REAL ESTATE SERVICES PROPOSAL

Prepared Especially for:Jan Buffa Trust

For marketing the property located at:56270 Twin Rivers Drive

Prepared by:Debbie Tebbs Broker/PresidentCascade Sotheby's International Realty650 SW Bond Street, Suite 100Bend Oregon 97702

Office: 541-419-4553Office Fax: 541-383-3940E-mail: debtebbsgroup@bendluxuryhomes.comVoicemail: 541-419-4553Mobile: 541-419-4553

Date: June 6, 2013

Each Office is Independently Owned and Operated.

Each Office is Independently Owned and Operated.

June 6, 2013

Jan Buffa Trust

Dear Jan:

Thank you very much for giving me the opportunity to present the enclosed proposal to market yourhome. I appreciate the time you spent with me reviewing the features of your home and outlining yourfinancial goals and time considerations. You will receive competent and professional service when you select me and Cascade Sotheby'sInternational Realty to represent you. We have represented many families in this area concludingtransactions that realize maximum value in a reasonable time. I hope you will select me as your agent inthis very important transaction. This proposal includes a comprehensive market analysis that will assist us in determining the market valueand pricing of your home. I hope the information included on me and Cascade Sotheby's InternationalRealty will confirm that I am best qualified to market your home.

Sincerely,

Debbie Tebbs Broker/President, REALTOR®

Each Office is Independently Owned and Operated.

INTERNATIONAL BRAND ADVERTISING

TARGETING THOSE WHO VALUE THE UNIQUE

Our international advertising campaign elegantly positions the Sotheby's International Realty® name

in front of audiences known for buying high-quality real estate.

Found in publications such as Architectural Digest, Departures, Robb Report and Wine Spectator.

Our advertising is designed to maximize the visibility of your property by keeping the Sotheby's

International Realty® name and Web site, www.sothebysrealty.com, top of mind with prospective

purchasers of substantial properties.

ARCHITECTURAL DIGESTDEPARTURESROBB REPORT

WINE SPECTATORUNIQUE HOMES

DUPONT REGISTRY

COUNTRY LIFE (UK)FOUR SEASONS

GOURMETHOUSE BEAUTIFUL

O AT HOMETRAVEL + LEISURE GOLF

Each Office is Independently Owned and Operated.

STRENGTHENING A PREMIER NAME IN REAL ESTATE

YOUR SOTHEBY'S INTERNATIONAL REALTY®SALES ASSOCIATE IS PART OF A SELECT GROUP

This group of real estate professionals is well-respected for their expertise in high-quality real estate.

Sotheby's International Realty® professionals are often cited by the media as luxury real estate experts

who are knowledgeable of market conditions and trends. Our media outreach efforts, along with

community relations initatives, help keep the Sotheby's International Realty® name firmly placed in the

minds of luxury homebuyers.

Combined with the substantial media attention generated from Sotheby's auction house events, your

property is aligned with one of the world's most visible names in luxury living - positioning it to attract

prominent homebuyers from across the world.

ARCHITECTURAL DIGEST

CNN

WALL STREET JOURNAL

LUXURY LIVING

FORBES

38% of Buyers find their home via their real estate agent* Multiple Listing System (MLS) – Your property will be input into the Central Oregon MLS which will expose it to the 1,200+ agents that sell property in Central Oregon every day. The MLS links your property information to other public websites such as Central Oregon Association of REALTORS®, BendHomes.com®, and REALTOR.com®. We track agent interest by the unique “hits” your property information page gets on the MLS.

Cascade Sotheby’s International Realty Group Tour – Our team of over 70 top-level sale associates have an average of nearly ten years experience each. Our agents will tour your home, typically, after our weekly office meeting to get their opinions on condition, price, first impressions, etc… Agent Networking/Consolidated Group Tour – Once a week the agents that work the Bend market discuss/tour the newly listed homes on Tuesday between 8 AM and 10 AM. It is one of the best ways that we get your home exposed to the real estate community.

37% of Buyers find their home via the internet* Each month nearly 38 million consumers are on the Internet searching and researching real estate. Proper listing exposure is paramount to obtaining more buyer leads and delivering an aggressive e-marketing strategy. Nine out of ten buyers start their real estate search online* so the plan to sell your home must include proper Internet exposure.

Company Websites - SothebysRealty.com, Sothebyshomes.com, CascadeSothebysRealty.com and BendLuxuryHomes.com- if you have never checked out our company website before, please do! It is a very user-friendly site with many features available to the public. People from all over the nation and World will be able to access the information regarding your home and contact us about it. Agent Websites - Your listing will also be featured on our team websites debtebbsgroup.com, debtebbsbend.com, luxuryhomes.com, realtor.com, number1expert.com – in addition to our company websites. Realtor.com Showcase Listings™ - Enhanced listings on the #1 real estate site with the features buyers want most. Realtor.com features up to 25 jumbo photos, full motion videos, open house alerts, and most importantly - multiple leads forms so that buyers can contact us directly. Trulia™ - Enhanced listings on the #3 real estate site with the features buyers want most. ListHub - ListHub is the broadest, most widely adopted network for listing distribution, and works in concert with MLSs, franchises, and core real estate technologies to bring real estate brokerage firms a single dashboard for controlling their online marketing strategy.

