Document:

EXHIBIT 10.N

 Exhibit 10(n) 
  
 BANK STOCK REGISTRATION RIGHTS AGREEMENT 
  
 This Registration Rights Agreement (the “Agreement”) is made and entered into this 25th day of February, 2004, between B.F. Saul Real
Estate Investment Trust, a Maryland real estate investment trust (the “Trust”), and Wells Fargo Bank, National Association, as trustee (the “Trustee”). 
  
 The Trust has entered into an Indenture dated as of February 25, 2004 (as amended from time to time, the
“Indenture”) with the Trustee in connection with the Trust’s issuance of $250,000,000 aggregate principal amount of its 71⁄2% Senior Secured Notes due 2014 (the “Notes”). Pursuant to Article Twelve of the
Indenture, the Trust has, among other things, pledged to the Trustee certain shares of Bank Stock (such term and other capitalized terms used herein and not otherwise defined having the respective meanings specified in the Indenture). This Agreement
is intended to permit the Trustee to exercise its remedies under Article Twelve in respect of the Pledged Bank Stock through a public offering thereof. The execution and delivery of this Agreement by the Trust is a condition to the issuance of the
Notes under the Indenture. 
  
 In consideration of the foregoing,
the parties hereto agree as follows: 
  
 1. Registration
Rights. If the Trustee shall have determined to exercise its right to sell all or any of the Pledged Bank Stock pursuant to Article Twelve of the Indenture, the Trust agrees that, upon request of the Trustee and at the Trust’s expense, the
Trust will use its best efforts to cause Chevy Chase Bank, F.S.B. (the “Bank”) to, and, if possible under applicable law, will: 
  
 (a) execute and deliver, and cause the directors and officers of the Bank or the Trust to execute and deliver, all such instruments and
documents, and do or cause to be done all such other acts and things, a may be necessary or, in the opinion of the Trustee, advisable to register the Pledged Bank Stock pursuant to the rules and regulations of the Office of Thrift Supervision (the
“OTS”) or the rules and regulations of any successor to the OTS or the appropriate federal regulator having jurisdiction over the Bank if such is not the OTS (all of the rules and regulations of the OTS set forth in Chapter V of
Title 12 of the Code of Federal Regulations, including, without limitation, 12 C.F.R. §563g, and the rules and regulations of the Securities and Exchange Commission (the “Commission”) made applicable to offering circulars by
the rules and regulations of the OTS, and all amendments to such regulations and successor regulations and other applicable law (including regulations and other law applicable as a result of any successor to the OTS or other regulatory authority
regulating the public offering of the Pledged Bank Stock), are hereinafter collectively referred to as the “Rules and Regulations”), to cause the offering circular on Form OC (or similar offering circular required by any successor
to the OTS or other regulatory authority regulating the public offering of the Pledged Stock) relating thereto (the “Offering Circular”) to become effective under the Rules and Regulations (such Form OC (or similar offering circular
required by any successor to the OTS or other regulatory authority), as amended at the time 

 the Offering Circular becomes effective under the Rules and Regulations, the “Form OC”)
and to remain effective for such period as offering circulars are required by law to be furnished and to make all amendment and supplements thereto and to the related offering circular that, in the opinion of the Trustee, are necessary or advisable,
all in conformity with the Rules and Regulations; 
  
 (b) use its best efforts to qualify the Pledged Bank Stock under all applicable state securities or “Blue Sky” laws, and to obtain all necessary governmental approvals for the sale of the Pledged Bank Stock, as requested by
the Trustee; 
  
 (c) if required by applicable
law, make available to the security holders of the Bank, as soon as practicable, an earnings statement that will satisfy the provisions of Section 11 (a) of the Securities Act of 1933, as amended (the “1933 Act”) and Rule 158
thereunder; 
  
 (d) provide the Trustee with such
other information as may be necessary or, in the opinion of the Trustee, advisable to enable the Trustee to effect the sale of the Pledged Bank Stock; and 
  
 (e) do or cause to be done all such other acts and things as may be necessary to make such sale of the Pledged Bank Stock or any part
thereof valid and binding and in compliance with applicable law, including the Rules and Regulations. 
  
 The Trustee is authorized, in connection with any sale of the Pledged Bank Stock pursuant to Article Twelve of the Indenture, to the extent permitted by
applicable law, to deliver or otherwise disclose to any prospective purchaser of the Pledged Bank Stock (i) any Form OC or offering circular, and all supplements and amendments thereto, prepared pursuant to clause (a) above, (ii) any information
provided to it pursuant to clause (d) above and (iii) any other information in its possession relating to the Pledged Bank Stock. 
  
 Without limiting the remedies available to the Trustee and the Holders, the Trust acknowledges that any failure by the Trust to comply with its
obligations under this Section 1 may result in material irreparable injury to the Trustee or the Holders for which there is no adequate remedy at law, that it will not be possible to measure damages for such injuries precisely and that, in the event
of any such failure, the Trustee or any Holder may obtain such relief as may be required to specifically enforce the Trust’s obligations under this Section 1. 
  
 2. Indemnification and Contribution. (a) The Trust shall, and shall use its best efforts to cause the Bank to, indemnify, defend and
hold harmless (i) the Trustee, each Holder, including any broker-dealer who holds Registrable Securities acquired for its own account as a result of market-making activities or other trading activities, each other person who participates in the
offering of the Pledged Bank Stock, (ii) each person, if any, who controls (within the meaning of Section 15 of the 1933 Act or Section 20 of the Securities Exchange Act of 1934, as amended (the “1934 Act”) the Trustee or any Holder
(any of the persons referred to in this clause (ii) being hereinafter referred to as a “controlling person”) and (iii) the respective officers, directors, partners, employees, representatives and agents of any Holder, the Trustee or any
controlling person (any person referred to in clause (i), (ii) or (iii) may hereinafter be referred to as an “Indemnified Holder”), to the fullest extent lawful, from and against any and all losses, claims, damages, liabilities,
judgments, actions and expenses (including without limitation and as incurred, reimbursement of all reasonable costs of investigating, preparing, pursuing, settling, compromising, paying or defending any claim or action, or any investigation or
proceeding by 
  

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 any governmental agency or body, commenced or threatened, including the reasonable fees and expenses of counsel to any
Indemnified Holder), joint or several, directly or indirectly caused by, related to, based upon, arising out of or in connection with (x) any untrue statement or alleged untrue statement of a material fact contained in any preliminary Form OC or the
Form OC (or any amendment or supplement thereto) or any preliminary offering circular or Offering Circular (or any amendment or supplement thereto), including all documents incorporated therein by reference, or (y) the omission or alleged omission
of a material fact required to be stated in any preliminary Form OC or the Form OC (or any amendment or supplement thereto) or any preliminary offering circular or Offering Circular (or any amendment or supplement thereto), or necessary to make the
statements therein, in light of the circumstances under which they were made, not misleading, except insofar as such losses, claims, damages, liabilities or expenses are caused by an untrue statement or omission or alleged untrue statement or
omission that is made in reliance upon and in conformity with information relating to any of the Holders furnished in writing to the Trust by any of the Holders expressly for use therein. This indemnity agreement shall be in addition to any
liability which the Trust may otherwise have. 
  
