Mr. Gregory H. Smith

Gregory H. Smith, 56, has been Executive Vice President - Portfolio Management of the Company since January 2004.Mr. Smith was President - Central Division of the Company from April 1999 to December 2003.

0001221305 SMITH GREGORY H TWO NORTH RIVERSIDE PLAZA CHICAGO IL 60606 0 1 0 0 Executive Vice President

Gregory H. Smith, 52, has been Executive Vice President,Portfolio Investment since January 1, 2004, and an Executive Vice President since December 1994.Mr. Smith was also President,Central Division from April 1999 to December 2003.

Gregory H. Smith, 50, has been Executive Vice President of EQUITY RESIDENTIAL PROPERTIES TRUST since December 1994 and President,Central Division since April 1999.

Multifamily market "I think the multifamily market is presently in a very steady period," says Greg Smith, president of the central division at Equity Residential Properties Trust in Chicago.The company divides Chicago into three distinct markets, which include downtown, the western suburbs of DuPage County and the north and northwest suburbs including Cook County, adds Smith.

The downtown market is exceptionally strong, and there are high barriers to entry because of the lack of suitable land."You have a very strong condo conversion market and a strong desirability from a lifestyle perspective to be in downtown," says Smith.

Chicago is experiencing high occupancies that average 97%, while rents are growing at a rate of 5% to 7% per year, according to Equity Residential.

The west suburban market is home to the bulk of apartment development activity.Because of the ongoing construction in that sector, occupancies are slightly lower at approximately 94%, notes Smith.Over the last five years, 20 properties have come on line with approximately 6,000 new units.The construction has produced some softening in the market, and concessions have emerged at some of the new properties.New apartments are offering upfront concessions of one-half to one-month free rent during lease-up.The construction also has created a lower rate of rent increases at around 3%.

Construction in the north and northwest suburbs has produced about 1,000 to 1,500 new units each year, which has resulted in 95% occupancy and rental rate increases of 4% to 5% per year, says Smith.Through a joint venture with

Lincoln Property Co., Equity Residential opened a new apartment in the northwest suburb of Lake Zurich earlier this summer.The Landings is a Class-A apartment project with more than 200 units.

"I think the question over the next few years will be the availability of land and the ability to build [multifamily properties] on that land," says Smith.

In downtown Chicago, the apartment occupancy rate slipped from 97% to 95% in 2001, estimates Greg Smith, president of Chicago-based Equity Residential Property Trust's central division."We may see occupancies in many submarkets, including downtown, slip a little more," Smith says.He foresees more job losses in the metro area and predicts that "the first quarter of 2002 may be the most difficult for the local rental market.

Greg Smith, President - Central Division, Equity Residential Properties Trust

Gregory H. Smith, 54, has been Executive Vice President - Portfolio Management of the Company since January 2004.Mr. Smith was President - Central Division of the Company from April 1999 to December 2003.

Greg Smith, President, Equity Residential, Central Division