EQUITY RESIDENTIAL (EQR)

Deferred Compensation Agreement with Mr. Spector

The Company entered into a Deferred Compensation Agreement with Mr. Spector in January 2002 which provides him with a ten-year cash retirement benefit after the termination of his employment with the Company. Mr. Spector’s ten annual installments commenced on January 1, 2009 with an annual payment of $643,887. The present value estimate of these payments as of December 31, 2008 is $4,046,234.

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Deferred Compensation Agreement with Mr. Spector

The Company entered into a Deferred Compensation Agreement with Mr. Spector in January 2002 which provides him with a ten year salary benefit after the termination of his employment with the Company, based upon his prior 15 years of service with the Company. Provided Mr. Spector does not voluntarily leave the Board prior to age 62 in late 2008, the current estimate of Mr. Spector’s ten annual installment payments to commence on January 1, 2009 is $643,887, which amount is subject to increase by a CPI index through December 31, 2008. The present value estimate of these payments at 6.525% is $4,774,221 as of December 31, 2007.