MARKET AREA UPDATE Report as of: 1Q 2Q 3Q 4Q

Year: 2012 Market Area (City, State): Madison/Dane County, Wisconsin Provided by (Company / Companies): Restaino & Associates, Realtors MARKET AREA UPDATE Report as of: 1Q 2Q 3Q 4Q What are the most significant trends in your current real estate market? (Attach addenda, charts, graphs, etc. as appropriate) * Define Market Area: Urban (city limit area only) Metro Area (as defined by MSA) Other: Please explain: * Single Family (detached) Condominiums / Townhomes (attached) ** Price (current) Choose one: Average Median $ 241,393 $ 166705 ** Price (same time prior year) Choose one: Average Median $ 259117 $ 183208 Average Days on Market list to contract (current) Absorption Months of Inventory (last 3 months) Number of active listings divided by the average # of sales per month (for the last 3 months) = # of months needed to sell existing inventory Absorption Months of Inventory (same time prior year) Active Listings Closed ( total last 3 months) # 84 Increase Decreasing Stable # 6.91 # 12.16 # 9 # 13 # 2277 # 1030 # 988 # 254 Expired Listings ( total last 3 months if available) # 802 # 258 Change in Home Values % % Sold LP/SP Ratio (last 3 months) REAL ESTATE MARKET DATA Increase in past 3 months Stable Decreasing in past 3 months % 97 % 95 # 162 Increase Decreasing Stable Increase in past 3 months Stable Decreasing in past 3 months **Average = the result by adding all sales prices and dividing by the number of units sold Median = denoting the middle of the range of values GENERAL ECONOMY How would you rate the overall economic conditions in area as defined above: Mixed Stable Healthy Shrinking Depressed Supply of Listings: (Single family) Shortage Oversupply Balanced ~ (Condo/Town home) Shortage Oversupply Balanced Overall Market Conditions: Active Stable Sluggish Flat Depressed Unemployment Rate: % % 5.5 Average Please check trend: Increasing Decreasing Same Please describe local economic conditions/climate: (draw upon newspaper articles concerning the coming and going of corporations, layoffs, etc.) RENTAL INFORMATION Is There a Charge for Rental Assistance: Yes No Outsourced Is Home/Condo Rental Information Available in Your MLS: Yes No Single Family Housing Availability: (3+Bedrooms) Shortage Oversupply Balanced Average Rent $1,300-$4,000 Condo/Townhome Availability: (2+Bedrooms) Shortage Oversupply Balanced Average Rent $1,100-$2,000 Apartment Availability: (2+Bedrooms) Shortage Oversupply Balanced Average Rent $800-$1,500

PLEASE SEE ATTACHED ADDENDUM TO THE MARKET REPORT

ADDENDUM TO RDC MARKET UPDATE, 4th QUARTER, 2012 MADISON/DANE COUNTY, WISCONSIN Wisconsin Reported by the WRA MADISON, WI Wisconsin s housing market rebounded in 2012, with sales of existing home sales up substantially and median prices up modestly, according to the latest figures released by the Wisconsin REALTORS Association (WRA). of existing homes for 2012 were 20.7 percent above the levels of 2011, and the statewide median price increased 1.1 percent to $133,500 over that same period. We ve seen very strong growth in home sales for the last year and a half, which is an indication that buyers perceive the value of investing in housing again, said Renny Diedrich, Chairman of the WRA Board of Directors. She noted that robust growth in home sales was seen throughout the state, with every region growing by double digits. Four of the six regions saw home sales grow by more than 20 percent over the past year. Specifically, sales were up 23.1 percent in the Central region and grew 22.8 percent in the Southeast, which is the most populous region. Home sales in 2012 grew 21.9 percent in the South Central region, and they were up over 2011 levels by 21.2 percent in the Northeast. Finally, sales were up 17.7 percent in the North region and increased 13.3 percent in the West. As we know, the economic downturn in 2007 was precipitated in large part by problems in the housing sector, so we re hopeful that this growth, which mirrors national trends, will help strengthen the economic recovery, said Diedrich. Median prices have increased in eight of the last nine months, ending the year up 1.1 percent, which is a welcomed sign, said WRA President and CEO, Michael Theo. Even though Wisconsin avoided the substantial price bubble seen in places like Arizona, California, Nevada and Florida, Theo noted that the recession did pull home prices down in the state as foreclosure activity and inventory levels both trended upward. We ve now reversed those trends, which has stabilized our home prices in 2012, said Theo. Statewide, foreclosure activity peaked in 2009 with more than 28,500 unique cases of foreclosure, and that number fell to just under 23,000 unique cases in 2012. The decline in foreclosure activity has helped bring our statewide inventories down to 8.9 months in December 2012, which is well below the 12.5 months that existed this time last year, said Theo. He noted that the number of unsold homes in December also dropped 6.1 percent since November to just over 46,000. The upward trend in median prices, including a substantial one-month increase of 10.4 percent in December 2012 relative to December 2011, did not dampen affordability, due primarily to very low mortgage rates. With 30-year conventional mortgage rates at 3.35 percent and a slight increase in estimated median family income, housing in Wisconsin remained very affordable in December, said Theo. The Wisconsin Housing

