<SEC-DOCUMENT>0001104659-26-065242.txt : 20260521
<SEC-HEADER>0001104659-26-065242.hdr.sgml : 20260521
<ACCEPTANCE-DATETIME>20260521171038
ACCESSION NUMBER:		0001104659-26-065242
CONFORMED SUBMISSION TYPE:	425
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20260521
DATE AS OF CHANGE:		20260521

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			AVALONBAY COMMUNITIES INC
		CENTRAL INDEX KEY:			0000915912
		STANDARD INDUSTRIAL CLASSIFICATION:	REAL ESTATE INVESTMENT TRUSTS [6798]
		ORGANIZATION NAME:           	05 Real Estate & Construction
		EIN:				770404318
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		425
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-12672
		FILM NUMBER:		261009830

	BUSINESS ADDRESS:	
		STREET 1:		4040 WILSON BOULEVARD
		STREET 2:		STE 1000
		CITY:			ARLINGTON
		STATE:			VA
		ZIP:			22203
		BUSINESS PHONE:		7033296300

	MAIL ADDRESS:	
		STREET 1:		4040 WILSON BOULEVARD
		STREET 2:		STE 1000
		CITY:			ARLINGTON
		STATE:			VA
		ZIP:			22203

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	AVALON BAY COMMUNITIES INC
		DATE OF NAME CHANGE:	19980618

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	BAY APARTMENT COMMUNITIES INC
		DATE OF NAME CHANGE:	19931208

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			AVALONBAY COMMUNITIES INC
		CENTRAL INDEX KEY:			0000915912
		STANDARD INDUSTRIAL CLASSIFICATION:	REAL ESTATE INVESTMENT TRUSTS [6798]
		ORGANIZATION NAME:           	05 Real Estate & Construction
		EIN:				770404318
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		425

	BUSINESS ADDRESS:	
		STREET 1:		4040 WILSON BOULEVARD
		STREET 2:		STE 1000
		CITY:			ARLINGTON
		STATE:			VA
		ZIP:			22203
		BUSINESS PHONE:		7033296300

	MAIL ADDRESS:	
		STREET 1:		4040 WILSON BOULEVARD
		STREET 2:		STE 1000
		CITY:			ARLINGTON
		STATE:			VA
		ZIP:			22203

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	AVALON BAY COMMUNITIES INC
		DATE OF NAME CHANGE:	19980618

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	BAY APARTMENT COMMUNITIES INC
		DATE OF NAME CHANGE:	19931208
</SEC-HEADER>
<DOCUMENT>
<TYPE>425
<SEQUENCE>1
<FILENAME>tm2615343d4_425.htm
<DESCRIPTION>425
<TEXT>
<HTML>
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Filed by AvalonBay Communities, Inc.<BR>
pursuant to Rule 425 under the Securities Act of 1933<BR>
and deemed filed pursuant to Rule 14a-12<BR>
under the Securities Exchange Act of 1934</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;Subject Company: AvalonBay Communities, Inc.<BR>
Commission File No.: 001-12672</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The below transcript is drawn from a joint conference
call held on May 21, 2026 by AvalonBay Communities, Inc. (&ldquo;AvalonBay&rdquo;) and Equity Residential (&ldquo;Equity Residential&rdquo;)
 regarding the pending merger of equals between AvalonBay and Equity Residential.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 24pt Times New Roman, Times, Serif; margin: 0pt 0">Call Participants</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #666666"><B>EXECUTIVES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Benjamin W. Schall</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B></B><I>President, CEO &amp; Director</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>AvalonBay Communities, Inc.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Mark J. Parrell</B> <I></I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>President, CEO &amp; Trustee</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>Equity Residential</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Marty McKenna</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>Senior Vice President of Investor and Public Relations</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>Equity Residential</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 50%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1pt; color: #666666"><B>ANALYSTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1pt"><B>Adam Kramer</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1pt"><I>Morgan Stanley, Research Division</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>&nbsp;</I></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1pt">Alex Kim</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1pt"><I>Zelman &amp; Associates LLC</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>&nbsp;</I></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1pt">Alexander David Goldfarb</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1pt"><I>Piper Sandler &amp; Co., Research Division</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>&nbsp;</I></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1pt">Eric Jon Wolfe</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1pt"><I>Citigroup Inc., Research Division</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>&nbsp;</I></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1pt">Haendel Emmanuel St. Juste</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1pt"><I>Mizuho Securities USA LLC, Research</I></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1pt"><I>Division</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>&nbsp;</I></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1pt">John Joseph Pawlowski</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1pt"><I>Green Street Advisors, LLC, Research</I></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1pt"><I>Division</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>&nbsp;</I></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1pt">John P. Kim</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1pt"><I>BMO Capital Markets Equity Research</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>&nbsp;</I></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1pt">Julien Blouin</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1pt"><I>Goldman Sachs Group, Inc., Research</I></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1pt"><I>Division</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>&nbsp;</I></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1pt">Michael Goldsmith</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1pt"><I>UBS Investment Bank, Research</I></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1pt"><I>Division</I></P>
</TD>
  <TD STYLE="width: 50%"><P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1pt">Nicholas Gregory Joseph</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1pt"><I>Citigroup Inc., Research Division</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1pt"><B>Nicholas Philip Yulico </B><I></I></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1pt"><I>Scotiabank Global Banking
and</I></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1pt"><I>Markets, Research Division</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>&nbsp;</I></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1pt">Omotayo Tejumade Okusanya</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1pt"><I>Deutsche Bank AG, Research Division</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>&nbsp;</I></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1pt">Richard Allen Hightower</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1pt"><I>Barclays Bank PLC, Research Division</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1pt"><B>Richard Charles Anderson </B><I></I></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1pt"><I>Cantor Fitzgerald
 &amp; Co., Research</I></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1pt"><I>Division</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1pt"><B>Stephen Thomas Sakwa </B><I></I></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1pt"><I>Evercore ISI Institutional
Equities,</I></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1pt"><I>Research Division</I></P>
</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>


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<P STYLE="font: bold 24pt Times New Roman, Times, Serif; margin: 0pt 0">Presentation</P>

<P STYLE="font: bold 24pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Operator</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Good morning, ladies and gentlemen, and welcome to the AvalonBay Communities
and Equity Residential's Merger of Equals Joint Conference Call. [Operator Instructions]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Your host for today's conference call is Marty McKenna, Senior Vice
President of Investor and Public Relations at Equity Residential. You may begin your conference call.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Marty McKenna</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>Senior Vice President of Investor and Public Relations</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Thank you.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Good morning, and thanks for joining us to discuss Equity Residential
and AvalonBay's merger deals. Our featured speakers today are Ben Schall, President and CEO of AvalonBay; and Mark Parrell, President
and CEO of Equity Residential.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 6.05pt 0pt 0">Both the press release and investor presentation are available
on both companies' investor websites. Please be advised that certain matters discussed during this conference call may constitute forward-looking
statements within the meaning of the federal securities laws. These forward-looking statements are subject to certain economic risks and
uncertainties. The company assumes no obligation to update or supplement these statements that become untrue because of subsequent events.
