth Respect to Benefit Plan or Trust
TitIe
Prínted Name
Sìgnature
tr
572'7',|22.2
P\ll-2152
SETlOF2
ACKNOWLEDGMENT
State of .
)
ss.:
CountY of )
2006, before me personally appeared

On this daY of
evidence to be the per who executed the foregoing

who proved to me on tft"Jît ofãtisfactory that execution or the
insnument in his/rrer aï,hffii;;;;;iq', ;9ï1'9 a"v-Ty:^Ï::.is:1.:o -"
#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

investor is herebY
The subscriptiou is hereby accepted
in the amount set forth below and the
;;;;d Li-it"a Partner as of ;
"tä
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
m
572'7722.2
PM-2153
SETlOF2
F{IND:
PAGE MILL PROPERTIES U, L'P.
LLC,
BY: PAGE MILL PROPERTIE5J tr GP,
Its General Partner
By:
: Name: David A' Taran
Title: Authorized SignatorY
IV
5127'722.2
Pl{l-2154
SET2OF2
ACKNOWLEDGN{ENT
I of
staæ )
ss.:
.. County of )
'. ' ' ' I On this ' day of me personally appeared
'''...''...''..*r'op,odencetobethepersonwho me that execution of the

:" ; instrumenr in his/her authorizei cõ;;itt, tig *P dulv acknowi:.1*-:"
'""*":^îil,t;;;ir;;; with appropriate authority.
and deed aná made
... J
,
' :-, :
,l
MyCommissionExpires: -,2006,before
...,, ,..,,. Notary Public
. . .-'. :1 .
...;' ',,. tse4l

':'.
i..
: j sìgning anà ffix notarial seal-

.:Notary:Pleasecompletestate'county'dateandnan nes of all persons
é = = = = = == = == == ===========
':. - - = = == == = = = = = = = = = = = = = = = =
.
For Fund Use OnlY
, - in the amount set forth below and the investor is hereby

The subscription is hereby accepted
: admitted Limit"d Partner as of
""ã
Accepted Commitment Amount $(U'S')
ÇE\ERAL PARTNER:
PAGE MILL PROPERTIES tr GP, LLC,
a Delaware limited liabiiity comPany
By:
Nâme: David A. Taran
Title: AuthorizedSignatory
5'1271222
v
PM-2155
SET2OF2
FUND:
PAGE MILL PROPERTIES

tr' L'P'
LLC,
BV: PAGEMILLPROPERTIES II GP,
Its General Partner
By:
Name: David A. Taran
Title: Authorized Signatory
VI
s'\27722.2
PM-2156
LIMITED PARTNER SIGNATIJRE PAGE
Þ m^
TO
,..AMENDEDANDRESTATEDAGREEMENToFLIMITEDPARTNERSHIP
^'*:::.^.:::-,- that effective as of the date of its
j By its signature below, the undersigned hereby "fl."t: Partner it shall (i) become a party
: page Mill properties II, L.P. ithË;'n'un*) .i u fi*it"¿
admission ro
to the Amended and Restated egr"r*"niîi
I-j*iæi Partnership of the Fund' as the same may(the be
. d;;;tit"" in accordance with the provisions thereof
amended, restated or supplemented from Fund Agreement'
,Fund Agreement"j."á Ol be bound UV t..ñt"¿ every ter* und provision of the
Date:
Amount of Commitment: U'S' $
Partner)
þefrurt .ffne Name of Limited
By:
Signature
Gúffi; ,t Print Name of SignatorY)
Title:
e
:
==== ==== ==== == ======== ==== --

======= === = = = == = ====
ACKNOWLEDGMENT
State of )
. ss.:
County of )
this day of 2006, before me personally appeared

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

instrument in his/her u"if,ã,i'"¿ capacity, "ig
same is his/her o*n fr"" and deed aná made with appropriate authority'
"f
Notary Public
lSeaI
and names of aII persons sígning and
affix notarial seal'
Notary: Please Complete state, county, date
5727722.2
VII
P\A-2157
SET2OF2
,.
PAGE MILL PROPERTIES II, L.P. .:
LIMITED PARTNER SIGNATI]RE PAGE
TO . -'
PARTNERSHIP
AMENDED AND RESTATED AGREEMBNT OF LIMITED :
its below, the undersigned hereby agree-s that effective as of the date of its
By signature
admission to page tøitifrãperties II, L.P.
(thã'Fund") ai a Limited lartner it shall (i)bscorne a party
Partnership of the Fund' as the same ryy. Þ"
to the Amended and Restated Agreement of Limited (the
to time in accordince with the provisions thereof
amended, restated o, ,upftr*"ntãd from time
,1rund Agreement"l *ã'Ciii u"tound by and ,.t- and provision of the Fund Agreement
"u.h "u"ry
Date:
Amount of Commitment: U'S' $-
(Pl"u*" Type Name of Limited Partner)
B
Signature
1ff"ut" fype or Print Name of Signatory)

Title:
State of )
ss.:
County of )
On this day of 2006, before me personally appeared
who proved to me on tf'," ¡îtif sutirfu"tory *id"-n*

to be the person who execu-ted the foregoing
acknowiedged to me that execution of the
instrument in his/her authorized capacity, and who duly
own free act and ¿eeã aná made with appropriate
authority'
t"*" it his/trer
Notary Public
ISeal]
state, county, date and names of all persons signing and affix notarial seal'
Notary: Please complete
5'12'7722.2
Vil
PM-2158
EXHIBIT A
Þ
PRIVACY POLICY
OF
' we MILL pRopERTIES tr, L.P. (the "Fund") are

at pAGE
concerned about
with
the privacy of our investors. This notice
;*Ñ;; the Fund's policies and practices about our
personal information that we acquire
respect to the treatment of nonpublic in the Fund and
and former investors
investors. The provisions of this policy uppfy io luo"nt
are subject to change.
the following sources:
1 We collect nonpublic personal information about investors from
...-'
...Informationreceivedfromyouinsubscriptibndocumentsandotherforms;
': .InformationaboutyouÎtransactionswithusandouraffiliates;and
)nsumer rePorting
':.Informationaboutyouthatwemayreceivefromacl
agency regarding your credit status'
ln(:luding in-Person discussions'

This information may be received in any manner'
,"r"pnon"'"o"".r*ion, and älectronic or other written communications.
any nonpublic personal information about

the Fund's investors to
2. We do not disclose *iifrou, permission'.except as required or permitted
anyone other than the Funã's affiliates
,hut assist the Fund in providing you with
bv law. The excepiions include third partie,
;ñ;;, tu"r, u* a broker or accountant'
to nonpublic personal information about you
to those employees and
ss
provide services to you' We maintain
-unã thæ informuti"n in ãi¿er to
agents who need to know regulations to
ohvsical, electronic p.o""aurat safeluards that cõmply with applicable
personal infor¡nation:
iuát¿ your nonpublic
described in this privacy notice
4. We will continue to adhere to the policies and practices
ãbout you' even if we no longer provide
with respect to infoilãti* if,u, *" ¡uu" acquired
services to You.
at any time and will provide
5. we reserve the right to change these policies and pfac.tices
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; LLC

EastPalo Alto, CA 94303
(6s0) 833-3800
5T7rm2
P M-21 60
PAGE MILL PROPERTIES U, L.P.
c/o PAGD MILL PROPERIIES nGP, LLC
1900 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+800
Sacramenø,CA 95814
Rc: PageMill Pngperties It L.P.
Ladies and Gentlenaen:
This letteragrcerrcnt (thie 'I,sttËr-Ag¡@cilf) isbeinge,nteredinto in connectionwiththe

purchase by CaliforniaPublic F.mFloiees' Retireme,nt S)'ste,m (the"Eggqlpll or þ') of¿limited
par1¡€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 of
alry 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 or
Aúcrnativelnvesfr€ntVehicle,ontheotherhæd,is apartyr orofwhichanylimitedPætneristhe
be,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 with
ratpeot 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 with
respect to Irour iuterest in the Partnershþ or any Aftemative Invasffieirt Vehicle, shalt become prt
of 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
Subscription Documents
For Institutional Investors
General Partner:
Page Mill tr GP, LLC

ProPerties
(6so) 833-3800
s1n722.2
PM-2163
INVES TMENT PRO CEDIJRES

'
Prospective investors should complete the attached (i) Subscription

Agreement
(1)
investors should direct all
an¿'(ii) Invesror Qualification Staiement, Prospective
qu",ìión,andsendthecompletedoriginalaiongwiththetwocopiesojthe
Subscription Agreement and Investor Qualification Statement Signature
Pages
(which must bL notarized), and the two Signature Pages (which must be-
of Limited Partnership of
notarized) of the Amended and Restated Agreãment
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, LLC
Attention: David A. Taran
Tel: (650) 833-3800
Fax: (650) 688-6820
(2) upon acceptance of the subscription, a copy of t¡." executed subscription

A^greement ãnd Investor Qualification Statement signed by
the General P*""-t:
1:
ls
aciepted on behalf of the Fund, will be retumed to the investor as soon as
practicable.
The General Partner, on behalf of the Fund, will have the ri¡3ht, in its
(3)
sole and
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
ST]BS CRIPTION A GREEMENT
Page Mill Properties n, L.P.

c/o Page Mill ProPerties II GP, LLC
1900 University Avenue, Suite 201
The offer and sale of limited partnership interests (the "Interests") in Page
Mill
(the
Properties II, L.P., a Delaware limite¿ partnership (the "Fund"), to each investor
,,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
with the appropriate
Qualification statement is needed in order to ensule compliance
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 is
capable 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
5'127722.2
PM-2165
"Geneml Partner"), on
To induce PAGE MILL PROPERTIES II GP, LLC (the
hereby aglees as follows:
behalf of the Fund, to accept this subscription, the Investor
I. ST]BSCRIPTION FOR AN INTEREST

.
(a."Limited
(A) The Investor agfees to become a limited partner of the Fund fartner')
an Interest in'
and in connection therewith subscribes fbr and agrees to
purchase
amount set forth
and to make capital contributions to, the Fund in the. aggregate
,on the subscription Agreement and Investor Qualification statement signature
r"g" artached hereto oã the terms provided for hereinl Td i.Lth".Amended and
(the "Fund Agreement")'
Restated Agreement of Limited Partnership of the Fund
initial
The minimum initiat commitment is U'S' $10 million' The minimum
Partner, in its sole
comrniûnent is subject to reduction or waiver by the General
and absolute discreiion. The Investor agrees to, and understands, the terms and
-*" U.ing offered, including, :without
conditions upon which the tnterests
ii*i,u¡on, ttre ¡st< factors referred to in the Memorandum.
revoke this
(B) The Investor understands that it is not entitled to cancel, terminate or
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
force or effecr
Agreement and Investor Qualifìcation Statement shall have no
II: PAYMENT BY THE INVESTOR

Agreement
The Investor agrees to remit the amount set forth on the Subscription
în"6,or õualification Statement Signature Page attached hereto, in such
"rã
;"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
and
outlining, among àiner tt ings, the organization and investment objectives
of an investment in, the Fund and (ii)
policies of, and-the risks and
"*p"nr* advisor with
consultgd the Investor'S own utto*"y, accountant or investment
respect to the investment contemplated hereby ana i1s suitability
for the Investor'
Any special acknowledgment set foÉh below with respect to any statement
to limit the generality of this
contained in the Memorandum shall not be deemed
the Investor has been
representation. In addition, the Investor acknowledges that
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
of an investment in the Fund
information in order to evaluate the merits and risks
contained in the Memorandum' The
and to verify t¡" a"cuiacy áiift" information
Investor acknowledg", túu, in making a decision
to subscribe for an Interest' the
Investorhasre]ied."r"lvuponthe-Memorandum,theFundAgreementand
accountant and
independent investigatior,í by the Investor and its attorney,
'oå¿. the Interest is consistent with
investment advisor. The Investoris investment in
theinvestmentpurposesandobjectivesandcashflowrequirementsofthe
overall need for
Investor and witl noi uan"tt"íy affect the Investor's
ãiversitication and liquiditY.
in financialand business matters

(B) The Investor has such knowledge and experience
and risks of the Investor's
that the Investor is capable oievaluating the merits
risks, and has obtained' in the
investment in the fnterästs and is able to bear such
Investor,s .¡uagment, sufficient information from
the Fund or its authorized
representatives to the merits and risks of suCh investment' The Investor
investing in .the Interest and has determined that
the
has evaluated the ¡rtr
"uäluur"
"t understands that
The Investor
Interests are a suitabl" investment fõr the Investor.
(i) substantial restrictions will exist on transferability of the Interest' (ii) no
to develop, (iii) the Investo¡
market for resale of uny Interest exists or is expected
investment in the Fund, and (iv) any instruments
-uy no, be able to hqúidate its may not bear legends to that effect lestricting the
representing an Intereï orty ot
transfer thereof. T.fre Invesior further understands
the risks associated with the
entails a high degree of risk and understands fully
;;;;";"íthe Fund and the Investor's investment in the Fund
(c) 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
loss of the iniestment in the Interest and can afford
to hold the
;;tiJ" period of time, and acknowledgesthat
investment in the Interest for an indefinite
distributions fnay be paid in cash or in kind'
herein for its own account'

(D) The Investor is acquiring the Interest subscribed for
distribution, resale'
for investment purposes only and not with a view to any
subdivision o. fra.iionulizatión thereof in violation
of the Securities Act or any
has no present
;;h", õ;ìt.u¡1" u.s. or non-U.S. securities law, and the Investor for any
plans to enter into ány undertaki ng, agfeement, of afrangement
"onourt,
suchdistribution,resale,subdivisionorfractionalization'
declarations or filings with' or

(E) The Investof represents that all registrations,
'*thoti"ations
consents, ti""nr"s, upp."uft o'
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.
<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 in
compliance 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-o,other securities laws or to comply with
any exemptíon under the Securities Act 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 its
securities 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 Qualification
Siatement is genuine and the signatory has been duly authorized to execute the
same, and this Subscription Agreement, the Fund Agreement and the Investor
obligation of the
eualification Statemeni constitutes a legal, valid and binding
Investor, enforceable in accordance with its terms.
(J) The Investor acknowledges and agrees that the General Partner and Page Mill
Advisors II, LLC, the investment advisor of the Fund (collectively with the
General partner, "Page Mill") have the exclusive pov/er and sole and absolute
5727722.2
PM-21 68
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-
(K) 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.
(r) 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.
CM) 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 by the Fund as security for such indebtedness of the right to
"rrign*"trt
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.
w. ADDITIONAL REPRESENTATIONS, \ryARRANTIES AND COVENANTS