Affordability Index, which measures the percentage of a median-priced home that a buyer with the median family income can afford, stood at 269 in December 2012. Assuming that the economic problems in Europe as well as the unresolved budget issues at the federal level don t lead to recession, we expect continued growth in sales and modest price appreciation over the next year, said Theo, who noted that there is pent-up demand among those who have been waiting for the housing market to bottom out. It is clear that there was solid improvement in home sales in 2012. The slight upward movement in median home prices in 2012 will likely get some potential buyers off the fence in 2013, but the key to ongoing growth in housing is sustained employment growth in the state, which has been anemic at best this past year, he said. 2012 Wisconsin Home up 20.7% from 2011 2012 South Central Home up 21.9% from 2011 2012 Dane County Home up 27% from 2011 2012 Dane County Median Home declined by 2% from 2011 Madison/Dane County local - Companies continue to move in to our area although not necessarily large employers. This has brought more relocating transferees in to our area which will enhance the real estate market. Transferees continue to seek out rental units however pricing is reaching the threshold where Transferee s are deciding to purchase instead of rent (less expensive). And Transferees are selling their homes quicker which, in turn, allows them to purchase in our area. The employment situation continues to stabilize with more companies hiring (especially from outside the area). Healthcare, Insurance and Biotech are consistent with hiring. The typical buyer in our market is encoutering low pricing of homes and an increase in Buyer activity. Buyers, in some cases, are experiencing multiple offers on properties, alot of activity at open houses. The market activity increased much earlier in 2012 than in recent years which put a spark in to Buyers. Madison/Dane County s housing market exceeded expectations with 20-27% more home and condo sales. The rental market at this time is very strong and very tight. Renters are experiencing low inventory to choose from. Rental pricing is increasing and Buyers are realizing that it may be more cost effective to purchase than rent. Singly family home rentals are less available than in recent years as Homeowners wishing to sell their homes notice the active Buyer market at this time. Apartment homes, townhomes/condos and duplexes are the typical rental available. Moreover, Landlords are forced to deal with Renters whom have larger families and pets. Some communities are saturated with condo's for sale (some that have gone in to foreclosure) and the Landlord/owners need money coming in therefore are renting to less qualified renters which devalues the properties.

Wisconsin Monthly Housing Statistics Report - December 2012 Provided by the Wisconsin REALTORS Association Report Criteria: Reflecting data through: December 2012 State: WI Type: Residential Wisconsin - Statewide Wisconsin 12/2011 12/2012 % Change YTD 2011 YTD 2012 YTD % Change New Listings 5,216 4,396-15.7% 113,751 110,520-2.8% Closed 3,850 4,280 +11.2% 51,850 62,561 +20.7% Median Price 120,000 132,500 +10.4% 132,000 133,500 +1.1% Months Supply of Inventory 12.5 8.9-28.8% Inventory of Homes for Sale 53,811 46,258-14.0% Inventory of homes for sale includes residential single family, duplex, condo, and townhouse properties. Current Month Year-to-date Historical Activity New Listings Sold Listings Median Price Inventory and Affordability Wisconsin REALTORS Association 608-241-2047 The information used to create the December 2012 Housing Trends report was current as of 1/16/2013 8:02:00 AM. The information is subject to change due to the dynamic nature of the WRA's housing statistics system, which is updated daily based on information present in local participating MLS (multiple listing service) systems. Page 1