Now I will turn the call over to Ben Schall.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 6.05pt 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Benjamin W. Schall</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>President, CEO &amp; Director</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Good morning, everyone, and thank you for joining us. On behalf of
both companies and our Boards of Directors and trustees, Mark and I are extremely excited to announce the merger of equals between AvalonBay
Communities and Equity Residential. This is a landmark combination, the largest merger in the modern REIT era and one that we believe
creates a new and fundamentally stronger company with the capabilities, scale and balance sheet strength to redefine leadership in rental
housing, enhance the experience of our residents and deliver structurally superior earnings growth, dividend growth and value creation
for shareholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Our combination brings together 2 premier public apartment companies
with complementary portfolios, spanning over 180,000 apartment homes and with a pro forma enterprise value of almost $70 billion, more
than 2.5x the next closest peer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">With that said, we want to emphasize upfront that our combination is
not about getting bigger just to be bigger. The opportunity is to create a meaningfully stronger company, a true newco that will draw
on the foundational strengths of both organizations, while also bringing together a newly formed team, creating a new culture and building
a differentiated set of capabilities that will drive a step function change in our growth profile relative to what either company could
achieve on its own.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Both companies have built industry-leading platforms over many years
with deep talent and associates who truly care strong cultures, operating discipline, development expertise and long-standing trusted
relationships with residents, associates, communities and investors. Our ambition to build on those foundations to create a combined company
that is stronger together, one that leverages its exceptional people and differentiated capabilities to unlock a structurally higher growth
profile.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Stronger together starts by creating a durable operating advantage.
Newco will be powered by a leading operating platform that leverages technology, AI, centralized services and leading regional teams enhancing
the resident experience while driving operating efficiencies and margin expansion. Operational scale matters because it allows us to spread
operating and technology investments across a much larger base of homes at a meaningfully lower cost per unit. It also provides greater
data richness, stronger market knowledge and deeper within market density, all of which improve decision-making across leasing, maintenance,
resident services, marketing, purchasing and capital allocation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.95pt 0pt 0">Stronger together also means further unleashing earnings
growth and value creation through development. Combined company will have a near-term tailwind of over $4 billion of development under
construction, more than 10,000 market rate and dedicated affordable apartments across 32 communities. Our intention is to accelerate and
further grow our development activity to generate even stronger returns for shareholders while also increasing overall housing stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.95pt 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 6.05pt 0pt 0">Every home we build creates construction jobs,
supports local subcontractors and suppliers and expands the property tax base that funds schools, infrastructure and public
services. Third, Stronger Together means combining 2 of the industry's strongest balance sheets, 1 that will have robust access to
capital, including over $2 billion of annual cash flow and self-funding capacity to deploy into external growth opportunities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 6.05pt 0pt 0">Our focus will be on allocating capital to those opportunities
with the highest risk-adjusted returns from development to NOI enhancing reinvestment to acquisitions and other strategic opportunities.
With a larger and more diverse asset base, combined with stronger internal and external growth, the combined company will be positioned
for a more enduring cost of capital advantage to further facilitate future growth.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 6.05pt 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 2.85pt 0pt 0">And finally, stronger together means drawing on the immense
talent from both organizations. While we are not announcing the leadership team today, we expect the management team to include substantial
representation from both companies as will be true down through the new organization. There's a long-standing mutual respect that exists
between both companies that creates the foundation for success together. Looking forward, we are excited to build on that foundation by
investing in our people, adopting best practices that will position us as an employer of choice, and tapping into the next layers of leadership
to pursue new areas of growth.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 2.85pt 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 9.4pt 0pt 0">We also recognize that a combination of this size comes with
responsibility to residents, to the communities where we operate and to the broader housing market. We welcome that responsibility. We
have our track record and our commitments demonstrate that we take it seriously. I will now turn the call over to Mark.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 9.4pt 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Mark J. Parrell</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>President, CEO &amp; Trustee</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 6.05pt 0pt 0">Thanks, Ben, and thanks to all of you for joining us today.
On behalf of the Equity Residential Board and our entire team across the country, we are pleased to enter into this transaction to create
the leading rental housing provider in country. At Equity Residential, we have spent more than 30 years innovating and creating value
for shareholders and believe that this is a natural next step on that journey.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 6.05pt 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.55pt 0pt 0; text-align: justify">We are very proud of what we have accomplished
as Equity Residential and very excited for this next chapter. For me, this will be the end of my time at the company after 27 years with
the last 8 as its CEO and on the prior 11 year stint as CFO. I was honored to lead an outstanding equity residential team that always
strive to do the right thing for our customers, our shareholders and for each other.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.55pt 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 4.15pt 0pt 0; text-align: justify">Thanks to all my equity residential
colleagues for an amazing ride, and I am committed to working with Ben through this transition to put together 2 great teams that have
a promising great future.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 4.15pt 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 13.6pt 0pt 0">So why merge and why do it now? We see the rental housing
industry as being at an important inflection point. First, the industry landscape has evolved, from the perspective of both EQR and AVB,
the status quo is not an option. The sector has matured, and it is harder for larger part leads to truly differentiate. This has been
particularly true for EQR and AVB, given similar approaches and strategies. And too often, relative performance is dictated by geography,
which markets are stronger in a given year or even a given quarter.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 13.6pt 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 6.05pt 0pt 0">This is not a sustainable way to consistently generate outsized
returns. The investor landscape has also achieved with a continuing shift to ownership to index funds and generalists. To compete in this
new world, one needs to become more relevant, and we see our greatly enhanced scale and distinct growth profile as providing that relevance
and distinction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 6.05pt 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 6.05pt 0pt 0">We firmly believe that the next phase of our outperformance
in our sector will be driven less by simply owning assets in the right markets in that particular year or quarter and more by having the
capabilities to operate those assets better through cycles especially by applying cutting-edge technology at scale, having the ability
to invest through cycles more effectively, being able to efficiently convert sale into sustainable earnings growth.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 6.05pt 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We also believe that the combined company will have a real cost of
capital advantage over its public and private competitors. This should be different than the last 20 years, the private sector players
and the broader industry benefited from declining interest rates and declining cap rates. The real estate economy no longer has the same
tailwind from declining cap rates, and the combined company's scale, ability to apply more technology faster to all areas of its business
and its superior access to capital should provide a meaningful advantage relative to players in both the public and private rental housing
space.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 9.15pt 0pt 0; text-align: justify">Companies that can demonstrate structurally
higher growth, superior capital allocation and a stronger balance sheet as the combined company is uniquely positioned to do, should have
greater flexibility to invest when opportunities emerge, and should win the return battle. I'm also excited to see the opportunities that