OF THE II{VESTOR.
(A) 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.
(B) 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")'
5127'122.2
P M-21 69
Statement'
(c) Except aS otherwise specified on the Investor's Investor Qualification
(as such term
if the Investor iS, or is acting on behalf of, a "benefit plan investor"
is defined in 29 C.F.R. $ãSfO.g-fOf(Ð(2)) or if the Investor is a collective
therein, as the
case
investment vehicle, the plan participants or plans participating
may be, afe not permlttea to decidè whether or how much
to invest in particular
investment alternatives
are substantially
(D) The Investor understands that the tax rules relating to its Interest
more complex and may not be as favorable as investing in
securities directly'
that may
(E) The Investor is aware that the Fund intends to engage in transactions
taxable income" upon which
result in the recognition of "unrelated business
income tax would be
certain investors who are normally exempt from U.S' federal
taxable.
The Investor is aware that in any given year it may have substantial
taxable
(Ð
did not make distributions
income attributable ro the Fund evln though the Fund
by the Fund'
to it. The Investor is further aware that (it a transaction undertaken
allocation of
or a tax accounting rule applicable to the Fund, may give rise to an
taxable income to a Limited Partner in an amount greater than
the amount of
itself to have eamed as an
income that the Limited Partner would consider
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'
v. GENERAL
Page Mill, any of
(a) The Investor agrees to indemnify and hold harmless the Fund,
officers, directors'
their affiliates, any selling ug"nifot the Fund, their respective
employees, managers, *"-b"rt, managing members' -ând agents'
including'
*itî1out limitation, (i) any person or entity that is an officer, director, member,
party, or any
manager, managing membãr, partner or shareholder in any such
more limited liability
foroã or entitftnãt, directly år indirectly through
ong_or
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
consultant to
"Constituent Member"), (ii) any person who serves as an advisor or
the Fund or Page Mili, ànd (iiii eacn other person, if any' who controls or is
of the Securities Act
conrrolled Uy rw thereof within the meaning of Section 15
,,Inãemnitee"), against any and all loss, liability, claim, damage, cost and
(each an
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
or t|reafened, or any claim whatsoever)
ä.,¡n or-proceeding, ""^ttlg
out of or in conn"ótion
"ooirrtãced
with, or based upon of resulting from, (x) any false
representation of wafïanty or breach or failure by the Investor
to comply with any
s727722,2
P\A-2170
the
covenant or agreement made by the Investor in this Subscription Agreement,
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
. by any party hereto'
Qualification Statement are not transferable or assignable
(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
party either in the State of
eualification Statement shall be commenced by such
Delaware or in the County of Santa Clara within the State of Califomia-
(E) If any legal action or arbitration or otherproceeding is brought for the

of this Subscription Agreement and Investor Qualification Statement
or because of an alleged dispute, breach, default or misrepresentation in
"nforóemeñt
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-
(F) The Investor by executing this Subscription Agreement and Investor Qualification
Statement appoints the General Partner and each of its managefs, managing
5',727722.2
P\lt-2171
substitutíon' as the Investor's
members, directors and officers, with full power of
name, place
rue and ru*ror t"pt"sentative and attorney-in-fact, in the Investor's to and
swear
and stead to make, execute, sign, completé or col'ect,
acknowledge'
or (ii) any
file (i) the Fund Agreement, uny u*"idment to the Fund Agreement
deems appropriate to
other agreement or"instrument which the General Partner
the addition' substitution or
(A) admit the Investor as a Limited Partner, (B) effect
or (c) effect an
removal of any Limited Parlner pursuant to the Fund Agreement
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 beâffected 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")'
the right to reject' in

(H) The Investor acknowledges that the General Partnel feserves
for ¡¡r Interest' in
its sole and absolute discretion, this and any other subscription
whole o, in pá.t, in any order, at any time prior to the closing Date,
of acceptance of all or
notwithstandini fríor r"""ipt by the undersigned of notice
are subject to allotment
. any part of the"uidersigned"s sübscription. Subscriptions
the General
before und uit.r'u"""p"tun"". If the Intefests are oversubscribed'
discretion which subscriptions, or
Partner will determine in its sole and absolute
portions thereof, shall be accepted'
Agreement
(D No waiver by any party of any breach of any term of this subscription
that term or any other
shall be construeäãs a waivei of any subsequent breach of
term of the same or of a different nature'
obligations of
(Ð The representations, wartanties, agfeements, and indemnification
the Investor contained in this Subscription Agreement and the Investor
the execution hereof and the purchase of the
Qualification Statement shall survive at any time the
Interest and shail be deemed to be reaffirmed by the Investor
Fund' The act of making
Investor makes an additional capital contribution to the
reaffirmation'
such additional capital contributions shall be evidence of such
not directly or indirectly

(K) The proposed investment by the Investor in the Fund will
contravene United States federal, state, international or other laws' rules or
and regulations (a
regulations, including anti-money laundering laws, rules
such Investor
"Prohibited Investment") and no cãpital contribution to the Fund by
will be derived from any illegal or illegitimate activities.
orders
(L) The Investor understands that federal regulations and Executive Control
administered by the U.S. Treasury Departmentts Office
of Foreign Assets
(,.OFAC") proúibit, among other things, the engagement in transactions with' and
51n'122.2
Pl\A-2172
entities and
the orovision of services to, certain foreign countries, territories,
in¿iuiOuutt.t Th" Investor further fepresents and warrants that it is not
a country'
OFAC list, nor is it a person or entity with
territory, person or entity named on án
whom ä"àingt are prohibited under any OFAC regulations'
pfesence in any country that

(M) The Investor is not a foreign bank without a physical
is not a Regulated Affiliate2 (a "Foreign Shell Bank")'
(N) The Investor acknowledges and agrees that, notwithstanding anything

to the
Agreement, the
contrary contained in anfdocumeniçincluding this Subscription
Fund Agreement, uny iid" letters or similar agreements), if, following
the
Partner reasonably believes that
Investof's investmentin the Fund, the General
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
distributigns and/or
ùy prohibiting additiónal capiãt contributions, restricting any
dèclining any requests to tránsfer the Investor's Interest. In addition, in any such
forced to withdraw from the
event, the Investor may forfeit its Interest, may be
Fund or may otherwise be subject to the remedies required by law, and the
of damages as a
Investot shall have no claim against any Indemnitee for any form
may also be
result of any of the actions dãscribed in this paragraph. The Fund
required to report such action and to disclose the Investor's identity or provide
or other governmental
other infonnaiion with respect to the Investor to OFAC
entities.
(i) the Investor is

(O) Except as otherwise disclosed to the General Partner in writing:
under the laws of, (A) a jurisdiction that
not resident in, or organ ized or chartered
under Section 31 1 or 3I2 of
has been designated 6y tlie Secretary of the Treasury
Financing Act
the Internatioial Monåy Laundering Abatement and Anti-Terrorist
of 2001 (the "PATRIOT gcf) as warranting special measures due to money
launderin! *
(B) any'foreign country that has been designated as non-
"on"-"*r or procedures by
. cooperative with international anti-móney laundering principles
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
Jurisdiction"); (ii) the funds used by the
continues to concur (a "Non-Cooperativè
contribuiions to the Fund do not originate from, nor will
Investor to make
"upitut (B) a
they be routed through, an account maintained at (A) a Foreign
Shell Bank,
foråign bank (other-than a Regulated Affiliate) that is barred,
pursuant to its
or with
bankiig licensà, from conducting banking activities with the citizens of,
t The lists of OFAC prohibited countries, territories, pelsons and entities can be found on the OFAC
website at <www.treas. gov/ofac>.
credit union
2 ,Regulated Affitiate,, means aforeign bank that (i) is an affiliate of a depositary institution,
or a foreign country, as applicable
or foreign bank that maintains a physical presence ìn the United
States
authority in the country regulating such affiliated depositary
and (ii) is subject,o rup"rnirion UyL ¡unLing
institution, credit union, or foreign bank.
5727722.2
9
P\lt-2173
jssued the license, or (C) a bank organized
the local culrency of, the country that
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.
(P) 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
(R) 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 agent, replesentative or nominee for a

is acting as trustee,
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 it
has 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'
57n122.2 10
Pl/l-2174
VII. ADDITIONAL INT'ORMATION AND SIJBSBQI.JENT CHANGES IN TIIE
FOREGOING 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:
Type of Investor - Please check one:
PartnershiP
' Name of Investor (Please Print or Tlpe) _Corporation
Limited Liability ComPaúY
Trust
U.S. Taxpayer I.D. Number Foundation
Endowment
Employee Benefit Plan
Other - Specify:
Name and Title of Person exercising investment discre-

tion for the Investor, if any (trustee or fiduciary, etc.)
Date of Subscription:
Principal Place Mailing address if different:

of Business Address:
Name Name
Steet Street
City, State, Zip Code City, State, Zip Code
Attn.: Attn.:
Telephonenumber: ( ) Telephone number: ( )
Telecopier number: ( ) 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
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 of

business in:
its date of incorporation or

organization is:
and repofs its income for federal

income tax purposes on the
basis of a:
tl calendar year, or
I] fiscal year ending on
(B) ACCREDITED INVESTOR STATUS:

Regulation D promulgated under the Securities Act excepts lrom regístration certain offers and sales
of
to ;accredíted ùwestors." Please chick alt appropriate spaces on the following po?"t
seiurities if made ,. ..
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 or
she is capable of evaluatirug the merits and risks of the prospective investment.
The Investor is a
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, its

political subdivisions, or any agency or instrumentality of a state or its
potitical 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-qualified

defined 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, in
excess 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 two
most 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 is
checked, 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) of

the 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 of
current 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 Property
owned 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)the
amount 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 of
Section 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 a
savings 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 Small
Business 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. ff
this itent 15 is clrccked, please (i) make photocopies of (A) for each Srantor
that 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) þr
each equity owner that is an indivìdua| the "Individual Porlíon" on page 5 of
this 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.)
The Investor had individual income (exclusive of any income attributable to

(3) his
two most recent years or
or her spouse) of more than $200,000 in each of the
joint incime with his or her spouse in excess of $300,000 in each of those yeals'
and the Investor has a reasonäbl" of reaching the same income level
"*p".tation
íicome" is defined in footuote 4 above and
ir ifr" curent year. ("Indívidual
"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 o*irrt
100 b"'n"¡:rciat 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,
function or any other person who
division or function, any other odc"r *ho p".for*t a policy-making
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.
'The
(5) 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
(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,
(D) 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
" of the trust and one or more United States
able to exercise pii-ury supervision over the administration
(vi) any trust which has elected to
f".ron, have the authority to .ontrol all substantial decisions of the trust
Èe taxed as a trust described in (v).
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 No
(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 disregarded
entity owned by a United States person), the Investor (or its owner in the case of
a disregarded entity) must submit a fully completed and executed Form W-9 to
the General Partner.
(5) The Investor understands that if it is a non-United States corporation, non-United

States partnership or other non-United States entity (or a disregarded entity
owned by a non-United States person), the Investor (or its owner in the case of a
disregarded entity) should submit a fully completed and executed Form W-
8BEN, W-8ECI, W-8IMY or TV-8EXP (as appropriate) to the General Partner to
claim an exemption from: (a) U.S. information reporting and back-up
withholding, (b) U,S. withholding tax on portfolio interest, (c) U.S. withholding
tax 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 the
recipient isan exempt non-United States govemment or
international
organization.
---- (6) The Investor understands that if it is acting in a trustee, executor or fiduciary
capacity, it should consult the instructions to Forms W-8 and W-9 to determine
which form(s) to submit.
(7) The Investor hereby agrees that if any information herein changes, the Investor
will notify the General Pafner.within 60 days thereof. The Investor understands
that the tax representations and taxpayer I.D. number contained herein are
provided under penalty of perjury and may be disclosed to the United States
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
plans, foreign plans, Keogh
benefit plans åod ,rrung"-.nts not subject to ERISA, such as govemmentaì plans, church
plans and individual ¡etirement accounts.
5727722.2
PM-2183
SETlOF2
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)

'I
By:
Signature
@lease Type or Print Name of Signatory)
Title:
Name of Trustees or other Fiducíørìes Exercísing Investment

Discretíoy wíth Respect to Benefit PInn or Tlust
Signature Printed Name TitIe
5'127722.2
PNÃ-2184
SET zOF2
PAGE MILL PROPERTmS II, L.P.
SIIBSCRIPTION AGREEMENT AND INVESTOR

QUALIFICATION 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 Investmenl

Díscretíon with Respect to Benefit Pløn or Trust
Sígnature TitIe
' 572'7't22.2 tr
PM-2185
SETlOF2
ACKNOWLEDGMENT
' State of )
ùò..
; . County of )
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:
Notary Public
. .: ..
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 hereby
admitted as a Limited Partner as of
GENERAL PARTNER Accepted commitment Amount $(U.s.)-

PAGE MILL PROPERTIES II GP, LLC,
a Delaware limited liability company
By:
Name; David A, Taran
5727722.2 m
PM-2186
SETlOF2
FUND:

'
By: PAGE MILL PROPERTIES II GP, LLC,

Its General Partner
By:
Title: Authorized Signatory
5'12'7'722.2
IV
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:
Notary Public
ISeal]
''.'
Notary: Please complete state, county, date and names of all persons signíng and affix notarial seal.
=:=-
For Fund Use Onlv
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:
5727722.2 V
PM-2188
SET2OF2
FUND:
By: PAGE MILL PROPERTIES tr GP, LLC,

Its General Partner
By:
Title: Authorized SignatorY
5727722.2 \rI
PM-2189
SET 1OF2

LIMITED PARTNER SIGNATURE PAGE
TO
AMENDED AND RBSTATED AGREEMENT OF LIMITED PARTNBRSHIP
effective as of the date of its
By its signature below, the undersigned hereby agrees that
"Fund") as a Limited lartner it shall (i) become a party
admission to eagãVi[eroperties II, L.P. (thã
of the Fund' as the same may be
to the Amended and Restul¿ Agreement of Limited Partnership (the
arnended, restated o. ,uppi"t".niãá f.o* time to
time in accordance with the provisions thereof
;Ë"J Àá.."ment") un¿-fìil be bound by each and every term and provision of the Fund Agreement'
Date:
Amount of Commitment: U.S. $
1Pleur" Type Name of Limited Partner)
By:
Signature
ill"ut" Type or Print Name of Signatory)

Title:
== ===--= ===== === == =-- === == ==== = = = = = = = = = ====== === -:
A.CKNOWLEDGMENT
State of )
ss.:
County of )
On rhis day of 2006, before me personally appeared
isfu.tory-".,id"n.etobetheperSonwhoexecutedtheforegoing
acknowledged to me that execution of ihe
instfument in his/her authorized capacity, and *ho duly
,u*" i, hislher own free act and deeã and made with appropriate autholity'
Notary Public
lSeall
d,ate and names of all persons signíng and affix notarial seal'
Notary: Please complete stute, county,
5727'722.2
VII
PM-2190
SET2OE2
PAGE MILL PROPERTIBS II' L.P.