 (b) Each Holder
agrees, severally and not jointly, to indemnify and hold harmless the Trust, the trustees of the Trust, the Bank and the other selling Holders and each of their respective trustees, directors and officers (including each officer of the Bank who
signed the Form OC ) and each Person, if any, who controls the Trust, the Bank, any Initial Purchaser or any other selling Holder within the meaning of Section 15 of the 1933 Act or Section 20 of the 1934 Act, against any and all loss, liability,
claim, damage and expense described in the indemnity contained in Section 2(a) hereof, as incurred, but only with respect to untrue statements or omissions, or alleged untrue statements or omissions, made in any preliminary Form OC or the Form OC
(or any amendment or supplement thereto) or any preliminary offering circular or Offering Circular included therein (or any amendment or supplement thereto) in reliance upon and in conformity with written information furnished to the Trust and the
Bank by such Holder, as the case may be, expressly for use in any preliminary Form OC or the Form OC (or any amendment or supplement thereto) or any preliminary offering circular or Offering Circular (or any amendment or supplement thereto);
provided, however, that no such Holder shall be liable for any claims hereunder in excess of the amount of net proceeds received by such Holder from the sale of Pledged Bank Stock. 
  
 (c) In case any action shall be commenced involving any person in respect of
which indemnity may be sought pursuant to either paragraph (a) or paragraph (b) above, such person (the “indemnified party”) shall give notice as promptly as reasonably practicable to each person against whom such indemnity may be sought
(the “indemnifying party”), but failure to notify an indemnifying party shall not relieve such indemnifying party from any liability hereunder to the extent it is not materially prejudiced as a result thereof and in any event shall not
relieve it from any liability which it may have otherwise than on account of this indemnity agreement. An indemnifying party may participate at its own expense in the defense of such action; provided, however, that counsel to the
indemnifying party shall not (except with the consent of the indemnified party) also be counsel to the indemnified party. In no event shall the indemnifying party or parties be liable for the fees and expenses of more than one counsel in addition to
any local counsel) for all indemnified parties in connection with any one action or separate but similar or related actions in the same jurisdiction arising out of the same general allegations or circumstances. In case any such action is brought
against any indemnified party, 
  

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 and it notifies the indemnifying party of the commencement thereof, the indemnifying party will be entitled, to the
extent that it may wish, jointly with any other indemnifying party similarly notified, to assume the defense thereof, with counsel satisfactory to such indemnified party; provided, however, that if the defendants in any such action
include both the indemnified party and the indemnifying party and the indemnified party shall have reasonably concluded that there may be one or more legal defenses available to it and/or other indemnified parties which are different from or
additional to those available to the indemnifying party, the indemnifying party shall not have the right to direct the defense of such action on behalf of such indemnified party or parties and such indemnified party or parties shall have the right
to select separate counsel to defend such action on behalf of such indemnified party or parties. After notice from the indemnifying party to such indemnified party of its election so to assume the defense thereof and approval by such indemnified
party of counsel appointed to defend such action, the indemnifying party will not be liable to such indemnified party under this Section 2 for any subsequent legal or other expenses incurred pursuant to such action, other than reasonable costs of
investigation, subsequently incurred by such indemnified party in connection with the defense thereof, unless (i) the indemnified party shall have employed separate counsel in accordance with the proviso to the next preceding sentence (it being
understood, however, that in connection with such action the indemnifying party shall not be liable for the expenses of more than one separate counsel (in addition to local counsel) in any one action or separate but substantially similar actions in
the same jurisdiction arising out of the same general allegations or circumstances, selected by any indemnified party in the case of Section 2(a), representing the indemnified parties under such paragraph (a) who are parties to such action or
actions) or (ii) the indemnifying party does not promptly retain counsel satisfactory to the indemnified party or (iii) the indemnifying party has authorized the employment of counsel for the indemnified party at the expense of the indemnifying
party. After such notice from the indemnifying party to such indemnified party, the indemnifying party will not be liable for the costs and expenses of any settlement of such action effected by such indemnified party without the consent of the
indemnifying party. No indemnifying party shall, without the prior written consent of the indemnified parties, settle or compromise or consent to the entry of any judgment with respect to any litigation, or any investigation or proceeding by any
governmental agency or body, commenced or threatened, or any claim whatsoever in respect of which indemnification or contribution could be sought under this Section 2 hereof (whether or not the indemnified parties are actual or potential parties
thereof), unless such settlement, compromise or consent (i) includes an unconditional release of each indemnified party from all liability arising out of such litigation, investigation, proceeding or claim and (ii) does not include a statement as to
or an admission of fault, culpability or a failure to act by or on behalf of any indemnified party. 
  
 (d) Except with respect to fees and expenses not required to be reimbursed pursuant to the assumption of the defense of an action in accordance with
Section 2(c) above, if at any time an indemnified party shall have requested an indemnifying party to reimburse the indemnified party for fees and expenses of counsel, such indemnifying party agrees that it shall be liable for any settlement
effected without its written consent if (i) such settlement is entered into more than 45 days after receipt by such indemnifying party of the aforesaid request, (ii) such indemnifying party shall have received notice of the terms of such settlement
at least 30 days prior to such settlement being entered into and (iii) such indemnifying party shall not have reimbursed such indemnified party in accordance with such request prior to the date of such settlement. 
  