11% of Buyers find their home via a yard sign* Yard Sign – First impressions are critical and signage represents the first point of contact for many of your customers.

6% of Buyers find their home via a friend, relative or neighbor*

Just Listed Postcards – Get to word out to the neighbors about your desire to sell. eMarketing Campaigns - Constant Contact – Regular Bi-monthly eBlast to our sphere of influence. Facebook – Become our friend on Facebook by “liking” our real estate page just search for Deb Tebbs Group.

Other Marketing Avenues

Property Brochure – a professional looking brochure with photos and text that describe your property for: Brochure Box, Home Display Binder, Cascade Sotheby’s International Realty Office Window Displays, and Agent/Buyer inquires. Visual Tour – a video tour will be posted to your MLS listing. Over 90% of active listings are listed on Realtor.com® and listings with virtual tours receive 38% more views than listings with out. Keep YOU Informed – We will email you anytime your home is viewed with feedback and we will send you a real estate activity (CMA) report once a month for your area or subdivision. Four Locations – Cascade Sotheby’s International Realty is one of the largest real estate offices in Central Oregon, with four convenient locations in Downtown Bend, the Old Mill District, Sunriver Village Mall, and Lake Oswego. Name Recognition – Our brand is known throughout the world for representing homes that embody the rich tapestry of varied lifestyles, distinct settings, and diverse locales.

Home Display Binder – It includes pertinent details about your home and community including a plat map, mls printout, property brochure, utility information plus city happenings & statistics with some local school facts and information. Showing Responses - We follow up on the agents who show your home.

COMPARATIVE MARKET ANALYSIS SUMMARY

CURRENTLY ON THE MARKET

Address City Beds Baths Year Sqft S$Sqft Lot Size List Price Sold Price Dom

65725 Mariposa Bend 4 5.50 2006 6836 9.8800 $1,799,000 5

55975 Hashknife Road Bend 5 6 1995 8225 2.2900 $1,950,000 5

56785 Nest Pine Dr Bend 4 4.50 20 5782 0.830 $2,500,000 119

66500 Gerking Market R Bend 3 4.50 2009 9682 33.8800 $2,850,000 290

56037 School House Roa Bend 3 4 2002 6839 4.1600 $2,950,000 506

Average of 5 Properties: $2,409,800 Min: $1,799,000 Max: $2,950,000 Median: $2,500,000

UNDER CONTRACT

Address City Beds Baths Year Sqft S$Sqft Lot Size List Price Sold Price Dom

63560 Johnson Road Bend 4 5.50 2006 9088 10.0 $2,500,000 689

Average of 1 Properties: $2,500,000 Min: $2,500,000 Max: $2,500,000 Median: $2,500,000

RECENTLY SOLD

Address City Beds Baths Year Sqft S$Sqft Lot Size List Price Sold Price Dom

16700 Old Military Dr Sisters 4 5.50 2007 7189 $243 80.0 $2,350,000 $1,750,000 70870900 Indian Ford Road Sisters 3 3.50 1989 4215 $439 38.570 $1,950,000 $1,850,000 372092 Nw Talapus Ct Bend 5 5.50 2008 6865 $291 0.8500 $2,200,000 $2,000,000 88

Each Office is Independently Owned and Operated.

COMPARATIVE MARKET ANALYSIS SUMMARY

RECENTLY SOLD

Address City Beds Baths Year Sqft S$Sqft Lot Size List Price Sold Price Dom

17100 South Century Dr Bend 4 5 19 4 $548,750 43.280 $2,195,000 $2,195,000 437

Average of 4 Properties: $1,948,750 Min: $1,750,000 Max: $2,195,000 Median: $1,925,000

Each Office is Independently Owned and Operated.

Each Office is Independently Owned and Operated.

MAP OF COMPARABLE PROPERTIES

REF # STATUS ADDRESS

1 Subject Property 56270 Twin Rivers Drive

2 Currently On The Market 65725 Mariposa

3 Currently On The Market 55975 Hashknife Road

4 Currently On The Market 56785 Nest Pine Dr

5 Currently On The Market 66500 Gerking Market Road

6 Currently On The Market 56037 School House Road

7 Under Contract 63560 Johnson Road

8 Recently Sold 16700 Old Military Dr

Each Office is Independently Owned and Operated.Each Office is Independently Owned and Operated.

List of mapped properties continued.

REF # STATUS ADDRESS

9 Recently Sold 70900 Indian Ford Road

10 Recently Sold 2092 Nw Talapus Ct11 Recently Sold 17100 South Century Dr

Each Office is Independently Owned and Operated.