the combined company creates for the fantastic teams from both companies.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 9.15pt 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 9.15pt 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 9.15pt 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 18.85pt 0pt 0">Ben talked about the mutual respect and admiration
that EQR and AVB have for each other. This has been forged through decades of competing against one another, solidified more than a
decade ago when we partnered together to acquire the Archstone assets. Archstone was a large and complicated transaction both EQR
and AVB came through it with flying colors. We expect the combination to be accretive to both Equity Residential and Avalon-based
shareholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 4.9pt 0pt 0">On a run rate basis, using 2026 core FFO guidance as a base,
we expect similar accretion to both companies in the range of about 2%. From a governance and leadership perspective, the combined company
will have a Board initially composed of 7 existing equity residential trustees and 7 existing AvalonBay Directors. Steve Sterrett, EQR's
lead independent trustee will serve as Chair of the new company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 4.9pt 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 2.85pt 0pt 0">Company will be dual headquartered in Chicago, Illinois,
and Arlington, Virginia and will operate under a new name to be announced at closing. This is a combination built around shared ownership,
shared governance and a shared opportunity to create the company and is stronger than either organization on its own. Now I'll turn the
call back over to Ben to take you through the presentation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 2.85pt 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Benjamin W. Schall</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>President, CEO &amp; Director</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Thank you, Mark. I'm now going to go deeper into the combined company's
areas of opportunity. referencing select pages from the investor presentation that we posted earlier this morning. For our combination
to be successful, we need the core to be strong. That means executing an integration extremely well protecting the resident experience,
bringing together the best of both organizations and building a combined operating model that becomes the launch pad for future growth.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The first step in this process is to execute on an identified set of
corporate and operational efficiencies as described on Slide 7.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We're projecting $175 million of gross synergies from corporate
overhead savings, property management, overhead efficiencies and property expense savings. After estimated real estate tax
reassessments, we are expecting net synergies of $125 million. We expect $125 million of run rate annual operating synergies to be
fully in place by the end of 18 months with more than 85% in place by the end of 2027.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 6.05pt 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">These synergies are the first rotation of the flywheel, the foundation
from which we will invest and grow. As described on Slide 9, the next rotations of the flywheel will be driven by further leveraging the
combined company's differentiated capabilities. Operating scale and margin improvement along with a larger and more diversified asset
base will drive superior internal growth. Those operational benefits also drive stronger returns on new investments, further allowing
us to leverage the combined company's market presence, capabilities and local teams to serve as unique development and investment opportunities,
all leading to superior external growth.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Duo's ability to consistently drive superior internal growth and
superior external growth will translate into an enduring cost of capital advantage which we can then utilize to facilitate future
accretive growth, accelerating flywheel and action. Zooming in closer on the operating platform, Northern California provides an
example of what market depth makes possible, as highlighted on Slide 11. Combined company with 84 communities and approximately
24,000 homes in the region. When you have that kind of depth, the operating model changes in very tangible ways.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Data becomes richer, decision-making improves, regional leaders can
manage with better visibility and span of control, teams can become more specialized, more activity can be in-sourced or centralized,
marketing and purchasing become more efficient, outcomes are concrete, lower operating expenses per unit, enhanced resident experiences
and improved operating margins.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">With approximately 95% market overlap, this is how we will drive enhanced
margins and drive additional NOI, region by region. And as we add homes to the platform in the future via new investments, we'll bring
them on at an even lower marginal cost, including the return profile of future growth while enabling us to deliver better service to residents.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Another critical advantage that the combined company will have is our
ability to further accelerate the piloting and adoption of new technologies and to spread those costs across a wider portfolio.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Slide 12 highlights AVB and EQR's very successful joint history with
EliseAI, which allowed us to bring conversational AI to the vast majority of our prospective residents, a partnership that is now expanding
to utilize AI tools to communicate across the full customer journey. The broader point is that NewCo will have the scale and capacity
to invest in the next frontier of operations at a meaningfully lower cost per unit than competitors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We can identify emerging technologies, how them across a meaningful
platform, scale what works and spread the cost across a much larger base of homes. That investment benefits residents directly, faster
response times, better digital tools, more consistent service, while also driving the operating efficiencies that benefit shareholders.
We also expect a broader and richer set of data to optimize our operating and investment decisions and outcomes as highlighted on Slide
13.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The combined company will have proprietary data from decades of interactions
with residents, including over 60 million pieces of customer feedback. Our scale will allow us to mine these data sets to better serve
customers, provide our associates with higher quality data for real-time decision-making and inform new investment decisions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Let's now turn to developments role in driving growth. Moving to Slide
14. NewCo will have approximately $4.4 billion of development in progress, representing roughly 10,800 homes with projected initial stabilized
yields above 6%. That creates embedded growth over the next several years. But I want to be clear about what this development pipeline
also represents beyond the financial returns.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">UCO will be one of the country's leading creators of new rental housing
in a country with a significant and well-documented housing shortage that matters. We're not just building earnings growth, we are building
housing supply that communities need. And we are confident that we can meaningfully grow the development platform from here, through an
improved cost structure from a larger pipeline, improved operating margins that allow more development to underwrite favorably and deeper
relationships with third-party developers.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Beyond what we have under construction, combined company has approximately
$4.2 billion of development rights, representing roughly 9,800 homes. More than half of that future pipeline includes affordable and mixed
income components reflecting a genuine commitment to be part of the housing solution.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 6.05pt 0pt 0">As Mark noted and is emphasized on Slide 15, we also believe
cost of capital will be a more important differentiator in the years ahead. companies with scale, balance sheet strength and structurally
higher growth will have greater flexibility to invest when opportunities arise.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 6.05pt 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">For NewCo, capital allocation will be a core capability, not just having
more capital by deploying it to the highest risk-adjusted returns across development, acquisitions, reinvestment and across markets, submarkets,
product types and price points.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Moving to Slide 16 and to bring us to a close on our prepared remarks.
In year 1, success is about integration excellence, a CMOS day 1, meaningful progress on synergies and a team operating as one. That is
the foundation everything else is built on.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 6.05pt 0pt 0">And I want to be direct about what it means for our residents.
They should experience no disruption, people they know, the service they expect, communities they call home, all of that continues without
interruption.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 6.05pt 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 6.05pt 0pt 0">In years 2 and 3, success means platform acceleration, combined
operating model, delivering margin expansion, development starts meaningfully skilled and technology and AI advantages compounding across
the portfolio. And over time, success means market leadership, providing superior rental housing solutions and customer service to residents
expanding housing supply, delivering superior earnings growth and total shareholder performance for our shareholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 6.05pt 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">A company that is recognized not just for its superior financial performance,
but for the quality of homes it provides and the communities it invest in. We are extremely excited by the opportunity in front of us.