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 (e) If the indemnification provided for in any of the indemnity provisions set forth in this Section 2 is
for any reason unavailable to or insufficient to hold harmless an indemnified party in respect of any losses, liabilities, claims, damages or expenses referred to therein, then each indemnifying party shall, and the Trust shall use its best efforts
to cause the Bank to, contribute to the aggregate amount of such losses, liabilities, claims, damages and expenses incurred by such indemnified party, as incurred, in such proportion as is appropriate to reflect the relative faults of such
indemnifying party or parties on the one hand, and such indemnified party or parties on the other hand, in connection with the statements or omissions which resulted in such losses, liabilities, claims, damages or expenses, as well as any other
relevant equitable considerations. The relative fault of such indemnifying party or parties on the one hand, and such indemnified party or parties on the other hand shall be determined by reference to, among other things, whether any such untrue or
alleged untrue statement of a material fact or omission or alleged omission to state a material fact relates to information supplied by such indemnifying party or parties and such indemnified party or parties and the parties’ relative intent,
knowledge, access to information and opportunity to correct or prevent such statement or omission. The parties hereto agree, and the Trust shall use its best efforts to cause the Bank to agree, that it would not be just and equitable if contribution
pursuant to this Section 2 were determined by pro rata allocation or by another method of allocation which does not take account of the equitable considerations referred to above in Section 2. The aggregate amount of losses, liabilities, claims,
damages and expenses incurred by an indemnified party and referred to above in this Section 2 shall be deemed to include any legal or other expenses reasonably incurred by such indemnified party in investigating, preparing or defending against any
litigation, or any investigation or proceeding by an governmental agency or body, commenced or threatened, or any claim whatsoever based upon any such untrue or alleged untrue statement omission or alleged omission. No person guilty of fraudulent
misrepresentation (within the meaning of Section 11(f) of the 1933 Act) shall be entitled to contribution from any person who was not guilty of such fraudulent misrepresentation. For purposes of this Section 2, each Person, if any, who controls an
Indemnified Holder within the meaning of Section 15 of the 1933 Act or Section 20 of the 1934 Act shall have the same rights to contribution as such Indemnified Holder, and each trustee of the Trust, each director of the Bank, each officer of the
Bank who signed the Form OC, and each Person, if any, who controls the Trust or the Bank within the meaning of Section 15 of the 1933 Act or Section 20 of the 1934 Act shall have the same rights to contribution as the Trust and the Bank. 

 
 3. Successors and Assigns. This Agreement shall inure to the
benefit of and be binding upon the successors, assigns and transferees of each of the parties, including, without limitation and without the need for an express assignment, subsequent Holders, Indemnified Holders and the Bank. 
  
 4. Third Party Beneficiaries. The Holders, Indemnified Holders and the
Bank shall be third party beneficiaries to the agreements made hereunder and shall have the right to enforce such agreements directly to the extent they deem such enforcement necessary or advisable to protect their rights hereunder. 
  
 5. Counterparts. This Agreement may be executed in any number of
counterparts and by the parties hereto in separate counterparts, each of which when so executed shall be deemed to be an original and all of which when taken together shall constitute one and the same agreement. 
  

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 6. Headings. The headings in this Agreement are for convenience of reference only and shall not
limit or otherwise affect the meaning thereof. 
  
 7. GOVERNING
LAW. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK. 
  
 8. Severability. In the event that any one or more of the provisions contained herein, or the application thereof in any circumstance, is held
invalid, illegal or unenforceable, the validity, legality and enforceability of any such provision in every other respect and of the remaining provisions contained herein shall not be affected or impaired thereby. 
  
 9. Execution of Agreement by Trust. The name “B.F. Saul Real
Estate Investment Trust” is the designation of the trustees of the trust under a Declaration of Trust. All Persons dealing with the Trust must look solely to the property and assets of the Trust for the enforcement of any claims against the
Trust; neither the trustees, shareholders, officers, employees and agents of the Trust in their individual capacities assume any personal liability for the obligations of the Trust; and the respective properties of the trustees, shareholders,
officers, employees and agents of the Trust in their individual capacities shall not be subject to the claims of any such Persons with respect to any such obligations. 
  
 [End of Page] 
  
 [Signature Page Follows] 
  

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 IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first written above.

  

			
	 B.F. SAUL REAL ESTATE
 INVESTMENT TRUST

		
	 By
	 	     /s/ B. Francis Saul II

	 Name: B. Francis Saul II

	 Title: Chairman

  
 Confirmed and accepted as of

 the date first above written: 
  
 WELLS FARGO BANK, 
 NATIONAL ASSOCIATION, as trustee 
  

			
	 By
	 	     /s/ Michael T. Lechner

	 Name: Michael T. Lechner

	 Title: Assistant Vice President

  

 7Form of $50,000,000 Fixed Rate 5-year Note

 Exhibit 4.1 
  

			
	 REGISTERED
	  	PRINCIPAL AMOUNT
	 NO. MTN-1
	  	$50,000,000.00
	 CUSIP NO. 05565M AA 5
	  	 

  
 BRE PROPERTIES, INC.

  
 Medium-Term Note Due Nine Months or More From Date of
Issue 
  
 Unless this Security is presented by an authorized
representative of The Depository Trust Company, a New York corporation, 55 Water Street, New York, New York (“DTC”), to BRE Properties, Inc., a Maryland corporation (herein called the “Company,” which term includes
any successor person under the Indenture referred to on the reverse hereof), or its agent for registration of transfer, exchange or payment, and any Security issued is registered in the name of Cede & Co., or in such other name as is requested
by an authorized representative of DTC (and any payment is made to Cede & Co. or to such other entity as is requested by an authorized representative of DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS
WRONGFUL since the registered owner hereof, Cede & Co., has an interest herein. 
  
 Unless and until it is exchanged in whole or in part for securities in certificated form, this Security may not be transferred except as a whole by DTC to a nominee of DTC, or by a nominee of DTC to DTC, or to a
successor of DTC or to a nominee of such successor of DTC. 
  

			
	 Original Issue Date: March 17, 2004
	 	 Redeemable at Company’s Option:    Yes   ̈    No  x
 The redemption provisions of this Security are not applicable. See Other/Additional Provisions.