COMPARATIVE MARKET ANALYSIS

65725 Mariposa 55975 HashknifeRoad

56785 Nest Pine Dr 66500 GerkingMarket R

56037 School HouseRoa

Status A A A A AList Price $1,799,000 $1,950,000 $2,500,000 $2,850,000 $2,950,000List$ SqFt $263 $237 $432 $294 $431Sold Price Sold$ SqFt

Contract Date Sold Date DOM 5 5 119 290 506City Bend Bend Bend Bend BendSubdivision Grandridge Vandevert Ranch Crosswater Cla Vandevert Ranch

Type Residential Residential Residential Residential ResidentialLot Size 9.8800 2.2900 0.830 33.8800 4.1600Year Built 2006 1995 20 2009 2002SqFt 6836 8225 5782 9682 6839Style Northwest Log Northwest Northwest Northwest

Levels 2 Story 2 Story 2 Story 3 Story 2 StoryBedrooms 4 5 4 3 3Bathrooms 5.50 6 4.50 4.50 4Heat/Cool Heat Pump Heat Pump Natural Gas Heat Pump ElectricHeat/Cool Propane Natural Gas Forced Air Electric Natural Gas

Heat/Cool Solar Forced Air Central Ac Propane Forced AirGarage Triple Double Triple 4 Plus TripleGarage Attached Triple Attached Attached AttachedGarage Attached View Cascade Mountain Cascade Mountain Golf Course Cascade Mountain Cascade Mountain

View Mountain Other Terrain Water WaterInt Feat Walk In Closet Walk In Closet Walk In Closet Walk In Closet Walk In ClosetInt Feat Pantry Pantry Pantry Pantry PantryInt Feat Central Vacuum Central Vacuum Ceiling Fan Central Vacuum Central VacuumInt Feat Ceiling Fan Ceiling Fan 2 Master Bedroom Ceiling Fan Ceiling Fan

Ext Feat Water Feature Patio/Deck Patio/Deck Water Feature Water FeatureExt Feat Patio/Deck Landscaped Landscaped Patio/Deck Patio/DeckExt Feat Landscaped Hot Tub/Spa Sprinkler System Landscaped LandscapedExt Feat Sprinkler System Sprinkler System Fenced Pool

Each Office is Independently Owned and Operated.Each Office is Independently Owned and Operated.

COMPARATIVE MARKET ANALYSIS

63560 JohnsonRoad

16700 Old MilitaryDr

70900 Indian FordRoad

2092 Nw Talapus Ct 17100 SouthCentury Dr

Status P S S S SList Price $2,500,000 $2,350,000 $1,950,000 $2,200,000 $2,195,000List$ SqFt $275 $327 $463 $320 $548,750Sold Price $1,750,000 $1,850,000 $2,000,000 $2,195,000Sold$ SqFt $243 $439 $291 $548,750

Contract Date 04/23/13 08/22/12 06/13/12 03/08/13 08/29/12Sold Date 09/13/12 07/11/12 05/10/13 09/06/12DOM 689 708 37 88 437City Bend Sisters Sisters Bend BendSubdivision M&B M&B Cla Skyliner Summit M&B

Type Residential Residential Residential Residential ResidentialLot Size 10.0 80.0 38.570 0.8500 43.280Year Built 2006 2007 1989 2008 19SqFt 9088 7189 4215 6865 4Style Northwest Northwest Contemporary Contemporary Northwest

Levels 2 Story 3 Story 1 Story 2 Story 2 StoryBedrooms 4 4 3 5 4Bathrooms 5.50 5.50 3.50 5.50 5Heat/Cool Heat Pump Heat Pump Electric Heat Pump Heat PumpHeat/Cool Electric Electric Wood Natural Gas Propane

Heat/Cool Propane Forced Air Forced Air Forced Air Forced AirGarage Triple 4 Plus Triple Triple TripleGarage 4 Plus Attached Detached Attached AttachedGarage Attached Covered Rv Parki See Remarks Covered Rv ParkiView Cascade Mountain Cascade Mountain Cascade Mountain Cascade Mountain Cascade Mountain

View Mountain Other Water Terrain Mountain Other Mountain OtherInt Feat Walk In Closet Walk In Closet Walk In Closet Walk In Closet Walk In ClosetInt Feat Pantry Pantry Pantry Pantry PantryInt Feat Central Vacuum Master Bdrm Mn L Ceiling Fan Central Vacuum Central VacuumInt Feat Ceiling Fan Range/Oven Master Bdrm Mn L Ceiling Fan Ceiling Fan

Ext Feat Water Feature Water Feature Patio/Deck Patio/Deck Water FeatureExt Feat Patio/Deck Patio/Deck Landscaped Landscaped Patio/DeckExt Feat Landscaped Landscaped Pool Hot Tub/Spa LandscapedExt Feat Fenced Sprinkler System Hot Tub/Spa Sprinkler System Hot Tub/Spa

Each Office is Independently Owned and Operated.