ururiiBu PARTNER sIGNATIIRE PAGE
TO
PARTNERSIIIP
AMENDBD AND RESTATED AGREEMENT OF LIMITED
effective as of the date of its
By its signature below, the undersigned hereby aer.ee¡ tlrl
"Fund") as a Limited Palner it shall (i) become a party
admission to fug" Vfiff Þ.opertiås II, L.P. (the
of the Fund' as the same may be
to the Amended and Resaìed Agreement-of Limited Partnership provisions thereof (the
rvith the
amended, restated r"ppi"r"ntãd fro* time to time in accordance
..Fund Agteement")"tan¿'(ìi) be bound by each and every term and provision of the Fund Agreement'
Date:
Amount of Commiment: U.S. $
fPl"ur" Type Name of Limited Partner)
By:
Signature
(pt"ut" Type or Print Name of Signatory)

Title:
State of )
ss.:
County of )
On this daY of 2006, before me personally appeared
to be the person who executed the foregoing

who proved to me on tf," U*lt of tutitfu.toty ""iOott"
who duly acknowledged to me that execution of the
instrument in his/her authorized capacity, and
with appropriate authority'
same is his/her own free act and deeã aná made
Notary Public
lSeatI
nan'tes of aII p¿¡ssrs sígníng and affix notarial seal'
Notary: please complete stdte, county, date and
s7n722.2
VIII
PM-2191
EXHIBITA
PRIVACY POLICY
.we.at about
PAGE MILL pRopERTIES II, L,P. (the "Fund") are concemed
the Fund's policies and practices with
the privacy of our investors. This nodce summarizes
that we acquire about our
respect to the treatment of nonpublic personal information
and former investors in the Fund and
investors. The provisions of this policy apply to cuilent
from the following souÍces:

1. we collect nonpublic personal information about investors
. Information received from you in subscription documents and other forms;
.Information about Your transact:ions with us and our affiliatei; and
. Information about you that we may receive from a consumef repofting
regarding your credit status
^gency
in-person discussions;
This information may be received in any mannef including
coinmunications'
telephone conversations and ãlectronic or other written
the Fund's investors to

2. We do not disclose any nonpublic personal information about
permission, except as requited or permitted
anyone other than the Funá's affiliut", without
Fund in providing you with
by law. The exceptions include third parties that assist the
services, such as a broker or accountant'
to those employees and
access to nonpublic personal information about
you
3. we restrict to you' We maintain
provide
ãg"nr, *lro n""d to know thæ information in order to
services
with applicable regulations to
pñyri.ut, elecrronic ãnJ p.or"Ou.al safeguards that comply
guärd your nonpublic personal information
described in thís privacy notice

4, We will continue ro adhefe to the policies and practices
you' even if we no longer provide
ilrn tãrp"¿t1ä-i"for"rution that we have acquired ãbout
services to You-
at any time and will provide

5. We resefve the right to change these policies and practices
OesîriUing the-revised poti"i.t. In aãdition, the Fund's privacy policy will
Vou *itfr a notice
be sent to You annuallY.
please call David A'

If you have any questions about the Fund's privacy policies,
Taran at (650) 833-3800.
s72'1722.2
P\l-2192
t*rv
General Partner:
Page Properties II GP, LLC

}{ill
1900 University Avenue, Suite 201
(650) 833-3800
5721122.2
PM-2193
PAGE l\flLl PROPERTTES II, L.P.
iN\æSTI\{ENT PRO CBNUNNS
(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 of
Page 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
partnership interests:
Mill Þroperties II GP, LLC ' .i '

:
c/o Page
1900 University Avenue, Suite 201 ; .t . '
East Palo Alto, CA 94303 "i
Taran
Attention: David A. :
Tel: (650) 833-3800 :.: '
Fax: (650) 688-6820 , ,, . ' . ,

.. i ,
(2) 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.
(3) The General Partner, on behalf of the Fund, will have thê right, in its sole and
absolute discretion, to accept or reject this subscrjption for any reason oI no
reason in rvhole or in part unã ut unyii-. prior to acceptance thereof,
5127722.2,
Pl\/'-2194
r. j
t -. r i '
¡ I /rr Y nn IT T I-'
ì ^n
PAGE ^T)YtDrnTErc II' L.P.
I\flLL PROPERTIES
... T¡^r.r GREEI\{ENT
S T-IS S CRIPTI ON A^r'DÚ'Elì/fEal\T'fr
'.;.
Page N4ill ProPerties II, L.P'
clõPageMill ProPerties II CP, LLC : .
1900 Úniversity Avenue, Suite 201 i
East Palo Alto, CA 94303 :
'
.:
The offer and sale of ljmited partnership interests (the "Interests") in Page Mill
.:
properties 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
pursuant
amended (the "securitiãs Aðt"), but rather is being made privately by the Fund
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
js with the appropriate
eualification Statement náeded in order to ensure compliance
, ràgulations and to determine (i) whether an investment in the Fund by the Investor is
certain
suîable in light of rhe Investor's financial position, (ii) whether the Investor meets
minimum fínancial tests to be deemed anljaccredited investor" as defined in Regulation
that it is
. D and has such knowledge and experìence in financial and business matteß
capable of evaluating thJmerit. und ri.kt of the inrlestment and (jii) how to treat the
Company Act of
Investor for purposes of Section 3(cX1) of the United States Investment
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
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")
in,
and in connection rherewith subscribes for and agrees to purchase an Interest
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
:without '
condjtjons upon which the Interests are being offered, including,
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'
II. 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.
ilI. REPRESET.,-TATIONS, IVARRANTIES AND CO\/ENANTS GF TIIE

IN\IESTOR.
(A) The Investor has (i) received, read carefully and understancls the Memorandum
jnvestment objectives and
outlining, amorg orher things, the oi-ganization and
jnvestnlent in, the Fund and (ii)
policies of, and the dsks and expenses of an
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.The
Investor acknowledges that in making a decision
to subscribe for an Interest' the
the Fund Agreement and
Investor has relied solely upon thJ ¡r{emorandum, and
inö;;¿"r,t in,r".t;gationi *åa" uy the Investor.and its attomey, accountant
investmentadvisor.'TIreInvesto,,.jnu",'*.ntinthelnterestisconsistentwith
the jn'estm"nf-purp"r.s and objectives and cash flow requirements of the
^ overall need for
In'estor and will not ad'erseiy affect the Investor's
äiu.irin.t,ion and liquiditY' :,
in financial and business matters

(B) The Invcstor has such knowledge and experience
the merits and risks of the Investor's
that the Investor is capable oievaluating
risks, and has obtained' in the
investment in the Interãsls and is able tolear
such
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
and has delermined that the
has evaluated the risks of investing in the Interest
The Investor understands that
Interests are a suitable invesÌment fõr the Investor- (ii)
restdctjons will exisr on transferability of the Interest,
no
iii-rulrr-rial to devclop' (iii) the Investor
market for resale of any Interest exists or is expected
maynotbeabletoliquiaateitsinvestmentintheFr.rnd,and(iv)anyinstrumentsthe
to that effcct restricting
representing an Interest may or_may not bear legends
transfer thereof. The Invesior funhLr unde¡stanãs
risks associated with the
entails a high áegree of risk and understands fully
the
the Interest is highly speculative

(C) The Investor understands that an investment in
The Investor can afford a
and may result jn a complete loss of its in_vesiment.
jn afford to hold the
;;;tþ" loss of the inì,estment the Interest time,can and
and acknowledges that
investment in the Interest for an indefinite period
of
distributions may be paid in cash or in kind'
herein for its own account'

(D) The Investor is acquiring the Interest subscribed for
forinvestmentpu,po,",-onlyandnotwithat,iewtoanydjstribution,resale,
subdivision or fractionalization thereof in violation
of rhe Securities Act or any
and 1þs [¡vestor has no present
other applicabie u.s. or non-u.S. securities law,
enter jnto any contlact, undertaking, aglecment, of aI'iangement
for any
plans to
suchdistdbution,a"rul",subdivisionorfractionalization':
'
declarations or filings wjth' or

(B) The Investor reprcsents that all registrations,.
-authorizations
consents, ]jcenses, approvals or
of, aîy legislatir'e body;
gour-menlal depertment or other governmental authority, necessary ol
jn the Fund have been obtained or
appropriate in coniectjon u,ith its investment
comPlied with.
5121722.2
Pl\A-2197
part upon its representations
(F) The Investor acknowledges and agrees that, based in
jn reliance upon applicable exemptions, no
and war¡antíes contained herein and
Interest has been, or will be, registered under the Securitjes
Act o¡ the securities
except as provided
lâu,s of any othe; U.S. or non-U-.S. jurisdiction. Accordingly'
entered into between
in the Fund Agreement or any side ietter or otlrer agreement '
the Fund and any Investor, the Interest may not, dñect)y or
indirqctly, be olfered
disposed,of by tfe
for sale, sold, pládged, hypothecated, tr-ansierred, or otherwise
Paftner' which may be
fnvcstor rvithoit ttre prióiwiitten consent of the General
wjthheld in jts sole and absolute discretion, and unless such disposition is in
to, the U'S' federal
compliance with all applicable laws, incJuding, but not limited
that it has been advised that
tax and secudties laws. The Investor acknowledges
jntend to cause any Interest to be
;; F";ã has no obligation and does not or to comply wi]! .
lau's
registered under the Securities Act or any other securities
;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
provisions of section
company unde.r the 1940 Act and, that for purpcses of the
offering of its
3(cX1) rhereof, does nor presenrly propoi" to make a public
.-
,".u¡l.t within the Unjted States. .:
(H) The Investor aglees and is a\r'ale that no United States federal
!, ! ô^-¡-^
o-r state agency or l
ä"V t"ãi"gs or detJr:lination as to the faimess of this investment' '

:
The execution, delivery and petformance by rhe Investor of

(I) this subscription
the Fund Agreement, and such
Agreement, the Investoi Qualification Statement,
powers of the Investor'l
other agreements, ceflificates or instruments ere rvithin the
will not constitute or result
have been duly authorized, executed and delivered and
of any '
in a breach or default under or conflict u,ith any order, ruling or regulation
agency' oI any
, court of oiher tdbunal or of any govelÏmental comnrjSsion or
, agreemenr or other undertaking, ioilt;.¡, the Inyeslor is a party or by- which the
the incorporation papels'
Investor is bound and wiil not violate any provisions of
'
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
and the Investor
same, and this Subscription Agieement, rhe Fund Agre.ement
, r'ahd and binding obligation of the
eualificarion Statemeni constitutes a )egal,
Iivestor,enforceab]einaccordancewithítsterms.
and Page Mill

(Ð The Inveslor ack¡ou,ledges and aglees that the -General Partner
(coJlectively- wjth the
Adr.isors II, LLC, the jnveslmeni advisOr of the Fund
.?age },4i11,') have the exclusir,e power and so]e and abso]ute
. ceneral Partner,
5'¡27722.2
PM-2198
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.
(L) The Investor agrees to sqpply the General Partner rvith such other facts, as from
time 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.
'.
(M) 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.
Iv. ADDITIONAL R,.ÐPRES ENTA TI ONS,'WAR.RANTIES AND CG\¡ENANTS

OF THE INVESTOR
(A) 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. :
(B) 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 to
p"y 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
^ny
Retirement Income Securiiy Act of L974, as amended ("ERISA")'
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
therein, as the case
investment vehjcle, the plan paflicipants or plans_ palticjpating
to jnvest in particular
may be, âre not permittäA todecidã wheiher or how much
invãstment altemãtives.
jts Interest are substantially

@) The Investor understancls that the tax rules relating to
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
jncome" which
result in the re.cognition of "unrelated business taxable .upon
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
often nlay be reversed only rvith a
economic matter, (ii) such "phantom inc6me"
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.
\{i11, any of
(A) The Inveslor agrees to indemnify and hold harmless the Fund, Page
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
uny and all othei expensel whatsoever reasonably incurred ín investigating,
preparing for or defending against any litigation, arbitration proceeding, or
"nã other
or threatened, or any claim rvhatsoever) arising
action or proceeding,
out of oi in "o--*.ed
.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
Agreement, the
covenant or egreement nrade by the Inveslor in this subscriprion
Fund Agreenrent and In'r,estor þualification Statement or in any other document
connection with this
furoirrr.ã by the In1,esior pursuant to any of the fo'egoing in
by the fnt'estof
transactjon ãr (y) any acdôn for securities law violations instituted
u,lich is finallyresoii'ed by judgment against the In'estor
'
Statement
(B) Neither this -subscripticn Agreement nor the Investor Qualification
may be arnencled, r lithdrurun or re'oked by the In'estor_ in whole or in part
u'hich may be withheld
*i,'trout the prior u,ritten consent of the Gcneral Partnef,
and the Investor
in its sole and absolute discretion. This Subscription Agreement
Quatificarlon starement ere not transferable or assignable by any pafy hereto
(c) This Subscription Agieemert, the Fund Agreement, the Investor Qualification
Statementanda]lteråsandprovisionsthereãfsha]]bebindinguponandinureto
respective heirs' '
the benefit of, the parties heteto and each Indemnitee and their
executors, administiators, SucceSSors, trustees and legal representatives.
@) This Subscription Agreement and Inyestor Quaiification Statement shall be

and construed in
deemed to have been made under, and shall bÈ go'er'ed by,
(excluding the law '
accordance with, the substantive law of the State of Delaware
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
any breach hereof,
Subscripiion Agreement and Investor Qualificatjon Statement,
;;;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.

jurisdiction of
Accordingly, the partíes consent and subnijt to the non-exclusive
the 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. or proceeding brouglt
The paities further agree that any such action
relief
by either such pårty to enforce any right, assefi any claim, or obtain.any
whatsoever in connectjon ivith this Subscription Agreement
and Investor
by such party either in the State of
Qualification Statement shall be comnenced
,
D-;lr;;r" or in the County of Santa Clara tvitliin the State of Califomi
(E) If any legal action or ai'bitratjon or olher pfoce.eding is brought

-f:t 11:
Statement
enforóem*nt of this Subscription Agreement and Investor Qualification
because of an alleged dispuie, breach, default or misrepresentation
in
or
connecrion rvith any oI the pioviiions of this Subscription Agreement and
party or parties shall
In'estor eualification Strt"-.n1, the successful or prevaì1ing
be entitle.d to recover reasonable attolllel's' fees and other cOstS incur¡ed in that
to which they may be entitled'
;;t¡6;;r proceeding, in addition to any other reljef
(F) this Subscrìption Agreement and Investor Qualificatioà

The Investor by executing-General
Statement appoints fhe Paltner and- each of its managers' managing
5127'122.2
Pl{t-2201
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.
(G) 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").
(EI) 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.
(Ð 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.
(J) The representatjgns, \À/alrantieS, agreements, and indemnification obìigationS of

the Investor contained in this Subscription Agreement and the Investor
the purchase of the
eualification Staremenr shall survive the execution hereof and
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.
'
(K) 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.
(L) 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
<111111 )
P\A-2202
entities and
the provisjon of se.rvjces to, certain foleign countries, territorieS' '
that it is not a country'
ì"li,i¿"átr.t Tf,, Int,estor funher iepreserrts and v'arranls ìilith
'
tefîirory, person or entity name.d on ån OFAC list, nor is

it a person or entity
u,hont á.åting, are prohibited
)u e¡v r¡v"'v
under any OFAC regulalions'
presence in any country that