And with that, we appreciate your time today. We're happy to take your questions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: bold 24pt Times New Roman, Times, Serif; margin: 0pt 0">Question and Answer</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Operator</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">[Operator Instructions] Our first question comes from the line of Eric
Wolff with Citi.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Nicholas Gregory Joseph</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>Citigroup Inc., Research Division</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 6.05pt 0pt 0">It's Nick Joseph here with Eric. Mark, I appreciate your
comments on, I guess, the apartment sector broadly and challenges for the companies in terms of differentiation and driving alpha. So
can you just walk through why this merger versus different alternatives, either leading into more asset sales and buying back stock or
a larger company sale? And then did you explore other alternatives as part of this process?</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 6.05pt 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Mark J. Parrell</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>President, CEO &amp; Trustee</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Thanks for that question, Nick. We're going to save some of those details
for the proxy. I want to leave you that to enjoy later. But certainly, the idea of doing stock buybacks isn't something newco dismisses
either, but the ability to create perpetual continuous earnings growth from these operational improvements from a better cost of capital,
giving us better capital allocation decisions, development and otherwise.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 2.85pt 0pt 0">And then otherwise all the other things that Eco can unlock
that Ben just went through is it's very attractive to our Board, and I think very attractive to our shareholders. So we do see this combination
as unique among the choices the company had because of its ability to accelerate earnings growth through the years, and again, we think
the integration efforts here will be relatively straightforward given the very similar cultures, a lot of similarity in systems. We're
ready for the challenge. We're excited for that. And I think it's going to be again, a growth accelerant for our shareholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 2.85pt 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Benjamin W. Schall</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>President, CEO &amp; Director</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 6.05pt 0pt 0">And Nick, from an AvalonBay perspective, I want to emphasize
again, the trust and respect that exists across the organization, top down. That's a key ingredient here. Mark just touched on the complementary
natures of these businesses, which is part of what gives us confidence as we think about integration and then and moving forward with
this new company. And then the other part is it's complementary but it's also very differentiating, right?</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 6.05pt 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 6.05pt 0pt 0">The ability here to create a truly differentiated model
where we can lean into a set of capabilities to deliver a structurally higher level of growth that's beyond what either of our companies
is going to deliver today, and that's what we're excited about going forward.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 6.05pt 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Eric Jon Wolfe</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>Citigroup Inc., Research Division</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">It's Eric. Can you give us, I guess, along the same lines, can you
just talk about what's in that sort of portfolio NOI synergies? I think it goes back to what you were just saying about operating at a
sort of higher level. And then you kind of gave the time line to achieve, I think, the overall synergies, but just curious for the specific
bucket, when you might be able to achieve those?</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Benjamin W. Schall</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>President, CEO &amp; Director</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sure. And for folks reference, if you go to Slide 7 in the presentation,
we have a breakdown of synergies across corporate overhead, property management overhead and portfolio NOI. The core part here and the
enduring part are the efficiencies that we can create going forward. And that very much is driven out of what I refer to as the ecosystem
of leveraging technology centralized services and the neighborhood benefits. When you think about the 2 companies together, right, that
opportunity is on steroids, right?</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 2.85pt 0pt 0">We can really, really lean in -- so on the operating side,
I'm particularly excited about the future opportunities from technology. I mean, the NewCo is going to be positioned to be able to make
investments both at levels and in ways really that very few competitors will be able to make. And so we'll continue to lean in there to
really strengthen that ecosystem.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 2.85pt 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 6.05pt 0pt 0">So that's the bulk of what's driving it. With respect to
timing, as I said in the prepared remarks, for the $125 million of net synergies will be in place by the end of 18 months, and we expect
the bulk of it to be in place by the end of 2027.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 6.05pt 0pt 0">&nbsp;</P>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Mark J. Parrell</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>President, CEO &amp; Trustee</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 6.05pt 0pt 0">If I could just check on just a little because it's sort
of a little bit of storytelling -- there's a slide in the deck about LAI, which is a company that both Equity Residential and AvalonBay
have been involved with. And that's excellent efficiency discussion because it's something that because of the technology involved is
very powerful. It's also very expensive to develop this kind of software. So Equity Residential is co-developing it with the software
firm and that will be sold that product will be we won't own it.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 6.05pt 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.3pt 0pt 0; text-align: justify">And UCowill have the ability to create
those kind of products on its own, and either resell them to the industry more broadly or keep it for its own benefit. So there are things
that YUGO will be uniquely able to do and accelerate even beyond the numbers on the page benches that I think are really special, like
invest in technology at scale that even at the size Equity Residential or AvalonBay is right now, we just can't do.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.3pt 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">It's just not possible that I think in the future NewCo will be able
to do.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Operator</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Our next question comes from the line of Adam Kramer with Morgan Stanley.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Adam Kramer</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>Morgan Stanley, Research Division</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Maybe just on packing synergies a little bit more. I was wondering
sort of if you could double-click on maybe the scale benefits of what a combined company would look like, right? If I just look at sort
of the Boston or broader Massachusetts exposure, I think it would be 16,000, 17,000 units on a combined basis or maybe that same store,
but thereabouts, side sort of look at what would be the efficiencies of having that sort of exposure versus 7,000 or 10,000 on a stand-alone
basis, right?</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 6.05pt 0pt 0">I think you guys as sort of being really good operators
try having already done the podding other efficiencies over time. So what would sort of be the added benefits you added efficiencies from
a property management perspective on a combined basis?</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 6.05pt 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Benjamin W. Schall</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>President, CEO &amp; Director</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 20.25pt 0pt 0">Yes. Thanks for that, Adam. And let's use Northern California,
which we have on Slide 11 in the presentation as an example, the 2 companies together are going to have over 80 communities, over 20,000
units, real market depth. I do comment that -- it sounds like a lot, but in terms of its percentage of overall stock, it's still only
3% of overall stock. But when we think about putting this to</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 20.25pt 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 6.05pt 0pt 0">portfolio together and to my comments about combining it
with the technology and centralization benefits, we will be able to drive real operating efficiencies.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 6.05pt 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 6.05pt 0pt 0">And we've underwritten a component of that in our synergy
numbers, but that is just a start, right? There's definitely more to come over time. In terms of more specifics as we think about what
comes from this market depth, obviously, more and more data, right?</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 6.05pt 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">It helps improve our decision-making, enhance span of control for regional
leaders. Right? So we think about a regional leader being able to handle a wider portfolio of assets. Having teams in these markets where
you can have certain routes who can specialize just in certain functions, right? They're really good at this 1 function, and they can
then take that across a broader portfolio. And there are, for sure, economies of scale. right?</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Think about marketing, right? A great example. And the ability for
NewCo, and we will have a new name for NewCo. We think about Newco's reach, right, in its presence, particularly online, think about NewCo's
reach in the world of AI search, all of that will be very powerful as we look ahead.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Operator</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Our next question comes from the line of Steve Sakwa with Evercore
ISI.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Stephen Thomas Sakwa</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>Evercore ISI Institutional Equities, Research Division</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">I was wondering if you could just maybe touch on the Prop 13 impact.
I know you got a $50 million sort of placeholder here. is that applicable to just 1 of the 2 companies? I mean, obviously, 1 is the buyer
and effectively 1 as a seller here. So I guess, just how do we sort of think about that $50 million? And what do you think the timing
of that is to kind of bleed into the pro forma financials?</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>




<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Mark J. Parrell</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>President, CEO &amp; Trustee</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 6.05pt 0pt 0">Steve, it's Mark. So we did put in a $50 million estimate
on Page 7. That is under the assumption that Alana, as we said, will merge into the equity residential legal structure. So that would
be how the transfer taxes and property tax reassessment would be triggered. It's almost entirely California, that there are some other
states. So there is back and forth there. There is -- I mean this estimate is just that, an estimate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 6.05pt 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.95pt 0pt 0">So I would say, Steve, once the transaction is concluded,
there's going to be a back and forth with assessors. We have very capable teams that will have those very robust conversations. So we
think 50 is a good estimate, but again, there will be some back and forth. As Ben said, it's kind of an 18-month process for the synergies.