COMPARATIVE MARKET ANALYSIS

56270 Twin Rivers

Drive

16700 Old Military Dr 17100 South CenturyDr

70900 Indian FordRoad

Adjustments Adjustments Adjustments

Sold Price $1,750,000 $1,750,000 $2,195,000 $2,195,000 $1,850,000 $1,850,000Sold$ SqFt $243 $548,750 $439 List Price $2,350,000 $2,195,000 $1,950,000 List$ SqFt $327 $548,750 $463 Contract Date 08/22/12 08/29/12 06/13/12

Sold Date 09/13/12 09/06/12 07/11/12 DOM 708 437 37 City Sisters Bend Sisters Subdivision M&B M&B Cla Type Residential Residential Residential

Lot Size 80 43.28 38.57 Year Built 2007 19 1989 SqFt 7189 4 4215 Style Northwest Northwest Contemporary Levels 3 Story 2 Story 1 Story

Bedrooms 4 4 3 Bathrooms 5.5 5 3.5 Heat/Cool Heat Pump Heat Pump Electric Heat/Cool Electric Propane Wood Heat/Cool Forced Air Forced Air Forced Air

Garage 4 Plus Triple Triple Garage Attached Attached Detached Garage Covered Rv Parki Covered Rv Parki View Cascade Mountain Cascade Mountain Cascade Mountain View Water Mountain Other Terrain

Int Feat Walk In Closet Walk In Closet Walk In Closet Int Feat Pantry Pantry Pantry Int Feat Master Bdrm Mn L Central Vacuum Ceiling Fan Int Feat Range/Oven Ceiling Fan Master Bdrm Mn L Ext Feat Water Feature Water Feature Patio/Deck

Ext Feat Patio/Deck Patio/Deck Landscaped Ext Feat Landscaped Landscaped Pool Ext Feat Sprinkler System Hot Tub/Spa Hot Tub/Spa

$1,948,750 $1,750,000 $2,195,000 $1,850,000

Each Office is Independently Owned and Operated.Each Office is Independently Owned and Operated.

COMPARATIVE MARKET ANALYSIS

56270 Twin Rivers

Drive

2092 Nw Talapus Ct

Adjustments Adjustments Adjustments

Sold Price $2,000,000 $2,000,000 Sold$ SqFt $291 List Price $2,200,000 List$ SqFt $320 Contract Date 03/08/13

Sold Date 05/10/13 DOM 88 City Bend Subdivision Skyliner Summit Type Residential

Lot Size 0.85 Year Built 2008 SqFt 6865 Style Contemporary Levels 2 Story

Bedrooms 5 Bathrooms 5.5 Heat/Cool Heat Pump Heat/Cool Natural Gas Heat/Cool Forced Air

Garage Triple Garage Attached Garage See Remarks View Cascade Mountain View Mountain Other

Int Feat Walk In Closet Int Feat Pantry Int Feat Central Vacuum Int Feat Ceiling Fan Ext Feat Patio/Deck

Ext Feat Landscaped Ext Feat Hot Tub/Spa Ext Feat Sprinkler System

$1,948,750 $2,000,000

Each Office is Independently Owned and Operated.

COMPARATIVE MARKET ANALYSIS STATISTICS

GRAPHIC ANALYSIS OF CURRENTLY ON THE MARKET PROPERTIES

Summary Statistics of 5 Properties:

Average Price: $2,409,800High Price: $2,950,000Low Price: $1,799,000

Median Price: $2,500,000Average $ per SqFt: $331.40Average Year Built: 1606

Average Days On Market: 185

Each Office is Independently Owned and Operated.Each Office is Independently Owned and Operated.

COMPARATIVE MARKET ANALYSIS STATISTICS

GRAPHIC ANALYSIS OF RECENTLY SOLD PROPERTIES

Summary Statistics of 4 Properties:

Average Price: $1,948,750High Price: $2,195,000Low Price: $1,750,000

Median Price: $1,925,000Average $ per SqFt: $137,430.75Average Year Built: 1505

Average Sale Price % List Price: 89.65Average Days On Market: 317

Debbie Tebbs has been an Oregon resident for over 30 years and

a fulltime Oregon Realtor for nearly 20 years. She began her

career in Southern Oregon and came to Central Oregon two

decades ago to manage and co-own a high-end custom home

building company, Sun Ridge Building and Design, as we ll as to

pursue a real estate career.

After building a successful high-end business in res ort sales, Deb

pursued the Sothe y’s International Realty fran hise for Oregon in . As the sole owner of the Cas ade Sothe y’s International

Realty, Deb currently owns four offices which support over 65

brokers in the state of Oregon. Throughout both the housing

boom and the subsequent downturn of the last decade, Deb was

recognized consistently as one of the top brokers for gross

commission and sales volume in Central Oregon.

Best of all, Deb loves Oregon! She is delighted to show the area

and share her enthusiasm for this beautiful state.

Debbie Tebbs,

Broker/President

Experience

• Deb represents dozens of the area’s most valued real estate offerings (over $40 million in listings)

• Hired to represent the entire resort communities of Pronghorn & Tetherow

• Manages and trains Broker teams staffed at Pronghorn & Tetherow

• Over 20 years of extensive marketing and business management experience

• Certified Resort Specialist, CRES • Top agent for $1million sales transactions • Active member of both the Tetherow and

Pronghorn Country Clubs

Christina Wise, Broker

Executive Assistant

Deb Tebbs Group

Christina Wise, a native Oregonian, moved to Bend from

Washington State 14 years ago to raise her family. Her career

started as a Transaction Coordinator for a Mortgage company in

1993, she then obtained her Real Estate license in the state of WA

in 99 , and her Broker’s li ense in Oregon in 2002. She spent

seven years in marketing and sales for Title Companies and

returned to real estate in 2010 as a Broker working directly with

Debbie Tebbs.