(l\{) The Investor is not a foreign bank withcut a physical
is not a Regulated AffiliatJ (a "Foreign Shell Bank")' :
anything to the
(N) The Investor ack¡o$,ledges and agrees thât, notvrithstanding
Agreement' the
conrrary contained in any document"(including this subscription
Fund Agreement, ,ny ila" letlers or simjlar agrcements)' if,
, following the
reasonably believes that
Investor's investment jn the Fund, the Ceneral Pallncr
or if otherwise required
rhe investmenr is or has become a Prchibited Investment
of the Investor' either
by law, the Fund may be obligated to "fi-eeze the account" '
any distributjons and/or
by pr-ohibiting additional capital contdbuljcns, restricting
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
The Fund may also.be
result of any of the actions dãscribed ln this paragraph.
identity or provide
requirea to report such action and to disclose the Investor's
other information with respect to the InYestot to OFAC
or other governmental
entifies.
(o) 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
under Section 311 or 3l2of
has been designated úy tf,e Secretary of the Treasury
Financing Act
rhe International Monáy Laundering Abtt.t"nt and Anti-Terrorist
measures due to money
of 2001 (rhe "PATRIöT Act"l as u,artanting special as no¡:
been designated
laundering concerns or (B) any foreign countfy that has.
or prgce.aure.:, by
cooperatiie u,ith international anti-money laundering principles
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
the group or organization
which designation tne united slates lepresentative to
used by the
conrjnues to concur (a "Non-cooperâtiv; Jurisdjction"); (ji) the funds
do not originate from, nor¡v-ill
Investor to make capital contríbutions to the Fund
at (A) a Foreign Shell Bank, (B) a
they be routed rhrough, en account majntained jts
js barred, pursuant to
torá;gn bank (orher-than a Regulated Affiliare) that
uanrd"ng license, from conductin-g banking activilies
with the citizens of, or with
I The lists of OFAC prohibited countries, territories' persons and entities can be found on the OFAC
website at <www'úeas gov/ofac>'
2 ,.Rcgutated Affiliatç" means a foreign bank that (i) is an affiliate of a depositary institution' credit union
rhe unired srates or a foreign countfy, as applicable
or foreign bank that maintains a ph¡,sicel presence ìn
Ëy u Uuniing aurhority in the country regulating such affiliated depositary
and (ii) is subject to supervision
institution, credit union, or foreign bank'
5'.i2'1'122-2
PM-2203
the license, or (c) a bank orgalized
the local cunency of, thecountry that issued
and (iii) the
or charrered uná"r ih" lr*', of a Non-Cooperative Jurisdiction;
of eny immediate family nrember
Investor is not a senior foreign political figure,
u ,.nù, foreign poìitical figure, in each case rvjthin
the
or close associate of
meaning of the PATRIOT Act'
(P)1'¡g]¡rlestoragreespromptl-ytonotjfytheFundshou]dthelnr'estorbecome
(K) through (O)'
aware of any .¡ãnge in t¡e lntãnnation set
fonh in paragraplis
:
l
requested by the General Partner

(o The Investôr agrees to provide any information
e¡able the Fund 1o cor:lply
which rhe General Partner reasonably beJieves lvill
witha]lapplicableanti-money]aunderinglaws,rulesandregulations.Tlre
Investor undersrânds and agrees that lte Fund
may release confidential
. disclosure is in the best interests of the

absolute discretion, determines that such
Fund in light of relevant lau,s, rules and regulatio¡s concerning Prohibited
I¡vestments.
'.
(R)ThelnvestorhasreadcarefullyandunderstandstheprivacypolicyoftheFund
attached hereto as BbiþIé'
NO]\{INEE'
vI. TRUSTEE, AGENT, N'EPNBSBNTATIVE OR
ifthelnvestorisactingastrustee,agent,repreßentativeornomineefora
and acknowledges that the
subsciiber 1a "Benefrcial Owner-"), the In'esior-understãnds without limitation' the
(including,
representations, warranties and agreements
vie¡ nereof) made herein are made by
indemnjfication oblláaiion, ,", forrh In Section
rhe Investor (a) withiespect to the In'estor
and (b) with respect to the Beneficial Owner
further represents and war¡ants that it
of the Interest ,uUr.¡U"å for hereby' The Investor
owner to execute and perform
;;r';;i;õ;lri* po*,., and authorjiy from the Beneficialand Investor Qualification Statement'
rhe obligations under ihis Subs.riptlon Agreement
in section v(A) hereof' the
In addition to the indemnificatión obligations set fonh against any and all loss'- liability'
Investor also agrees to indemnify each indemnitee
(including, but not limjted to' legal fees and
claim, damage, cost and expense whatsoever
whatsoever reascnably incur¡ed in
disbursements and any and all other "^pàn'"'
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
Subscription Agreemcnt and Investor
subscribed ror n"räuy to enter into this
¿jjj''n;;,i"n Statemeni or perform the obligations hereof'
10
s-l2't722.2
P\A-2204
IN THE
\/II. AÐÐITIONAL INFORN{ATTGI{ AND SLItsSEQLìIENT CHANGES
additional information as
The General Paltner may leguest from ihe Investor such
to an Interest' and
it may deern necessary to ..,aluáte tËe eligibility of tlie Investor acquire to determine
may request from time to tinre such infomatión as it may
deem necessary
or to enable the General Partner to
the'eligiUitity of the Investor to hold an Interest
requirements or tax status'
detennjne thL Fund's conrpliance rvith applicab)e regu)atory
and the Investor shall piovide such inionnatjon âs may reasonably
be requested;
withouJ unreasonab-le
piovi¿e¿, that such information may be obtained by the Investor
Ffott ot expense.
Each person acquiring an Interest must satisfy tì:e for-egoing both at the time of
j ,o o" a Limited partner.
to be
subscriprion and at. all times thereafter until such person ceases 1,tt1u:t:fI
Accordingly, the Invcstor agrees to notify the General Paflner
promptly if there is any
and warranties
change with respect to any oi the foregoing infoimatíon oI reprcsentations
as the Glneral Partler
and tä proviCe i¡" C"n"*l Partner with such fuflher infon¡ation
may reasonablY require.
'
<aa1a1a a 11
PM-2205
a
PÄGE l'{iLL PROPERTIES II, L.P'
.II Tr'\'\æS TC R QUALIFI CA TION STATEI\{E}{T

I
I.ELIGIBiLITYREPRESENTATIONSGFTImINVESTOR.
(A) GEI\ERALINFORj\{ATION:
Tlpe of Investor
j Please check one: '
' PartnershiP
Name of Int estor (Piease Print or T1'pe) .--Corporation

Limited LiabilìtY ComPanY
___Trust
U.S. Taxpa¡'er I.D' Number
--!oundation
Endowment
Benefit Plan
EmPloYee
Other - SpecifY:
N^nr" t"¿ f;tle of Person exercising investment dìscre-

tion for the Investor, if any (trustee or fiduciary' etc')
Daté of SubscriPtion:
Mailing add¡ess if different:

PrinciPal Place
' of Business Address:
Name
. Name
. Steet
City, State, Zip Code

City, State, ZiP Code
Attn.:
Attn.:
( Telephone number: ( )
r TelePhone number: )
Telecopier 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
. or CHIPS Nuniber
-ABA
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 p!an, an endolt'ment, a foundationt

a corporatÍon, partnership, Iimifed iiutrit;ty con'Ìpâny' trust or other
Iegal entitY, it is:
. organized under tlle laws of:
o has its principal place of

business in:
its date of íncorPoration or

organization isl
and repofs its income for federal

income tax purposes on the
basis of a:
tl calendar year, or
tl fiscal 1,ear ending on
@) ACCREDITED INVESTCR STATUS:

and sales of " '
excepts ft'ont rcgisfi'.ation cerlaht offers
Regulatiott D prOnulgatecl under tlte secut:ír'ìes Act
,
" Please chick att appropr-iale spaces otl tlte followittg Pa,es
secto.itíes if nzade to accredilcd ínvesÍors.
"
''r'
itzdicatirtgtltebasisuponu,hicltrlzeltzt,estorqualifieso,ouo"-'àdÌredint'eslorunderRegulatiottD' "
'
Tlze Investor certifi.es that it ís ant accredíted in!'estor because: : ,l ' , . ':
was not
(1) The Investor is a lrust with total assets in exccss of $5,000,000'that
Intelests and its purchase is
formed for the ,p".lnt purpose of acquiring the
person" is one who has
directed Uy a soihisticated p.rron. A "sophístícated
nLatlers tltat he or
such ktzoy;Iedge'and ,rprrir,'rru in finaniial and busitzess
tlie prospectíve ùxvestlTxenl'
she is capabli of et,aluatfug the tneríîs and rìsks of
(2) The Investor is a

to'p , not formed for the specific
ourtn.,'.hip o, u ljrnFl.bjljty
purpose
@jthtotalaSSetsinexcessof$5,000'000.']''
(3)Thelnvestorisanemp]oveebe4efitp]anu,ithint!e,m;aningofERISA,and
pla/n fiduciary (as defined in
the decision to inu.rt in the Fund u,as made by a
js and loan association,
Section 3(21) of ERISA), rvhich ejtlrer a bank, Savings
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'
its
political subdivjsicnsl or any agency o¡ instrumentality of a state or
' its
, of
, political subdivisions rhat hasìo1ul assets in excess $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
each parlicipant
investment of assets credited to hjs ór her Àccount) in u'hich
is an accredjted investor because such parlicipant (i) has an individual
. net
worth,3orcombinedr¡,ithliisorherspousehasacomb,inednetwoflh,in
excess of $1,000,000 or (ii) had individual income4
(excÌusive of any income
each of the two
attributable to his or her spouse) of more than $200,000 in
most recent )'ears or joint income5 with his or her spouse
in excess.of
. a reasonable expectation
$300,000 in eactr of those years, and the Inr¡estor has
of reaching fhe Same income level in the cur¡ent )'ear' If this item 6 is
"Individual Portion"
checked, please have each such panicipant conrplete the
on page 5 of this Section.
j_
jn Section 501(cX3) of
Ø The Investor js â tax-exempt orsanizátjon descrjbed
the code rhat u,as not fomed for the specific pulpose of acquiring
the
ffitotalassetsatfairmarketr,alue,includinghome,hornef¡rnjshìngsand "net u'orth," the principal residence

autornobiles, over total liabiliries. For purposes of determining
an individual shall be either u, 1e¡ .ort, incliding the cost of improvements' nÞt of '
owned by 'alued value,of-rhe proPerty as determined upon a
current encumbrances upoo ttr" property or (B) rhe àppraised
u,rirren appraisal used by an inriituiionut lender making a Ioan
to the individuat secured by the property'
of current encumbranies upon the ploperty'
i*1"¿i"g the cost of subsequent improvements, net
,.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
or more'
pråp*,y án¿'*,¡lch has such loans åceivable in rhe amount of $2,000,000
n Fo. purposes of this Jnvestor Qualification Statement, "inrllr'idual income" means adjusted gross
to a sPouse or to ploperty
in.o*",ãr."port"d for federal income tax purPoses, less any income attributable amounts attl'ibutable to a
(but not including any
ou,ned by a spouse, jncreased by the follou,ing arnounts
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
partnership as rcported on Schedule.E of Form
amount of losses claimed as a Umjted partner in a hnrited
10a0; (iii) any de.ducrion claimed for Cepletion under Sàction
6Il et seq' of the Code;.(iv) amounts
(as dcfined in the Code) or Keogh letilement plan;
.conn'ibuted to an Indivjdual Retirenrent Account
arrangement under Section
(v)alimony paìd; and (vi) any elective conuibutions to a cash or deferred
àólß) ot,i. co¿".
s "¡oint income" means adjusted gross income as reported for federal income tax Purposes'
including any
by a spouse, jncrcased by.th.e. fo)lou'ing amounts
income âtûibutable to a spouse or to proPerty oo'n.d (i) the amount of any
or to by-a spotrse):
(including any amounts atiribulable to a spouse Propeilyeu'¡ed
(ii) the amount of losses claimed as a
rax-exempt interest in.o,n. uni".Section lO¡ of the iodå, recei'ed,
limited parrngr in a ]inited partnership as reported on scbeduJe
E of Form 1040, (iji) any deduction
(ir') any amount by ra'hich income from
claimed for depletion under section 6ll et seq. of rhe code, and
gros-sìncome pulsuant to the plovisions of
long-term capital gzins has been reduced in arriving at adjustcd
Act of 1986'
S"Jtion )20í ofthi Code prior to its repeal by the Tax Reform
5't27122.2
PM-2208
InterestsandhastotalassetsinexceSSof$5,000,000.
the securities Act or a
(E) The I¡veslor is a bank as defined in Secticn 3(aX2) of
sa'ings and loan association or other instjtution as defined in
section
jts inCi'idual or fiduciary capacity
¡(axSi(e) of the Securities Act, acting in
un¿ suUs.¡Uing for the purchase of the Interests on
behalf of a trust accoun!
or accounts.
section 15 of the united
(9)
Y/ The Investor is a broker clealer regislered pursuant to
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. ,:
in Section
(13) The Investor is a private busjness development comÐany as defined
202(a)(22) oftt,e Unir"à States Investment Advisers Act of
1940, as amended.
(1a) The Investor is a Small Business Investment CompqnJ licensed by the U.S.
Small ilusiness Administration under Section 301(c) or
(d) of the Small
Business Investment Act of 1958.
at any
(15) The Investor is a re'ocable trr-tst which may be amendeá or revoked
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.
(B)
tlnt is an índiyí.dual, rl'le"'Indh,idual Poriio,t" o:'t page 5 of tttís Section or
each lraïúor illat ís an í'nsir'utí'onal ínvesl'or, paSes 3
to 4 tllis Secîion,
for .of
"and
(íi) lia.t,e each suclz granîor conzplete such relevatzt page(s). . :
accredited
(16) The Investor js an entitv in ,¡,hjch all of the ecujly owners are
jn'estors . t¡ ttrit ;t"nt lO is checked, please (i) nz.a.ke photocopies of (A) for
each 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,
equity oluner contplete
pages 3 to 4 of tltís section, ond (ii) have
-suilz
each such
relerant page(s). :
5727722.2
PMt-2209
Ifltenz(6),(15)or(16)oftlúsSectiott(B)iscl'tecked'ùísportionnøylnt'etobefilledín:
:
Theindividualcenifiesthatheorsheisanaccreditedinvestorbecause:
Fund or the General
(1) The Investor is a director or executive officer6 of the
Partner.
or combined u'ith his or her sPouse has
(2) The Investor has an individual net worth'
of ("Net wortlt" is deJitzed ín
$1'000'000'
a combined net wor.h, in excess
. footttote 3 above.) :
(3)Tlrelnvestorhadindjr,jdua]income(exclusiveofanyincomeattributabletohis
'orherspouse)ot*o'.than$200,000ineachofthetwomosttecentyearsor
in each of thcse years'
joint jncome u,ith his or her Spouse in excess of $300,000
of'reaching the same income level
. and the Investor has a reasonable exfectatjon
àefitted ín footnote 4 above and
in the curent ¡'ear' ("Itñbiduat i'i"oo'e" is
"ioìnt ùrconrc'; ís de¡ned infootnote 5 above')
(C) SECTION (sXcXl) IN\/EST}{ENT COMPANY:.