	 Maturity Date: March 17, 2009
	 	 Initial Redemption Date:

	 Interest Rate: 3.582%
	 	 Initial Redemption Price:

	 Interest Payment Dates:
	 	 Initial Redemption Percentage:

	 March 17 & September 17, commencing
	 	 Annual Redemption Percentage Reduction:

	 September 17, 2004
	 	 Redemption Limitation Date:

	 Regular Record Dates:
	 	 Indexed Note:    Yes   ̈    No  x

	 The 15th calendar date
immediately
	 	 Amortizing Note:    Yes   ̈    No  x

	 preceding each Interest Payment Date
	 	 Amortization Schedule:

		
	 	 	 Book-Entry: Yes

	 Original Issue Discount Note:    Yes   ̈    No  x
	 	 Certificated:

	 Total Amount of OID (%): N/A
	 	 Specified Currency: U.S. Dollars

	 Issue Price (percentage of principal): 100%
	 	 Minimum Denomination if other than $1,000:

	 Yield to Maturity (%):
	 	 Authorized Denomination:

	 Initial Accrual:
	 	 (if other than U.S. Dollars)

	 Initial Accrual Period OID (%):
	 	 Sinking Fund:    Yes   ̈    No  x

	 (Constant – Yield Method)
	 	 Option of Holder to Elect Repayment:    Yes   ̈    No  x

	 	 	 Optional Repayment Dates:

	 	 	 Reopening of Notes Previously Issued :    Yes   ̈    No  x

	 	 	 Other /Additional Provisions: See below

	 	 	 

  
 Other/Additional Provisions:
Make-Whole Call 
  
 This Security is redeemable, in whole or
in part, at any time, at the option of the Company, at a Redemption Price equal to the greater of: (a) 100% of the principal amount of this Security then outstanding to be redeemed, or (b) the sum of the present values of the remaining scheduled
payments of principal and interest thereon from the Redemption Date to the Maturity Date computed by discounting such payments to the Redemption Date on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at a rate equal
to the sum of 15 basis points plus the Adjusted Treasury Rate on the third Business Day prior to the Redemption Date, as calculated by an Independent Investment Banker; plus, in each case, accrued and unpaid interest, if any, to the Redemption Date.

 “Adjusted Treasury Rate” means, with respect to any Redemption Date, (a) the yield, under the
heading which represents the average for the immediately preceding week, appearing in the most recently published statistical release designated “H.15(519)” or any successor publication which is published weekly by the Board of Governors
of the Federal Reserve System and which establishes yields on actively traded U.S. Treasury securities adjusted to constant maturity under the caption “Treasury Constant Maturities,” for the maturity corresponding to the Comparable
Treasury Issue (if no maturity is within three months before or after the Remaining Life, yields for the two published maturities most closely corresponding to the Comparable Treasury Issue will be determined and the Adjusted Treasury Rate will be
interpolated or extrapolated from such yields on a straight line basis, rounding to the nearest month); or (b) if such release (or any successor release) is not published during the week preceding the Redemption Date or does not contain such yields,
the rate per annum equal to the semi-annual equivalent yield to maturity of the Comparable Treasury Issue, calculated using a price for the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the Comparable
Treasury Price for such Redemption Date. 
  
 “Redemption
Date” means the date fixed by the Company to redeem the Securities. 
  
 “Comparable Treasury Issue” means the U.S. Treasury security selected by an Independent Investment Banker as having a maturity comparable to the remaining term of this Security that would be utilized, at the
time of selection and in accordance with customary financial practice, in pricing new issues of corporate debt securities of comparable maturity to the remaining term of such Securities (“Remaining Life”) or, if, in the reasonable judgment
of the Independent Investment Banker, there is no such security, then the Comparable Treasury Issue will mean the U.S. Treasury security or securities selected by an Independent Investment Banker as having an actual or interpolated maturity or
maturities comparable to the remaining term of the Securities. 
  
 “Comparable Treasury Price” means (1) the average of the Reference Treasury Dealer Quotations for the Redemption Date, after excluding the highest and lowest Reference Treasury Dealer Quotations, or (2) if the Independent
Investment Banker obtains fewer than three such Reference Treasury Dealer Quotations, the average of all such quotations. 
  
 “Independent Investment Banker” means the Reference Treasury Dealer, or if such firm is unwilling or unable to serve as such, an independent
investment banking institution of national standing appointed by the Company. 
  
 “Reference Treasury Dealer” means Credit Suisse First Boston LLC and its respective successors; provided that if the foregoing ceases to be, and has no affiliate that is, a primary U.S. Government securities
dealer (a “Primary Treasury Dealer”), the Company will substitute for it another Primary Treasury Dealer. 
  
 “Reference Treasury Dealer Quotations” means, with respect to each Reference Treasury Dealer and any Redemption Date, the average, as determined
by the Independent Investment Banker, of the bid and asked prices for the Comparable Treasury Issue (expressed in each case as a percentage of its principal amount) quoted in writing to the Independent Investment Banker at 5:00 p.m., New York City
time, on the third Business Day preceding such Redemption Date. 
  
 The Company will mail notice of redemption at least 30 days but not more than 60 days before the applicable Redemption Date to each Holder of this Security or the portion thereof to be redeemed. If the Company elects to partially redeem
this Security, the Trustee will select the portion to be redeemed pursuant to Section 1103 of the Indenture. Notwithstanding Section 1104 of the Indenture, the notice of such redemption need not set forth the Redemption Price but only the manner of
calculation thereof. The Company shall give the Trustee notice of such Redemption Price immediately after the calculation thereof. 
  
 Upon the payment of the Redemption Price plus accrued and unpaid interest, if any, to the date of redemption, interest will cease to accrue on and after
the applicable Redemption Date on the Securities or portions thereof called for redemption. 
  