Christina is married with two grown boys and a daughter in

middle school. Her hobbies include spending time wi th her family

and friends, playing cards, hiking, snowshoeing and competition

softball for Bend Parks and Recreation. She enjoys the challenges

and variety in her work and is proud to be affiliated with Deb

Tebbs Group and Cascade Sothe y’s I ter atio al Realty.

Stephanie Wilson Ruiz, Broker

Deb Tebbs Group

Stephanie Wilson Ruiz, originally from the San Francisco Bay

Area, relocated to Bend in 2003 with a boutique private

investment firm from Palo Alto, CA. Prior to obtaining her Oregon

Real Estate Broker's license in 2009, she had been in the finance

industry since 1998. She also participates in her neighborhood

HOA, school PTO/TEAM, and local sports programs. Stephanie is

married with three children. In her extra time, she enjoys being

with family and friends, working out, traveling, water skiing,

hiking, and biking. She enjoys working with people and the

challenge of finding the perfect home or investments for her

clients.

Jessica Venable, Marketing Manager

Deb Tebbs Group

Jessica Venable graduated from the Art Institute of Seattle with a Bachelor

of Fine Arts degree in Graphic Design. Before working in real estate, she

was a Compliance Specialist with Wells Fargo where she assisted clients in

resolving service issues, during one of the most difficult times in the

housing market. Jessica relocated to Central Oregon from Seattle, six years

ago, to be closer to her family.

She supports Debbie Tebbs with various aspects of marketing to ensure

stellar client communication & the maximum exposure of all listings. In

addition, she contributes to presentations, eBooks & newsletters. She

enjoys running, camping, fishing, family gatherings & spending quality time

with her boyfriend, dog & bunny.

Print Advertising Luxury Homes Magazine

Reside Locale Magazine

Farm & Ranch West for ranches

Real Estate section-Bend Bulletin

Sunriver Scene for Sunriver properties

Golf Magazine for golf properties

Cas ade Sothe y’s Magazi e-local distribution

Bend Bulletin weekly rotation

Website Advertising www.sothebysrealty.com

www.luxuryrealestate.com

www.debtebbsgroup.com

www.bendoregonhomesnow.com

www.cascadesothebysrealty.com

www.luxuryhomes.com

www.farmandranchSIR.com

www.realtor.com

www.debtebbsbend.com

Our Commitment

Just Listed Postcards

Virtual Tour – Up to six web sites

Create Ad for local publications

Advertise your home in media (online

and/or print)

Realtors® Broker’s ope house if e essary

Provide you with a copy of all advertising

Monthly and weekly emails on website

activity

Provide regular updates on comparable

homes in your area (sales & new listings)

Sign and Lockbox Placed

Realtors Multiple Listing Service

Lau h listi g a d photos to Sothe y’s

Websites and partners

Design and distribute flyers/brochure

I trodu e your ho e to our Sothe y’s

agents in sales meetings- Broker Tour

Host a caravan for agents to preview

your home

Inform you of responses and inquiries

relating to your home including

showing feedback from Brokers

If we do not have an offer within 30 days we will revisit

comparables & may ask for a price reduction.

Deb Tebbs Group

Who To Contact

Debbie Tebbs, Broker/Owner Cascade Sotheby’s International Realty

debtebbsgroup@bendluxuryhomes.com c: 541.419.4553 d: 541.323.4823

Christina Wise, Broker/ Executive Assistant debtebbsgroup@bendluxuryhomes.com

d: 541.323.4823 c: 541. 788.4253

Stephanie Wilson Ruiz, Buyer’s Broker Specialist

debtebbsgroup@bendluxuryhomes.com c: 541.948.5196

Jessica Venable, Marketing Manager marketing@bendluxuryhomes.com

d: 541.598.3770

Main Office Phone: 541.383.7600 Main Office Fax: 541.383.3940

www.debtebbsgroup.com

Each Office is Independently Owned and Operated.

IN CONCLUSION

While real estate by nature is local, the market for your home is in reality national, and increasingly, global. Sotheby's

International Realty is part of this global network, which includes offices in the world's most sought-after locations.

Selecting me and Sotheby's International Realty to represent your property will connect you to a group of real

estate professionals widely respected for the quality of their listings and the level of professionalism and expertise

they offer. Our associates have a deep understanding of local real estate markets and strong ties to the

communities we serve. We share a strong commitment to delivering exceptional service and have a long history of

exceeding the expectations of the world's most discerning buyers and sellers.

I look forward to offering you several unique advantages including:

� Preeminent local expertise and contacts.

� Access to proprietary marketing materials.

� Strong relationships, marketing and brand recognition

in other key markets.

� A referral connection with some of the world's most successful agents.

� A proven ability to sell properties in all price ranges.

� A comprehensive internet marketing strategy that includes featuring your property on sothebyshomes.com,

sothebysrealty.com and sothebys.com, and distribution partners such as WSJ.com, NYT.com, Yahoo.com,

Openhouse.com, Trulia.com and Frontdoor.com.

� Cross-marketing opportunities with strategic partners like Sotheby's auction house.