It's also, frankly, probably an 18-month to 2-year process of determining the final landing point on some of these property tax reassessment
issues.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.95pt 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Operator</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Thank you. Our next question comes from the line of John Pawlowski
with Green Street.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">John Joseph Pawlowski</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>Green Street Advisors, LLC, Research Division</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 6.05pt 0pt 0">I had a follow-up on Eric's question on the $60 million
in NOI synergies. One, are there any revenue synergies embedded in that number? And then two, I couldn't tell from your comments whether
these are costs that the current stand-alone companies are incurring today that are visible that you can cut? Or it's more speculation
on AI and other costs, you would have to spend if you went alone down the line that you think will be unlocked. So it's more speculative
in terms of cost savings timeline?</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 6.05pt 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Benjamin W. Schall</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>President, CEO &amp; Director</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Yes. Thanks for that, John. So again, referencing Slide 11, the figures
here, we've got pretty detailed road maps for each one of these components, including on a property management overhead and portfolio
NOI. So these are tangible out of the gate, we're executing types of items. As I said before, this is just a starting point. And so your
comments about sort of places where we're making further investments very much, this is a consistent road map of driving stronger and
stronger operating margins over time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">And then the second piece of your question, about 80% of this NOI is
expense-driven. The other 20% is in the service revenue component and give you one example. We have a furnished housing program that we
think has opportunities to bring to the wider portfolio. And so we've underwritten some dollars associated with that uplift.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Operator</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Our next question comes from the line of John Kim with BMO Capital
Markets.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">John P. Kim</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>BMO Capital Markets Equity Research</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 19.05pt 0pt 0; text-align: justify">I guess 1 of the hurdles of being
a larger company. is the impact of developments. So I'm wondering if you could talk about if you could grow the development pipeline to
be a larger percentage of your enterprise value so that it has a more meaningful impact to earnings.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 19.05pt 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">And 1 has been focusing a lot on suburban development. I'm wondering
if this changes your strategy in terms of where you developed and at what price point?</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Benjamin W. Schall</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>President, CEO &amp; Director</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Yes. Thanks, John. So from a development perspective, I'd say the baseline
is to double the level of activity that both the companies have going on today. And the ambition is to find opportunities where we can
grow even further to generate a larger portion of external growth. And I talked about some of the potential reasons for that. One of them
being with a stronger operating model, we'll be able to deliver stronger returns.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">And so inherently, there are more projects that will underwrite,
right? We'll be best positioned to execute on more projects -- another way to put it, we'll be best positioned to get a larger
portion of the share development that's happening in these markets. In terms of suburban, urban, where there's capital heads, I
think guys both companies have been, right, we're going to focus capital and where the highest risk-adjusted returns are. And that
will change, right, over time, and that happens at the market level, market level, product, price point, and that's definitely a
commitment going forward.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Operator</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Our next question comes from the line of Alexander Goldfarb with Piper
Sandler.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Alexander David Goldfarb</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>Piper Sandler &amp; Co., Research Division</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Congrats, Ben and Mark, wish you best in retirement. So just a bigger
question and you highlighted it with the comments on housing and affordability. Clearly, more politicalized environment. Real estate tends
to not be subject to antitrust and all that fun stuff. But just if you could provide some thoughts given the climate, if there's any concern
over regulators or antitrust or anything like that, that's going on currently?</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Mark J. Parrell</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>President, CEO &amp; Trustee</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 6.05pt 0pt 0">Yes, Alex, Mark Parrell. Thanks for that question. So we
think of this deal as very pro housing, because as Ben elaborated, it's very pro housing supply. So there'll certainly be people throwing
rocks and such, but this deal is helpful overall through the amount of housing production in our country.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 6.05pt 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In no market, are we more than 2% or 3% of the competitive stock --
to be kind of approved, there is no requirement, no filing, no concern you particularly have, but you do need to fight a PR battle, and
we're very prepared for that. We think we have the high ground. This is going to be the largest or one of the very largest rental housing
producers in the country.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We invest together $500 million, $600 million of capital in our existing
properties every year to maintain them. I mean we are very good corporate citizens, and we're excited to make that argument over the next
few months.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Operator</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Thank you. Our next question comes from the line of Rich Hightower
with Barclays.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Richard Allen Hightower</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>Barclays Bank PLC, Research Division</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1.85pt 0pt 0">Congrats on getting this thus far. And again, congrats to
Mark on a great career. Obviously, we've covered a lot of ground this morning. But I guess as I look at the sort of pro forma market mix
for both companies. Are there markets that stick out as being overly concentrated or not? And then how does the expansion market strategy
for both companies overlay onto this transaction?</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1.85pt 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Benjamin W. Schall</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>President, CEO &amp; Director</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1.85pt 0pt 0">Yes. Thanks for that, Rich. Out of the gate, we think we've
got a very well-positioned portfolio, very well positioned to capture demand heading forward. We come into it with the expectation that
we're going to continue to grow in all of these markets via development via investments, and that's true. And established regions collectively
for the company and each of our expansion reasons. I do expect over time as you -- as I hope you would expect, we'll go through a process.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1.85pt 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We'll have a lot more data. We think about each submarket and market
differently when you roll in the benefits of neighborhooding right, that could potentially lead to some different decisions. But really,
the emphasis will be in and around just continuing to optimize the portfolio for superior growth. and that will be an element of kind
of top-down direction as we spend more time on the collective portfolio and then also asset and bottoms up.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 6.05pt 0pt 0">And so you'll continue to see that refinement for us. And
you should expect it in a company of this size and scale where we're investing a lot of dollars, and we're also going to want to be recycling
capital into new investments as we look forward.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 6.05pt 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Operator</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Our next question comes from the line of Nick Yulico with Scotiabank.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Nicholas Philip Yulico</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>Scotiabank Global Banking and Markets, Research Division</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 13.6pt 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 13.6pt 0pt 0">So question is, clearly, there's a lot of operating synergies
that you laid out here, which are substantial, and there's a benefit to immediate FFO accretion. I guess my question is how the companies
are thinking about driving improved FFO growth over time as a combined entity, and what I'm wondering is if there's a way to kind of use
your platform here to consolidate more of the private market?</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 13.6pt 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 6.05pt 0pt 0">Are you thinking about third-party management business,
a fund business. Any other sort of opportunity to kind of use this combined best-in-breed platform to help drive sort of better earnings
growth over time, which I think it sounds like was one of the reasons for the merger, as you guys gave some significant thought to that
and the Board as well on driving better stock valuations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 6.05pt 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Benjamin W. Schall</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>President, CEO &amp; Director</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Definitely. The short answer is yes, right? The premise here is this
company, we're going to get the core right, have a set of differentiated capabilities and use that as the launch pad for a supercharged
level of growth and a series of areas that you just ran through, I consider all of those potential opportunities. I do think about the
power of the combined company just having an expanded market presence, more relevant to public equity investors, also more relevant to
private capital investors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 2.85pt 0pt 0">You're seeing a number of the large-scale REITs move in
that direction. So that's an opportunity we can consider down the road to have a set of capabilities, both on the operating side and the
investment side. We're going to want to translate that into a cost of capital advantage and put that cost of capital advantage to work
to increase further and further scale.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 2.85pt 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Operator</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Our next question comes from the line of Michael Goldsmith with UBS.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Michael Goldsmith</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>UBS Investment Bank, Research Division</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Both sides have historically talked about wanting to achieve margin
expansion, but margins have been stuck kind of right around 70%. So do you think this gives you the scale to help push through that ceiling?</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Mark J. Parrell</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>President, CEO &amp; Trustee</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 6.05pt 0pt 0">I'm going to start. It's Mark. Part of the conversation
about margin is about revenue growth, frankly, not being particularly good the last couple of years. If you look at expense growth, especially
controllable expense growth has been better. And I think NewCo is positioned to have even better controllable expense growth going forward.
So I think that's part, Michael, of the margin discussion. On the revenue side, again, it is mostly about raising rents above market as
much as it is providing other services, as Ben said, to our residents that they want.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 6.05pt 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 13pt 0pt 0">Voltcable was a great example, bulk Internet pardon me, of
that. Ben gave another example. Certainly, we could provide property-level insurance to people. They need that service. We can provide
it over scale better insurance is a statistical game helped by having larger numbers. So there's just so many levers to pull here on the
helpful revenue side, I'll call it, and on the expense side. we expect that whatever the natural rate of revenue growth is and whatever
the natural rate of expense growth is, will be higher or lower, respectively, than those numbers and drive the machine that will give
us better margins to do investment activity, as Ben just elaborated in the prior question.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 13pt 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Benjamin W. Schall</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>President, CEO &amp; Director</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Yes. And Michael, my one addition to that is I do very much see this
combination as this is a breakout type of moment. And as it relates to operating margins, when you think about this level of scale, the
cost of bringing on that next asset, right, that marginal cost, take it across in terms of stating technology, right, becomes very, very
low. And so part of it is unlocking that next future wave of growth, which then as an overall basis, bring down our expense structure
over time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Operator</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Our next question comes from the line of Haendel St. Juste with Mizuho
Securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Haendel Emmanuel St. Juste</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>Mizuho Securities USA LLC, Research Division</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">I wanted to go back to Richard's earlier question about the expansion
market. You each had a preexisting goal of getting to about 20%, 25% exposure there. Curious how this kind of stacks up amongst your near-term
priorities if this deal clearly makes that a bit more challenging. And then just a question on the closing here.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Is it what are the important things to focus on? Is it just the proxy?