securíties of which
registration any issuer (í) the our*artdíng
sectíon 3(cXl) of tlte 1940 Act excepts fi'ottt it public offeríttg'
and (ii)îl'i'h engaged fu a
are ot+,ned by tlot nxoïe tlntn 100 b"ir"¡ciat or',,,',
t'Lot
deternú'tit'g wheùter tlze Fund
please clteck all appropriare spaces o, tltefollowi,;;;;;';t i"; otul'poses
cti
v,ould qualily uttder Sectiott 3(c)(I)'

''
The ltzvestor cettìfies tlmt:
(1) The Investor

Section 3(cX1) of the 1940
(a) counts as one beneficial owner under
Act; or
beneficial owners under Section 3(c)(1)
of the
(b) counts as
1940 Act.
407o of' the Investor's assets (including
(2) The Interests do not rePresent more than
committed caPital).
does not control, is not controlled by
(3) To the Investor's knowledge, the Investor
6 "Executive officer" means the president' any vice president in charge

of a principal business unìt'
u'ho performs a policy-making function or any other Person who
division o¡ function, any orher officer
o"tfã"nt .i*llar policy making functions for rhe Fund' '
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:
under the
(4) The Investc¡ is not an jnvestment company re.quired to be registered
1940 Act.
(5) The Investor does not rely cn the exception flgln ]h." definition
of investment
)"' under Section s(cxr) or Section 3(cX7) of the 1940 Act. If this ítem 5
"o*p-y
is uÃal:Le to be checked, tli General Parfircr tt,ill ask tlze Investor for additional
information. , ' i.
purpose of
(6) The Invesror \l¡as not specificaìly formed or recapitalized for the
With ¡espect to jts jnvestment in the Fund, the Irivestor does not maintain a
(7) trustees '
separate inyestment account whereby each of its-partners, shareholders,
in such investment' except
or other owners has the right to elect not to participate
;;;t; such election.rightìequires tlie "ont"nt of all persons or the consent of the
Investor's general partner (oi other controlling person)' .' ' .
.ti..,.
of equity or '
(8) To the Investor's knorvledge, no shareholder, partner or other holder
except through
beneficjal interests in the l-nvestor (i) ou,nó Interests in the Fund,
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) certifies that, pursuant to U'S' Treasurv Regulation Section

- - ii #åî:i:t l.*Ot
(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
(i) a cìtizen or resident of the united
7?01(aX30) olthe code and the regu)aticns pfomulSated thereunder:-
any estate (other than a non-United States estate'
States, (ii) a U.S- partnership, (jii) a"U.S. corþorarion, 1;v1
t'uti :f a court rvithin the United States is
within the meaning of Section 7?01 (a)(31) of t¡e Codà),'(v)iny
oì.i rl.t" admjnistraiion of the t¡-ust and one of more United States
able to exercise prinrary supervision
trust (r'i) any trust which has elected to
;;;;.; hu..,,. r¡" authoríty rå .ontrol all substantial decisions of the
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'
States person"'
If item (DX2Xa) is checked, is the or¡'ner a "United
as defined above?
Yes
ii (3) I me Investor hereby ceÍifies that it is:

.
j'' . U.S. federal taxation under
. (a) itv exemPt
an entity exemnt frcm U'S'
;
:.ì.
, t"
.," Secrion 501(a) of the Code;
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'
.
states peIson (or a disregarded

(4) The Investor understands that if it is a unjred
(or its owner in the case of
entity owned by a u";i;J srares person), the Invesror
a disregardea *u.i.u¡#t a fuliy completed and executed lorm W-9 to
"nttyy
the General Partner.
(s) The Investor understan:ds thatif it is a non-U:lited States corporation' non-United

states partnership or other non-united States
entjty (or a disregarded entity
(or its owner in the case of a
owned by a non_urrr"JËiu,". ferson),_the Inveslor
disregarded entity) tlt""fã a-fully completed. and. executed Form W-
'uü*it (as appropriate) ro the.General Partner to
SBEN,.W,gECI, W_gn [t or w-gEXp
and bac-k-up
claim an .x.mptioi from: (a) U'S' infotmãtion rcporting
inte:est,{c) U.S' withholding
withholding, (b) U.S. withholding tax on portfclio
taxonU.S.sourceinterestordivídendunderanyapplicab]eincometaxtreaty' with the
(d) U.S. withhoJdinf iut Uttuuse inconre t: ff*t:i."."1{ .:onn""ted
(e)U.S. u,ithholding tax because the
conduci of a U.S. trad" or busjness or
recipientisan'^"-ptnon-UnitedStatesgo\¡ernmentorinternatjonal
organization
a trustee' executor or fiduciarY
(6) Tlie Investor understands that if it is actìng in
to Forms W-8 and W-9 to determine
capacity, it should consuh the instructions
which form(s) to submit'
herein changes, the In\,estor
(?) The Inr,estor hereby aglees that if' any information
In'estor understands
rvill notify ,n. ó."åtoip¡1¡e.¡.$'ithin 60 du¡'t tlrereof'
-The
the tax ,.pr.rånt'tions and taxpayer I D' number contained herein are
that
disclosed to the united states
provided una"r"f"nriry of perjury and may be
5727'722.2
Ptút-2212
..:..
.'
that any false statement thereof could

Internal Rer.enue Servic'e by the Fund and
be punished by fine, imprìsonment or both'
(E) ERISA I\ÍATTERS:
The Investor certÛtes that (pl'ease check

if applicablc):
',r, ..benefit plan investor" (as such term is
The In'esror is, or is acting on beharf of,
a
d.ri"Ji; ;; õþ n. s ãsid:-ror<Ðtz)l'' : ' .'
termjsdefinedin29C.F,R.lzsro.:"-r01(Ð(2)..:...'']''
ffiwithour1jmjtetion,qua1ifiedretiIementpìanssubject1oER]SAandemployee
subjecl to ERlsA, JÀt;;;;;'*"tut
ptans' church plans' foreign plans' Keogh
benerrt pìans and arrangenrenrs nor
plans and indivjdual retirement accounts'
512'1722.2
Pl{t-2213
SETlOF2
PAGE T"{ILL PROPERTIES II' L.P.

IN\/ESTO R
SUBS CPJPTION A GiR'EEJ\IENT ANÐ
SIGNATURE PA GE
QUALTFICATION STATE}{ENT
thís Subscription
IN WITNESS WIIEREOF, the Investor has executed
date set fonh below,
Agreement and Investor Qualìfication statement on the
Date:
Amount of Commitment: $(U.S:)
(Please Type o¡ Print Name of Investor)

'.'
:t,_. . '
.
By:
Sígnature
(Please Type or Print Name of Signatory)
Title:
l{ante of Ttasf.ees or other Fí¡luciaries Exet'císíng Investntent

Díscretioll.withRespecttoBenefitPIantorTrust
PrítzÍed Nanze I rtle
Sígnature
5727722.2
P\A-2214
sF'r 2CF 2
..'
PROPERTIES II, L'P'
ññ^ñFñMYI]O TT Y Y)
PAGE I'fiLL
STIBS CRiPTTON AGREEI\4ENT ANÐ INVESTGR

QUALIFICATIONSTA1'Eh{EI\iTSIGNA'I'UREPAGE,,
.'.
IN WITNESS WIIEREOF, the Invcsror has executed this Subscription below'
'
Agreement and Investor Qualification Statement on the date set

forth ' .' ,
':
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 or Trust
Resp.ecl to Beneftf PI'øn
Printed Na'me Title

Signntu,re
572't'122.2
il
Pl{l-2215
SETlOF2
ACK}iO\4/LEDGh{ENT
State of )
c< .
County of )
On this daY of 2006, before me personally appeared
''.àtobethepersonrr4loexecutedtheforegoing
:. to me that execution of the
inrt.i*.nt in his/Ì:er aurhorized capacity, and t'ho duly acknou'ledged
sam.isIiis/herownfrceactanddee-dandnladewithappropria1eauthority.
Notary Public
Notaty:Pleaseconlpletestate,cou.nl),,dale.andnantesofallpersonssignìllgandffixlzotaríalseal.
- = = = = = = -- =.= =: = = = = =: = =
= == --.= == == = = = = = = = = = = = = = == = = = = = =
For Fund Use OnlY

'.'
: Do not n'rite below this point
''
bclorv and the inYestor is hereby
The subscription is hereby acccpled in the amount set forth
adnritted as a Limited Fartner as of '
GENIERAL-PARTNÐR: Acce.pted Commitment Amount $(U.S.)
PAGE N4ILL PROPERTIES I] GP, LLC,

a Delau'are limited liability company
Þ'r.
Title: AuthorizedSignatorY
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,D
DV.
Title: Autho¡izedSignatorY
a! IV
Pl/]l-2217
SET2OF2
ACKI\{O1\/LÐÐGh{ENT
State of )
. SS.:
County of )
2006, before me personally appeared :

On thji daY of
,¡" Ur*i, of ,uUrfu.toryÃidt*" to be the persort u'ho executed the foregoing

rvho proved ro rre on
jnstrument in uuiho,i""¿ capacitv' ;9 it: dulv acknowi:ti:1,1" nre that execution of the
authority'
,r*. i, ou'n fr"e act and cieei aná made with appropriate
rt;tnter'is/her
My Conunission ExPires:
Notaly Public
lSeall
and 2'Lan¡es of aII pcrsotts sigrlirrg and affix nolaríal

seal'
NotatT: Please contplete s¡aÍe, counly, dale = = = -- =
======================:
:
== = = = = = = -- = = = = = = = = = = =
For F-und Use OnlY
Ðo nol .n'rite below this Point
the amount set forth belorv and the inlestor is

hereby
The subscription is hcreby accepled in
admitted as a Linrited Pa¡-tner as of
Accepted Commitment Amount $(U'S')
GE¡*ERAL PARTNER:
PACE N4iLL PROPERTES II CP, LLC,

a Delau'ar-e limited liability company
By:
Tirle: Authorized SignatorY
V
5'727722.2
P\/l-2218
SET2 OF2
FUlrÐ:
PAGE },IILL PRCPERTTFS II, L.P.
By: PACE i\4ILL PROPERTIES II GP, LLC,

Its Çeneral Partner :
. By:
' 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
propeiries lI, L.P. (rhe "Fund") as a Linrited Parlner it shall (i) become a party
admission to t'age ttlitt
nray be
to the Amendej and Restated Agreement of Li¡:ited Partnership of the Fund, as the same
wjth the ptovisions thereof (the
amende.d, reslated or supp)enrel:tãd fionl t;tne to ti:¡re in accordance
provision of the Fund Agreerlent.
ËilË;;ent') an¿'(ii) be bound by cach and every term and
Date:
Amount of Con:¡lrilment: U-S. $
(Please Type Name of Ljmited Partner)
By:
Signature
(PIease Type or Piint Name of Signatory)
Title:
========
State of
County of
On this day of 2006, before rne personally appeared
@ofsatisfactol-yer.idencetobetheperSonu,hoexecutedtheforegoing
jnstrument 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.
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 PAGE
TO
'
AtraENÐtrÐ ANÐ RESTATEÐ ¿cnret rpNT CF LIn{iTEÐ PAR'TNIIERSIIIP
ByitsSignaturebelotr,,rheundersignedhe:.ebyagreestlrateffectir,easofthedateofits
..Fund") as a Limir.¿ parrner it shair (i) become a parry
properries rI, L.p. (the
admission to page tr4iil
Partnership of the Fund' as the sarne may
be
to tlre Amended and Restated Agreenent of Liniirei thereof (the
amended, restated or supplemented from
time to tinre in accol-dance u'ith the provisions
..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 )
ss.:
:
County of )
:
this day of 2006, before rne personally appeared

On
u,lro proved to me on th of *ia"-nttto ue the person r¡'ho executed the foregoing

'uti'futto'y
tid duly acknou'i:9-i:9-lt me that execution of ,the
insrru¡nenr in his/her uuil,tir"¿ capacity, "'ho
::ä. ffirÄ;;;ir;.;.i un¿ ¿."¿ aná made *,ith appropriate authoritv'
Notary Public
ISeal]
td i¡antes of ctll persotts signtttg ond affix nolarial
seal'
Notaty:PleasecotnpleÍeslale,coLt)xly'daleanditatttesoJclttpersoll
5'12'1122.2
VilI
P\11-2221
i..:. l
..
,iOF
: PAGE Ì\{ILL PROPERTIES II, L.P.
..
',
L.p. (the "Fund") are concemed about
. \\¡e'at PAGE IUILL PROPERTIES II'
FpTIFS TI-
L'P'
the Fund's policies and plactices
with
the privacy of our invesfors. T]lis notice 'un*¡^t drat we acquire about our
respect to the trearnient of nonpublic f"rronut information
and fci-mer investors in the Fund and
invesrors. The provrsions of this policy "ppf;t;;ent
about investors from the following sources:

1. we collect nonpublic peisonal infomation
tions u'ith us and our affiliates; and

'Infonnation about you' transec
cnsumer reporting
].Informationaboutyouthat-wemayreceivefromaconsrìmerreporullts
asencv,."g;Ëíour li"¿it status' '
any.man1]l.ti::t"1if.i-nerson discussions'
This information may be received in
ål".ooni c or other wri tten coinmuni c ati ons.
t"t on"
r "pt, :. "onu.rrutio,ir'unã
'
2.Wedonotdisc]oseanynonpublicpersonalinformationabouttheFund's.investorsto permitted
u'jihout permission'.exc.ept as required or
anyone other than the Funå's affiliates you with
purti*- ihat assist the Fund in providing
bv law. rne "xcepììons include tlrira
sãrvices, such as a broker or accountant' f
and
'
information about you to those employees
3. we restrict access to nonpublic personal
to provide ser-vices to you' We maintain
agenrs who need ro ino* if,ui info,mrtønJ" "t¿"i regulations to
electronic and procedur"l .uttgoár¿s tnat cãmply u'ith applicable
o¡vsical,
!;#ö";iã"p,ui;"p",son'linformation...
and' practices described in this privacy notlce
4. We will continue to adliere to the policies
acquìred ã¡out )'oll' e'en if rve no
longer províde
with respect to information that we have-
services to )/ou' .1.
and practices at any tinle and will provide