� The level of service that clients have come to expect from the name Sotheby's.

LISTING DISTRIBUTIONWORLDWIDE pROpERTy maRkETING EXpOSURE

Cover property located in: Carbondale, Colorado, United States

Sotheby's International Realty and the Sotheby's International Realty logo are registered (or unregistered) service marks used with permission. Each Office is IndependentlyOwned and Operated. The information set forth on this report is based upon information which we consider reliable, but because it has been supplied by third parties, we cannotrepresent that it is accurate or complete, and it should not be relied upon as such. The offerings are subject to errors, omissions, changes, and are subject to timing of deliveryand updates of reporting metrics and related data.

Online Marketing Summary

August 08, 2012 - January 23, 201318 West Reds Road Aspen, CO 81611, USMLS # 126606 $19,500,000Property Id: 4421270

Craig MorrisAspen Snowmass Sotheby's InternationalRealty415 E Hyman AveAspen, CO 81611, USAgent Phone: 970-379-9795Office Phone: 970-925-6060craig.morris1@sothebysrealty.comhttp://www.aspensnowmasssir.com

Website Traffic Comparison

Website Property Views Inquiries

sothebysrealty.com 4,389 7

JamesList 810 0

NY Times 177 0

Wall Street Journal 143 0

PropGOLuxury 9 0

Chase 0 0

Zillow Network 1,839 0

Trulia 1,281 0

HomeFinder.com 0 0

Homes.com 339 0

AOL Real Estate 20 Not Applicable

Other Sites 23 0

TOTAL 9,030 7

Your Listing is Also Displayed On*

CountryLife

Daily Telegraph

Real-Buzz

Smarter Agent

Te Atrium

USAA

FrontDoor

Number of Views - Last 4 Weeks

Inquiries

Your property has received 7 inquiries.

Top Cities

City Property Views

New York, NY 87

Denver, CO 73

Dallas, TX 70

Los Angeles, CA 56

Chicago, IL 53

Madrid, Spain 48

Houston, TX 44

Aspen, CO 40

New Orleans, LA 38

Athens, Greece 35

Terms Used

Property Views - Occurs when a consumer views the fullproperty detail page on the website for the specific listing.

Inquiries - The number of times a consumer completes andsubmits a contact form that is sent via email to the listingbroker or agent.

Top Cities - The cities from which the greatest number ofconsumers live that are viewing your listing.

*Although your property listing is being displayed on these websites,

we are currently unable to track the property views and inquiries for

these websites.

Sotheby's International Realty and the Sotheby's International Realty logo are registered (or unregistered) service marks used with permission. Each Office is IndependentlyOwned and Operated. The information set forth on this report is based upon information which we consider reliable, but because it has been supplied by third parties, we cannotrepresent that it is accurate or complete, and it should not be relied upon as such. The offerings are subject to errors, omissions, changes, and are subject to timing of deliveryand updates of reporting metrics and related data.

Online Marketing Summary

March 14, 2012 - January 23, 2013Viale Morin Forte Dei Marmi, LU 55042, ITMLS # GP246 $51,937,675Property Id: 4000029001

Gianluca PuracchioRome Sotheby's International RealtyPalazzo Colonna Piazza S.S. Apostoli, 61Roma, Rome 00187, ITOffice Phone: +390669923996gianluca.puracchio@sothebysrealty.comhttp://www.romesir.com

Website Traffic Comparison

Website Property Views Inquiries

sothebysrealty.com 10,580 25

JamesList 1,408 0

Wall Street Journal 165 0

PropGOLuxury 33 2

Chase 0 0

NY Times 0 0

Zillow Network 0 0

Trulia 0 0

HomeFinder.com 0 0

Homes.com 8 0

AOL Real Estate 0 Not Applicable

Other Sites 2 0

TOTAL 12,196 27

Your Listing is Also Displayed On*

CountryLife

Daily Telegraph

Real-Buzz

Smarter Agent

Te Atrium

USAA

FrontDoor

Number of Views - Last 4 Weeks

Inquiries

Your property has received 27 inquiries.

Top Cities

City Property Views

Milan, Italy 426

Rome, Italy 308

Florence, Italy 219

London, United Kingdom 212

New York, NY 158

Pisa, Italy 105

Paris, France 100

Moscow, Russian Federation 73

Genoa, Italy 70

Montreal, Canada 65

Terms Used

Property Views - Occurs when a consumer views the fullproperty detail page on the website for the specific listing.

Inquiries - The number of times a consumer completes andsubmits a contact form that is sent via email to the listingbroker or agent.

Top Cities - The cities from which the greatest number ofconsumers live that are viewing your listing.

*Although your property listing is being displayed on these websites,

we are currently unable to track the property views and inquiries for

these websites.

To increase the potential for your home to

be found by the most qualiied real estate consumers, the Sotheby’s International

Realty® brand has partnered with and

distributes properties to the most signiicant media companies and real estate-focused

websites in the world.

To measure results, the Sotheby’s

International Realty brand provides a

property view report including view and

inquiry statistics for each partner site

a property is distributed to. Sotheby’s

International Realty properties are viewed an

astounding 60,000,000 times across all of

our partner sites annually.

