Equity LifeStyle Properties is a real estate investment trust (REIT) traded on the New York Stock Exchange under the symbol "ELS." Our size, national scope and status as a publicly traded company afford us benefits unavailable to smaller, private owners. We have access to capital that allows us to grow, and to expand and upgrade existing communities. We are able to streamline our management operations, owning multiple communities in the same market areas. Our broad presence in 28 states and British Columbia protects the company from economic downturns in any one market. Furthermore, our reputation allows us to attract and retain some of the best employees in the business.

Our portfolio of communities has grown significantly since our initial public offering when Equity LifeStyle's owned and managed, or had a controlling interest in 40 communities with 12,000 home sites compared to over 300 communities with more than 110,000 sites today. Our regional management offices located in key areas of the country keep us close to our communities and help us effectively manage our expansive portfolio. We continue to add to our portfolio carefully, looking for communities that meet our high standards.

While we have been a public company only since 1993, we have been in the business for over thirty years. We have done much in that time to consolidate a highly fragmented industry, improve service levels to residents and elevate the reputation of manufactured housing overall. We believe our companywide strengths, combined with the increasing popularity of the lifestyle found in our communities, ensure our growth and continued success in the future.

Sincerely,
Equity Lifestyle Properties