When do you expect to hold the votes? Any regulatory reviews expected to occur?</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Benjamin W. Schall</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>President, CEO &amp; Director</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sure. Let me take the second part there first. I expect it to be a
fairly normal course process in the next 30 to 45 days, we'll file the proxy. I don't know then go through the normal SEC review. We've
commented that we're expecting a close in the second half of this year, and it's not subject to any regulatory types of approvals.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">On your first question on the expansion markets, I do expect the combined
company to continue to grow in those markets. And as everyone knows, it's a select set of markets and submarkets and positioning there.
We're not, at this point, putting out new portfolio allocation targets for the new company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Going back to my comments earlier, that will be part of the process
as we go through and book at a very top-down level and in a very detailed kind of asset by asset, submarket by submarket level to determine
what we think is the optimized target portfolio allocation that we can set Newco's sites on.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Operator</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Our next question comes from the line of Julian Blouin with Goldman
Sachs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Julien Blouin</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>Goldman Sachs Group, Inc., Research Division</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 3.65pt 0pt 0; text-align: justify">I was wondering if you could maybe
dig into a little bit more the advantage you get from a larger proprietary data set and specifically, sort of like how does that maybe
today is that advantage versus, I don't know, 5, 10 years ago? And how do you see that really sort of playing out?</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 3.65pt 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Benjamin W. Schall</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>President, CEO &amp; Director</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 18.25pt 0pt 0">Yes. The -- I mean, the increasing power of data analytics
connected with AI tools is a momentous 1 and 1 that we're -- both companies have sort of been headed down the path on. One, this just
gives us double the amount of proprietary data to mine --and if you go to Slide 13, you can see some of the statistics we put together
over the last, call it, couple of decades, 4 million lease</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 18.25pt 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">transactions, 9 million service requests, 60 million touch points in
terms of customer feedback right? So when you think about then applying that, way we think about it, there's a set of operational outcomes
and there's a set of investment outcomes and the operational outcomes that we've highlighted and think about optimizing renewals and concession
activity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Doing a better job or sort of a more refined approach to demand forecasting,
predictive analytics as it relates to CapEx. All of that is helping drive superior internal growth. And then on the investment side, having
just more data, more touch points, we really do feel like the next chapter here is to take that data and apply it even further to our
investment decisions, and help drive when we talk about driving it the highest risk-adjusted returns, right, really looking at that and
doing that across different types of capital allocation and also different markets, submarkets, price points and product all of it being
very much data informed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 7.5pt 0pt 0">And so the collective power that we have together and then
the ability to invest in that data analytics capability is markedly different. I put this very much in the category. There are not going
to be many other platforms that are going to have the size, scale and opportunity and invest the ways that we are in data analytics, and
I see that as a key driver of our success going forward.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 7.5pt 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Operator</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our next question comes from the line of Rich
Anderson with Cantor Fitzgerald.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Richard Charles Anderson</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>Cantor Fitzgerald &amp; Co., Research Division</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.85pt 0pt 0; text-align: justify">And congratulations, everyone,
particularly Mark, Job well done. So I wanted to go back, Mark, you mentioned the Archstone shared Archstone acquisition with
AvalonBay. And both of your companies are a product of past M&amp;A activity, whether it's Maryland or Evans or the Avalon and Bay
merger in 1998. But I'm curious how that history of M&amp;A activity informed this ultimate decision to come together? How much did
that play a role in your process, or is it just, is that history just too far back to have mattered in the decision tree that you
went through in the present tense?</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Benjamin W. Schall</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>President, CEO &amp; Director</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">I'm going to split that up. I mean we're not doing M&amp;A for M&amp;A's
sake. This deal had a moment, and this moment is now. And we've talked about those reasons that I think Rich are pretty evident here,
the operational benefits, the data richness, capital allocation, efficacy and the ability to sort of do some new and settle things like
third-party management and otherwise.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The history does help. There's a lot of us here together doing this
deal that worked together on Archstone. So it just creates this sort of shared culture of directness and honesty when you're doing a complicated
deal like this. So I would say that, that shared history was helpful because it just allowed us to be more efficient.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 2.85pt 0pt 0">A lot of this process was, of course, complex, but we were
able to get through it because everyone here has got a sense of goodwill, knows each other well. or many of us know each other well from
Archstone. And Ben and I have gotten to know each other very well over the last 5 years in being in our industry. So I think that shared
history helped to make the process easier, but the moment wasn't driven by M&amp;A. It was driven just the opportunity to do to be better,
to be bigger, but better is what I think really drove it as opposed to just M&amp;A for M&amp;A's sake.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 2.85pt 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Operator</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Thank you. Our next question comes from the line of Omotayo Okusanya
with Deutsche Bank.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Omotayo Tejumade Okusanya</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>Deutsche Bank AG, Research Division</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 2.85pt 0pt 0">I wanted to kind of go back to this idea around the regulatory
environment. Again, it's just been really noisy the real page settlement on the single-family for rent side, a lot of those guys own less
than 1% of the industry, but yet they may be barred from buying homes going forward. But yet a big part of the argument for this deal
is kind of big row will get you better, but I think right now, regulators look at that, I kind of say bigger has not been better for the
average consumer and kind of pushing back against that concept on the residential side.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 2.85pt 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">So I just would love to kind of hear your thoughts a little bit more
about from a regulatory perspective, how do you kind of expect to avoid some other potential pushback that could come to the deal?</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Benjamin W. Schall</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>President, CEO &amp; Director</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 3.1pt 0pt 0; text-align: justify">Yes, thanks. A couple of major themes
there. One is we very much see the combined company as part of the solution here. And again, the combined company is going to be 1 of
the larger creators of new housing in our markets. Beyond that, I do want to touch on we --both companies have a history, and we're long-term
owners.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 3.1pt 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 2.7pt 0pt 0">We've got regional teams that are embedded in those markets,
right? Long-standing relationships with nonprofit partners, including on the affordable housing side, long-standing relationships with
local governments. They come to us when they want multifamily build in their markets. And so we have that reputation coming in. And then
we also highlighted in the -- in our press release, we're going to build on our prior commitments as it relates to affordable housing