YAHOO! REAL ESTATE Zillow now powers yahoo! Real Estate—one of the nation’s top real estate classiied websites for consumer trafic, driving millions of visits.

HOME FINDER With 3,000,000+ property listings, homeinder.com is able to deliver a full snapshot of the local market to home buyers and sellers, while delivering online advertising solutions to agents and brokers with powerful results.

FRONTDOOR.COM | OPENHOUSE.COM powered by HGTV, FrontDoor.com and OpenHouse.com provide access to the millions of consumers who search real estate property listings, home-related how-to articles and video on FrontDoor and its sister web sites, which include HGTV, DIy Network, Travel Channel, and the Fine Living Network, among others.

HOMES.COM Search over 3 million homes for sale or rent on Homes.com including new homes, apartments for rent, homes for rent, condos, townhouses and more. as well, Homes.com provides a wealth of real estate information to help you learn more about inding the perfect home.

ZILLOW.COM Zillow and yahoo! Real Estate have joined forces to create one of the largest real estate networks on the web and mobile, The Zillow network! The combined network draws millions of visitors.

TRULIA.COM Trulia is a residential real estate search engine that helps consumers search for homes for sale, trends, neighborhood insights and other real estate information directly from hundreds of thousands of real estate broker websites.

property distribution partners UNITED STATES

4

THE DAILY TELEGRAPH Founded in 1855, The Daily Telegraph has transformed from London’s first penny paper to a fully integrated, leading, multi-platform media group and is now recognized as the Uk’s fastest-growing newspaper website with the country’s most exciting advertising opportunities. attracting more than 4.6 million viewers monthly to the site in general, and more than 130,000 property seekers, the site boasts an affluent, loyal, influential and elusive audience.

PROPGOLUXURY propGOLuxury.com was created to fulfill the high demand of our affluent Chinese consumer base requesting exclusive properties from around the world. China represents the world’s largest and fastest growing population with more new millionaires being created than at any time in history. propGOLuxury.com is the largest and fastest growing property portal in the China and asia pacific region.

JAMESLIST Jameslist is the world’s first marketplace to span across product categories and offer high-end items from dealers across the world. Their cutting-edge technology lets consumers find and compare listings from submariners to luxury real estate. The site reaches more than 500,000 potential buyers from 113 countries each month.

REAL-bUZZ.COM Real-buzz.com® is the world’s largest real estate database of homes for sale from the mLS in each buyer’s preferred language. Find homes for sale and other real estate listings, realtors and other real estate professionals, mortgage rates and information on buying a home, real estate blogs, real estate discussions, advice and more.

COUNTRY LIFE Country Life is the quintessential British magazine with a focus on advertising premium town and country property in the Uk and overseas. Country Life is the market leading digital and print magazine for advertising premium property and carries more property pages than any other Uk publication. With its ability to reach high-end buyers, advertising in Country Life ensures your premium town, country and international properties are presented to the right audience.

TE ATRIUM Te atrium is an international portal dedicated to luxury properties with the most advanced range of services worldwide. They offer a large showcase of exclusive properties and professionals who stand for quality and competence.

6

eGALLERY The Sotheby’s International Realty eGallery is a real time, dynamic property slide show designed to provide worldwide reach to a property. It is displayed on flat screens in most of the Sotheby’s International Realty and Sotheby’s auction house locations around the world.

and to provide even more exposure for the listings our network represents, property brochures have the opportunity to be distributed in our exclusive Global property Distribution program where copies are sent to hundreds of real estate and auction House locations around the world. minimum list price of $1.5m USD and above is required to participate.

7

January February March April May June July August September October November DecemberBRAND ADVERTISINGWall Street Journal Digital NetworkBBC.com “Living In” & “Voices”Telegraph.co.uk “World’s Most Extraordinary Places to Live”NYTimes.com/IHT.comYouTube.com/sothebysrealtyArchitecturalDigest.com / Estates for SaleReal Estate Launch Sponsorship HongKongTatler.comTatler (Print Magazines)

PROPERTY ADVERTISINGBloomberg MarketsThe Wall Street JournalSotheby’s At AuctionCountry LifeNew York Times Home SectionRobb Report Exceptional PropertiesRobb Report CollectionInternational Herald TribuneInternational Herald Tribune Event WrapsLuxury Property MagazineFinancial TimesRESIDE® Magazinee-RESIDE®Globe & MailMountain LivingLand Report

SEARCH ENGINE MARKETINGYahoo!GoogleBing.comYouTubeYandex

ONLINE BANNER ADVERTISINGsothebys.comNYTimes.comInternational Herald Tribune (GlobalNYTimes.com)WallStreetJournal.comAsia.WSJ.comEurope.WSJ.comCN.WSJ.comJP.WSJ.comFinancialTimes.comFTchinese.comscmp.com (South China Morning Post)Telegraph.co.ukBBC.com (British Broadcasting Corp.)PropGoLuxury.comPropGo.comCountryLife.co.ukArchitecturalDigest.comJamesList.comHongKongTatler.comGoogle’s Display Network

Sotheby’s International Realty®

2013 MARKETING PLAN

Continued…® MMXIII Sotheby’s International Realty Afiliates LLC. All Rights Reserved. Sotheby’s International Realty Afiliates LLC fully supports the principles of the Fair Housing Act and the Equal Opportunity Act. Each Ofice is Independently Owned and Operated. Sotheby’s International Realty and the Sotheby’s International Realty logo are registered (or unregistered) service marks licensed to Sotheby’s International Realty Afiliate LLC.