5. We reserve the iìght to change these policies In aãdition, the Fund's pd'acy poiicy u'ili
.,ou .vith a notice clescribi:ig the levised J"l;;;"t.
úe sent to )'ou annuallY'
'ff},ouhaveanyquestionsabouttJreFund'sprir,acypolicies,pleasecallDavidA.
Taran at (OSO) S¡¡-¡SOO' :
s'72'¡i22.2
Pl{l-2222
I nvestment Opportu n ities
Focus on three primary areas that we believe present the most
opportunity for the pañnership:
TYPE DISTRESSED
FINANCIAL.OWNERS
Rationale . Faced with . Realestate private Renovation, re-

corporate liquidity equity funds seeking leasing, re-financing
issues and non-core to dispose of of portfolios and
real estate assets aggressive, poorly- single assets
timed investments
. Sell decision
predicated on . Lenders facing
corporate finance. foreclosures,
matters not squeeze downs and
maximizing real loan take out issues
estate values
Many lack local
operational
capabilities
-U
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PTG fu hffI LL PTC E.MI LL
PROrÆffirES PRO P.:.E.IR
.j;::.:
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.r -i.:...,,.il ì
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TI E S
'1
Acc¡ ssFu ru o
Page M¡ll Properties Annual lnvestor Meeting

November 13r 2OO7
Pa c n M t r r
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Ag.tda
I. Page Mitl Properties Funds Overview

II. Investment Activity Update
III. Management Activity Update
IV. Redevelopment Activity Update
V. Capital Calls
VI. Other Developments
. Page Mill Properties Team
Current Investment Opportunities
. New Fundraising Activity
pnclffitt t PnCEMILL
P R o p. ìn r I E
E s
! rro¡frffiirs
I
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r. Page Mill Properties Funds ovenriew
"ffi Tr
PncftXfirrr
r n o e[4! re
PecnMILL
P R O P, E R f I É S
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Page Mill Properties Funds Ovetview
' 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 purchase price of approximately $271M. These individual
^ggregate
W:
4
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.
.
slî^ 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 Wiry
infrastructurç, 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.
pncäffit t t P¡ GEMILL
o P..E.'R I I E S
T ,rorrfu1ft,',t
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Page Mill Propetties Funds Overview - Cont'd
Aqrtk' 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 its
multifamily rental invesunents, fi.uther advancing each existing investment's
redevelopment and development potential and exploring additional investment
opportunities.
^,þ
ffteun fuln^; l/ M {/u tL l/JY/ú- ùytL trh t7A¿ ,
Ørnfuyr¿ Alruirktrl bOAzd ,

9rc ú"^/ Lilfil +'#
4
f,Y'f,
pn cE tffi-r rt Pnc EMILL
t* I I E s
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II. Investment Activity Update
T
po rïtffi't r t
r*or*funþrrs
FSS.E Y,I L L
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Representative Investments
poc$ffittt PeCEMILL
P e o P,,.E iR I I c s
! rrcr$trrfu:rs
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Representative Investments - Conttd
tt
po *-fr tiflt PeCUMILL
P R O P ''E R T I G 5
.U eno¡ft1forrs
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PECEMILL
PncHMrul
Ê R c rÞi: nÞlr r
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PA Gï iüor r t
PncEMILL
P R O P'E R I I E 5
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11
PECNMILL
PAGäüttt
rnoP_fifP#rÉs
? R o P,.:ìÊ.P I r f: 5
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III. Managemerrt Activity tlpdate
WoodlandPark
pncäffi"t PnCnMILL ,E
! rrc¡ft1for;s P R O P R I I [ 5
I
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Doing Well By Doing Good
13
Pn c n M r r
PNOPERIIES
r
Fan get }ÐQfu +
Heturns
. Quadruple Bottom Line: Achieving and Exceeding Targeted Financial and Social Returns.
. Aligning with Key Gonstituents for Shared Success.
porïiffi' r t PnCEMILL
P R O ' ..8 -'R T I E 5
! rno'1frLfurrs
I
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Representative Portfolio Management Activities
RGat Collêcaionr il
EsEbllsbÉd râaa¡srtizeat ler EôtlectiG, 3 d4' mÉcê sd eli(tlor i w rErrr S50 to S1ûO ¡rs rú ebG'e b plâre rÐts. al,; ;fiatrU tU it *qdri."^ t *b*e qlstiÀg tþdrß,Ê¡Ê!úrB
p'g¡e L Sn¡dios - $?1û880 ;.:.r'i ql4¡oßEi1jrzffi.
l:iti ftlBR-S8r(L990
trnit l\¡nors Pro=am li.':.ì ¡ E,R'- S90È1,1O0 i : .JJ:^:---r ñ--.-----
TËctirg l.oln¡æry 30 day mricer, iarul¡¡¡t!ry er,'icriû!s, Hmity l::::i 2 BR - Sl,lli-1,485 , 'Tërlutj ComE¡i¡!¡Day Cæ lrogro
v¡cuior,ffirutnedywocias- l:l.Ì 3 ER -$t.3OJ-1,îO5
i, r.1 çmEeiÈttb Y¡vlc/t
(bitis¡rT .É cùitd¡u trpâci{" ô4 qw)
l:.:rij
tl[g,Over !:. rì ;::.'rr CorME¡t) G¡r{¡¿¡ P¡ogru
o t¡cæies- i;lilRew¡m Enhs¡<mot Promru i, ìLsel€#Sro¡qge PloErÊE.
if tiat"dincu"ffi.-_ I j'
i3u¡ldiuE:.c@uily ÅdEerdsiEg P¡DEråD
i:t I SÈÀal¡rdþj¡E ù.€q¡loas æd, (orllraßs. i: '..ìT@tXFÈñ.ed. S4ics Þ¡¡s¡a
Sæice P¡!ÊÎ¡Ë
LaudryProgræ ì' :rj Sü¡ldrdizbg nrt¡r¡'qñ(e prc_æ.
Smds¡diziEg au¡loß @mcts-
Erd f . jI stsadãdiziEBco¡lRiGF@gr¡e
li. StsadãdiziEÉco¡lRiG!@gr@
Sr$dârdi'ing Erùrrûtre proEßn ¡, : jongoilg sûepleuilg. lald use oEcFrD¡.auiqg, roEr(sl rcr¡iûg,
i:-- 1i_
Stealsrdi¡jry @UestioB prc-Ee Íi i,lED6s. R.drrtio!.Pr@ i,t.ri rarircwta¡ r@ric¡I Eprc¡ ¿lt.llrsir, lãld H Mursda,
ùlü¡ti FsÐitlrApt¡ÞEt l¡r5iEF P¡oÊnr ¡..*pa*Ea*p-ë q¡ r@è GE. ; ::, r LEEDS c€rÎifÃ¡tio!, Ð8¡ysir, et€.
AildiD€: sr¡¡rp¡súÉmrll rhüd psry ¡$81srp6otHG. il',1ìCoadr¡ct"g cou¡rop¡s¡sir,e E¡¡tiE (g:as, elcctric. wrter) r€riem. i,, l'ì gs¡scog ¿etetoE ÐEt sir€ cors1fsiars sad arsuEd üis¡!si5.
Singlc Fsib. l¡mÊ lrasbg Pmgru. i:-Ì
i,!r,{ Radr¡ci¡¡gu¡¡lirÍco5ts, i.. .i
Aaldtug r4rlrfÐeÃrst üErl psrtj,' åEatsr'lroEr.E- íì.,ii IüÞlÉEEtiEg rès¡al¿üÎü¡¡itytfÈi¡g syíeE(RUAS). i:; .:1Àfñictprl.r comEu[tlT ontr.â(x
P¡rliEg PloEn¡r. ;È:i
i::i:ì lstat¡hgseluffiE ænssber¡<steftcrisa ofI{lID ard oihu fedee! staæ sd coûlr
i:,1i-.lddit¡oæ¡ i¡r'estigatloa
St!¡rlsrdizêrl p5rl$,g proErânt for !¡lpruporde5. i.;.'l 1". ¡] gmæ roÀ ftzfiry soütes for c@Eity s¡l coma ¡tra
ReE¡strr€ÜasriBDéd p!¡kiag ed<¡e¡¡/rpsÊed. :,:.: :iCâÞitel IEDror'æêlttCorslEstËeE_lItqg!4lq. i,,r'ilmpmæaa-
SrrÃd$dtrad reüe:El of ünllfùdriæll'IúoD€rqttë sèùicl€3" t¡r',;t-otp***'o,"ç-ütõßEm@¡mgm.
utt *Þ¡4r ¡tuur
i:,,ì RDår'årdc¡É 3 EiJ+'clÊJÐßrtesûis!. Crrff-
i:.:i
liii P¡sns sr¡bEi¡lÈd¡EdspDrÞüèil
sr¡bEi¡lÈd¡Eds¡rDrþüèil i. : : S¡f¿ SGêts Grs¡rs-
Approndv.adon ì't!ìijl¡rsdgrhr en'¡wE¡rtry ÉiêDdl!. ugù'rÌËffiê ëfËicie¡r i;.';j rtrbuFæsül'GffiE-
E¡tabtirhéd 3lsail¡¡diæd lpplcëd lendo¡i iúturtbg gsrts, 86.¡."rì:il"pgt";t, ì"'. ì cret <oltsÈGtia sfiä. campy.
sodprlcs- i:l.,i rrp€rsdes,lorrûo$sùcr¡'Etûttet5, ê1c. ï
2. :.
.4
.i
I :ì ly¡lau rep¡b BD¿ råírrfGutg:
í,iP¡trn¡¡¡t i. i
Tel¡nt Srñiacs ljl;ãPr¡riæ
.1'tj:1i
EErsblicEÉd (*D¡E¡) EBtEê ¡€qurt ¡mÊFru wirl 1+ bou epæse i¡i
dnË sal no E¡¡trÊ rtr!. I !rÊ€¡ sê3oh¡¡fr lidê.
f:'ij¡sptrau¡¡g e¡eÐ ope¡s¡ing i¡iti¡tivG-
Builôbg R.pajr. \r¡iari¡rqsc BRa Jeitor¡âl PremÐ iliT.-tiã-o*o1Ëi"**-* "ìñl*,oo"se æsEy requiredÈrs-
pßgru i :i n¡tr¡.,]'g ¡vie¡ rcÊ: dteætiß'É fôr lâ¡dscsÞing ÍrilrùÀoÊ
t'
pFEE@ ¡fi'i! IaffirjÊstiÀg oibÉ ''ttem" o'pÈrårbEi¡dulitres.
EíBbtisb€d coruÂ æa (teâEE!
Esrlbtisb€d (!eâEE! q¡rg¡rd{ qtrd progrr^ i:t
qtrd, trsrüÊd<s progrsn i:,r ijlo.*icrtiìg s;**bii
iifntuigrdÃE rp@#bip of ôf sæ F¡ffiisqut¡o
F¡ffiisqui¡o creê}
crer Ë¡É¡dp-
Es¡Ebüsbed ¿rruispaùtiry ud rcs;tåed<Ê IæEn4 li: ,i i..'.
,::,:,:.
C¡p¡¡âl IEproyEaeûaJc:o6truct¡oE FfosrtrB æs ia¡Êgnüd æ sitÊ sêE¡E¡ç' ¿irtÂrÊh cæ.
ConpkreÈ iniríal i¡Êqd ui¡ræ<e a¡d (g¡rit8¡ iü¡v¡or€ært lidee suræill,¡¡re bta€rsted si¡h *ruiry d¡rpfitll
PFgrsE. i¡ì:'iDrspo¡¿¿ mmtfi'glriB-q [pÊrtdG Flâ¡r ¡lcoordiüdoa q'itb Cilï.
Upib¡ail ud c¡{cDÊd Ep lry ¡rsiEßÊDsEEÊ h¡dsc¡D¡np. ¡ tt::i
EËnil ÞcEÈ ¡¡ft sàfrry ¡!d codê lsræ5. a.:',+ rl"¡" virãsêEgt
iíi;ir¡*¡ Prosrâm
RÊh¡b¡liEleal (our¡lø æs - slr)s, b¡lls, elcvaros udBools. ¡..r'ÌCoaducdng rddiriond rwse!'s ud fling cÊ!ti6cÊtê5 ¡o rsit
pncïffirrt Pnc
PRopt
n M I L,! CT
T 'no'-.,Ë¡É.'"
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Representative Portfolio Management Activities
Cont'd.
ilrar frrn (I-ó mor)
Roof aqd b¡l*oaie5 r¿Flere{ rÐdred ¡o¡l nqimi¡e&
Isstsûe{ ¡Êpbßed" æprired ftoces.
PâÍDr{al.
15
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$srË

pþPËnI
Dra¡ågÉ¡uÊ¡tr s]to¡alê proÊrâo.
hrds(sni¡E Prp¡rerp
tu¡Sler¡Ê¡rÉat rrreÊ r¡rd ls¡dscspe råi!¡sasÀce r!d, cleErbg p*g*- [jit!t
l:i
!.:,.::l
i ].!
Sccuritr,Saftty Proerso i.i !i
i'i
I{cs mmrp¡nrd
s)-eBsËw,
Keyucanageoeo, ;'::
ti./ :
ì
råiúesslEe !¡d, seruÉty.