Wisconsin Regional Report Provided by the Wisconsin REALTORS Association Report Criteria: Reflecting data through: December 2012 State: WI Type: Residential Southeast Kenosha 106,000 108,250-2.1% 141 120 +17.5% Southeast Milwaukee 85,787 89,450-4.1% 634 588 +7.8% Southeast Ozaukee 195,000 201,000-3.0% 79 63 +25.4% Southeast Racine 130,000 89,650 +45.0% 128 132-3.0% Southeast Sheboygan 92,500 118,750-22.1% 88 74 +18.9% Southeast Walworth 153,900 125,999 +22.1% 106 69 +53.6% Southeast Washington 182,000 175,000 +4.0% 85 78 +9.0% Southeast Waukesha 204,750 210,000-2.5% 311 287 +8.4% Southeast Regional Total 133,000 129,000 +3.1% 1,572 1,411 +11.4% Milwaukee Milwaukee 85,787 89,450-4.1% 634 588 +7.8% Milwaukee Ozaukee 195,000 201,000-3.0% 79 63 +25.4% Milwaukee Washington 182,000 175,000 +4.0% 85 78 +9.0% Milwaukee Waukesha 204,750 210,000-2.5% 311 287 +8.4% Milwaukee Regional Total 140,000 143,500-2.4% 1,109 1,016 +9.2% South Central Columbia 139,000 86,000 +61.6% 45 37 +21.6% South Central Crawford 110,000 63,500 +73.2% 10 10 0% South Central Dane 194,950 198,950-2.0% 404 318 +27.0% South Central Dodge 124,800 92,500 +34.9% 51 47 +8.5% South Central Grant 85,200 89,000-4.3% 21 20 +5.0% South Central Green 125,000 90,500 +38.1% 25 30-16.7% South Central Iowa 140,250 90,000 +55.8% 18 19-5.3% South Central Jefferson 152,450 142,250 +7.2% 58 56 +3.6% South Central Lafayette 64,050 NA NA 10 9 +11.1% South Central Richland 101,000 113,000-10.6% 12 11 +9.1% South Central Rock 96,000 79,000 +21.5% 116 119-2.5% South Central Sauk 127,100 126,200 +0.7% 45 39 +15.4% South Central Regional Total 152,500 147,000 +3.7% 815 715 +14.0% Page 2

West Buffalo NA NA NA 5 3 +66.7% West Chippewa 118,500 110,000 +7.7% 38 42-9.5% West Dunn 100,000 104,900-4.7% 39 31 +25.8% West Eau Claire 125,050 120,000 +4.2% 78 81-3.7% West Jackson 102,750 NA NA 10 8 +25.0% West La Crosse 148,500 140,000 +6.1% 71 75-5.3% West Monroe 108,500 128,000-15.2% 26 26 0% West Pepin 88,500 NA NA 11 6 +83.3% West Pierce 130,000 130,000 0% 23 35-34.3% West St. Croix 147,500 137,000 +7.7% 99 68 +45.6% West Trempealeau 110,000 117,500-6.4% 21 12 +75.0% West Vernon 99,000 80,000 +23.8% 11 15-26.7% West Regional Total 128,200 120,000 +6.8% 432 402 +7.5% Northeast Brown 140,000 133,000 +5.3% 189 157 +20.4% Northeast Calumet 139,000 139,000 0% 21 29-27.6% Northeast Door 169,000 184,500-8.4% 49 40 +22.5% Northeast Fond du Lac 80,250 99,950-19.7% 56 54 +3.7% Northeast Green Lake 155,000 NA NA 11 9 +22.2% Northeast Kewaunee 130,155 82,500 +57.8% 16 11 +45.5% Northeast Manitowoc 85,500 69,000 +23.9% 43 66-34.8% Northeast Marinette 77,000 68,500 +12.4% 37 26 +42.3% Northeast Menominee NA NA NA 2 2 0% Northeast Oconto 103,500 103,950-0.4% 20 36-44.4% Northeast Outagamie 122,250 113,950 +7.3% 108 102 +5.9% Northeast Shawano 80,000 72,250 +10.7% 25 18 +38.9% Northeast Waupaca 121,200 94,500 +28.3% 41 49-16.3% Northeast Winnebago 113,000 98,012 +15.3% 124 116 +6.9% Northeast Regional Total 123,425 110,000 +12.2% 742 715 +3.8% Central Adams 79,900 78,900 +1.3% 20 21-4.8% Central Clark 77,500 115,500-32.9% 21 12 +75.0% Central Juneau 86,750 80,750 +7.4% 24 22 +9.1% Central Marathon 119,650 102,000 +17.3% 84 69 +21.7% Central Marquette 113,000 90,000 +25.6% 18 18 0% Central Portage 121,950 134,000-9.0% 36 31 +16.1% Central Waushara 60,000 75,500-20.5% 21 15 +40.0% Central Wood 103,500 97,500 +6.2% 37 50-26.0% Central Regional Total 106,000 99,700 +6.3% 261 238 +9.7% Page 3