• WALL STREET JOURNAL • NY TIMES IPAd • BBC.COM • ThEdAILYTELEGRAPh.COM • FRONTGATE.COM/SOThEBYSREALTY • NYTIMES.COM • TMAGAzINE • KEY MAGAzINE • SOThEBY’S AT AUCTION • COUNTRY LIFE • NEW YORK TIMES hOME SECTION • ROBB REPORT ExCEPTIONAL PROPERTIES • ROBB REPORT COLLECTION • INTERNATIONAL hERALd TRIBUNE • ThE GLOBE ANd MAIL • LUxURY PROPERTIES MAGAzINE • FINANCIAL TIMES • RESIdE® MAGAzINE • ERESIdE • RESIdE LOCALE • YAhOO! • GOOGLE • BING.COM • zILLOW • TRULIA • hOMEFINdER • JAMESLIST.COM • hOMES.COM • EGALLERY • WAShINGTONPOST.COM • CYBERhOMES.COM • ARChITECTURAL dIGEST • GLOBE & MAIL • MOUNTAIN LIvING • LANd REPORT • YOUTUBE

January February March April May June July August September October November DecemberONLINE PROPERTY DISTRIBUTIONThe Wall Street Journal Digital NetworkCN.WSJ.comNYTimes.comInternational Herald TribuneZillow.comTrulia.comYahoo! Real EstateFrontDoor.com / OpenHouse.comRealestate.AOL.comHomeinder.comPropGoLuxury.comlp-luxuryproperties.comJamesList.comHomes.comTelegraph.co.ukCountryLife.co.uklpdibiao.com (Luxury Properties Chinese)Real-Buzz.comTe Atrium

MOBILE ADVERTISINGBBC Smartphone TargetingBBC iPad Safari BrowserArchitectural Digest iPad Safari BrowserNew York Times iPhone AppNYTimes.com iPad Safari BrowserWall Street Journal China iPad App

SOCIAL MEDIAFacebookTwitterGoogle+Pinterestyoutube.com/sothebysrealty

SIR MobileeGalleryINTERNATIONAL SIGNIFICANT SALESBRAND PUBLIC RELATIONS EFFORTS

Delivering Over 700 milliOn impressiOns wOrlDwiDeDelivering Over 700 milliOn impressiOns wOrlDwiDe

Sotheby’s International Realty®

2013 MARKETING PLAN

0

100

200

300

Cascade Sotheby's

International Realty

Competitor 1 Competitor 2 Competitor 3

2012 Central Oregon Real Estate Companies

Closed Volume in Millions All Property Types

Per MLSCO records, sales of all properties, 1/01/2012-1/31/2012

CSIR out sells nearest competitor

in 2012 by $33 Million

0

50

100

150

200

Cascade Sotheby's

International Realty

Competitor 1 Competitor 2 Competitor 3

Past 12 Months Closed Volume in Millions for Properties

Valued Over $300,000

Per MLSCO records, sales of all residential properties, all areas, 03/01/12 – 02/28/13

0

50

100

150

Cascade Sotheby's

International Realty

Competitor 1 Competitor 2 Competitor 3

Past 12 Month Closed Volume in Millions for Properties

Valued Over $500,000

Per MLSCO records, sales of all residential properties, all areas, 03/01/12 – 02/28/13

CSIR outsells nearest competitor

2 to 1 for properties valued over $500,000

0

10

20

30

40

50

60

70

Cascade Sotheby's

International Realty

Competitor 1 Competitor 2 Competitor 3

Past 12 Month Closed Volume in Millions for Properties

Valued Over $700,000

Per MLSCO records, sales of all residential properties, all areas, 03/01/12 – 02/28/13

CSIR outsells nearest competitor almost

3 to 1 with 30% of the overall market

share for homes valued over $700,000

0

5

10

15

20

25

30

35

40

Cascade Sotheby's

International Realty

Competitor 1 Competitor 2 Competitor 3

Past 12 Month Closed Volume in Millions for Properties

Valued Over $900,000

Per MLSCO records, sales of all residential properties, all areas, 03/01/12 – 02/28/13

CSIR outsells nearest competitor

5 to 1 for properties valued over $900,000

0

5

10

15

20

25

30

35

Cascade Sotheby's

International Realty

Competitor 1 Competitor 2 Competitor 3

Past 12 Months Closed Volume in Millions for Properties

Valued over $1,000,000

Per MLSCO records, sales of all residential properties, all areas, 03/01/12 – 02/28/13

Almost 40% of all homes sold

in Central Oregon over $1,000,000 are sold

by a Cascade Sotheby’s International

Realty Associate

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Per MLSCO records residential property only 1 acre or less as of 4/04/2013