CirtÊ i-; ,.i
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,j
DheÊr tur€rfr<e nriú lotice de¡renoert.
ii ,Ï
Security gres erd llrares srsEdardizêd oÃ cårdkéy È]s:rE )l- lirilj
I ..,¡
ùtutrir¡pÐlRÊlrüols ii''i
ReÊNlr¡coo{dbateilcode êort¡cenu¡rt iôspeEdo¡s. i i.i
pncë ILL PAG EM ILL

! lioe_rffi ü tES
I
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Before And After
16
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.
402n. OtKeefe St. "After"

402F-. O'Keefe St. "Before"
and repairs required in robbv ^
Lobby cleaned, tiled and painted.-
Pnc E
P ,.. E
MIrr
RfIIS
T P$s# üti:i""s
I
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N)
(¡)
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Before And After
17
1920 & 1928 Cooley Ave. 'rBefore" 1920 &,1928 Cooley Ave. 6rAfter,
Wom, chipped, dull paint. Power washed and repainted w/ ligtrt, inviting
color/trim.
1720 \ry. Bayshore Road

ttl¡fter"
L7 20W. Bayshore Road'óBeforet'
Dark lobby. Worn, dull paint. Lightened lobby by removing interior wall. Repainted
w/ light, inviting color/trim.
PAGEMILL
PA Gï tffitr t
rrcrrfoLfurrs
P R O P.,..8'. P T I T S
!
I
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N)
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Before And After
18
25 Newell Road "Before" 25 Newell Road rsAfter"

No security fences around property. New fences installed with secured key access.
1837 Clarke Avenue "Beforett 1837 Clarke Avenue'sBefore'

veway and parking open to street, not secure. New secure vehicular / pedestrian gates / fence installed.
PnCEMILL
JRÓPEPIITS
!
!
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J
Before And After
200L Manhattan Ave. "Before" 2001 Manhattan Ave. rrAfter" 430 E, O'Keefe St "Beforet' 430 E. O'Keefe St.'rAfter"
Worn / dirty floors / walls in Cleaned and tiled. Nondescript / worn lobby Tiled and relighted.
laundry room. linoleum / hall carpet.
PAGïtffi' rt
,*o';fu1furrs
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20
IV: Redevelopment Activity Update
WoodlandPark
Y-tr
Pncbivflnl PAGE.MILL
P R O P-,'E',R r I t S
P ¡ o ?Ër rËi r e
! "¡!ù- ./6-
s
I
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Redevelopment Opporrunities
Opportunity to redevelop or develop urban infill mid rise residennal and mixed use retail /
offìce for rent andf or sa\e.
21
Incorporating US Green Building Council (IJSGBC) leadership in energy and environmental
desþ (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 to

30o/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 pension
members and existing tenants and teachers.
Enable/support local businesse s f conttactors rncluding those owned / managed,by

minorities and women.
PAGlffi"ttt PECEMILL
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Righ-of-l[b'n¡Étrd1lvf¡lfiry - P¡øÉ<tår€s ,ìi ,
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Innrrtålllvsis O¡m¡rì ProEr¡ro - AF€4( Sr¡#geg 1.,,.i
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Redevelopment Repre s entation
24
pocï ffi'" t IL,L

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Summary - Preliminary IJnrealtzed Returns
SI]MMARY OF' IhIVESTMENTS

As oJSeptember 30,2007 25
Tot¡l Rqliæd
tqkEquity P.Ed¡lg Proceed!& Mdtipleor Groro
Iûv6tcd/ Rrdiz.d REdÌz.d U[räli¡¡d Ilorc¡lizcd I¡vsacd Atrlu¡l
Conoitt.d P.ocæd! Pmcccds V¡luc V¡luc Fduity IRR
PAGE MILL PROPERTIEStr, LP/PAGE MILLACCESS FTJND,LLC
$r.0 - s2.7 52.7

2.0 2.5 2.5
9.5
2.6
9.5
6.1
9.5
6.1
Allrp
l9.l
t3.8
27.9
33.6
27.9
33.6 2.4x 35.0%
unlJ,ul ,
9.8 12;l 12.',| l.3x ß.zYo
3.1 5.7 5;l
A Apartment Group l0 0.8 2.3 2.3
11.7 18.3 I8.3
A Apafment Group 12 8.7 16.9 16.9
0.5 0.6 0.6
A Apafment Group 14 4t.l 64.9 64.9
.13"8 28.5
úrr-4 m K b7 ó!, l,/o/¿.

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V: Capi tal Requiremenrs
pnclnïtrt
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P O P.J!: P I I T S
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Capital Calls
27
.-'-------\
I.[o-!4L.¡- 2piqlcalls QTjNIL Uite expected this year. T_g!.rt capltal
call 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 dare

through r\ccess Fund's own separate subscription líne, @
Access Fund qygglgp3llexpected at this tÌme.
pncälffirrt PAGE,.MILL
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28
VI: Other Developments

Page Mill Properties Team
Current Investment OpporfLlnities
b{e\Ã¡ Fundraising Activity
PAGE lffi.t r t PAGEMILL

P R o p.e'.,n ¡ r E
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Page Mill Properties Leadership Te aÍrl'
a
David Tatan - CEO - 26Years, Page Mill, Divco Ïüest, Graham & James
Randy Williams 29
a
- Princþal,2lYears, I(eiretsu Fonrm, Diablo Valley Buttk, I{ennedy-rü(/ilson
¡ Tetry Lee - CFO - 18 Years, Morgan Stanley, Deloitte & Touche
a
Jim Thompson - Director Acquisitiorus/Deuelopment - 23 Years, Page Mill/Divco l7est
Consultant, HMH Engineers, City of Bdsbane
a
Jennifer Moore - Deueloþment Officer,1L Years, HMH Engineers, TS/CiviI Engineering
a Terry Wang -Acquisitions Ofiær,14 Years, I(B Home, Pulte Homes, Amwest
a
Steve Lucanic - Corutroller,36Years, Bddge Housing, utban Pacific Properties, Hodge
Development, MBTS, FDC
a Sean Taube - Inuestment Associate,5Year.s, Divco SØest, RNIM Ptoperties
a Brad Ehikian - Inue¡tment Associate,4 Years, Premier Properties Management, General Services
Administration
Suategic Relationships of ,tccess Funds / Investors
PAGHtffittt
PeCE.MILL
P II O P,.E,R T I T S
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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).
30
Four infill assemblag e and.red.evelopment deals in the San Francisco Bay Arcaof estjmated
sizes rangng from $20M to $100M each (does not include the redevelopment portion).
a
J. One redevelopment deal in San Diego with estimated acquisition cost of $20M.
4. Various land and redevelopment deals in the Bay Area of estimated sizes r^nglngfrom $10M
to $100M (does not include the redevelopment portion).
5. One Orange County redevelopment deal of estimated size of $100M.
6. Multiple new, existing and distressed resort developments in Cahforrua, Colorado, Idahq
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.
PAGHtffttt
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New Page Mill Properties Fundraising Activity
Page Mill Properties Fund II Fully Invested / Committed; Page Mill Properties ,{.ccess trund I
31
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 II
r 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
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New Page Mill Properties Funds: Page Mill Properties
Fund III and Page Mill Properties Access Fund II
32
PAGëffitrt PnCnMILL
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TIIAN|I( YOUForYoar Trast, Inaestment and

Suþport of Page Mill Properties, Page Mill Properties
Fønd II ønd Page Mìll Properties Access Fand I
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Page M¡ll Propert¡es Begins

Property lmprovement Program
You Are lnvited age Mill Properties recently purchased the property
Next Police Beat Meeting
Beat Four
where you are living. Based in Palo Alto, California,
Date: Thursday, August 16th,2007 Page Mill Properties is a leading private real estate
Time: 6:30 - 8:00 p.m.
Location: West Park Apartments, investmen! development and management firm. Page
9 Newell Ct East Palo Alto Mill Property Services is the part of our firm that manages
(behind the building on the lawn
beside the pool) properties like yours.
For more information, please
call the Crime Prevention Unit
at (6s0) 853-5939.
We are local and we Care about the service
we provide. We have started this newsletter to keep you
lmportant Numbers informed about our programs and services.
lf you have any inquiries or service
requests, please contact your propertyb ln order to respond to residents' needs, Page Mill Property
on-site manager.
Services has developed a Properlry lmprovement Program. The
lf you are in need of emergency
maintenance assistance during
Program covers all types of improvements from re-painting
non-business hourt please contact buildings, to security fencing, to repairing dry rot, to adding
your pfoperty manager or our
on-call maintenance personnel at new plants and landscaping.
(650) 92+0319. ln the event of a life
threatening emergency, please call 911.
For rental information, contect the
We have a great maintenance tealrì, which
Leasing Office at (650) 4449752. you may have seen, on and around your building. Our
team is busy at work at each of the properties cleaning,
Who We Are trim.ming, fixing and repairing the interiors and exteriors
Page Mill Propefty Services of the buildings.
9 Newell Ct., East Palo Alto, CA 94303
Phone (650) 32+1907
Faxí(650) 32+1202 Page Mill Froperties looks forward to serving your lrousing
Office Hour*
Monday-Friday 8:30 a.rn. to 5:00.p.m.-
needs and providing you with quality service.
Saturday 10:00 a.m. to 4:00 p.in.
Closed Sundayg
PnCEMItL
PROPERÏIE5
P\A-2257
Safety and Security Program
s part of the Property lmprovement Program, Page Mill has also increased security patrols at the
Page Mill is implementing a safeÇ and security properties and is working closely with the City and
program at the properties to improve safety and the Police Department in an effort to make our
the quality of life for our residents by eliminatíng properties a safer place to live for everyone.
dangerous property conditions and issues.
The Police Department divides the city up into four
You may have noticed fences and security gates "beats" and individual officers are assigned to watch
being repaired or constructed at your property. over their beats in a special way. You are invited
We've included "Before" and "After" photos of a to the next Beat Meeting in your neighborhood
couple of the properties where this work is being on Thursday, August 16th where they will discuss
done. Part of this program includes replacing and recent crime stat¡stics, community concerns, and
increasing the security lighting at the properties, security tips and answer your questions.
r837 CTARKE AVE,

a5 NEWttt RD. (BEFORE) Walkways were open (¡¡Fôns) rhe drlveway
to the sldewalh there sere no security fónces, and parking area was.
and the pool fence w¡¡ too low. 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 fenccs
4 were built and a metål entr!, gatc prc-

vides key access for residents. Pool
fences were replaced to íncrease saþty.'
Pf\A-2258
J'
Ifr
You Are lnvited
Thank You
Next Pol¡ce Beat Meet¡ng to everyone who came to the monthly
Beat Four
Date: Thursday, September 20th, 2007
Police Beat Meeting behind 5 Newell
Time: 6:30 - 8:00 p.m. Court on August 16th. We had
Location: West Park Apartments, on the
lawn in front of 5 Newell Ct., East Palo Alto roughly 50 people in attendance.
For more information, please call the
Crime Prevention Un¡t at (650) 853-5939. Those who attended the meeting heard Beat Four Leader
Sergeant Barberini give an overview of crime statistics for
lmportant Numbers
lf you have any inquiries or service June 2007 in the "Beat Four area" of East Palo Alto.
requests, please contact your property's
on-síte manager. lf you are in need of The Police Department divides the city up into four "beats"
emergency maintenance assistance
during non-business hours, please and an individual officer is assigned to work a beat. A beat is a
contact your property manager or our
on-call maintenance personnel at regular route an officer or team of officers follows. The term is
(650) 924-0319. ln the event of a life-
somêtimes also used to describe an area covered by an officer
threatening emergency, please call 911.
For rental information, contact the
while he is on duty. The city is going to "area command"
Leasing Office at (650) 444-9752. The and they have reorganized the Police
Commun¡ty Legal Services offers free
assistance if you have questîons or concerns Department so that one Captain ¡s
' regardíng your rental agreement. Their
telephone number is (650) 853-1600. responsible for two beats. Our Beat is
covered by Acting Captain Thomas Alipio.
We've Moved!
Our management office has moved and
Residents can ema¡l the Acting Captain.
re-cipened at the West Park Apartments. His email address is talipio@cityofepa.org.
Our location may have changed,bút our
office hours and commitmentto quality
service has not. lf we can be,of further . . The meëting concluded with the police '
ássistance, please feel free to.call oi answering,questions from the'audience..: l:
¡top by our new location: ,
P.¿ge Mill Property Services

Bêat meetings will be held on'the third: '
5 Newell Ct, Egst palo Alto, GA.9.4.303 -
Phonq (650),32+6180 tarc (6fi) 32&1202' of er4ery'month.':You are invited to:att-end the,next
:.otliCEHoiirs:, :t .,. .i , ,. r '
Monday;Friday S:30 a-m..to 5:00 p.m. :r Bëat Fgur Meeting on Thir'l'5{gy,,SeBtember,20th at:the West fark,
jSaturday 10:00 a.m. to4:00 p.m. '
Closq{ Su4d¡yi Apar:t.r:nenJs.Refresh,méntswjllbesqrved.:
-,.. '
,
P]RCEM.I:IL
P R,O P E R T'l'É S
PM-2259
PAGE MILL IMPROVEMENT PROGRAM S
Comprehensive Security and Property lmprovement

ft! rg" Mill Properties'
goal is to improve safery and the We are busy tiling, repairing dry rot and painting at certain
II property conditions for the residents in our properties by properties. We have also been power-washing the buildings,
correcting life safety items and dangerous property condition enhancing the landscaping and adding fencing and better
issues. lighting to each apartment building.
To best accomplish this goal we have developed a We are incorporating more energy efficient elements into our
Comprehensive Security and Property lmprovement Program planning as well. We are replacing the lighting at each property
that includes many elements including many construction w¡th energy éfficient lighting in the hallways, stairwells and carporß.
projects and security upgrades. We are also currently researching alternative energy sources such
We have conducted safety inspections of properties with as solar energy and solar power for heating and electricity.
code enforcement, the building division and other agencies SecuriÇ has been a big priority in our planning as well. ln
in order to identify items and potential project improvements. addition to the Police Beat meetings (see story, page 1), we
This is an on'going process, and we will continue to inspect have been working with the police department, the City and
the properties with help from the City, in an effort to make our securiÇ companies, CSI and Peninsula Patrol, to identify
our properties a safer place to live for everyone. potential trap zones and areas in need of improved safety
r-8 Newell Ct.: Bdote The pool fence was too low and
the landscaping looked wom and oütdated. Afiet
The pool þncc was replaced to increase safety and
the 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 to
make our properties a safer
place to live for everyone.
Jgzo E t9z8
buildinE and
color and the
wear¡nE ¡n
building was
repalnted d light,
contrast¡nE tfin
cunentli the
prepped for
PM-2260
ccEsS sToRtES
PAGE Myl/LL EMPLOYEE
Program
lighting. This includes interior and exterior lighting at the
properties. We are also making it a priority to fix all existing
sP #tLrcHr
security gates and equip them to utilize key cards.
Teresita Alaniz
CSI and Peninsula Patrol are local security companies that
provide residential/housing security services in East palo Alto and
Property Portfolio Manager
neighboring cities. They get directly involved with the community
Teresita Alaniz joined Page
with everything from block part¡es, neighborhood watch programs,
child car seat installations to apprehending criminals. They Mill in 2006 as Property
work closely with the police department and talk to citizens Portfolio Manager after
about their concerns. CSI has a website for residents to email working with Ehikian &
or report serious problem items or suspicious activities. you
Company since 1995. At Page
may contact CSI using the "Email us" link on their website
at u ¡/w.cantysecurity.com or by calling (650) 966-8600.
Mill, Mrs. Alaniz manages
over 1500 residential units.
Mrs. Alaniz is a native Spanish

speaker who has over 12 years of
residential 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
iTzo W' Bayshori Rd.: Before'The bulldlng
was,nondescrlpt and lobby area tiras. : .
has expanded her relationship with
dark after.lhe building.yvas rcpginied to the City of East Palo Alto to ensure the
highlight tlie buildings features anS thà.
lobby was improved b¡y renróvinþ an
"quiet enjoyment" of her residents,
inlerior wall to allow more light. 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.
Ave: BeJore The

were a dull grray
'.
t was dr¡pped or
rreas. after The
rer washèd and
riting color with a
lor for the pàlios.
is being
'perty
pe improvenentr.
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 will
receive 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
rurukÆ ii-.I;ä:ï'#''
Page M¡ll lroperties inicia un

programa pafa el mejoramiento
Está tJsted invitado
Próxima reunión del distrito policial
de la propiedad
D¡str¡to número cuatro
Fecha: Juevet 16 de agosto del 2007 ffi ecientemente, Page Mill Properties compró la propiedad
Horariol 6:30 - 8:00 p.m.
Ubicación: Apartamentos de West Park,
äÀË donde usted res¡de. Con sede central en Palo Alto,
9 Newell Ct, East Palo Alto
(detrás del edificÍo que está rodeado
California, Page Mill Properties es una empresa pr¡vada líder
de césped, al lado de la alberca) de inversión, desarrollo y administrac¡ón de bienes raíces.
Para obtener más información, por Page Mill Property Services es la rama de nuestra empresa
favor llame a la Unidad de Prevención
del Crimen (crime Prevention Un¡t) que administra propiedades como la suya.
al (6s0) 8s3-5939.
Núrneros importantes Sornos una empresa local y nos importa