North Ashland NA NA NA 6 7-14.3% North Barron 142,500 101,000 +41.1% 62 57 +8.8% North Bayfield 163,000 135,000 +20.7% 20 18 +11.1% North Burnett 126,250 150,000-15.8% 44 27 +63.0% North Douglas 121,500 97,500 +24.6% 34 29 +17.2% North Florence NA NA NA 2 3-33.3% North Forest NA NA NA 7 8-12.5% North Iron NA NA NA 4 3 +33.3% North Langlade 76,000 NA NA 23 5 +360.0% North Lincoln 87,000 NA NA 27 6 +350.0% North Oneida 154,000 146,500 +5.1% 61 46 +32.6% North Polk 130,000 86,000 +51.2% 59 44 +34.1% North Price 110,000 62,500 +76.0% 11 18-38.9% North Rusk 113,750 70,000 +62.5% 14 11 +27.3% North Sawyer 137,000 122,000 +12.3% 24 22 +9.1% North Taylor NA NA NA 7 8-12.5% North Vilas 200,000 165,000 +21.2% 33 35-5.7% North Washburn 106,000 85,000 +24.7% 18 19-5.3% North Regional Total 129,450 99,725 +29.8% 456 366 +24.6% Statewide Statewide 12/2012 12/2011 % Change 12/2012 12/2011 % Change 132,500 120,000 +10.4% 4,280 3,850 +11.2% Wisconsin REALTORS Association 608-241-2047 Page 4

Wisconsin Regional Report Provided by the Wisconsin REALTORS Association Report Criteria: Reflecting data through: December 2012 State: WI Type: Residential Southeast Kenosha 110,000 118,000-6.8% 1,809 1,537 +17.7% Southeast Milwaukee 100,000 102,000-2.0% 8,985 7,442 +20.7% Southeast Ozaukee 213,750 213,000 +0.4% 1,090 878 +24.1% Southeast Racine 106,250 107,000-0.7% 2,036 1,819 +11.9% Southeast Sheboygan 109,200 110,000-0.7% 1,202 875 +37.4% Southeast Walworth 149,950 144,000 +4.1% 1,282 1,078 +18.9% Southeast Washington 172,500 180,000-4.2% 1,431 1,101 +30.0% Southeast Waukesha 224,900 219,000 +2.7% 4,786 3,694 +29.6% Southeast Regional Total 141,000 142,000-0.7% 22,621 18,424 +22.8% Milwaukee Milwaukee 100,000 102,000-2.0% 8,985 7,442 +20.7% Milwaukee Ozaukee 213,750 213,000 +0.4% 1,090 878 +24.1% Milwaukee Washington 172,500 180,000-4.2% 1,431 1,101 +30.0% Milwaukee Waukesha 224,900 219,000 +2.7% 4,786 3,694 +29.6% Milwaukee Regional Total 152,000 152,050 0.0% 16,292 13,115 +24.2% South Central Columbia 125,000 128,000-2.3% 683 524 +30.3% South Central Crawford 91,750 82,500 +11.2% 136 114 +19.3% South Central Dane 200,000 206,000-2.9% 6,135 4,832 +27.0% South Central Dodge 106,500 100,000 +6.5% 814 745 +9.3% South Central Grant 99,900 85,500 +16.8% 341 286 +19.2% South Central Green 125,000 119,000 +5.0% 416 369 +12.7% South Central Iowa 123,750 113,500 +9.0% 222 191 +16.2% South Central Jefferson 140,000 140,000 0% 865 741 +16.7% South Central Lafayette 71,317 83,500-14.6% 126 107 +17.8% South Central Richland 90,000 98,200-8.4% 156 118 +32.2% South Central Rock 95,000 90,000 +5.6% 1,848 1,582 +16.8% South Central Sauk 132,250 129,000 +2.5% 732 626 +16.9% South Central Regional Total 156,000 156,000 0% 12,474 10,235 +21.9% Page 5