with some new initiatives, and we're launching a seed fund to help nonprofit developers get more affordable housing built.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 2.7pt 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 6.05pt 0pt 0">We'll be expanding our relationships with affordable housing
and nonprofit developers as we think about preserving affordable housing in our marketplaces. So we're very much here to be part of the
solution, create new housing and partner with local municipalities and communities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 6.05pt 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 6.05pt 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 6.05pt 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Operator</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our next question comes from the line of Alex
Kim with Zelman &amp; Associates.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Alex Kim</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>Zelman &amp; Associates LLC</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 6pt 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 6pt 0pt 0; text-align: justify">Thanks for all the detail that you've
provided on the synergies. I was curious what are the biggest execution risk to achieving the time line that you laid out? And which synergy
category carries the most integration risk?</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 6pt 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Benjamin W. Schall</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>President, CEO &amp; Director</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 3.5pt 0pt 0; text-align: justify">We feel -- thanks for that, Alex. We
feel pretty confident in the upfront synergy numbers that we've identified. Again, we've got -- the collective teams have gone into a
lot of detail here, have detailed road maps mapped out month by month, the bid next part, which I'm excited about, spending a lot of time
getting to know the EQR teams, getting our teams together, and get the next step going here as it relates to the integration.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 3.5pt 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">And when we get the closing, day 1, we want to be out on a sprint,
right? No disruption to the business, but more importantly, right, we're moving. And so I'm excited to take that next step together and
to bring the 2 companies together and embark on that journey.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Operator</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Thank you. Ladies and gentlemen, that concludes our question-and-answer
session. I'll turn the floor back to Mr. Schall for any final comments.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Benjamin W. Schall</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>President, CEO &amp; Director</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Thank you, Mark. I appreciate your partnership. Congratulations to
both companies, to our associates. Thank you for your commitment, your leadership, your dedication. Very excited to embark on this next
journey for both of the companies and to launch NewCo as one of the country's great real estate companies. Thank you for your time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Operator</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Thank you. This concludes today's conference call. You may disconnect
your lines at this time. Thank you for your participation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Cautionary Statement Regarding Forward-Looking
Statements</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This communication contains &ldquo;forward-looking
statements&rdquo; within the meaning of Section&nbsp;27A of the Securities Act of 1933, as amended (the &ldquo;Securities Act&rdquo;),
and Section&nbsp;21E of the Securities Exchange Act of 1934, as amended, which are based on current expectations, estimates and projections
about the industry and markets in which AvalonBay Communities, Inc. (&ldquo;AvalonBay&rdquo;) and Equity Residential operate, as well
as beliefs and assumptions of AvalonBay and Equity Residential. Words such as &ldquo;anticipate,&rdquo; &ldquo;become,&rdquo; &ldquo;believe,&rdquo;
 &ldquo;could,&rdquo; &ldquo;estimate,&rdquo; &ldquo;expect,&rdquo; &ldquo;forecast,&rdquo; &ldquo;intend,&rdquo; &ldquo;may,&rdquo; &ldquo;outlook,&rdquo;
 &ldquo;plan,&rdquo; &ldquo;potential,&rdquo; &ldquo;possible,&rdquo; &ldquo;predict,&rdquo; &ldquo;project,&rdquo; &ldquo;target,&rdquo;
 &ldquo;seek,&rdquo; &ldquo;shall,&rdquo; &ldquo;should,&rdquo; &ldquo;will,&rdquo; or &ldquo;would,&rdquo; including variations of such
words and similar expressions, are intended to identify forward-looking statements. All statements that address operating performance,
events or developments that AvalonBay and Equity Residential expects or anticipates will occur in the future are forward-looking statements,
including statements relating to any possible transaction between AvalonBay and Equity Residential, multifamily market conditions, development,
redevelopment, acquisition or disposition activity, general conditions in the geographic areas where AvalonBay and Equity Residential
operate and AvalonBay&rsquo;s and Equity Residential&rsquo;s respective debt, capital structure and financial position. Such forward-looking
statements are not guarantees of future performance and involve known and unknown risks, uncertainties, assumptions and other factors
that are difficult to predict and may cause the actual results to differ materially from future results expressed or implied by such forward-looking
statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Important factors, risks and uncertainties that
could cause actual results to differ materially from such plans, estimates or expectations include but are not limited to: (i)&nbsp;the
parties&rsquo; ability to complete the proposed transaction on the proposed terms or on the anticipated timeline, or at all, including
risks and uncertainties related to AvalonBay&rsquo;s and Equity Residential&rsquo;s ability to obtain the required respective stockholder
approval, and the parties&rsquo; ability to satisfy the other conditions to consummating the proposed transaction; (ii) the inability
to realize the anticipated benefits of the proposed transaction, including as a result of delay in completing the proposed transaction;
(iii) the risk that AvalonBay&rsquo;s and Equity Residential&rsquo;s businesses will not be integrated successfully or that such integration
may be more difficult, time-consuming or costly than expected; (iv) significant transaction costs and/or unknown or inestimable liabilities;
(v)&nbsp;potential litigation relating to the proposed transaction that could be instituted against AvalonBay, Equity Residential or their
trustees, directors, managers or officers, including resulting expense or delay and the effects of any outcomes related thereto; (vi)&nbsp;the
risk that disruptions from the proposed transaction, including diverting the attention of AvalonBay and Equity Residential management
from ongoing business operations, will harm AvalonBay&rsquo;s and Equity Residential&rsquo;s businesses during the pendency of the proposed
transaction or otherwise; (vii)&nbsp;certain restrictions during the pendency of the business combination that may impact AvalonBay&rsquo;s
and Equity Residential&rsquo;s ability to pursue certain business opportunities or strategic transactions; (viii)&nbsp;the possibility
that the business combination may be more expensive to complete than anticipated, including as a result of unexpected factors or events;
(ix) the occurrence of any event, change or other circumstance that could give rise to the termination of the merger agreement, including
in circumstances requiring AvalonBay and Equity Residential to pay a termination fee; (x)&nbsp;the effect of the announcement of the proposed
transaction on the ability of AvalonBay and Equity Residential to operate their respective businesses and retain and hire key personnel,
and to maintain favorable business relationships; (xi) risks related to the market value of Equity Residential common shares to be issued
in the proposed transaction; (xii) other risks related to the completion of the proposed transaction and actions related thereto; (xiii)&nbsp;potential
business uncertainty, including changes to existing business relationships, during the pendency of the business combination or otherwise
that could affect AvalonBay&rsquo;s and Equity Residential&rsquo;s financial performance; (xiv) other risks related to the completion
of the proposed transaction and actions related thereto; (xv)&nbsp;legislative, regulatory and economic developments, including the level
of new multifamily communities construction and development, government regulations and competition; (xvi)&nbsp;unpredictability and severity
of local, regional, national and international economic, political and catastrophic climates, conditions and events, including but not
limited to acts of terrorism, outbreaks of war or hostilities or pandemics, as well as management&rsquo;s response to any of the aforementioned
factors; (xvii) changes in global financial markets, interest rates and foreign currency exchange rates; (xviii) increased or unanticipated
competition affecting AvalonBay&rsquo;s and Equity Residential&rsquo;s properties; (xix) risks associated with acquisitions, dispositions,