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 BRE PROPERTIES, INC., a corporation duly organized and existing under the laws of the State of Maryland
(hereinafter called the “Company”, which term includes any successor corporation under the Indenture referred to below), for value received, hereby promises to pay to CEDE & CO. or registered assigns, the principal sum of FIFTY
MILLION Dollars ($50,000,000.00) on the Maturity Date specified above (except to the extent redeemed or repaid prior to such date) and to pay interest thereon, if any, from the Original Issue Date specified above or from the most recent Interest
Payment Date (as defined below) to which interest has been paid or duly provided for, on the principal amount hereof at the Interest Rate per annum specified above (computed on the basis of a 360-day year of twelve 30-day months), semi-annually in
arrears on the Interest Payment Date, commencing with the Interest Payment Date next succeeding the Original Issue Date specified above, and at Maturity, until the principal hereof is paid or duly provided for. Unless otherwise specified on the face
hereof, the “Interest Payment Dates” shall be June 15 and December 15 of each year. The “Regular Record Dates” shall be June 1 for a June 15 Interest Payment Date and December 1 for a December 15 Interest Payment
Date and the date that is 15 calendar days immediately preceding any other Interest Payment Date, whether or not such date shall be a Business Day. Unless this Security is a Security which has been issued upon transfer of, in exchange for, or in
replacement of, a Predecessor Security (as hereinafter defined), interest on this Security shall accrue from the Original Issue Date indicated above. “Predecessor Security” of any particular Security means every previous security
evidencing all or a portion of the same debt as that evidenced by such particular Security and, for the purposes of this definition, any Security authenticated and delivered under Section 306 of the Indenture in exchange for or in lieu of a
mutilated, destroyed, lost or stolen Security shall be deemed to evidence the same debt as the mutilated, destroyed, lost or stolen Security. If this Security has been issued upon transfer of, in exchange for, or in replacement of, a Predecessor
Security, interest on this Security shall accrue from the last Interest Payment Date to which interest was paid on such Predecessor Security or, if no interest was paid on such Predecessor Security, from the Original Issue Date indicated above. The
interest so payable, and paid or duly provided for, on any Interest Payment Date shall, as provided in the Indenture, be paid to the Person in whose name this Security (or one or more Predecessor Securities) is registered at the close of business on
the Regular Record Date specified above (whether or not a Business Day) next preceding such Interest Payment Date. Notwithstanding the foregoing, (a) if the Original Issue Date of this Security is after a Regular Record Date and before the
corresponding Interest Payment Date, interest so payable for the period from and including the Original Issue Date to but excluding such Interest Payment Date shall be paid on the next succeeding Interest Payment Date to the Holder hereof on the
related Regular Record Date; and (b) interest payable at Maturity shall be paid to the Person to whom principal is payable. 
  
 Except as otherwise provided in the Indenture, any interest not punctually paid or duly provided for will forthwith cease to be payable to the Holder on
such Regular Record Date and may either be paid to the Person in whose name this Security (or one or more Predecessor Securities) is registered at the close of business on a Special Record Date for the payment of such Defaulted Interest to be fixed
by the Trustee, notice of which shall be given to Holders of Securities of this series not less than 10 days prior to such Special Record Date, or be paid at any time in any other lawful manner not inconsistent with the requirements of any
securities exchange on which the Securities of this series may be listed, and upon such notice as may be required by such exchange, all as more fully provided in the Indenture. 
  
 Notwithstanding the foregoing, if an Addendum is attached hereto or “Other/Additional Provisions” apply to this
Security as specified above, this Security shall be subject to the terms set forth in such Addendum or such “Other/Additional Provisions.” 
  
 The principal of, premium, if any, and interest, if any, on, this Security is payable by the Company in the Specified Currency specified above. If this
Security is denominated in a Foreign Currency, in the event that the Foreign Currency is not available for payment at a time at which any payment is required hereunder due to the imposition of exchange controls or other circumstances beyond the
Company’s control or is no longer used by the government of the country issuing such currency or for the settlement of transactions by public institutions within the international banking community, the Company may, in full satisfaction of its
obligation to make such payment, make instead a payment in an equivalent amount of US dollars, determined by the Exchange Rate Agent, as defined below, on the basis of the Market Exchange Rate for such Foreign Currency on the second Business Day
prior to such payment date or, if such Market Exchange Rate is not then available, on the basis of the most recently available Market Exchange Rate; provided, however, that if such Specified Currency is replaced by the Euro, the payment of principal
of (and premium, if any) or interest, if any, on this Security denominated in such currency shall be effected 
  

 3 

 in the Euro in conformity with legally applicable measures taken pursuant to, or by virtue of, the treaty establishing
the European Community, as amended by the treaty on European Unity. The “Exchange Rate Agent” will initially be J.P. Morgan Trust Company, National Association, but may be such other person as designated by the Company from time to time.
The “Market Exchange Rate” for the Specified Currency means the noon dollar buying rate in The City of New York for cable transfers for the Specified Currency as certified for customs purposes by (or if not so certified, as otherwise
determined by) the Federal Reserve Bank of New York. Any payment made under such circumstances in U.S. dollars or the Euro where the required payment is in a Specified Currency other than U.S. dollars or the Euro, respectively, will not constitute
an Event of Default (as defined in the Indenture). 
  
 If the
Specified Currency is a composite currency and if such composite currency is unavailable due to the imposition of exchange controls or other circumstances beyond the Company’s control, then the Company will be entitled to satisfy its
obligations to the Holder of this Security by making such payment in U.S. dollars. The amount of each payment in U.S. dollars shall be computed by the Exchange Rate Agent on the basis of the equivalent of the composite currency in U.S. dollars. The
component currencies of the composite currency for this purpose (collectively, the “Component Currencies” and each, a “Component Currency”) shall be the currency amounts that were components of the composite currency as of the
last day on which the composite currency was used. The equivalent of the composite currency in U.S. dollars shall be calculated by aggregating the U.S. dollar equivalents of the Component Currencies. The U.S. dollar equivalent of each of the
Component Currencies shall be determined by the Exchange Rate Agent on the basis of the most recently available Market Exchange Rate for each such Component Currency, or as otherwise specified on the face hereof. 
  
 If the official unit of any Component Currency is altered by way of
combination or subdivision, the number of units of the currency as a Component Currency shall be divided or multiplied in the same proportion. If two or more Component Currencies are consolidated into a single currency, the amounts of those
currencies as Component Currencies shall be replaced by an amount in such single currency equal to the sum of the amounts of the consolidated Component Currencies expressed in such single currency. If any Component Currency is divided into two or
more currencies, the amount of the original Component Currency shall be replaced by the amounts of such two or more currencies, the sum of which shall be equal to the amount of the original Component Currency. 
  
 All determinations referred to above made by the Exchange Rate Agent shall be
at its sole discretion and shall, in the absence of manifest error, be conclusive for all purposes and binding on the Holder of this Security. 
  
 Until this Security is paid in full or payment therefor in full is duly provided for, the Company will at all times maintain a Paying Agent (which Paying
Agent may be the Trustee) in The Borough of Manhattan in The City of New York. The Company has initially appointed J.P. Morgan Trust Company, National Association as the Paying Agent at its corporate trust offices at the J.P. Morgan Trust Company,
National Association, in care of JPMorgan Chase Bank, Institutional Corporate Trust Securities Window, 55 Water Street, Room 234, North Building, New York, New York 10041. 
  
 If this Security is a Global Security: Unless stated to the contrary on the face hereof, this Security is issuable
only in registered form without coupons in Book-Entry form represented by one or more global notes (each a “Global Security”) registered in the name of Cede & Co., or in the name of another nominee of The Depository Trust Company (the
“DTC”). The single global security will represent all notes issued on the same day and having the same terms, including, without limitation, the same interest payment dates, rate of interest, maturity and redemption or repayment
provisions, if any. 
  