5¡ tiene alguna pregunta o desea solicítar
el servicio que proveemos. Hemos iniciado este boletín
servicio, por favor comuníquese con el de noticias para mantenerlo informado sobre nuestros
administrador localizado en su propiedad.
programas y serv¡c¡os.
Si usted necesita asistencia de
mantenim¡ento de emergencia fuera
del horario normal de oficina, por favor Con el fin de reiponder a las necesidades de los residentes,
comuníquese con el administrador de
su propiedad o con nuestro personal de
Page Mill Property Services ha desarrollado un programa
mantenimiento de turno llamando al
(650) 92+0319. En caso de una emergenc¡a
de mejoramiento de la propiedad, El programa cubre todo
que amenaza la vida, por favor llame al 911 . tipo de mejoras desde volver a p¡ntar los edificios a constru¡r
Para obtener ínformación de alquiler, cercos de seguridad, reparar el deterioro, plantar plantas
comuníquese con la oficina de
alquiler llamando al (6SO) 4449752. nuevas y rediseñar el paisaje.
Quiénes somos Tênemos un excelente equ¡po de mantenimiento,

Page Mill Property Services que pgsiblemente usted ya haya visto en o alrededor del
9 Newell Ct.. East Palo Alto, CA 94303
Teléfono: (650) 32+ 1 9O7 edificio. Nuestro equipo está trabajando arduamente en
Faxr (650) 32+1202
Horario de oflcina: cada una de las prop¡edades para limpiar, podar plantas,
Lunes a viernes de 8:30 a.m. a 5:00 p.m.
Sábados de '10:00 a.m. a 4:00 p.m.
arreglar y reparar el interior y el exterior de los edificios.
Cérrado los domingos
Page Mill Properties espera sat¡sfacer sus neces¡dades de
vivienda y proveerle un Servicio de calidad.
PnCEMILt
PROPERTIES
Plvl-2263
Programa de seguridad
omo parte del programa de mejoramiento de seguridad en la propiedad y está trabajando en
de la propiedad, Page Mill está implementando coordinación con la ciudad y el departamento de
un programa de seguridad para aumentar la seguridad policía con el propósito de lograr que nuesras
y mejorar la calidad de vida de nuestros residentes propiedades sean un lugar más seguro para vivir.
mediante la eliminación de circunstancias y situaciones
El departamento de policía divide la ciudad en cuatro
problemáticas en la propiedad.
"distritos" y se nombran a oficiales individuales para
Es posible que haya notado la reparación o construcción que vigilen sus distritos de manera especial. Está usted
de cercos y portones de seguridad en su propiedad. invitado a la próxima reunión del distrito policial en
Hemos incluido fotos del estado de un par de propiedades su vecindario a realizarse el jueves, 16 de agosto.
oantes" y "después" del trabajo que se está realizando. Durante la reunión se hablará de las estadísticas de
Una parte del programa es reemplazar y aumentar la crimen recientes y las inquÍetudes de la comunidad.
iluminación de seguridad en las propiedades. Page Además, se darán consejos de seguridad y se
Mill también ha aumentado la cantidad de patrullas contestarán sus preguntas.
rE37 C¡.AnKE AVE. (ANTES) I

25 NEwEtL RD. (ANTES) tos senderos
La eritrade de auto'móviles y
estaban abiertos a la acera, No había
el årea d9 estaçionamíento
cerco de segurldad. y el cerco de la
albe¡ca era demasiado baJo.
e¡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
4 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.
P\A-2264
i
A
t
Está usted invitado Gracias
Próxima reunión del distrito policial
D¡strito número cuatrc
Gracias a todos los que asistieron a la
Fecha: Jueves, 20 de septiembre del 2007 reunión mensual del distrito policial que
Horario: 6:30 - 8:00 p.m.
Ubicaciónl Apartamentos de West Park, se real¡zó detrás de 5 Newell Court el 16
5 Newell Ct, East Palo Alto
de agosto. Asistieron aproximadamente
Para obtener más información, por favor
llame a la Unidad de Prevención del Crîmen 50 personas.
(Crime Prevention Unit) al (650) 853-5939.
Números importantes Quienes as¡stieron a la reunión oyeron aljefe del distrito policial
Si tiene alguna pregunta o desea solic¡tar número cuatro, el sargento Barberini, ofrecer una sinopsis de las
servicio. por favor comuníquese con el .
administrador localîzado en su propiedad. 5i estadísticas de crimen para junio del 2007 en el "área del distrito
usted necesita asistenciâ de mantenimiento
de emergencia fuera del horario normal
cuatro" de la zona de Palo Alto Este.
de oficina, por favor comuníquese con
el administrador de su propiedad o con Eldepartamento de policía divide a la ciudad en cuatro "distritos" y
nuestro personal de mantenimiento de
turno llamando al (650) 9244319. En se nombra a un oficial individual para trabajar en un distrito. Dentro
caso de una emergencia que amenaza del distrito, el oficial o un equipo de oficiaies siguen una trayectoria
la vida, por favor Ilame al 911.
Para obtener información de alquileç habitual. A veces, el término distrito también
comuníquese con la oficina de alquiler es utilizado para describir el área que cubre
llamando al (650) 44tl-9752. The Community
Legal Services (Servicios Legales de la un oficial mientras está de guardia, La ciudad
Comunidad) ofrece asistencia gratuita
si usted tíene preguntas o inquietudes va a "comandar el ârea" y ha reorganizado
sobre su contrato de alquiler. Su
número de teléfono es (650) 853-1600.
el departamento de pol¡cía de modo que un
capitán sea responsable por dos distritos.
iNos hemos mudado!
Nuesträ oficina de.administración se ha :.. Nuestro distrito está cubierto por el capitán
mudado y ha vuelto a abrir sú3 puertas en , a cargo, Thomas Alipio. Losìresidentes pueden
los Apartamentos de West Parkl Nüestra
. ubicacíón ha cambiado, pero sigúen iguales
nuestro horario de oficina y nuestro
enviar correos electrónicos al capjtán , I :. a
'compromiso.de ofrecer servicio de calidad. cargo. 5u dirección de correo electrónico es;,
5í podemos ayudarlo, porfàúor: no dude en
I lamamos o
þsar. por nuestr€ nuêva ofi ci¡a:
.
tåiipioocityofepa.org, . .
.,.....: l _
Page Mill Propêrty Serv¡¿:es(Seiliq¡os .
d.ç Admig¡ist¡ación derPagq,Mift) :. :' Antes dö'cöncluir: la iëunión,

j
la.policía contestó las:preguntas del público.:
,,;: : . ' . , '.',,: ..
5 ñewell €ti, Èast Palo,A.ttb;iÀ9-4303. i.:
TeléTor¡o:'(650) 32¿t-618O Fax (650)324-1202 , ' Se realizãrán reu'nio'nes de distrito:el terce¡ jueves delcada mes- 'Queda
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:'
usted-invitado a la próxima reunión del distrito cuatro a realizarse ,
el
Cêrrado-losdom¡ngosì -. juevès, 20 de septiembre q¡ [os'Apartamentos de West Park. Se
.
servirán refrescos.
@l$"gq'Y,I;!l ' . ,1 t "

-." :
Plvl-2265
HISTORIAS DE EXITO DEL PROGRAMA
Iogtama de seguridad completa y Meiora de la pr

a meta de Page Mill Properties es aumentar la seguridad y deteriorada y pintando ciertas propiedades. También hemos lavado los
mejorar el estado de la propiedad para los residentes de nuestras edificios con agua a presión, mejorado el diseño del paisaje y agregado
propiedades mediante la corrección de asuntos que amenazan la vida cercos y mejor iluminación en cada edificio de apartamentos.
y solucionando problemas de seguridad en la propiedad. para alcanzar Adicionalmente, estamos incorporando más elementos de consumo
esta meta, hemos desarrollado un programa de Seguridad Completa de energla eficiente a nuestra planificación. Estamos reemplazando la
y Mejoras de Ia Propiedad (Comprehensive Security and property iluminación de cada propiedad con iluminación de consumo efìciente
lrnprovement Program) que incluye elementos tales como muchos en los pasillos, escaleras y estacionamiéntos. En la actualidad, también
proyectos de construcción y mejoras de seguridad. estamos investigando fuentes de energfa alternativa, tales como la
Hemos realizado inspecclones de seguridad en las propiedades con energfa y la potencia solar para.los sistemas de calefacción y electric¡dad.
enørçdo de hacer cumplir los códigos, la división de construcción
personal La seguridad ha sido una prioridad importante en nuestro plan.
y otras agencias con el fin de identificar asuntos problemáticos y Además de las reuniones del d¡str¡to policial (vea la historia en Ia página l),
potenciales proyectos de mejora. Éste es un proceso continuo, y hemos estado trabajando con el departamento de policía, la ciudad y
seguiremos inspeccionando.las propiedades con la ayuda de la ciudad nuestras compañfas de seguridad, CSI y Peninsula Patrol, para identificar
para hacer que las propiedades sean un lugar más seguro para vivir. potenciales zonas peligrosas y áreas que requieren mejor iluminación
Estamos muy ocupados colocando azulejos, reparando madera de seguridad. Esto incluye iluminación interior y exterior en las
r-8 Newell Ct.: Antes el cerco de la alberca/piscina era

demasiado bajo y et diseño de paisaje se veía viejo
y antioado. Luego se reemplazó el cerco dc la
alberca/piscina y la zona del pat¡o fue cublerta con
césped nuevo, Los edificios fueron vueltos a pintar
y se colocaron nuanos azulejos en los pasillos.
Continuaremos inspeccionando
las propiedades con la ayuda
de la ciudad con el fin de
, hacer que ellas sean un
lugar seguro para vivir.
l92o 6 1928 Cooley.

y los patios ean de
y en algunas
desgastada y se
Luego el edificio
presión y vuello a
y agadable con
para resaltar los
sc está
reallzar neloras
PM-2266
MEIORAS DE PAGE MItL
EMPLEADA o//¡þacE MILL
rpiedad
propiedades. También estamos dándole prioridad al aneglo de los
portones de seguridad existentes y los estamos equipando para que
ENF &t q UE
funcionen con tarjetas llave.
CSl y Peninsula Patrol son compañías de seguridad locales que
Teresita Alaniz
proveen servicios de seguridad residencial/de vivienda en la zona de Adrninistradora de la Cartera
Palo Alto Este y las ciudades vecinas. Ellos participan directamente con de Propiedades (Property
la comunidad en todo tipo de eventos tales como fiestas de manzana, Portfolio lvianager)
programas de vigilancia vecinal, instalaciones ile asientos infantiles
para el automóvil y deteniendo a criminales. Trabajan solidariamente Teresìta Alaniz se unió al
con el departamento de policía y hablan con los ciudadanos sobre sus
equipo de Page Mill en el
inquietudes. CSI tiene un sitio Web para residentes al cual se pueden
env¡ar coneos electrónicos sobre problemas serios o actividades 2006 como Administradora
sospechosas. Usted puede comunicarse con CSI utilizando el eslabón de la Cartera de Propiedades
"Email us" (envíenos un correo electrónico) que aparece en su sitio
(Property Portfolio Manager)
Web: www.cantysecurity.com o llamándolos al (650) 96G8600.
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
r72o w. Bayshore Rd.: Antcs.ei edit¡cio no decía propiedades residenciales, incl uyendo
nada y la zona de la recepclón.erà oscura:
tuego se volvió a pintar el edificio para reialtar alquileres y relaciones con los inquilinos.
sus características.y se mejoró la recepción
Antes de unirse a Page Mill, la Sra.
nredianie la eliminación de una pired interior
. par¡ permitir i¡ entrada de ¡nåj luz. 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 Alto
Este para garantizar el "tranquilo
disfrutar" 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
re: AÍtes el edficio
n color Eris apagado respetados no sólo por la ciudad y sus
la pintura estaba
5a descascarando.
varios departamentos, sino también
lavado con agua a por otros inquilinos y vecinos.
t¡r de un cdor chro
color contfastante
os. En la acluölidâd
la piopiedad para
diseño de paisaie.
P\I-2267
Programa de Recomendación de
Servicios 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.
ð;.CS[ ]i"q
Ptvt-2268

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DOCUMENT PRODUCTION

PRODUCED 9/30 12010

our obligation to tund

Bank City National Bank

We aclmowledge and agree

Page Mill ProPerties II GP, LLC

attached (i) Subscription Agreement

Page Mill ProPerties II, L-,P'

East Palo Alto, CA

(2) Upon acceptance of the subscription' a copy of t¡-t

SI]BS CRIPTION AGREEMENT

Page Mill ProPerties II, L'P.

Ladies and Gentlemen:

The information requested in this subscription Agreement and Investor

faith efforts to keep the information prõvided

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

securities within the United States' :

(H) The Investor âgrees and is awar€ that no United States

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

and Page Mill

(I\Ð The Investor agrees - t^ ^-^^'¡þa

under. the laws of the jurisdiction set

Investor Qualification statement'

representation o, *áouniy or ureactr

ThisSubscriptionAgreementandlnvestorQualification.Statementshallbe and construed in

Partner will inform it of whether this

Partner reserves the right io reject' in

e ' Partner will determin, in it. sole and absolute

physical presence in anY country that

(O) on¡rìce rlicelnsed

such additional information as

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

City, State, ZiP Code

¿SA ot CHIPS Number

For Further Credit

organized under the laws

, has its PrinciPal Place of

r its date of incorPoration or

r and reports its income for-federal

(2) The Investor is nllormed for the sPecific Purpose

wfffi¿" uv u plan fiduciary (as defined in

including home, home furnishings and

wriuen appraisal ur"a upon the property'

Section 3(a)Q) of the Securities Act or a

registered under the 1940 Ac1'

--- L^ or revoked at any

(16) The Investor is

(1) The Investor is a director or executive officer6

(2) The Investor has an individual net wotth,

v (C) SECTION (3XcXl) INVESTMENT COMPANY:

please check all appropriate spaces on tne¡ottow¡ii lii'", io'

The Investor certífies that:

(1) The Investor

(a) counts as one beneficial owner under Section

(2) The Interests do not represent mo¡e than

to be registered under the

(D) TAX STATUS:

(1) The Investor hereby cefifies that it:

(a) is a."United States Person;"7 or

(b) is not a "United States Person'"

who proved to me on tf'," ¡^itif sutirfu"tory id"-n