West Buffalo 97,250 95,000 +2.4% 92 97-5.2% West Chippewa 125,000 116,470 +7.3% 680 650 +4.6% West Dunn 116,000 116,000 0% 483 497-2.8% West Eau Claire 130,000 128,000 +1.6% 1,142 1,135 +0.6% West Jackson 99,250 113,500-12.6% 148 138 +7.2% West La Crosse 145,500 140,000 +3.9% 1,210 916 +32.1% West Monroe 105,000 118,900-11.7% 368 390-5.6% West Pepin 102,500 73,950 +38.6% 82 80 +2.5% West Pierce 135,000 135,000 0% 435 370 +17.6% West St. Croix 146,000 142,000 +2.8% 1,271 950 +33.8% West Trempealeau 107,000 115,000-7.0% 223 182 +22.5% West Vernon 109,100 102,000 +7.0% 154 145 +6.2% West Regional Total 130,500 128,500 +1.6% 6,288 5,550 +13.3% Northeast Brown 135,000 135,500-0.4% 2,745 2,211 +24.2% Northeast Calumet 150,000 134,000 +11.9% 481 379 +26.9% Northeast Door 157,000 172,000-8.7% 563 438 +28.5% Northeast Fond du Lac 110,000 110,000 0% 923 748 +23.4% Northeast Green Lake 70,000 71,000-1.4% 170 93 +82.8% Northeast Kewaunee 92,500 101,500-8.9% 189 107 +76.6% Northeast Manitowoc 90,500 80,000 +13.1% 720 639 +12.7% Northeast Marinette 75,000 79,500-5.7% 443 379 +16.9% Northeast Menominee 190,000 257,150-26.1% 38 20 +90.0% Northeast Oconto 107,000 100,000 +7.0% 459 430 +6.7% Northeast Outagamie 125,000 124,950 +0.0% 1,872 1,598 +17.1% Northeast Shawano 84,950 79,000 +7.5% 362 329 +10.0% Northeast Waupaca 94,900 89,500 +6.0% 520 467 +11.3% Northeast Winnebago 115,000 113,900 +1.0% 1,819 1,491 +22.0% Northeast Regional Total 120,000 118,000 +1.7% 11,304 9,329 +21.2% Central Adams 100,250 87,000 +15.2% 440 331 +32.9% Central Clark 77,000 76,500 +0.7% 215 184 +16.8% Central Juneau 79,250 73,750 +7.5% 280 206 +35.9% Central Marathon 116,250 114,000 +2.0% 1,248 1,060 +17.7% Central Marquette 85,500 97,900-12.7% 187 159 +17.6% Central Portage 129,500 134,000-3.4% 567 446 +27.1% Central Waushara 85,000 94,950-10.5% 291 212 +37.3% Central Wood 94,450 90,000 +4.9% 672 571 +17.7% Central Regional Total 105,000 106,000-0.9% 3,900 3,169 +23.1% Page 6

North Ashland 87,750 79,000 +11.1% 158 138 +14.5% North Barron 107,500 109,000-1.4% 747 673 +11.0% North Bayfield 145,000 120,000 +20.8% 257 199 +29.1% North Burnett 134,900 130,000 +3.8% 551 475 +16.0% North Douglas 113,500 104,000 +9.1% 424 407 +4.2% North Florence NA 36,000 NA 6 12-50.0% North Forest 115,000 120,000-4.2% 81 81 0% North Iron 147,500 109,000 +35.3% 54 56-3.6% North Langlade 64,250 72,500-11.4% 276 190 +45.3% North Lincoln 86,325 99,000-12.8% 310 257 +20.6% North Oneida 150,000 137,900 +8.8% 620 481 +28.9% North Polk 99,700 102,096-2.3% 826 616 +34.1% North Price 76,000 87,000-12.6% 168 168 0% North Rusk 84,000 87,500-4.0% 152 119 +27.7% North Sawyer 154,750 178,500-13.3% 324 262 +23.7% North Taylor 90,000 84,750 +6.2% 119 112 +6.2% North Vilas 175,000 175,000 0% 472 401 +17.7% North Washburn 135,000 110,000 +22.7% 369 376-1.9% North Regional Total 117,500 115,000 +2.2% 5,914 5,023 +17.7% Statewide Statewide YTD 2012 YTD 2011 % Change YTD 2012 YTD 2011 % Change 133,500 132,000 +1.1% 62,561 51,850 +20.7% Wisconsin REALTORS Association 608-241-2047 Page 7