 Payments of principal, premium, if any,
and interest, if any, on this Security will be made to DTC or its nominee, as Holder of this Security, by wire transfer of immediately available funds. 
  
 If this Security is not a Global Security: Payment of interest, if any, on this Security will be made on any Interest Payment Date (other than at
Maturity) by check mailed to the Person entitled thereto at such Person’s last address as it appears in the Security Register or, in the case of a Holder of $10,000,000 (or, if the specified currency is other than U.S. dollars, the equivalent
thereof in the specified currency) or more in aggregate principal amount of Securities of this series whether having identical or different terms and provisions, by wire transfer of immediately available funds if the applicable Holder has delivered
appropriate wire transfer instructions in writing to the Paying 
  

 4 

 Agent not later than 15 calendar days prior to the applicable Interest Payment Date and, unless revoked by written notice
to the Paying Agent received by the Paying Agent on or prior to the Regular Record Date immediately preceding the applicable Interest Payment Date, shall remain in effect with respect to any further payments with respect to this Security payable to
such Holder. Payment of principal of, premium, if any, and interest, if any, on this Security at Maturity will be made in immediately available funds, upon presentation and surrender of this Security and in the case of any repayment on an optional
repayment date, upon submission of a duly completed election form, if and as required by the provisions relating to repayment of the securities at the option of the Holder, at the office or agency maintained by the Company for that purpose in The
Borough of Manhattan, The City of New York, which at the date hereof is the corporate trust office of the Trustee located at the J.P. Morgan Trust Company, National Association, in care of JPMorgan Chase Bank, Institutional Trust Securities Window,
55 Water Street, Room 234, North Building, New York, New York 10041. 
  
 No service charge shall be made for any such registration of transfer or exchange, but the Company may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith. 
  
 Any payment on this Security due on any day which is not a Business Day need
not be made on such day, but may be made on the next succeeding Business Day with the same force and effect as if made on the due date and no additional interest shall accrue on the amount so payable for the period from and after such date. For
purposes of this Security, “Business Day” means any day that is not a Saturday or Sunday and that is not a legal holiday or a day on which banking institutions are generally authorized or obligated by law, regulation or executive
order to close in the City of New York, New York or any other place where the principal of, premium, if any, and interest on, the Security is payable. 
  
 Reference is hereby made to the further provisions of this Security set forth on the reverse hereof, which further provisions shall for all purposes have
the same effect as if set forth at this place. 
  
 Unless the
certificate of authentication hereon has been executed by the Trustee referred to on the reverse hereof by manual signature or its duly authorized agent referred to on the reverse hereof by manual signature, this Security shall not be entitled to
any benefit under the Indenture (as defined on the Reverse of Note) or be valid or obligatory for any purpose. 
  

 5 

 IN WITNESS WHEREOF, the Company has caused this instrument to be duly executed. 
  
 Dated: 
  

			
	BRE PROPERTIES, INC.
		
	 By:
	 	  

	 	 	 Frank C. McDowell

	 	 	 Chief Executive Officer

  
 ATTEST: 
  

	
	

	 Edward F. Lange, Jr.

	 Executive Vice President, Chief Financial

	 Officer and Secretary

  
 TRUSTEE’S CERTIFICATE OF
AUTHENTICATION 
  
 This is one of the Securities of the 
 series designated therein referred to 
 in the within-mentioned Indenture.

  

			
	J.P. MORGAN TRUST COMPANY, NATIONAL ASSOCIATION,
	    as Trustee
	
	By:

	      Authorized Signatory

  

 6 

 [Reverse of Note] 
  

BRE PROPERTIES, INC. 
  
 MEDIUM-TERM FIXED RATE NOTE 
  
 DUE NINE MONTHS OR MORE FROM THE DATE OF ISSUE 
  
 General 
  
 This Security is one of a duly authorized issue of securities of the Company (herein called the “Securities”), of the series hereinafter specified and issued under an Indenture dated as of June 23,
1997, as amended by a First Supplemental Indenture dated as of April 23, 1998 (as further amended or supplemented from time to time, the “Indenture”), between the Company and J.P. Morgan Trust Company, National Association
(successor to Chase Manhattan Bank and Trust Company, National Association), as Trustee (herein called the “Trustee”, which term includes any successor trustee under the Indenture), and reference is hereby made to the Indenture, and
the Officers’ Certificate filed with the Trustee on December 6, 2001 pursuant to Section 301 of the Indenture creating the series designated on the face hereof, for a statement of the respective rights, limitations of rights, duties and
immunities thereunder of the Company, the Trustee and the Holders of the Securities, and of the terms upon which the Securities are, and are to be, authenticated and delivered. The acceptance of this Security shall be deemed to constitute the
consent and agreement by the Holder hereof to all of the terms and provisions of the Indenture. This Security is one of the series of the Securities designated above, of the Company, which series is limited initially to an aggregate principal amount
of $300,000,000 or the equivalent thereof in one or more foreign or composite currencies, provided, however that the series may be reopened, without the consent of the Holders, for the issuance of additional Securities as may be authorized by the
Company from time to time. The Securities of this series may mature at different times, bear interest, if any, at different rates, be redeemable at different times or not at all, be repayable at the option of the Holder at different times or not at
all, be issued at an original issue discount and be denominated in different currencies. 
  
 The Securities are issuable in registered form without coupons, unless otherwise specified on the face hereof, and will be either (a) book-entry securities represented by one or more global securities recorded in the
book-entry system maintained by DTC or any successor to DTC in its capacity as depository for the Securities (the “Depository”) or (b) certificated securities issued to and registered in the names of, the beneficial owners or their
nominees. 
  
 Covenants 
  
 The Company shall be subject to the covenants and agreements contained in
the Indenture with respect to the Securities. 
  
 Events of Default

  
 If an Event of Default, as defined in the Indenture, with
respect to Securities of this series shall occur and be continuing, the principal of the Securities of this series may be declared due and payable in the manner and with the effect provided in the Indenture. 
  