development and redevelopment of properties; (xx) increased costs of labor and construction material; (xxi)&nbsp;maintenance of real estate
investment trust status, tax structuring and changes in income tax laws and rates; (xxii) environmental uncertainties, including risks
of natural disasters; (xxiii) those risks and uncertainties set forth in AvalonBay&rsquo;s and Equity Residential&rsquo;s Annual Reports
on Form 10-K for the year ended December 31, 2025 under the headings &ldquo;Forward-Looking Statements&rdquo; and &ldquo;Risk Factors,&rdquo;
as such risk factors may be amended, supplemented or superseded from time to time by other reports filed by AvalonBay and Equity Residential,
as the case may be, with the Securities and Exchange Commission (the &ldquo;SEC&rdquo;) from time to time, which are available via the
SEC&rsquo;s website at www.sec.gov; and (xxiv) those risks that will be described in the Registration Statement and Joint Proxy Statement/Prospectus
(each as defined below) that will be filed with the SEC in connection with the proposed transaction and available from the sources indicated
below. There can be no assurance that the proposed transaction will be completed, or if it is completed, that it will close within the
anticipated time period. These factors should not be construed as exhaustive and should be read in conjunction with the other forward-looking
statements. Forward-looking statements relate only to events as of the date on which the statements are made. Neither AvalonBay nor Equity
Residential undertakes any obligation to publicly update or review any forward-looking statement except as required by law, whether as
a result of new information, future developments or otherwise. If one or more of these or other risks or uncertainties materialize, or
if AvalonBay&rsquo;s and Equity Residential&rsquo;s underlying assumptions prove to be incorrect, AvalonBay&rsquo;s, Equity Residential&rsquo;s
and the combined company&rsquo;s actual results may vary materially from what AvalonBay and Equity Residential may have expressed or implied
by these forward-looking statements. AvalonBay and Equity Residential caution not to place undue reliance on any of AvalonBay&rsquo;s
or Equity Residential&rsquo;s forward-looking statements. Furthermore, new risks and uncertainties arise from time to time, and it is
impossible for us to predict those events or how they may affect AvalonBay or Equity Residential.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>No Offer or Solicitation</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This communication is for informational purposes
only and is not intended to, and shall not, constitute an offer to sell or the solicitation of an offer to sell or the solicitation of
an offer to buy any securities or a solicitation of any vote or approval, nor shall there be any offer, solicitation or sale of securities
in any jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities
laws of any such jurisdiction. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section
10 of the Securities Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Important Additional Information and Where
to Find It</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In connection with the proposed transaction between
AvalonBay and Equity Residential, Equity Residential intends to file with the SEC a registration statement on Form S-4 (the &ldquo;Registration
Statement&rdquo;) that will include a joint proxy statement of AvalonBay and Equity Residential that also constitutes a prospectus of
Equity Residential (the &ldquo;Joint Proxy Statement/Prospectus&rdquo;). A definitive Joint Proxy Statement/Prospectus will be mailed
to AvalonBay&rsquo;s stockholders and Equity Residential&rsquo;s shareholders seeking their respective approval of the proposed transaction
and other related matters. Each of AvalonBay and Equity Residential may also file other relevant documents with the SEC regarding the
proposed transaction. This communication is not a substitute for the Registration Statement, Joint Proxy Statement/Prospectus or any other
document that AvalonBay and Equity Residential (as applicable) may file with the SEC in connection with the proposed transaction. BEFORE
MAKING ANY VOTING OR INVESTMENT DECISION, INVESTORS AND SECURITY HOLDERS OF AVALONBAY AND <FONT STYLE="text-transform: uppercase">Equity
Residential</FONT> ARE URGED TO READ CAREFULLY AND IN THEIR ENTIRETY THE REGISTRATION STATEMENT, THE JOINT PROXY STATEMENT/PROSPECTUS
AND ANY OTHER RELEVANT DOCUMENTS THAT ARE FILED OR WILL BE FILED WITH THE SEC, AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS TO THESE DOCUMENTS
WHEN THEY BECOME AVAILABLE WITH THE SEC BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTION AND RELATED MATTERS.
Investors and security holders will be able to obtain free copies of the Registration Statement and the Joint Proxy Statement/Prospectus
(when they become available) and other documents filed with the SEC by AvalonBay and Equity Residential, which contain important information,
through the website maintained by the SEC at www.sec.gov. The documents filed by AvalonBay with the SEC may be obtained free of charge
by accessing the &ldquo;Investor&rdquo; section of AvalonBay&rsquo;s website at www.avalonbay.com or by writing to AvalonBay, 4040 Wilson
Blvd., Suite 1000, Arlington, Virginia 22203, Attention: Corporate Secretary (Legal Department) or by email at investor_relations@avalonbay.com.
The documents filed by Equity Residential with the SEC may be obtained free of charge by accessing &ldquo;Filings &ndash; SEC Filings&rdquo;
in the &ldquo;Investor&rdquo; section of Equity Residential&rsquo;s website at www.equityapartments.com, by writing to Equity Residential
 &ndash; Investor Relations, Two North Riverside Plaza, Suite 500, Chicago, Illinois 60606, by telephone at 1-888-879-6356 or by email
at investorrelations@eqr.com.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Participants in the Solicitation</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">AvalonBay, Equity Residential, and certain of
their respective trustees, directors and executive officers may be deemed to be participants in the solicitation of proxies from AvalonBay&rsquo;s
and Equity Residential&rsquo;s stockholders in respect of the proposed transaction. Information about the directors and executive officers
of AvalonBay, including a description of their direct or indirect interests, by security holdings or otherwise, is set forth in AvalonBay&rsquo;s
proxy statement for its 2026 Annual Meeting of Stockholders under the headings &ldquo;Director Nominees,&rdquo; &ldquo;Transactions with
Related Persons, Promoters and Certain Control Persons,&rdquo; &ldquo;Director Compensation,&rdquo; &ldquo;Director Compensation Table,&rdquo;
 &ldquo;Compensation Discussion and Analysis,&rdquo; &ldquo;Executive Compensation Tables&rdquo; and &ldquo;Officers, Stock Ownership and
Other Information,&rdquo; which was filed with the SEC on April&nbsp;6,&nbsp;2026, and in AvalonBay&rsquo;s Annual Report on Form&nbsp;10-K&nbsp;for
the fiscal year ended December&nbsp;31, 2025, which was filed with the SEC on February&nbsp;27,&nbsp;2026. Information about the trustees
and executive officers of Equity Residential, including a description of their direct or indirect interests, by security holdings or otherwise,
is set forth in Equity Residential&rsquo;s proxy statement for its 2026 Annual Meeting of Shareholders under the headings &ldquo;Biographical
Information and Qualifications of Trustees,&rdquo; &ldquo;Biographical Information of Executives,&rdquo; &ldquo;Common Share Ownership
of Trustees and Executives,&rdquo; &ldquo;Compensation Discussion and Analysis,&rdquo; &ldquo;Executive Compensation&rdquo; and &ldquo;Trustee
Compensation,&rdquo; which was filed with the SEC on April&nbsp;14,&nbsp;2026, and in Equity Residential&rsquo;s Annual Report on Form&nbsp;10-K&nbsp;for
the fiscal year ended December&nbsp;31, 2025, which was filed with the SEC on February&nbsp;13,&nbsp;2026. To the extent holdings of AvalonBay&rsquo;s
securities by its directors and executive officers have changed since the amounts set forth in AvalonBay&rsquo;s definitive proxy statement
for its 2026 Annual meeting of Stockholders or the holdings of Equity Residential&rsquo;s securities by its trustees or executive officers
have changed since the amounts set forth in Equity Residential&rsquo;s definitive proxy statement for its 2026 Annual Meeting of Shareholders,
such changes have been or will be reflected on an Initial Statement of Beneficial Ownership of Securities on Form 3, Statement of Changes
in Beneficial Ownership on Form 4, or Annual Statement of Changes in Beneficial Ownership on Form 5, in each case filed with the SEC and
available on the SEC&rsquo;s website at www.sec.gov. Other information regarding the participants in the proxy solicitations and a description
of their direct and indirect interests, by security holdings or otherwise, will be contained in the Registration Statement, the Joint
Proxy Statement/Prospectus and other relevant materials to be filed with the SEC regarding the proposed transaction when such materials
become available. Investors and security holders should read the Registration Statement and the Joint Proxy Statement/Prospectus carefully
when they become available before making any voting or investment decisions. Investors may obtain free copies of these documents from
AvalonBay or Equity Residential using the sources indicated above.</P>

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