 Modification and Waivers; Obligation of the Company Absolute 
  
 The Indenture permits, with certain exceptions as therein provided, the
Company, when authorized by or pursuant to a board resolution, and the Trustee to enter into an indenture or indentures supplemental to the Indenture for the purpose of adding any provisions to or changing in any manner or eliminating any of the
provisions of the Indenture or of the Securities of a series or of modifying in any manner the rights of the Holders of the Securities of a series under the Indenture, with the consent of the Holders of not less than a majority in principal amount
of all outstanding Securities of each series affected by such supplemental indenture, by act of said Holders delivered to the Company and the Trustee. The Indenture also contains provisions permitting the Company to omit in any particular

  

 7 

 instance to comply with any term, provision or condition set forth in the covenants contained in the Indenture, if before
or after the time for such compliance the Holders of at least a majority in principal amount of all outstanding Securities of such series, by act of such Holders, either waive such compliance in such instance or generally waive compliance with such
covenant or condition, but no such waiver shall extend to or affect such covenant or condition except to the extent so expressly waived, and, until such waiver shall become effective, the obligations of the Company and the duties of the Trustee in
respect of any such term, provision or condition shall remain in full force and effect. Certain past defaults under the Indenture and their consequences may be waived under the Indenture by the Holders of not less than a majority in principal amount
of the outstanding Securities of a series, on behalf of the Holders of all Securities of such series. 
  
 No reference herein to the Indenture and no provision of this Security or of the Indenture shall alter or impair the obligation of the Company, which is
absolute and unconditional, to pay the principal of, premium, if any, and (subject to Sections 305 and 307 of the Indenture) interest on, and any Additional Amounts in respect of, this Security on the respective due dates prescribed. 
  
 Defeasance and Covenant Defeasance 
  
 The Indenture contains provisions for defeasance at any time of (a) the
entire indebtedness on this Security and (b) certain restrictive covenants and certain Events of Default, upon compliance by the Company with certain conditions set forth therein, which provisions apply to this Security. 
  
 Redemption 
  
 If so provided on the face hereof, the Company may at its option redeem this Security in whole or from time to time in part
in increments of $1,000, or any other integral multiple of an authorized denomination specified on the face hereof, (provided that any remaining principal amount of this Security shall not be less than $1,000 or such other minimum authorized
denomination hereof) on or after the date designated as the Initial Redemption Date on the face hereof at 100% of the unpaid principal amount hereof or the portion thereof redeemed multiplied by a percentage (the “Redemption Percentage”),
together with accrued interest, if any, to the Redemption Date. The Redemption Percentage shall initially be equal to the Initial Redemption Percentage specified on the face hereof and shall decline at each anniversary of the Initial Redemption Date
by the amount of the Annual Redemption Percentage Reduction specified on the face hereof, until the Redemption Percentage is equal to 100%. The Company may exercise such option by causing the Trustee to mail a notice of such redemption not less than
30 nor more than 60 calendar days prior to the applicable Redemption Date to each Holder of the Securities of this series to be redeemed. In the event of redemption of this Security in part only, the Company shall execute and the Trustee shall
authenticate and deliver to the Holder of such Security, without service charge, a new Security or Securities, of any authorized denomination as requested by such Holder in aggregate principal amount equal to and in exchange for the unredeemed
portion of the principal of the Security so surrendered. If less than all of the Securities of this series issued on the same day with the same terms are to be redeemed, the Securities to be redeemed shall be selected by the Trustee by such method
as the Trustee shall deem fair and appropriate. 
  
 Sinking Fund

  
 Unless otherwise specified on the face hereof, this
Security will not be subject to, or entitled to the benefit of any sinking fund. 
  
 Repayment at Holder’s Option 
  
 If so
provided on the face hereof, this Security will be repayable prior to the Maturity Date at the option of the Holder, in whole or in part and in increments of $1,000 (provided that any remaining principal amount of this Security surrendered for
partial repayment shall not be less than the minimum authorized denomination hereof), on or after the date designated as an Optional Repayment Date on the face hereof at 100% of the unpaid principal amount to be repaid, plus accrued unpaid interest,
if any, to the Repayment Date. In order for this Security to be repaid, the Trustee must receive at the applicable address of the Trustee set forth below or at such other place or places of which the Company shall from time to time notify the Holder
of the within Security, not less than 30 nor 
  

 8 

 more than 60 calendar days prior to an Optional Repayment Date, this Security and, in the case of a certificated note,
with the form below entitled “Option to Elect Repayment” duly completed, or, in the case of a Global Security, repayment instructions from the applicable beneficial owner to the Depository and forwarded by the Depository. Any such election
shall be irrevocable. The address to which such deliveries are to be made is the corporate trust office of the Trustee located on the date hereof at 101 California Street, Suite 3800, San Francisco, CA 94111-5830 (or at such other place as the
Company shall notify the Holders of the Securities of this series). All questions as to the validity, eligibility (including time of receipt) and acceptance of any Security for repayment will be determined by the Company, whose determination will be
final and binding. Upon any partial repayment, this Security shall be cancelled and a new Security or Securities for the remaining principal amount hereof shall be issued in the name of the Holder of this Security. Beneficial owners of Global
Securities electing to have all or a portion of their book-entry Securities repaid must instruct the participant through which they own their interest to direct DTC or its nominee as Holder of the Security to exercise the repayment option on their
behalf. 
  
 Authorized Denominations 
  
 Unless otherwise provided on the face hereof, this Security is issuable only
in registered form without coupons. Unless a different minimum authorized denomination is set forth on the face hereof, this Security is issuable in minimum denominations of (i) if the Specified Currency of this Security is U.S. dollars, U.S. $1,000
and in any larger amount in integral multiples of $1,000, and (ii) if the Specified Currency of this Security is a currency other than U.S. dollars (a “Foreign Currency”), the equivalent in such Foreign Currency determined in accordance
with the Market Exchange Rate (as defined below) for such Foreign Currency on the Business Day immediately preceding the date on which we accept an offer to purchase a Security, of U.S. $1,000 (rounded to an integral multiple of 1,000 units of the
Foreign Currency), and in any larger amount in integral multiples of 1,000 units. 
  
 Registration of Transfer 
  
 Upon surrender for
registration of transfer of this Security at the corporate trust office of the Trustee in The Borough of Manhattan, The City of New York, a new Security or Securities of this series in authorized denominations for an equal aggregate principal amount
will be issued to the transferee in exchange herefor, as provided in the Indenture and subject to the limitations provided therein and to the limitations described below, without charge except for any tax or other governmental charge imposed in
connection therewith. 
  
 If this Security is a Global Security,
this Security is exchangeable for definitive Securities in registered form only if (x) the Depository notifies the Company that it is unwilling or unable to continue as Depository for this Security or if at any time the Depository ceases to be a
clearing agency registered under the Securities Exchange Act of 1934, as amended, if so required by applicable law or regulation, and, in either case, the Company does not appoint a successor Depository with respect to this Security within 90 days
after receiving such notice or after becoming aware that the Depository has ceased to be so registered as a clearing agency, (y) the Company in its sole discretion determines that this Security shall be exchangeable for definitive Securities in
registered form and notifies the Trustee thereof or (z) an Event of Default with respect to the Securities represented hereby has occurred and is continuing and beneficial owners representing a majority in aggregate principal amount of the
outstanding Securities represented by the Global Security advise the Depository to cease acting as depository. If this Security is exchangeable pursuant to the preceding sentence, it shall be exchangeable for definitive Securities in registered
form, bearing interest at the same rate, having the same date of issuance, redemption provisions, Maturity Date and other terms and of authorized denominations aggregating a like amount. 
  
 If this Security is a Global Security (as specified above), this Security may not be transferred except as a whole to a
nominee of the Depository, or by a nominee of the Depository to the Depository, or to a successor of the Depository or to a nominee of such successor of the Depository. Except as provided above, owners of beneficial interests in this Global Security
will not be entitled to receive physical delivery of Securities in definitive form and will not be considered the Holders hereof for any purpose under the Indenture. 
  
 Prior to due presentment of this Security for registration of transfer, the Company, the Trustee and any agent of the
Company or the Trustee may treat the Person in whose name this Security is registered as the owner hereof for all purposes, whether or not this Security be overdue, and neither the Company, the Trustee nor any such agent shall be affected by notice
to the contrary. 
  

 9 

 No Personal Recourse 
  
 No recourse shall be had for the payment of the principal of, premium, if any, or interest, if any on, this Security, or for any claim based hereon, or
otherwise in respect hereof, or based on or in respect of the Indenture or any indenture supplemental thereto, against any incorporator, stockholder, officer or director, as such, past, present or future, of the Company or any of its respective
successor corporations (or other entities), whether by virtue of any constitution, statute or rule of law, or by any assessment or penalty or otherwise, all such liability being, by the acceptance hereof and as part of the consideration for the
issuance hereof, expressly waived and released. 
  
 Defined Terms

  
 All terms used in this Security which are defined in the
Indenture shall have the meanings assigned to them in the Indenture. 
  
 Governing Law 
  
 This Security shall be governed
by and construed in accordance with the law of the State of New York, without regard to principles of conflicts of laws, except to the extent that the Trust Indenture Act shall be applicable. 
  

 10 

 OPTION TO ELECT REPAYMENT 
  
 TO BE COMPLETED ONLY IF THIS SECURITY IS REPAYABLE 
 AT THE OPTION OF THE HOLDER AND THE HOLDER 
 ELECTS TO EXERCISE SUCH RIGHT 
  
 The undersigned hereby irrevocably requests and instructs the Company to
repay the within Security (or the portion thereof specified below), pursuant to its terms, on the Optional Repayment Date first occurring after the date of receipt by the Company of the within Security as specified below (the “Repayment
Date”), at a Repayment Price equal to 100% of the principal amount thereof, together with interest to the Repayment Date, to the undersigned,
                                        
            , at
                                        
         (please print or typewrite name and address of the undersigned). 
  
 For this option to elect repayment to be effective, the Company must receive, at the applicable address of the Paying Agent set forth in the within
Security or at such other place or places of which the Company shall from time to time notify the Holder of the within Security, at least 30 but not more than 60 calendar days prior to an Optional Repayment Date, either (i) this Security, with this
“Option to Elect Repayment” form duly completed, or (ii) a telegram, telex, facsimile transmission, or letter from a member of a national securities exchange or the National Association of Securities Dealers, Inc. or a commercial bank or a
trust company in the United States of America setting forth (a) the name, address and telephone number of the Holder of the Security, (b) the principal amount of the Security and the amount of the Security to be repaid, (c) a statement that the
option to elect repayment is being irrevocably exercised thereby, and (d) a guarantee stating that the Security to be repaid with the form entitled “Option to Elect Repayment” on the addendum to the Security duly completed will be received
by the Company not later than five Business Days after the date of such telegram, telex, facsimile transmission or letter (and such Security and form duly completed are received by the Company by such fifth Business Day). 
  
 If less than the entire principal amount of the within Security is to be
repaid, specify the portion thereof (which shall be an integral multiple of $1,000) which the holder elects to have repaid:
$                    . 
  
 If less than the entire principal amount of the within Security is to be repaid, specify the denomination or denominations (which shall be $1,000 or an
integral multiple thereof) of the Security or Securities to be issued to the holder for the portion of the within Securities not being repaid (in the absence of any specification, one such Security will be issued for the portion not being repaid):
$                    . 
  
 Date:                      
  
 Notice: The signature to this Option to Elect 
 Repayment must correspond with the name as 
 written on the face of the within Security in 
 every particular without alteration or 
 enlargement or any change whatsoever. 
  

 11 

 ABBREVIATIONS 
  
 The following abbreviations, when used in the inscription on the face of this instrument, shall be construed as though they were written out in full
according to applicable laws or regulations: 
  
 TEN COM –
as tenants in common 
  
 TEN ENT – as tenants by the
entireties 
  
 JT TEN – as joint tenants with right of
survivorship and not as tenants in common 
  
 UNIF GIFT MIN ACT
–                              Custodian
                             
                                     (Custodian)
                            (Minor) 
  
 Under Uniform Gifts to Minors Act 
  

			
	 	 	

	 	 	 (State)

  
 Additional
abbreviations may also be used though not in the above list. 
  
 FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto 
  
 Please Insert Social Security or 
 Other Identifying Number of Assignee 
  

  

  

  

 (PLEASE PRINT OR TYPE NAME AND ADDRESS INCLUDING POSTAL 
 ZIP CODE OF ASSIGNEE) 
  
 the within Security of BRE PROPERTIES, INC. and all rights thereunder and does hereby irrevocably constitute and appoint
                             attorney to transfer the said Security on the books of the within-named
Company, with full power of substitution in the premises. 
  
 Dated:
                                        
             
  

			
	 	 	

	 Signature Guaranteed:

  
 NOTICE: The signature to this
assignment must correspond with the name as written upon the face of the within Security in every particular, without alteration or enlargement or any change whatsoever. 
  

 12

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